Federal Reserve Bulletin, 1963-06

FEDERAL RESERVE June 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 Consumer Spending and Incomes 749 Recent Changes in Liquidity 756 Interest Rates on Time Deposits, Mid-February 1963 766 Survey of Common Trust Funds, 1962 773 Statement on Proposed Changes in Federal Civil Defense Act 779 Law Department 781 Announcements 780 National Summary of Business Conditions 791 Guide to Tabular Presentation 794 Financial and Business Statistics, U. S. (Contents on p. 795) 796 International Financial Statistics (Contents on p. 857) 858 Board of Governors and Staff 874 Open Market Committee and Staff; Federal Advisory Council 875 Federal Reserve Banks and Branches 876 Federal Reserve Board Publications 877 Index to Statistical Tables 881 Map of Federal Reserve System Inside back cover Volume 49 Number 6 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

Consumer Spending and Incomes CONSUMER SPENDING on goods this year Consumer spending has risen a little faster has shown a further, uneven rise from the than disposable income over the past year. advanced level reached in late 1962. Spend- Since last fall consumers have spent a someing at retail stores increased only a little what larger part of their income than at any during the first quarter and has been rela- time since late 1960. Purchases of nondurtively stable since then. Service expenditures able goods still take the largest share of the have increased steadily. consumer dollar, but the proportion going For the second quarter as a whole, total to services has risen fairly persistently. consumer spending is estimated to have shown a moderate rise to a new high, about EXPANSION IN SPENDING—1961-63 4.5 per cent above a year earlier. Mean- Consumption expenditures in the second while, average consumer prices have shown quarter are estimated at an annual rate of only a small rise. And wholesale prices have $371 billion, a rise of 12 per cent from the been generally stable. cyclical low in general business activity in Disposable personal income has risen further; much of the increase this year has WITH INCOMES RISING this post year been attributable to resumption of gains in consumer spending has increased employment. With the labor force also 1957-59=100 increasing, unemployment has continued DISPOSABLE INCOME within a range of 5.5 to 6 per cent. The large increase in consumer spending RETAIL SALES 100 last fall reflected mainly strength in demand ESPECIALLY for autos for automobiles. Purchases of new cars rose sharply in October with the introduction of NEW AUTOS new models. These increased purchases contributed significantly to improved business 120 expectations after the leveling off in activity that began at midyear. Since October, auto 100 sales have been unusually steady at record levels. CONSUMER PRICES have increased slowly Purchases of household durable goods are larger by a sizable amount than they 100 were in the spring of 1962, but in recent 1961 1962 1963 months gains have slowed. Increases in outlays for nondurable goods have been more NOTE.—Monthly indexes, adjusted for seasonal variation except for prices, are based on data from Dept. of Commerce, moderate and a little larger than growth in Bureau of Labor Statistics, and Ward's Automotive Reports. Monthly disposable income interpolated from Commerce quarpopulation. terly data. Latest figures shown, prices, April; others, May. 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN • JUNE 1963 early 1961. Most of the increase has been years. It may be noted that the rate of popuin physical volume as average prices of con- lation growth recently has slowed somewhat, sumer goods and services have increased by amounting to 1.5 per cent over the past year only 2 per cent over the 9 quarters. and 1.6 per cent over the preceding year, Measured in constant dollars, consumer compared with the postwar average of 1.7 purchases have risen less thus far in the cur- per cent. rent expansion than they had at the corre- Autos. Purchases of new domestic cars, sponding stage of the two previous cyclical including those by business and government, expansions. They have risen 10 per cent have averaged 7.4 million units, seasonally from the cyclical low in economic activity adjusted annual rate, beginning with the whereas in the 9 quarters following the new model year last October. Including imcyclical lows in 1954 and 1958 they had ports, total purchases have been at an angained 11.5 per cent. The rise in spending nual rate of approximately 7.75 million units. for durable goods compares favorably with This compares with 7.0 million for the full earlier periods, but spending for nondurables year 1962 and with the previous record high and for services is lagging by this standard. for a calendar year of 7.5 million in 1955. For example, service outlays have increased Increased auto purchases have reflected by only 9 per cent thus far in this expansion, mainly gains in standard-size models. Sales compared with 13 per cent in 1954-56 and of compact cars, which had advanced 12 per cent in the 1958-60 period. sharply from 1958 to 1962, have remained Durable goods, which on the average ac- near last year's level. In addition, for both count for one-seventh of consumer pur- compacts and standard-size lines, the rechases, have provided almost one-third of cent trend has been to the more fully the increase in total outlays since the first equipped and higher-priced models. As a quarter of 1961. Typically, buying of dur- result the average unit value of cars purable goods increases faster than other types chased is up somewhat even though list of purchases in periods of cyclical expansion prices again showed little change last fall. and rapidly rising incomes. Spending for Purchases of used cars have also reservices has increased at about the same rate mained high and so far in 1963 are about 5 as total consumption expenditures, while per cent above a year earlier. Prices of used outlays for food, clothing, and most other cars have been at advanced levels, while nondurable goods have advanced more dealer stocks have risen considerably. slowly. Although at a record rate, the current Since the spring of 1960—the preceding volume of new car purchases does not apcyclical high in general economic activity— pear so high in the light of continued growth consumer purchases in constant dollars have in population and incomes and the conexpanded by 9.5 per cent. This is almost the tinued large volume of auto scrappage. Consame as in the corresponding period of the sumer purchases of new cars so far this year 1957-60 cycle but not so large as in have accounted for a little over 4 per cent 1953-56. of disposable income, far below the excep- On a per capita basis, the increase in con- tional 5.3 per cent of 1955 and about the sumption expenditures in constant prices has same percentage as in most years since then. totaled about 4.5 per cent over the past 3 During 1955, the number of cars on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER SPENDING AND INCOMES 751 NEW CAR SALES at record high Millions of cars -IMPORTS ~~ -TOTAL DOMESTIC _L o 1955 NOTE.—Based on Ward's Automotive Reports. Annual rate for first 5 mos. of 1963 based on data available early June. road increased by about 3 million, or 6.5 expansion period than at any time since the per cent. Since then, annual additions to the early postwar period. stock have been smaller. It is estimated Demand has been strong this spring for that additions in 1962 totaled about 2.5 such products as dishwashers, clothes dryers, million, or 4 per cent of the 57.5 million and—despite persistent cool weather in autos on the road at the beginning of the some parts of the country—air conditionyear. ers. Color television has been gaining in Rising incomes and ready availability of consumer acceptance after an extended instalment credit with long maturities have period of slow growth. With a large majority been factors in increased demand for autos. of households still without these products, Other continuing influences have included purchases for the most part have represented the movement to the suburbs, the increase initial acquisition rather than replacement. in the number of drivers per family, and Purchases of such staples as food, beverlonger vacations. The move to the suburbs ages, tobacco products, drugs, and toilet in particular has quickened the growth of articles have increased steadily over this exmulti-car families. Recent estimates place pansion period. Apparel purchases, which their number at 8 million, double the num- usually show more cyclical fluctuation than ber at the beginning of 1955. total nondurable goods spending, advanced Other goods. Consumer purchases of fur- sharply early in the recovery period, then niture, appliances, television, and other leveled off after mid-1962. household equipment weakened in the Buying intentions. Buying plans for the spring of 1962, but they have risen consider- months ahead expressed in recent consumer ably since then. In the second quarter of this surveys have been broadly consistent with year they are estimated to be 13 per cent the advanced level of durable goods purabove their recession low in early 1961. A chases already attained. The latest Quarterly stimulating influence has been the large Survey of Consumer Buying Intentions, convolume of residential construction, which ducted by the Census Bureau in mid-April, has held at advanced levels longer in this indicated that more people were planning to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN • JUNE 1963 buy new autos during the next 6 months Increases in social security taxes on inthan a year earlier; the number planning to comes of employees and self-employed perbuy was about the same as last October, sons, effective January 1, 1963, amounted when the 1963 models were introduced. to $1 billion, annual rate, and had the effect Plans to purchase major household durable of reducing personal income by a corregoods such as washing machines, refriger- sponding amount. ators, television sets, and air conditioners Wage income. Payrolls account for more indicated that buying should hold steady, than two-thirds of personal income and for and perhaps increase, in the months ahead. the bulk of its fluctuation. Expansion in pri- More households reported plans to purchase vate wages and salaries has been sizable one or more of these items than reported in recent months, following a period of such intentions in either January this year or slight upward drift from the middle of last in April 1962. year to early this year. From January to May Consumer prices. Average consumer prices 1963, private payrolls rose by $1.5 billion have risen by about 1 per cent over the past a month, annual rate, compared with only year, about the same as the average annual $250 million per month from last July to increase since the spring of 1958. January. Prices of food and clothing—and the The slowdown in 1962 had centered in average for all nondurable goods—have manufacturing, where wages and salaries risen by about 1 per cent from the spring of 1962. The cost of food spurted last September because of a sharp but temporary ad- PRIVATE payrolls advance in 1963 vance in meat prices, and again early this year when winter freezes resulted in higher prices for fruits and vegetables. Prices of durable goods have shown 100 mainly seasonal movements over the past GOVERNMENT payrolls continue to rise year; prices are only about 2 per cent higher 140 than 5 years ago. The cost of medical and personal care and most other services has continued to climb but at a slower pace than in earlier postwar 100 expansions. The rise in rents has slowed TRANSFERS rise less rapidly than earlier markedly. 140 INCOMES Underlying the advance in consumer pur- 120 chases has been expansion in disposable per- ALL OTHER INCOME sonal income. In May, personal income was at a seasonally adjusted annual rate of $458 billion, 4 per cent higher than a year earlier. 1961 1962 1963 But the rise was significantly smaller than NOTE.—Based on Dept. of Commerce monthly personal inover the preceding 12 months. come components, adjusted for seasonal variation. May figures, latest shown, estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

753 CONSUMER SPENDING AND INCOMES were virtually unchanged from April 1962 SPENDING RATES to early this year. Over this period, wage Since 1953, consumers have spent on the income rose moderately further in distrib- average 93 per cent of their after-tax inutive and service activities. comes on goods and services. Over that The rise in private wage income since period the spending rate has ranged between January has resulted in large part from in- 92 and 94 per cent of income and has been creased employment in manufacturing. The outside this range in relatively few instances. average workweek in manufacturing has In recent quarters the spending rate has risen only a little, after allowances for averaged 93.5 per cent, somewhat higher seasonal influences. Hourly earnings have than over the preceding 2 years. continued to advance, but the increase Even moderate variations in the spending throughout this expansion period has been rate can have significant implications for smaller than in earlier expansions. economic activity. At current income levels, Government payrolls, which amount to for example, a change of 1 per cent in the less than one-fifth of total payrolls, have continued to move up steadily. State and local government employment and wage and CONSUMER OUTLAYS average 93 per cent of disposable income in post decade salary rates have continued their strong postwar uptrend. Federal payrolls have risen - 94 moderately over the past year, primarily as a result of salary increases last fall for civilian employees. NONDURABLES take less and SERVICES more Other income. Transfer payments have NONDURABLE GOODS 46 shown a pronounced upward trend mainly because of payments under the old-age and 42 survivors insurance program, which are 38 now running at an annual rate close to $1 SERVICES 34 billion more than a year ago and $2.8 billion more than 2 years ago. Short-run fluc- 30 tuations in transfer payments have reflected, FOR DURABLES, changes mainly cyclical to a large extent, unemployment compensa- 14 tion, which moves countercyclical^, and in recent years the bunching of special pay- 10 1954 1956 1958 1960 1962 ments to veterans. The bulge in transfer payments in January, shown in the preced- NOTE.—Based on Dept. of Commerce quarterly figures, ading chart, was associated with advance and justed for seasonal variation. Second-quarter figures, latest shown, estimated by Federal Reserve. special payments of Government life insurance dividends to veterans. spending rate is equivalent to about $4 bil- Most other types of personal income— lion of purchases, annual rate. including dividends and interest—have The proportion of income spent on conrisen fairly steadily throughout the expan- sumption usually increases in periods of sion period. Farm income, however, has cyclical expansion when demands for autos changed little. and other durable goods are strong and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN • JUNE 1963 when consumers make extensive use of instalment credit to finance purchases. Rela- LIQUID ASSETS high in relation to incone tively low spending rates tend to occur in recessions when durable goods spending is reduced sharply. For nondurable goods the spending rate has drifted downward fairly steadily since 1953, reflecting the declining relative importance of food and clothing outlays in the consumer budget. The rather persistent rise in the proportion of income devoted to services has slowed only during strong cyclical expansions in spending for goods, particularly for durables. NOTE.—Based on Federal Reserve estimates of consumer holdings of liquid assets and Dept. of Commerce quarterly estimates of disposable personal income, adjusted for seasonal Over the decade the rise in the spending variation. Liquid assets consist of currency in circulation, demand and time deposits at commercial banks, deposits at rate for services has about offset the decline mutual savings banks, shares in savings and loan assns. and credit unions, and U.S. Govt. securities. Latest figures shown, in the rate for nondurable goods. Spending first quarter. for these two categories currently accounts liquid assets-income ratio either declined or for four-fifths of disposable income, not rose only moderately, as consumers showed much different from the rate in 1953. preference for other forms of financial assets. The proportion spent on durable goods is With the consumer spending rate changcyclically much more volatile than that for ing relatively little over the past few years, nondurable goods and services. The trend as indicated above, the sharp rise in consince 1953, however, has been virtually sumer holdings of liquid assets apparently horizontal—with perhaps a trace of down- reflects primarily forces influencing condrift—and the proportion has ranged for sumer preferences in portfolio composition. the most part between 12 and 13 per cent of An extended discussion of the relevant inincome. The bulge in 1955 reflected the fluences may be found in the special article exceptionally high rate of auto purchases. on liquidity beginning on page 756. LIQUID ASSETS GROWTH RATES Consumer holdings of liquid assets have in- Since 1947, consumer purchases of goods creased substantially over the past year. and services in constant dollars have in- From 1957 through 1961 holdings rose mod- creased at an annual rate of nearly 3.5 per erately faster than disposable income, but in cent. This rate of growth was also closely 1962 the rate of acquisition of assets ac- approximated in such significant subintercelerated and by early 1963 consumer hold- vals of the postwar period as 1947-55, ings were equivalent to more than 90 per 1947-57, and 1957-62. These growth rates cent of the annual rate of disposable income, have been calculated using all years of the well above the 85 per cent of late 1961. period. This rapid rise contrasts with earlier Purchases of goods, particularly durables, cyclical experience. In other postwar ex- increased faster in the first half of the pansions, as may be seen in the chart, the postwar period, and services faster in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

755 CONSUMER SPENDING AND INCOMES second half. The more rapid rate for serv- GROWTH in consumption: ices since the mid-1950's—about 4.5 per FASTEST for services cent per year—represents principally 1 R 95 a 7 ti - o 5 9 s = c 1 a 0 l 0 e stepped-up spending on medical care, education, and personal services. Growth in SERVICES 120 spending for housing services has tended ALL GOODS to slow down. For transportation services, the growth rate has continued relatively low 80 largely because of the public's preference for private automobile transportation. UNEVENfor durables andSTEADY for nondurables From 1957 to 1962 the annual rate of increase in consumer purchases of durable - DURABLES ^^J -~ 120 goods was close to 4 per cent. This was less J than earlier in the postwar period mainly t - 100 because of slower growth in auto purchases. (> ' NONDURABLES Owing to the volatile cyclical pattern of consumer spending for durable goods, as 1 1 1 1 1 1 I ! I 1 1954 1956 1958 1960 1962 well as various special circumstances, the growth rate obtained is heavily dependent NOTE.—Based on Dept. of Commerce quarterly figures in 1954 dollars, adjusted for seasonal variation. Second-quarter on the choice of the time period used in figures, latest shown, estimated by Federal Reserve. the calculation. The addition or subtraction that for population growth. For food and of even a single year may result in rather beverages, the growth rate has been somelarge apparent changes in the rate of growth. what less than the average for all nondura- Consumer purchases of nondurable goods bles; for clothing and shoes it has been in constant dollars increased by close to 2.5 about average. On the other hand, growth per cent a year from 1957 to 1962, not much has been more rapid for such varied nondifferent from the postwar period as a durable goods as drugs, cosmetics, paper whole. This rate is moderately higher than products, and gasoline. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Changes in Liquidity by DANIEL H. BRILL OVER THE PAST 2 years, the private sec- increase in liquid assets, to examine the tors of the economy have added substantially financial forms in which it occurred and the to their holdings of liquid assets. The in- economic groups to which it accrued, and crease in their stock of money, savings ac- the effects of the increase on balance sheet counts, and short-term U.S. Government structures. This factual base may aid in arsecurities is notable not only because of its riving at an assessment as to whether the size—some $60 billion or 15 per cent in 2 liquidity rise has been inevitable, excessive, years—but also because it exceeded the rise or, on the other hand, inadequate. in economic activity over Because spending, savthe period. In previous ing, and liquidity patterns STAFF PAPERS—In addipostwar cyclical upswings, differ markedly among section to its regular contents, growth in liquid asset hold- tors, not much purpose the Federal Reserve Bulletin ings has generally lagged from time to time includes spe- would be served in analyzgrowth in activity, with a cial papers on economic and ing aggregates that comconsequent decline in the financial subjects. These pa- bine consumers and busipers, prepared originally for ratio of liquid assets to nesses. In such aggregates, the information of the Board gross national product. In the amounts that consumers of Governors by individuals on 1962, the ratio rose and is its staff, are selected for pub- spend and the amounts that now back to the levels lication because of their gen- they save tend to overreached at the cyclical eral interest. The authors are whelm the amounts of trough in early 1961 (Chart responsible for the analyses spending and saving in and conclusions set forth. 1, on the facing page). other sectors, and changes The extent of the rise in in the aggregates tend to be liquidity in a period of recovery and ex- a diluted version of consumer activity, blurpansion has occasioned some concern. Fears ring rather than illuminating significant difhave been expressed as to the potential in- ferences in economic behavior patterns. flationary stimulus it may provide, as to its Not that simple disaggregation such as effect on the quality of credit if savings in- between consumers taken as a group and stitutions are forced to seek out more mar- businesses taken as a group is adequate for ginal borrowers, and as to the effect on the identifying all key behavior differences. One U.S. balance of payments of an excess sup- should expect to find—and does in fact find ply of liquid funds seeking more profitable —differences among consumers with differinvestment outside the United States. ent incomes and of different ages, and This paper does not attempt directly to among businesses of different industries and allay or confirm these fears of the con- of different sizes. sequences of a rise in liquidity during eco- Unfortunately, available data do not pernomic expansion. It will, however, attempt mit a consistent framework of analysis at the to describe the process that generated the desired level of disaggregation. The best one 756 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN LIQUIDITY 757 comes, and ratios of required debt service Chart 1 payments to incomes. Such arbitrary treat- LIQUID ASSET HOLDINGS rose somewhat faster ment may not do justice to the fairly extenthaa GNP in 1962 Ratio scale Billions of dollars sive literature that has been developed in 700 which alternative criteria for classifying as- — 600 sets and defining degrees of liquidity are proposed, but in dealing with a continuum like liquidity, any operational definition must be somewhat arbitrary. Given the availability and quality of data, attempts at - 400 further refinement in measurement are not likely to add substantially to understanding and insight. CONSUMERS The proportion of incomes consumers spend for nondurable goods and services has fluctuated in a relatively narrow range over the past decade. It reached a low of about 75 1954 '56 per cent of income in 1956 and a high of about 78 per cent in late 1960 and early NOTE.—For notes to this and the following charts, see page 765. 1961. Although the ratio of current concan do is to start at the level where consistent sumption to disposable income declined durformulations are possible—the consumer ing the 1961 recovery—as it has in most sector, the business sector—and point out recoveries—it trended upward during most what appear to be significant differences of 1962. Recent levels of the ratio are close within each sector to the extent the data to the average for the past decade (Chart 2). permit. The flow patterns of the key lending Consumer spending for capital assets— sector, the commercial banking system, will automobiles, other durable goods, and also be examined. homes—has been more volatile relative to For the most part, the definitions and data income than has spending for nondurable used are those of the Federal Reserve's flow goods and services. The ratio of capital of funds accounting system. These accounts, spending to income reached a postwar high however, do not in themselves provide any in 1955, and has not again approached definition of "liquid" assets, or of "liquidity." this level. Even the burst in consumer spend- Rather than founder in the definitional bog ing in 1959 did not bring the ratio of spendassociated with these terms, in this paper the ing to income close to the 1955 peak. term "liquid" assets generally refers to: The ratio dropped sharply in the 1960-61 money, savings accounts and shares, and recession, to a level as low as that at the short-term U.S. Government securities; and trough of almost all other postwar reces- "liquidity" will be measured in alternative sions, but it has hardly risen since the cycliways: as ratios of liquid asset holdings to cal trough. At less than 20 per cent, the debt, ratios of liquid asset holdings to in- recent ratio of capital spending to income Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN • JUNE 1963 As a ratio of disposable income, the flow of Chart 2 consumer funds into financial assets was at CONSUMER SPENDING less for physical assets, Per cent of disposable receipts a postwar peak in 1962. NONDURABLE GOODS 80 In the 1961-62 upswing, consumers ac- AND SERVICES quired mainly liquid financial assets.1 With 75 deposit rates rising and market rates on securities relatively stable or even declining, the flow of consumer financial saving went 20 almost entirely into deposit and share accounts (Chart 2). In earlier periods of rising andMOREfor financial assets 10 consumer financial saving (1955-56 and FINANCIAL ASSETS ^.^^ f\^ y 1959), the increase had been mainly in securities for then interest rates on securio ties had risen substantially, while during DEPOSITS AND *"* / SAVINGS ACCOUNTS the same periods deposit rates had remained relatively stable. (Chart 3) BORROWING high relative to capital spending Per cent of capital spending Very little of the recent rise in consumer 40 liquid asset holdings was in spendable cash ~ 30 1 Because there are no available measures of consumer holdings of short-term U.S. Govt. securities, the figures given on consumer liquid asset holdings are limited to their holdings of money and savings deposit and share balances. 1948 '50 '52 '54 '56 '58 '60 '62 YIELD SPREAD less favorable to is at a level more typical of postwar reces- consumer investment in securities Per cent Per cent per annunr sions than of expansion periods. Although consumer spending for durable goods and homes has been low relative to SHARE OF INVESTMENT income, an exceptionally large proportion of GOING INTO SECURITIES scale this spending has been financed through borrowing. The ratio of borrowing to capital outlays rose sharply from the 1961 recession trough through all of 1962, and by the year-end had reached a level almost as high as the previous peak in 1955. With spending for current consumption close to the average for the decade, and with 20 spending for durable goods and housing low relative to income and financed largely out of borrowed funds, consumers in the aggregate have had a much larger share of income '56 '58 available for acquisition of financial assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN LIQUIDITY 759 —demand deposits and currency. Money with income (Chart 5). It is mainly mortholdings rose by $4 billion, compared with gage debt that has outstripped incomes. a rise of $43 billion in savings accounts at The burden of instalment debt, that is, commercial banks, mutual savings banks, repayments of principal and interest as a and savings and loan associations. The in- proportion of disposable income, has been crease in money relative to other liquid as- remarkably constant over the past 5 years sets was smaller in this recent upswing than at about 13 per cent. Only in recent months of 1963 has there been any indication that during earlier periods of rising consumer this relationship may be breaking through financial saving. the 13 per cent "ceiling." Even though consumers borrowed heavily Data on the distribution of saving and to finance purchases of capital assets in borrowing flows within the consumer sector 1961-62, the rise in financial assets for the are fragmentary and far from current. Surconsumer sector as a whole exceeded the rise veys of consumer finances conducted by the in debt by a wide margin (Chart 4). Con- Michigan Survey Research Center indicate sumer holdings of liquid assets alone rose by no consistent pattern of change in ownership a total of $47 billion over this 2-year period of total liquid assets between early 1959 and while the total of consumer short- and longearly 1962, but apparently some increased term debts increased by $34 billion. The concentration of ownership of savings aclevel of consumer liquid asset holdings is counts by upper-income families over this now higher relative to disposable income period.- In early 1959, families with inthan at any time since 1950. comes of $10,000 or more held 30 per cent While total debt, as well as total financial assets, has risen faster than disposable -A more current analysis was not possible at the time this paper was prepared because data on changes income in the past 2 years, the short-term in liquid assets between early 1962 and early 1963 component of debt has just about kept pace were not available. Chart 5 SHORT-TERM DEBT keeps pace with income but MORTGAGE DEBT rises faster Per cenf of disposable receipts -1 30 MORTGAGE Mid '54 to mid '56 Mid °58 to mid '59 End '60 to and '62 1948 '50 '52 '54 '56 '58 '60 '62 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN • JUNE 1963 of all savings accounts reported; in early the lower- and middle-income classes (age 1962, this group held 35 per cent of the of family head 55 or more, incomes under total. Not too much significance can be im- $10,000), and only small changes in the avputed to this shift, however, for there was a erage balances of other age groups in these corresponding upward shift in the income income classes (Chart 6). The decline in distribution of the sample surveyed, that is, average liquid asset balances shown for the a growth of 5 percentage points in the pro- top income class as a whole reflects largely a portion of families in the $10,000 and over very substantial drop in the average for older income class from one survey date to the families, more than offsetting an increase in other. balances held by younger families. The Cross classifying by both income and age samples on which these averages are based, of family head helps identify further the lo- however, are quite small, and the differences cus of the liquidity change. A comparison of are probably not statistically significant. The the average size of liquid asset balances held sample of upper-income families in the 35by specific income-age groups in early 1959 54 year bracket shows little change in averand early 1962 indicates that the largest in- age balance from early 1959 to early 1962. creases occurred among the older families of Despite the large increases in aggregate instalment and mortgage debt, the average indebtedness reported by lower- and middle- CKart 6 income families changed little over the AMONG lower- and middle-income groups, oldest families report largest liquid asset increases 1959-62 period. The largest change in average indebtedness was among upper-income families and reflected mainly a substantial Thousands rise in average mortgage debt. of dollars 10 All AGESI NONFINANCIAL CORPORATIONS In certain respects, developments in the corporate sector resembled those in the consumer sector. Nonfinancial corporations as a group also applied a smaller share of income—retained earnings and charges—to acquisition of capital assets during the 1961-62 upswing than they had in earlier LARGEST DEBT INCREASES reported 10 recoveries. They also borrowed heavily relaby upper-income families tive to the volume of capital expenditures (Chart 7). In some respects, however, corporate flow patterns differed from those of the consumer sector. Although corporate borrowing was Early •59-63 high relative to spending, it was not high relative to internally generated funds, nor UNDER $5,000 $5,000-$10,000 $10,000 and OVER INCOME GROUPS was corporate acquisition of financial assets high relative to internal funds. t Sample too small for cross classification by age. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

761 RECENT CHANGES IN LIQUIDITY broadened to include holdings of other mar- Chart 7 ketable instruments as well as cash and U.S. CORPORATIONS, like consumers, spent less Government securities, liquidity still shows on capital assets than in previous recoveries Per cent of retained funds a declining trend. Only if one assumes that all accounts receivable are completely liquid does one find stability in alternative balance INVENTORIES AND FIXED CAPITAL sheet measures of corporate liquidity. Income-account measures also show a decline in corporate liquidity. Total liquid as- 80 set holdings relative to corporate activity (measured here as GNP originating in the 40 corporate sector) is lower now than at the 0 20 CORPORATE LIABILITIES continue to rise and BORROWING also rises relative Ratio scale " Billions of dollars to capital spending Per cent of capital spending 200 60 TOTAL CURRENT LIABILITIES 100 ACCOUNTS RECEIVABLE 80 CASH AND - 20 U.S. GOVT. SECURITIES 60 60 '62 40 "Per cent Moreover, corporations used their finan- 60 cial surpluses mainly to add to their ac- CASH AND GOVT./CURRENT SECURITIES / LIABILITIES counts receivable—short-term credit to con- 40 sumers and other businesses—and added A very little if any to their holdings of liquid assets (Chart 8). By and large, the pattern but LIQUID ASSETS decline relative to activity shown for the corporate sector as a whole 'Per cent holds for most major industry groups and - 30 major size groups of business. With liquid asset holdings relatively con- DEMAND DEPOSITS 20 stant and current liabilities rising, con- AND CURRENCY ventional measures of corporate liquidity show a substantial decline over the past OTHER LIQUID ASSETS decade, with the decline extending through most of 1962 (Chart 8, middle panel). 1 , i Even if the concept of liquid assets is 1954 1956 1958 1960 1962 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN • JUNE 1963 beginning of the 1956-57 capital goods Chart 9 boom and much lower than earlier in the Banks shift PORTFOLIO COMPOSITION postwar period. to higher yielding investments Per cent of Jotal de Corporations have responded to rising interest rates principally by changing the composition of liquid asset holdings rather than BUSINESS, FARM, I 50 AND CONSUMER LOANS by increasing their total liquidity. The ratio of money holdings to corporate activity has declined, while holdings of interest-bearing liquidity instruments, such as finance company paper and short-term Federal, State, and local government securities have been maintained or increased slightly. BANKING SYSTEM J 10 Commercial bank holdings of Federal Gov- as TIME AND SAYINGS DEPOSITS rise ernment securities have declined, relative to ~| 80 total deposits, while holdings of private debt have increased since the cycle trough in early 1961. A shift out of Governments DEMAND DEPOSITS could be regarded as a normal cyclical de- ADJUSTED velopment in economic expansions; in earlier postwar upswings, banks reduced their portfolio of Governments in order to increase their ability to finance consumers and businesses. But in this upswing—at least through the end of 1962—banks have re- TIME AND duced their Government security holdings •--* SAVINGS DEPOSITS relative to deposits while increasing their holdings of mortgages and municipal secu- 1 1 11 rities, and they have not significantly raised 1952 '54 '56 '58 '60 '62 the proportion of consumer and business loans in their portfolios (Chart 9). Unable to generate a sufficiently rapid The difference in banks' management of rise in business and consumer loans to cover their portfolios in the recent cyclical rise is the rise in interest costs, banks turned to attributable in part to the moderateness of mortgages and State and local government private loan demands and in part to their bonds in their search for relatively high need to increase earnings to cover interest yielding assets. Even in their Government costs on the swelling inflow of time and sav- security portfolios, there has been somewhat ings deposits. Of the $33 billion growth in of a shift away from short- and intermedibank deposits since the end of 1960, $25 ate-term obligations into longer-term, higherbillion or three-fourths was in time and sav- yielding bonds. Their holdings of long-term ings deposits. Governments (with maturities of 5 years or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN LIQUIDITY 763 more), of mortgages, and of State and local being able to draw firm conclusions about obligations have in the aggregate increased the state of the economy's liquidity, let alone by $17 billion in the past 2 years, a period the possible economic consequences. Yet, if over which time and savings deposits rose one assigns full faith to the reliability of the by $25 billion. The tendency to match time observations cited, one can formulate an and saving account inflows with longer-term interpretation of these developments that investments was accentuated in 1962, when fits the facts, although perhaps not to the banks acquired over $13 billion in long- exclusion of alternative explanations. term investments against a $15.5 billion rise This interpretation hinges on the observain time and savings deposit liabilities. tion of low rates of capital spending relative This shift in portfolio composition sug- to income, noted for both the consumer and gests that banks have in large measure re- business sectors in the recent recovery and garded the rising inflow of time and savings expansion period. The 1955-57 capital money as long-term saving. One can ques- spending boom—which occurred mainly in tion the validity of such an assumption. 1955 for consumers and somewhat later for Only half of the rise in the total has been businesses—probably represented a final in savings accounts; half—somewhat more catching up with capital goods demands than half in 1962 alone—has been in the deferred over the long period of the depres- "other time" category. A substantial share sion, war, and early postwar years. of this "other time" inflow has taken the Since the boom, investment has been form of negotiable certificates of deposit, more nearly for replacement than for held principally as liquidity instruments by growth. Even after the rise in spending from corporations and other sophisticated money the 1961 cyclical trough to the end of 1962, managers. business spending for new plant and equip- Despite recent portfolio and deposit com- ment (deflated for price change) had not position shifts, bank liquidity positions are re-achieved the peak levels of 1957. The still not seriously strained nor can one con- satisfaction expressed over the current volclude that banks are now "locked in." Bank ume of automobile sales at an annual rate holdings of short-term Government securi- of 7.75 million units has to be put into the ties rose substantially during the 1960-61 perspective of a total almost that large 8 recession and the early months of recovery. years ago. These holdings have largely been retained Undoubtedly, other factors than satiation and are still high relative to deposits. of exceptional demands have contributed to Nevertheless, an expansion in activity that the slack in capital spending in recent years. brought with it rising Federal and private Some observers suggest a lag in innovation, credit needs could put banks under reserve with little to stimulate businessmen seeking pressures from both the conversion of more radically new and more efficient production volatile time accounts into demand deposits processes or to captivate consumers seeking and the increase in credit demands. new products as desirable as were television and automatic transmissions in their time. AN INTERPRETATION Others assign more of the blame to a regres- The foregoing description of recent liquidity sive fiscal structure, with high tax rates limitdevelopments indicates how far we are from ing private investment incentives and Gov- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN • JUNE 1963 eminent expenditures inadequate to com- erences toward liquid fixed-value claims pensate for the lag in private spending. and away from market instruments of any Whatever weight one assigns to the pos- type. Also, changing expectations as to insible causes of slack investment demand, flation prospects and the low level to which the heavy dependence on debt financing of stock yields had fallen may have made capital outlays in the 1961-62 period ap- equity securities less attractive. Probably pears to have been a necessity, if aggregate all of these factors contributed to the rise economic activity were to be maintained, in liquid saving. and not a luxury with which a more Spartan In summary, then, the increase in liquideconomy could have dispensed. Given low ity in 1961-62 would appear to result from spending propensities and given only mod- the fact that none of three factors—private erate fiscal stimulus from Government preferences, the economic cycle, or monetary spending and only limited tax reductions, policy—conformed to recent postwar cyample availability of credit was probably clical patterns. The low level of demands for a key factor in keeping private spending at capital goods—low relative to both ecothe levels achieved in the 1961-62 period nomic resources and the level of incomes— of expansion. required, in the absence of other adequately The expansion in credit need not have stimulative policies, a monetary policy perbeen translated on the asset side into a rise mitting expansion in credit availability in in what is customarily regarded as "liquid" order to facilitate existing spending plans assets. In previous economic expansions, and to stimulate others. Under those circumwhich also involved large credit growth, con- stances, a curbing of credit availability, say, sumers added substantially to their hold- to boost long-term U.S. interest rates closer ings of financial assets but not to the types of to those in major foreign markets, might assets usually classed as "liquid." One ex- well have risked turning a slow economic planation of the difference in cyclical per- expansion into a full-scale recession. Econformance is the difference in relative inter- omists' knowledge of the elasticities of doest rates—the spread between market rates mestic demands to interest rate changes is and deposit rates—in the 1961-62 period. imperfect, but a number of recent studies In this recent expansion, yields on market reviewed by the author suggest a significant instruments have been much lower relative responsiveness for key investment areas. A to yields on deposits and savings accounts decline in spending and incomes might have than in earlier upswings. reduced the volume and proportion of finan- An alternative or perhaps supplemen- cial saving, as happened in earlier postwar tary explanation is that the large increase declines, but it might have done so only at in security purchases in 1955-57 and again the expense of intolerably large reductions in 1959 brought consumer security port- in employment and incomes. folios, in the aggregate, close to some "de- As it happened, the policy measures sired" level or proportion of assets to which adopted permitted a substantial increase in consumers would not want to add. Fluctua- borrowing relative to spending with minimal tions in security values over several postwar upward pressure on market interest rates, cycles, both in the stock market and in bond while other actions of the monetary authorimarkets, may have shifted consumer pref- ties permitted banks to compete more ag- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN LIQUIDITY 765 gressively for savings by raising deposit ing propensities or those whose spending is rates, thereby encouraging the flow of funds not likely to be influenced significantly by into what are generally considered more shifts in portfolio composition. Those conliquid forms. sumers who have been spending and borrow- As for the potential inflationary stimulus ing have not been the ones adding to their of such an increase in liquid assets, the data liquid asset balances. cited do not in themselves suggest this to be Finally, it should be noted that the liquid a likely outcome, even if one subscribes to asset increases recorded in the aggregates the proposition—as yet unproven empiri- for both the consumer and corporate sectors cally—that an increase in liquid asset hold- have occurred primarily in interest-bearing ings contributes significantly to a subsequent form rather than in spendable cash. The increase in spending. Nonfinancial corpora- ratio of money—demand deposits and curtions, in the aggregate, passed up the oppor- rency—to GNP has continued to decline tunity to apply their financial surplus to an throughout the upswing. The conversion of increase in liquidity. In fact, they have main- a nonmoney liquid asset into cash—even tained historically low liquidity ratios and from time deposits to demand deposits—rehave merely shifted their liquidity reserves quires in the aggregate an increase in the from cash to interest-bearing assets. reserves of the banking system. This proc- Consumers, in the aggregate, have become ess is still subject to regulation by the more liquid, but the distributive data avail- monetary system, albeit with some difficulty able, though incomplete, suggest that the in- and threat to the orderliness of financial crease in liquid asset holdings has been more markets if expectations regarding inflation marked in the portfolios of those—such as should change quickly or in substantial elderly families—with generally low spend- degree. NOTES TO CHARTS: composition of short-term debt, see note to Chart 5. "Other" debt is mortgage debt. Chart 1. Liquid assets are holdings by nonbank investors of demand deposits and currency, time deposits, savings shares, Chart 5. Short-term debt covers all short-term and intersavings bonds, and U.S. Govt. securities maturing within 1 mediate-term consumer credit. year. GNP data from Dept. of Commerce. Chart 6. The liquid asset holdings and instalment and mort- Chart 2. Based on flow of funds accounts. Data are sea- gage debt are averages for each group. Data from Survey of sonally adjusted centered 2-quarter moving averages. Financial Consumer Finances. assets exclude saving through life insurance and pension funds and investment in noncorporate business. Chart 7. Financial assets cover total corporate financial investments with trade credit taken net of trade debt. Borrowing Chart 3. The total of financial investment considered here is consists of funds obtained in credit and equity markets. the same as in Chart 2. The yield spread is the yield on 3- to 5-year U.S. Govt. securities minus commercial bank time Chart 8. The bottom panel shows corporate assets as perdeposit rates. centage of income originating in the corporate sector. Other liquid assets include time deposits, U.S. Govt. securities, and Chart 4. Same definition of financial assets as given in note commercial paper. to Chart 2. Liquid assets exclude U.S. Govt. securities because of lack of detailed data on ownership by maturity class. For Chart 9. Portfolios and deposits at commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest Rates on Time Deposits, Mid-February 1963 • Maximum interest rates on savings and ternational institutions, a type on which other time deposits have changed little over ceiling rates were removed late in 1962. the past year, after substantial upward adjustments in early 1962. SAVINGS DEPOSITS • As of mid-February 1963, few banks Savings deposits constitute the bulk of time contemplated further changes in rates in the deposits at member banks. In late 1962 they first half of this year. accounted for 73 per cent of all time de- • Reflecting to a considerable extent the posits at member banks, and nearly all memearly 1962 increases in rates, both savings ber banks had some savings deposits. and other time deposits increased by record Changes in rates. Relatively few banks or near-record amounts in 1962. changed the maximum rate on savings de- • Expansion was most rapid at banks that posits after early January 1962, when about paid the highest rates, as happened after the half of all member banks raised their rates. previous increase in rate ceilings in 1957. After that spurt, 90 per cent of the banks These findings on current and prospective made no change, 7 per cent raised the rate, maximum rates of interest on savings and and 3 per cent reduced it, as shown in Table other time deposits were obtained from a 1. Most of the increases were at banks that sample survey of member banks in each had made no change in early 1962 but sub- Reserve district as of mid-February 1963.1 sequently raised the rate from 3 per cent to They have been supplemented by data on 3Vi per cent. Conversely, most declines changes in deposit holdings during 1962. were at banks that had been quick to raise This article summarizes the results of the the rate to the 4 per cent level and then subsurvey. The first part relates to regular, or sequently lowered it to ZV2 per cent. Compassbook, savings accounts. The second, to pared with mid-January 1962, there was other time deposits—including certificates almost no change in the proportion of banks of deposit, open account, and other special paying 4 per cent. But the proportion payaccounts. The third, to rates paid on time de- ing 3V2 per cent increased from 20 to 25 posits of foreign governments and certain in- per cent, and the proportion paying 3 per cent or less declined from 59 to 55 per cent. 1 With minor exceptions, the sample was the same Rate increases after mid-January 1962 as that used in January 1962 and reported in the BULLETIN, February 1962, pp. 147-51. It included were relatively most frequent among the virtually all banks with total deposits of $100 million largest banks (total deposits of $500 miland over, four-fifths of banks with total deposits of $50 million-$100 million, and one-tenth of all other lion and over). About 13 per cent of these banks selected at random, or a total of 1,027 banks. banks raised the rate. None of them reduced Data for small banks were expanded so as to provide estimates for all member banks. it. As the size of bank decreased, the pro- NOTE.—This article was prepared by Caroline H. portion of banks raising rates generally de- Cagle of the Board's Division of Research and Statistics. clined, and the proportion reducing rates in- 766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON TIME DEPOSITS 767 creased, except for banks in the smallest size of these banks intended to raise the rate, and class (deposits of less than $5 million). half to reduce it. The proportion of these banks that raised Rate levels in early 1963. As of mid-Febrates was higher than the proportion was for ruary 1963 one-fifth of all member banks banks with deposits of $5 million-$500 mil- were paying a maximum rate of 4 per cent lion. This probably reflected a lag on the on savings deposits; one-fourth, 3Vi per part of very small banks in raising rates in cent; a little over half, 3 per cent or less. early January 1962. Competition for sav- Rates tended to be higher at large banks ings from larger banks paying higher rates, than at small ones. More than four-fifths of and possibly also from other savings in- the banks with total deposits of $500 milstitutions, may have caused many small lion and over had rates as high as ZVi per banks to raise their rates later in the year. cent, whereas the proportion was only about At the time of the survey only about 1 per a third for banks with deposits of $5 millioncent of the banks planned any change in the $10 million. Maximum rates of 2Vi per cent rate during the first half of 1963. About half or less were found mainly at small banks; TABLE 1 MAXIMUM RATES ON SAVINGS DEPOSITS: CHANGES AND RATE LEVELS FOR MEMBER BANKS CLASSIFIED BY SIZE Size of bank All (total deposits, in millions of dollars) Maximum rate member banks 500 Under 5 5-10 10-50 50-100 100-500 and over Percentage of number of banks in group Change in rate, mid-Jan. 1962 to mid-Feb. 1963 Increases—Totall 7 9 3 6 7 7 13 % 1 p p e e rc rc e e n n ta ta g g e e p p o o in in t t o o r r m le o s r s e 2 5 2 7 2 1 4 2 4 3 6 1 "n No change 90 89 90 91 89 91 87 Decreases—Total i 3 2 7 3 4 2 V2 percentage point or less , 2 1 5 2 4 1 1 percentage point or more 1 1 2 1 All member banks 100 100 100 100 100 100 100 Rate, mid-Feb. 1963:3 4 per cent 20 17 16 24 30 32 46 25 23 19 27 33 35 37 ^ 40 37 51 38 35 28 16 2 2 1 /2 or less 1 2 3 22 1 1 3 1 10 1 1 1 2 3 All rates 100 100 100 100 100 100 100 Percentage of total savings deposits in group, Dec. 28, 1962 4! £pe:r: c:e:n:t::::::::::::::::::::::::::::::: 35 19 19 25 31 36 42 41 27 23 31 34 38 53 20 39 50 35 33 24 1 1 2 1 1 1 2 or iess 3 14 6 8 1 1 All rates 100 100 100 100 100 100 100 1 No banks in the sample reported rate increases or rate decreases NOTE.—Excludes banks that had no savings deposits as of Dec. 28, between l/i and 1 percentage point. 1962. 2 Less than */£ of 1 per cent. 3 When a bank indicated a maximum rate in between those shown, the bank was included in the group paying the next higher rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN • JUNE 1963 the ratio was almost one in four for banks all member banks expanded by a record with deposits of less than $5 million. amount of more than $6 billion, or about 12 Among Federal Reserve districts interest per cent, in 1962. Most of the increase, as rates varied considerably. They were highest shown in Table 2, was at banks that had in the New York, Dallas, and San Francisco raised their rates to the maximum permitted Districts, where 80-90 per cent of the banks by the Board's Regulation Q. were paying 3Vi or 4 per cent. Rates were More than 90 per cent of the increase oclowest in the Philadelphia, Cleveland, Chi- curred at banks that paid a higher rate on cago, St. Louis, and Minneapolis Districts. these deposits in February 1963 than at the In these areas the proportion of banks pay- end of 1961. Banks paying the 4 per cent ing 3 per cent or less ranged from 67 to 96 maximum in February 1963 received 57 per per cent. In the Philadelphia and Minne- cent of the total, and those paying 3V£ per apolis Districts no bank in the sample was cent accounted for most of the remainder. paying 4 per cent, and in the Cleveland, The banks that made no change in their Chicago, and St. Louis Districts the propor- rate accounted for nearly half of all member tion at this level was smaller than elsewhere. banks and roughly 23 per cent of all savings Geographic differences in rates reflect deposits, but they accounted for only 6 per among other things the number of small cent of the total increase during 1962. versus large banks, the degree of competi- Growth in savings varied directly with the tion for savings between banks and non- level to which rates were raised. For exbank financial institutions, and variations ample, banks increasing the rate to 4 per in general economic conditions. In the cent had a 24 per cent expansion in deposits, Chicago District the rate structure is influ- while those increasing to 3V2 per cent exenced too by Indiana banking regulations, perienced an 11 per cent growth. which prohibit rates above 3 per cent. Relative growth in deposits was about the Growth and distribution in 1962. Savings at same for banks paying 4 per cent regardless TABLE 2 SAVINGS DEPOSITS: GROWTH IN 1962 RELATED TO CHANGES IN MAXIMUM INTEREST RATES AT MEMBER BANKS Change in 1962 Percentage increase from Dec. 31, 1961 Number (change in m R a a x te im c u a m te g r o a r t y e after 1961) M d i o ll l i l o a n rs s 1 of d P i e s r tr c i e b n u t t a i g o e n m b e a A m n l k b l s er (to L t e a s l s deposi S ts i , z e in o m f b il a li n o k ns of do 1 l 0 la 0 rs) d ( i p o s c e t i a f n r r t c i b e b e r g a u a n o n t t t e i r k a o y g s * n e * "* ) "" than 10 10-100 and over Increased rate by mid-Feb. 1963 to—2 4 per cent 3,800 57 24 27 23 24 20 3% 2,400 36 1 11 8 3 1 1 0 1 1 1 2 3 25 3 or less 100 6 3 2 2 6 47 No change in rate3 400 100 13 7 10 16 100 i 6,700 All member banks 1 Estimate, based on a blow-up of the sample data. Increase at all 3 No bank reduced the maximum rate on savings deposits between member banks in 1962 was $6.3 billion. Dec. 31, 1961, and mid-February 1963. 2 Rate shown is as of mid-Feb. 1963. When a bank indicated a maximum rate in between those shown, the bank was included in NOTE.—Excludes banks that had no savings deposits on Dec. 28, the group paying the next higher rate. 1962, and banks for which rate paid on such deposits as of Dec. 31, 1961, was not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON TIME DEPOSITS 769 of their size. But for those paying ZVi per OTHER TIME DEPOSITS cent or less, expansion was greater for big Time deposits other than savings have been than for small banks. expanding faster than savings deposits in Among Reserve districts, growth in sav- recent years. At the end of 1962 they acings reflected in considerable part differ- counted for 27 per cent of all time deposits ences in rates paid. Growth was largest— at member banks, compared with 19 per 22 per cent—in the Dallas District, where cent in mid-1957. Their importance varies the proportion of banks paying 4 per cent from bank to bank, and in a few banks they was highest. In the Minneapolis District, are larger than savings deposits. For the where no bank in the sample paid as much most part, other time deposits are held by as 4 per cent and where only 4 per cent of businesses, State and local governments, and the banks paid as much as 3V£ per cent, foreign commercial banks and official insavings deposits declined, as Table 3 shows. stitutions; none of these groups are eligible In part as a result of the more rapid ex- to hold passbook savings accounts. pansion in savings at banks paying the Banks in some areas, issue special savings higher rates, more than three-quarters of all certificates of specified denominations or savings deposits at the close of 1962 were provide other special arrangements in which held by banks paying ?>Vi or 4 per cent, as depositors contract to hold the funds on Table 1 shows. In general, the larger the deposit for 12 months or more and receive bank size, the higher the proportion. Never- interest at a higher rate than is paid on theless, there were important exceptions in regular savings deposits. This makes it possome areas. For example, because most sible for holders of regular savings accounts banks were paying 3 per cent or less in who wish to obtain a higher rate to transthe Philadelphia, St. Louis, and Minne- fer funds to these special accounts. Rates apolis Reserve Districts, the bulk of the sav- applicable to these forms of deposit have ings in these areas was in banks with rates been included in the accompanying tables no higher than 3 per cent. with rates on other time deposits. TABLE 3 GEOGRAPHIC CHANGES IN SAVINGS AND OTHER TIME DEPOSITS AT ALL MEMBER BANKS, 1962 (Amounts in millions of dollars) Savings deposits Other time deposits F.R. district Amount Amount Percentage Percentage De 1 c 9 . 6 3 1 0, De 1 c 9 . 6 2 2 8, Change change De 1 c 9 . 6 3 1 0, De 1 c 9 . 6 2 2 8, Change change Boston . 1 611 1,772 161 10.0 287 392 105 36 6 New York 9,513 11,328 1,815 19.1 4,978 6,709 1,731 34.8 Philadelphia 3,226 3,414 188 5.8 487 737 250 51.3 Cleveland . > 5 090 5,494 404 7.9 1 102 1 661 559 50.7 Richmond 2,349 2,691 342 14.6 471 576 105 22.3 Atlanta 2,571 2,798 227 8.8 580 973 393 67.8 Chicago 9,456 10,534 1,078 11.4 1,761 3,019 1,258 71.4 St Louis 1,443 1,446 3 0.2 463 820 357 77.1 Minneapolis 1 228 1,176 -52 -4.2 571 1 056 485 84 9 Kansas Citv 1,702 1,952 250 14.7 487 729 242 49.7 Dallas 1 621 1,979 358 22.1 1 252 1 567 315 25 2 San Francisco 12,173 13,712 1,539 12.6 3,038 3,541 503 16.6 All member banks 51,985 58,296 6,311 12.1 15,475 21,778 6,303 40.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN • JUNE 1963 Changes in rates. Maximum rates of in- without increasing their expenses substanterest on other time deposits differ from tially. In view of these differences, data on those on regular savings accounts in several the level, structure, and changes in maximum rates on other time deposits are less respects. This rate is not generally advermeaningful and harder to interpret than tised, and it may be given little publicity. It comparable data for savings deposits. may be negotiated with each depositor; More member banks raised maximum hence, the maximum reported here may rates on other time deposits than on regular apply to relatively few depositors. The rate savings between mid-January 1962 and may be subject to frequent change; some mid-February 1963. Nearly 20 per cent banks adjust it with changes in the Treasury raised the rate on these deposits, and 14 per bill yield. And it may be higher than the cent increased it by as much as 1 per cent, rate on savings, because many banks hold as shown in Table 4. Most of the increases a relatively small amount of other time de- were made by small banks that raised the posits and they can pay higher rates on them rate from 3 to 4 per cent. Rate reductions TABLE 4 MAXIMUM RATES ON OTHER TIME DEPOSITS: CHANGES AND RATE LEVELS FOR MEMBER BANKS CLASSIFIED BY SIZE Size of bank All (total deposits, in millions of dollars) Maximum rate member banks Under 5 5-10 10-50 50-100 100-500 and 5 0 o 0 ver Percentage of number of banks in group Change in rate, mid-Jan. 1962 to mid-Feb. 1963: Increases—Totall 19 15 19 23 17 17 17 1 percentage point or more 14 11 15 18 8 8 5 Y2 percentage point or less 5 4 4 5 9 9 12 No change. 75 72 73 72 62 Decreases—Total * 6 5 10 11 21 l/i percentage point or less.. 2 3 7 8 14 1 percentage point or more. 4 2. 3 3 7 All member banks. 100 100 100 100 100 100 100 Rate, mid-Feb. 1963: 2 4 per cent 62 63 60 63 64 54 57 I?:::::::::::::::::: 1 1 1 9 1 8 8 25 7 1 1 6 7 1 1 8 6 2 1 6 6 41 2 1 3 1 1 2 2V4 6 10 5 3 1 2 2 or less All rates. 100 100 100 100 100 100 100 Percentage of total other time deposits in group, Dec. 28, 1962 4 per cent. 62 80 79 74 71 59 56 3% 32 8 4 11 19 30 43 6 11 16 14 10 9 2%::::::: 8 1 2 or less... 1 All rates. 100 100 100 100 100 100 100 i No banks reported rate increases falling between Vi and 1 2 When a bank indicated a maximum rate in between those shown, percentage point. Only 4 banks reported rate reductions in this the bank was included in the group paying the next higher rate. range; these banks were included with banks reporting reductions of 3 Less than % of 1 per cent. 1 percentage point or more. NOTE.—Excludes banks that had no other time deposits as of Dec. 28, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON TIME DEPOSITS 771 were less common than increases. They were general economic conditions but also variaonly 6 per cent of the total. Since January tions in customer and competitive relation- 1962, banks paying 4 per cent have in- ships and in relative emphasis placed by increased from 57 to 62 per cent of the total, dividual banks on savings versus other time and those paying 3Vi per cent from 8 to 11 deposits. For example, in the Minneapolis per cent. Banks paying 3 per cent or less District, no bank was paying 4 per cent on have declined from 35 to 27 per cent. savings, but 96 per cent were paying 4 per The proportion of banks raising rates on cent on other time deposits in early 1963. these other time deposits after mid-January Growth and distribution in 1962. Other 1962 was generally higher for small banks time deposits expanded by the same amount than for large ones, but rate reductions were as savings in 1962—more than $6 billion. relatively more numerous among large But the relative increase was much larger banks. One factor in the rate reductions may for other time deposits—40 per cent, comhave been that some banks were trying to pared with 12 per cent. Practically all of the moderate the large inflow of deposits asso- increase in these deposits was at banks that ciated with the higher rates. had raised rates since 1961, as shown in As of the survey date, less than 1 per Table 5. About 70 per cent of it was at cent of all member banks planned to change banks with a maximum rate of 4 per cent the maximum rate on other time deposits as of mid-February 1963, and nearly all of in the first half of 1963. More than half of the remainder at banks paying ?>Vi per cent. these intended to reduce it. Deposit growth in other time deposits in Rate levels in early 1963. Maximum rates 1962 at banks raising rates varied directly on other time deposits were generally higher with the rate paid; the increase amounted to than on savings in mid-February 1963. 25 per cent at banks raising rates to 3 per Nearly two-thirds of the banks were paying cent or less and nearly 50 per cent at banks a maximum of 4 per cent; about one-tenth, raising to 4 per cent. Banks making no 3Vi per cent; and most of the remainder 3 change in the rate had a 4 per cent increase per cent, as shown in Table 4. The pro- in deposits, while those reducing the rate portion of small banks paying a rate of 4 had a decline of 5 per cent. per cent on other time deposits was higher Reflecting in part these rate differentials, than it was for large banks. For savings de- the relative increase in other time deposits posits these proportions were the reverse. in 1962 at all member banks was greatest In the Boston and New York Reserve Dis- in the Minneapolis Reserve District (85 per tricts only about one-fourth of the banks cent), where nearly all banks were paying were paying 4 per cent on other time de- 4 per cent in early 1963. By contrast, growth posits; in the Philadelphia, Cleveland, and was below the national average in the Bos- Richmond Districts the proportion at this ton and New York Reserve Districts, where level was two-fifths; in the other Reserve relatively few banks had raised the maxi- Districts, banks paying this rate represented mum rate to 4 per cent. from two-thirds to nearly all. In spite of the high percentage of banks As for savings accounts, the structure of paying 4 per cent in the Dallas and San rates on other time deposits geographically Francisco Districts, growth in other time reflects not only differences in bank size and deposits there was not large, as shown in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN • JUNE 1963 TABLE 5 Chicago, and San Francisco Reserve Dis- OTHER TIME DEPOSITS: GROWTH IN 1962 tricts. Such deposits are highly sensitive to RELATED TO CHANGES IN MAXIMUM INTEREST RATES differentials in interest rates, and they tend AT MEMBER BANKS to shift from one money market instrument Change in 1962 Number to another when interest rates change. of banks On October 15, 1962, ceilings on the Rate category Per- in rate (ch r a a n t g e e a i f n te r m 1 a 9 x 6 im 1) um M do il o l l l i f a o r n s s c b d e P u i n s t e t t i a r r o - g i n - e D c c e e f h r n c a o . t n m a 3 g g 1 e e , c c a d e ( t i n p e s t e g t a r r o g i - r - e y r o a n t es t i o m f e i n d te e r p e o s s t i t ts h at o f m e fo m re b i e g r n b a g n o k v s e m rn a m y e p n a ts y , 1961 bution) central banks, and certain international in- Increased rate by mid- stitutions were removed from regulation for Feb. 1963 to i— 4 percent 4,500 71 49 62 a period of 3 years. By mid-February 1963 3iA 1,800 29 34 11 3 or less 5 most of the 28 large banks that reported 25 No change in rate 19 holding these deposits were paying a maxi- 4 Decreased rate -5 3 mum rate of 3Vi per cent on deposits with All member banks.. 4 6,300 100 40 100 a maturity of 1 year or more, as shown in Table 6. Rates were somewhat higher in 1 Rate shown is that as of mid-Feb. 1963. When a bank indicated a maximum rate in between those shown, the bank was included in the group paying the next higher rate. New York than in the Chicago and San 2 Less than $500,000. 3 Less than Vi of 1 per cent. Francisco Districts. 4 Estimate, based on a blow-up of sample data. Increase at all member banks in 1962 was approximately the same as the estimate. The maximum rate on foreign funds held NOTE.—Excludes banks that had no other time deposits on Dec. for less than 1 year varied with the maturity 28, 1962, and banks for which rate paid on such deposits as of Dec. 31, 1961, was not available. of the deposits held by the individual bank. The rate most frequently reported was 3% Table 3. Banks in these two Districts had per cent. already attracted a considerable volume of other time deposits before 1962 by issuing TABLE 6 negotiable time certificates of deposit before MAXIMUM RATES ON FOREIGN TIME DEPOSITS AT these instruments were used to any consider- MEMBER BANKS IN SELECTED DISTRICTS MID-FEBRUARY 1963 able extent in other parts of the country. (Percentage distribution of number of banks in group) Moreover, in the San Francisco District the proportion of banks paying 4 per cent on Federal Reserve district other time deposits includes a number of Rate Total large banks that pay this rate only on special Y N o e r w k Chicago Fra S n a c n isco savings certificates or other similar arrange- 4 13 18 12 71 82 80 50 ments issued to those eligible for savings de- 3V 8 20 13 3 and 3^ per cent. . 8 25 posits. Other time deposit holders at these Deposits held 12 banks are paid a lower rate. months or more—Total... 100 100 100 100 3% 3 8 11 23 FOREIGN TIME DEPOSITS 54 69 40 40 18 60 20 3 7 20 Roughly one-tenth of the deposits in the 1 and 2% per cent.. 7 20 "other time" category are deposits of for- Deposits held less than 12 months eign governments and international institu- Total .... 100 100 100 100 tions. Most of these deposits are concen- NOTE.—Rates apply to time deposits of foreign governments, trated in a few large banks in the New York, central banks, and certain international institutions exempt from Regulation Q. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Common Trust Funds, 1962 The eighth Annual Survey of Common funds were in operation in 48 of the 50 Trust Funds conducted by the Board of jurisdictions that permit them (49 States Governors of the Federal Reserve System and the District of Columbia). This was a as part of the program to provide informa- net increase of 53 funds, or 10 per cent, durtion about principal uses of savings shows ing the year. Fifty-one were established de that: novo, 7 resulted from splits, 7 were merged • Common trust funds continued to ex- into 3, and 1 was eliminated through dispand during 1962, with most measures of tribution. growth—number of funds, number of banks During 1962, 14 banks began operating operating funds, and asset holdings—show- their first common trust funds. They acing increases. counted for 20 of the de novo funds. • The 564 common trust funds being ad- National banks constituted 60 per cent ministered by 343 banks at the end of the of the total number of banks operating com- Survey year had total assets of about $3.6 mon trust funds, were operating 58 per cent billion. Common stocks accounted for about of the total number of funds, and held aphalf of these holdings. proximately 36 per cent of all common trust • Creation of single-purpose funds con- fund assets at the end of 1962. State memtinued to provide the principal growth in the ber banks constituted 28 per cent of the total number of funds. total number of banks, were operating 31 • Total assets of common trust funds rose per cent of the total number of funds, and by only $27 million, largely because of the held approximately 54 per cent of the total decline in values of common stock holdings, fund assets. which was in line with common stock in- Fiduciary accounts. The number of fiducidexes. ary accounts invested in common trust funds increased by 21,000, or 14.5 per cent, to GROWTH IN FUNDS 165,000 in 1962; the average participation Expansion in common trust funds is indeclined from $24,600 to $21,700. These dicated by changes in the number of funds figures include no allowance for accounts and in the number and average size of the that may be invested in more than one fund; participating fiduciary accounts. neither can they indicate accurately the Number of funds. The establishment of number of individuals benefiting from comnew funds and the splitting, merging, and mon trust fund investments since many parliquidation of existing funds all affect the ticipating trusts have more than one benetotal number. At the end of the year, 564 ficiary. NOTE.—This article was prepared by Eleanor E. CHANGES IN FUNDS Omohundro of the Board's Division of Bank Operations. For results of the seventh Annual Survey of Banks continued their increased use of Common Trust Funds, see the BULLETIN for May single-purpose funds (those invested only in 1962, pages 528-34. 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN • JUNE 1963 TABLE 1 SUMMARY OF COMMON TRUST FUND ACTIVITY, 1955-62 (Dollar amounts in millions) Number ]Vlarket value of investments (end of year) Net Appreciation (end of year) additions and net Fixed-income assets to realized principal capital Total Common fund gains Funds Banks Total i Bonds Pr s e to fe c r k r s ed stocks (d y u e r a i r n ) g (d y u e r a i r n ) g 1955 222 174 $1,868.7 $ 957.8 $ 712.0 $214.1 $ 910.9 $146.4 $126.6 1956 243 195 1,974.4 989.4 735.1 209.2 985.1 118.9 -13.2 1957 277 215 1,965.5 1,029.1 780.8 204.6 936.3 101.8 -110.6 1958 322 246 2,434.4 1,141.9 868.0 221.2 1,292 5 157 0 311 9 1959 373 273 2,666.7 1,230.0 961.4 211.5 1,436.6 161.0 71.3 I960 421 288 2,812.6 1,358.8 1,075.8 214.6 1,453 7 143 1 2 8 1961 511 327 3,550.9 1,564.9 1,256.8 232.2 1,986.0 2 268.9 2 469.4 1962 564 343 3,577.7 1,924.8 1,499.7 238.9 1,752.9 331.0 -304.2 1 Includes real estate loans, other investments, and principal cash. NOTE.—Details may not add to totals because of rounding. 2 Revised. TABLE 2 MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1961-62 (In millions of dollars) Diversified Single-purpose All funds Discretionary Legal Discretionary Legal Type of holding In- In- In- In- Increase, crease, crease, crease, crease, 1962 1961 or de- 1962 1961 or de- 1962 1961 or de- 1962 1961 or de- 1962 1961 or decrease crease crease crease crease (-) (-) (-) (-) (-) Total holdings 3,577.7 3,550.9 26.8 2,268.5 2,463.7 -195.2208.8 234.6 -25.8 1,045.1804.8 240.3 55.2 47.8 7.4 Bonds, notes, and certificates—Total 1,499.7 1,256.8 242.9 833.3 791.4 41.9 124.2 121.6 2.6 490.8 301.1 189.7 51.4 42.7 8.7 U.S. Government 257.5 218.7 38.8 180.1 165.9 14.2 14.3 15.4 -1.1 51.8 27.3 24.5 11.3 10.1 1.2 State and local government 152.1 83.6 68.5 32.2 27.7 4.5 0 119.8 55.5 64.3 .1 .4 -.3 Domestic corporate . . 928.7 817.3 111.4 511.5 497.6 13.9 97°} 95.0 2.4 284.0 195.5 88.5 35.7 29.2 6.5 Other 161.4 137.2 24.2 109.5 100.2 9.3 12.5 11.2 1.3 35.2 22.8 12.4 4.3 3.0 1.3 Stocks— Total 7,997.52,218.2 -226.4 1,399.8 1,633.5 -233.7 75.0 103.8 -28.8 514.3 476.8 37.5 2.6 4.1 -7.5 Preferred 238.9 232.2 6.7 181.0 185.5 -4.5 3.0 2.6 A 52.4 41.0 11.4 2.5 3.1 -.6 Common 1,752.9 1,986.0 -233.1 1,218.8 1,448.0 -229.2 72.0 101.2 -29.2 462.0435.8 26.2 .1 1.0 g Miscellaneous—Total 86.3 75.9 10.4 35.5 38.8 -3.3 9.5 9.2 .3 40.1 26.9 13.2 1.2 1.0 •y Real estate loans and other investments, incl. savings accts.... 62.0 53.4 8.6 23.0 24.4 -1.4 7.8 1A A 30.6 21.3 9.3 .6 .3 Principal cash 24.2 22.5 1.7 12.4 14.4 -2.0 1.7 1.8 -.1 9.5 5.6 3.9 .6 .7 Factors affecting change during year: Net additions to principal funds 331 0 95.8 .5 225.2 9.5 Net appreciation in market value of investments. -329.5 -244.0 -11.2 -75.1 .7 Net realized capital gains. 25 3 21.6 -15.1 21.6 -2.8 Net transfers due to splits, reclassiflcations etc 68 6 68.6 i Less than $50,000. reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian; and (2) NOTE.—As defined by Section 584(a) of the Internal Revenue Code in conformity with the rules and regulations, prevailing from time of 1954, a "common trust fund" is a fund maintained by a bank to time, . . . pertaining to the collective investment of trust funds ..." or trust company "(1) exclusively for the collective investment and Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1962 775 certain types of securities, either fixed-in- number of banks operate more than one come or common stocks) both as to number fund. The practice of split funding—that is, of such funds and dollar holdings, although the use of more than one single-purpose there was not so great a change as in 1961. fund—provides a choice of funds and During 1962, single-purpose funds in- greater flexibility in diversifying the investcreased by 58 in number and by $248 mil- ments of the individual participating trust lion in dollar holdings, compared with 77 and permits participation in 2 or more funds and $373 million, respectively, in the pre- in varying proportions in accordance with vious year. As shown in Table 2, the net the purpose of the individual fiduciary acincrease in holdings of single-purpose funds count. more than offset the decrease in the diversi- Many banks rely solely on single-purpose fied funds. funds, usually a fixed-income investment Of the 51 de novo funds in 1962, 40 fund operated in conjunction with a comwere discretionary single-purpose and 9 mon stock fund. In some instances, howwere discretionary diversified. One legal ever, a bank may operate only diversified diversified and 6 discretionary diversified funds, or it may operate them along with funds were split, adding 14 more funds to the single-purpose type funds. the single-purpose category. At the end of Almost half of the Survey banks operate the year, 110 banks were operating 292 two or more common trust funds, and these single-purpose funds, with assets totaling had almost $3 billion or 77 per cent of all $1,100 million. holdings covered in 1962. Eight banks had As noted in previous Surveys, a large 5 or more funds; they held almost threequarters of a billion dollars. TABLE 3 Of the 118 largest banks and trust com- COMMON TRUST FUNDS AND THEIR INVESTMENT panies, 102 accounted for 220 funds and HOLDINGS, BY CLASS OF BANK, 1962 approximately $2.7 billion of all common trust assets at the end of 1962.1 Common Market Class of bank Number Number value of and of of holdings 2 trust funds are also operated by many of the type of fund funds banks 1 (millions of dollars) smaller banks. Of the 343 banks in the 1962 Survey, about one-fourth had total bank All banks—Total 564 343 $3,577.7 Diversified discretionary 234 217 2,268.5 assets of less than $50 million; and one- Diversified legal 38 36 208.8 Single-purpose 292 149 1,100.3 half of the 14 banks that began operation Sta D te iv e m r e si m fi b e e d r d b i a s n cr k e s t — io T na o r ta y l 1 8 7 0 6 9 6 5 9 1 1 , , 9 3 1 6 7 0. .7 6 of a fund in 1962 had total assets of less Diversified legal 20 18 146.0 Single-purpose 76 40 411.2 than $50 million. National banks—Total 325 207 1,277.5 Diversified discretionary 130 124 665.6 INVESTMENT ACTIVITY Diversified legal 15 15 56.8 Single-purpose 180 89 555.0 Gross investment transactions of all com- Insurednonmember banks—Total. 40 30 81.6 Diversified discretionary 17 17 48.7 mon trust funds—representing total acquisi- Diversified legal 3 3 6.0 Single-purpose 20 13 26.9 tions, sales, and redemptions—aggregated Noninsured nonmember banks— more than $1,328 million—some $300 mil- Total . . . .... 23 11 300.9 Diversified discretionary 7 7 193.6 lion more than the 1961 total. Transactions Diversified legal Single-purpose 16 7 107.2 1 For this purpose large banks are defined as those 1 Details do not add to totals because some banks operate 2 or reporting $700,000 or more in gross trust department more funds. 2 Details may not add to totals because of rounding. earnings during 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN • JUNE 1963 activity—that is, the ratio of gross trans- of common stocks, about the same percentactions to the aggregate portfolio—in- age as in 1961. Larger proportions of the creased to 37 per cent from 29 per cent the net purchases were made in United States previous year. Government and State and local govern- The net addition to principal—new par- ment bonds, and smaller proportions in doticipations less withdrawals—amounted to mestic corporate bonds and preferred stocks. $331 million; and total purchases exceeded Holdings of bonds and preferred stocks sales by $329 million. Purchases of com- increased in market value and common mon stocks exceeded sales by $101 million; stocks declined, for a net increase of $27 about 31 per cent of the net purchases were million. The decline in common stocks was TABLE 4 INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1962 (Dollar amounts in millions) Holdings, at end of 1961 Holdings, at end of 1962 Cost of Proceeds purchases from sales Type of holding 1 At As and other and At As market per cent acquisitions redemptions market per cent value of total value of total Total holdings (including principal cash) $3,550.9 100.0 $828.4 $499.4 $3,577.7 100.0 Bonds, notes, and certificates—Total... 1,256.8 35.4 546.7 327.9 1,499.7 41.9 U.S. Government—Total 218.7 6.2 219.8 181.1 257.5 7.2 Marketable, maturing: Within 1 year 21.2 .6 112.0 123.5 27.6 No A n f m te a r r k 1 e t y a e b a le r 1 1 8 0 6 . . 6 9 5. . 3 3 107 . . 1 6 5 5 2 . . 3 3 22 6 3 . . 0 8 6. . 2 2 State and local government 83.6 2.4 88.2 26.4 152.1 4.2 Domestic corporate—Total 817.3 23.0 188.6 94.0 928.7 26.0 Manufacturing 189.3 5.3 46.1 19.0 218.9 6.1 Public utility 436.5 12.3 91.2 36.5 500.0 14.0 Railroad 66.2 1.9 13.1 12.1 67.3 1.9 Other 125.3 3.5 38.3 26.4 142.4 4.0 Other—Total 137.2 3.9 50.1 26.4 161.4 4.5 Foreign 21.8 .6 3.1 .9 22.1 .6 Quasi-government and other 115.4 3.3 47.0 25.6 139.3 3.9 Preferred stocks—Total 232.2 6.5 26.6 26.2 238.9 6.7 Manufacturing 117.4 3.3 11.3 16.6 115.3 3.2 Public utility 99.6 2.8 12.2 8.2 106.1 3.0 Railroad 3.4 .1 .4 .2 3.6 .1 Other 11.8 .3 2.7 1.2 13.9 .4 Common stocks—Total 1,986.0 56.0 230.0 128.7 1,752.9 49.0 Manufacturing 1 113.9 31.4 150.8 82.2 983.2 27.5 Public utility 485.6 13.7 37.3 19.4 454.0 12.7 Railroad 23.0 .6 3.2 4.1 19.1 .5 Financial 233.7 6.6 21.6 12.1 200.8 5.6 Trade 112.6 3.2 11.3 8.5 81.6 2.3 Other 17.1 .5 5.8 2.4 14.3 .4 Miscellaneous—Total 75.9 2.1 25.0 16.5 86.2 2.4 Real estate loans 52.3 1.5 19.9 12.9 59.3 1.6 Other investments, incl. savings accts. 1.1 5.1 3.6 2.7 .1 Principal cash 22.5 24.2 .7 1 Nonmarketable U.S. Government securities valued at cost; other operated by banks under Section 18 of Regulation 9 of the Compholdings at market value. Purchases shown at cost, and sales at troller of the Currency. The reporting date for each fund in the proceeds realized. Conversions and exchanges of securities treated Survey was the valuation date falling in the fourth quarter of the as sales of securities surrendered and purchases of securities received. calendar year; this was usually Oct. 31 or Nov. 30. Stock rights held at beginning or end of reporting period included in The reporting period of funds other than new ones covers 12 months. appropriate investment category at market value. Proceeds from sales For funds that began operating during 1962, investments are included of such rights included in proceeds from sales of securities during in end-of-year tabulations of holdings and also in tabulations of period. purchases and sales; the cash and U.S. Government nonmarketable 2 Less than .05. securities placed with the new funds by fiduciary accounts are included in tabulations of net additions to principal. NOTE.—The Survey includes all reporting common trust funds Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1962 777 TABLE 5 SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1962 (Dollar amounts in millions) Diversified All funds Single-purpose Size of fund (total holdings, Discretionary Legal millions of dollars) * Number ho T l o d t i a n l gs Number ho T l o d t i a n l gs Number ho T l o d t i a n l gs Number ho T l o d t i a n l gs All funds.. . 564 $3,577.7 234 $2,268.5 38 $208.8 292 $1,100.3 Under 1 194 92.3 55 28.8 6 2.9 133 60.6 1-2 76 108.8 30 42.1 4 5.5 42 61.1 2-5 131 426.9 61 209.7 11 35.5 59 181.8 5-10 68 473.8 27 195.6 11 71.4 30 206.8 10-25 62 901.8 37 557.1 5 66.8 20 277.9 25-50 22 752.2 15 532.0 26.6 6 193.6 50 and over 11 821.9 9 703.2 2 118.7 in proportion to that of the better known first in total common trust assets, followed common stock indexes. by the New York, Boston, San Francisco, and Cleveland Districts. GEOGRAPHIC DISTRIBUTION While the proportions of bond and stock As in previous surveys it was found that holdings in common trust funds vary among common trust funds continued to expand in geographic areas and Federal Reserve disall Federal Reserve districts. The San Fran- tricts, a large proportion of total assets is incisco, Chicago, Atlanta, and Cleveland Dis- vested in common stocks in all districts. Intricts, in that order, showed the largest net dividual districts show proportions in comgrowth in common trust assets. Boston mon stocks ranging from a low of 43 per showed the largest growth in number of cent in the Cleveland District to a high of 56 funds—13—with New York, Philadelphia, per cent in the St. Louis and Minneapolis and Richmond following with 6 each. The Districts. largest increases in the number of new funds, Funds in the Philadelphia District hold excluding splits, were in New York (7); 54 per cent of all preferred stocks; funds in Massachusetts, Ohio, and Pennsylvania (5 the Boston, New York, Philadelphia, and each); and Arizona and Maryland (4 Cleveland Districts hold 89.5 per cent of each). all State and local government bonds (96 Common trust holdings continued to be per cent in the previous Survey), while there concentrated in the northeast, as evidenced are few or no such holdings in 4 districts by 38 per cent of the total number of funds (down from 6 districts in 1961); and holdand 52 per cent of the total assets of all ings of fixed-income securities are still profunds being held in the Boston, New York, portionately larger in the Cleveland and and Philadelphia Districts. Table 7 shows Atlanta Districts and smaller in the Kansas that the Philadelphia District again ranks City and St. Louis Districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN • JUNE 1963 TABLE 6 STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1962 Number of funds Number of funds State, with year of State, with year of legalization of common Diversified Single-purpose legalization of common Diversified trust funds 1 trust funds l Total Total Discre- Legal Discre- Legal Discre- Legal tionary tionary tionary 48 States, incl. D. C 564 234 38 267 25 Alabama (1943) 4 3 1 Montana (1955) 4 Arizona (1941) 7 6 Nebraska (1953) 3 1 Arkansas (1947) 3 3 Nevada (1955) 2 California (1947) 24 3 21 New Hampshire (1953).. 4 2 Colorado (1947) 12 4 7 1 New Jersey (1945) 22 1 Connecticut (1943) 13 11 2 New Mexico (1953) 3 Delaware (1935) 3 3 New York (1937) 59 19 Dist. of Columbia (1949). 6 2 2 2 North Carolina (1939)... 9 5 Florida (1941) 14 7 7 North Dakota (1955).... 3 1 Georgia (1943) 10 7 2 Ohio (1943) 31 8 Hawaii (1947) 4 4 Oklahoma (1949) 6 2 Illinois (1943) 15 8 7 Oregon (1951) 4 2 Indiana (1937) 9 1 8 Pennsylvania (1939) 84 53 Iowa (1961) 1 1 Rhode Island (1956) 6 2 Kansas (1951) 2 2 South Carolina (1955)... 5 2 Kentucky (1938) 8 4 4 South Dakota (1941) 3 1 Louisiana (1950) 1 1 Tennessee (1953) 9 7 Maine (1951) 8 2 6 Texas (1947) 16 12 Maryland (1945) 13 4 7 2 Utah (1951) 8 2 Massachusetts (1941) 33 15 18 Vermont (1933) 2 2 Michigan (1941) 11 7 4 Virginia (1944) 29 14 Minnesota (1937) 12 1 10 1 Washington (1943) 5 2 Mississippi (1950) 2 2 West Virginia (1943).... 5 1 Missouri (1940)2 14 4 10 Wisconsin (1943) 13 2 *ot Single-purpose Discre- Legal tionary 4 1 1 2 2 10 9 3 20 19 1 4 2 1 17 5 4 2 31 4 3 2 2 4 6 15 3 2 2 8 3 1 The State statutes of Alaska are silent on the subject of establish- 2 By court decision; legislation was enacted in 1955. ment of common trust funds. Idaho and Wyoming have no common trust funds although their State laws permit them. TABLE 7 TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1962 (Dollar amounts in millions) Number of funds Bonds, notes, and certificates Stocks Miscellaneous Single- Real Federal Diversified purpose Total State estate R d e is s t e r r i v ct e Total D cr i e s - - D cr i e s - - h i o n l g d s - Total G m U er o e . n S n v - . t - l g e a o o r n c n v d a - - l C r p a o o t - r e - o A th l e l r Total fe P r r r e e - d C m o o m n - l o o a i t n a n h n d - e s r P c c i r a p i s n a h l tion- Legal tion- Legal ment vestary ary ments All districts. . 564 234 38 267 25 $3,577.7 $1,499.7 $257.5 $152.1$928.7 $161.4 $1,991.8 $238.9 $1,752.9 $62.0 $24.2 Boston 62 30 32 415.6 194.8 22.1 11.0 139.1 22.5 215.8 8.5 207.3 1.9 3.1 New York. . . 75 23 21 25 713.2 358.9 25.8 59.0 239.1 35.0 346.6 15.3 331.3 3.2 4.5 Philadelphia.. 78 48 1 25 734.7 220 A 87.3 24.1 72.9 36. 510.2 129.4 380.7 4.1 Cleveland 51 18 1 27 321.8 143.3 35.4 42.1 51.1 14.7 172.5 35.8 136.8 3.1 2.8 Richmond. .. 67 28 30 299 A 122. 17.3 3.1 91.6 10.7 153.2 10.1 143.1 21.5 2.0 Atlanta 37 24 11 120.9 56.7 7.8 2.9 42.1 3.9 61.3 7.5 53.8 1.9 1.0 Chicago 46 17 19 217.9 106.3 15.6 7.1 71.7 11.9 110.0 5.8 104.3 .3 1.2 St. Louis 20 12 7 175.1 68.7 6.8 .2 58.6 3.1 101.6 2.6 99.1 3.8 .9 Minneapolis.. 23 19 41.6 17.2 1.0 15.1 1.2 23.9 .5 23.4 .2 .3 Kansas City.. 34 24 120.1 40.4 14.2 .1 21.4 4.9 58.9 4.5 54.4 19.0 1.8 Dallas 19 13 6 63.0 26.8 5.1 14.9 6.8 34.3 2.8 31.5 1.1 .7 San Francisco 52 10 42 354.4 143.3 19.1 2A 111.1 10.7 203.4 16.1 187.3 5.9 1.8 NOTE.'—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement on Proposed Changes in Federal Civil Defense Act I appear today in response to your invi- lied upon to carry out postattack operations. tation to present the views of the Board of For a number of years, those responsible for Governors of the Federal Reserve System the defense of the country have advised on H.R. 3516, covering incorporation of us that fallout shelters provide one of the fallout shelters in Federal structures, con- most effective, practical, and economical struction of emergency operating offices, means for significantly increasing the and financial assistance to nonprofit institu- chances of survival. tions for fallout shelters. It will be recalled that the National In the light of our experience in develop- Shelter Policy was announced in 1958 by President Eisenhower and reaffirmed in ing our own emergency plans and encour- 1961 by President Kennedy. That Policy aging commercial banks to take appropriate called for the incorporation of fallout shelpreparedness measures, the Board of Govters in all new Federal buildings and in all ernors believes that enactment of H.R. 3516 existing Federal buildings, where feasible would be in the national interest. at reasonable cost. The Board has been concerned with de- Because of the Board's special responsifense planning for the banking system since bilities in the field of national security, it enactment of the National Security Act of applied the National Shelter Policy, not only 1947. Its activities have been undertaken to the Board's building, but also to all Fedpursuant to assignments from the National eral Reserve Bank facilities. Fallout shelters Security Resources Board, the Office of Dehave been included in all new buildings of fense Mobilization, the Office of Civil and the System commenced since 1958, and Defense Mobilization, the Secretary of the shelter areas meeting Government standards Treasury, and, more recently, from the have been completed or planned in all exist- President as described in Executive Order ing buildings. 11094 dated February 26, 1963. An important part of the Board's pre- Under these assignments the Board is reparedness responsibilities consists of ensponsible for achieving an adequate state of couraging commercial banks to achieve an preparedness to assure the continuity of the adequate state of preparedness. General money, credit, and banking system in the guidance covering a preparedness program event of an attack on the United States. Such for commercial banks, including guidance preparedness requires that some provision on personnel protection measures and fallbe made for the protection of personnel reout shelters, was distributed to all banks in NOTE.—Statement of William McChesney Martin, 1956. Since then, bank examiners in the Jr., Chairman, Board of Governors of the Federal regular course of bank examinations make Reserve System, before Subcommittee No. 3 of the House Committee on Armed Services, June 5, 1963. inquiry as to the preparedness actions taken. 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN • JUNE 1963 Based on such information, it presently ap- disclosure of missiles in Cuba in 1962. Even pears that banks holding approximately 70 during periods of international tension, it per cent of total deposits have preparedness has been understandably difficult to persuade programs in various stages of development. commercial banks to provide fallout shelters However, the number of these banks is rela- in their facilities at their own expense in the tively small—they are mostly large banks in absence of an appropriate example by the major metropolitan areas—and only two- Federal Government as a whole. thirds of such banks have established shelter In the Board's view, enactment of H.R. facilities. 3516 would provide (1) an important first It should be emphasized that the com- step in Government-wide implementation of mercial bank preparedness program is purely the National Shelter Policy, (2) increased voluntary. In the past, effective action on assurance for the continuity of essential warthe part of banks has been most apparent time functions by all Government agencies, during periods of grave international ten- and (3) an appropriate preparedness exsion; for examples, following the erection of ample by the Federal Government to industhe Berlin wall in 1961, and following the try and to the general public. Announcements APPOINTMENTS OF DIRECTORS of San Francisco for the unexpired portion of a On May 23, 1963, the Federal Reserve Bank of term ending December 31, 1964. Mr. Blood is New York announced the appointment of Arthur Executive Vice President, Barnes Banking Com- S. Hamlin, of Canandaigua, New York, as a direc- pany, Kaysville, Utah. As a director of the Salt tor of the Buffalo Branch of the Federal Reserve Lake City Branch, he succeeds Mr. J. E. Brinton, Bank of New York for the unexpired portion of President, The First National Bank of Ely, Nevada, a term ending December 31, 1965. Mr. Hamlin is who died recently. President of The Canandaigua National Bank and Trust Company, Canandaigua, New York. As a ADMISSION OF STATE BANK TO MEMBERSHIP IN director of the Buffalo Branch, he succeeds Mr. THE FEDERAL RESERVE SYSTEM J. Monroe Hodges, President, The Exchange Bank The following bank was admitted to Membership of Olean, New York, who died recently. in the Federal Reserve System during the period On June 6, 1963, the Federal Reserve Bank of May 16, to June 15, 1963: San Francisco announced the appointment of Alan Colorado B. Blood, of Kaysville, Utah, as a director of the Salt Lake City Branch of the Federal Reserve Bank Rangely Bank of Rangely Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Authority to Issue $1 and $2 Federal Reserve of the acquisition of 80 per cent or more of the Notes voting shares of Merchants & Savings Bank, Janesville, Wisconsin. Petitioner requests also that, if The Act of Congress approved June 4, 1963 upon reconsideration the Board is not inclined to (Public Law 88-36), in addition to repealing the reverse its decision, Petitioner be given opporsilver purchase acts and the related transfer tax tunity to present additional evidence, with adeof silver bullion, authorizes the issuance of $1 and quate time for interrogation of witnesses. $2 Federal Reserve notes. The purpose of this The Board has reviewed its Order of January legislation is to make monetary silver available 31, 1963, and its accompanying Statement of the for coinage purposes through substitution of Fedsame date, together with the evidence upon which eral Reserve notes for silver certificates. Present such Order was premised, all in the light of the law limits the issuance of Federal Reserve notes factual assertions, arguments, and offers of addito denominations of $5 and up. The pertinent tional evidence set forth in the petition for reconprovision of the Act of June 4, 1963, reads as sideration. On the basis of such review, the Board follows : concludes (1) that the petition does not contain SEC. 3. The first sentence of the ninth paragraph pertinent facts or arguments not available to and of Section 16 of the Federal Reserve Act (12 U.S.C. considered by the Board prior to its action of 418) is amended by inserting "$1, $2," immediately after "notes of the denominations of." January 31, 1963; (2) that the additional facts and arguments which Petitioner asserts would be Orders Denying Reconsideration of Action offered upon reconsideration of this matter would Under Bank Holding Company Act be, in major respects, cumulative of facts and arguments previously fully and fairly considered The Board of Governors of the Federal Reby the Board; and (3) that reasonable opportunity serve System has issued the following Orders for adequate presentation of all facts and views on denying petitions for reconsideration of earlier the issues relevant to the subject application was Board Orders denying applications for approval of afforded Petitioner prior to the Board's Order of the acquisition of voting shares of banks: January 31, 1963. Accordingly, IT IS HEREBY ORDERED, for the reasons above FIRST WISCONSIN BANKSHARES enumerated, that the petition for reconsideration CORPORATION, MILWAUKEE, WISCONSIN herein and the request for opportunity to present In the matter of the application of First Wis- additional evidence and to interrogate witnesses consin Bankshares Corporation, Milwaukee, Wis- are denied. consin, for prior approval of the acquisition of 80 Dated at Washington, D. C, this 22nd day of per cent or more of the voting shares of Merchants May, 1963. & Savings Bank, Janesville, Wisconsin. Voting for this action: Unanimous, with all members present. (Signed) MERRITT SHERMAN, ORDER ON PETITION FOR RECONSIDERATION Secretary. This matter comes before the Board of Gover- [SEAL] nors on a petition by First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, that the FIRST WISCONSIN BANKSHARES Board reconsider its Order dated January 31, CORPORATION, MILWAUKEE, WISCONSIN 1963, whereby the Board denied the Petitioner's application, filed pursuant to Section 3 (a) of the In the matter of the application of First Wiscon- Bank Holding Company Act of 1956, for approval sin Bankshares Corporation, Milwaukee, Wis~ 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN • JUNE 1963 consin, for prior approval of the acquisition of 80 THE MARINE CORPORATION, per cent or more of the voting shares of American MILWAUKEE, WISCONSIN Bank and Trust Company, Racine, Wisconsin. In the matter of the application of The Marine Corporation, Milwaukee, Wisconsin, for prior ap- ORDER ON PETITION FOR RECONSIDERATION proval of the acquisition of 80 per cent or more of This matter comes before the Board of Gover- the voting shares of The Beloit State Bank, Beloit, nors on a petition by First Wisconsin Bankshares Wisconsin. Corporation, Milwaukee, Wisconsin, that the Board reconsider its Order dated January 31, 1963, ORDER ON PETITION FOR RECONSIDERATION whereby the Board denied the Petitioner's application, filed pursuant to Section 3(a) of the Bank This matter comes before the Board of Gover- Holding Company Act of 1956, for approval of nors on a petition by The Marine Corporation, the acquisition of 80 per cent or more of the Milwaukee, Wisconsin, that the Board reconsider voting shares of American Bank and Trust Com- its Order dated January 31, 1963, whereby the pany, Racine, Wisconsin. Petitioner requests also Board denied the Petitioner's application, filed that, if upon reconsideration the Board is not pursuant to Section 3(a) of the Bank Holding inclined to reverse its decision, Petitioner be given Company Act of 1956, for approval of the acquisiopportunity to present additional evidence, with tion of 80 per cent or more of the voting shares adequate time for interrogation of witnesses. of The Beloit State Bank, Beloit, Wisconsin. Inci- The Board has reviewed its Order of January dent to its petition for reconsideration Petitioner 31, 1963, and its accompanying Statement of the requests permission to present its views orally same date, together with the evidence upon which before the Board. such Order was premised, all in the light of the The Board has reviewed its Order of January factual assertions, arguments, and offers of addi- 31, 1963, and its accompanying Statement of the tional evidence set forth in the petition for recon- same date, together with the entire record upon sideration. On the basis of such review, the Board which such Order was premised, all in the light concludes (1) that the petition does not contain of the factual assertions, arguments, and proffers pertinent facts or arguments not available to and of additional evidence contained in the petition considered by the Board prior to its action of for reconsideration. On the basis of such review, January 31, 1963; (2) that the additional facts the Board concludes (1) that the petition does not and arguments which Petitioner asserts would be contain pertinent facts or arguments not available offered upon reconsideration of this matter would to and considered by the Board prior to its action be, in major respects, cumulative of facts and of January 31, 1963; (2) that the additional facts arguments previously fully and fairly considered and arguments which Petitioner asserts would be by the Board; and (3) that reasonable opportunity offered upon reconsideration of this matter would for adequate presentation of all facts and views be, in major respects, cumulative of facts and on the issues relevant to the subject application arguments previously fully and fairly considered was afforded Petitioner prior to the Board's Order by the Board; and (3) that reasonable opportunity of January 31, 1963. Accordingly, for adequate presentation of all facts and views IT IS HEREBY ORDERED, for the reasons above on the issues relevant to the subject application enumerated, that the petition for reconsideration was afforded Petitioner prior to the Board's Order herein and the request for opportunity to present of January 31, 1963. Accordingly, additional evidence and to interrogate witnesses are denied. IT IS HEREBY ORDERED, for the reasons above Dated at Washington, D. C, this 22nd day of enumerated, that the petition for reconsideration May, 1963. herein and the request for opportunity to present Voting for this action: Unanimous, with all members views orally before the Board be and hereby are present. denied. (Signed) MERRITT SHERMAN, Secretary. Dated at Washington, D. C, this 22nd day of [SEAL] May, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 783 Voting for this action: Unanimous, with all members By order of the Board of Governors. present. Voting for this action: Chairman Martin, and Gov- (Signed) MERRITT SHERMAN, ernors Balderston, Mills, Robertson, Shepardsqn, and Secretary. Mitchell. Absent and not voting: Governor King. [SEAL] (Signed) MERRITT SHERMAN, Secretary. Orders Under Bank Merger Act [SEAL] The Board of Governors of the Federal Reserve STATEMENT System has issued the following Orders and Statements with respect to applications for approval of The Bank of Virginia, Richmond, Virginia the merger or acquisition of assets of banks: ("Virginia Bank"), with deposits of $159 million as of December 31, 1962, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. THE BANK OF VIRGINIA, RICHMOND, 1828(c)), for the Board's prior approval of the VIRGINIA merger of that bank and The Farmers Bank of Dinwiddie, Dinwiddie, Virginia ("Dinwiddie In the matter of the application of The Bank of Bank"), with deposits of $3 million as of the same Virginia for prior approval of merger with The date, under the charter and title of Virginia Bank. Farmers Bank of Dinwiddie. The proposal contemplates that the sole office of Dinwiddie Bank would be operated as a branch of the resulting bank, increasing the number of ORDER APPROVING MERGER OF BANKS offices operated by Virginia Bank to 22. There has come before the Board of Governors, Under the Act, the Board is required to conpursuant to the Bank Merger Act of 1960 (12 sider, as to each of the banks involved, (1) its U.S.C. 1828(c)), an application by The Bank of financial history and condition, (2) the adequacy Virginia, Richmond, Virginia, a State member of its capital structure, (3) its future earnings bank of the Federal Reserve System, for the prospects, (4) the general character of its man- Board's prior approval of the merger of that bank agement, (5) whether its corporate powers are and The Farmers Bank of Dinwiddie, Dinwiddie, consistent with the purposes of 12 U.S.C, Ch. 16 Virginia, under the charter and title of the former. (the Federal Deposit Insurance Act), (6) the con- As an incident to the merger, the single office of venience and needs of the community to be served, The Farmers Bank of Dinwiddie would be oper- and (7) the effect of the transaction on competiated as a branch of The Bank of Virginia. Notice tion (including any tendency toward monopoly). of the proposed merger, in form approved by the The Board may not approve the transaction unless, Board, has been published pursuant to said Act. after considering all these factors, it finds the Upon consideration of all relevant material in transaction to be in the public interest. the light of the factors set forth in said Act, in- Banking factors. The financial history and asset cluding reports furnished by the Comptroller of condition of Virginia Bank are regarded as satisthe Currency, the Federal Deposit Insurance factory, and this should hold true also for the Corporation, and the Department of Justice on the resulting bank. The capital structure of the resultcompetitive factors involved in the proposed ing bank will continue to reflect a need for some merger, strengthening. The financial history and condition IT IS HEREBY ORDERED, for the reasons set forth of Dinwiddie Bank are satisfactory and the net in the Board's Statement of this date, that said current earnings are average. Although Virginia application be and hereby is approved, provided Bank's net current earnings are below average, imthat said merger shall not be consummated (a) proved earnings are expected to result from inwithin seven calendar days after the date of this creased automation and other economies. Order or (b) later than three months after said Present management of Dinwiddie Bank is satisdate. factory but a management succession problem Dated at Washington, D. C, this 24th day of exists as the two senior officers are past the normal May, 1963. retirement age and in rather poor health. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN • JUNE 1963 management succession problem would be solved State and holds four per cent of total bank deposits by the merger, Virginia Bank being adequately in Virginia. It conducts a fairly widespread corstaffed with competent personnel at both junior respondent business and is also in fifth place and senior levels. Prospects for solution by other among the banks of Virginia in this respect. It means are not favorable. is not the dominant bank in any area in which it The resulting bank would have a satisfactory operates. In four cities—Richmond, Newport asset condition and favorable earnings prospects. News, Norfolk, and Roanoke—it ranks fourth in There is no indication of any inconsistency with resources, and in the two other cities—Petersburg the provisions of 12 U.S.C., Ch. 16. and Portsmouth—it ranks third. The resources Convenience and needs of the communities. Vir- to be gained by the proposed merger would be too ginia Bank operates its main office and 13 branches small to alter significantly its competitive position in the Richmond metropolitan area, 3 branches in the State as a whole or in the areas served by it. in the city of Norfolk, and 1 branch each in the Virginia Bank's closest office to Dinwiddie Bank cities of Newport News, Petersburg, Portsmouth, is its Petersburg branch, which is about 18 miles and Roanoke. The proposed merger would have northeast of Dinwiddie. There is competition belittle effect upon the convenience and needs of tween the banks, chiefly in the Petersburg area the communities now being served by that bank. where Virginia Bank has a branch; however, it is The sole office of Dinwiddie Bank is located in negligible in volume. Dinwiddie Bank has con- Dinwiddie (population 400), the seat of Din- centrated its efforts primarily in Dinwiddie and widdie County (population 22,183). The bank is the nearby area and has not been a particularly located on U. S. Highway No. 1, about 35 miles effective competitive factor outside this fairly small south of Richmond and 18 miles southwest of area. Petersburg. The community serves as the trade In Dinwiddie County there are two other banks. area for an estimated 10,000 persons within a 10- One is The Bank of McKenney Incorporated, mile radius. Bright leaf tobacco is the principal located in McKenney about 10 miles southwest of crop in this predominantly agricultural area. In Dinwiddie, having total deposits of $1.2 million addition, the raising of hogs and beef and dairy as of June 30, 1962. It confines its services pricattle, and the production of pulp wood, contribute marily to its own community. The other bank in to the economy. A number of residents are em- the county is the main office of the Bank of Southployed in industrial plants located in Petersburg side Virginia in Carson, about 13 miles east of and Hopewell, Virginia. The economic outlook for Dinwiddie. This bank also operates three offices the area appears generally favorable. in other counties and had total deposits of $8.5 Upon consummation of the proposed merger million as of December 31, 1962. Two of its offices the loan limit applicable at Dinwiddie Bank would currently compete to some extent with Virginia be substantially increased. Customers of Dinwiddie Bank as they are within 15 miles of Petersburg. Bank would have available a more complete range The only other banks in close proximity to of banking services than those previously available Dinwiddie are those in Petersburg, about 18 miles at that banking office, such as trust services, vaca- to the northeast. In addition to Virginia Bank's tion savings, FHA Title I loans, dealer financing, office, there are eight banking facilities in Peterspersonal money orders, and a broader and more burg, three being offices of First & Merchants Nadiversified program of loans to individuals and tional Bank of Richmond, the largest bank in small business. The availability of full-scale bank- Virginia. ing should have a favorable influence upon the In addition to that of other banks, in certain local economy. fields competition is provided in Virginia Bank's Competition. As of December 21, 1962, Vir- service area by a number of nonbanking financial ginia Bank became a subsidiary of the Virginia institutions. Commonwealth Corporation, a bank holding com- Summary and conclusion. Consummation of the pany with four other banking affiliates. The affili- proposed merger would eliminate only a negligible ated banks have total deposits of about $191 mil- amount of competition and will not have adverse lion. competitive effects on smaller area banks. It will Virginia Bank is the fifth largest bank in the solve a management succession problem confront- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 785 ing Dinwiddie Bank and provide a broader range By order of the Board of Governors. of banking services in the Dinwiddie area. Voting for this action: Chairman Martin, and Gov- Accordingly, the Board finds the proposed trans- ernors Balderston, Mills, Shepardson, King, and action to be in the public interest. Mitchell. Voting against this action: Governor Robertson. (Signed) MERRITT SHERMAN, CHEMICAL BANK NEW YORK TRUST Secretary. COMPANY, NEW YORK, NEW YORK [SEAL] In the matter of the application of Chemical Bank New York Trust Company for approval of STATEMENT acquisition of assets of Bank of Rockville Centre Chemical Bank New York Trust Company, Trust Company New York, New York ("Chemical"), with deposits of $4,253 million,* has applied, pursuant to the ORDER APPROVING ACQUISITION OF BANK'S ASSETS Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval of its acquisition There has come before the Board of Governors, of the assets and assumption of the deposit liabilipursuant to the Bank Merger Act of 1960 (12 ties of Bank of Rockville Centre Trust Company, U.S.C. 1828(c)), an application by Chemical Rockville Centre, Nassau County, Long Island, Bank New York Trust Company, New York, New New York ("Rockville Bank"), with deposits of York, a member bank of the Federal Reserve Sys- $39.8 million.* Incident to such application, tem, for the Board's prior approval of its acquisi- Chemical has also applied, under Section 9 of the tion of the assets and assumption of the deposit Federal Reserve Act, for the Board's prior apliabilities of Bank of Rockville Centre Trust Comproval of the establishment of branches at the pany, Rockville Centre, Nassau County, Long three locations of the offices of Rockville Bank, Island, New York, and, as an incident thereto, increasing the number of Chemical's presently Chemical Bank New York Trust Company has operating domestic offices from 112 to 115, and applied, under Section 9 of the Federal Reserve of its approved offices in Nassau County (two Act, for the Board's prior approval of the establishoffices are now operating and a third will be ment by that bank of branches at the three present opened in Great Neck in the near future) from locations of Bank of Rockville Centre Trust Comthree to six. pany. Notice of the proposed acquisition of assets and assumption of deposit liabilities, in form ap- Under the law, the Board is required to conproved by the Board of Governors, has been pub- sider, as to each of the banks involved, (1) its lished pursuant to said Bank Merger Act. financial history and condition, (2) the adequacy of its capital structure, (3) its future earnings Upon consideration of all relevant material in prospects, (4) the general character of its manthe light of the factors set forth in said Act, inagement, (5) whether its corporate powers are cluding reports furnished by the Comptroller of consistent with the purposes of 12 U.S.C, Ch. 16 the Currency, the Federal Deposit Insurance Cor- (the Federal Deposit Insurance Act), (6) the poration, and the Department of Justice on the convenience and needs of the community to be competitive factors involved in the proposed transserved, and (7) the effect of the transaction on action. competition (including any tendency toward IT IS HEREBY ORDERED, for the reasons set forth monopoly). The Board may not approve the in the Board's Statement of this date, that said transaction unless, after considering all these facapplications be and hereby are approved, provided tors, it finds the transaction to be in the public that said acquisition of assets and assumption of interest. deposit liabilities and establishment of branches Banking factors. Both Chemical and Rockville shall not be consummated (a) within seven calen- Bank have satisfactory financial histories. The dar days after the date of this Order, or (b) later financial condition of Rockville Bank is sound, than three months after said date. and its capital structure is adequate. The net earn- Dated at Washington, D. C, this 27th day of May, 1963. * Deposit figures are as of December 28, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN • JUNE 1963 ings of Rockville Bank for 1962 showed a signifi- in real estate mortgages and consumer credit, cant decline. In fact, the bank's earnings were especially automobile loans, rather than in comsomewhat below the average for banks of com- mercial and other types of credit. The bank does parable size in the Second Federal Reserve Dis- not make any home mortgage loans in excess of trict. Management of Rockville Bank has followed the lesser of $25,000 or 70 per cent of appraised a conservative policy, refraining from expanding value, even though in the northern area of Rockinto new branch locations, which would have re- ville Centre the prices of homes range from quired the sale of additional capital stock, and $40,000 to $60,000. Nor does the bank make has concentrated the bank's lending within limited several types of consumer loans for which there fields. is a demand in the Rockville Centre area. These Chemical is the fifth largest bank in the United and similar services are available in Rockville States and the fourth largest in New York City. Centre from the two offices of Franklin National Its financial condition is sound, its earnings pros- Bank * located there, and in nearby areas, from pects favorable, its capital structure adequate, and numerous other banks, large and small, including its management competent. Consummation of the branches of large New York City banks. Approval proposed acquisition would not cause any un- of the acquisition will, however, provide an alterfavorable change in respect to any of these factors. native source in Rockville Centre of a broader There is no indication that the corporate powers range of banking services. of the banks are, or would be, inconsistent with Competition. Chemical operates two branches 12 U.S.C., Ch. 16. in Nassau County, one at Massapequa, 12 miles Convenience and needs of the communities. The east of Rockville Centre, and the other, which was effect of the proposed acquisition on the conven- opened on May 6, 1962, at West Hempstead, about ience and needs of New York City would not be three miles from Rockville Centre's North Malsignificant. verne office. The latter is Chemical's only office The rather fully-developed village of Rockville which can be considered directly competitive in Centre, located in the town of Hempstead in Rockville Bank's service area, although it is exsouthern Nassau County about five miles east of pected that competition between the two banks Queens and twenty miles east of Manhattan, had would be nominal. Chemical has been authorized a population of over 26,000 in 1960, reflecting an to open a third office in Nassau County at Great increase of less than twenty per cent during the Neck, 9 miles north of Rockville Bank's North previous ten years. The village is primarily a "bed- Malverne office, but it is not anticipated that it room suburb" of New York City, and many local would draw business from the service area of residents are drawn from the executive level. The that branch of Rockville Bank. A number of percommercial section of the village is comprised sons commuting to work from Rockville Centre principally of specialty and service shops. About to New York City bank in the city and some of three years ago, however, an urban renewal pro- these have accounts with Chemical. gram covering approximately 36 acres in the west- Rockville Bank draws 77 per cent of its deposits ern end of the village was begun. This develop- from an area including the communities of Rockment will consist principally of middle income ville Centre, Oceanside, Franklin Square, and apartment houses to be erected by private interests, West Hampstead, and 81.5 per cent of its deand one low rent project to be constructed by a posits from a wider area which includes four adpublic housing authority. ditional communities, Lynbrook, Lakeview, Mal- In addition to its main office, Rockville Bank verne, and Island Park. Both offices of the small operates a branch at the southern edge of Ocean- Oceanside National Bank are located less than side, about two miles south, and a branch in North two miles south of Rockville Centre. It competes Malverne, about three miles north of Rockville with Rockville Bank. The Community Bank, Lyn- Centre. The areas served by these branches are brook, also a small bank operating two offices, is also primarily residential, with local shopping centers and shops similar to those found in Rockville * Until June 10, 1960, Franklin National Bank's Centre. head office was located in Franklin Square, where it The Rockville Bank has concentrated its lending now has one of its principal branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 787 located about one mile west of Rockville Centre. quences could not reasonably be anticipated in However, its principal competition comes from connection with the present proposal. two branches of the large Meadow Brook Summary and conclusion. The effect of approval National Bank and not from Rockville Bank. The of the proposed transaction on local competition rest of the fifteen commercial banking offices lo- will not be significantly adverse, and the Board cated in the four-community area (and of the concludes that broad considerations indicate aptwenty-one in the eight-community area) represent proval. branches of larger Long Island or New York City Accordingly, the Board finds that the proposed banks. Franklin National Bank and Meadow merger would be in the public interest. Brook National Bank together have eight offices and hold a relatively high per cent of the total de- DISSENTING STATEMENT OF GOVERNOR posits of the commercial banking offices in the ROBERTSON four-community area. The substitution of a large New York City bank for Rockville Bank can be I am troubled by the assumption implicit in the expected to intensify competition in the general majority's decision in this case that New York City area. The two remaining independent local banks, banks must expand into Long Island, even at the Community Bank of Lynbrook and Oceanside expense of an adequately varied banking structure, National Bank, will be exposed to a keener com- and equally concerned by the twin assumption petitive climate. that size itself brings better banking services to The effect of the proposed acquisition on com- the public. I do not think this is necessarily true. petition in New York City would be negligible. Bankers in small banks are frequently more re- However, some effect should be expected on the sponsive to the needs of their neighbors in the movement among the larger city banks to acquire community than are the branch managers of large outlets in Nassau County, which began with pas- banks whose significant decisions are made under sage of the New York Omnibus Banking Act in the eye of distant superiors not primarily con- 1960. The desire of these banks to serve a wider cerned with the welfare of the particular comeconomic area has been evident. The banks first munity. tried to achieve this objective in part by applica- Neither the banking factors nor the convenience tions for de novo branches. However, what is and needs of the community—as disclosed by the regarded as a "fully-banked" situation in parts of record before the Board—support approval of the Long Island and the "home-office protection" application. Rockville Bank has had a satisfactory afforded by the New York banking law have im- record of performance, and admittedly would conposed limitations on this route. tinue to serve the community well as an independ- In 1961, Chemical sought to merge with Long ent bank. There are already large banks in the Island Trust Company, Garden City, New York, area which can provide any needed services not the third largest bank on Long Island with deposits already provided by local banks. Indeed, Chemical of $140 million and 14 offices. In marked contrast has recently established a branch less than three to that situation, the present case involves a bank miles away. On the other hand, as the Department with deposits of less than $40 million and only of Justice rightly pointed out, existing competition three offices. In rejecting Chemical's 1961 applica- is far from negligible, and the potential competition the Board's Statement (1962 Federal Reserve tion (due to Chemical's new branch) which will BULLETIN 548) pointed out that future merger ap- be eliminated by the merger could be substantial. plications were "not foreclosed." Rather, the Board The Board here departs—without reason—from said that "approval of future merger applications the salutary principle laid down in its decision in may well be required" by positive factors dis- the Long Island Trust Company case (1962 Fedcussed therein. Those factors are persuasive in eral Reserve BULLETIN 548) that "competition this case. Furthermore, in that Statement the throughout all the ranges of banking size and serv- Board indicated that consummation of the pro- ices is in the public interest . . ." and that the posal would cause "a substantial altering of the Board's efforts should be directed toward ". . . prebanking structure in the area" and "would bring serving a variety of banking alternatives of varying sudden adverse competitive effects." Such conse- size, each offering its own advantages to the pub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN • JUNE 1963 lie." That case involved an application by Chemi- Reserve System, under the charter of the former cal to merge a $141 million bank with fourteen and title of The Bank of Sussex County. As an offices; the present case concerns a request by the incident to the merger, a branch would be operated same applicant for permission to acquire a $40 at the location of The Farmers National Bank of million bank with three offices. I am unable to find, Sussex. Notice of the proposed merger, in form as does the majority that the difference in scale is approved by the Board, has been published pura difference in kind. If denial was required in the suant to said Act. former case, then it is equally required in the pres- Upon consideration of all relevant material in ent one, since approval eliminates the only in- the light of the factors set forth in said Act, independent middle-sized bank in the eight-town cluding reports furnished by the Comptroller of area in which Rockville now competes. the Currency, the Federal Deposit Insurance By any test, the premium Chemical has offered Corporation, and the Department of Justice on the shareholders of Rockville is a large one, and the competitive factors involved in the proposed indicates an urgent desire to acquire these banking merger, sites. On the basis of the December 31, 1962 IT IS HEREBY ORDERED, for the reasons set forth market value of the Chemical stock being exin the Board's Statement of this date, that said changed for that of the Rockville Bank, the preapplication be and hereby is approved, provided mium is greater than the total capital funds of that said merger shall not be consummated (a) Rockville, by 9.4 per cent of its deposits, and is within seven calendar days after the date of this 11.3 times its average annual net earnings for the Order or (b) later than three months after said last five years. I do not blame Chemical for offerdate. ing the premium, or the shareholders of Rockville Dated at Washington, D. C, this 29th day of Bank for accepting it. But if the Board permits May, 1963. bank acquisitions, involving such premiums, which have nothing more than this one does to recom- By order of the Board of Governors. mend them, then the continuing trend toward con- Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, King, and centration of banking power in large banks able Mitchell. Voting against this action: Governor Robertto pay a price that cannot be resisted will result in son. the early demise of all independent banks in (Signed) MERRITT SHERMAN, Nassau County—indeed, all independent banks Secretary. throughout the country that are so located as to [SEAL] attract the covetous eye of expansion-minded institutions. STATEMENT For these reasons, I would deny the application. Sussex County Trust Company, Franklin, New Jersey ("Sussex Trust"), a member State bank SUSSEX COUNTY TRUST COMPANY, of the Federal Reserve System with deposits of FRANKLIN, NEW JERSEY $11.9 million as of September 28, 1962, has applied, pursuant to the Bank Merger Act of 1960 In the matter of the application of Sussex (12 U.S.C. 1828(c)), for the Board's prior ap- County Trust Company for approval of merger proval of the merger of that bank and The Farmwith The Farmers National Bank of Sussex. ers National Bank of Sussex, Sussex, New Jersey ("Farmers"), with deposits of $10.5 million as ORDER APPROVING MERGER OF BANKS of the same date. The banks would merge under There has come before the Board of Governors, the charter of the former with the title of "The pursuant to the Bank Merger Act of 1960 (12 Bank of Sussex County." As an incident to the U.S.C. 1828(c)), an application by Sussex County merger, a branch would be operated by The Bank Trust Company, Franklin, New Jersey, a State of Sussex County at the location of Farmers, member bank of the Federal Reserve System, for which would be one of three authorized offices of the Board's prior approval of the merger of that the resulting bank. bank and The Farmers National Bank of Sussex, Under the Act, the Board is required to con- Sussex, New Jersey, also a member of the Federal sider, as to each of the banks involved, (1) its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 789 financial history and condition, (2) the adequacy nerships, and corporations in these banks more of its capital structure, (3) its future earnings than doubled and loans almost trebled, a fact that prospects, (4) the general character of its man- reflects the growth that is being experienced in agement, (5) whether its corporate powers are the county. consistent with the purposes of 12 U.S.C., Ch. 16 Sussex Trust serves a predominantly residential (the Federal Deposit Insurance Act), (6) the and commercial area with an estimated population convenience and needs of the community to be of 14,000. Farmers, located eight miles northwest served, and (7) the effect of the transaction on of the main office of Sussex Trust, has a service competition (including any tendency toward mo- area that is agricultural, residential, and commernopoly). The Board may not approve the trans- cial and has a population of 5,000. action unless, after considering all these factors, Both Sussex Trust, with a lending limit of $50,it finds the transaction to be in the public interest. 000, and Farmers, with a lending limit of $35,000, Banking factors. The financial history and con- have recently experienced difficulty in supplying dition of both Sussex Trust and Farmers are rea- the credit needs of many local businesses without sonably satisfactory. While the capital structure of resort to participation with larger banks located Farmers is adequate, that of Sussex Trust is some- outside of the county. These lending limits are what below desirable levels, and the earnings of small for banks located in a growing community each of the banks are below average. Consumma- on the fringe of the New York metropolitan area. tion of this merger would strengthen the capital If the proposed merger is consummated, the restructure of the resulting bank and provide a basis sulting bank, with a lending limit of $100,000, for improved earnings. Such action would also would be able to satisfy the credit needs of more permit a pooling of the present management of the local businesses. two banks, which should result in a better balanced Competition. Following consummation of the executive group and a more effective utilization proposal, five commercial banks would remain in of individual abilities. More attractive opportuni- Sussex County. In the framework of the banking ties for young men with executive abilities would market in the county and adjoining areas, no be created, which would be an important step undesirable concentration of banking resources toward assuring competent management succeswould result. There would continue to be availsion. As a consequence of improved management able to the customers of the banks participating together with modernization of operating methods in the proposed merger, ample alternative sources that could be effected, earnings of the resulting of banking services. bank should be improved over the earnings ex- Moderate competition exists between Sussex perience of both Sussex Trust and Farmers. Trust and Farmers. This competition would be There is no indication that the powers of the eliminated by consummation of the proposal. banks involved are, or would be, inconsistent with However, this result would be offset, as the re- 12 U.S.C., Ch. 16. sulting bank, representing a combination of the Convenience and needs of the communities. third and fourth largest commercial banks in the Sussex County (1960 population 49,000), in which county, would have deposits of approximately $20 both of the banks are located, is a rapidly demillion and would be able to offer effective comveloping area situated 50 miles from New York petition for the now largest bank in the county, City in northwestern New Jersey adjoining Pennwhich also has deposits of about $20 million. sylvania and New York. While the economy of Larger banks located only a few miles away in Sussex County is dependent principally on agriadjoining counties are now providing strong comculture, industrial activity is increasing. The numerous lakes in the county make it a popular resort petition in Sussex County, particularly for time area. and savings deposits which constitute approxi- The county is served by six local commercial mately 70 per cent of all deposits in Sussex County banks, one of which operates one branch. Sussex banks. The existence of two medium-sized banks Trust and one other each have been authorized to in this rapidly growing and developing area should operate a branch. Over the ten-year period ending make Sussex County more self-sufficient in its in September 1962, deposits of individuals, part- banking resources and provide the strength for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN • JUNE 1963 local banks to compete more effectively with the below desirable levels," not surprising in a situamuch larger out-of-county banks. tion of rapid growth, and capable of being cor- Summary and conclusion. Sussex County is rected in that situation. Nothing is said about the located on the fringe of the New York metropoli- management factor which would indicate that a tan area. While at present principally rural, the problem exists, or that merger is the indicated residential and commercial growth of the county solution. Nor is it clear to me why pooling two has been rapid in recent years and this is expected sets of management, neither of which has been to continue at an accelerated pace in future years. able to secure average or above-average earnings Some competition between the two banks would for its own bank, will improve the earnings situabe eliminated by their merger, but the over-all tion of the resulting bank. I suspect that different effect on competition in the county, both imme- factors have been responsible for the recent level diate and prospective, would not be unfavorable. of earnings mentioned by the majority, perhaps The resulting bank would be able to compete more the recent growth itself. effectively with the now largest bank in the county Admittedly, convenience and needs of the comand also with the even larger banks in adjoining munity are being met by the six rapidly growing counties. independent banks now operating in Sussex The merger of the two institutions would permit County. The occasional needs these banks cannot the resulting bank to attain a better balanced satisfy are being met through participations, and executive group than is now possessed by either by larger banks in nearby counties or in New York and thus would be a step toward assuring compe- City itself. tent management succession. It also would result The majority urges that the combined bank will in improved banking services to local businesses better be able to compete with the largest bank in Sussex County and provide a basis for improved in the County, but this argument would have more bank earnings. weight if the fifth and sixth banks in size asked to Accordingly, the Board finds the proposed merge. Trust Company and Farmers National are merger to be in the public interest. already large enough to offer vigorous competition to a $20 million bank, and neither is exactly stand- DISSENTING STATEMENT OF ing still. GOVERNOR ROBERTSON A bill has been introduced into the New Jersey Legislature to permit branching across county A significant lessening of competition occurs, by lines, and the thought has been expressed that the definition, where the third and the fourth banks resulting bank will better be able to compete with in a developing rural area—their offices only eight miles apart*—merge to form a unit equal in size banks outside the County after such a bill has to what is now the largest bank in that area. In been enacted, particularly, with the $200 million my view, under the tests established by Congress and over banks in neighboring Passaic County. in the Merger Act, this lessening of competition, If so, we are raising a puny David to do battle accompanied as it is by the elimination of a sturdy with these Goliaths. The Board's experience has independent bank, requires denial unless over- shown that situations of this kind work out rather come by a very positive showing of public benefit differently in practice. When a large bank contemunder the remaining factors. plates expanding into an adjacent areas, it seeks What is the case here? The two banks in ques- out and almost irresistibly attempts to absorb not tion are closely geared to the particular banking the smaller units in that area, but the larger attracneeds of their respective communities. Each has tive ones. If expansion across county lines comes doubled in size over the past ten years. The capital to be permitted in New Jersey, we are more likely of one is adequate, that of the other "somewhat to find that the merger here approved has created a plump morsel to be swallowed by some powerful * —and to be even closer when Trust Company neighboring bank, than a competitor to resist its establishes a branch, which has already been approved, onslaught. in Vernon Township, from which Farmers National has long obtained a substantial volume of business. For these reasons, I would deny the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 14 Industrial production and employment con- further in May, and was up a third from the level tinued to expand in May and construction activity at the turn of the year reflecting a shift from increased while retail sales were unchanged. The liquidation to accumulation of inventories. Gains unemployment rate rose as teenagers entered the in output of other materials were widespread and labor force in unusually large numbers. The substantial. money supply was unchanged while time and savings deposits at commercial banks expanded, CONSTRUCTION ACTIVITY although less sharply than early in the year. Between mid-May and mid-June most interest Seasonally adjusted new construction activity rates increased somewhat. increased 4 per cent in May from the moderately reduced level of the preceding 3 months. Residential building rose substantially further, re- INDUSTRIAL PRODUCTION gaining the peak reached last June, while other Industrial production rose 1 per cent further in private construction continued to change little. May to 124 per cent of the 1957-59 average and Public construction, which was revised downward was 4 per cent above the level at the beginning for April, advanced in May. of this year. In May, as over the whole period since January, gains in output were considerably EMPLOYMENT larger for materials than for final products, in part because of the possibility of a steel strike. Seasonally adjusted employment in nonagri- Output of business equipment increased ap- cultural establishments continued to rise in May. preciably in May, returning to the record high of Employment increased substantially further in last autumn. Production of furniture and rugs and durable goods manufacturing and also advanced some other home goods advanced, and auto as- in most nonmanufacturing activities. The average semblies rose somewhat. Auto production sched- workweek increased slightly in both durable and ules indicate a further rise in June. nondurable goods manufacturing. Reflecting a Production of iron and steel rose 5 per cent large increase in the number of teenagers in the labor force, the unemployment rate increased to INDUSTRIAL PRODUCTION 5.9 per cent from 5.7 per cent in April. 1957-59 -. 100 DISTRIBUTION Retail sales in May remained at the level of the preceding 3 months and were 4 per cent above May 1962. Sales of new cars were about the same as in earlier months this year; since introduction of 1963 models last autumn, sales of domestic and imported cars have been at an annual rate of about 13A million, nearly a million higher than the rate in the corresponding period of the 1962 model-year. Dealers' sales of used cars declined in May. COMMODITY PRICES F. R. indexes, seasonally adjusted. Latest figures shown are for May. Markets for nonferrous metals strengthened in 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN • JUNE 1963 May and early June and prices of lead and tin Government securities changed little after a sharp advanced. Meanwhile steel scrap prices declined decline in April. The money supply was unas inventory demands for steel mill products changed while U.S. Government deposits and turned down from the high level reached earlier. savings and other time deposits at commercial Prices of some electrical equipment, batteries, banks rose. carpets, and other fabricated industrial products Total and required reserves increased. Excess were raised while prices of some types of dacron reserves rose slightly but member bank borrowand plastics were reduced. ings from the Federal Reserve increased ap- Among foodstuffs, sugar prices rose sharply preciably to an average of more than $200 further to a peak in late May and then declined million. Reserves were supplied by an increase of to a level one-third higher than early this year. $240 million in Federal Reserve holdings of U.S. Average prices of livestock and meats rose to Government securities and were absorbed prinabout the year-ago level, reflecting mainly re- cipally by currency outflows. duced marketings and higher prices of hogs. SECURITY MARKETS BANK CREDIT, MONEY SUPPLY, AND RESERVES Yields on most types of bonds increased be- Seasonally adjusted commercial bank credit tween mid-May and mid-June, and the rate on rose $2.2 billion in May, about as much as it had 3-month Treasury bills rose from around 2.90 declined in April. Total loans increased moder- per cent to just under 3.00 per cent. Common ately, holdings of non-Government securities con- stock prices showed little net change in active tinued to expand rapidly, and holdings of U.S. trading. INTEREST RATES RETAIL TRADE 1957-59=100 RETAIL SALES DEPARTMENT STORES - TOTAL LESS ^^ - _ STOCKS,.''" I 1 ! 1 1 1 I- 1 Discount rate, range or level for all F. R. Banks. Weeklv F. R. indexes; retail sales based on Dept. of Commerce average market yields for U.S. Govt. bonds maturing in 10 data. Seasonally adjusted figures; latest for stocks Apr., other years or more and for 90-day Treasury bills. Latest figures series, May. shown, week ending June 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets p Preliminary L Liabilities r Revised rp Revised preliminary S Financial sources of funds: net change in liabilities i,n, U Financial uses of funds: net acquisitions of m, rv 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. LEST 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 1 Mar. 1963 394-95 (May 1963 720-23 Semiannually Banks and branches, number of, by class and Banking offices: Analysis of changes in number of Feb. 1963 266 State Apr. 1963 551-52 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: List of, Dec. 31, 1962 June 1963 856 Banking offices and deposits of group banks, Stock Exchange firms, detailed debit and credit Dec.31,1%1 Aug. 1962 1075 balances Sept. 1962 1234 794 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 796 Reserve Bank discount rates; margin requirements; reserve requirements. 800 Federal Reserve Banks 802 Bank debits; currency in circulation. 804 Money supply; banks and the monetary system. 806 Commercial and mutual savings banks, by classes 808 Commercial banks, by classes. . . 812 Weekly reporting member banks. 814 Business loans 817 Interest rates 818 Security prices; stock market credit; open market paper. 819 Savings institutions 820 Federal finance; Federally sponsored credit agencies. 822 Security issues. 827 Business finance 831 Real estate credit 833 Consumer credit 836 Industrial production 840 Business activity 844 Construction . . . 844 Employment and earnings 846 Department stores 848 Foreign trade . . . 849 Wholesale and consumer prices. 850 National product and income series 852 Flow of funds, saving and investment 854 Bank holding companies, December 31, 1962. . 856 Guide to tabular presentation 794 Index to statistical tables. 881 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). 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 BANK RESERVES AND RELATED ITEMS JUNE 1963 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank Period ury Cur- Treas- reserves, reserves or U.S. Govt. securities cur- rency ury with F.R. Banks Other date Dis- Gold rency in cash F.R. Total Bo r o i u g u g h t- h t t R m c a e h g e p a r n u e s t e e r s - - v c a o a a n u n d c n d - e t s s Float i t T a o l - 2 stock s o t i a n u n g t- d- c t c u i i o l r a n - - h i o n l g d s - Tr u e r a y s- F e o i r- gn Other i co a u c- nts B W F a . n i R t k h . s c r C o a en n i u n c d r - y 3 Total Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 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 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 443 26,186 22,769 5.144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 496 28,412 20,563 5,230 32.371 691 470 262 337 .174 18,899 18,899 1959—Dec 27,036 26,993 43 911 426 29,435 19,482 5.311 32.775 396 524 361 348 ,195 18.628 304 18,932 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec 29.098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—May.... 29,503 29,457 46 128 326 30,991 16456 5,594 33,327 419 551 221 351 1,048 17,122 2,701 19,823 June.... 29.568 29.510 58 154 11508 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 ' 716 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 ,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 ,548 34 004 398 500 211 296 799 17,227 2,807 20,034 Oct 30,241 30,178 63 76 1J05 32,057 16,050 552 34,111 404 517 216 320 710 17,382 2 823 20,205 Nov 30,195 30,064 131 129 694 32,053 15,978 5,552 34,584 401 472 202 293 925 16,706 2,898 19,604 Dec 30,546 30,474 72 305 2,'298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Jan 30 t9810.148 50 101 2, 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 1,503 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 1.62612.477 15 8785.576 34,431 446 878 188 185 1.095 16,707 2,809 19,516 Apr 30,897 30,833 64 151 1, ,692 15,878 5,578 34,719 r436 917 183 199 1,022 16,671 2,903 19,574 May.... 31,138 31,041 97 229 1, 560 32,972 15,834 5,576 34,879 423 890 171 183 1,075 16,761*2,918*>19,679 Week ending— 1962 Kpr- it::::::: 29,150 28,996 154 140 029 30,361 16,609 5,591 33,050 433 400 220 351 1,025 17,080 2,583 19,663 29.281 29,134 147 125 156 10 603 16,609 5,589 33,274 432 458 252 327 1,030 17,027 2,477 19,504 18 29.030 28,957 73 140 ,412110.622 16,585 5,584 33.356 425 480 204 364 960 17,002 2,684 19,686 25 29.013 28,882 151 150 ,500 10.722 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 63429.467 167 112 .245 11 025 16,490 5,594 33,267 419 502 224 372 956 17,369 2,483 19,852 16 29 51229,511 21 129 ,276 30.970 16,456 5,595 33.406 423 537 219 342 996 17,098 2 717 19,815 23 29,341 29.341 112 ,667 31,153 16,434 5,593 33,327 419 599 237 327 1,132 17,138 2,693 19,831 30 29,560 29.560 151 19130.935 16,434 5,594 33.331 418 524 208 344 1,130 17,007 2.802 19,809 June 6 29,837 29,837 117 ,211 31,198 16,434 5,597 33,534 413 474 209 367 1,077 17,155 2,646 19,801 13 29,672 29,672 107 ,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 ,498 31,597 16,435 5,600 33,863 391 513 330 290 699 17,527 2,713 20.240 29,962 29,870 92 81 ,627 31,729 16,412 5,602 34,155 394 452 294 301 700 17,447 2,694 20,141 \8.'.'.'.'.'.'. 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 31,315 16,269 5,603 33,901 404 551 221 317 641 17,152 2,850 20,002 Aug. 1 29,592 29,592 85 ,346 31,066 16,168 5,604 33,813 414 428 234 343 643 16,962 2,876 19,838 8 30,194 30,194 171 ,150 31,559 16,148 5,603 33,938 417 488 217 331 692 17,226 2,589 19,815 15 30,177 30,160 145 ,279 31,642 16,148 5,596 34,059 402 598 198 375 703 17,050 2,763 19,813 22 29,902 29,890 171 ,684 31,795 16,147 5,597 34,003 397 553 189 325 827 17,247 2,763 20,010 29 30,019 30,019 92 ,287 31,433 16,112 5,601 33,870 404 502 192 314 820 17,044 2,870 19,914 SepM::::::: 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 ,400 31,921 16,093 5,550 34,167 392 503 204 293 839 17,165 2,787 19,952 19 29,748 29,748 36 2,136 31,955 16,067 5,544 34,045 390 579 222 284 774 17,273 2,886 20,159 26 29,340 29,340 152 2,176)31,702 16,068 5,548 33,882 401 494 219 283 760 17,278 2,913 20,191 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 BANK RESERVES AND RELATED ITEMS 797 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 c r a e i h g t p a i r e u s e 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 t T al o - 2 s G to o c ld k r c C t e c u i i n u i o n l r c a n r - y - - T h c i r u o n a e r l g s a y d h s s - - Tr u e w r a y s it - h r e F s F e . e R i 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 i R t k h . s reserves Total Averages of daily figures Week ending 1962 Oct. 3. 29,959 29,946 13 74 1,747 31,816 16,067 5,552 33,914 400 476 217 323 754 17,352 2,822 20,174 10. 30,682 30.546 136 56 1,645 32,416 16 0675,555 34,102 410 513 243 314 751 17.706 2.627 20 333 17. 30 480 30,385 95 82 1,633 32,229 16 0675,551 34,256 397 480 214 336 717 17.445 2,861 20 306 24. 29.93* 29931 67 2,08332,116 16,052 5,551 34,115 398 519 211 315 684 17,476 2.882 20,358 31. 29.888 29.853 35 91 1,475 31,491 16,006 5,552 34,042 406 541 207 311 672 16,872 2,935 19,807 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 5892 828 19 417 21. 30 10430.044 60 105 2,056 32,299 15,978 5,550 34,684 394 464 193 289 ,020 16,783 2,902 19 685 28. 30.012 29,994 18 103 2", 1'0"9 32,259 15.978 5,551 34,803 400 488 214 262 .023 16,597 3 03319.630 Dec. 5. 30,411 30,223 188 93 1,832 32.373 15,977 5,556 34,860 390 500 207 315 ,068 16,565 2,964 19,529 12. 30.698 30.603 95 109 ' """ 32,62915 9775,559 35,226 402 478 207 268 .068 16,517 3 010 19 527 19. 30.493 30,493 164 , 33,163 15,978 5,560 35,366 399 669 208 277 011 16 7713.182 19 953 26. 30,510 30,489 308 2,842 33,733 15,978 5,564 35,471 395 665 210 295 .026 17,212 3,113 20,325 1963 Jan. 2.. 30,598 30.478 120 716 684 34,104 15,978 5,568 35,349 399 628 280 319 1.054 17,623 3,456 21 079 9.. 30.404 30,404 65 728 33,286 15,978 5,572 35.022 423 711 226 306 991 17,157 3,139 20 296 16.. 30.227 30 227 80 ,784 15,963 5,563 34,694 412 767 232 298 980 16 9273,173 20,100 23.. 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.. 30 12329,975 148 101 615 31.916 15,928 5.571 34.080 432 837 220 297 966 16,583 3,028 19,611 Fob. 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 15928 5,563 34,263 427 838 212 298 959 16 8252,799 19,624 20. 30,392 30 337 55 157 ,702 32,312 15,928 5,566 34,293 444 901 187 310 1,086 16,586 2,926 19,512 27. 30.405 30.361 44 159 ,595 32 219 15,913 5,570 34,228 454 801 230 314 1.125 16,550 2,927 19,477 Mar. 6. 30,552 30,402 150 172 ,665 32,444 15,878 5,573 34,282 448 856 188 213 1,135 16,772 2,745 19,517 13. 30,651 30,528 123 168 ,527 32,402 15,877 5,576 34,454 450 783 191 181 1,114 16,682 2,740 19,422 20. 30,430 30,430 87 ,87232,441 15,878 5,577 34,511 448 845 180 191 1,073 16,648 2,857 19,505 27. 30,635 30,519 116 271 598 32,555 15,878 5,576 34,415 451 1,014 186 174 1,078 16,690 2,908 19,598 Apr. 3. 30,997 30,855 142 204 ,345 321,596 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 ,425 3>2,779 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 ,919 32,743 15,877 5,578 34,685 437 996 191 192 987 16,710 3,019 19,729 May 1. 30,808 30,646 162 124 ,522 32,500 15,877 ,582 34,583 438 963 167 196 997 16,615 3,029 19,644 8. 31,350 31,113 237 141 545 33,081 15,864 ,580 34,755 435 969 172 191 990 17,012 2,703 19,715 15. 31,333 31,211 122 229 1,47133,077 15,828 ,570 34,933 416 1,047 156 189 984 16,750 2,910 19,660 22. 30,914 30,914 304 1~8~9~9 33,163 15,828 ,574 34,896 422 931 190 177 1,162 16,787^2,895 »19,682 29. 30,910 30,910 266 1]446 32,667 15,819 5,578 34,911 419 673 168 174 1,155 16,565*>3,O33»19,598 End of month 1963 Mar.. 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 Apr.. 31,182 30,691 491 153 1,446 32,825 15,877 5,581 34,645 420 952 160 206 997 16,904 3,171 20,075 May. 31,254 31,101 153 208 1,304 32,F~~^15,798'5,583*>35,046 651 171 177 1,155 16,574*>3,208 19782 Wednesday 1963 Apr. 3 31,118 31,071 137 225 32,529 15,878 5,579 34,624 449 964 170 196 1,081 16,501 2,978 19,479 10 31,072 31,046 329 155 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 96 654 32,493 15,878 5,576 34,846 436 914 239 200 985 16,327 3,303 19,630 24 30,537 30,537 859 350 32,792 15,878 5,580 34,614 445 1,065 185 198 993 16,750 3,292 20,042 May 1 31,394 31,042 352 153 1,474 33t,065 15,878 5,580 34,660 443 960 170 183 1,001 17,106 3,172 20,278 31,382 31,224 158 382 1,233 331,041 15,828 5,567 34,905 423 984 183 194 976 16,771 2,881 19,652 15. 31,289 31,184 105 642 1,42133,396 15,828 5,572 34,964 418 1,050 167 193 1,173 16,830 3,292 20,122 22. 30,835 30,835 769 420 33,068 15,828 5,575 34,891 433 830 156 176 1,150 16,836*3,209^20,045 29. 31,089 31,089 149 1,101 32,381 15,798 5,583 35,077 418 609 156 185 1,151 16,166*>3,386"19,552 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

798 BANK RESERVES AND RELATED ITEMS JUNE 1963 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city bank5 All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B 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 T h o e t l a d l qu R i e r - ed 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 r - ed Excess B r F i a o n a . n w g t R k s - . s s F e r r r e v e - e es 1929—June 2,314 2,275 42 974 —932 762 755 7 174 -167 161 161 1 63 -62 1933 June i 2 160 1 797 363 184 179 861 792 69 69 211 133 78 78 1939 Dec ... 11 473 6 462 5 Oil 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 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1 37 — 36 1954—Dec........ 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,?,10 -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 ,177 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 1.038 104 -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~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 2 -3 July 20,043 19,514 529 89 440 3,766 3,732 34 16 18 1,000 989 10 4 6 Aug 19,924 19,358 566 127 439 3,709 3,684 24 17 7 1,017 ,013 4 18 -14 Sent 20 034 19 579 455 80 375 3,718 3,723 -4 15 — 19 1,021 1,022 -1 9 -10 Oct 20,205 19,721 484 65 419 3,774 3,736 38 4 34 1,036 ,03? 5 6 -1 Nov 19,604 19,012 592 119 473 3,627 3,601 27 14 13 1,007 001 6 13 -7 Dec .... 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963_jan 20.035 19,552 483 99 384 3,857 3,840 18 5 13 1,038 ,037 1 7 -6 Feb 19 581 19,109 472 172 300 3,721 3,704 17 42 -25 1,016 01? 4 15 -11 Mar 19,516 19,090 426 155 271 3,752 3,734 19 27 -8 1,009 .008 1 38 -37 Apr 19 574 19 140 434 121 313 3,727 3 716 11 12 1,003 998 5 14 May....... *>19,679*>19,220 M59 209 ^250 ^3,769 ^3,736 34V ^1,025 V 8 p-S Week ending— 1962—May 2 19,868 19,410 458 63 395 3,828 3,792 36 36 985 987 -2 9 -11 9 19,852 19,393 459 46 413 3,757 3,743 14 14 995 988 6 3 3 16 19,815 19,328 487 64 423 3,695 3,680 15 5 10 978 982 -4 5 23 19,831 19,299 532 47 485 3,727 3,707 20 20 989 980 9 1 g 30 19,809 19,202 607 86 521 3,765 3,683 82 82 1,006 974 32 1 31 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 1,074 ,065 9 4 5 1963—Jan. 2 21,079 20,045 1,034 714 320 4,180 4,030 149 299 -150 1,102 1,092 10 65 -55 9 20,296 19,858 438 63 375 3,973 3,934 39 39 1,063 1,056 7 2 6 16.... 20,100 19,579 521 79 442 3,816 3,818 -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 ,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 .009 —5 _5 Mar. 6 19,517 19,121 396 142 254 3,746 3,740 6 36 -30 1,032 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 7 -8 982 981 1 6 -5 17.... 19,690 19,157 533 157 376 3,736 3,701 36 24 12 995 994 1 36 -35 24.... 19,729 19,216 513 157 356 3,719 3,715 5 18 -13 1,006 1,003 4 15 -11 May 1.... 19,644 19,244 400 94 306 3,848 3,799 49 49 1,020 1,023 -3 3 -6 s 19,715 19,354 361 110 251 3,839 3,822 17 17 1,032 1,027 5 26 -21 15 19,660 19,201 459 199 260 3,702 3,711 -9 53 -62 1,021 1,019 3 5 -3 22.... *19,682^19,229 281 3,753 3,729 24 81 -57 1,035 1,031 4 2 2 29 *19,598^19,122 M76 266 *210 3,737 3,683 54 15 39 1,027 1,024 3 2 1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 BANK RESERVES AND RELATED ITEMS 799 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 Total F.R. reserves Total F.R. reserves held Required Excess Banks held Required Excess Banks 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945—Dec 6 394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 —519 6,094 5,518 576 236 340 1953—Dec .. 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 —203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 — 198 5 849 5,419 430 162 268 1959 Dec . . . 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 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—May 8,234 8,174 60 21 39 6,875 6,449 425 37 388 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 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 Feb 7,945 7,9t9 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 7,995 7,965 29 54 -25 6,849 6,461 388 41 347 May ^8,013 ^7,962 *>52 117 v -65 ^6,498 50 ^323 Week ending— 1962—May 2 8,233 8 199 34 19 14 6,822 6,432 390 35 355 9 8,249 8,214 35 18 17 6,851 6,448 403 25 377 16 8,220 8,192 28 20 8 6,921 6,473 447 34 414 23 8,194 8,155 39 20 19 6,921 6,457 464 26 438 30 8,230 8,119 110 24 86 6,809 6,427 382 61 321 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 p 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 6,991 6,506 485 23 462 May 1 7,987 7,966 21 49 -28 6,789 6,457 333 42 291 8 8,053 8,025 27 58 -30 6,792 6,480 312 26 285 15. . . . 7,994 7,954 40 89 -49 6,943 6,517 426 52 374 22 7,986 7,957 29 161 -132 ^6,909 ^6,513 37 ^358 29 8,012 7,928 84 172 -88 ^6,822 77 i This total excludes, and that in the preceding table includes, $51 Nov. 1959; thereafter on closing figures for balances with F.R. Banks million in balances of unlicensed banks. and opening figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each NOTE.—Averages of daily figures. Beginning with Jan. 1963 reserves day. are estimated except for weekly averages. Borrowings at F.R. Banks: Based on closing figures. Total reserves held: Based on figures at close of business through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 DISCOUNT RATES JUNE 1963 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous May 31 date rate May 31 date rate May 31 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 5 Cleveland.... Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 5 Richmond. . . Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 4*4 Atlanta Aug. 16,1960 Aug. 16, 1960 4% Aug. 16, 1960 Chicago Aug. 19,1960 Aug. 19, 1960 June 10, 1960 5 St. Louis Aug. 19,1960 Aug. 19, 1960 Aug. 19, 1960 4% Minneapolis.. Aug. 15,1960 Aug. 15, 1960 4 Aug. 15, 1960 Kansas City.. Aug. 12,1960 Aug. 12, 1960 4 Aug. 12, 1960 4% Dallas Sept. 9,1960 Sept. 9, 1960 4% Sept. 9, 1960 5 San Francisco Sept. 2,1960 Sept. 2, 1960 4% June 3, 1960 5 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 ill F.R. of date all F.R. of Banks N. Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932..... 21/2 1950 1957—Cont. 1933 Aug. 2 2 1 5 D N ec o . v. 1 2 5 3 -3i/2 Mar. 3 j 4 1953 1958 Apr. 7 -31/2 Jan. 16 Jan. 22 May 26 3V4 23 24 Oct. 20 Mar. 7 1954 13 1934 Feb. 5 21 Feb. 2 1V4-3V4 15 Apr. 18 W4-2V4 Mar. 16 l%3 Apr. 14 May 9 16 Aug. 15 1935 May 21 Sept. 12 134- Jan. 11 23 May 14 Apr. 14 1955 W2-W4, N O o ct v . . 2 7 4 2 2% -2i/2 1937 15 W2-W4 Aug. 27 May 2 1959 Sept. 4 Aug. 4 W4-2V4 Mar. 6 5 W4-2V4 16 1942 Sept, 1 i- 2 :::: 2 -2V4 May 29 3 -3 Apr. 11 2 -2% June 12 Oct. 15 214 Sept. 11 30 Nov. 18 2^-21/2 18 23 2% 1946 1956 1960 Apr. 25 Apr. 13 June 3 May 10 20 10 Aug. 24 14 Jan. 12 1948 1 3 31 A Se u p g t . . 1 9 2 19 1957 3 -3% 1963 3% In effect May 31 *-•&:::::::::::::: 1 Preferential rate of % of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, 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

JUNE 1963 RESERVE REQUIREMENTS 801 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effective date Time deposit Central Ja 1 n 9 . 3 6 1, Ja 1 n 95 . 7 1, Ja 1 n 96 . 2 1, Effective date i b C re a e c s n n i e k t t r y s r v a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e c a s s i n e e t r r d y v v e e C ba t o r n u y k n s - Savings deposits held for: banks 1 year or more } 2* 3 { U Less than 1 year In effect Dec. 31, 1948.. 26 22 16 7% 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 } 2*4 3 { 4m 1949— J M un ay e 30 1 , , 5 July 1.. 24 2 2 1 0 1 1 5 4 7 6 7 6 Other time deposits payable in: 1 A A u u g g . . 16 1 , , 1 1 8 1 .... §* 1 1 2 3 5 5 1 year or more }» 3 Aug. 25 I81/2 6 months-1 year Sept. 1 22% 18 90 days-6 months 1951—Jan. 11, 16 22 19 13 6 6 Less than 90 days 1 1 Jan. 25, Feb. 1. 23 20 14 1953—July 1,9 24 19 13 1954—June 16, 24 22 5 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 July 29, Aug. 1. 21 18 12 20 BULL., p. 1279. \m 1958—Feb. 27, Mar. 1. 19i/2 11% NOTE.—Maximum rates that may be paid by member banks as estab- Mar. 20, Apr. 1. 19 11 lished by the Board of Governors under provisions of Regulation Q. Apr. 17 18i/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. 1 171/2 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 16% 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% In effect June 1, 1963... I61/2 12 4 4 per cent. MARGIN REQUIREMENTS Present legal requirement: Minimum 10 7 3 3 (Per cent of market value) Maximum 4 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 H k b s er New City 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 New City C b o a u n n k t s ry York of Other York of Other City Chicago City Chicago Four weeks ending Apr. 3, 1963 Four weeks ending May 1, 1963 Gross demand: Gross demand: Total 128,441 25,270 6,190 49,199 47,782 Total 128,535 24,684 6,167 49,535 48,149 Interbank... 13,890 4,204 1,286 6,785 1,615 Interbank 13,887 4,129 1,215 6,889 1,654 U.S. Govt 5,273 1,090 323 2,077 1,783 U.S. Govt 3,527 745 186 1,324 1,273 Net d O e t m he a r nd ! 1 10 0 6 9 , , 5 2 2 7 1 8 2 1 0 9 , , 1 9 7 7 0 6 4 5 , , 5 2 8 9 2 3 4 40 0 , , 1 3 9 3 1 7 4 4 4 0 , , 3 8 8 6 3 7 Net d O e t m he a r nd 1 1 1 1 0 1 6 , , 1 7 2 6 1 9 2 1 0 9 , , 0 8 8 1 0 0 4 5, , 2 7 5 6 1 7 4 40 1 , , 3 3 8 2 0 2 4 4 5 1 , , 2 05 2 9 2 Time 83,786 10,158 3,237 32,291 38,100 Time 84,613 10,191 3,343 32,639 38,440 Demand balances due Demand balances due from domestic banks. . 7,120 207 88 2,055 4,770 from domestic banks. 7,055 124 92 1,969 4,869 Currency and coin 2,842 231 39 874 1,698 Currency and coin 2,921 236 41 900 1,745 Balances with F.R. Balances with F.R. Banks 16,690 3,521 969 7,078 5,122 Banks 16,688 3,507 960 7,098 5,122 Total reserves held 19,532 3,752 1,008 7,952 6,820 Total reserves held 19,609 3,743 1,001 7,998 6,867 Required 19,088 3,734 1,003 7,923 6,428 Required 19,154 3,721 1,000 7,968 6,465 Excess 444 18 5 29 392 Excess 455 22 1 30 402 l 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

802 FEDERAL RESERVE BANKS JUNE 1963 CONSOLIDATED STATEMENT OF CONDITION (In millions of dollars) Wednesday End of month Item 1963 1963 1962 May 29 May 22 May 15 May 8 May 1 May Apr. May Assets Gold certificate account . . .. 14,256 14,262 14,264 14,276 14,326 14,256 14,326 15,005 Redemption fund for F.R. notes 1,268 1,268 1,270 1,268 1,269 1,268 1,269 1,153 15,524 15,530 15,534 15,544 15,595 15,524 15,595 16,158 Cash 353 358 352 356 370 362 374 356 Discounts and advances: 149 769 612 352 123 208 123 68 Other 30 30 30 30 63 Acceptances—Bought outright 42 44 44 44 44 42 44 33 Held under repurchase agreement U.S. Govt. securities: Bought outright: Bills 2,592 2,338 2,672 2,712 2,653 2,604 2,302 3,166 Certificates—Special Other 14,438 14,438 14,438 13 571 13,571 14,438 13,571 5,563 Notes 9,680 9 680 9 695 10 562 10,524 9 680 10,524 17,101 4,379 4,379 4,379 4,379 4,294 4,379 4,294 3,792 Total bought outright 31,089 30,835 31,184 31,224 31,042 31,101 30,691 29,622 Held under repurchase agreement 105 158 352 153 491 Total U.S. Govt. securities 31,089 30,835 31,289 31,382 31,394 31,254 31,182 29,622 Total loans and securities 31,280 31,648 31,975 31,808 31,591 31,504 31,379 29,786 Cash items in process of collection 4,894 5,386 6,360 4,985 5,841 4,733 5,226 4,412 Bank premises 102 102 103 103 103 102 103 106 Other assets: Denominated in foreign currencies 136 133 116 118 98 128 99 134 All other 199 181 162 409 385 205 388 190 Total assets 52,488 53,338 54,602 53,323 53,983 52,558 53,164 51,142 Liabilities F R notes 29,991 29,808 29,869 29,833 29,610 29,966 29,575 28,400 Deposits: Member bank reserves 16,166 16,836 16,830 16,771 17,106 16,574 16,904 16,614 609 830 1 050 984 960 651 952 526 Foreign . 156 156 167 183 170 171 160 223 Other 185 176 193 194 183 177 206 376 17,116 17,998 18,240 18,132 18,419 17,573 18,222 17,739 3,793 3,966 4 939 3 752 4,367 3,429 3,780 3,493 Other liabilities and accrued dividends 79 73 ' 80 79 79 76 80 75 Total liabilities 50,979 51,845 53,128 51,796 52,475 51,044 51,657 49,707 Capital Accounts Capital paid in. 480 479 479 479 479 480 479 455 934 934 934 934 934 934 934 888 Other capital accounts 95 80 61 114 95 100 94 92 Total liabilities and capital accounts 52,488 53,338 54,602 53,323 53,983 52,558 53,164 51,142 Contingent liability on acceptances purchased for foreign correspondents 83 83 83 83 83 83 83 112 U.S. Govt. securities held in custody for foreign 7,880 7,803 7,632 7,565 7,477 7,886 7,478 5,754 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 31,583 31,527 M 511 31 464 31,425 31,583 31,429 ?9,902 Collateral held against notes outstanding: 7,248 7,248 7,253 7,253 7,253 7,248 7,253 7,700 Eligible paper 22 134 76 58 23 75 38 18 U.S. Govt. securities 25,470 25,470 25,470 25,470 25,470 25,470 25,470 23,390 Total collateral 32,740 32,852 32,799 32,781 32,746 32,793 32,761 31,108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 FEDERAL RESERVE BANKS 803 STATEMENT OF CONDITION OF EACH BANK ON MAY 31, 1963 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 14,256 747 3,650 761 1,201 928 729 2,419 526 297 557 640 1,801 Redemption fund for F.R. notes 1,268 72 308 72 111 102 72 226 54 27 50 39 135 Total gold certificate reserves 15,524 819 3,958 833 1,312 1,030 801 2,645 580 324 607 679 1,936 F.R. notes of other Banks 337 25 78 30 23 24 34 26 13 25 10 17 32 Other cash 362 24 58 18 32 29 35 67 15 8 13 13 50 Discounts and advances: O Se t c h u e r r ed by U.S. Govt. securities... 200 8 20 35 4 22 14 5 8 1 * 9 17 * 54 4 Acceptances: Bought outright 42 42 Held under repurchase agreement.. U.S. Govt. securities: Bought outright 31,101 1,627 7,752 1,705 2,566 2,075 1,701 5,166 1,246 653 1,328 1,190 4,092 Held under repurchase agreement.. 153 153 Total loans and securities 31,504 1,647 7,982 1,709 2,588 2,089 1,714 5,185 1,263 656 1,382 1,194 4,095 Cash items in process of collection... 6,045 469 1,171 425 509 432 401 997 259 183 292 258 649 Bank premises 102 3 8 3 7 5 14 23 6 4 7 12 10 Other assets: Denominated in foreign currencies. 128 6 129 8 13 6 7 19 5 3 6 8 18 Allother 205 11 49 11 17 14 13 34 7 5 9 8 27 Total assets 54,207 3,004 13,333 3,037 4,501 3,629 3,019 8,996 2,148 1,208 2,326 2,189 6,817 Liabilities F.R. notes 30,303 1,799 7,266 1,818 2,612 2,434 1,716 5,471 1,261 570 1.206 897 3,253 Deposits: Member bank reserves 16,574 643 4,498 726 1 279 742 912 2,401 572 415 769 986 2,631 U.S. Treasurer—General account.. 651 65 93 38 50 34 38 67 46 34 44 47 95 F O o th re e i r gn . . .» • 1 1 7 7 1 7 7 * 2 1 1 6 9 7 2 8 13 7 3 8 1 20 5 * 3 6 1 8 1 4 1 8 9 Total deposits 17,573 715 4,777 774 1,343 786 959 2,489 623 452 820 1,042 2,793 4,741 414 864 355 400 331 256 809 210 149 232 162 559 Other liabilities and accrued dividends. 76 4 19 4 8 4 4 12 3 2 3 3 10 Total liabilities 52,693 2 932 12,926 2 951 4,363 3,555 2,935 8,781 2,097 1,173 2,261 2,104 6,615 Capital Accounts Capital paid in 480 23 129 27 44 23 27 67 16 11 21 28 64 Surplus 934 44 251 54 87 44 51 132 32 22 40 53 124 100 5 27 5 7 7 6 16 3 2 4 4 14 Total liabilities and capital accounts.. 54,207 3,004 13,333 3,037 4,501 3,629 3,019 8,996 2,148 1,208 2,326 2,189 6,817 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): May 31 1963 32.4 32.6 32.9 32.1 33.2 32.0 29.9 33.2 30.8 31.7 30.0 35.0 32.0 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 May 31 1962 34.8 36.2 36.7 34.7 34.7 34.4 31.0 33.8 34.7 35.4 33.7 33.2 34.1 Contingent liability on acceptances purchased for foreign correspond- 83 4 3 22 5 8 4 4 12 3 2 3 5 11 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 583 1,855 7, 1,890 2,775 1 5,609 1 655 1 962 3,400 Collateral held against notes outstanding: 7,748 443 f,600 465 580 620 400 1,400 VO 130 785 215 800 Eligible paper .. ... .... 75 4 17 54 U.S. Govt. securities 25,470 1,434 6,100 1,500 2,250 i,986 1,450 4,500 1,100 550 1,000 800 2,800 Total collateral 32,793 1,877 7,700 1,969 2,830 2,606 1,850 5,900 1,427 680 1,339 1,015 3,600 1 After deducting $99 million participations of other F.R. Banks. s After deducting $61 million participations of other F.R. Banks. 2 After deducting $104 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BANKS; BANK DEBITS JUNE 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 May 29 May 22 May 15 May 8 May 1 May Apr. May Discounts and advances—Total... 149 769 642 382 153 208 153 131 Within 15 days 146 766 640 381 122 206 122 66 16 days to 90 days 3 3 2 1 31 2 31 65 91 days to 1 year Acceptances—Total 42 44 44 44 44 42 44 33 Within 15 days 9 10 13 13 12 8 11 9 16 days to 90 days 33 34 31 31 32 34 33 24 U.S. Government securities—Total 31,089 30,835 31,289 31,382 31,394 31,101 31,182 29,622 Within 15 days* 448 471 387 3,894 4,002 297 3,982 254 16 days to 90 days 5,419 5,211 1,599 1,417 1,461 5,608 1,431 5,420 91 days to 1 year 14,804 14,735 18,870 12,623 12,603 14,778 12,441 11,614 Over 1 year to 5 years 8,233 8,233 8,248 11,035 10,980 8,233 10,980 9,821 Over 5 years to 10 years 2,020 2,020 2,020 2,248 2,183 2,020 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 Ita li l r i e an g N u l e a i t n l h d d e e s r r s - f S ra w n i c ss s 1962 Aug 317 40 250 16 1 5 5 Sent 350 50 251 31 1 1 15 Oct 214 40 127 31 1 10 5 Nov 154 30 77 31 1 11 4 Dec 81 36 2 27 1 11 4 1963 Jan no 20 45 2 27 11 4 Feb 93 25 50 2 10 1 1 4 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accountsl Annual rate of turnover (billions of dollars) of demand depositsl All Leading centers 337 other Leading centers 337 other 343 Period reporting reporting reporting centers 4 centers New fork 6others 2 centers 3 New York 6 others 2 centers 3 N.S.A. S.A. N.S.A. S.A N.S.A. S.A. N.S.A. S.A N.S.A. S.A. N.S.A. S.A N.S.A. S.A. N.S.A. 1955. 2,043.5 766.9 431.7 845.0 42.7 27.3 20.4 22.3 1956. 2,200.6 815.9 462.9 921.9 45.8 28.8 21.8 23.7 1957. 2,356.8 888.5 489.3 979.0 49.5 30.4 23.0 25.1 1958. 2,439.8 958.7 487.4 993.6 53.6 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—May 295.4 119.1 122.1 57.6 59.8 110.3 113.5 78.8 79.0 40.8 41.5 28 0 28.4 31.7 31.9 June.... 291.8 115.7 121.9 57.9 59.4 108.8 110.5 77.3 83.0 41.3 43.0 27 8 28.7 31.6 32.5 July 279.7 114.4 111.4 59.0 57.5 112.2 110.7 77.3 76.1 42.1 41.2 28 6 28.5 31.9 31.9 Aug 281.0 115.8 110.8 57.4 57.5 110.7 112.7 78.8 74.3 41.1 39.9 28 3 27.9 31.8 31.0 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 '•274.6 127'.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 62.5 112.9 111.2 85.8 88.4 43.1 45.6 28 2 28.3 32.0 32.7 Apr '307.8 125.0 126.9 63.9 64.2 r119.3 r116.8 82.2 80.6 44.2 45.2 29 6 28.7 33.3 33.0 May 318.1 129.8 133.1 62.1 64.4 117.2 120.6 85.0 85.2 P43.1 *43.9 i>291 P29.5 *>33.2 P33.3 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

JUNE 1963 U. S. CURRENCY 805 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947..... 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950. .... 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960.. 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—Apr 33,159 23,742 2,612 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Jan 34,093 24,214 2,759 ,524 95 2,217 6,723 10,899 9,879 2,937 6.407 239 289 3 4 Feb 34,286 24,385 2,773 ,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 ,523 95 2,230 6,838 11,067 9,965 2,954 6,471 241 292 3 4 Apr 34,645 24,613 2,827 ,539 95 2,232 6,819 11,102 10,032 2,975 6,516 242 291 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 ' Held by Total out- F.R. Kind of currency s A ta p 1 n r 9 . d 6 i 3 3 n 0 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d r k . s A B a g a n e n d n k t s s Ap 1 r 9 . 6 3 3 0, M 1 a 9 r. 6 3 3 1, Ap 1 r 9 . 6 3 2 0, certificates Agents Gold 15,877 (15,595) 2 282 Gold certificates (15,595) 3 12,778 2,816 F.R. notes 31,429 70 1,853 29,505 29,408 27,997 Treasury currency—Total.... 5,581 (2,124) 67 374 5,139 5,106 5,163 Standard silver dollars 486 23 55 9 400 395 353 Silver bullion 2,102 2,102 Silver certificates (2,125) 296 1,829 1,827 2,000 Subsidiary silver coin 1,802 7 36 1,759 1,739 1,638 Minor coin 676 1 6 668 662 621 United States notes 347 4 28 314 313 316 in process of retirement4 . . . . 170 * 169 170 235 Total—Apr. 30, 1963 ...... 5 52,887 (17,719) 420 12,778 5,044 34,645 Mar. 31, 1963 5 52,662 (17,749) 409 12,790 4,950 34,513 Apr. 30, 1962. .. 551,931 (18,525) 404 13,406 4,962 " *33ii59'' 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. 797. 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

806 MONEY SUPPLY JUNE 1963 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a te d d - 1 Total c C om ur p re o n n c e y nt co D 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 sl 1955—Dec 135.2 27.8 107.4 50.2 138.6 28.4 110.2 49.6 3.4 1956—Dec 136.9 28.2 108.7 52.1 140.3 28.8 111.5 51.4 3.4 1957—Dec 135.9 28.3 107.5 57.5 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.2 28.6 112.6 65.5 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.0 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec 141.2 28.9 112.2 72.7 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1962—May 145.7 30.0 115.7 89.6 143.6 29.8 113.8 89.9 7.0 June 145.6 30.1 115.4 90.7 144.0 30.0 113.9 91.1 7.2 July 145.7 30.2 115.5 91.8 144.3 30.3 114.0 92.2 7.1 Aug 145.1 30.2 114.9 92.5 143.8 30.3 113.5 93.0 6.8 Sept 145.3 30.2 115.1 93.4 145.0 30.3 114.6 93.8 7.2 Oct 146.1 30.3 115.8 94.6 146.5 30.4 116.1 94.9 7.3 Nov 146.9 30.5 116.4 96.0 148.2 30.8 117.5 95.4 6.0 Dec 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1963—Jan 148.7 30.7 118.1 99.1 151.8 30.5 121.3 98.4 4.8 Feb 148.6 30.9 117.7 100.3 148.3 30.5 117.8 99.9 5.6 Mar 148.9 31.1 117.8 101.8 147.4 30.7 116.7 101.7 5.9 Apr 149.4 31.2 118.2 102.6 149.5 30.9 118.6 102.9 4.2 MayP 149.4 31.3 118.1 103.7 147.3 31.1 116.2 104.0 7.0 Half month 1963—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 May 1 149.8 31.3 118.5 103.3 148.6 31.1 117.5 103.7 6.3 2 149.1 31.3 117.8 104.0 146.1 31.0 115.1 104.4 7.6 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W din e g ek — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t o m d ed s - e i t 1 s d d e G e p U m o o .S s a v i n . t t . s d en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t d o m e s d - e i t * s d d e G e p U m o o .S s v a i . n t t . s d l 1962—Feb. 7., 146.9 29.4 117.6 84.8 4.7 1963—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. 4. 143.7 29.6 114.0 88.4 6.1 Apr. 3 146.8 30.8 116.1 102.5 6.9 11. 145.5 30.0 115.5 88.8 3.7 10 148.3 31.2 117.1 102.8 4.5 18. 147.4 29.8 117.6 88.9 2.5 17 151.1 31.1 120.0 102.8 3.2 25. 147.2 29.6 117.6 89.0 3.5 24 150.2 30.8 119.5 102.9 3.6 May 145.9 29.5 116.4 89.2 4.8 May 1 149.6 30.6 119.0 103.2 4.6 145.1 30.0 115.2 89.5 6.3 8 148.7 31.2 117.6 103.5 6.6 144.6 29.8 114.7 89.7 6.5 15 148.3 31.1 117.1 103.9 6.2 142.0 29.8 112.2 90.1 8.0 22 145.9 31.1 114.8 104.2 8.1 142.1 29.6 112.5 90.4 7.5 29 146.1 30.9 115.2 104.5 7.5 June 6. 143.5 30.0 113.5 90.7 7.1 June 5. 13. 144.8 30.1 114.6 91.0 5.3 12. 20. 145.0 30.0 114.9 91.1 6.8 19. 1 At all commercial banks. the. U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., Treasury, the F.R.S., and the vaults of all commercial banks. Time pp. 941-51. Money supply consists of (1) demand deposits at all com- deposits adjusted are time deposits at all commercial banks other than mercial banks other than those due to domestic commercial banks and those due to domestic commercial banks and the U.S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 BANKS AND THE MONETARY SYSTEM 807 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit net— Treas- Total Date Gold s r t o c e u i a u n n u r n r c g y t d - - y - Total Lo n a e n t s, Tota U l .S. G m C o a e v o n r m e c 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 r e i t t c h i u e e s - r c l a i i a a n p t n i b e i e t d i t s a l- l, c d u e T r a p o r n o e t d n s a i l c t y s c C m o a a n a u p n i c e s n - i d t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64.698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48.465 42 029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8.999 90,637 82 811 7.826 1945—Dec. 31. 20,065 4,339 167.381 30,387 128.417 101.288 24.262 2,867 8,577 191 785 180 806 10.979 1947—Dec. 31. 22,754 4,562 160,832 43.023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30., 22,706 4,636 171,667 60,366 96.560 72.894 20.778 2,888 14,741 199,009 184.384 14 624 1959—Dec. 31. 19,456 5,311 255.435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256.020 24.186 1960—Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26.783 1961—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—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 May 29* 15,800 5,600 311,500 173,100 100,900 69,100 31,100 700 37,500 332,900 301,900 31,000 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * 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 4 l S P a S t o e v y s m s i t n - a g l s n e F i e o g t r n s - , T h c i u r o n a e r l g s a y d h s s - - sa c m a c v o 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 1960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108.468 71,380 36.318 770 3,184 377 6.193 485 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—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 May 29^... 146,500 30,600 115,900 144,900 30,700 114,200 147,700 104,500 42,800 500 1,200 400 7,100 600 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 to or other liabilities. nearest $100 million. 5 Reclassification of deposits of foreign central banks in May 1961 reduced this item by $1,900 million ($1,500 million to time and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans U S .S e . curities a C ss a e s t h si 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 I D n e t - erbank * 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 N ba b u o n e m f r ks - Govt. Other co a u c n - ts2 mand Time U.S. Time 3 Govt. Other All banks: 1941_Dec. 31.. 61,126 26,615 25,511 8,999 277,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31.. 140,227 30,362101,288 8,57735,415177,332165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 314. 134,924 43,002 81,199io,—723 "3,8388 175,091161,86512,793 240 1,346 94,381 53,105 66 11,94814,714 1961—Dec. 30.. 256,700154,318 72,715 29',667 57,368321,394 2—87 ,17617,914 482 5,952 141,979120,848 482 26,22713,946 1962—May 30. .. 260,500158,050 680 31770 46 210 313720 276.97013,200 520 7. 126,370 129,710 2,070 26,78013,926 June 30.. 263,542160,123 722 32697 49 612320638 285 18614,400 526 9 131,855 796 27,03613,934 Aug. 29. . 265,700161,980 160 33560 45 480 318 280 280!31013,840 510 7 124,960 133,550 2,750 27!10013,932 Sept. 26. . 269,080164,640 560 33880 47 480 323 770 286!17014,530 510 8,090128,160 134,880 2,610 27;25013,928 Oct. 31. . 272,480166,480 700 34 300 50 560 330380 292 35015,260 520 380 134030 136,160 2,780 27;45013,925 Nov. 28. . 273,510167,240 730 34 540 48 280 329070 290,70015,190 520 I090 132 136,560 2,500 27!63013,938 Dec. 28. . 280,397172,822 56335 012 54 939 343 201303,653 16,008 535 6,839141,084 139,188 3,635 28;04613,940 1963—Jan. 30.. 276,950169,410 350 35 190 46780 331 500 293 030 14,100 520 4,320 140,980 2,670 27.79013,951 Feb. 27.. 278,850171,800 450 35 600 48 410335030 295 45014,140 520 131,670 142,680 3,070 28;00013,954 Mar. 27.. 280,650173,090 280 36 280 46 530 335010 295 460 13,800 520 128,950 144,860 3,100 28;090 13,962 Apr. 24 D. 280,730173,470 250 37 010 47 290 335960 296040 13,910 560 ,060145,750 3,270 28;140 13,967 May 29^. 282,540175,920 120 37,'500 47.720 338,150 298,09013,730 540 540147,460 2,990 28,35013,983 Commercial banks: 1941—Dec. 31 .. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 .. 124,019 26,083 90,606 7,331 34,806 160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 *. 116,284 38,057 69,221 9,006 37,502 155,377144,103 12,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30. . 215,441 124,925 66,578 23,937 56,432 278,561248,689 17,914 481 5,946 141,920 82,429 47122,45913,432 1962— J M un a e y 3 3 0 0 . . . . 2 2 1 2 7 0 , , 9 6 6 7 0 0 1 1 2 2 7 9 , , 4 1 8 9 0 3 6 6 4 4 , , 4 44 0 3 0 2 2 7 6:0 0 8 3 0 4 4 4 5 8 7 3 2 9 8 0 2 2 7 6 6 9 ; .6 22 9 0 0 2 2 3 4 7 5 , , 5 2 8 9 0 8 1 1 3 4 , , 2 4 0 0 0 0 5 5 2 2 0 5 5 1 5 7 4 0126, ,7 3 8 1 5 0 9 9 0 2 , , 3 0 8 3 0 4 2,0 78 7 6 0 2 2 3 2 , 9 1 3 8 0 3 1 1 3 3 , , 4 4 1 2 4 2 Aug. 29. . 222,140130,430 63,850 27 860 44 670 273;230 240 05013,840 510 450 ,900 93,350 2,750 23 20013,421 Sept. 26. . 225,270132,840 64,250 28 180 46630 278!400 245 480 14,530 510 ,090 128,100 94,250 2,610 23 33013,417 Oct. 31.. 228,560134,400 65,550 28 610 49 690 284 890 251 470 15,260 520 380 133.970 95,340 2,780 23 56013,414 Nov. 28. . 229,260134,840 65,600 28 820 47 450 283 310 249,68015,190 520 090132,: 95,600 2,500 23 68013,427 Dec. 28. . 235,839 140,106 66,434 29 298 54 049297116 262,12216,008 535 6,829141,041 97,709 3,627 2409413,429 1963—Jan. 30.. 232,040136,340 66,20029500 45 970 285 050 251,27014,100 520 4,320133050 99,280 2,670 23 84013,440 Feb. 27. . 233,620138,410 65,270 29 940 47 540 288 210 253 470 14,140 520 440 131 610100,760 3,070 24;oio13,443 A M M p a a r y r . . 2 2 2 4 9 7 * . ^ > . . . 2 2 23 3 3 6 4 4 , , , 3 8 8 9 9 6 0 0 0 1 1 1 4 3 3 1 9 9 , , , 5 4 3 5 4 6 0 0 0 6 6 6 2 4 4 , , , 9 0 8 1 1 4 0 0 0 3 3 3 1 1 0 9 4 6 3 4 6 0 0 0 4 4 4 6 6 5 4 6 8 6 8 4 0 0 0 2 2 2 9 8 8 0 8 7 ,4 5 5 1 9 5 0 0 0 2 2 2 5 5 5 3 2 5, 9 2 6 8 0 01 1 1 3 3 3 , , , 7 9 8 3 1 0 0 0 0 5 5 5 4 2 6 0 0 0 6,8 7 3 2 6 30 0 0 1 1 1 2 2 3 9 8 2 , , 0 4 8 0 8 9 0 0 0 1 1 1 0 0 0 4 3 2 , , , 7 4 2 1 2 6 0 0 0 2 3 3 , , . 1 9 2 0 9 7 0 0 0 2 2 2 4 4 4 , , , 3 1 0 3 5 7 0 0 0 1 1 1 3 3 3, , , 4 4 4 5 5 7 1 6 2 Member banks: 1941—Dec. 31 .. 43,521 18,021 19,539 5,961 23,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 .. 107,183 22,775 78,338 6,070 29,845 138,304 129,67013,576 64 212,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,304 32,845 132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30.. 179,599106,232 54,058 19,308 49,579 235,112 209,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—May 30. . 181,180107,980 51,913 21,28739,702 226,556198,978 12,689 463105,629 73,852 2,00219,015 6,073 June 30.. 183,497109,212 52,06522,,:219 42 853232,359206,057 13,796 351 ,734108,014 75,162 73519,179 6,070 Aug. 29. . 184,398110,331 51,149 22,918 39 107 229231200,667 13,232 338 ,695104,280 76,122 2,68219,212 6,060 Sept. 26. . 186,641112,240 51,27123,130 40,877 233 279 204.995 13,878 337 ,284106,702 16,19 A 2,58519,281 6,053 Oct. 31 . . 189,420113,711 52,238 _23.,471 43,686 239 009 210.32814,577 339 ,700112,045 77,667 2,72219,466 6,054 Nov. 28. . 189,619113,865 52,097 23 657 41 564 237050 208 259 14,502 343 ,301110,181 77,932 2,42319,546 6,056 Dec. 28. . 195.698118,637 52,968 -24 092 47:427 249488 219 468 15,309 358 ,086117,999 79,716 3,55019,854 6,049 1963—Jan. 30. . 192.301 115,289 52,749 24 263 40 '02.4 238 565209;589 13,449 341 ,785110,954 81,060 2,61419,697 6,046 Feb. 27. . 193,694117,075 51,984 24,635 41 i471_24._1,.. 211,52513,501 347 ,667109,730 82,280 3,03319,819 6,042 Mar. 27. . 194,884117,883 51,719 25,282 39685 240,835 211,14613,186 345 ,523107.402 83,690 3,04219,851 6,039 Apr. 24. . 194,589117,677 50,950 25,962 40434 241,409 211,275 13,290 380 ,301109.920 84,384 3,23519,925 6,041 May 29*>. 195,892119,515 50,023 26 354 41,009 243,246213,104 13,146 361 ,018107,939 85,640 2,910 20,082 6,052 Mutual savings banks: 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31.. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 31 4. 18,641 4,944 11,978 1,718 886 19,714 17,763 14 17,745 1,889 533 1961—Dec. 30. . 41,259 29,393 6,136 5,730 936 42,833 38,487 60 38,420 3,768 514 1962—May 30.. 42,540 30,570 6,280 ,690 820 44,030 39,390 60 39,330 3,850 512 June 30.. 42.872 30,930 6,278 ,663 884 44,418 39,888 60 39,821 10 3,853 512 Aug. 29. . 43,560 31,550 6,310 ,700 810 45,050 40,260 60 40,200 3,900 511 Sept. 26.. 43,810 31,800 6,310 .700 850 45,370 40,690 60 40,630 3,920 511 Oct. 31.. 43,920 32.080 6,150 ,690 870 45,490 40,880 60 40,820 3,890 511 Nov. 28.. 44,250 32,400 6,130 ,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 1963—Jan. 30.. 44,910 33,070 6,150 5.690 810 46,450 41,760 60 41,700 3,950 511 Feb. 27.. 45,230 33,390 6,180 5,660 870 46,820 41,980 60 41,920 3,990 511 Mar. 27.. 45,790 33,730 6,440 5,620 890 47,420 42,500 60 42,440 4,020 511 Apr. 24*. 45.840 34,030 6,240 5,570 830 47,410 42.550 60 42,490 3,990 511 May 29*.. 46,150 34,370 6,210 5,570 840 47,740 42,810 60 42,750 4,020 511 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 809 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans U S .S e . curities a C ss a e s t h si c b T a i a l l o p i n i a t i t d i t - a e a l s l Total i I D n e te - rbank * Dema O n t d her r B i o n o w g r s - - c T a o p t it a a l ! b N a b u o n e f m k r s - Govt. Other co a u c n - ts2 mand Time U.S. Time Govt. Other Reserve city member banks: New York City:s 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 866 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—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 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 4,01711,050 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 34,79'4 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 May 29^ 32,115 20,886 6,478 4,751 9,323 43,624 35,459 4,278 207 1,198 19,612 10",164 1,292 3,947 13 City of Chicago:5 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1961—Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 369 5,268 2,008 35 870 9 1962—May 30 7,631 4,592 1,926 1,113 ,928 9,720 8,524 1,118 356 4,548 2,483 75 884 9 June 30 7,937 4,672 1,936 1,329 ,893 10,009 8,810 1,128 546 4,520 2,598 34 894 9 Aug. 29 (old basis' 7,883 4,570 1,923 1,390 ,801 9,852 8,580 1,193 361 4,353 2,656 117 895 9 Aug. 29 (new basis} 8,201 4,761 2,001 1,439 ,870 10,247 8,934 1,201 384 4,554 2,778 122 925 12 Sept. 26 8,293 4,879 2,028 1,386 1,997 10,469 9,087 1,243 440 4,569 2,820 163 930 12 Oct. 31 8,552 4,961 2,175 1,416 2,073 10,815 9,380 1,281 366 4,826 2,892 267 944 12 Nov. 28 8,456 5,029 2,025 1,402 2,102 10,738 9,450 1,326 279 4,879 2,951 66 941 12 Dec. 28 8,957 2,129 1,409 2,280 11,432 9,993 1,277 410 5,264 3,025 262 948 13 1963—Jan. 30 8,682 2,217 1,364 1,969 10,860 9,481 1,140 218 4,956 3,152 132 956 13 Feb. 27 8,901 2,232 1,321 1,982 11,092 9,594 1,194 309 4,872 3,204 235 955 13 Mar. 27 9,138 2,440 1,322 1,899 11,260 9,410 1,155 427 4,619 3,198 596 957 13 Apr. 24 8,813 2,168 1,354 1,949 10,983 9,469 1,182 161 4,757 3,357 313 963 12 May 29" 8,83f 5,428 2,050 1,354 2,084 11,143 9,759 1,122 346 4,791 3,488 165 971 12 Other reserve city:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 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 28,990 11',423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6, 43~8" 20,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—May 30 69,433 43,304 18,585 7,54416,523 88,089 77,911 6,314 78 39,61129,220 1,058 206 June 30 70,145 43,824 18,627 7,69417,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 206 Aug. 29 (old basis, 70,333 44,540 17,987 7,80616,180 88,626 78,317 6,662 74 2,639 39,1'"2"6 "2"9,816 1,058 7,214 200 Aug. 29 (new basis} 69,597 44,049 17,819 7,729 16,027 87,722 77,524 6,646 74 2,599 38,620 29,585 1,036 142 194 Sept. 26 69,932 44,389 17,809 7,73416,897 88,950 78,946 7,010 66 2,839 39,259 29,772 938 148 193 Oct. 31 71,007 45,155 17,947 7,905 17,046 90,244 80,217 7,235 71 2,063 40,78130,067 892 7; 190 193 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 8,165 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 65 i;4oo 40,~7 65" ~31\316 1,178 7,263 189 F M M A e p a a b r y r . . . 2 2 2 2 7 9 7 4 ? 7 7 7 7 2 2 3 2 , , , , 9 3 4 8 2 1 9 5 1 5 7 0 4 4 4 4 6 6 7 6 , , , , 8 7 4 3 2 9 1 0 1 1 2 0 1 1 1 1 7 7 7 7 , , , , 3 1 4 5 2 8 2 6 9 7 0 4 9 8 8 8 , , , , 0 8 3 6 0 1 3 0 1 0 9 9 1 1 1 1 6 6 6 6 , , , , 6 6 8 9 0 0 8 4 3 3 4 0 9 9 9 9 2 2 1 1 , , , , 3 0 3 6 8 6 8 2 6 2 0 2 8 8 8 8 1 1 1 1 , , , , 0 3 6 3 2 4 1 2 3 9 0 0 6 6 6 6 , , , , 5 6 2 6 6 1 7 6 1 6 5 0 7 7 9 9 5 2 0 1 2 2 2 1 , , , , 2 2 3 6 1 7 0 8 8 6 5 7 4 4 3 3 0 0 9 9 , , , , 2 6 7 8 9 9 0 2 8 8 6 2 3 3 3 3 1 2 3 2 , , , , 1 7 3 6 5 1 8 0 1 4 4 3 1 1 1, , , 9 1 4 0 3 2 9 8 1 9 4 2 7 7 7 7 , , , , 3 4 2 3 1 1 9 3 3 5 8 0 1 1 1 19 8 9 8 1 9 1 9 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1961—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—May 30 74,58: 40,861 24,235 9,48612,959 89,001 79,957 1,355 2,046 292 344,227 263 7,228 5,845 June 30 75,019 41,492 23,843 9,68513,806 90,555 81,577 1,529 2,601 596 344,803 80 7,323 5,842 Aug. 29 76,510 41,902 24,620 9,98813,184 91,177 81,995 1,541 2,380 554 355,483 282 7,339 5,838 Sept. 26 77,919 42,738 25,01310,16813,495 92,992 83,929 1,635 2,546 820 355,880 100 7,394 5,832 Oct. 31 78,665 42,902 25,43210,33114,076 94,316 84,965 1,711 1,984 937 366,285 230 7,479 5,833 Nov. 28 79,528 43,506 25,63810,38413,718 94,801 85,286 1,739 2,194 085 366,220 206 555 5,833 Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 1,773 1,931 895 366,692 172 744 5,828 1963—Jan. 30 79,758 43,847 25,380|l0 53113,152 94,612 85,208 1,635 1,398 002 377,125 222 7,581 5,827 Feb. 27 80,176 44,441 25,063110 67213,480 95,372 85,864 1,600 2,014 560 377,642 159 7,662 5,824 Mar. 27 80,363 44,736 24,763!lO.86413,196 95,301 85,622 1,557 2,106 765 388,146 247 7,675 5,821 Apr. 24 81,026 45,337 24,648 11 04113.249 95,997 86,366 1,573 1,253 038 388,451 141 7,705 5,822 May 29* 81,448 45,901 24,308 1123912,999 96,117 86,276 1,471 2,087 830 388,837 322 7,751 5,836 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 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 t a e nk Total Loans G U o S .S v e . c t. urit O ie t s her Cash c c b o T a i u a l a l p o i n i n a c t t i - - d t i t a e s a l s l 2 Total i m I D n a e t n - e d rba T nk ime U.S D . ema O n t d her Time r B in o o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r k - s Govt. Other Insured commercial banks: 1941—Dec. 31. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 5,699 10 6,844 3,426 1945—Dec. 31. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947—Dec. 31. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 2,615 54 1,325 92,975 "3 4,882 61 9,73413,398 1959—Dec. 31. 188,790 10,299 58,348 20,143 49,158 242,828 218,474 5,500 1,358 5,037130,72065,858 60219,20613,107 1960—Dec. 31. 198,011 17,092 60,468 20,451 51,836 255,669 228,401 6,921 1,667 5,932 1'3,25,33"1,348 149 20,62813,119 1961—Dec. 30. 213,904 24,348 66,026 23,531 56,086 276,600 247,176 7,737 333 5,934 141,050 822,122 462 22,08913,108 1962—June 30. 219,163 28,613 63,92126,630 48,415 274,318 243,856 4,235 388 9,529 127,99091,714 13,104 Dec. 28. 234,243 39,449 65,89128,903 53,702 295,093 260,609 5,844 402 6,815 140'^ 16"9 97,3803,584 23,71213,119 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 166,224 78 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 45 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 34010,302 4,542 1960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,546 11111,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,292 45,441 22511,875 4,513 1962—June 30.. 119,241 69,771 34,50814,962 26,860 149,559 133,728 8,154 123 5,424 69,256 50,770 37912,243 4,500 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 9,06f 9 3,055 1,918 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,974 16,406 240 5,96: 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 21,716 213 6,763 1,600 1962—June 30.. 64,256 39,442 17,557 7,257 15,993 82,800 72,329 5,641 22' 3,310 381;,"75"8 24,392 355 6,936 1,570 Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,,924 25,983 1,914 7,104 1,544 Insured nonraember 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 19,340 262 149 12,366 6,558 1,271 6,478 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,14014,095 3,232 6,948 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,45614,979 3,452 6,997 1962—June 30.. 35,681 19,409 11,860 4,412 5,563 41,975 37,814 440 795 19,97616,565 3,633 7,036 Dec. 28.. 38,55^ 20,811 12,93' 4,814 6,276 45,619 41,142 535 729 22,17017,664 3,870 7,072 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 51 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31*. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1959—Dec. 31.. 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31.. 1,498 550 535 413 31 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—June 30. 1,506 580 523 404 313 1,901 1,442 165 137 795 320 372 317 Dec. 28.. 1,584 65' 534 39! 346 2,009 1,513 164 133 872 330 371 308 Nonmember commercial banks: 1941—Dec. 31. 7,233 3,696 2,270 1,266 3,431 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 20,57' 425 14,101 6,045 1,362 7,130 1947—Dec. 31*. 18,454 5,43f 11,318 1,703 4,659 23,334 21,59 439 190 167 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 20,6 13,370 3,294 7,244 1960—Dec. 31. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,9 14,388 3,590 7,300 1961—Dec. 30. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 3,822 7,320 1962—June 30. 37,188 19,989 12,383 4,816 5,876 43,877 39,256 605 819 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 sayings banks: 1941—Dec. 31. 1,693 642 629 421 15 1,958 1,789 1,789 164 52 1945—Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,20^ 1212,192 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 1960—Dec. 31. 33,794 23,852 4,787 5,155 766 35,092 31,502 29 31,468 2,99r 325 1961—Dec. 30. 35,660 25,812 4,690 5,158 828 37,065 33,400 25633,137 3,19 330 1962—June 30. 36,989 27,179 4,708 5,102 779 38,366 34,58 27534,300 3,259 331 Dec. 28. 38,597 28,778 4,639 5.180 784 39,951 36,104 26735,827 3,34f 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 811 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her a C ss a e s t h s1 c c b o T a i a u l l a o p i i n c n a t t i d - i t a - t e a s l s l 2 Totali m I D n a e t n - e d rba T nk im i 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 u o n e m f r ks - Govt. Noninsured mutual sayings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5 361 1 198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947_Dec. 31 4 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 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 807. Virgin Islands that became a member in May 1957, 2 noninsured non- * 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 ^classification 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 Totali Loans1 Totali Loans i U.S. Other U.S. Other Govt. Govt. 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 May 216.4 124.8 65.5 26.1 215.3 124.8 64.4 26.1 June 220.3 126.6 66.6 27.1 219.2 127.7 64.4 27.0 July 217.8 126.1 64.1 27.6 217.8 126.1 64.2 27.5 220.3 127.3 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 Nov 225.9 132.2 C64 6 29.1 226 8 132 3 65 6 28 8 Dec. 2 228.1 134.7 64.3 29.1 233.6 137.9 66.4 29.3 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 Mar 235.0 137.8 66.7 30.5 231.9 136.4 64.8 30.7 Apr p 232.6 137.4 64.0 31.2 232.4 136.9 64.0 31.4 Mayp . . 234.8 138.8 64.1 31.9 233.6 138.8 62.9 31.9 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

812 COMMERCIAL BANKS JUNE 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U.S. Government b c C a a l n l a l k s d s a a o n te f d i l m T n o a v a o e n n e n t d a s s t t l s - ! Total 2 C m d a c i o u n n i e a m s d - r 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 institutions R t e a e s t a - e l O v i d t t i n h o i d - - e - r Other sec C u e ri r t - ies S g s l a o e o t n c c a v d u a t t e l - . O s ri e t t h c i e e u r s trial k a e n r d s ot T h o ers ba T n o ks ot T h o ers uals Total Bills c t a if t i e - s Notes Bonds rities dealers Total: 2 1947_Dec. 31.. 116,284 38,057 18,,167 ,660 8301,220 115 9,393 5,723 94769,221 2,193 7,789 6,034 53,205 5,276 3,729 I960—Dec. 31.. 199,509117,642 43,125 5,676 3,284 1,833 966 7,10628,71326,396 2,90161,003 8,072 2,920 19,013 30,998 17,570 3,294 1961—Dec. 30.. 215,441124,925 45 248 4,0562,134 1,033 7,311 30,32027,847 3,412 66,57811,488 2,11426,336 26,64120,3453,592 1962—June 30., 220,670129,193 45 6,801 3,2542,005 1,474 7,221 32,03629,444 3,713 64,443 8,320 3,62926,041 453 2.3.,,_1.65. 3,869 Dec. 28. 235,839140,106 48,673 7",0975,1442,131 2,578 8, 4'5"9" 34,25930,5533;909 66,43411,674 3,93223,841 987 24,755 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 3,159 16,899 3,651 3,333 1945—Dec. 31., 21,809 25,765 9,461 ,314 3 164 3,606 49 4,677 2,361 1,132 8888,912 2,455 9,071 16,04551,342 3,8733,258 1947—Dec. 31.. 14,274 37,58318,012 1,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 5-2,347 5,1293,621 I960—Dec. 31., 198,011117,092 42,957 5,628 3,2471,811 965 7,09028,60226,263 2,883 60,,.468 7,994 2,884 18,868 30,72217,300 3,150 1961—Dec. 30., 213,904124,348 44,965 6,211 4,0302,107 1,027 7,296 3300,21127,708 3,396 66,,'02611,356 2,09826,145j26,426 2200,068 3,462 1962—June 30. 219,163128,613 45,717 6,766 3,2341,981 1,469 7,20031,91529,299 3,692 (63,921 8,226 3,—577 25,886 26,23122,883 3,747 Dec. 28., 234,243139,449 48,458 7,060 5,1192,103 2,551 8,434 3344,12330,402 3,890 65,891 11,514 3,91623,715 26,746 2"4 ,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 3.00715,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,9001,057 78,338 2,275 6,985 4;27144,807 3,2542,815 1947—Dec. 31. 97,846 32,62816,962 1,046 8111,065 113 7,130 4,662 8~3~9~ 57,914 1,987 5,816 4.815 45",295 4,199 3,105 1961—Dec. 30. 179,599106,232 40,9313,934 3,8771,827 1,014 6,89323,987 22,852 3,19854,058 9,229 1,842 21,390 21598 16,6912,617 1962—June 30. 183,497109,212 41,435 4' ;222200 33,0881,699 1,453 6,78925,36224,006 3 480 52,065 6,467 2,98421,367 21247 19,3212,899 Dec. 28. 195,698 118,,637 43,843 4419 4,9541,777 2,445 7,93627,162 -2,4799 3,657 52,968 8,862 3,249 19,443 21414 20,7733,319 1963—Mar. 18. 195,060 118,490 43,832 4,580 4,2831,790 2,994 7,528 27',683 24,869 3~,53151,461 7,839 2,628 19,480 21514 21,9783,131 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30. 30,297 19,53511,278 1,956 467 376 1,711 934 2,072 ,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—June 30. 30,396 19,22410,980 1,512 409 568 1,774 1,084 2,075 ,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 2,143 1,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Mar. 18. 32,941 21,50111,839 13 2,138 409 1,020 2,040 1,425 2,119 ,082 6,984 1,799 247 2,640 2,299 4,082 374 City of Chicago:* 1941—Dec. 31. 2,760 954 73: 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 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 1963—Mar. 18. 9,078 5,473 2,989 350 163 139 698 379 537 369 2,275 572 60 780 864 1,167 162 Other reserve city: 1941_Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947_Dec. 31. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,901 15,563 1,3421,053 1961—Dec. 30. 68,565 42,37916,879 ,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—June 30. 70,145 43,82417,0771,184 888 727 556 3,148 10,272 9,682 ,129 18,627 1,611 1,267 8,186 7,563 6,867 827 Dec. 28. 73,130 46,56717,6601,179 1,053 752 1,020 3,58311,030 9,860 ,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—Mar. 18. 72,594 46,71017,5551,179 1,159 767 1,128 3,40911,25: 9,8941,284 17,382 1,751 1,236 7,293 7,103 7,630 872 Country: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31. 35,002 5,596 1,484 648 4: 471 1,881 707 35<26,999 630 5,102 4,544 16,722 1,3421,067 1947—Dec. 31. 36,324 10,19r 3,096 818 23 227 3,827 1,979 224 22,857 480 2,583 2,108 17,687 2,0061,262 1961—Dec. 30. 73,131 39,69310,1652,811 591 438 116 1,251 13,24: 11,132 751 24,407 3,614 566 9,560 10,667 7,5301,500 1962—June 30. 75,019 41,49210,7193,007 424 416 240 1,256 13,72811,792 732 23,843 2,667 1,075 9,405 10,696 8,146 1,539 Dec. 28. 80,623 44,69811,229999 3",187 728 447 764 1,563 14,44112,273 826 25,425 4,144 1,223 8,849 11,209 8,6941,807 1963—Mar. 18. 80,447 44,80511,4483,360 63: 45: 708 1,381 14,62712,319 796 24,820 3,718 1,085 8,768 11,248 9,0991,723 Nonmember: : 1947—Dec. 31. 18,454 5,43: 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 I960—Dec. 31. 33,910 17,719 3,883388 2,,1166'7 161 269 379 6,205 4,774 20711,904 1,670 624 3,941 5,668 3,431 857 1961—Dec. 30. 35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 21412,525 2,259 27: 4,947 5,046 3,655 976 1962—June 30. 37,188 19,989 4,4742,580 165 306 22 431 6,682 5,439 23312,383 1,853 64: 4,675 5,210 3,845 971 Dec. 28. 40,141 21,469 4,8302,678 190 354 132 523 7,097 5,754 25213,466 2,81~ 683 4,398 5,573 3,9821,224 l Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 3 New York City and City of Chicago were central reserve city banks before July 28, 1962; reserve city banks thereafter. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 COMMERCIAL BANKS 813 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i e n v R t - h e k . s s r C c e a o n n u i c d r n - y b m a a w B d n e n a o i c s t k l - e t - h i s s c 4 j m p u D o s d a a t d e s 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 ig k o n r- « G U o .S v . t. S g l a o o t n c a v d a t t e l . c C h c o a f e e e e i f t n e c f r c r i d t d s . k - i ' - s, IPC I b n a t n e k r- P G U S i a o n o a n . s g S v v t d s a . - t. l g S l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p n l - i t - s Total: 2 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65,10,059 I960—Dec. 31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 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 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—June 30.... 16,839 3,168 11,524113,136 13,053 1,182 9,529 11,727 4,390 111,874 388 300 6,290 85,124 77322,810 Dec. 28.... 17,680 4,232 12,795123,361 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 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 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—Mar. 18.... 16,098 3,005 7,689 96,903 13,558 1,117 4,760 8,874 3,950 98,481 374 241 5,745 77,3522,883 19,919 New York City:* 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 "io 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 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 1963—Mar. 18.... 3,341 254 126 16,103 3,926 818 880 309 2,231 17,953 215 55 318 9,541 1,357 3,920 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 U292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 10 175 3,737 1,196 21 72 285 63 3,853 2 9 902..... 426 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 Hec. ?8.... 1.071 44 OQ 4 ?62 41 410 109 4.804 18 7 16 ^.001 948 1963—Mar. 18.... 856 42 157 4,146 I J90 44 265 288 118 4,458 14 7 49 3,161 267 954 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 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 1963—Mar. 18.... 7,130 935 2,301 33,917 6,829 237 1,863 2,822 901 37,199 90 82 2,873 29,205 1,038 7,294 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 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 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 ,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7,744 1963—Mar. 18.... 4,771 1,774 5,105 42,737 1,612 19 1,752 5,456 700 38,872 55 97 2,504 35,446 222 7,750 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 * 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

814 WEEKLY REPORTING MEMBER BANKS JUNE 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing To financial institutions or carrying securities Total L a o n a d ns Wednesday i l n o a v n a e n d s s t- i m n a v e d e n s t t s - Loans C m c o i e a m r l - - Agri- a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Real All V t a io lu n aments1 justed* justed* in t a r d n i u a d s l - tural G U c t s u o i . e e r v S - s i- t . . O c t s u t i e h e r - s i e - r G U c t s u i o . e e r S v - s i- . t. O c t s u t i e e h r - s i e - r F ei o g r n - c m m D c o t i i e e m o a c s r - l - - - f P s C i a e n a e O n t l a r c S e d s n . . s , . . Other estate other se r r e v - es Total— Leading Cities 1962 May 2 123,697 121,909 75,930 32 937 1,372 1,371 2 541 121 J .416 704 1,788 3,472 2,288 13,874 17,558 1,724 9 122,038 120,379 75,073 32,910 1,377 929 2,357 106 ,418 701 1,659 3,267 2,272 13,923 17,536 1,723 16 123,080 121,312 75,429 33 123 1 377 1 102 2 160 96 I 416 681 1,768 3,334 2,312 13,990 17,557 1,719 23 122,548 120,832 74,719 32,978 1,384 546 2 154 93 ,398 702 1,716 3,262 2,308 14,041 17,570 1,717 30 122,354 120,660 74,647 32,854 1,378 487 2,123 91 408 693 1,694 3,316 2,320 14,068 17,625 1,716 1963 Apr. 3 130,729 128,815 81,130 35,256 1,512 521 2,632 92 J 432 674 1.914 3,944 2,693 15,944 18,367 ,937 10 130,209 128 555 81,230 35 274 1 527 535 2 637 92 435 694 ,654 3,810 2,704 16,026 18,431 ,935 17 131,583 129,787 81,522 35,258 1,538 622 2 655 103 1,443 680 796 3,769 2,734 16,093 18,559 1,932 24 130,612 129,154 81,219 35,036 1,548 564 2,630 99 1,452 681 ,458 3,671 2,760 16,185 18,528 1,935 May 1 133,015 130,890 82,961 35,337 1,540 1,036 3,064 85 ,459 684 >,125 3,943 2,762 16,237 18,751 1,937 8 131 491 129 777 82 285 35 232 1 538 840 2 836 77 469 679 ,714 3,779 2,769 16,310 18,694 1,938 15 132,329 130,716 82,963 35 433 1,548 747 3 063 77 ,475 694 ,613 3,878 2,796 16,421 18,765 1,934 22 131,969 130,540 82,755 35,267 1,555 634 3,160 75 ,488 707 ,429 3,730 2,800 16,502 18,769 1,932 29 131,565 129,843 82,280 35,068 1,560 294 3,070 75 492 702 .722 3,714 2,869 16,537 18,833 1,934 New York City 1962 May 2 30,360 29,802 19,617 10,865 10 1,014 J 480 33 447 340 558 1,201 498 932 3,293 496 9 .... 29,346 28,663 18,830 10,812 9 611 1,343 18 444 348 683 1,032 488 941 3,280 496 16 29 664 29,130 19,016 10 877 9 733 I 271 17 440 336 534 1,087 486 952 3,298 490 23 29,435 28,756 18,398 10,794 9 380 1,151 17 429 347 679 1,043 481 963 3,274 490 30 29,332 28,514 18,261 10,742 9 297 1,133 17 432 336 818 1,080 480 955 3,270 490 1963 Apr 3 31 485 30 602 19 690 11 643 12 239 I 379 19 404 317 883 1,309 529 J.354 3,047 562 10 ... 31 164 30 672 19,759 11 606 12 295 I 427 19 408 329 492 1,250 521 1,401 3,053 562 17 31,685 31,065 19,735 11,563 12 317 1 416 21 407 319 620 1,219 523 1,441 3,059 562 24 31,091 30,688 19,448 11,400 12 262 1,370 21 408 320 403 1,171 516 1,488 3,042 562 May 1 32 453 31 793 20 582 11 564 12 588 I 698 17 410 323 660 1,379 538 1,519 3,097 563 8 31,491 30,992 20,134 11,474 13 508 1,524 12 415 319 499 1,259 535 561 3,077 563 15 31,810 31,461 20,449 11 553 12 429 I 690 12 419 326 349 1,342 522 1,608 3,099 563 22 31,530 31,278 20,194 11,492 12 339 1,688 12 424 334 252 1,221 520 676 3,089 563 29 31,374 30,829 19,935 11,420 13 121 664 12 429 330 545 1,230 525 1.646 3,108 563 Outside New York City 1962 May 2 93,337 92,107 56,313 22,072 1,362 357 1 061 88 969 364 1,230 2,271 1,790 12,942 14,265 1,228 9 92,692 91,716 56,243 22,098 1,368 318 1,014 88 974 353 976 2,235 1,784 12,982 14,256 7?7 16 93 416 92,182 56 413 22 246 1 368 369 889 79 976 345 1,234 2,247 1,826 13,038 14,259 [,229 23 93,113 92,076 56,321 22,184 1,375 166 1,003 76 969 355 1,037 2,219 1,827 13,078 14,296 1,227 30 93,022 92,146 56,386 22,112 1,369 190 990 74 976 357 876 2,236 1,840 13,113 14,355 ,776 1963 Apr. 3 99,244 98,213 61,440 23 613 1 500 282 1 253 73 1,028 357 1.031 2,635 2,164 14,590 15,320 1,375 10 99,045 97,883 61,471 23,668 1,515 240 1,210 73 1,027 365 167 2,560 2,183 14,625 15,378 ,373 17 99,898 98,722 61,787 23,695 1,526 305 1,239 82 1,036 361 ,176 2,550 2,211 14,652 15,500 370 24 99,521 98,466 61,771 23,636 1,536 302 1,260 78 1,044 361 1,055 2,500 2,244 14,697 15,486 1,373 May 1 100,562 99,097 62,379 23,773 1,528 448 1.366 68 1,049 361 ,465 2,564 2,224 14,718 15,654 1,374 8 100,000 98,785 62,151 23 758 1 525 332 1 312 65 1,054 360 715 2,520 2,234 14,749 15,617 1,375 15 100,519 99,255 62,514 23,880 1,536 318 1,373 65 1,056 368 1,264 2,536 2,274 14,813 15,666 1,371 22 100 439 99 262 62,561 23 775 1 543 295 1 472 63 1 064 373 1,177 2,509 2,280 14,876 15,680 1,369 29 100,191 99,014 62,345 23,648 1,547 173 1 406 63 1,063 372 1,177 2,484 2,344 14,891 15,725 1,371 For notes see p. 816. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 WEEKLY REPORTING MEMBER BANKS 815 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U. S. Government securities assets— All Total Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m te a s tu a 1 n r i t d n o g b — on A d f s ter O s r e i t t c h i u e e - s r Total d b a o w B a n t m n i a i c c t l k e e h - s s s - b a w e B f a n i o n i g a c r t k l e n - h - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e t R k h - e . s s other a c c li a c a a t p i o n b e i u d i t s l a n i l - ts 1 year 5 years 5 years Total- Leading Cities 1962 May 2 32,069 3,874 2,370 6,455 14,805 4,565 13,910 17,241 2,968 137 1,443 12,693 4,701 159,588 9 31,667 3,432 2,371 6,501 14,798 4,565 13,639 16,853 2,667 153 1,478 12,555 4,600 155,410 16 32,125 3,831 2,171 6,536 14,584 5,003 13,758 17,393 2,922 136 1,489 12,846 4,478 159,508 23 32,320 3,970 2,147 6,635 14,525 5,043 13,793 16,825 2,640 153 1,540 12,492 4,489 155,769 30 32,256 3,96f 2,121 6,608 14,535 5,030 13,757 17,132 2,887 164 1,581 12,500 4,57f 156,349 1963 Apr. 3 30,857 4,724 1,750 2,507 14,222 7,654 16,828 17,207 3,103 190 1,533 12,381 4,919 165,988 10 30,348 4,200 1,794 2,495 14,230 7,629 16,977 16,895 2,952 171 1,618 12,154 4,886 164,902 17 30,946 4,773 1,808 2,489 14,226 7,650 17,319 17,281 3,209 193 1,691 12,188 5,028 168,269 24 30,597 4,409 1,807 2,456 14,216 7,709 17,338 17,473 2,906 184 1,679 12,704 5,058 165,423 May 1 30,689 4,537 1,841 2,441 14,168 7,702 17,240 18,028 3,361 194 1,554 12,919 5,126 171,271 8 30,277 4,156 1,857 2,444 14,203 7,617 17,215 17,341 2,943 200 1,567 12,631 5,076 166,664 15 30,481 4,342 1,754 2,381 14,618 7,386 17,272 17,716 3,256 199 1,628 12,633 5,020 171,255 22 30,225 4,220 1,779 2,378 14,602 7,246 17,560 17,606 2,977 207 1,648 12,774 4,952 167,600 29,966 4,145 1,774 2,390 14,530 7,127 17,597 16,910 2,931 210 1,618 12,151 5,074 167,292 29 New York City 1962 6,766 1,210 669 ,567 2,382 938 3,419 3,896 122 210 3,494 2,012 41,413 May 2 6,705 ,135 665 ,556 2,402 947 3,128 3,563 77 222 3,186 1,938 39,030 9 6,945 ,413 451 ,406 2,511 1,164 3,169 4,158 69 209 3,814 1,873 40,788 16 7,207 ,603 451 ,458 2,515 1,180 3,151 3,805 63 220 3,440 1,901 39,404 23 7,111 ,562 437 ,429 2,516 1,167 3,142 3,705 69 221 3,328 1,888 39,479 30 1963 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 ,654 4,496 3,676 105 252 3,252 2,037 41,212 17 6,614 ,813 226 507 2,419 ,649 4,716 3,479 92 243 3,064 2,161 41,739 24 6,565 ,754 223 515 2,407 ,666 4,675 4,205 87 246 3,801 2,167 41,439 May 1 6,639 1,850 245 501 2,390 ,653 4,572 4,240 112 227 3,824 2,165 44,455 8 6,406 1,625 266 490 2,399 ,626 4,452 3,934 71 242 3,539 2,139 42,054 15 6,564 1,875 232 347 2,582 ,528 4,448 4,087 100 231 3,680 2,100 43,660 22 6,452 1,794 230 347 2,591 ,490 4,632 4,193 117 239 3,758 2,097 42,337 29 6,238 1,630 235 357 2,544 ,472 4,656 3,903 79 227 3,512 2,136 42,708 Outside New York City 1962 May 2 25,303 2,664 1,701 4,888 12,423 3,627 10,491 13,345 2,846 1,233 9,199 2,689 118,175 9 24,962 2,297 1,706 4,945 12,396 3,618 10,511 13,290 2,590 1,256 9,369 2,662 116,380 16 25,180 2,418 1,720 5,130 12,073 3,839 10,589 13,235 2,853 1,280 9,032 2,605 118,720 23 25,113 2,367 1,696 5,177 12,010 3,863 10,642 13,020 2,577 1,320 9,052 2,588 116,365 30 25,145 2,400 1,684 5,179 12,019 3,863 10,615 13,427 2,818 1,360 9,172 2,684 116,870 1963 Apr. 3 24,330 3,011 1,539 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 1,575 ,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 1,582 ,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 1,584 ,941 11,809 6,043 12,663 13,268 2,819 113 1,433 8,903 2,891 123,984 May 1 24,050 2,687 1,596 ,940 11,778 6,049 12,668 13,788 3,249 117 1,327 9,095 2,961 126,816 8 23,871 2,531 1,591 ,954 11,804 5,991 12,763 13,407 2,872 118 1,325 9,092 2,937 124,610 15 23,917 2,467 1,522 2,034 12,036 5,858 12,824 13,629 3,156 123 1,397 8,953 2,920 127,595 22 23,773 2,426 1,549 2,031 12,011 5,756 12,928 13,413 2,860 128 1,409 9,016 2,855 125,263 29 23,728 2,515 1,539 2,033 11,986 5,655 12,941 13,007 2,852 125 1,391 8,639 2,938 124,584 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 WEEKLY REPORTING MEMBER BANKS JUNE 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Wednesday j u u T s n o t a e t d a d l - ^ j m p u D o d a s a t d s e e n e i - - - t d d s 5 Total* IPC G S l a o t o n a c v t d a e t l s . e F ig o n r- ? G U o .S v . t. c m m D c o t i i e e o m a c s r - l - - - Total« Sav- IPC Oth S l a e o t n a r c t d a t e l i s me e F i o g r n - 7 B F F a . r o n R m k . s o F t r h o e m rs l O ia t t i b h e i s e li r - c C o i a t u a c a p n - l - ts banks Govt. Total— Leading Cities 1962 May 2... 138,731 63,071 93,061 65,458 5,771 4,74411,297 45,670 31,776 7,860 3,426 2,245 36 2,098 5,498 13,225 9... 134,859 61,842 88,959 63,380 5,366 684 44,20110,997 45,900 31,891 7,964 3,420 2,256 36 1,948 5,330 13,237 16... 138,450 60,657 92,378 64,770 5,179 5,72511,439 46,072 31,976 8,061 3,394 2,267 174 2,186 5,478 13,220 23... 134,954 60,857 88,675 62,589 5,404 622 55,52110,390 46,279 32,066 8,169 3,404 2,264 44 2,120 5,434 13,217 30... 135,781 61,621 89,297 63,705 5,404 5,02810,357 46,484'32,116 8,322 3,403 2,265 38 1,804 5,473 13,253 1963 Apr. 3... 144,118 61,811 90,700 65,005 4,772 ,6763,684 12,072 53,418 35,956 10,447 3,839 2,790 48 2,563 5,462 13,797 10... 142,962 63,139 89,439 65,970 4,652 ,674 1' ,8~4'3~ 11,545 53,523 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 1,99112,070 53,425 35,78510,470 3,961 2,812 33 2,559 5,636 13,785 24 142,722 63,529 89,07: 65,806 5,050 758 2,389 10,874 53,650 35,80110,601 4,006 2,843 798 2,359 5,759 13,785 May 1... 148,923 63,699 95,17: 67,004 5,993 ,691 4,95711,414 53,751 35,82210,679 4,019 2,834 75 2,671 5,737 13,866 8 144,163 61,888 90,13' 63,914 5,376 ,773 4,191 11,302 54,026 35,90910,854 4,052 2,818 332 2,551 5,738 13,881 15... 148,507 61,006 94,266 66,197 5,364 ,748 5,20411,866 54,241 35,95211,036 4,027 2,834 565 2,481 5,833 13,865 22... 144,892 61,245 90,477 63,760 5,367 ,672 5,48110,678 54,415 36,01411,133 4,039 2,847 732 2,293 5,817 13,860 29... 144,714 61,143 90,176 64,260 5,399 ,635 4,537 10,753 54,538 36,04811,175 4,076 2,857 79 2,662 5,926 13,919 New York City 1962 May 2... 33,734 16,289 26,096 17,075 439 ,3181,633 3,029 7,638 3,355 2,323 189 1,601 1,072 2,866 3,741 9... 31,721 15,575 24,007 16,109 316 ,2801,349 2,900 7,714 3,377 2,364 191 1,607 815 2,750 3,744 16... 33,043 15,345 25,268 16,592 293 ,2811,657 3,173 7,775 3,395 2,391 188 1,624 1,269 2,700 3,739 23... 31,931 15,377 24,086 16,078 365 ,2181,562 2,884 7,845 3,422 2,436 185 1,624 968 2,769 3,736 30... 32,341 15,650 24,411 16,666 330 ,2031,378 2,829 7,930 3,429 2,505 193 1,623 615 2,786 3,737 1963 Apr. 3 33,889 15,647 24,123 16,334 298 1,2181,037 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 2,03' 120 ,232 2,935 3,857 May 1 36,615 16,422 26,831 17,405 755 1,259 ,579 3,233 9,784 4,175 3,126 265 2,026 ,073 2, 3,884 8 34,122 15,372 24,287 15,974 312 1,341 ,279 3,146 9,835 4,194 3,172 265 2,011 ,185 2,860 3,887 15 35,416 15,004 25,529 16,620 311 1,304 ,466 3,396 9,887 4,204 3,212 270 2,020 257 ,248 2,854 3,885 22 34,116 15,262 24,203 15,976 331 1,251 ,462 2,962 9,913 4,216 3,211 274 2,030 282 ,226 2,838 3,875 29 34,653 15,025 24,711 16,414 394 1,225 ,185 3,206 9,942 4,215 3,231 279 2,035 ,293 2,887 3,875 Outside New York City 1962 May 2 104,997 46,782 66,965 48,383 5,332 413 3,111 8,268 38,032'28,421 '5,537 3,23' 644 36 1,026 2,632 9,484 9 103,138 46,267 64,952 47,271 5,050 404 2,852 8,097 38,186••28,514 '5,600 3,229 64! 36 1,133 2,580 9,493 16 105,407 45,312 67,110 48,178 4,886 404 4,068 8,266 38,297'28,581 '5,670 3,206 643 137 917 2,778 9,481 23 103,023 45,480 64,589 46,511 5,039 404 3,959 7,506 38,434••28,644 '5,733 3,219 640 44 1,152 2,665 9,481 30 103,440 45,971 64,886 47,039 5,074 3983,650 7,528 38,554'28,687 r5,817 3,210 642 1,189 2,687 9,516 1963 Apr. 3 110,229 46,164 66,577 48,671 4,474 458 2,647 8,840 43,652 31,767 7,337 3,570 786 48 ,669 2,670 9,939 10 109,434 47,173 65,701 49,486 4,374 4381,350 8,601 43,733 31,741 7,421 3,588 78' 220 ,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 79 33 ,463 2,787 9,929 24 109,427 47,541 65,55 49,231 4,776 4491,727 7,982 43,873 31,63f 7,488 3,741 809 678 ,127 2,824 9,928 May 1 112,308 47,277 68,341 49,599 5,238 43:3,378 8,181 43,967 31,647 7,553 3,754 808 75 ,598 2,85 9,981 8 110,041 46,516 65,850 47,940 5,064 43:2,912 8,156 44,191 31,715 7,682 3,787 807 332 ,366 2,878 9,993 15 113,091 46,002 68,737 49,57? 5,053 444 33,738 8,470 44,354 31,748 7,824 3,757 81 308 ,233 2,979 9,984 22 110,776 45,983 66,274 47,784 5,036 4214,019 7,716 44,502 31,798 7,922 3,765 817 450 ,06' 2,979 9,991 29 110,061 46,118 65,465 47,846 5,005 4103,35: 7,547 44,596 31,833 7,944 3,797 822 79 ,369 3,039 10,036 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

JUNE 1963 BUSINESS LOANS OF BANKS 817 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (Net change in millions of dollars) Week Month Quarter Half year Industry 1963 1963 1963 1962 1962 M 2 a 2 y M 1 a 5 y M 8 ay M 1 ay May Apr. Mar. I IV III 2nd 1st Durable goods manufacturing: 8 -5 16 18 -61 16 12 -25 -49 -74 -131 Machinery -7 -11 2 -23 17 -26 -12 107 135 -13 31 19 89 Transportation equipment -31 -15 5 -20 17 -44 -105 23 -11 62 -15 47 96 Other fabricated metal products... 1 4 8 7 20 9 2 22 -44 -48 -91 126 Other durable goods -5 -1 7 7 16 23 9 46 33 -158 140 -18 128 Nondurable goods manufacturing: Food, liquor, and tobacco -46 -48 26 -68 16 -120 -136 -67 -371 416 111 528 -497 Textiles, apparel, and leather -13 -26 26 25 14 26 9 125 207 -275 96 -179 289 Petroleum refining 19 -1 11 4 -6 26 12 13 -32 31 12 43 -67 Chemicals and rubber -24 -26 -3 -4 4 -52 17 105 90 25 -154 -129 76 Mi O n t i h n e g r , n i o nc n l d u u d r i a n b g l e c g ru o d o e d s petroleum 4 -5 8 7 7 20 -7 34 46 -112 7 -105 174 -15 3 8 13 3 6 -30 78 296 91 -25 66 178 Trade: Commodity dealers -7 -7 -25 -34 -21 -94 -78 -82 -69 133 87 220 -237 13 4 10 2 15 43 50 2 -77 60 63 123 34 Retail -6 -10 35 -35 39 24 22 102 -7 117 36 154 61 Transportation, communication, and -39 2 -1 -22 19 -41 -64 16 -233 346 309 655 -510 Construction . 9 7 39 13 23 91 53 23 -42 -46 29 -17 182 All other types of business, mainly -32 -15 11 -21 89 32 67 60 21 283 8 290 20< Net change in classified loans -171 -154 153 -132 258 -46 -244 598 21 893 640 1533 19f Commercial and industrial change— all weekly reporting banks -199 -166 201 -105 301 32 -172 644 42 1103 709 1812 434 NOTE.—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 95 per cent of total commercial and End-of-week date shown. Figures for periods other than week are industrial loans of all weekly reporting member banks and about 70 per based on weekly changes. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) period loans 1— 10— 100— 200 pe Q r T i lH od loans 1— 10— 100— 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 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: I960 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: 1 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 Sent 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%; Oct. 14, 3^; 1956— NOTE.—Weighted averages. For description see Mar. 1949 BULL., Apr. 13, 334; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, pp. 228-37. Bank prime rate was 3% per cent Jan. 1,1954-Mar. 16,1954. 3Vi; Sept. 11, 4; 1959—May 18, 4%; Sept. 1, 5; and 1960—Aug. 23, 4& Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 INTEREST RATES JUNE 1963 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)j Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period ^ p t a o pe e r - , placed a a c n c c e e p s t , - 3-to 5months 1 m 3 o - n t t o h 6 s - 2 90 days 1 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s ) et Other* iss y u ea es r 5 I960 3 85 3.54 3 51 2.928 2.87 3.247 3.20 3 41 3.55 3.99 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1962 3.26 3.07 3.01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1962—May 3.16 2.95 2.91 2.694 2.68 2.789 2.78 2.91 2.98 3.53 June 3.25 3.02 2.90 2.719 2.73 2.804 2.80 2.89 3.02 3.51 July 3.36 3.20 3.07 2.945 2.92 3.085 3.08 3.17 3.23 3.71 3.30 3.12 3.11 2.837 2.82 3.005 2.99 3.10 3.13 3.57 SeDt 3.34 3.13 3.09 2.792 2.78 2.947 2.93 2.99 3.00 3.56 Oct 3.27 3.04 3.03 2.751 2.74 2.859 2.84 2.90 2.90 3.46 Nov 3.23 3.08 3.00 2.803 2.83 2.875 2.89 2.94 2.92 3.46 Dec 3.29 3.16 3.00 2.856 2.87 2.908 2.91 2.94 2.95 3.44 1963 Jan 3.34 3.18 3.07 2.914 2.91 2.962 2.96 3.00 2.97 3.47 Feb 3.25 3.13 3.13 2.916 2.92 2.970 2.98 3.00 2.89 3.48 Mar 3.34 3.15 3.13 2.897 2.89 2.950 2.95 2.97 2.99 3.50 Apr 3.32 3.17 3.13 2.909 2.90 2.988 2.98 3.03 3.02 3.56 May 3.25 3.15 3.13 2.920 2.92 3.006 3.01 3.06 3.06 3.57 Week ending— 1963 May 4 3.25 3.13 3.13 2.898 2.90 2.988 2.99 3.05 3.00 3.56 11 3.25 3.14 3.13 2.905 2.91 2.993 2.99 3.04 3.00 3.54 18 3.25 3.19 3.13 2.903 2.90 2.990 2.99 3.04 3.03 3.55 25 3.25 3.15 3.13 2.922 2.94 3.005 3.02 3.06 3.10 3 59 3.25 3.13 3.13 2.974 2.98 3.055 3.06 3.09 3.17 3.64 i Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. * 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 Stock:i State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States (long- Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a il d - P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - I960 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.47 5 oo 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 r6 05 1962—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 r6.40 July 4.02 3.37 3.10 3.72 4.63 4.34 5.05 4.52 4.90 4.48 4 59 3.68 3.97 3.38 3.10 3.74 4.64 4.35 5.06 4.51 4.90 4.50 4.55 3.57 Sept 3.94 3.28 3.01 3.66 4.61 4.32 5.03 4.45 4.88 4.49 4.50 3.60 r6 57 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 *3.53 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 3.97 3.21 2.99 3.54 4.48 4.22 4.86 4.40 4.63 4.39 4.29 3.13 Week ending— 1963 Mav 4 3.98 3.23 3.01 3 56 4.48 4.22 4 87 4 41 4 63 4 40 4 31 3 09 y ii:.:::::::::::::: 3.97 3.23 3.01 3.56 4.48 4.22 4.86 4.40 4.63 4 39 4 30 3 10 18 3.96 3.19 2.97 3.52 4.47 4.21 4.86 4.40 4.63 4.39 4 28 3 14 25 3 97 3.20 2.97 3.52 4.47 4.22 4.85 4.40 4 63 4 39 4 27 3 15 June 1 3.99 3.22 3.00 3.55 4.48 4.23 4.84 4.40 4.63 4.39 4.27 3.15 4-12 20 5 5 120 30 30 40 40 40 14 500 500 i Includes bonds rated Aa and A, data for which are not shown sep- figures Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number of from Moody's Investors Service series. corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 SECURITY MARKETS 819 SECURITY PRICES Bonds Common stocks Vol- Standard Standard and Poor's index Securities and Exchange Commission index ume and Poor's (1941-43= 10) (1957-59= 100) of trad- Period U.S. ing Govt. M a 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 i s a - - l R ro a a i d l- P u i l u t t i i y b c l - - Total Total r D ab u- le N r d a o b u n l - e - p T t o r i a r o t n n a s - - P u i l u t t i i b y c l - - n s a a e i f c n r n i e - v d c - e, M in in g - s s h a a o n r f d e s s) 1960 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 1961... 87.55 107.8 95.2 66.27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1962 86.94 112.0 95.6 62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820 1962—May.... 87.87 113.5 95.9 62.99 66.32 30.71 58.84 128.3 119.0 117.5 120.6 98.5 167.1 161.6 97.5 5,045 June.... 87.61 111.2 95.7 55.63 58.32 28.05 53.32 114.3 105.7 103.2 108.1 90.2 151.1 141.3 88.3 4,770 July 86.07 110.2 95.4 56.97 59.61 28.29 55.51 116.0 106.9 104.4 109.2 90.0 156.7 139.4 90.9 3,532 Aug.... 86.64 110.1 95.3 58.52 61.29 28.09 56.96 119.5 110.4 109.1 111.7 90.6 160.7 143.6 92.7 3,368 Sept 87.02 112.1 95.8 58.00 60.67 27.68 56.96 117.9 108.9 106.2 111.5 88.5 158.2 141.6 92.3 3,310 Oct 87.73 114.4 96.6 56.17 58.66 27.40 55.63 114.3 105.6 102.5 108.4 86.6 154.3 135.9 91.3 3,423 Nov 87.96 114.5 96.6 60.04 62.90 30.47 57.69 122.8 114.0 110.7 117.3 97.2 162.0 145.4 97.7 4,803 Dec 87.96 113.0 96.6 62.64 65.59 32.24 60.24 128.0 119.1 114.0 123.8 102.3 167.9 151.8 101.5 4,048 1963- Jan 87.81 113.0 97.4 65.06 68.00 34.06 63.35 132.6 123.6 119.2 127.7 107.3 173.0 155.8 106.8 4,574 Feb 87.33 112.1 97.8 65.92 68.91 34.59 64.07 135.0 125.5 121.0 129.7 110.3 177.5 158.4 109.3 4,168 Mar.... 87.15 113.3 97.8 65.67 68.71 34.60 63.35 133.7 124.5 118.7 129.9 109.3 174.5 158.6 111.5 3,565 Apr 86.63 113.2 97.4 68.76 72.17 36.25 64.64 140.7 132.0 126.9 136.9 116.3 179.2 164.8 120.1 5,072 May.... 86.66 112.6 97.1 70.13 73.60 38.37 65.56 143.2 134.3 130.7 137.7 124.2 180.6 170.0 123.2 4,781 Week ending— 1963—May 4. 86.55 112.9 97.2 69.92 73.42 37.58 65.24 142.7 133.8 128.6: 138.6 121.lj 181.6 168.0 121.9 4,593 11. 86.70 113.0 97.1 69.97 73.49 37.48i 65.21 143.7 135.0 '1"3*1 .7- *1~38~ I-! 121.2! 181.4' 168.81 123.2 4,856 18. 86.80 112.7 97.2 70.33 73.79 38.18; 65.84 143.0 133.9 130.3 137.4 124.4 180.6! 171.6 123.3 5,075 25. 86.67 112.5 97.0 70.07 —73 .4'7" 39.00 65.72 142.5 133.3 129.8 136.7 126.7! 180.0 170.7 122.9 4,936 June 1. 86.45 111.8 97.1 70.25 73.71 39.49 65.40 144.1 135.4 133.3 137.5 127.6! 179.61 171.1 124.7 4,155 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 */i-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 N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Cusfirms secured by— chasing and carrying— tomers' Months Total securities free other than Other securities U.S. Govt. U.S. Other U.S. Other U.S. balse G cu o r v it t i . es securities se G cu o r v it t i . es securities se G cu o r v it t i . es Total Customer Other ances collateral collateral 1959—Dec 4,461 150 3,280 167 1,181 221 2,362 2,044 318 996 1960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 1,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—May.... 5,408 35 4,000 91 1,408 44 2,845 2,499 346 1,205 June.... 4,938 32 3,605 92 1,333 46 2,194 1,897 297 1,374 July 4,876 29 3,562 83 1,314 32 2,091 1,856 235 1,252 Aug 5,073 23 3,773 80 1,300 35 2,472 2,190 282 1,130 Sept 5,156 27 3,887 81 1,269 49 2,689 2,381 308 1,091 Oct 5,165 25 3,864 81 1,301 29 2,596 2,271 325 1,126 Nov 5,285 24 3,951 82 1,334 28 2,558 2,269 289 1,151 Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Jan 5,595 28 4,208 95 1,387 32 2,895 2,556 339 1,199 Feb 5,717 23 4,332 91 1,385 35 '3,059 2,695 364 1,191 Mar 5,754 28 4,331 100 1,423 63 C3,129 2,754 375 1,175 Apr 5,978 27 4,526 99 1,452 33 C3,239 2,889 350 1,201 May.. .. 6,229 24 4,737 75 1,492 33 3,655 3,150 505 1,166 NOTE.—Data in the first three cols, and last col. are for end of month, Bank loans to others than brokers and dealers: figures are for weekly in the other cols., for last Wed. reporting member banks. Before July 1959, loans for purchasing or Net debit balances and broker and dealer credit; ledger balances of carrying U.S. Govt. securities were reported separately only by N. Y. member firms of the N. Y. Stock Exchange carrying margin accounts, as and Chicago banks. Accordingly, for that period the fifth col. includes reported to the Exchange. Customers' debit and free credit balances any loans for purchasing or carrying such securities at other reporting exclude balances maintained with the reporting firm by other member banks. Composition of series also changed beginning with July 1959; firms of national securities exchanges and balances of the reporting firm revised data for the new reporting series (but not for the breakdown of and of general partners of the reporting firm. Balances are net for each loans by purpose) are available back through July 1958 and have been customer—i.e., all accounts of one customer are consolidated. Money incorporated. borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JUNE 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Total t P hr la o c u e g d h P di l r a e c c e t d - Total Banks Others p i I o n m r to t - s p f E r o o x r m t - s Do ex ll - ar shi p p o pe in d t s b i e n t — ween dealers * ly2 Total O bi w lls n bo B u il g ls ht O ac w ct n . F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign corr. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958. 32,751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 67 S 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 ,234 485 969 117 293 819 1962—Apr 5,641 1,883 3,758 2,392 981 763 218 36 94 ,281 479 826 74 158 855 May 5,919 1,869 4,050 2,345 949 733 216 33 112 ,251 462 787 96 145 855 June 5,865 1,878 3,987 2,342 965 731 234 60 85 ,232 473 751 145 117 857 July 6,170 2,002 4,168 2,306 1,009 736 273 43 80 ,175 485 705 143 93 881 Aug 6,576 2,119 4,457 2,277 937 721 216 35 71 ,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 1,239 502 679 160 110 917 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 ,301 541 778 186 171 974 1963—Jan 6,790 2,091 4,699 2,593 1,153 849 304 72 84 [,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 Apr 7,359 2,204 5,155 2,658 1,251 977 274 44 83 1,280 523 750 146 108 1,130 1 As reported by dealers; includes finance co. paper as well as other 3Beginning 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. nvestors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— End of period M ga o g r e t- Other G U o .S v . t. S g l a o 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 1 - a C s a se sh ts O as t s h e e ts r s l a T u ia a t c r o i b n c p e t i d t s l a l s u l i . - 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 - lu ts s N c M u o m o m r b m tg e i r a t g m e A e n l m o ts o a n u 3 nt 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 19594 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1962—Mar. 29,563 508 6,531 633 5,090 896 676 43,897 39,083 973 3,840 69,223 1,698 Apr. 29,833 468 6,315 607 5,055 817 671 43,766 39,032 923 3,811 73,401 1,817 May 30,087 537 6,331 587 5,057 829 670 44,100 39,216 1,016 3,868 78,707 1,897 June 30,398 519 6,296 582 5,069 883 675 44,421 39,642 921 3,859 79,248 1,940 July. 30,688 506 6,285 577 837 678 44,706 39,814 1,021 3,871 84,357 1,994 Aug. 31,000 560 6,311 568 808 677 45,073 40,029 1,127 3,917 83,803 2,088 Sept. 31,243 563 6,314 563 852 702 45,388 40,458 996 3,934 88,882 2,122 Oct.. 31,548 536 6,152 548 867 697 45,502 40,644 955 3,904 93,526 2,229 Nov. 31,820 586 6,133 542 832 683 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 '583 6,177 ^501 r5,162 870 722 '46,826 '41,780 1,052 »"3,993 108,060 2,398 Mar. 33,125 611 6,436 475 5,153 891 743 47,435 42,305 1,107 4,023 103,534 2,379 1 Includes securities of foreign governments and international organiza- NOTE.—National Assn. of Mutual Savings Banks data; figures are tions and U.S. Govt. agencies not guaranteed, as well as corporate estimates for all savings banks in the United States and differ somewhat securities. from those shown elsewhere in BULLETIN; the latter are for call dates and 2 See note 4, p. 807. are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Association of the State of New York. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 SAVINGS INSTITUTIONS 821 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 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 ... 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119 576 11,679 6 427 3 588 1,664 51,857 46,876 4,981 41,771 3,765 5 231 5 273 1961 126 816 11,896 6 134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5 683 Book value: I960—Dec 119,576 11,699 6,428 3,606 1,665 51,053 46,967 4,086 41,815 3,796 5,233 5,980 1961 Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962—Mar.r 128,351 12,271 6,307 4,051 1,913 54,719 49,811 4,908 44,656 4,036 5,850 6,819 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 6 412 130,596 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 l%3_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 Mar 134,977 12,687 6,032 4,063 2,592 57,381 52,038 5,343 47,618 4,179 6,320 6,792 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d io o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other* 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 3 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 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 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—Mar , 70,766 5,528 3,187 4,790 84,271 72,888 5,738 2,296 1,656 1,693 2,335 Apr 71,608 5,482 3,109 4,884 85,083 73,274 5,737 2,422 1,792 1,858 2,474 May 72,585 5,468 3,116 5,297 86,466 74,056 5,741 2,520 1,910 2,239 2,616 June 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 75,527 5,437 2,949 5,158 89,071 76,149 6,032 3,065 1,998 1,827 2,518 Sept 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 '2,436 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 79,648 5,739 3,612 5,234 94,233 81,407 6,572 2,896 1,939 1,419 2,343 Feb.' 80,341 5,910 3,719 5,283 95,253 82,251 6,588 2,701 1,964 1,749 2,447 Mar 81,247 6,087 3,809 5,399 96,542 83,446 6,583 2,605 2,108 1,800 2,663 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

822 FEDERAL FINANCE JUNE 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 T f P u r l n u u d s s : s t g I L n o e t v s r s t a . : - i E r T e q c o u t t a s a l . l s 2 : Budget T f P u r l n u u d s s : s t A m L d e e j s u n s s t : s t- 3 E p T q a o u y t a t a l s l s . : p re a o c y r t t s s . . C & (d h d a i i a e r n g b n e e t c g n t e .) a I t g L n r e e v b u n s e y s s . s t : s t & . L N c d e a e o s s b n s h t : - Eq N u e a t ls: Cal. year—1960 79,518 21,773 2,946 98,287 77,565 21,285 4,156 94,694 3,593 -549 1,629 491 -2,669 1961 78,157 24,260 4,425 97,929 84,463 24.689 4,414 104,738 -6,809 6,791 -434 470 6,755 1962. 84,709 25,508 3,942 106,230 91,908 24|456 4,414 111,949 -5,721 9,053 1,056 1,386 6,612 Fiscal year—1959 67,915 16,950 3,161 81,660 80,342 18,462 4,002 94,804 -13,144 9,656 -1,181 2,160 8,678 1960 77,763 20,534 3,167 95,078 76,539 20,891 3,129 94,301 111 3,371 953 597 1,821 1961 77,659 23,583 3,946 97,242 81,515 23,016 5,003 99,528 -2,286 2,102 870 536 698 1962 81,409 24,325 3,789 101,887 87,787 24,109 4,185 107,711 -5,824 11,010 465 923 9,621 Half year: 1961—Jan.- June.... 42,330 13,442 2,497 53,249 41,298 12,533 2,990 50,840 2,408 -1,307 1,052 68 -2,426 July-Dec 35,826 10,673 1,782 44,680 43,165 12,010 1,278 53,898 -9,217 8,098 -1,484 402 9,180 1962—Jan.-June 45,583 13,652 2,007 57,207 44,622 12,099 2,907 53,814 3,393 2,911 -1,950 521 440 July-Dec 39,126 11,856 1,935 49,023 47,286 12,357 1,507 58,136 -9,114 6,142 -894 865 6,172 Month: 1962—Apr 5,754 1,587 279 7,060 7,289 1,867 83 9,074 -2,014 784 -737 39 1,482 May 7,024 4,053 222 10,850 7,229 1,591 -340 9,160 1,690 2,386 2,168 85 133 June 11,615 2,575 1,109 13,077 8,102 2,252 730 9,624 3,453 -674 564 41 -1,278 July 3,566 1,194 190 4,567 7,252 1,859 -203 9,314 -4,747 -62 -940 101 778 Aug 7,089 3,447 204 10,328 8,541 2,082 46 10,577 -249 4,266 1,511 411 2,344 Sept 10,053 1,622 532 11,140 7,327 2,362 1,049 8,639 2,501 -2,309 -624 21 -1,706 Oct 3,030 1,377 253 4,150 8,524 2,197 573 10,149 -5,998 2,974 -353 121 3,206 Nov 7,027 2,531 265 9,289 8,070 2,047 95 10,021 -732 3,258 449 «1,548 1,262 Dec 8,360 1,684 491 9,548 7,572 1,811 -53 9,436 112 -1,984 -936 6-1,337 289 1963—Jan 5,533 994 238 6,285 8,013 2,477 1,660 8,830 -2,544 -372 -1,007 61 575 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 2,128 239 11,548 7,806 2,232 1,041 8,997 2,552 -1,949 49 -4 -1,996 Apr 5,735 1,757 238 7,251 7,590 2,035 -104 9,728 -2,476 104 -884 901 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C sh h a b n a g l e a n i c n es Tre ( a e s n u d r e o r' f s p a e c r c i o o u d) nt Period Agencies & trusts Change Operating bal. Budget in s d u e r o f p i r c lu it s f T u r n u d s s t Clearing i M ss s u a e o c r a f k . n * e c t e i I n G n s e v o U c e v . . s 4 t S t . , . p d g d u i r e r b o e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance b F a . n R 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—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 «3,323 -57 591 7,109 585 5,728 796 Dec 788 -127 1,080 -42 626 «-l,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 9S6 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 Apr -1,854 -277 -160 -70 616 173 100 -1,672 6,579 952 4,340 1,287 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. ^ Includes $1,412 million of 2VA 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

JUNE 1963 FEDERAL FINANCE 823 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Selected excise taxes Budget receipts (IRS data) Transfers to trusts Indiv. taxes Period Net2 O ag ld e - H w ig a h y - R ti r . r e e R - . . fu R n e d - s Total W he i l t d 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 e e n y - s t - O ce r t i e h p - e ts r Liquor b T a o c - co a M t n a d i f l r e r s r e . 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 1960 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 99,49132,978 13,175 21,765 12.064 12 502 7,007 3.213 1,991 5,294 1962 81,409 11,545 2,949 564 6,266 103,81836,246 14,403 21,296 12,752 12,708 6,412 3,341 2,026 5,536 Half year: 1961—Jan.-June.... 42,330 6,728 1,301 274 5,104 56,42116,362 9,990 12,927 5,826 7,439 3,877 1,528 984 2,570 July-Dec. 35,826 4,741 1,533 278 885 43,57517,652 3,189 8,259 6,394 5.024 3,057 1,754 1,035 2,656 1962—Jan.-June.... 45,583 6,802 1,415 288 5,380 60,24318.593 11,213 13,036 6.358 7,686 3,357 1 587 QQ1 2.8SO July-Dec 39,126 5,311 1,672 291 805 47,55318,958 3,319 8,810 6,808 5,608 4,050 1,805 1,040 2,876 Month: 1962—Apr 5,754 729 230 13 1.417 8,153 1,017 4,330 445 959 745 65? 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 1963—Jan 5,533 178 261 12 109 6,285 1,269 2,367 517 ,099 429 605 243 166 Feb 7,305 1,761 234 78 838 10.997 5,422 783 422 ,038 2,596 736 216 163 •1,635 Mar 9,663 1,308 279 48 1,720 13,093 3,182 745 6,081 ,081 1,428 576 278 160 Apr 5,735 920 258 13 1,603 8,544 973 4,371 551 ,022 940 686 Budget expenditures Period Total ^ f t e i N d o n e n a s - - a e l 5 a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r a e r a c - t l - es t m C ra a o e n n r m d s c p e - . & H de i o c n v u o g e s m l - . . l H w ab e e o l a f r l a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e 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— Apr 7,289 4,314 273 141 363 143 214 -10 381 84 438 780 175 May 7,229 4,786 -110 155 300 161 231 —29 297 98 434 780 129 June 8,102 5,036 314 142 396 209 308 -90 492 109 397 831 168 July 7,252 3,954 95 135 664 191 156 190 460 84 442 834 138 Aug 8.541 4,448 276 187 1.126 247 300 23 348 131 492 806 195 Sept.. 7,327 4,035 204 141 570 268 224 -19 415 125 401 813 150 Oct 8.524 4 610 358 187 978 231 232 -23 454 61 440 826 182 Nov 8,070 4,566 327 187 531 219 212 72 470 79 443 814 156 Dec 7,572 4,344 57 187 721 175 215 121 409 98 445 843 158 1963—Jan 8,013 4,548 251 233 510 184 224 3 483 150 486 863 170 Feb 6.763 4.102 708 194 253 156 310 -125 HO 125 445 820 149 Mar 7,806 4,523 210 250 473 143 212 116 379 110 405 832 157 Apr 7,589 4,522 299 271 397 157 220 -157 443 93 367 828 156 1961 1962 1963 1961 1962 1963 Item II III IV II III IV I III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 24.5 24.6 25.2 25.3 Payments. . . 26.7 26.3 26.9 27 Net. 2.1 -1 .7 -1 .7 2 sa 26.5 27.3 27.1 27.4 28.5 23.4 21.3 26.2 31.0 26.0 23.0 28.2 27.0 28.1 29.2 28.3 27.4 26.7 27.2 26.0 27.9 28.5 29.6 26.6 .2 - .5 -. 7 -2. 1 1.1 -3 .3 -5 .9 .3 3.1 -2 .5 -6 .6 1.6 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 U.S. GOVERNMENT SECURITIES JUNE 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 1 l d d T g e i r o r b o e t t s a c s 2 l t Total Marketable C ve o r n t- - Nonmarketable i S ss p u e e c s ia 6 l ible Sav- Total Bills C c e a r t t e if s i- Notes Bonds 4 bonds Total 5 ings 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 1960—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—May 299.6 299.2 251.2 198.2 43.7 13.5 65.4 75.5 4.3 48.7 47.6 44.3 298.6 298.2 249.5 196.1 42.0 13.5 65.5 75.0 4.3 49.2 47.6 44.9 July 298.3 297.9 250.1 196.9 42.8 13.5 65.5 75.0 4.3 49.0 47.7 43.8 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 May 305.8 305.2 257.6 204.1 49.7 22.2 52.1 80.1 3.5 50.0 48.2 43.6 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, Foreign ' currency series, Foreign to $368 million on May 31, 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% per cent partially tax-exempt bonds, totaled $12,728 million on Apr. 30, 1963. acquired by Treasury for retirement on Dec. 15, 1962, in exchange for 4 Includes Treasury bonds and minor amounts of Panama Canal and various issues on Nov. 15, 1962. postal savings bonds. 5 Includes Series A investment bonds, depositary bonds, armed forces NOTE.—Based on daily statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G t U e a r o n u n .S v c s d . i t t e . s b F a . n R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n c v a d a t ts e l . Savi I n n g d s ividu O a t l h s er n F a i o t n a i r t o n e e n d i r g a - n l2 i O m t n o v t i r h s e s e c s 3 r . funds l bonds securities 1941—Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1955—Dec 280.8 51.7 24.8 204.3 62.0 8.5 14.6 23.5 15.4 50.2 14.5 7.5 8.1 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 19.7 18.7 45.7 19.3 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 19.4 18.7 46.4 18.8 13.4 11.6 1962—Apr 297.4 53.7 29.2 214.4 65.3 6.3 11.5 20.4 19.6 46.6 18.9 13.3 12.5 May 299.6 55.9 29.6 214.1 65.2 6.3 11.5 20.8 19.7 46.6 18.5 13.5 11.8 June 298.6 56.5 29.7 212.5 65.0 6.3 11.3 19.3 19.7 46.6 18.5 14.1 11.6 July 298.3 55.5 29.8 213.0 64.5 6.3 11.5 19.8 19.9 46.7 18.9 14.2 11.3 Aug 302.3 57.1 30.4 214.9 64.5 6.3 11.5 20.9 19.9 46.8 18.9 14.6 11.5 Sept 300.0 56.4 29.8 213.7 64.6 6.3 11.4 18.8 19.8 46.8 19.1 '15.1 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 '15.3 r12.9 Feb 305.2 55.1 30.6 219.5 65.1 6.1 11.4 21.4 '19.9 47.2 19.6 '15.2 '13.8 Mar 303.5 55.1 31.0 217.4 63.9 6.3 11.2 20.5 20.1 47.3 20.1 '15.3 '12.8 Apr 303.7 54.3 31.2 218.2 64.2 6.1 11.1 20.7 20.6 47.3 19.5 15.6 13.1 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corporate pension funds. in the United States. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 U.S. GOVERNMENT SECURITIES 825 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date TO", 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: I960—Dec. 31 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962—Dec. 31 203,011 87,284 48,250 39,034 61,640 33,983 4,565 15,539 1963—Mar. 31 203,472 81,647 48,530 33,117 61,328 37,962 6,770 15,764 Apr. 30 204,323 82,469 49,430 33,039 61,079 37,952 6,770 16,054 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—Mar. 31 10,459 1,900 1,229 671 1,173 2,948 1,808 2,630 Apr. 30 10,263 1,702 1,050 652 1,173 2,949 1,809 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—Mar. 31 30,963 17,691 2,583 15,108 10,924 2,183 69 96 Apr. 30 31,182 17,846 2,664 15,182 10,988 2,183 69 96 Held by public: 1960—Dec. 31 153,515 57,125 35,638 21,487 59,156 15,903 11,520 9,811 1961—Dec. 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—Mar. 31 162,050 62,056 44,718 17,338 49,231 32,831 4,893 13,038 Apr. 30 162,878 62,921 45,718 17,203 48,918 32,820 4,892 13,328 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—Mar. 31 55,686 15,179 8,039 7,140 26,045 13,390 652 420 Apr. 30 56,098 15,593 8,481 7,112 25,920 13,414 631 540 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—Mar. 31 6,053 875 568 307 1,304 2,196 392 1,285 Apr. 30 5,865 679 384 295 1,305 2,202 394 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—Mar. 31 9,153 926 521 405 2,138 2,360 810 2,919 Apr. 30 9,232 920 515 405 2,208 2,371 811 2,921 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—Mar. 31 10,762 8,319 6,597 1,722 2,006 415 13 9 Apr. 30 10,986 8,659 7,175 1,484 1,922 382 9 14 Savings and loan associations: 1960—Dec. 31 2,454 322 163 159 858 473 396 406 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Dec. 31 2,862 437 254 183 817 1.030 105 473 1963—Mar. 31 3,173 427 260 167 771 1,246 256 473 Apr. 30 3,188 396 241 155 769 1,285 259 480 State and local governments: I960—Dec. 31 10,957 3,933 2,643 1,290 1,785 828 1,382 3,029 1961—Dec. 31 10,893 3,974 2,710 1,264 1,320 842 1,250 3,507 1962—Dec. 31 11,716 4,447 3.282 1,165 1.059 1,505 688 4 017 1963—Mar. 31 11,835 4,374 3,506 868 1,044 1,420 937 4,060 Apr. 30 12,510 4,983 4,119 864 1,046 1,423 987 4,070 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—Mar. 31 65,387 31,955 25,227 6,728 15,924 11,805 1,832 3,871 Apr. 30 65,000 31,691 24,802 6,889 15,748 11,743 1,800 4,017 NOTE.—Direct public issues only. Based on Treasury Survey of cos. combined; (2) about 50 per cent by the 472 nonfinancial corps, and Ownership. 488 savings and loan assns.; and (3) about 60 per cent by 480 State and Data complete for U.S. Govt. agencies and trust funds and F.R. Banks local govts. but for other groups are based on Treasury Survey data. Of total mar- Holdings of "all others," a residual throughout, include holdings of ketable issues held by groups, the proportion held on latest date and the all those not reporting in the Treasury Survey, including investor groups number of reporting owners surveyed were: (1) about 90 per cent by the not listed separately 6,130 commercial banks, 507 mutual savings banks, and 809 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 U.S. GOVERNMENT SECURITIES JUNE 1963 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity Period Total Within 1-5 5-10 Over 1 year years years 10 years 1962—Apr 1,689 1,350 180 114 45 M^ay '1,693 '1,337 218 114 '25 June 1 681 1,3^7 191 '99 33 July 1,682 1,457 139 63 23 Aug . . 1,603 1,318 158 94 33 Sept 1,913 1,432 293 147 40 Oct 1,967 1,517 263 159 28 Nov 1,770 1,266 262 210 '32 Dec 2,071 1,446 366 222 1963 Jan '1,871 '1,484 226 124 Feb 2 350 1,646 400 230 1,694 1,241 224 149 Apr 1,788 1,438 195 105 Week ending— 1963 Apr 3 1,944 1,589 208 106 10 1 491 1,181 170 87 17 2,107 1,787 163 110 24 1,499 1,205 163 96 May 1 2,249 1,671 350 157 8 1 738 1,199 311 134 15 1,506 1,087 256 103 22 1 489 1 092 203 130 29 1,679 1,134 326 146 JO JOJ- 00 NOH- By type of customer U.S. Govt agency Dealers and brokers securities G U o .S v . t. Other m b C e a o r n c m k ia - s l o A th l e l r securities 541 42 653 453 90 564 35 '661 433 90 553 29 652 '447 89 529 34 621 498 82 542 27 600 435 78 571 42 766 534 105 682 40 744 '501 115 550 32 722 466 70 610 38 881 543 88 621 37 730 484 81 733 44 952 622 73 79 544 39 657 454 91 50 509 33 757 488 91 42 547 24 781 593 93 53 466 27 618 380 62 47 561 41 942 564 54 35 483 29 604 384 124 71 603 48 904 695 98 94 578 31 632 499 136 59 488 37 608 373 40 65 439 25 585 439 94 73 590 27 558 504 61 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F. R. Bank of N. Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i . y es Period so A ur l c l es Y N C o e it w r y k w E h ls e e r - e Co ti r o p n o s r i a- o A th l e l r 1962—Apr '3,770 3,388 252 131 193 May '3,641 2,985 403 255 196 1962—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 '231 June 3,900 1,092 720 ,798 290 Aug '2,648 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 '195 248 Sept 3,332 943 660 ,308 421 Nov 4,013 3,309 447 256 204 Oct 3,528 1,074 707 ,301 445 Dec 4,268 3,829 365 74 '227 Nov 4,100 1,170 716 ,666 548 Dec 4,378 1,563 839 ,566 411 1963—Jan 4,021 '3,622 368 30 '185 Feb 3,410 2,863 473 74 '128 1963—Jan 4,062 1,388 895 ,396 383 Mar 3,547 '2,439 563 '543 '212 Feb 3,553 1,070 897 ,083 502 Apr 3,467 2,934 355 178 228 Mar 4,027 1,436 1,009 ,129 453 Apr 3,548 886 854 ,366 442 Week ending— Week ending— 1963—Mar. 6.. 3,279 1,937 622 718 185 13. . 3,368 2,111 620 638 208 1963—Mar. 6... 4,531 1,800 1,147 ,031 552 20. . 4,061 2,940 596 526 207 13... 4,493 1,754 977 ,219 543 27. . 3,567 2,661 493 414 219 20. .. 3,908 1,553 975 ,065 315 27. .. 3,547 998 1,052 ,051 447 Apr. 3. . 3,164 2,445 379 340 231 10.. 2,983 2,327 403 254 228 Apr. 3... 3,430 906 823 ,286 416 17.. 3,694 3,207 359 128 200 10. .. 3,068 697 654 ,201 516 24.. 3,415 3,014 311 90 204 17. .. 3,593 995 820 ,316 462 24. .. 3,437 724 826 :,553 334 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Averages of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 OUTSTANDING SECURITIES 827 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MAY 31, 1963 (In millions of dollars) Issue and coupon rate Amount Issue and couponrate Amount Issue and coupon rate Amount Issue and coupon rate Treasury bills Treasury bills—Cont Treasury notes—Cont. Treasury bonds—Cont. June 6,1963 2,102 Nov 14 1963 801 Feb. 15, 1966 3% 5,653 Nov. 15, 1967 3Y» 3,604 June 13, 1963 2 101 Nov 21 1963 800 Apr. 1. 1966 IV2 675 Dec. 15, 1967-72... 21/2 2,780 June 20, 1963 2,101 Nov 29 1963 801 Aug. 15, 1966 4 A,454 May 15, 1968 3% 2,460 June 24, 1963 2,503 Jan. 15 1964 2.496 Oct. 1,1966 11/2 357 Aug. 15, 1968 334 3,747 June 27, 1963 2,102 Apr. 15 1964 2,501 Feb. 15, 1967 3% A,287 Feb. 15, 1969 4 1,844 July 5, 1963 2,101 Apr. 1, 1967 U/2 270 Oct. 1,1969 4 2,538 July 11, 1963 2,102 Certificates Aug. 15, 1967 334 5,282 Aug. 15, 1971 4 2,806 J J u u l l y y 1 1 8 5 , , 1 1 9 9 6 6 3 3 2 2, . 1 0 0 0 1 4 A N u o g v . , 1 1 5 5 , , 1 1 9 9 6 6 3 3 .. , .. . .. . 3 3 1 i/ / 8 2 4 5, , 1 5 8 5 1 4 O A c p t r . . 1 1 5 , , 1 1 9 9 6 6 8 7 I P V /2 i 45 2 7 5 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 7 7 2 1 3% 4 2 2 , , 3 7 4 6 4 0 July 25, 1963 2,101 Feb. 15, 1964 3V4 6.741 Aug. 15, 1972 4 2.579 Aug. 1,1963 2,102 May 15, 1964 ..314 5,693 Nov. 15, 1974 37/s 2,244 Aug. 8, 1963 2,100 Treasury bonds May 15, 1975-85.. .4*4 470 A A u u g g . . 2 1 2 5 , , 1 1 9 9 6 6 3 3 2 2 , , 1 10 0 2 2 Tre O a c s t u . ry 1 n , o t 1 es 963....••I1/! 506 J A u u n g e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 -67... 2 2 V y2 i 1 1 , , 4 4 6 6 2 1 J F u e n b e . 1 1 5 5 , , 1 1 9 9 8 7 0 8 -83... 314 4 2 1 , , 6 59 1 1 1 Aug. 29, 1963 2,103 Nov. 15, 1963......47/s 3,011 Dec. 15, 1963-68... 21/2 ],815 Nov. 15, 1980 31/2 1.915 Sept. 5, 1963 801 Apr. 1,1964......IV2 457 Feb. 15, 1964 3 1,634 May 15, 1985 3!4 1,130 Sept. 12, 1963 800 May 15, 1964......434 4,933 June 15, 1964-69... 21/2 2.632 Feb. 15, 1990 3Vi 4,913 Sept. 19, 1963 801 May 15, 1964.... 3.893 Dec. 15, 1964-69... 2V2 2,543 Aug. 15, 1987-92...414 365 S O e c p t. t . 26 3 , , 1 1 9 9 6 6 3 3 8 8 0 0 0 0 A A u u g g . 1 1 5 5 , 1 1 9 9 6 6 4 4......334 5 2 5 ,0 3 1 1 9 6 M Fe a b r . . 1 1 5 5 , , 1 1 9 9 6 6 5 5 -70.. .2 2 V 5/ i g 4 2, . 4 6 2 8 1 2 M Fe a b y . 1 1 5 5 , , 1 1 9 9 8 8 9 8 - - 9 9 4 3 .. . . A .. V & 4 2 3 5 0 0 0 Oct. 10, 1963 801 Oct. 1,1964......n/i 490 May 15, 1966 334 3.597 Feb. 15, 1995 3 2,566 Oct. 15, 1963 2,500 Nov. 15, 1964 .-47/s 4.195 Aug. 15, 1966 3 1,024 Nov. 15, 1998 31/2 4,458 O O c c t t . . 2 1 4 7 , , 1 1 9 9 6 6 3 3 8 80 0 1 0 A M p a r y . 15 1 , , 1 1 9 9 6 6 5 5 . . . . . . . . . . . . 4 1 5 V /s i 2.1 4 1 66 3 N M o a v r. . 1 1 5 5 , , 1 1 9 9 6 6 6 6 -71.. .2 33 % /8 1 1 , . 8 4C 52 9 Convertible bonds Oct. 31, 1963 801 Oct. 1,1965......IVz 315 June 15, 1967-72... 2% I,316 Investment Series B Nov. 7, 1963 802 Nov. 15, 1965......31/2 2,954 Sept. 15, 1967-72... 21/2 1,952 Apr. 1, 1975-80... 234 3,499 1 Tax anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, APRIL 30, 1963 Agency, type and date of issue, Amount Agency, type and date of issue, Amount and coupon rate Maturity (millions and coupon rate Maturity (millions of dollars) of dollars) Federal home loan banks Federal intermediate credit banks Notes: Debentures: July 20, 1962 3.40 May 15, 1963 308 Aug. 1, 1962 3.45 May 1, 1963 197 Sept. 17, 1962 3.30 Auc. 15, 1963 110 Sept. 4, 1962 3.35 June 3, 1963 145 Oct. 15, 1962 3.30 Sept. 16, 1963 450 Oct. 1, 1962 3.20 July 1, 1963 167 Mar. 15, 1963 3.20 Jan. 15,1964 320 Nov. 1, 1962 3.10 Aug. 1, 1963 197 Apr. 15, 1963 3*4 Feb. 17, 1964 265 Dec. 3,1962 3.15 Sept. 3, 1963 198 Jan. 2, 1963 3.15 Oct. 1, 1963 229 Bonds: Feb. 4,1963 3.15 Nov. 4, 1963 272 Apr. 15, 1958 3% Apr. 15, 1963 241 Mar. 4, 1963 3.15 Dec. 2,1963 267 Apr. 16, 1962 314 July 16, 1963 280 Apr. 1,1963 3.20 Jan. 2, 1964 263 Sept. 17, 1962 334 Sept. 15, 1965 175 Federal land banks Bonds: Federal National Mortgage Association- May 1,1958 234 May 1, 1963 122 secondary market operations Aug. 20, 1962 35/s Aug.20, 1963 144 Discount notes 71 Oct. 22, 1962 314 Oct. 22, 1963 136 Apr. 20, 1963 4i/2 Apr. 20, 1964 147 Debentures: Dec. 20, I960 4 Oct. 20, 1964 90 Nov. 10, 1958 41/s Nov. 12, 1963 97 Oct. 20, 1960 4 Oct. 20, 1965 160 May 10, 1961 3% May 11, 1964 100 June 20, 1961 4 Dec. 20. 1965 115 D D S S e e e e p p c c . . t t . . 1 1 1 1 0 0 1 1 . , , , 1 1 1 1 9 9 9 9 6 6 5 6 1 1 7 2 4 3 3 3 7 3 / / 4 4 8 s J S D M u e e n a p c r e . t . . 1 1 1 1 1 0 0 0 , , , , 1 1 1 1 9 9 9 96 6 6 6 5 6 4 4 1 1 1 9 4 2 4 9 9 2 2 M A S Fe e p a b p r y . t . . 2 1 0 3 5 1 , , , , 1 1 1 1 9 9 9 9 5 6 6 5 8 1 1 7 3 A 4 3 5 1 J % / 4 4 8 M J F F u e e a l b b y y . . 2 2 1 0 1 2 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 6 6 6 7-72 1 1 1 0 9 5 7 8 3 0 2 Dec. 12, 1960 4Vs Dec. 12,1966 96 May 1, 1962 4 May 22, 1967 180 Mar. 10, 1958 3% Mar. 11, 1968 97 Oct. 1, 1957 41/2 Oct. 1, 1967-70 75 A A A Se p u p p g r r t . . . . 2 1 1 1 3 0 2 1 , , , , 1 1 1 1 9 9 9 9 6 6 5 6 0 0 9 0 4 4 4 4 V 3 1 % / / s s 8 S A A A e u p p p g r r t . . . . 1 1 1 1 0 0 0 0 , , , , 1 1 1 1 9 9 9 9 6 7 7 7 9 1 0 0 1 12 6 4 8 3 9 6 8 J A F F u e e p l b b y r . . . 1 2 5 1 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 6 9 7 9 0 4 4 A 5 3 5 l l / / A / s 8 8 J M M F u e l a a b v r r . . . 2 2 2 1 0 0 0 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 7 8 9 9 0 10 8 6 8 0 6 0 2 S Fe e b p . t . 1 1 0 1 , , 1 1 9 9 6 6 1 0 4 5V 1/2 » S Fe e b p . t . 1 1 0 0 , , 1 19 9 7 7 1 2 1 9 0 8 0 J F a e n b . . 1 5 4 , , 1 1 9 9 6 5 0 8 5 V % /2 J A u p ly r. 20 1 , , 1 1 9 9 7 7 0 0 8 8 3 5 D J F u e e n b c e . . 1 l 1 \ 3 2 , , , 1 1 1 9 9 9 6 6 6 1 2 1 4 4 4 V 1 % 4 i J J F u u e n n b e e . 1 1 1 2 2 0 , , ,1 1 1 9 9 97 7 7 3 7 2 1 1 1 4 0 9 7 0 8 M S Fe e a b p y . t . 2 1 0 1 4 , , , 1 1 1 9 9 9 5 6 5 6 3 6 3 4 3 V 7 i/ ' /2 8 s M S F e e a p b y . t.1 2 5 1 0 , , , 1 1 1 9 9 9 7 7 7 3 2 1 -78 1 1 0 6 4 9 0 8 Feb. 20, 1962 AVi Feb. 20, 1974 155 Banks for cooperatives Tennessee Valley Authority Debentures: Bonds: Dec. 3, 1962 3.05 June 3, 1963 162 ^io\. 15, 1960 4.40 Nov. 15, 1985 50 Feb. 4,1963 3.15 Aug. 1, 1963 169 July 1, 1961 4% July 1, 1986 50 Apr. 1,1963 3.15 Oct. 1, 1963 160 Feb. 1, 1962 AVi Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; sec also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 CREDIT AGENCIES; SECURITY ISSUES .TUNE 19*3 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a A t n e o d m c - e - s I m nv e e n s 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 o a g n r e t s - D n t e a u o b n r t e e d e s n s - c L a o t o o i t v o a p n e e s s r- D t e u b re e s n- c L o a d o u n i a s n d - n t s s D t e u b re e s n- M l g o a o a g n r e t s - Bonds bers (A) (L) (A) (L) (A) (L) (A) (L) 1955 1,417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1.228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 1,919 1,599 1958 1,298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961 2,662 ,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 ,585 2,828 2,431 1962—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 ,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 1,797 1,192 1,116 2,774 2,557 692 430 1,998 1,855 2,968 2,550 July.. 2,860 ,384 67 2,108 976 1,117 2,743 2,435 704 430 2,047 1,926 2,986 2,550 Aug.. 2,948 ,420 58 2,233 954 ,118 2,750 2,458 680 482 2,049 ,952 3,003 2,596 Sept.. 3,046 ,363 75 2,257 984 1,118 2,752 2,481 690 475 2,007 ,930 3,021 2,596 Oct... 3,091 ,800 79 2,707 1,016 1,120 2,765 2,492 738 480 ,896 ,842 3,031 2,628 Nov.. 3.068 ,848 75 2,707 1,028 ,121 2,768 2,479 746 480 1,822 1,774 3,037 2,628 Dec... 3,479 ,531 173 2,707 1,214 1,126 2,752 2,422 735 505 ,840 ,727 3,052 2,628 1963—Jan... 2,802 .876 87 2,348 1,155 ,128 2,708 2,370 in 505 1,858 1,729 3,069 2.628 Feb... 2,611 ,883 81 2,096 1,213 ,129 2,599 2,343 775 480 1,926 ,787 3,089 2,661 Mar.. 2,514 ,974 62 2,003 1,283 ,130 2,446 2,126 761 480 ,892 .842 3,118 2,661 Apr... 2,635 ,702 87 1,908 1,250 1,133 2,285 2,043 745 491 2,108 ,935 3,147 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) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv- 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* ered 3 Total c E a d ti u o - n R br a o i n d a d g d e s s i U tie t s il - 4 H in o g u s 5 - V a a e n i t d s e ' r- O p p o t u h s r e e - s r gations auth. 1957 6,926 4,795 1,965 66 99 1.489 1,272 4,164 6,568 6,875 2,524 1,036 1.517 113 333 1,352 1958 7,526 5,447 1,778 187 115 993 1,371 4,162 7,708 7,441 2,617 1,164 41? 251 339 1,657 1959 7,697 4,782 2,407 332 176 ,686 2,121 3,890 7,423 7,589 2,318 844 ,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 110 1,984 4,198 7,102 7,247 2,405 1,007 ,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 ,928 2,165 4,473 8,301 8,463 2,821 1,167 ,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 419 2,600 4,825 8,732 8,568 2,963 1,114 668 521 125 2,177 1962—Apr 894 602 179 101 12 67 266 561 704 873 276 111 149 106 230 May 940 670 258 12 206 229 505 897 912 348 31 234 58 242 June 790 556 205 29 173 164 454 841 786 328 67 127 * 100 163 July 650 404 237 9 34 179 437 839 612 190 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 '978 '532 '425 '21 '41 '251 '686 '657 '732 '310 99 '182 2 '138 Feb r824 r431 '373 20 '100 '336 '387 '844 '722 '238 r114 '83 91 r196 Mar.. . . 995 674 168 138 16 265 322 408 870 968 251 52 230 142 292 Apr 856 669 ,7, 16 156 148 552 856 812 333 69 2.4 1 195 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. * Water, sewer, and other utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 SECURITY ISSUES 829 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues * all corporate issues 5 Noncorporate Corporate New capital Re- Period Total G U ov .S t. . 2 G a c U g o y e . v S n 3 t . - . S l U a o t n c a .S a d te l . Other 4 Total Total o B P f l f o i u e c n b r ly e d - d s p v l P a a t r c e i- e ly d fe P r r r e e - S d toc C k m o o m n - Total Total m N on ew ey6 O p p o t u h s r e e - s r m s r t e i i o t e r c i f e e n u - s t - 1955 26,772 9,628 746 5,977 182 10,240 7 4?0 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,00? 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 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 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 q 4,706 4,720 449 3,273 12,874 11.979 10,829 1,150 895 1962 29,975 8,590 1,188 8,558 869 10,770 9,016 4,487 4,529 436 1,318 10,572 9,814 8,323 1,491 757 1962—Mar. 1,877 372 621 38 847 638 386 253 5 204 823 807 709 97 16 Apr.. 4,075 1,506 461 877 14 1,217 881 654 227 120 216 1,185 1,113 1,033 80 72 May. 2,149 352 897 99 801 667 247 420 14 120 785 760 621 139 25 June. 2,422 363 760 67 1,232 1,063 488 575 46 124 1,214 1,132 953 180 82 July. 1,663 358 641 34 630 565 200 366 32 32 621 582 504 78 39 Aug.. 4,056 2,408 150 559 17 922 840 477 363 24 58 907 749 620 129 159 Sept..... 1,568 300 175 426 34 632 472 176 295 51 110 618 579 441 138 39 Oct.. 2,150 359 646 169 976 853 539 314 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 1,072 264 808 59 65 1,184 1,103 923 180 81 1963 Jan . r2,708 774 999 r240 r695 350 r243 30 r71 r684 r613 r563 r50 r72 Feb.. r2,166 425 148 810 141 r642 r548 259 '289 m HI '631 ''594 r448 M46 r37 Mar 2,830 396 989 82 1,363 1,273 499 774 74 1,349 1,144 1,056 88 205 17 Proposed uses of net proceeds, major groups of corporate issuers Manufcicturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication an R d 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 2,254 174 1,045 77 1,812 56 1956 3 336 243 682 51 694 20 ,474 14 1,384 21 1 815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,294 118 1 014 47 1959 1,941 70 812 28 942 15 ^,189 15 707 * 1,801 6 I960 1,997 79 794 30 672 39 2,754 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—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 54 148 14 67 2 88 1 Oct 153 10 40 6 20 141 108 260 222 2 Nov 271 3 40 35 15 175 50 4 178 4 Dec. 345 31 104 4 90 13 252 25 54 3 257 5 1963 Jan r135 r5 r49 r2 99 »"114 r65 125 r91 Feb.. '•220 '52 n '30 115 '30 68 r r110 r* Mar.. 592 31 85 5 143 97 61 43 3 183 105 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 SECURITY ISSUES JUNE 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all is«suers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other 1957 14,350 3,609 10,741 9,638 2,584 7,053 1,391 3,321 406 618 985 2 703 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 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 '9,225 4,090 r5,134 r3,259 4,261 1,181 1,696 r2 078 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 1,813 811 680 320 520 491 160 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 * tation 3 utility cation and financial 4 Period & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s 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 r825 r2,584 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—I 193 28 79 -122 -56 -1 201 51 434 82 86 844 II 605 -189 147 -25 -18 -9 698 233 191 85 191 558 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. 2 Extractive and commercial and misc. cos. 3 Railroad and other transportation cos. ana aiso new SHOCK issues ana casn proceeas connectea witn conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for NOTE.—Securities and Exchange Commission estimates of cash trans- that purpose shown on p. 829. actions only. As contrasted with data shown on p. 829, 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 io h n 2 Other Sales Re t d io e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other 1952 783 196 587 3,931 n.a. n.a. 1962—Apr.. 260 91 169 21,811 1,207 20,604 1953 672 239 433 4,146 n.a. n.a. May. 292 122 171 19,947 1,106 18,841 1954 863 400 463 6,110 309 5,801 June. 219 107 112 18,436 1,019 17,417 July.. 207 74 133 19,384 1,205 18,179 1955 1,207 443 765 7,838 438 7,400 Aug.. 155 79 76 20,124 1,382 18,742 1956 1,347 433 914 9,046 492 8,554 Sept. 134 83 51 19,088 1,334 17,754 1957 1,391 406 984 8,714 523 8,191 Oct.. 157 92 65 19,215 1,298 17,917 1958 1,620 511 1,109 13,242 634 12,608 Nov. 163 89 74 21,088 1,324 19,764 1959 2,280 786 1,494 15,818 860 14,958 Dec. 191 105 87 21,271 1,315 19,956 1960 2,097 842 1,255 17,026 973 16,053 1963—Jan.. 235 116 118 22,447 1,336 21,111 1961 2,951 1,160 1,791 22,789 980 21,809 Feb.. 166 115 51 22,015 1,401 20,614 1962 2,699 1,123 1,576 21,271 1,315 19,956 Mar. 200 117 84 22,639 1,350 21,289 Apr.. 203 133 70 23,487 [,256 22,231 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

JUNE 1963 BUSINESS FINANCE 831 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961' 1962 1963 Industry 1958 1959 1960 1961' 19623 III IV I II III IV 3 13 Manufacturing Total (180 corps.): Sales 105,134118,423123,126122,849135,579 29,816 32,875 33,291 34,602 31,995 35,690 34,448 Profits before taxes . .. 10,466 14,090 13.463 13,200 '15,401 2,943 4,140 3,908 4.096 3,187 '4,210 3,961 Profits after taxes 5 714 7 440 7 121 7 135 8 184 1 606 2 258 2 033 2 096 1 700 2 355 2 083 Dividends 4,078 4,342 4,464 4 714 5,022 1 117 1 380 1 154 1 158 1,163 1,548 1,162 Nondurable goods industries (79 corps.):1 Sales 41,541 45 442 47,277 49 237 52,077 12 387 12 706 12 793 12 984 12 981 13,320 13 105 Profits before taxes . . 4,402 5,648 5,570 5,589 '6,001 1,406 1,522 1,461 1,501 1,453 '1,586 1,512 Profits after taxes 2 574 3,210 3 210 3 219 3,416 801 894 816 815 827 959 873 Dividends... 1,785 1,912 1,953 2,037 2,153 488 577 512 513 517 611 536 Durable goods industries (101 corps.):2 Sales 63,593 72,981 75,849 73,612 83,502 17 429 20 169 20 499 21 619 19,014 22,371 21,343 Profits before taxes 6,065 8,442 7,893 7,611 9,400 1 538 2,618 2,447 2,595 1,734 2,624 2,448 Profits after taxes 3,140 4,231 3,911 3,916 4,768 805 1,364 1,217 1,282 873 1,397 1,210 2,294 2,430 2,510 2,677 2,870 629 803 642 644 647 936 626 Selected industries: Foods and kindred products (25 corps.): Sales 10,707 11,303 11,901 12 607 13,124 3 195 3 202 3 231 3 267 3 328 3,298 3 250 Profits before taxes 1,152 1,274 1,328 1,417 1,440 374 365 336 355 380 368 337 Profits after taxes 555 604 631 670 685 176 174 160 167 180 178 162 Dividends 312 344 367 392 419 99 101 103 103 104 109 107 Chemicals and allied products (21 corps.): Sales 10,390 11,979 12,411 12,825 13,978 3 243 3 331 3 372 3 567 3 467 3 572 3 508 Profits before taxes 1,538 2,187 2,010 1,989 2,229 500 552 545 586 546 553 552 Profits after taxes . . 829 1,131 1,061 1,039 1,160 262 296 279 297 283 301 285 717 799 795 843 876 191 270 198 196 199 283 204 Petroleum refining (16 corps.): Sales 12,838 13,372 13,815 14,483 15,013 3 611 3 735 3 771 3 612 3,714 3,916 3,872 Profits before taxes 919 1,187 1,267 1,237 '1,362 294 341 343 300 299 '420 385 Profits after taxes ... . .. 791 969 1,026 1,025 1,084 246 280 262 227 255 341 310 516 518 521 528 566 131 133 139 142 141 145 149 Primary metals and products (35 corps.): Sales . . 19,226 21,035 20,898 20,308 21,361 5,276 5,360 5,733 5,535 4,992 5,102 5,155 Profits before taxes 2,182 2,331 2,215 1,998 1,860 525 618 620 505 353 383 431 Profits after taxes 1,154 1,222 1,170 1,067 1,003 276 338 320 269 186 228 231 Dividends . . 802 831 840 845 821 208 221 209 210 210 192 180 Machinery (25 corps.): Sales 14,685 17,095 16,826 17,576 19,127 4,342 4,727 4,537 4,916 4,665 5,008 4,768 Profits before taxes 1 463 1 890 1 499 1,672 1,913 389 516 454 490 457 512 481 734 934 763 838 957 194 256 225 240 228 265 239 Dividends . . 422 448 482 497 520 124 128 129 129 129 133 137 Automobiles and equipment (14 corps.): Sales 18,469 22,731 25,738 22,779 28,603 4,604 6,577 6,904 7,515 5,708 8,476 7,851 Profits before taxes 1,332 2 985 3 185 2,788 4,326 319 1,152 1 096 1 253 589 1,389 1,265 706 1,479 1,527 1,410 2,136 172 597 531 596 287 721 599 Dividends 758 807 833 969 1,148 207 348 215 216 216 501 216 Public Utility Railroad: 9,565 9,825 9 514 9,189 9,440 2 355 2,415 2,296 2,408 2,332 2,405 ^2,238 Profits before taxes .. 843 845 648 625 728 186 276 133 186 172 237 Profits after taxes 602 578 445 382 571 122 199 '66 105 125 275 Dividends .. 419 406 385 359 '367 68 113 '85 '92 67 '123 Electric power: Operating revenue 10,195 11,129 11,906 12,478 '13,252 3,060 3,268 3,399 '3,206 3,255 '3,392 3,831 Profits before taxes . . .. 2,704 2,983 3,163 3,349 3,591 807 840 1,051 835 887 818 1,100 1,519 1,655 1,793 1,883 2,053 445 475 585 472 488 508 626 Dividends 1 134 1 219 1 307 1 374 1,459 339 344 366 371 356 366 392 Telephone: Operating revenue 6,939 7,572 8,111 8,615 9,196 2 156 2 230 2 245 2 296 2,300 2,355 2,365 Profits before taxes . . 1,860 2,153 2,326 2,478 2,639 620 657 648 678 683 630 672 Profits after taxes 921 1,073 1,155 1,233 1,327 310 326 320 335 337 335 336 674 743 806 867 935 218 225 231 232 235 237 225 1 Includes 17 cos. in groups not shown separately. Telephone. Data obtained from Federal Communications Commis- 2 Includes 27 cos. in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System 3 Figures have not been adjusted for the varying treatment by indi- Consolidated (including the 20 operating subsidiaries and the Long vidual companies of additional depreciation under the new guidelines and Lines and General departments of American Telephone and Telegraph of the investment tax credit. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. NOTE.—Manufacturing corps. Data are obtained primarily from AH 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

832 BUSINESS FINANCE JUNE 1963 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t 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 s ts 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 t e s s - d co c a n a t ll i s p o o u i w n t m a - l p- Quarter P b t r e 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 ll i s p o o u i w n t m a - l pances l ances l 1955 44.9 21.8 23.0 11.2 11.8 18.4 1961—1 . 39.8 19.4 20.3 14.7 5.6 26.6 1956 44.7 21.2 23.5 12.1 11.3 20.0 II.... . 44.8 21.9 22.9 14.8 8.1 27.3 1957 43.2 20.9 22.3 12.6 9.7 21.8 III... . 46.3 22.6 23.7 14.9 8.7 27.8 1958 37.4 18.6 18.8 12.4 6.4 22.7 IV... . 51.4 25.1 26.3 15.5 10.8 28.5 1959 47.7 23.2 24.5 13.7 10.8 24.3 1962—1 . 50.1 24.4 25.6 15.8 9.9 28.7 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 i 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 . . i 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 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 7 99.3 15.0 37.0 I960 129.0 286.0 36.1 19.9 3.1 125.1 91.6 10.2 157.0 L.8 103.1 13.5 38.6 1961—ITI 136.0 294.9 36.0 18.6 3.2 131.5 93.5 12.1 159.0 1.8 104.5 12.4 40.3 IV 137.4 303.0 39.0 19.4 3.4 134.5 95.2 11.5 165.6 L.8 109.5 14.1 40.3 1^62—1 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 1 8 109.5 13 6 41.8 II 141.1 310.5 36.1 19.3 3.3 140.0 98.7 13.1 169.4 1.8 111.6 13.6 42.4 m 142.1 317.5 36.3 18.8 3.4 145.4 100.3 13.3 175.4 L.9 115.7 14.6 43 2 144.5 322.8 39.7 19.8 3.6 145.5 100.9 13.3 178.2 2.0 117.8 15.0 43.4 IV 1 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 Non- Mining 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 S n . u A al Durable durable Railroad Other rate) 1955 28.70 5.44 6.00 .96 .92 1.60 4.31 1.98 7 49 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8 36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3 03 7 37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2 62 7 20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8 21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8 44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8 46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3 63 9 52 19632r 39.24 7.72 7.84 1.02 1.08 1.90 5.61 14 07 1961—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 ITT 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 T r 8.25 1.62 1.65 .24 .21 .39 1.04 .85 2.26 36.95 II 2 r 9.84 1.96 1.97 .26 .30 .52 1.43 3.40 38.40 Ill 2 10.09 1 .94 1.96 .26 .26 .49 1.55 3.62 39.95 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission * Anticipated by business. ;stimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 REAL ESTATE CREDTT 833 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties ]Nonfarm Farm ho O ld th er e s r 2 1- to 4-family houses com M me u r lt c i i f a a l m p il r y o p a e n rt d ies 3 End of period Finan- Finanho er l s d- tu i t n c i i s o a t n i l - s1 a U c g i e . e S n s . - v o I i a t d n h n u d e d a i r - l s s h e o r l s d- Total tu F i t n i i n s o a t n i n - s . 1 O h e o th r l s d e - r Total tu F i t n i i n o s a t n i n - s . i O ho e th r l s d e - r ho er l s d- tu i t n c i i s o a t n l i- s1 h O ol t d h e e r r s* 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 12.2 1945 35.5 21.0 12.1 11995567 . . 114546..56 111119..72 7 6 . . 5 0 2 2 9 7 . . 4 3 1 14 3 6 4 . . 1 6 1 9 0 9 7 . . 0 6 8 8 9 3 . . 9 4 1 1 5 7 . . 6 7 3 38 5 . . 5 6 2 25 3 . . 8 9 1 12 1 . . 7 7 1 9 0 .5 9 4 3 .0 9 6 6 .5 0 1958 171 9 131 5 7 8 32 7 160.7 117.7 98.5 19.2 43.0 28 8 14 2 11 3 4 2 7 1 1959 190.9 145.5 10.0 35 4 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4 5 7 7 I960 207.1 157.6 112 38.3 194.0 141.3 117.9 23.4 52.7 35.0 17.7 13.1 4.7 8.4 1961rv 225 8 172 6 11 8 41 3 211.6 153.0 128.7 24.3 58.6 38.9 19 7 14 2 5 0 9 2 1962^ 250.5 192.7 12.2 45.7 235.0 168.4 142.9 25.5 66.6 44.3 22.3 15.5 5.5 10.0 1961 \rv 210.3 160.2 11 .3 38.9 197.0 143.2 119.7 23.5 53.8 35.7 18.0 13.3 4.7 8.6 If rv 215.3 364.4 11.2 39.7 201.6 146.3 122.8 23.5 55.2 36.7 18.5 13.7 4.8 8.9 \\\rv 220 3 168 4 11 4 40 4 206 3 149.6 125.8 23.8 56 7 37 7 19 0 14 0 4 9 9 1 IV rp 225.8 172.6 11.8 41.3 211.6 153.0 128.7 24.3 58.6 38.9 19.7 14.2 5.0 9.2 1962 Ir" 230 4 176 0 12 1 42 3 215.9 155.7 130.9 24.8 60 2 40.0 20 2 14 5 5 1 9 4 llrP 237.0 181.6 12.1 43.3 222.0 159.9 135.0 24.9 62.2 41.3 20.9 14.9 5.3 9.7 ll\rp 243.5 187.0 12.1 44.4 228.2 164.2 139.1 25.1 64.0 42.5 21.5 15.2 5.4 9 9 IVr*> 250 5 192 7 12 2 45 7 235.0 168.4 142.9 25.5 66.6 44.3 22 3 15 5 5 5 10 0 1963 \P 255.8 197.5 11.8 46.5 240.0 15 8 1 Commercial banks (including nondeposit trust cos. but not trust * Derived figures; includes debt held by Federal land banks and Farmers depts.), mutual savings banks, life insurance cos., and savings and loan Home Administration. assns. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal 2 U. S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin- Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculistration, and Federal land banks, and in earlier years, RFC HOLC, ture and Commerce Federal National Mortgage Assn., Federal Housing and FFMC. Other U. S. agencies (amounts small or current separate Administration, Public Housing Administration, Veterans Administradata not readily available) included with individuals and others. tion, and Comptroller of the Currency. * Derived figures; includes small amounts of farm loans held by savings Figures for first three quarters of each year are F.R. estimates. and loan assns. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings l Mutual savings bank holdings2 Residential Residential End of period Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o rm n- Farm sured anteed tional sured anteed tional 1941 . .. 4,906 3,292 1,048 566 4,812 3,884 900 28 (945 4 772 3 395 856 521 4,208 3 387 797 24 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6 551 2 102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 ,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 ,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 ,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 *1,022 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 ,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 ,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 ,977 30,638 27,632 8,662 9,502 9,469 2 954 51 Ill 33,430 22,824 6,376 2,617 13,831 8,628 978 31,484 28,464 8,984 9,633 9,847 2,968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 >,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

834 REAL ESTATE CREDIT JUNE 1963 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm * Total VA- Farm Total i F ns H u A re - d a g n u te a e r- d Other i Total in F s H u A re - d a g n u te a e r- d Other 1941 6,442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4 466 776 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2.481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2 584 1958 5,277 4 839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6.901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44.203 41,033 9,665 6,553 24.815 3,170 1962*> 7,476 6,854 1,397 458 4,999 622 46,980 43,582 10,257 6,394 26,931 3,398 1962—Apr.f 485 429 91 28 310 56 44,775 41,539 9,874 6,486 25,179 3,236 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 3,310 637 597 118 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 Mar . 705 608 125 63 420 97 47,618 44,156 10,388 6,399 27,369 3,462 Apr 705 624 126 68 430 81 47,910 44,407 10,444 6,418 27,545 3,503 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i By type of lender (N.S. A.) Period New Home FHA- VA- Con- Period Sav- Insur- Com- Mutual Total i s c tr o u n c - - c p h u a r s - e Total 2 su in re - d a g n u te a e r- d ti v o e n n a - l 2 S.A.2 N.S.A. in l g o s a n & c a o n m ce - m ci e a r l - s in a g v s tion assns. panies banks banks 1941 . 1 379 437 581 4 578 1941 4,732 1,490 404 1,165 218 1945 1 913 181 1 358 5 376 1945 5,650 2,017 250 1,097 217 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1956 27,088 9,532 1,799 5,458 1.824 1957 10.160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1 429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1 640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 I960 14.304 4,678 6,132 60,070 3,524 7,222 49,324 I960. 29,341 12,158 1,318 4,520 1.557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31.157 13.662 1,160 4,997 1 741 1962 20 754 5,979 8,524 78,973 4,480 7,022 67,471 1962 .. . 34,187 15,144 1,212 5,851 1,957 1962 1962 1.661 512 635 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 1,210 89 482 131 J Ju u l n y e....... ,936 5 51 7 5 2 7 8 9 2 6 3 7 7 3 4 , , 6 5 3 1 1 1 4 4 , , 3 3 5 7 5 8 7 7 , , 1 1 2 0 0 5 6 63 2 , , 0 1 2 5 8 6 May 2 2 , , 8 8 9 3 1 6 2 3 , , 9 0 8 7 3 5 l 1 s , 3 3 5 9 O 1 1 10 0 7 0 5 5 4 3 2 4 1 1 7 5 7 4 Aus >,036 540 920 75,527 4,399 7,097 64,031 July 2,973 3,134 1,382 107 549 201 Sept ,731 495 746 76,371 4,414 7,086 64,871 Aug 2.933 3,333 1,501 123 563 201 Oct . 953 543 823 77,333 4,425 7,081 65,827 Sept 2,929 2,861 1,285 104 476 183 Nov . ... ,750 505 708 78,137 4,459 7,069 66,609 Oct 2,925 3,208 1,403 116 554 191 Dec ,755 534 643 78,973 4,480 7,022 67,471 Nov 2,939 2,883 1,270 105 490 178 Dec 2,916 2,682 1,168 103 444 168 1963 1963 Jan 1,573 434 616 79,648 4,507 7,026 68,115 Feb 429 576 80,341 4,529 7,057 68,755 Jan 2,876 2,658 1,143 100 457 141 8^4 573 666 81,247 4,542 7,055 69,650 Feb 2,869 2,424 1,086 88 408 123 Apr p 2,081 618 764 82,307 4,557 7,049 70,701 Mar 2,751 1,261 99 467 126 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

JUNE 1963 REAL ESTATE CREDIT 835 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s e P c r t o s j - i m p P r i e r o m o n v t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 I960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961* 153.0 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 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—-Apr 515 132 240 88 56 182 99 83 May 560 140 263 87 70 184 96 88 1961—1 143.2 57.1 27.4 29.7 86.1 June 643 137 267 143 96 207 108 99 II 146.3 57.8 28.0 29.8 88.6 July 678 144 289 164 81 219 109 110 Ill 149.6 58.7 28.8 29.9 90.9 670 157 308 130 75 247 120 127 IV* 153.0 59.1 29.5 29.6 93.9 Sent 576 144 287 62 83 231 114 117 Oct 673 193 353 54 72 285 136 149 1962—IP 155.7 59.9 30.3 29.6 95.8 Nov 649 172 321 86 70 254 124 129 IIP 159.9 60.4 30.9 29.5 99.4 Dec 589 145 284 95 65 236 115 121 Ill*3 164.2 61.0 31.5 29.5 103.2 IV* 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 Mar 546 137 279 73 57 219 106 113 NOTE.—For total debt outstanding, figures are Apr 540 120 273 86 62 245 114 130 FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank 1 Monthly figures do not reflect mortgage amendments included in annual totals. Board, Federal Housing Administration, and Veterans 2 Not ordinarily secured by mortgages. Administration. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Administration and Veterans Administration data. FHAinsured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) ing End of ( p d e u ri r o in d g ) m m e i n t- ts Period va A n d c - es R m e e p n a ts y- M de e p m o b si e t r s s period Total FH in A - - g V u A ar - - d u i n s - - Total t S e h rm or t- ! t L e o rm ng 2 sured anteed c P ha u s r e - s Sales bursed 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 18192 942 589 I960 6 159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2.882 2,200 2,662 1,447 ,216 1,180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 ,474 1,213 1962—Apr 6,151 3,616 2,535 60 106 562 1962—May 295 189 2,429 1,319 ,110 cl,109 May 6,120 3,627 2,493 82 76 527 June 503 165 2,767 1,569 ,198 1,192 6,035 3,571 2,464 52 101 504 July 480 387 2,860 1,708 ,151 976 July 5,989 3,557 2,432 34 47 485 312 225 2.948 1,787 ,161 954 5,969 3,556 2,413 35 19 442 Sept 279 180 3,046 1,835 ,211 984 Sept 5 951 3,552 2,399 32 12 429 Oct 383 338 3 091 1,876 ,215 1,016 Oct 5,944 3,555 2,389 39 11 431 Nov....... 252 275 3,068 1,821 ,246 1,028 Nov 5,949 3,575 2,374 57 19 366 Dec 611 200 3,479 2,005 ,474 1,213 Dec 5,923 3,571 2,353 26 18 355 1963—Jan 249 926 2,802 1,669 ,134 1,155 1963 Jan 5,853 3,552 2,300 34 66 316 Feb 178 370 2,611 1,534 ,077 1,213 Feb 5,697 3,469 2,227 17 129 323 Mar 250 348 2 514 1,399 ,115 1,282 Mar 5,501 3,375 2,126 28 191 289 Apr 451 329 2,635 1,516 ,119 1,250 Apr 5,227 3,269 1,958 28 270 281 May 382 277 2,740 1,585 ,155 1,236 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

836 CONSUMER CREDIT JUNE 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co g O n o s t o h u d e m r s er e a r n R n d i e z p m a a t o i i o r 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 paper loans * 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 . . 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 1960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63,458 48,243 19,384 12,855 3,290 12,714 15,215 5,579 5,642 3,994 1962—Apr 57,314 43,837 17,671 11,498 3,128 11,540 13,477 5,241 4,319 3,917 iMay 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 4,151 Apr 63,267 48,873 20,121 12,455 3,229 13,068 14,394 5,596 4,567 4,231 i Holdings of financial institutions; holdings of retail outlets are in- mortgage loans. The estimates include data for Alaska beginning with cluded in other consumer goods paper. Jan. 1959 (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series NOTE.—Consumer credit estimates cover loans to individuals for see BULL., Apr. 1953. Back data are available upon request. household, family, and other personal expenditures, except real estate INSTALMENT CREDIT (In millions of dollars) I"inancial 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 it s fin s C u a m o n n c e e - r 1 Other i Total D st m e o p r e e a n s r t t 2 - F s t t u o u r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r i 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 1.129 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 1,210 361 478 1,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 1,225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 [,525 5,595 2,421 1,058 293 342 1,481 1962 48,243 41,807 18,909 12,194 4,973 4,131 ,600 6,436 3,013 1,073 279 284 1,787 1962 Apr 43,837 38,497 17,366 11,359 4,426 3,826 ,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 July 45,650 40,062 18,235 11,682 4,681 3,907 1,557 5,588 2,545 989 275 298 1,481 Aug 46,204 40,537 18,427 11,796 4,783 3,948 1,583 5 667 2 609 999 275 296 I 488 Sept 46,310 40,597 18,443 11,787 4,814 3,969 ,584 5,713 2,675 998 273 299 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 .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 1,002 264 277 1,645 Apr 48,873 42,980 19,581 12,527 5,117 4,174 I 581 5,893 2,702 992 259 270 1,670 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

JUNE 1963 CONSUMER CREDIT 837 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 O g p c u o a o t m o m p h d e e e - r r s r e R m l r o t a e n i a n p o o i n z d a d n a s i - r - s l P o o a e n r n a - s l End of period Total m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z lo o a a e a d n p ti n e d a o r s i n r n- l s o P 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 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6 *11 3,100 161 [,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 18,909 6,181 3,393 2,811 2,238 4,286 1962—Apr 11,359 6,864 3,093 165 1,237 1962—Apr 17,366 5,569 3,056 2,653 2,143 3,945 May 11,440 6,991 3,027 167 1,255 May 17,686 5,692 3,144 2,682 2,165 4,003 June 11,570 7,122 2,997 168 1,283 June 18,024 5,823 3,229 2,716 2,188 4,068 July 11 682 7,228 2,981 171 1,302 July 18,235 5,922 3,270 2,734 2,206 4,103 Aug 11,796 7,327 2,969 171 1,329 Aug 18,427 6,008 3,295 2,726 2,224 4,174 Sept 11,787 7,296 2,957 172 1,362 Sept 18,443 6,009 3,259 2,732 2,235 4,208 Oct 11,860 7,350 2,952 172 1,386 Oct 18,613 6,091 3,305 2,746 2,246 4,225 Nov . ... 11,986 7,440 2,967 171 1,408 Nov 18,765 6,160 3,357 2,762 2,250 4.236 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 Apr 12,527 7,639 3,235 162 1,491 Apr 19,58 1 6,470 3,612 2,824 2,194 4,481 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 1 9 9 4 3 1 9 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 iz lo a a ti n o 1 1 s n 4 5 loa 7 6 n 8 6 s 5 9 End of period Total b C m c a o i n e a m r k l - - s t f O u i i n c t n t i i s h a o a t e i n l n - r s - s m t p D o a e r e r n e - t s - t 1 o O r u e t t t h l a e e i t r l 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 I960 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—Apr 9,772 1,862 732 820 6,358 1960 13,196 3,884 623 941 3,952 436 3,360 May 9,906 1,895 736 837 6,438 1961 14,151 4,413 723 948 3,907 469 3.691 June 10,045 1,934 746 844 6,521 1962 15,215 4,704 875 927 4,203 512 3,994 July 10,145 1,962 749 849 6,585 Aug 10,314 2,007 758 865 6,684 1962—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 2,089 765 868 7,013 Dec... 15,215 4,704 875 927 4,203 512 3,994 Apr 10,872 2,130 773 873 7,096 1963— Tan.... 14,610 4,680 831 775 3,759 524 4,041 Feb.. . 14.194 4,704 841 646 3,324 526 4,153 NOTE.—Institutions represented are consumer finance cos., credit Mar... 14,086 4,713 880 587 3,251 502 4,153 unions, industrial loan cos., mutual savings banks, savings and loan Apr.. . 14,394 4,774 822 603 3,466 498 4,231 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

838 CONSUMER CREDIT JUNE 1963 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.I N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1 582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48 052 17 779 13 982 2 222 14 070 I960 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 Apr 4,659 4,737 1,675 1 732 1,345 J.319 182 181 1 457 1 .505 May 4,650 4,950 1,655 1,837 1,338 1,383 183 216 1,474 1,514 June 4.623 4,923 1,621 1,810 1,344 1,384 187 201 1,471 1,528 July 4.669 4,720 1,631 1,751 1,368 1,290 189 199 1,481 1,480 Aug 4,619 4,862 1,602 1,731 1,325 1,345 179 209 1,513 1,577 Sept 4.491 4,098 1,505 1,309 1,308 1,255 170 176 1,508 1,358 Oct 4,682 4,913 1,685 1,816 1,335 1,432 169 191 1,493 1,474 Nov 4,961 4,932 1,797 1,701 1,425 1,499 168 177 1,571 1,555 Dec 4,829 5,379 1,684 1,539 1,469 1,937 172 151 1,504 .752 1963 Jan 4,878 4,368 1,743 1,570 1,421 1,230 176 130 1,538 1,438 Feb 4,885 4,033 1,734 ,477 1,406 .054 165 125 1,580 1,377 Mar 4,940 4,675 1,782 .754 1,408 1,247 178 159 1,572 1,515 Apr . . 5,020 5,279 1,864 2,001 1,382 1,381 187 193 1,587 1,704 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 I960 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 Apr 4,166 4,111 1.435 1,409 1.247 1,228 168 166 1.316 1.308 May 4,211 4,292 1,447 1,476 1,260 1,283 173 175 1,331 1,358 June 4,202 4,210 1,433 1,432 1,260 1,256 170 170 1,339 1,352 July 4,283 4,278 1,456 1,481 1,296 1,262 170 173 ,361 1,362 Aug .. 4,261 4,308 1,446 1,478 1,281 1,275 172 175 1,362 1,380 Sept 4,289 3,992 1,440 1,361 1,298 1,218 169 159 1,382 1,254 Oct 4,298 4,501 1,491 1,614 1,261 1,307 165 179 1,381 1,401 Nov 4,380 4,380 1,490 1,477 1,302 1,299 163 164 1,425 1,440 Dec 4,371 4,410 1,513 1,462 1,293 1,268 171 163 .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 M^ar . ... 4,540 4,510 ,550 1,537 ,355 1,362 173 170 1,462 1,441 Apr 4,490 4,596 [.570 1,600 1.294 1,322 171 174 1,455 1.500 Net change in credit outstanding 2 1956 2,814 960 965 212 678 1957 2,148 920 238 197 793 1958 -225 -1,189 184 245 534 1959 5,601 2,268 1,602 463 1,269 I960 3,588 1,270 896 330 1,093 1961 696 -465 332 53 111 1962 4,716 2,161 998 99 1,458 1962 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 1 -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 Aor . . 530 683 294 401 88 59 16 19 132 204 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

JUNE 1963 CONSUMER CREDIT 839 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A.I N.S.A. S.A.I N.S.A. S.A.I N.S.A. S.A.I N.S.A. S.A.I N.S.A. Extensions 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—Apr.. 4,659 4,737 1,726 1,816 1,010 1,008 1,149 1,154 774 759 May. 4,650 4,950 1,710 1,881 1,007 1,059 1,150 1,205 783 805 June. 4,623 4,923 1,720 1,862 992 1,081 1,139 1,194 772 786 July. 4,669 4,720 1,708 1,789 984 1,069 1,146 1,152 831 710 Aug.. 4,619 4,862 1,679 ',773 971 1,068 1,177 1,233 792 788 Sept.. 4,491 4,098 1,643 ,486 944 863 1,138 ,015 766 734 Oct.. 4,682 4,913 1,722 ,806 1,021 1,108 1,144 ,136 795 863 Nov.. 4,961 4,932 1,813 ,701 ,104 1,070 1,208 ,231 836 930 Dec. 4,829 5,379 1,772 ,682 ,189 1,189 1,143 ,332 725 1,176 1963—Jan 4,878 4,368 1,782 ,698 ,091 984 1,174 ,050 831 636 Feb 4,885 4,033 1,794 ,552 ,020 844 1,186 ,025 885 612 Mar 4,940 4,675 1,829 ,774 ,042 983 1,199 1,162 870 756 Apr 5,020 5,279 1,880 2,057 ,046 1,086 1,237 1,289 857 847 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—Apr.. 4,166 4,111 1,514 1,503 952 941 1,042 1,032 658 635 May. 4,211 4,292 1,526 1,561 965 978 1,047 1,071 673 682 June. 4,202 4,210 1,526 1,524 960 951 1,038 1,055 678 680 July., 4,283 4,278 1,546 1,578 956 957 1,055 1,052 726 691 Aug.. 4,261 4,308 1,555 1,581 932 954 1,054 1,064 720 709 Sept.. 4,289 3,992 1,562 1,470 936 872 1,062 962 729 688 Oct.. 4,298 4,501 1,546 1,636 949 1,035 1,071 1,080 732 750 Nov.. 4,380 4,380 1,579 1,549 937 944 1,105 1,120 759 767 Dec. 4,371 4,410 1,594 1,538 978 981 1,060 1,162 739 729 1963--Jan.. . 4,376 4,481 1,586 1,626 970 959 1,090 1,099 730 797 Feb... 4,449 4,138 1,564 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 1,100 729 732 Apr.. . 4,490 4,596 1,628 1,679 1,015 1,042 1,126 1,152 721 723 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 1960. 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—Apr 493 626 203 304 67 76 107 122 116 124 May 439 658 184 320 42 81 103 134 110 123 June 421 713 194 338 32 130 101 139 94 106 July 386 442 162 211 28 112 91 100 105 19 Aug 358 554 124 192 39 114 123 169 72 79 Sept 202 106 81 16 8 -9 76 53 37 46 Oct 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 -67 86 62 141 24 Apr.. 530 683 252 378 31 44 111 137 136 124 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 to 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

840 INDUSTRIAL PRODUCTION: S.A. JUNE 1963 MARKET GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 Grouping pro- averp ti o o r n - age* Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar.r Apr. Total index 100 00 118.2 117.7 118.4 118 6 119 3 119 7 119.8 119.2 119.6 119.1 119.2 120.2 121.3 122.5 47 35 119.7 118 5 120 2 120 6 121 7 121.6 122.0 121.5 121.4 121.4 122.3 122.6 122.5 122.2 Consumer goods 32.31 119.7 119 1 121 1 120 9 121 7 120 9 121.8 120.8 120.7 120.5 121.8 122.9 123.1 122.9 Equipment, including defense.... 15.04 119.8 117.0 118 5 120 1 121 8 123 2 123 2 123.6 123.1 123.2 122.0 121.5 120.7 120.8 Materials 52.65 116.8 117.1 117 0 117 1 117 0 117.7 118.1 117.2 117.8 117.1 116.8 118.0 120.2 122.6 Consumer goods 3.21 131.1 129.4 132 8 126 8 135 2 134.1 135.3 135.8 135.4 137.2 136.5 137.7 136.3 137.7 Autos 1.82 135.9 133.9 140.8 129 3 142 4 140.0 141.2 142.1 141.1 142.0 141.3 142.0 141.8 141.9 1.39 124.9 123.5 122.3 123 6 125 7 126.3 127.5 127.5 128.0 130.8 130.2 132.1 129.1 132.1 10.00 118.0 120.1 121 2 121.7 120 I 118.7 119.8 119.3 118.9 120.2 120.2 120.8 121.5 121.5 4.59 122.2 124 4 126 0 126.2 122.7 121.2 122.2 121.1 122.1 124.8 USA 125.9 121A 127.9 Appliances, TV, and radios 1 81 118.0 123 8 124 2 123.3 118.5 115.2 115 8 116.7 118.1 121.1 116.5 119.8 123.6 1.33 121.1 120.1 120.7 122.9 120 9 119.3 120.7 124 0 127.3 130.9 121.9 123.7 125.9 TV and home radios .47 109.2 134 2 133.9 124.7 112.0 103.7 102.1 96.1 92.3 93.3 101.2 108.8 117.2 125.1 Furniture and rugs 1 26 123.9 123.8 124.5 126.5 124.3 125.4 127.9 125.8 125.8 125.4 130.0 126.0 127.4 127.0 1 52 125.7 125.6 129.5 129.3 126.2 123.4 125.2 122.3 123.9 128.8 132.3 132.9 132.0 130.6 Apparel, knit goods, and shoes 5.41 114.6 114.2 114.8 115.6 115.4 114.9 116.1 116.1 116.2 116.3 115.7 116.6 116.4 116.0 19 10 118.6 117 1 118.8 119.2 120.3 119.7 120.6 119.1 119.7 119.7 120.2 121.4 121.8 121.2 Processed foods 8.43 113.7 113 6 114.3 112.8 115.9 115.6 115.7 114.0 114.3 114.4 113.8 114.5 115.2 114 7 2 43 109.9 106 9 109.1 109.0 110.9 108.0 111.9 109.5 112.1 111.7 115.1 114.3 114.0 Drugs soap and toiletries 2 97 129.5 125 8 129.9 131.9 131.5 131.0 132.0 131.6 130.8 132.9 134.2 135.2 137.7 136.5 Newspapers, magazines, and books. 1.47 116.8 115 7 117.4 117.7 117.7 117.0 117.0 116.4 116.4 115.8 113.9 115.0 115.3 118.6 3 67 127.3 125 I 126.9 130.7 128.3 127.0 128.9 128.0 129.0 127.9 129.7 133.4 131.4 1 20 111.8 110 4 112.3 115.0 111.7 108.4 114.0 112.8 112.0 113.7 113.2 117.9 117.3 U3.8 Residential utilities 2.46 134.8 132.3 134.0 138.4 136.4 136.0 136.2 135.5 137.4 134.9 137.7 140.9 138.2 Electricity 1.72 136.5 131.6 133.6 139.5 141.4 140.4 139.3 137.6 139.9 139.5 142.0 144.9 141.9 Gas .74 125.6 Equipment 11.63 122.1 119 3 121.2 123.1 124.4 125.6 126 2 126.6 125.9 126.0 125.0 125.0 124.9 124.8 Industrial equipment 6.85 117.2 115.1 116.7 118 5 119.0 119.2 118.9 120.4 120.5 119.9 118.8 119.3 119.2 119.2 2.42 143.1 144.0 144.4 144.8 145 6 144.7 144.9 143.8 144.4 144.2 145.3 144.5 143.8 143.5 Freight and passenger equipment... 1.76 117.2 109.7 111.2 114.9 121.0 124.2 125.2 125.6 124.5 126.7 126.2 126.9 126.3 126.0 Farm equipment .61 107.7 102.6 105.6 110.4 110.4 110.8 116.6 117.3 117.6 123.3 118.8 123.2 119.7 115.1 3.41 Materials Durable goods materials 26 73 114.1 116 2 114 6 113.7 113 8 114.8 114.9 114.0 114 1 113.2 113.3 114.4 118.1 121 1 Consumer durable 3 43 127.5 134 7 134.5 127.0 134.2 130 6 129.7 127.6 126.9 128.5 129.3 130.9 134.0 135.5 7 84 118.9 120 3 119.5 120.8 119.3 119 2 121.3 121.0 120.4 120.3 121.4 121.2 122.2 123.0 Construction 9.17 110.4 110 7 111.4 111.8 112 1 112 6 113.3 111.2 111.3 108.6 108.6 109.2 112.4 115.1 Metal materials nee 6.29 106.0 114.6 104.5 99.4 96.4 98.5 98.5 99.1 102.3 103.5 106.0 109.5 115.4 120.4 25 92 119.7 117 9 119.3 120.5 120 3 120.7 121.5 120.5 122.3 121.0 120.5 121.8 122.4 124 1 Business suoolies 9 11 116.1 114 1 116.1 116 9 116 1 116.5 118.1 116.2 118.2 117.1 116.0 116 7 117 6 118 9 Containers 3.03 117.0 113 1 115.9 117 5 117 2 116.4 118.6 115.9 120.5 117.9 118.5 119.3 121 A 117.0 General business supplies . .. 6.07 115.7 114 6 116 2 116 6 115.5 116.6 117.9 116.3 117.1 116.7 114.7 115.4 115.7 119 9 Nondurable materials n.e.c 7.40 134.2 131 3 133.9 135.9 135.3 135.5 136.7 135.2 137.9 137.8 137.3 138.0 139.8 142.5 Business fuel and power . 9.41 111.6 110 9 110 9 111 8 112 6 112.0 112.7 113.1 114.1 111.7 111.7 113.9 113.3 114.6 Mineral fuels 6 07 104.7 104 6 103 6 104 5 106 I 105 5 106.6 106.5 107.2 103.8 102.9 105.6 105.2 106.7 Nonresidential utilities ... . 2 86 130.1 127 7 130 2 131 4 130 9 129 1 130.2 131.9 133.1 132.9 134.3 135 9 134 7 2 32 130.6 127 6 130 4 131 9 132.4 130.1 130 4 132.3 133.6 133.6 135.0 136.9 135.3 General industrial 1.03 122.6 122 7 121 6 122.6 124 1 122 0 122.7 124.3 123.5 123.2 124.9 125.8 124.2 1 21 140.0 134.1 140.5 142.4 142 0 139 5 139.5 141.7 144.9 145.1 146.5 149.2 147.5 Gas .54 126.4 Supplementary groups of consumer goods 7 80 126.0 126 5 128.9 126 5 127 9 126.3 127.6 127.1 127.6 129.9 130.0 130.7 131.1 131.9 ADDarel and staples 24 51 117.8 116.5 117.9 118.4 119.2 118.6 119.6 118.4 118.9 119.0 119.2 120.4 120.6 120.1 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 INDUSTRIAL PRODUCTION: S.A. 841 INDUSTRY GROUPINGS (1957-59- 100) 1957-59 1962 1962 1963 Grouping pro- averp ti o o r n - age* Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar.r Apr. Total index 100.00 118.2 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.6 119.1 119.2 120 2 121.3 122 5 86.45 118.6 118.1 118.8 118.9 119.7 120.3 120.4 119.7 120.0 119 J 119.8 120.6 121.9 123.2 Durable 48.07 117.9 118.5 118.2 117.7 118.7 119.8 119.5 118.6 119.1 118.9 119.0 120 0 121.5 123 0 Nondurable 38.38 119.4 117.5 119.6 120.3 121.0 120.8 121.5 120.9 121.1 120.6 120.7 121.4 122.4 123.3 8 23 104.9 105.5 104.8 104.6 106.1 105.5 105.9 105.5 106.2 103.0 103.0 104 7 105 4 106 5 Utilities 5.32 132.3 128.1 129.8 132.4 133.5 132.3 133.0 133.5 135.1 135.5 135.9 138 2 136.4 136 5 Durable manufactures Primary and fabricated metals...... 12.32 110.0 114.1 108.3 106.3 106.3 108.2 108.2 107.1 108.5 107.3 107.8 111.0 115.3 120.1 6.95 104.5 112.4 101.3 96.8 96.6 99.1 99.6 98.9 100.7 99.7 99.6 105 2 112.2 120 0 5.45 100.6 112.6 96.5 89.5 87.8 92.1 92.8 91.0 95.3 95.8 96.0 102 2 112.0 121 6 Nonferrous metals and products.. 1.50 118.9 118.6 120.8 118.2 117.9 112.9 118.4 120.1 121.2 120.6 121.7 121.0 123.7 121.4 5.37 117.1 116.3 117.4 118.5 118.8 119.9 119.3 117.8 118.5 117.2 118.4 118 5 119.3 120 3 2.86 113.2 113.7 115.7 116.4 115.6 115.2 115.1 114.2 112.8 112.5 113.5 113.9 115.4 116.6 Machinery and related products 27.98 122.1 121.2 122.9 122.9 124.8 125.6 124.9 124.6 124.5 125.0 124.7 125.3 125.0 125.8 Machinery 14.80 123.4 122.9 124.5 125.9 125.4 126.5 126.4 125.6 125.3 125.9 125.2 126.4 126.2 126.9 Nonelectrical machinery 8.43 119.7 117.8 120.0 121.8 121.9 124.6 123.9 123.0 122.8 121.4 122.2 123.1 122.7 123.0 6.37 128.4 129.7 130.4 131.3 130.1 129.0 129.6 129.0 128.6 131.8 129.2 130 8 130 9 132 2 Transportation equipment 10.19 118.3 116.8 119.4 116.8 122.1 122.0 121.5 121.8 121.5 121.9 122.4 122.3 122.1 123.6 4.68 134.1 134.4 139.1 132.0 141.3 138.1 137.8 138.1 137.3 138.2 137.9 139 1 140 2 141 9 Aircraft and other equipment.... 5.26 103.9 100.7 101.6 103.0 104.7 107.3 106.7 107.2 107.2 107.0 107.9 106.8 105.6 107.0 Instruments and related products... 1.71 122.9 122.3 122.6 124.7 124.9 125.8 124.3 124.2 125.0 125.4 125.7 127.0 127.2 126.4 1.28 Clay, glass, and lumber 4.72 109.1 108.9 110.1 110.7 109.9 112.1 112.5 108.9 110.7 109.8 110.9 109.8 115.0 112.4 Clay, glass, and stone products 2.99 111.0 110.3 111.9 112.5 113.7 114.9 114.9 113.2 113.3 110.5 113.9 110.7 114.6 115.1 Lumber and products 1.73 106.0 106.4 107.1 107.5 103.4 107.4 108.3 101.5 106.1 108.7 105.7 108.2 115.7 107.8 Furniture and miscellaneous ........ 3.05 124.6 126.1 127.3 127.4 127.3 125.8 126.% 125.3 125.5 124.6 125.0 123.6 124.8 125.6 1.54 126.8 126.6 129.3 129.2 127.7 128.3 129.2 128.2 129.3 128.6 129 2 126 6 128 3 129 2 1.51 122.3 125.5 125.2 125.5 126.9 123.3 124.4 122.3 121.7 120.5 120.7 120 6 121 3 121 9 Nondurable manufactures 7.60 114.9 114.8 115.2 115.8 115.5 115.2 116.7 115.7 115.5 115.2 115.2 115.6 115.9 117.0 2.90 114.7 115.0 116.1 117.1 116.6 117.1 115.9 114.5 112.9 112.7 113 4 112 6 114 0 115 6 Apparel products 3.59 118.9 117.6 118.3 118.4 119.2 118.1 120.5 121.4 122.3 122.2 122.5 123.2 122.5 123.2 Leather and products 1.11 102.4 105.5 102.9 103.8 100.5 100.6 106.6 100.8 100.7 99.4 96.4 98.7 99.6 Paper and printing 8.17 116.7 115.7 117.0 116.7 118.0 118.1 118.2 117.2 117.9 115.4 114.5 115.8 115.7 118.7 3.43 119.7 117.5 119.9 119.6 121.1 120.5 120.9 120.8 122.1 119.6 120 3 123 3 123 9 121 5 4.74 114.6 114.4 114.9 114.7 115.7 116.3 116.2 114.6 114.8 112.3 110 2 110 5 109 7 116 7 Newspapers 1.53 108.5 107.5 107.9 108.6 110.3 111.8 111.3 108.2 109.7 100.5 94.0 93.9 90.8 109.7 Chemicals, petroleum, and rubber.... 11.54 130.6 126.6 130.8 132.6 133.2 133.2 133.7 134.2 133.7 133.9 134.2 135.3 137.9 138.8 Chemicals and products 7.58 135.6 131.6 135.7 137.1 137.6 138.3 139.0 139.5 139.1 138.6 140 0 141 4 143 4 145 7 Industrial chemicals 3.84 146.9 142.2 145.8 147.7 149.7 150.7 151.0 153.1 152.7 150.5 152.6 153.1 154.8 1.97 112.8 109.6 112.6 115.1 113.4 112.1 113.6 113.6 113.0 114 2 114 3 114 3 115 5 113 7 1.99 129.0 124.0 130.2 132.8 136.1 134.8 133.4 134.1 133.4 135.5 131.4 132.8 139.5 11.07 113.0 112.1 112.8 112.5 114.2 113.8 114.7 113.5 114.1 114.4 115 0 115 0 115 6 114 9 Foods and beverages 10.25 113.0 112.3 112.9 112.9 114.3 114.0 114.6 113.9 114.0 114.6 115.2 115.0 115.7 114.9 8.64 113.8 113.6 113.9 113.5 115.1 115.5 115.5 114.6 114.7 115.1 115 0 115 2 116 0 115 5 1.61 108.7 105.2 107.3 109.4 109.7 105.9 109.8 109.9 110.5 111.9 116.1 114 2 113 9 Tobacco products .82 112.3 110.3 112.5 108.2 113.4 112.0 116.0 108.6 115.2 111.4 113.0 114.6 114.2 Mining 6.80 103.6 104.0 102.6 103.0 104.7 104.1 105.2 105.3 105.5 102.3 101 3 103 7 103 9 105 0 Coal 1.16 94.3 97.6 92.2 91.8 91.8 93.7 93.8 94.0 96.3 93.2 95.1 96 1 93 9 100 8 5.64 105.5 105.3 104.7 105.3 107.4 106.2 107.5 107.6 107.4 104.2 102 6 105 3 106 0 105 8 4.91 107.2 106.2 106.3 107.4 109.5 108.3 109.6 109.4 109.8 106.3 104.8 107.9 107.8 108.1 Crude oil 4.25 105.1 104.1 104.1 105.6 107 7 106.7 107.8 107 2 107.5 103.8 101.6 104.8 104.9 105.3 .66 120.7 119.7 120.5 119.2 121.6 119.2 121.4 121.2 123.7 121.9 Oil and gas drilling .73 94.2 99.2 93.7 91.1 92.8 92.3 93.0 95.4 91.5 90.5 87.6 87.4 93.5 90.3 Metal, stone, and earth minerals 1.43 110.9 112.5 115.7 112.0 112.8 112.0 109.5 106.7 109.3 106.2 111.1 109.7 112.5 113.8 .61 112.5 120.0 116.6 109.5 110.4 104.1 97.8 96.8 106.2 114.9 110 1 114 3 115 7 113 5 .82 109.6 106.9 115.1 113.8 114.5 117.9 118.2 114.0 111.6 99.7 111.9 106.2 110.2 114.1 Utilities Electric 4.04 133.2 129.3 131.8 135.1 136.2 H4.5 134.2 134.5 136.3 136.1 138.0 140.3 138.1 Gas 1.28 129.8 124.2 123.6 123.8 126.4 128.6 127.5 126.2 124.6 126.8 NOTE—Published groupings include some series and subtotals not Industrial Preduction—1957-59 Base. Figures for individual seres and shown separately. A description and historical data are available in subtotals (N.S.A ) are pubJished in the monthly Bus ness Indexes release Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 INDUSTRIAL PRODUCTION: N.S.A. JUNE 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 * - Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar.r Apr, Total index. 100.00 118.2 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.9 120.5 122.5 123.1 Final products, total 47.35 119.7 1186 118.5 121.3 117.5 119 4 125.0 125.3 122. 119.4 120.0 122.4 123.7 122.4 Consumer goods 32 31 119.7 118 5 118 2 121.3 116.5 118 8 126.5 126.7 122.2 117.6 119.0 122.4 123.9 122.4 Equipment, including defense... 15 04 119.8 118.6 119. 121.1 119.6 120.6 122.0 122.5 122.0 123.4 122.1 122.6 123.1 122.2 Materials 52.65 116.8 118.2 118.0 118.7 110.7 116.1 119.7 119.9 119.2 115.1 115.9 118.7 121.4 123.7 Consumer goods Automotive products 3.21 131.1 138,6 138.5 133.1 129.8 79.4 124.9 148.1 145.1 143.7 142.4 144.0 144.7 148.3 Autos 1.82 135.9 150 0 149.3 137 1136.7 43.4 120.0 160.6 159.4 157.6 152.6 153.4 157.4 160.4 Auto parts and allied products 1.39 124.9 123.6 124.2 127.9 120.7 126.8 131.3 131.6 126.3 125.5 129.0 131.5 128.1 132.3 Home goods and apparel 10.00 118.0 120 5 117.6 120.8 107.7 119.6 124.0 123.9 120.1 111.2 113.6 123.1 126.2 122.5 Home goods 4.59 122.2 122.4 121.0 125.5 110 7 117.8 130.6 131.1 128.3 123.2 118.0 126.6 128.3 125.5 Appliances, TV, and radios 1.81 118.0 121 3 117 2 124 3 99 6 103.6 127.5 128.1 124.8 115.6 108.3 127.3 128.9 Appliances , 1.33 121. 125 8 120 8 129 9 107 101.7 127.1 127.5 128.1 124.8 112.6 133.5 137.3 TV and home radios .47 109.2 108 7 107 1 108.5 78.4 108.9 128.6 129.7 115.4 89.6 96.1 109.9 105.5 106.3 Furniture and rugs 1.26 123.9 121 9 120.1 123 5116 8 126.7 131.4 131.6 129.6 130.4 126.1 126.0 127.1 125.7 Miscellaneous home goods 1.52 125.7 124 126.3 128.5 119.0 127.3 133.6 134.2 131.3 126.5 122.8 126.3 128.6 129.0 Apparel, knit goods, and shoes 5.41 114.6 118.8 114.8 116.8 105.0 121.2 118.4 117.8 113.2 100.9 109.9 120.1 124.5 119.9 Consumer staples 19.10 118.6 114 1115.1 119.7 118.9 125.0 128.0 124.5 119.5 116.6 117.9 118.3 119.2 118.1 Processed foods 8.43 113.7 106 3 107 4 112 0 116 1124 2 131 0 126.0 117.5 110.7 107.5 106.7 108.9 107.4 Beverages and tobacco 2 43 109.9 109.7 116 6 125 0 113.6 117 8 116.4 113.9 105.9 96.7 101.2 104.2 110.3 Drugs, soap, and toiletries 2 97 129.5 127 7 128 7 133 2 125.3 133 9 132.4 134.2 131.2 131.6 133. 134.8 136.3 137.2 Newspapers, magazines, and books. 1.47 116.8 115,7 116 2 115 9 114.8 117 6 119.9 118.1 116.4 115.8 113.9 114.4 116.5 118.1 Consumer fuel and lighting 3.67 127.3 122.8 120 0 124.3 125.7 127.6 128.9 122.7 124.3 131.5 141.9 142.2 135.5 Fuel oil and gasoline 1.20 111.8 105.1 108.6 113.4 114.2 112.3 113.5 110.1 111.5 116.6 117.9 120.4 115.4 108.3 Residential utilities 2.46 134.8 Electricity 1.72 136.5 130.3 121.6 126.9 134.0 139.1 139.7 128.1 130.1 145.] 164.7 162.0 152.1 Gas .74 125.6 Equipment Business equipment 11.63 122.1 121.3 122.0 124.6 122.0 122.6 124.9 125.3 124.3 126.1 125.1 126.3 127.3 126.5 Industrial equipment 6 85 117.2 115.7 116 8 119.6 117.8 118 8 120.0 119.7 118.8 120.6 119.0 118.7 119.3 119.3 Commercial equipment 2.42 143. 141.3 142.7 145 2 142.7 145.0 147.1 146.2 146.1 146.7 145.4 143.5 142.5 140.8 Freight and passenger equipment. 1.76 U7.2 116,2 116 1119.5 117.6 116.6 118.2 124.3 122.0 122.6 123.7 128.4 134.0 132.5 Farm equipment .61 107.7 120.2 114.9 113.7 99.6 94.1 111.4 108.0 106.6 116.3 117.3 137.4 136.9 134.6 Defense equipment 3.41 Materials Durable goods materials. 26.73 114.1 116.9 116.5 116 A 108.7 111.3 116.8 116.6 115.5 112.3 112.3 114.6 118.6 122.0 Consumer durable 3.43 127.5 128 4 130.6 123 6 117 4 107.5 130.5 134.1 136.0 138.8 135.5 135.5 137.4 135.9 Equipment. 7.84 118.9 120 9 119.7 119 8 115.4 116 1119.4 120.2 121.7 122.7 123.5 123.5 124.4 123.6 Construction 9.17 110.4 109 6 114.7 118 8 113 8 119 4 119.9 116.7 111.1 102.5 100.2 102.0 106.9 113.9 Metal materials n.e.c.... 6.29 106.0 116.3 107.1 103.6 88.4 95.7 101.5 102.5 103.1 98.9 103.2 110.5 118.2 124.0 Nondurable materials 25.92 119.7 119.4 119.7 121.3 112.7 121.1 122.7 123.4 122.9 118.1 119.7 122.9 124.3 125.5 Business supplies 9.11 116.1 117 2 117.3 118 2 108.7 118.5 121.9 121.6 119.2 111.2 112.2 115.1 118.4 122.1 Containers. 3.03 117.0 116 5 117. 123,4 112 5 128 0 126.3 121.7 113.9 102.6 111.4 116.9 121.4 120.5 General business supplies. 6.07 115.7 117.5 117.4 115 6 106 8 113.7 119.7 121.5 121.8 115.5 112.6 114.2 116.9 122.9 Nondurable materials n.e.c. 7.40 134.2 133.9 135.9 136.6 124.9 134.8 135.3 137.9 139.3 133.7 137.3 142.1 144.0 143.9 Business fuel and power 9.41 111.6 110.2 109.2 112.3 107.0 112.8 113.6 113.6 113.7 112.5 113.1 115.2 114.6 114.3 Mineral fuels 6.07 104.7 105.4 102.5 104.8 96.4 103.7 104.8 106.7 107.8 106.1 105.8 109.6 108.4 108.2 Nonresidential utilities 2.86 130.1 Electricity 2.32 130.6 122.3 126.6 133.6 136.1 140.3 139.3 134.2 130.7 130.4 132.6 131.1 131.4 General industrial 1,03 122.6 120.1 121.6 123.7 120 6 125.4 125.2 127.0 123.9 122.0 124.3 122.5 124.9 Commercial and other. 1.21 140.0 126.2 133.1 144.7 152.2 156.1 154.3 143. 139.0 140.0 142.3 141.0 139.5 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods. 7.80 126.0 129.3 128.4 128.8 118.8 102.2 128.3 138. 135.2 131.7 128.0 133.8 135.1 134.9 Apparel and staples 24.51 117.8 115.3 115.1 119.1 116.0 124.3 125.9 123.0 118. 113.1 116.1 118.7 120.4 118.5 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 INDUSTRIAL PRODUCTION: N.S.A. 843 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 pro- Grouping por- avertion Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.* Feb.1 Mar. Apr. Total index 100.00 118.2 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.9 120.5 122.5 123.1 Manufacturing; total 86.45 118.6 119.1 119.0 120.4 114.0 117.6 122.8 123.4 121.3 117.5 117.8 120.7 123.2 124.0 Durable 48.07 117.9 119.6 118 8 119.2 113.6 112.8 120.4 121.7 121.0 119.4 118.3 120.7 123.2 124.3 Nondurable 38.38 119.4 118.4 119.1 121.8 114.5 123.6 125.8 125.5 121.7 115.0 117.2 120.6 123.3 123.7 Mining 8.23 104.9 104.9 105.5 107.5 101.0 106.4 106.5 107.1 106.3 103.1 102.6 104.9 104.6 106.0 Utilities 5.32 132.3 Durable manufactures Primary and fabricated metals 12.32 110.0 116.5 109. 108.4 97.6 104.5 110.2 109.2 709.0 106.2 108. 112.6 118.3 122.5 Primary metals 6.95 104.5 117.7 103.9 98.7 82.9 92 0 98.5 99.9 101.7 97.3 102.6 110.1 119.2 125.6 Iron and steel 5.45 100.6 116.0 97.5 91.3 76.8 86.6 92.8 93 7 96.3 93.4 97.9 106.6 117.6 125.2 Nonferrous metals and products. 1.50 118.9 123.8 127.2 125.5 104.9 111.8 119.2 122.4 121.2 111.4 119.6 122.8 125.1 126.7 Fabricated metal products 5.37 117. 115.1 117.4 120.9 116.7 120.7 125.3 121.3 118.6 117.8 116.0 115.8 117.2 118.5 Structural metal parts 2.86 113.2 110.7 113.4 116.4 113.9 115.8 118.6 117.9 116.0 114.8 112.4 111.5 112.2 113.6 Machinery and related products 27.98 122.1 122.7 123.2 123.4 119.8 113.4 123.8 127.0 127.1 127.7 125.9 127.6 128.2 727.5 Machinery 14.80 123.4 123.7 123.9 126.7 119.3 121.1 127.6 127.0 126.2 127.0 124.9 128.1 128.4 126.8 Nonelectrical machinery 8.43 119.7 121.5 121.9 123.6 119.1 118 0 121.2 120.7 120.5 122.5 122.2 125.3 126.1 125.3 Electrical machinery 6.37 128.4 126.7 126.5 130.8 119.6 125,2 136. 135.3 133.7 132.9 128.5 132.0 131.4 128.8 Transportation equipment 10.19 118.3 119.8 120.9 117.0 118.0 97 116.6 126.3 127.2 127.6 126.2 126.0 127.4 127.7 Motor vehicles and parts 4.68 134.1 139.7 141.9 133.6 135.0 87.0 128 9 148.3 149.1 149.1 145.6 145.9 148.5 149.4 Aircraft and other equipment... 5.26 103.9 101.2 101.2 101.6 102.7 104.8 105.4 106.7 107.8 108.6 109.0 108.1 108.2 107.5 Instruments and related products.. 1.71 122.9 121.0 121.4 124.1 122.2 125.0 125.2 125.6 127.2 127.0 125.2 126.2 126.9 126.3 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 109.1 108.3 113.9 118.3 112.6 120.1 119.4 116.3 110.3 99.8 97.2 100.5 705.7 772.2 Clay, glass, and stone products. 2.99 111.0 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.9 102.8 99.7 99.1 105.4 115.1 Lumber and products 1.73 106.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 104.1 94.6 93.0 102.8 107.3 107.2 Furniture and miscellaneous... 3.05 124.6 121.8 123.3 126.4 122.5 129.1 131.9 132.1 129.6 126.5 120.9 121.8 123.3 722.5 Furniture and fixtures 1.54 126.8 123.6 \1A.Z 127.9 124.8 132.1 133.1 133.3 131.4 131.2 126.9 126.3 126.8 126.1 Miscellaneous manufactures.. 1.51 122.3 120.0 122.2 124.9 120.2 126.0 130.6 130.9 127.9 121.7 114.8 117.2 119.7 119.0 Nondurable manufacture Textiles, apparel, and leather. 7.60 114.9 118.0 116.6 117.9 102.4 119.5 117.4 116.9 114.6 104.7 112.1 120.8 724.7 720.7 Textile mill products 2.90 114.7 115.0 119.6 121.2 100.9 118.3 115.9 115.6 115.2 108.2 112.3 116.0 119.7 115.0 Apparel products. 3.59 118.9 124.3 119.5 119.6 107.0 124.0 122.3 122.6 119.2 105.7 116.4 129.4 134.8 130.2 Leather and products 1.11 102.4 105.5 99.1 104.2 91.9 107.9 105.2 102.3 98.2 92.2 97.8 105.5 105.1 Paper and printing 8.17 116.7 118.4 117.7 117.5 108.7 117.2 119.6 122.4 120.8 111.4 112.1 115.9 777.7 727.5 Paper and products 3.43 119.7 122.0 120.0 122.0 107.8 123.5 122.0 127.3 123.0 108.6 118.6 125.9 127.0 126.1 Printing and publishing. 4.74 114.6 115.8 116.0 114.3 109.5 112.7 117.9 118.9 119.2 113.4 107.5 108.7 111.0 118.1 Newspapers , 1.53 108.5 114.1 115.0 108.6 96.0 101.7 112.1 117.7 120.7 100.0 86.6 90.3 92.6 116.4 Chemicals, petroleum, and rubber. 11.54 130.6 129.4 131.0 134.2 125.8 132.1 134.2 135.4 133.2 131.2 134.3 137.2 139.5 141.3 Chemicals and products 7.58 135.6 135.8 137.1 138.7 131.2 137.9 138.1 139.4 138.5 136.6 138.9 142.7 145.6 149.3 Pe I tr n o d l u e s u t m ri a p l r c o h d e u m c i t c s a ls , 3 1 . .9 8 7 4 1 1 1 4 2 6. . 9 8 1 1 4 0 5 6 . . 2 3 1 11 4 0 6 . . 9 8 1 1 4 1 7 7 . . 7 4 1 11 4 7 2 . . 9 5 1 1 4 1 8 6 . . 0 6 1 11 4 8 9 . . 1 2 1 1 5 1 1 4 . . 6 2 1 1 5 1 3 1 . . 6 3 1 1 1 5 2 0. . 5 5 1 1 5 1 2 2 . . 6 6 1 1 5 1 6 2 . . 5 6 1 1 5 1 9 1 . . 0 5 i i 613 Rubber and plastics products 1.99 129.0 127.8 127.6 133.5 113.0 125.4 135.1 141.6 134.2 129.4 138.1 140.5 144.0 Foods, beverages, and tobacco... 11.07 113.0 107.3 109.5 114.7 115.2 122.4 127.4 123.5 115.4 107.9 106.6 106.7 109.6 109 A Foods and beverages 10.25 113.0 107.0 108.9 114.5 116.4 122.5 128. 123.9 115.3 109.3 106.2 106.1 109.4 109.1 Food manufactures 8.64 113.8 106.6 107.5 111.8 115.7 123.7 130.5 126.1 118.1 111.1 108.1 107.4 109.4 107.7 Beverages 1.61 108.7 109,4 116.5 129. 120.3 116.0 114.8 111.7 100.3 99.8 95.8 99.2 109.2 Tobacco products .82 112.3 110. 116.6 116.9 100.4 121.2 119.4 118.3 117.0 90.7 111.8 114.0 112.5 Mining Coal, oil, and gas 6.80 103.6 104.0 101.4 103.5 96.2 102.8 103.8 105.5 106.2 104.7 104.3 707.0 105.9 705.6 Coal 1.16 94.3 94 9 93. 103.8 60.7 98.6 99,2 102.5 100.2 92.3 93.2 97.3 94.7 101.5 Crude oil and natural gas. 5.64 105.5 105.9 103.0 103.4 103.6 103.7 104 7 106.1 107.5 107.3 106.6 109.0 108.3 106.5 Oil and gas extraction.. 4.91 107.2 107.9 104.7 105.1 104.8 104.9 106 1 107 6 109.6 109.3 108.7 112.5 111.7 109.8 Crude oil 4.25 105.1 105.9 103.1 104.0 T03 7 104 o <os 6 106 7 105.8 104.7 108.7 108.3 107.1 Gas and gas liquids.. .66 120.7 120.5 114.8 111.9 113.2 112.9 114.1 118.3 127.5 132.0 Oil and gas drilling.... .73 94.2 92.4 91.9 92.0 95.2 95.7 95.1 95.9 93.3 93.2 92.0 85.4 85.1 84.1 Metal, stone, and earth minerals. 1.43 110.9 108.8 125.0 126.5 123.9 123.5 119.7 114.6 106.5 95.6 94.3 94.7 98.0 107.8 Metal mining .61 112.5 112.9 133.7 134.8 126.6 119.5 113.2 105.6 96.2 94.7 96.9 102.9 101.8 103.3 .82 109.6 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2 96.2 92.4 88.6 95.1 111.2 Stone and earth minerals Utilities Electric. 4.04 133.2 125.7 124.5 130.8 135.3 139.8 139.51 131.6 130.4 136.7 146.3 144.3 140.2 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

844 BUSINESS ACTIVITY JUNE 1963 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g - 2 Prices 3 Nonag- Period Total M F a in jo a r l m pr a o r d k u e c t t g s roupi M ng a s te- Ma g j r o o r u i p n i d n u g s s try t C s c r t t i a o o r o c n u n n t - - - s m T r p t o e e i u l c n m t o r u a t a y — l l - l - - i p m E lo m e y n - - t P ro a l y ls - F l r i c o e n a a i g r g d - s h - t D m s s e t a p o e l a e n re r s t t- s C um on e - r W m c o s h o a d o m l i e l t e - y - Con- Equip- rials Min- Util- Total s g u o m od e s r ment Mfg. ing ities 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 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.3 93.5 93.8 99 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.0 105.1 97.9 105 101.5 100.6 1960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.7 106.6 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 102.9 95.6 105.2 91.2 109 104.2 100.3 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—Apr 117.7 118.5 119.1 117.0 117. 118.1 105.5 128.1 121 105.1 99.6 114.8 96.1 113 105.2 100.4 May 118.4 120.2 121.1 118.5 117.0 118.8 104.8 129.8 117 105.4 99.8 113.7 94.0 115 105.2 100.2 June 118.6 120.6 120.9 120.1 117.1 118.9 104.6 132.4 120 105.6 99.9 113.5 89.9 111 105.3 100.0 July 119.3 121.7 121.7 121.8 117.0 119.7 106.1 133.5 117 105.8 99.7 113.1 89.6 114 105.5 100.4 Aug 119.7 121.6 120.9 123.2 117.7 120.3 105.5 132.3 118 105.6 98.7 112.5 90.2 115 105.5 100.5 Sept 119.8 122.0 121.8 123.2 118. 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. 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 119.2 122.3 121.8 122.0 116.8 119.8 103.0 135.9 121 105.6 97.3 114.5 88.2 114 106.0 100.5 Feb 120.2 122.6 122.9 '121.5 118.0 '120.6 104.7 138.2 130 106.0 97.5 115.2 94.5 114 106.1 100.2 Mar 121.3 '122.5 123.1'120.7 120.2 '121.9 r105.4 136.4 118 106.5 98.3 116.0 94.7 119 106.2 99.9 Apr 122.5 122.2 122.9 120.8 122.6 123.2 106.5 136.5 125 106.9 99.4 115.9 96.6 ^115 106.2 r99.7 May ^123.8 ^123.0H23A*122.4^124.6^124.5 ^107.6 *>99.9 P116.4 96.8 116 100.1 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 ajdusted 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 type of construction 1961 1962 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction 37,135 41,303 3,860 4,009 3,900 3,747 3,631 3,273 3,425 3,188 3,198 2,779 2,917 3,583 3,983 By type of ownership: Public ... . .. 12,547 13,599 1,211 1,227 1,331 1,231 1,039 1,099 1,003 1,099 1,190 932 1,092 1,182 1,168 Private 24,588 27,705 2,650 2,782 2,569 2,516 2,591 2,174 2,422 2,089 2,009 1,847 1,825 2,401 2,814 By type of construction: Residential 16,123 18,039 1,816 1,819 1,656 1,623 1,651 1,519 1,610 1,361 1,166 1,250 1,215 1,642 Nonresidential 12,115 13,010 1,102 1,275 1,242 1,197 1,177 1,019 1,075 1,066 921 1,016 1,005 1,146 Public works and utilities 8,897 10,255 943 915 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

JUNE 1963 CONSTRUCTION 845 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sin m e C s e s o r m cia - l P u u ti b li l t i y c O n d r t e o t i e h a s n n i l e - - - r Total M ta i r l y i- H w ig a h y - S w a e a n w t d e e r r Other 1954 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 ,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 ,360 4,431 1,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 ,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 ,402 5,545 1,387 7,123 1959 i 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 ,488 5,870 1,467 7,386 1960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 ,386 5,464 1,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 ,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 ,267 6,254 1,754 8,431 1962—May 60,764 43,472 25,018 13,119 2,886 4,752 5,481 5,335 17,292 ,354 5,830 1,805 8,303 June 62,678 44,842 26,118 13,354 2,950 4,865 5,539 5,370 17,836 ,549 5,989 1,807 8,491 July 62,084 44,908 25,987 13,516 2,962 5,110 5,444 5,405 17,176 ,170 5,876 1,802 8,328 Aug 62,829 45,244 25,957 13,835 2,936 5,273 5,626 5,452 17,585 ,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 ,164 6,140 1,754 8,324 Oct 63,517 43,843 25,013 13,478 2,885 5,018 5,575 352 19,674 ,492 7,786 1,764 8,632 Nov 62,610 44,059 25,432 13,424 2,820 4,967 5,637 203 18,551 ,003 6,922 1,755 8,871 Dec 61,823 44,134 25,654 13,424 2,788 4,979 5,657 056 17,689 ,324 6,343 1,738 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 1,758 8,455 Feb 60,353 42,313 23,878 13,303 2,716 4,999 5,588 5,132 18,040 ,684 6,181 1,768 8,407 Mar 61,018 42,483 23,978 13,323 2,722 4,982 5,619 5,182 18,535 ,312 6,948 1,804 8,471 Apr.*3 60,473 43,651 25,132 13,249 2,815 4,846 5,588 5,270 16,822 5,254 1,860 62,739 44,832 26,401 13,042 2,837 4,630 5,575 5,389 17,907 1,896 i Beginning with 1959, includes data for Alaska and Hawaii. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. NOTE.—Monthly data are at seasonally adjusted annual rates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area * By type of ownership S. A. Government- (private only) underwritten Period Total N fa o rm n- Total p M o e li t t r a o n - p m N o e l o i t t r n a o - n - Total famil P y rivat f e am 2- ily M fam ul i t l i y - Public Total FHA VA 1954. ,220 897 324 ,202 1,077 34 90 19 583 276 307 1955. ,329 976 353 ,310 1,190 33 87 19 670 277 393 1956. ,118 780 338 ,094 981 31 82 24 465 195 271 1957. ,042 700 342 993 840 33 120 49 322 193 128 1958. ,209 827 382 ,142 933 39 170 68 439 337 102 1959. ,379 946 432 ,343 1,079 49 215 36 458 349 109 1959. ,554 1,077 477 ,517 1,234 56 227 37 458 349 109 1960. ,296 889 407 ,252 995 44 214 44 336 261 75 1961. ,365 948 417 1,313 975 44 295 52 328 244 83 1962. ,482 1,043 439 1,453 989 48 415 29 339 261 78 1962—Apr.. 1,542 1,521 152 111 41 147 101 5 41 5 33 25 May. 1,579 1,566 157 112 45 154 107 5 42 2 34 26 June.. 1,425 1,399 140 96 43 136 96 4 36 3 31 24 July.. 1,466 1,447 139 98 42 136 95 4 36 4 33 25 Aug.. 1,529 1,500 148 99 49 146 101 4 41 2 36 28 Sept.. 1,289 1,261 116 84 33 114 76 4 34 3 26 20 Oct... 1,550 1,504 136 93 43 134 91 4 39 3 30 23 Nov.. 1,586 1,571 122 83 39 120 78 4 38 2 25 19 Dec. 1,472 1,453 95 68 27 94 56 4 34 1 20 16 1963—Jan... 1,242 1,220 83 62 22 81 47 3 31 3 18 14 Feb.. 1,280 1,255 88 65 23 87 52 4 31 1 17 13 Mar.. ^1,521 2*1,497 88 39 81 4 38 22 17 Apr.. ^1,627 \605 108 48 29 21 * 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

846 EMPLOYMENT JUNE 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 cultural industries agriculture 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121 950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1960 3 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5,190 4,007 55,400 5.6 1962—May . 129,752 74,797 71,922 68,203 62,775 5,428 3,719 54,956 5.5 June 129 930 76,857 74,001 69,539 63,249 6,290 4,463 53,072 5.5 Julv 130,183 76,437 73,582 69,564 63,500 6,064 4,018 53,746 5.4 Aug 130,359 76,554 73,695 69,762 63,993 5,770 3,932 53,805 5.7 Sept 130 546 74,914 72,179 68,668 63,103 5,564 3,512 55,631 5.6 Oct 130,730 74,923 72,187 68,893 63,418 5,475 3,294 55,808 5.3 Nov 130 910 74 532 71,782 67,981 63,098 4,883 3,801 56,378 5.8 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 Mar 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 May 131,865 75,864 73,127 69,061 63,883 5,178 4,066 56,001 5.9 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r n r a u c c t - T t l i i r o c a n n u s & t p il o p it r u i t e b a s - - Trade Finance Service G m ov e e n r t n- 1956 52,408 17,243 822 2,999 4,244 10,858 2,429 6,536 7 277 1957 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 i 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 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—May 55,403 16,891 659 2,716 3,936 11,596 2,786 7,692 9,127 June 55,535 16,923 652 2,671 3,934 11,621 2,788 7,749 9,197 July 55,617 16,908 648 2,738 3,913 11,652 2,792 7,783 9,183 55,536 16,795 646 2,731 3,932 11,627 2,796 7,805 9,204 Sept 55,583 16,805 641 2,715 3,928 11,612 2,799 7,809 9 274 Oct 55,647 16,781 638 2,716 3,935 11,594 2,813 7,831 9,339 Nov 55,597 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 Mar 55,963 16,771 625 2,634 3,915 11,765 2,844 7,937 9,472 Apr p 56,189 16,908 635 2,734 3,915 11,764 2,843 7 915 9 475 May23 .... 56,359 16,984 637 2,716 3,922 11,807 2,851 7,930 9,512 NOT SEASONALLY ADJUSTED 1962—May 55,209 16,682 657 2,749 3,924 11,476 2,780 7,769 9,172 June. 55,777 16,870 661 2,839 3,965 11,582 2,808 7 881 9 171 July 55,493 16,782 648 2,982 3,948 11,540 2,839 7,884 8 870 55,709 16,931 658 3,031 3,963 11,558 2,841 7,867 8,860 Sent ... 56,252 17,127 651 2,978 3,959 11,627 2,813 7 856 9 241 Oct 56,333 17,028 645 2,936 3,959 11,682 2,807 7,870 9 406 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 Mar 55,068 16,613 612 2,315 3,868 11,477 2,821 7,826 9 536 Apr P 55,822 16,693 627 2,589 3,884 11,730 2,834 7,931 9,534 Mayp 56,167 16,775 635 2,749 3,910 11,685 2,845 8,009 9,559 i Data includes Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the NOTE.—Bureau of Labor Statistics; data include all full- and part- armed forces are excluded. time employees who worked during, or received pay for, the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 EMPLOYMENT AND EARNINGS 847 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 May Mar. Apr.*3 May25 May Mar. Total. 12,566 12,386 12,521 12,578 12,372 12,240 12,319 12,387 Durable goods 7,037 6,930 7,036 7,097 6,975 6,883 6,967 7,037 Ordnance and accessories 98 98 96 96 98 98 96 96 Lumber and wood products 544 556 548 549 546 518 528 551 Furniture and fixtures 321 316 319 318 314 313 314 311 Stone, clay, and glass products 467 451 465 469 467 436 460 469 Primary metal industries 972 929 956 971 965 931 952 964 Fabricated metal products 873 852 871 881 861 846 858 869 Machinery except electrical 1,018 1,012 1,021 1,025 1,027 1,028 1,034 1,034 Electrical machinery 1,051 1,035 1,040 1,053 1,025 1,024 1,019 1,027 Transportation equipment 1,142 1,141 1,178 1,186 1,133 1,159 1,173 1,177 Instruments and related products 230 230 232 234 227 230 231 231 Miscellaneous manufacturing industries 321 310 310 315 315 300 302 309 Nondurable goods 5,529 5,456 5,485 5,481 5,397 5,357 5,352 5,350 Food and kindred products 1,184 1,182 1,171 1,152 1,121 1,086 1,090 1,091 Tobacco manufactures 76 76 77 76 65 68 66 65 Textile-mill products 803 774 775 776 797 769 770 770 Apparel and other finished textiles 1,111 1,114 1,131 1,134 1,080 1,128 1,106 1,102 Paper and allied products 479 478 479 480 475 473 475 476 Printing, publishing and allied industries 599 581 592 596 595 580 590 592 Chemicals and allied products 521 520 523 522 525 523 532 526 Products of petroleum and coal 129 119 121 122 129 118 120 122 Rubber products 304 304 306 310 298 302 303 304 Leather and leather products 323 308 310 313 313 310 301 303 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 May Mar. May? May Mar. Apr.* May Mar. Total 40.6 40.4 40.3 40.5 96.80 98.09 97.76 98.98 2.39 2.44 2.45 2.45 Durable goods 41.1 41.0 40.8 41.0 105.22 106.49 106.37 107.42 2.56 2.61 2.62 2.62 Ordnance and accessories 41.3 41.0 40.7 40.5 117.16 119.19 116.52 116.93 2.83 2.90 2.87 2.88 Lumber and wood products 40.2 39.7 39.8 39.8 79.59 77.42 78.41 80.00 1.97 1.97 1.98 2.00 Furniture and fixtures 41.3 40.5 40.7 41.1 78.38 79.19 78.01 79.19 1.94 1.97 1.96 1.97 Stone, clay, and glass products 41.2 41.2 41.3 41.4 99.60 99.23 101.11 103.00 2.40 2.45 2.46 2.47 Primary metal industries 39.9 40.6 41.5 41.2 118.50 122.91 127.82 124.84 2.97 3.02 3.08 3.03 Fabricated metal products 41.3 41.2 41.0 41.3 105.73 105.67 104.75 107.38 2.56 2.59 2.58 2.60 Machinery except electrical 41.9 41.5 41.2 41.5 114.09 115.51 113.58 115.09 2.71 2.77 2.75 2.76 Electrical machinery 40.7 40.3 40.1 40.0 97.68 97.84 96.87 97.60 2.40 2.44 2.44 2.44 Transportation equipment 42.2 41.7 41.4 42.1 121.96 123.85 121.66 125.46 2.89 2.97 2.96 2.98 Instruments and related products 41.1 40.9 40.5 40.9 99.80 101.59 99.54 100.94 2.44 2.49 2.47 2.48 Miscellaneous manufacturing industries.. 40.1 39.6 39.4 39.5 78.60 80.39 78.98 79.39 1.97 2.03 2.02 2.02 Nondurable goods 40.1 39.8 39.6 39.9 86.37 87.07 86.19 87.91 2.17 2.21 2.21 2.22 Food and kindred products 41.3 41.1 40.8 40.8 92.48 93.73 93.03 94.60 2.25 2.32 2.32 2.33 Tobacco manufactures 38.6 39.2 36.4 39.8 75.65 73.11 69.10 79.99 1.97 1.96 1.98 2.02 Textile-mill products 41.3 40.4 40.7 41.1 69.12 68.51 67.43 69.19 1.69 1.70 1.69 1.70 Apparel and other finished textiles 36.6 36.7 36.2 36.5 60.59 61.85 59.45 60.42 1.66 1.69 1.67 1.66 Paper and allied products 42.6 42.7 42.4 42.8 101.34 104.55 102.90 105.22 2.39 2.46 2.45 2.47 Printing, publishing and allied industries. 38.4 38.4 38.3 38.4 107.90 110.21 108.97 110.21 2.81 2.87 2.86 2.87 Chemicals and allied products 41.7 41.5 42.0 41.6 109.52 111.37 113.40 113.01 2.62 2.69 2.70 2.71 Products of petroleum and coal 41.6 40.9 42.4 42.4 126.05 128.61 134.41 133.14 3.03 3.16 3.17 3.14 Rubber products 41.5 41.1 41.0 41.0 101.19 101.34 99.70 101.59 2.45 2.49 2.48 2.49 Leather and leather products 38.0 36.8 37.1 37.4 63.98 64.58 62.66 64.42 1.72 1.75 1.76 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

848 DEPARTMENT STORES JUNE 1963 SALES AND STOCKS, BY DISTRICT (1957-59= 100) Federal Reserve district United Period States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t i . s M a i p n o n li e s - Ka C n i s t a y s Dallas F c S r i a a sc n n o - SALES 1955 88 91 80 93 92 89 81 95 90 85 88 84 82 1956 94 96 89 97 96 95 90 99 96 93 93 92 91 1957 96 96 95 98 98 97 94 100 97 97 94 96 93 1958 99 99 100 99 98 98 99 97 98 99 99 99 98 1959 105 104 105 104 104 105 107 104 104 104 107 105 109 I960 106 106 108 104 108 105 107 104 103 106 108 100 no 1961 109 112 112 107 no 108 no 105 104 108 in 102 1962 114 114 116 110 113 113 118 no 109 109 114 108 111253 SEASONALLY ADJUSTED no 1962—Apr 113 '112 119 '113 '111 '111 108 107 109 115 104 '119 May 115 no 113 115 117 115 117 112 113 no 116 108 121 111 112 108 107 no no 115 108 105 108 111 107 123 July 114 115 113 109 118 111 112 111 116 112 123 Aug 115 117 117 112 110194 111162 118 113 108 1n1o1 113 107 124 Sept 117 116 120 113 116 118 121 115 113 118 113 122 Oct 110 no 112 106 108 107 112 107 104 116 108 100 121 Nov 118 120 121 111 116 119 125 113 111 i n n o 117 109 128 Dec 117 116 118 112 114 113 122 114 115 117 111 127 no 1963—Jan 114 115 113 103 113 116 123 107 104 108 107 127 F M e a b r 1 1 1 1 4 9 1 1 1 2 1 1 1 1 1 1 5 9 1 1 0 1 8 2 1 1 0 1 9 8 1 1 1 2 2 3 ' 1 1 1 3 9 5 1 1 0 1 8 6 1 1 0 1 8 4 1 1 1 1 4 7 1 1 1 2 7 2 1 1 0 1 9 3 1 1 2 3 8 0 Apr z-115 112 119 105 111 111 118 110 114 103 110 NOT SEASONALLY ADJUSTED 1962— Apr 112 '114 113 '114 114 113 115 108 105 112 '112 103 '117 May n10o5 1 1 0 0 8 8 1 10 0 5 9 n10o2 1 1 1 0 1 2 n10o2 1 1 1 0 1 4 1 1 1 0 1 3 1 9 1 7 3 1 1 0 0 3 6 1 1 1 0 3 5 1 9 0 6 4 n 11 o 7 July 96 87 86 84 95 '94 106 92 94 88 105 102 112 Aug 104 96 94 92 99 103 109 101 103 106 in 108 119 Scot 117 117 120 113 114 118 114 116 114 118 119 109 121 Oct 113 115 120 112 109 115 113 111 no 111 in 102 117 Nov 141 147 152 145 141 142 139 136 130 133 126 145 Dec 212 225 216 202 211 '210 219 201 133 197 203 193 232 201 1963—Jan 85 87 90 75 82 94 79 79 76 82 83 97 Feb 85 79 88 78 79 79 92 79 78 80 84 80 101 Mar 101 95 101 '98 97 102 116 97 97 96 101 98 105 112 111 104 111 112 121 109 107 104 P114 108 STOCKS 1955 85 88 78 87 86 90 86 89 93 88 90 79 81 1956 94 96 89 95 93 99 98 97 102 98 99 91 92 1957 99 97 97 99 102 100 102 100 103 102 100 99 96 1958 98 99 99 98 97 96 97 97 98 97 98 98 97 1959 103 104 104 103 101 104 101 103 99 101 103 104 107 I960 109 108 110 105 113 108 107 108 103 108 109 106 114 1961 no 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—Apr 115 116 112 '112 115 118 '112 113 117 113 114 111 '123 May 117 115 113 112 117 116 114 116 121 113 115 114 127 118 115 113 112 117 '119 115 121 117 114 114 115 128 July 119 118 113 113 117 119 120 122 117 113 115 114 127 Augi. 118 115 116 113 116 117 116 123 116 115 115 1n1o2 126 Sect 118 114 116 112 117 117 119 122 115 115 111 127 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 '122 130 121 121 111 111 111 108 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 120 119 115 '108 119 '119 123 121 118 113 117 113 129 Apr 120 118 110 122 121 122 119 121 Pin NOT SEASONALLY ADJUSTED 1962—Apr 118 117 116 116 116 121 '116 118 121 112 116 '114 125 May 117 116 115 114 118 118 113 119 120 111 114 112 125 112 109 106 106 111 113 107 117 111 104 109 108 123 July 112 108 102 103 112 112 no 119 112 107 no 109 123 Aug 117 114 113 109 115 119 122 117 111 115 126 Sept 125 123 121 119 125 126 116 129 123 120 112 117 132 Oct. 135 134 134 131 135 135 126 135 133 128 116 127 143 Nov 135 137 138 132 138 138 114404 136 135 131 112236 128 129 Dec 110 no 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 no in 106 108 106 120 Mar 120 118 117 '109 119 '120 126 119 112 117 114 130 121 122 115 123 124 125 112215 124 "121 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

JUNE 1963 DEPARTMENT STORES; FOREIGN TRADE 849 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, ccipts 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 .0 1955 437 1,195 446 444 449 2.9 .1 4.0 0 1956 454 1,286 470 459 458 3.0 .1 4.1 0 1957 459 1,338 461 461 458 3.1 .1 4.1 .0 1958 462 1,323 437 462 464 3.0 .0 4.1 0 1959 488 1,391 510 495 498 3.0 .1 4.1 L.I I960 494 1,474 518 496 493 3.1 .1 4.3 1.0 1961 506 1.485 529 512 517 3.1 L.I 4.2 o 1962 526 L.593 571 535 533 3.2 ,7 4.4 0 1962—Apr '499 1,589 '456 '507 '466 3.2 .9 4.1 .0 May 507 1,571 499 489 531 3.1 0 4.1 1.0 472 1,509 679 410 590 3.2 .4 4.6 9 July 406 1,490 724 387 432 3.7 .8 5.5 L.O Aug 482 1,571 675 563 514 3.3 1.4 4.7 ? Sept 493 1,700 706 622 653 3.4 .4 4.9 1.3 Oct 556 1,845 666 701 661 3.3 L.2 4.5 Nov 657 1,892 549 704 587 2.9 3.7 1.1 Dec 998 L,5O5 385 611 447 1.5 '.4 1.9 .6 1963—Jan 407 1,466 498 368 481 3.6 11.2 4.8 9 Feb 366 1,508 555 408 465 4.1 1.5 5.6 Mar 467 1,616 507 575 527 3.5 4.5 1 Apr.*5 512 1,653 459 549 501 3.3 .9 4.1 1.1 NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts Receipts and new orders: monthly totals derived from reported figures reported by a selected group of department stores whose 1962 sales on sales, stocks, and outstanding orders. were more than 40 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 l Imports 2 Export surplus Period 1960 1961 1962 1963 1960 1961 1962 1963 1960 1961 1962 1963 Month: jan 1.561 1.623 1.655 3 982 1.213 1.161 1.327 31,093 348 462 328 3 -111 Feb 1,566 1,712 1,812 32,131 1,307 1,150 1,315 31,493 259 562 497 3 637 Mar 1,518 11,751 1,674 3 1,991 1,261 1,163 1,339 3 1,484 257 588 335 3 507 Apr 1,622 1,662 1,803 3 1,918 1,315 1,152 1,364 31,423 308 510 439 3 495 May 1,659 1,585 1,782 1,242 1,153 1,386 417 432 396 June •••• I 634 31,582 1,838 I 252 3I 174 1,342 382 3 408 496 July 1,707 1,689 1,729 1,235 31,379 1,362 471 3 310 367 Aug 1,625 1,689 1.687 1,227 1,254 1.364 398 435 323 Sept 1,647 1,678 31!943 1,188 1,262 31[476 459 416 3 467 Oct 1,668 11,780 3 1,493 1,178 1,300 3 1,319 490 480 3 174 Nov ,681 L,733 1,695 I 126 I 309 1,432 555 424 263 Dec .645 .725 3 1,839 1.109 .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 3 1,033 n 4,915 '4,829 5,423 3,809 3 3,479 4,092 1 107 3 1 350 1 331 ni 4,979 3 5,056 3 5,359 3,650 3 3,895 3 4,202 1,328 3 1,161 31,157 IV 4,994 5,238 3 5,027 3,413 3,924 3 4,123 1 582 1 314 3904 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 * 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

850 PRTCES JUNE 1963 CONSUMER PRICES (1957-59= 100) Housing Read- Other Period it A em ll s Food Total Rent tr e G a i l c n e a i c d t s - y p S l f e a e u o u n t e l r m d l i o s d - H n i f n o u i g s u r h - s se- H o h t p o i o e o u l r n d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o re g 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 63.6 75.0 67.3 57.5 1954 93.6 95.4 93.4 93.5 92.5 90.6 101.9 89.5 97.3 90.8 88.5 92.4 94.3 86.6 1955 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 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 9818..86 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—Apr 105.2 103.4 104.6 105.4 107.8 102.4 99.3 107.1 102.7 107.2 113.9 106.3 109.4 105.1 May 105.2 103.2 104.7 105.5 107.7 100.1 99.0 107.4 102.7 107.3 114.1 106.4 109.5 105.1 105.3 103.5 104.8 105.6 107.7 99.4 99.1 107.4 102.8 107.3 114.4 106.1 109.2 105.2 July 105.5 103.8 104.8 105.7 108.0 99.7 99.0 107.5 102.9 106.8 114.6 106.8 110.0 105.6 105.5 103.8 104.8 105.8 108.0 100.1 98.5 107.4 102.5 107.4 114.6 106.8 110.3 105.5 Sept 106.1 104.8 104.9 105.9 108.0 101.3 98.7 107.6 104.6 107.8 114.7 106.8 110.0 105.6 Oct 106.0 104.3 105.0 106.1 108.0 102.4 98.8 107.6 104.9 108.1 114.9 106.9 109.5 105.6 Nov 106.0 104.1 105.1 106.2 108.1 103.6 98.7 107.8 104.3 108.3 115.0 107.1 110.1 105.6 Dec 105.8 103.5 105.2 106.2 108.1 104.8 98.6 108.1 103.9 108.0 115.3 107.6 110.0 105.6 1963—Jan 106.0 104.7 105.4 106.3 108.2 104.9 97.9 109.3 103.0 106.6 115.5 107.4 110.2 105.7 Feb 106.1 105.0 105.4 106.4 108.0 104.8 98.3 109.3 103.3 106.8 115.6 107.3 110 0 105.7 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 Apr 106.2 104.3 105.8 106.5 107.5 104.2 98.5 109.9 103.8 107.0 116.1 107.6 111.0 105.8 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 1007 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 1007 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. 1004 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. 1006 97.2 99 ? 101*3 100.4 109 1 98.7 100.0 99.7 104.1 1010 101.2 102.2 100.4 101.2 102.2 101 9 I960. 100.7 96.9 100 0 101 3 101. 105 ? 99.6 100.? 99.9 100 4 101 8 101.3 102.4 100.1 101.4 102.5 99.3 1961. 100 1 96 0 100 7 100 8 99.7 106 ? 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 ? 100 8 100.6 107 4 100.2 97. 93.3 96.5 100 0 100.0 102.3 98.8 101.8 104.1 107 3 1962— Anr. 100.4 96.9 100 "> 100 Q 100.5 106 9 100.2 97.9 92.9 96.8 101 100.3 102.3 98.9 102.4 104.0 106 0 May 100.? 96.2 99 6 100 9 100.7 107 ? 99.7 97.7 93.2 97. 100 8 100.2 102.3 99.0 102.1 104.1 106 0 100.0 95.3 99 8 100 7 100 8 108 0 99.6 97 6 93.0 97 3 100 99.8 102.4 98.9 101.9 104.1 105.4 July 100.4 96.5 100 8 100 8 100.9 107 5 100.0 97.? 92.7 97. 100.0 99.7 102.3 98.8 101.6 104 0 107 6 100.s 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 1007 100.5 1074 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. 107 3 100.7 97 0 93.7 96 3 99 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 1008 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.? 96.5 100 5 1006 100 3 105 1 100.3 96 7 94.2 96 1 99 1 99.4 102.2 98.2 101.5 104.3 111.5 Mar 99.9 95.4 rQQ 0 100 6 r100. nos 1 100.8 96.8 94.1 r96.S '99-0 99.4 102.0 98.2 101.5 104 3r110 8 Apr 99.8 95.4 99 4 100.4 100. 104.6 100.4 96.5 94.1 97.0 99.0 99.4 102.0 98.2 101.5 104.3 108.0 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 PRICES 851 WHOLESALE PRICES: DETAIL (1957-59=100) 1962 1963 1962 1963 Group Group Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper; and Allied Products: Fresh and dried produce 99.0 96.5 99.0 99.5 Woodpulp 95.0 89.4 89.4 91.3 Grains , 98.5 103.0 103.7 105.1 Wastepaper 98.0 96.1 96.6 92.5 Livestock and poultry 94.1 89.5 85.6 88.2 Paper 103.1 102.2 102.2 102.2 Plant and animal fibers , 98.9 100.8 101.8 102.0 Paperboard 93.8 94.1 94.1 94.1 Fluid milk , 98.8 101.1 '99.6 98.5 Converted paper and paperboard.... 103.0 99.9 '99.7 99.7 Eggs 91.7 99.1 99.8 81.3 Building paper and board 97.9 95.5 '94.1 95.5 Hay and seeds 107.4 113.5 113.8 110.7 Other farm products , 93.2 89.1 89.0 89.4 Metals and Metal Products: Processed Foods: Iron and steel 99.6 98.6 '98.4 98.5 A P C C S D M a u e a n a e e c g r n i i t a e k m r a n a y t a a r b , e a l g d l p a l p e e a r n o s d f n o a a u d d d t n b l s c t u d e b r o c v a y a n t f e n , k s r f r d e o e a a a r c z n g o y n t e e d i i n d o l p s m n f i r i c e f o s a r r e d h t u y e u c i r t r c s i e a t , s a ls m and veg- 1 1 1 9 9 8 8 0 0 0 9 5 6 2 2 6 8 . . . . . . . 0 6 2 6 0 3 0 1 1 1 ' '7 9 9 8 0 0 0 9 9 5 6 5 8 8 . . . . . . . 1 8 0 6 1 0 6 " " 1 1 ' ' 1 1 7 8 9 0 0 0 0 9 0 1 7 6 1 8 . . . . . . . 1 0 8 1 1 3 0 1 1 1 1 9 7 8 1 0 0 0 0 9 1 3 6 8 3 . . . . . . . 4 3 2 9 9 1 0 H P H N M F F l a a e a o u e u b b a r n m t c d r r t a f i i t i w l e b s c c n r i a a g c a r n t t o o r e e g e e n u d d q t s e a u n q s i i m t o n u p r n e i m u e p r s t c s m a e t t r l n u u s e t r n c a t t l u m ra e l t m al e p ta r l o p d r u o c d t - s. 1 1 1 1 9 9 9 0 0 0 0 9 3 8 3 4 3 4 . . . . . . . 8 7 1 7 1 7 4 1 1 1 1 9 9 9 0 0 0 0 8 2 8 4 4 1 3 . . . . . . . 0 4 0 5 0 7 1 1 1 1 1 ' ' 9 9 9 0 0 0 0 2 7 8 3 4 1 3 . . . . . . . 6 8 1 9 5 3 7 1 1 1 1 9 9 9 0 0 0 0 2 7 8 3 4 0 3 . . . . . . . 9 6 2 9 5 8 8 Crude vegetable oils 91.4 82.5 '83.8 83.3 Refined vegetable oils 94.9 89.2 90.0 84.1 Machinery and Motive Products: Vegetable oil and products 101.9 91.9 90.5 87.2 Miscellaneous processed foods 101.2 101.5 101.5 101.9 Agricultural machinery and equip... . 109.2 110.8 111.0 110.9 Construction machinery and equip.. . 107.7 108.5 108.8 108.8 Textile Products and Apparel: Metalworking machinery and equip... 109.4 109.1 109.4 General purpose machinery and Cotton products 102.4 100.5 100.2 100.1 equipment 103.1 103.6 103.4 103.4 Wool products 98.6 100.7 100.8 100.8 Miscellaneous machinery 103.1 103.4 103.7 103.7 Man-made fiber textile products 93.7 93.7 '93.8 93.8 Special industry machinery and equip- Silk products 121.6 151.1 150.9 150.9 ment (Jan. 1961=100) 101.7 103.1 103.1 103.1 Apparel 101.3 101.4 101.4 101.3 Electrical machinery and equip 98.6 97.8 '97.1 97.0 Other textile products 118.5 118.2 114.9 117.7 Motor vehicles 100.1 100.4 100.3 100.2 Transportation equip., RR. rolling Hides Skins, Leather\ and Products: stock (Jan. 1961=100) 100.5 100.5 100.5 100.5 H L Fo e id a o e t t h w s e e a r a n r d skins 1 1 1 0 0 0 3 9 8 . . . 5 3 7 1 1 8 0 0 5 8 4 . . . 9 3 7 " 1 1 8 0 0 8 3 8 . . . 4 7 3 1 1 8 0 0 5 8 2 . . . 0 3 8 Furn b it l u e r s e : and Other Household Dura- Other leather products 102.6 104.8 104.7 104.6 Household furniture 103.4 104.5 104.6 104.7 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 5 2 . . 9 3 1 9 0 6 2 . . 0 3 1 9 0 5 2 . . 9 3 C C o o k al e 1 9 0 5 3 . . 3 6 1 9 0 8 3 . . 4 6 1 9 0 8 3 . . 1 6 1 9 0 5 3 . . 8 6 H T O e o th l u e e s v r e i s h h i o o o l n u d , s e r a h a p d o p l i l d o i a s d , n u c a e r n a s d b l p e h g o o n o o d g s raphs.. 1 9 9 0 4 1 3 . . . 7 2 2 1 9 9 0 2 0 2 . . . 3 1 8 1 9 8 0 2 9 2 . . . 3 4 8 1 9 8 0 2 9 3 . . . 2 4 0 Gas fuels (Jan. 1958=100) 115.3 127.8 '127.8 124.2 Electric power (Jan. 1958=100). . . . 103.0 102.5 102.4 102.4 Petroleum products, refined 98.9 97.1 98.2 98.2 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 97.9 96.6 96.6 96.6 Concrete ingredients 103.1 103.0 103.0 103.0 Industrial chemicals 96.5 95.2 95.4 95.3 Concrete products 102.6 102.2 102.2 102.2 Prepared paint 103.7 103.8 103.7 103.7 Structural clay products 103.6 103.6 103.6 103.6 Paint materials 96.6 93.0 93.0 91.5 Gypsum products 105.0 105.0 105.0 105.0 Drugs and Pharmaceuticals 97.0 95.1 95.2 95.2 Prepared asphalt roofing 101.4 94.1 94.1 94.1 Fats and oils, inedible 79.3 72.7 '74.5 77.7 Other nonmetallic minerals 102.8 101.5 101.5 101.4 Mixed fertilizers 104.3 103.6 103.6 103.6 Fertilizer materials 103.7 102.3 102.3 102.3 Tobacco Products and Bottled Bev- Other chemicals and products 99.3 99.5 '99.5 98.6 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 94.1 93.7 92.7 92.8 Nonalcoholic beverages 116.7 117.4 117.4 117.4 Tires and tubes 86.1 89.0 89.0 89.0 Miscellaneous rubber products 99.1 99.7 99.8 99.8 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. . . 100.5 101.1 100.5 Manufactured animal feeds 108.3 118.2 117.1 Lumber 96.8 96.2 '96.6 97.6 Notions and accessories 98.7 98.7 98.7 Millwork 101.3 102.3 102.5 102.4 Jewelry, watches, photo equipment... 104.1 104.0 103.9 Plywood 94.2 90.5 '91.2 91.0 Other miscellaneous products 101.3 101.7 101.7 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 NATIONAL PRODUCT AND INCOME JUNE 1963 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 I II III 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 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 Durable goods 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 Nondurable goods 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 New construction 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 Residential, nonfarm 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 Producers' durable equipment 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 Nonfarm only 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 Net exports of goods and services . .8 1.1 .6 1.2 -.8 2.9 4.0 3.3 3.7 3.7 2.5 3.2 3.2 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 27.9 Imports 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 62.1 62.7 63.4 65.9 National defense ( 13.8 14.3 44.8 46.2 45.7 49.0 53.4 53.0 53.2 54.0 54.2 56.6 Other } 1-3 2.0 \ 3.2 5.2 8.3 7.9 8.1 8.7 9.7 9.6 9.5 9.6 10.1 10.2 Less! Government sales. .5 .5 .6 .6 .8 .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 II III IV 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 Wages 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 Military .3 .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 Government civilian 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 insurance .1 .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 Other labor income .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 Proprietors' 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 Business and professional 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 Farm 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 Rental income of persons 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 17.0 40.6 37.4 47.7 45.4\ 45.6 57.3 50.7 50.9 57.7 53.2 Profits tax liability 1.4 .5 7.6 17.9 18.6 23.2 22.4| 22.3 25.0 24.4 24.9 24.9 26.0 Profits after tax 8.3 -.4 9.4 22.8 18.8 24.5 23.3 26.3 25.6 26.1 26.1 27.3 Dividends 5.8 2.1 4.5 9.2 12.4 13.7 15.0 15.9 15.8 15.8 15.8 16.4 16.4 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 Net interest 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

JUNE 1963 NATIONAL PRODUCT AND INCOME 853 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 n III IV I Gross national product 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 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 n -1.5 -3.0 -3.4 -3.1 -3.6 -1.4 -4.0 -4.3 -4.8 Plus: Subsidies less current surplus of government enterprises -.1 .1 1.1 .4 .5 1.7 1.7 1.8 1.8 1.8 1.6 1.2 Equals: 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 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 "26.'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 Net interest paid by government 1.0 1.2 1.3 4.8 6.2 7.1 7.8 7.3 7.4 7.3 7.4 7.5 7.6 7.8 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 Business transfer payments 6 7 5 8 1 8 2 1 2 1 2 1 2 1 2 1 2.1 2.1 2 1 2.1 Equals * Personal income 85 8 47 2 96 3 228 5 360 3 383 9 400 8 416 4 440 5 432 0 439 5 442.6 448 0 452.1 Less: Personal tax and nontax payments 2.6 7.5 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 State and local 1 4 1 0 1 3 2 6 5 7 6 4 7 4 8 5 8 4 8 5 8.6 8 7 9.0 Equals: Disposable personal income 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total personal income 416.4 440.5 438.3 439.7 440.7 441.9 443.0 443.5 445.6 448.2! 450.4 !452.4 451.1 453.2 455.8 Wage and salary disbursements 278.8 295.8 295.3 296.0 296.9 297.8 298.1 298.0 298.5 299.8\ 301.0 301.5 303.6 305.0 306.9 Commodity-producing industries... 110.8 117.2 118.2 118.2 118.1 118.4 118.1 117.9 117.8 117.8 117.8 117.6 118.3 119.0 120.5 Manufacturing only 87.5 93.6 94.4 94.5 '94.5 94.5 94.1 94.0 93.9 94.0 94.2 93. 94.7 95.4 96.5 Distributive industries 72.9 76.2 75.8 16.1 76.2 16.4 76.6 76.7 76.9 77.1 77.6 77.6 78.3 78.5 78.6 Service industries 43.4 46.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47.2 47.5 47.8 48.1 48.3 48.4 Government 51.8 56.2 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57.7 58.0 58.5 58.8 59.1 59.4 Other labor income. 11.4 12.3 12.2 12.3 12.4 12.4 12.4| 12.4 12.5 12.5 12.5 12.6 12.7 12.7 12.8 Proprietors' income 47.8 49.8 49.4 49.6 49.6 49.6 49. 49.9 50.3 50.9 51.4 51.0 50.6 50.5 50.6 Business and professional. 34.8 36.8 36.6 36.8 36.8 36.9 37.0 37.0 37.1 37.3 37.4 37.6 37.7 37.8 37.9 Farm 13.1 13.0 12.8 12.8 12.8 12.7 12.9 13.2 13.6 14.0 13.4 12.9 12.7 12.7 12.8 Rental income 12.3 12.8 12.7 12.8 12.8 12.8 12.9 12.9 12.9 12.9 13.0 13.0 13.0 13.1 12.9 Dividends 15.0 15.9j 15.8 15.8 15.8 15.7 16.0 16.1 16.2 17.0 16.3 16.4 16.5 16.6 15.7 Personal interest income.. . 27.4 29.7 29.2 29.4 29.6 29.8 30.2 30.4 30.6J 30.8 31.1 31.3J 31.6J 31.9 30.0 i Transfer payments 33.4 34.6 34.2 34.2 34.1 34.2 34.5 35.5 35.8! 35.5 138.7 35.3i 35.6! 35.8 34.5 Less: Personal contributions for social insurance 9.7 10.5| 10.5 10.5 10.5 10.5 10.5 10.4 10.5 10.5 10.6 11.7 11.8 11.8 11.9 Nonagricultural income. 399.1) 423.2 421.2 422.6J 423.5 424.8 425.9 426.4 428.2 430.4 432.3 1434.6 434.0 436.2 438.8 Agricultural income 17.3 17.3 17.1 17.1 17.2 17.1 17.1 17.1 17.4 17.8 18.2 17.7 17.2 17.0 17.1 * 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

854 FLOW OF FUNDS/SAVING JUNE 1963 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1960 1961 1962 Transaction category, 1958 1959 1960 1961 1962 or sector IV I II III IV I II III IV I. Saving and investment 94.1 115.6 120.4 117.0 128.6 114.9 106.0 116.4 119.4 126.1 126.3 132.6 124.8 130.7 A B Consumer and nonprofit 68.0 73.9 72.4 76.8 82.6 72.1 71.4 76.0 78.1 81.8 82.3 82.1 82.9 83.1 B C Farm and noncorp. business 11.9 12.4 12.7 12.7 13.1 12.7 12.6 12.7 12.8 13.0 12.9 13.1 13.1 13.1 C D Corporate nonfin. business 25.0 35.6 31.5 35.0 40.3 28.8 28.2 34.2 36.2 41.2 40.6 40.3 37.8 42.6 D E U.S. Government -7.9 -4.5 4.3 -5.2 -3.7 1.5 -5.1 -5.4 -5.1 -5.2 -5.9 1.0 -4.5 -5.5 E F State and local govt -5.0 -4.0 -3.4 -4.5 -5.3 -4.2 -4.3 -3.9 -4.2 -5.6 -4.8 -4.8 -5.7 -6.1 F G Financial sectors 2.1 2.1 2.9 2.1 1.7 4.0 3.1 2.8 1.7 .9 1.1 .9 1.3 3.5 G H Gross national investment 94.2 114.6 117.9 114.7 125.0 112.7 104.4 111.2 118.8 124.4 125.5 125.9 123.9 124.9 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 2.1 3.2 -1.1 -3.6 2.1 4.0 6.0 6.7 4.0 1.0 1.2 J K. Gross pvt fixed investment 58.5 66.2 68.3 67.0 73.0 67.6 63.7 65.5 68.4 70.6 69.2 72.6 75.3 74.9 K 18.1 22.1 21.6 20.1 21.0 21.6 20.2 18.7 19.7 21.7 21.4 19.5 21.3 21.9 L M Nonfin business 39.7 43.3 45.8 46.1 51.2 45.1 42.7 45.9 47.9 48.0 46.9 52.3 53.2 52.2 M N Financial sectors 7 .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 .8 N O Net financial investment .3 -1.7 .7 1.8 1.2 2.2 3.4 .1 2.4 1.2 3.4 2.0 .5 — .9 O P Discrepancy (A —H) * 1.0 2.5 2.3 3.6 2.2 1.6 5.2 .6 1.7 .8 6.7 1.0 5.8 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors... 42.8 52.8 36.2 46.3 57.7 33.9 30.1 44.6 55.7 54.8 59.2 63.1 42.3 66.3 A B Loans and short-term securities.... 3.3 19.2 7.8 19.3 21.2 .2 26.9 17.3 4.2 28.9 33.2 19.6 -5.7 37.8 B C Long-term securities and mtgs 39.5 33.5 28.4 27.0 36.5 33.7 3.2 27.3 51.5 25.9 26.0 43.5 48.0 28.4 C By sector D U. S. Government 8.6 8.7 -2.2 7.4 6.8 -2.4 .5 9.3 15.2 4.8 14.6 8.0 -4.3 9.1 D E Short-term securities -1.2 5.5 -5.1 11.3 5.6 -10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 14.7 E F Other securities 9.5 3.8 2.4 -4.1 1.1 8.2 -22.1 -7.1 20.8 -8.1 -8.3 4.0 16.3 -7.8 F G Foreign borrowers 2.3 .8 2.0 2.7 2.3 3.1 2.8 -.1 3.1 4.8 3.8 1.6 -.4 4.1 G H Loans . . 1.1 .2 1.4 1.9 1.3 2.4 2.6 -1.0 2.4 3.7 3.4 .3 -.8 2.4 H I Securities 1.3 .7 .7 .8 1.0 .6 .2 .9 .7 1.1 .4 1.4 .5 1.7 I J Pvt. domestic nonfin. sectors 31.9 43.2 36.4 36.2 48.6 33.3 26.8 35.4 37.4 45.2 40.9 53.5 47.0 53.1 J K. Loans 3 1 14.1 11.0 5.8 14.2 8.4 1.7 1.9 7.3 12.3 6 9 15.3 15.7 18.6 K L Consumer credit .7 6.2 4.4 1.4 5.6 2.4 .2 -.7 1.1 4.3 3.1 6.7 4.5 8.2 L M Bank loons nee 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 M 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 N O Securities and mortgages 28.8 29.1 25.3 30.4 34.5 24.9 25.1 33.5 30.1 32.9 33.9 38.2 31.3 34.5 O P Q S C t o a r te p o a r n a d te l o s c e a c l u s r e it c i u es r ities . •. 8.0 5.4 5.4 7.0 4.7 5.9 5.0 12.3 5 6 . . 7 0 6 4 . . 7 7 4.7 6 7 . . 1 0 3 3 . . 2 8 4 3 . . 6 5 Q P 10.1 13.2 10.4 12.1 15.7 10.0 10.2 11.8 12.4 14.2 13.5 16.0 15.6 17.6 R S Other mortgages .. 5.2 5.8 5.8 6.1 8.6 5.4 5.5 5.5 6.0 7.3 8.0 9.1 8.7 8.8 S T Net sources of credit (—A) ... 42.8 52.8 36.2 46.3 57.7 33.9 30.1 44.6 55.7 54.8 59.2 63.1 42.3 66.3 T U Chg. in U.S. Govt. cash bal .6 .8 .1 1.2 -1.5 -5.3 2.5 5.8 -2.7 3.9 6.5 -4.6 -1.2 U V US Govt lendine 1*7 3.8 2.4 2.8 3.5 2.8 1.9 -.7 4.9 5.1 3.5 4.2 1.9 4.5 V W Foreign funds 3.2 3.6 3.2 2.5 2.4 5.9 2.9 -.7 3.8 4.1 2.6 2.2 1.7 2.9 W X Pvt. insur. and pension reserves. . 7.8 8.8 8.2 8.7 8.9 7.5 7.7 7.5 9.2 10.2 8.6 9.7 9.8 7.7 X Y Sources nee 5.2 5.1 6.8 5.2 5.3 5.9 1.8 1.3 12.9 4.9 1.5 2.0 8.8 9.1 Y Z Pvt. Domestic nonfin. sectors.. 24.8 30.7 14.8 27.1 36.4 13.3 21.1 34.7 19.2 33.2 39.0 38.5 24.7 43.3 Z AA Deposits and U S Govt secur 17.5 24.0 7.8 23.1 31.2 9.3 15.7 26.8 19.1 30.8 26.1 32.2 25.9 40.7 AA AB Deposits 20.6 10.8 13.7 24.1 29.8 21.2 24.4 25.9 19.3 26.8 24.8 26.5 25.2 42.6 AB AC Demand dep and curr 4.9 .3 -1.3 4.0 1.2 1.0 1.2 3.7 2.2 8.8 -10.7 .6 2.4 12.5 AC AD Time and svgs. accounts.... 15.7 10.5 15.1 20.2 28.6 20.2 23.3 22.2 17.1 18.1 35.4 25.9 22.8 30.2 AD AE At commercial banks . .. 7.0 2.2 5.5 8.8 15.3 9.4 12.1 10.9 6.5 5.7 23.0 13.7 9.8 14.9 AE 8 7 8 4 9 6 11.4 13.2 10.8 11.2 11.3 10.6 12.4 12 4 12.2 13 0 15.3 AF AG U. S. Govt securities -3.1 13.2 -5.9 -1.0 1.5 -11.9 -8.8 .9 -.2 4.0 1.4 5.7 .7 -1.9 AG 8 2 6 9 6 8 5.2 4.9 3.7 5.6 11.0 .6 3.8 12 5 2.4 1 7 2 9 AH AI Less security debt .9 .2 -.3 1.3 -.3 _ 3 .1 3.0 .6 1.4 -.4 -3.9 2.8 .3 AI III. Financial institutions A Net funds advanced—Total 37.6 30.2 34.5 44.1 51.0 42.4 32.5 40.2 54.9 48.8 42.7 48.4 44.1 68.7 A B U. S. Govt. securities 11.3 -6.9 2.8 7.9 4.1 8.5 8.1 9.3 15.2 11.7 -4.1 8.6 B C Other securities and mtgs 23.2 23.1 20.8 27.9 33.1 24.1 22.0 26.0 31.3 32.3 24.7 40.7 31.4 35.8 C D Loans 3.1 14.0 11.0 8.3 13.8 9.8 2.5 4.9 8.3 17.6 6.2 7.6 16.8 24.3 D By sector E Banking system 17.5 4.9 10.0 17.5 20.8 17.2 11.8 15.6 24.9 17.5 19.8 19.0 10.7 33.4 E F Savings institutions. 9.3 10.7 9.3 12.0 14.5 10.6 11.3 10.9 11.7 14.1 13.7 12.9 15.3 16.0 F 9.0 10.1 10.2 10.7 11.0 10.3 10.1 9.2 11.0 12.6 9.9 11.1 11.4 11.7 G H Finance n.e.c 1.9 4.5 5.0 3.9 4.7 4.3 -.8 4.5 7.3 4.6 -.8 5.4 6.7 7.6 H I Net sources of funds—Total 37.6 30.2 34.5 44.1 51.0 42.4 32.5 40.2 54.9 48.8 42.7 48.4 44.1 68.7 I J Gross saving 2.1 2.1 2.9 2.1 1.7 4.0 3.1 2.8 1.7 .9 1.1 .9 1.3 3.5 J K. Deposit claims 22.6 10.6 15.3 26.5 32.3 21.2 21.0 29.6 28.5 27.0 31.6 32.6 20.5 44.3 K L Demand deposits and curr 5.7 1.1 * 5.5 3.4 .6 -2.0 6.2 10.1 7.8 -3.5 6.4 -2.1 12.8 L M Time dep. at comm banks 8.0 1.2 5.8 9.4 15.6 9.7 11.8 11.9 7.8 6.3 22.7 13.8 9.6 16.2 M N Other savings accounts 8.9 8.4 9.5 11.5 13.3 10.9 11.2 11.5 10.6 12.9 12.4 12.4 13.0 15.3 N O Life insurance reserves 3.3 3.6 3.5 3.7 4.3 3.4 3.7 3.3 4.0 3.9 4.7 4.9 4.8 3.0 O P Pension fund reserves 4.4 5.2 4.7 4.9 4.6 4.2 4.0 4.2 5.2 6.3 4.0 4.9 4.9 4.7 P 0 Credit market instruments c 5.9 3.5 3.7 5.7 3.4 .1 2.6 6.0 6.2 4.2 7.2 6.9 4.5 0 R Investment co. shares 1.6 1.8 1.5 2.0 1.9 1.3 1.6 1.5 2.0 2.7 3.3 2.1 1.3 .8 R S Corporate bonds 1.0 1.4 .8 .8 1.9 .9 1.3 .2 .9 * 1.2 .3 1.8 S T Loans -l!2 3.0 .4 .8 2.9 .1 -2.5 3.8 2.1 3.8 5.3 1.8 T U Security credit .6 * t c 1.1 1.2 j q 2.2 1.0 1.6 -1.9.6 -.7 1.1 5.8 U 4 1 2 7 4.1 2 2 1 4 5.0 1.9 -4 5 8.4 3.0 Q —1.2 4.6 3.1 V 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

JUNE 1963 FLOW OF FUNDS/SAVTNG 855 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1960 1961 1962 Transaction category, 1958 1959 1960 1961 1962 or sector IV I II III IV I II III IV I. Demand deposits and currency A Net incr. in banking system liability. . 5.7 1.1 * 5.5 3.4 .6 -2.0 6.2 10.1 7.8 -3.5 6.4 -2.1 12.8 A B US Oovt denosits 1 6 .8 .1 1.2 -1.5 -5.3 2.5 5.8 -2 7 3.9 6.5 -4.6 -1.2 B C Other 5.6 .4 -.8 5.5 2.2 2.0 3.3 3.6 4.3 10.5 -7.4 -.2 2.5 13.9 C E F D Net O U in t S h cr e e r a G s d e o o i v m n t a e s s s t e ic ts , s b e y c t s o e rs ctor.... 6 6. . 1 3 1 -.5 . . 2 7 -.6 . . 2 9 4 4 . . . 8 1 3 3 1 1 . . . 3 9 3 -1 1 . . 5 . 3 6 - -5 1 2 . . . 7 8 9 4 4 1 . . . 5 3 1 1 92 1 .. . 2 6 0 -3 4 7 . . . 1 0 9 - - 6 3 . . 7 . 0 4 - 4 6 .8 . . 0 3 - - 3 1 3 . . . 0 1 0 - 1 1 1 0 1 .4 . . 8 6 D E F 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 2 7 -2.2 -1.7 1.2 -2.0 -1.6 -2.7 -.3 .9 6.8 -6.2 -4.8 -.6 3.6 H I State and local covts .2 .5 .2 .6 -.1 .7 -.7 1.9 -1.6 2.6 -3.2 1.7 2.1 -1.1 I 7 .1 .5 1.2 1.0 .2 1 4 1.1 1.5 .9 1 2 .2 1.2 1 3 J K Rest of the world * * .4 .1 .8 .9 -.9 .4 1.0 2.0 -.9 .5 K j j -.3 -.1 .1 .4 1.5 -3.2 .3 .5 .5 -1.6 .2 L M Other — 5 .9 -.2 1.0 .2 -.1 -.5 .2 1.8 2.5 -3.3 1.5 .6 1.8 M IL Time and savings accounts A Net increase—Total 16.9 9.6 15.3 21.0 28.9 20.6 22.9 23.4 18.4 19.2 35.1 26.2 22.6 31.5 A B At commercial banks—Total 8.0 1.2 5.8 9.4 15.6 9.7 11.8 11.9 7.8 6.3 22.7 13.8 9.6 16.2 B C Corporate business.. .9 -.4 .8 1.3 2.6 2.0 5.6 1.2 .8 -2.4 4.8 2.6 .6 2.3 C .8 — .4 1.4 .9 1.0 2.1 1.0 .9 .9 .9 2.1 .3 .4 1.3 D .9 -.9 .3 .6 .3 .3 -.3 .7 1.3 .6 -.5 .2 1.4 E 5 3 3 0 3.3 6.6 11.7 5.3 5.5 8.8 4.8 7.2 16.0 10.8 8.8 11.3 F G At savings institutions. . . 8.9 8.4 9.5 11.5 13.3 10.9 11.2 11.5 10.6 12.9 12.4 12.4 13.0 15.3 G H Memo—Consumer and nonprofit organ. — Total 14.0 11.3 12.9 18.0 25.0 16.1 16.7 20.1 15.4 19.6 28.5 23.0 21.8 26.7 H III. U.S. Govt. securities A Total net issues 8.3 9.3 -2.7 7.2 6.6 -2.7 -.1 9.5 16.1 3.3 13.8 8.1 -2.3 6.9 A B Short-term direct -1.2 5.5 -5.1 11.3 5.6 -10.8 22.0 16.6 -4.6 11.4 22.1 4.1 -18.6 14.7 B C Other 9.5 3.8 2.4 -4.1 1.1 8.2 -22.1 -7.1 20.8 -8.1 -8.3 4.0 16.3 -7.8 C D Net acquisitions, by sector 8.3 9.3 -2.6 7.2 6.7 -2.6 -.1 9.5 16.1 3.3 13.8 8.2 -2.3 7.2 D E Pvt. domestic nonfin. sectors -3.1 13.2 -5.9 -1.0 1.5 -11.9 -8.8 .9 -.2 4.0 1.4 5.7 .7 -1.9 E F Consumers and nonprofit -2.5 7.0 -3.1 -.4 .4 -8.0 -7.9 -4.1 5.2 5.3 -3.8 3.3 3.1 -1.0 F G Svgs. bds. and postal svg. dep.. . j -2.0 -.4 .7 .3 .5 .3 .5 .8 1.2 -./ .1 .6 .6 G H Securities -1.8 9.0 -2.7 -1.0 .1 -8.6 -8.1 -4.6 4.4 4.2 -3.6 3.2 2.5 -1.6 H — 2 4 4 -3.1 — 8 — .4 -3.3 -1.5 4.0 -5.0 -.8 1.5 .5 -3.2 -.5 I A 1.8 .2 .2 1.5 -.6 .6 1.0 A -.5 3.7 1.9 .8 -.5 J K Financial sectors 11.3 -6.9 2.8 7.9 4.1 8.5 8.1 9.3 15.2 11.7 .1 -4.1 8.6 K L Banking system. . 10.4 -7.9 2.7 7.4 2.4 8.4 7.0 10.8 13.7 -2.0 9.3 1.2 -5.7 4.9 L M Monetary authorities 2.2 .3 .7 7.5 2.0 -.7 2.2 .2 1.5 2.1 5.9 .2 1.7 M N Cotfwtcrcial banks 8.2 -8.2 2.0 5.9 .5 9.1 4.8 10.6 12.2 -4.1 3.4 1.2 -5.9 3.2 N 4 6 -.4 5 .3 .3 1.2 -.2 I 1.2 1.6 -1.0 .4 .4 O .3 .2 -.4 -.1 .4 -.9 .7 -1.2 -.3 .6 .7 .3 .7 P Q Finance nee .2 .1 1.0 >it .9 .6 -.9 -.1 1.9 -.8 .1 _ 1 .9 2.6 Q R Rest of the world 1 3.0 .5 .4 1.2 .8 .6 n .4 .7 2.3 1.1 .5 R IV. Other securities A Total net issues, by sector 14.9 11.8 11.2 13.7 12.0 12.0 10.5 18.4 12.5 13.4 12.8 15.7 7.7 11.6 A B State and local govts . 5.5 4.7 3.7 5.1 5.4 3.7 4.3 3.9 5.7 6.7 7.7 6.1 3.2 4.6 B C Nonfinancial corporations 8.0 5.4 5.4 7.0 4.7 5.9 5.0 12.3 6.0 4.7 4.7 7.0 3.8 3.5 C D Finance comoanies .1 1.0 1.4 .8 .8 1.9 .9 1.3 .2 .9 * 1.2 .3 1.8 D E Rest of the world 1.3 .7 .7 .8 1.0 .6 .2 .9 .7 1.1 .4 1.4 .5 1.7 E F Net purchases 14.9 11.8 11.2 13.7 12.0 12.0 10.5 18.4 12.5 13.4 12.8 15.7 7.7 11.6 F G Consumers and nonprofit org 3.6 2.9 2.3 1.5 -.5 .4 .3 7.0 -2.8 1.6 4.6 -1.9 -2.6 -2.0 G 1 7 1 3 1.5 1 6 1.7 1.5 1.5 1.6 1.5 1.8 1.3 1.9 1.7 1.9 H .5 .7 .3 .4 .5 -.3 1.0 .9 .3 -.5 1.7 .5 * -.4 I J Commercial banks 2.5 .3 .4 2.7 4.5 2.2 2.8 1.3 3.7 3.2 4.6 6.0 3.8 3.7 J 6 5 7 0 7 0 7 7 7 0 7.8 6.0 7.2 9.0 8.7 5.6 7.2 6.9 8.2 K — .5 -.5 -.5 -.4 Q .2 -1.5 -.1 1.0 -.8 -4.2 2.6 -2.5 .6 L M Security brokers and dealers .1 * .2 | .2 -.8 * 1.9 -.2 -2.3 2.1 -.6 .3 M N Investment cos.—Net 4 -.7 -.5 -.6 -.8 -.5 -A j -.8 -1.1 -1.3 .6 -1.6 -.6 N O Purchases 1.1 1.2 1.0 1.4 1.1 .8 1.2 1.5 1.2 1.6 2.0 2.7 -.4 .2 O 1 6 1 8 1 5 2 0 1 9 1.3 1.6 1.5 2.0 2.7 3.3 2.1 1.3 .8 P O Rest of world .4 .3 .3 -.1 * .4 .5 .1 .3 -.4 * .1 -.1 Q V. Mortgages A Total ne*' borrowing 15.3 19.0 16.2 18.2 24.3 15.4 15.7 17.3 18.4 21 5 21.5 25.1 24.2 26.4 A B I- to 4-family 10.1 13.2 10.4 12.1 15.7 10.0 10.2 11.8 12.4 14.2 13.5 16.0 15.6 17.6 B C Other 5.2 5.8 5.8 6.1 8.6 5.4 5.5 5.5 6.0 7.3 8.0 9.1 8.7 8.8 C D Net acquisitions 15.3 19.0 16.2 18.2 24.3 154 157 17.3 18.4 21.5 21.5 25.1 24.2 26.4 D E Consumer and nonprofit org 2.2 1.7 2.3 1.3 2.8 1.8 2.3 1.0 1.2 .6 4.5 1.6 2.2 3.0 E F US Govt .3 2.2 1.2 .6 .3 1.1 * -.2 1.0 1.7 1.0 -.2 .1 .3 F G Commercial banks 2.1 2.6 .7 1.6 3.9 .3 .9 1.8 1.8 1.9 2.1 5.1 4.0 4.5 G H Savings institutions 7.8 9.5 8.8 11.0 13.4 9.5 9.5 10.9 11.2 12.4 11.7 13.6 13.5 14.8 H 2.0 2.4 2.8 2.7 3.0 2.6 2.7 2.7 2.0 3.3 2.1 3.2 3.2 3.4 I J Mortgage companies .5 .2 * .6 .4 -.3 4t .5 .8 1.2 -.3 1.2 .8 • J VI. Bank loans n.e.c. /^ Total net borrowing 1.2 7.4 2.8 3.1 6.2 2.4 -1.4 -.2 4.9 8.9 3.7 5.2 6.5 9.4 A B Nonfinancial business 1.4 5.3 2.7 2.0 4.2 2.2 .4 -.2 1.3 6.5 2.0 3.9 4.2 7.0 B C Corporate .4 3.8 2.6 1.6 2.6 1.9 1.7 .1 4.5 1.5 .4 2.9 5.7 C D Nonfarm noncorporate 5 .9 * .1 .9 .2 -2.0 -.2 .9 1.7 2.9 .6 .2 D E Farm .6 .7 .2 .3 .7 .1 .7 .4 .3 .5 .5 .6 1.1 E F Rest of the world .5 .2 .1 .7 .5 .5 .3 .8 .1 1.3 2.1 .1 — 1 -.2 F G Financial sectors -1.1 1.6 -.3 .1 1.0 -.6 -2.1 -1.0 3.3 .4 -.5 1.0 1.7 1.8 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1963 BULL., p 545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 BANK HOLDING COMPANIES JUNE 1963 BANK HOLDING COMPANIES, DECEMBER 31, 1962 (Registered pursuant to Section 5, Bank Holding Company Act of 1956) pr L in o c c i a p t a io l n o f o fi f ce Holding company pr L in o c c i a p t a io l n o f o fi f ce Holding company California New Hampshire Los Angeles Western Bancorporation Nashua New Hampshire Bankshares, Inc. Colorado New York Englewood First Colorado Bankshares, Inc. Buffalo Marine Midland Corporation New York Amalgamated Clothing Workers of America Florida New York Empire Shares Corporation Jacksonville The Atlantic National Bank of Jacksonville New York Southeastern Shares Corporation Jacksonville Atlantic Trust Company Warsaw Financial Institutions, Inc. Jacksonville Barnett National Securities Corporation Pensacola Commercial Associates, Inc. Ohio Columbus BancOhio Corporation Georgia Springfield The Springfield Savings Society of Clark County Atlanta Trust Company of Georgia Atlanta Trust Company of Georgia Associates Tennessee Savannah Citizens and Southern Holding Company Chattanooga Hamilton National Associates, Inc. Savannah The Citizens and Southern National Bank Knoxville Tennessee Shares Corporation Indiana Texas South Bend St. Joseph Agency, Inc. Fort Worth The Fort Worth National Bank South Bend St. Joseph Bank and Trust Company Houston C. B. Investment Corporation Iowa Utah Des Moines Brenton Companies, Inc. Salt Lake City First Security Corporation Kentucky Virginia Louisville Trustees, First National Bank of Louisville Arlington The First Virginia Corporation Richmond Virginia Commonwealth Corporation Maine Bangor Eastern Trust and Banking Company Washington Port Angeles Union Bond & Mortgage Company Massachusetts Spokane Old National Corporation Boston Baystate Corporation Boston The National Shawmut Bank of Boston Wisconsin Boston Shawmut Association Milwaukee First Wisconsin Bankshares Corporation Milwaukee The Marine Corporation Minnesota Milwaukee Marshall & Ilsley Bank Stock Corporation Bank Shares Incorporated Wausau Central Wisconsin Bankshares, Inc. Minneapolis First Bank Stock Corporation Minneapolis Northwest Bancorporation Canada St. Paul Otto Bremer Company Montreal Bank of Montreal Toronto Canadian Imperial Bank of Commerce St. Joseph The First National Bank of St. Joseph Japan St. Louis General Bancshares Corporation Tokyo The Bank of Tokyo, Ltd. Montana Great Falls Bancorporation of Montana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 858 Gold production 859 Net gold purchases and gold stock of the United States 860 Estimated foreign gold reserves and dollar holdings 861 International capital transactions of the United States 862 U. S. balance of payments 871 Money rates in foreign countries 871 Foreign exchange rates 873 Guide to tabular presentation 794 Index to statistical tables 881 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- 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 GOLD RESERVES JUNE 1963 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f w m o t r o a l t d t a e l d r i M F ta u o r n n y d e- U S n ta i t t e e s d w r m e o s a r t t l e d o d f r A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1956 38,075 1,692 22,058 14,325 224 107 71 925 324 1,103 46 57 122 1957 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 40 62 81 1958 39,445 1,332 20,582 17,530 60 162 194 1,270 325 1,078 40 72 83 1959 40,195 2,407 19,507 18,280 56 154 292 1,134 327 960 43 71 42 1960 40,505 2,439 17,804 20,260 104 147 293 1,170 287 885 45 78 30 1961 41,105 2,077 16,947 22,080 190 162 303 1,248 285 946 48 88 1962—Apr 2,099 16,519 114 170 363 1,315 285 963 46 91 May 2,106 16,458 114 174 363 1,318 286 913 45 92 June 41,285 2,110 16,527 22,650 102 177 363 1,335 286 669 45 93 July 2,136 16,182 78 180 419 1,335 286 674 44 93 Aug. ........ 2,155 16,139 74 182 419 1,342 286 683 44 94 Sent 41,250 2,175 16,081 71 184 419 1,341 286 689 43 83 Oct 2,179 16,026 68 186 429 1,341 286 695 43 84 Nov 2,190 16,014 64 187 439 1,340 286 702 43 64 Dec ... . 41 430 2 194 16 057 23 180 61 190 454 I 365 708 43 57 1963—Jan .. 2 199 15 974 58 192 454 I 362 714 43 58 Feb 2,225 15,891 53 195 469 ^64 725 42 58 Mar H1,560 2,226 15,946 ^23,390 198 484 1,372 732 42 59 Apr 2,228 15,914 198 494 1,372 739 42 Domin- Ger- E pe n r d i o o d f Cuba m D a e r n k - R i e c p a u n b- E d c o u r a- E v l a d S o a r l- l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d s o ia - Iran lic Rep. of 1956 136 31 11 22 28 35 924 1,494 10 27 247 45 138 1957 136 31 11 22 31 35 581 2,542 13 27 247 39 138 1958 80 31 11 22 31 35 750 2,639 17 27 247 37 141 1959... 50 31 10 20 30 38 1,290 2,637 26 24 247 33 140 I960 1 31 10 20 30 41 1,641 2 971 76 24 247 58 130 1961 31 3 19 18 47 2,121 3,664 87 24 247 43 130 1962—Apr 31 3 19 18 62 2,207 3,666 86 24 247 43 129 May. 31 3 19 18 62 2,235 3,667 89 24 247 44 129 31 3 19 18 62 2,270 3,667 96 24 247 44 129 July 31 3 19 18 62 2,417 3,667 92 24 247 44 129 Aug 31 3 19 18 62 2,450 3,667 86 24 247 44 129 Sept 31 3 19 18 61 2,481 3,668 86 24 247 44 129 Oct . 31 3 19 18 61 2,513 3,669 81 24 247 44 129 Nov 31 3 19 18 61 2,545 3,669 77 24 247 129 Dec 31 3 19 18 61 2 587 3 679 77 24 247 129 1963—Jan .. 31 3 19 18 61 2 626 3,694 77 24 247 129 Feb 31 3 19 18 61 2,673 3,727 77 247 129 Mar 31 3 19 18 61 2,709 3,749 77 247 129 Apr 31 3 19 61 2,743 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 18 338 77 167 844 33 50 49 35 22 448 224 1957 20 18 452 91 180 744 33 45 49 28 6 461 217 1958 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959 84 18 1 749 102 142 1,132 34 30 50 28 9 548 238 1960 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961 84 18 2 225 140 112 1,581 1 30 53 47 27 443 298 1962—Apr 98 18 2,234 140 109 1,581 30 53 47 31 446 386 May 98 18 2 240 140 107 1,581 30 53 47 33 447 407 June 98 18 2,242 151 106 1,581 30 53 47 34 454 432 July 98 18 2,244 172 106 1,581 30 53 47 35 455 446 Aug 98 18 2 244 172 98 1,581 30 53 47 36 467 468 Seot 98 18 2,241 172 97 1,581 30 53 47 37 469 488 Oct 98 18 2,239 172 95 1,581 30 53 47 38 469 501 Nov 98 18 2 237 172 95 1,581 30 53 47 471 509 Dec 98 18 2 243 172 95 1 581 30 53 47 471 499 1963—Jan 18 2 254 172 95 1 581 30 53 47 471 486 Feb 18 2,284 172 1,581 30 53 47 476 505 Mar 18 2 286 172 1,581 30 53 47 551 Apr.... 18 2,286 172 1,581 30 53 571 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 GOLD RESERVES AND PRODUCTION 859 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 it n z d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n i o n i m t g e - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - S I e f n t o t t r l l e . - E E P F U 3 ments 2 lysd 132 266 1,664 19 112 144 188 1,772 186 603 18 59 268 19^7 101 219 1,706 24 112 144 188 1,554 180 719 14 24 254 19*58 57 204 1,925 24 112 144 174 2,808 180 719 17 —42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 10 -134 40 1960 178 170 2,185 19 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 6 115 56 1962—Apr 376 181 2,424 19 104 140 174 180 401 6 162 May 400 181 2,409 19 104 140 174 180 401 6 165 June 409 182 2,409 19 104 140 174 2,618 180 401 6 203 46 July 429 182 2,459 19 104 140 174 180 401 3 209 Aug 429 181 2 459 19 104 140 174 180 401 3 210 Sept 428 181 2,453 19 104 140 174 2,517 180 401 3 200 62 Oct 438 181 2,452 19 104 140 174 180 401 3 172 Nov 437 181 2 421 19 104 140 174 180 401 4 151 Dec 446 181 2,667 19 104 140 174 2,582 180 401 4 -50 56 J963 Jan 475 181 2,455 104 140 174 180 401 116 Feb 495 181 2 460 104 120 174 2 447 180 401 oo Mar 514 181 2 461 104 140 174 401 107 41 Apr 533 181 2,453 140 174 401 132 1 Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union through Dec. 1958 and European Fund distributed by the Tripartite Ccnrnissicn for the Restitution of Monetary thereafter. Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. NOTE.—For back figures and description of the data in this and the The figures included for the Bank for International Settlements are following tables on gold (except production), see "Gold" Section 14, the Bank's gold assets net of gold deposit liabilities. This procedure Supplement to Banking and Monetary Statistics. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual countries. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Other World Period p t r i o o d n u 1 c- A So fr u i t c h a R de h s o ia - Ghana C o R o f n e t p g h . o e , U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India ot A he ll r i 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 64.4 1962 892.7 19.4 145.5 8.3 4.5 13.7 37.4 5.7 1962 Mar 72.9 1.7 2.5 32.1 3.5 12.8 1.1 4 1 2 3 1 5 Apr 72.3 1.6 2.4 3.0 12.4 .9 .3 1.2 2.6 .4 May 74.0 1.5 2.6 3.4 12.3 .6 4 1 2 3 0 5 June . 75.2 1.6 2.8 31.8 3.1 11.8 .8 .4 .9 3.3 .5 July 76.3 1.6 2.6 4.0 11.9 .6 .4 1 2 3 3 5 Aus 76.6 1.6 2.6 4.6 12.0 .8 4 1 2 3 4 5 Sept 76.1 1.7 2.6 3 1.8 4.8 11.7 .7 .3 1.1 3 4 5 .. ... Oct 78.1 1.6 2.7 4.3 12.5 .5 4 1.2 3 2 4 Nov 78.5 1 6 2 7 3.8 12.1 .3 4 1 0 3 0 5 Dec 74.7 1.7 3.7 11.7 .4 .3 .8 3.3 4 1963 Jan 78.0 1 6 11.7 .8 1 2 2 9 Feb 76.5 11 .0 Mar 79.4 11.6 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on reports of the U. S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual countries 2 Gold exports. and of the Bureau of Mines except Brazil, data for which are from 3 Quarterly data. American Bureau of Metal Statistics. For the United States, annual figures are from the Bureau of the Mint and monthly figures are from American* Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 U.S. GOLD JUNE 1963 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1962 1963 Area and country 1955 1956 1957 1958 1959 1960 1961 1962 I H in IV I Western Europe: -84 -83 -1 -143 -39 -17 -56 -30 -30 3 -329 -39 -141 -144 -63 -28 -35 France -68 -34 -266 -173 -456 -45 -96 -214 -101 -101 10 34 23 Italy —349 100 25 -261 -30 -249 -25 —5 -20 -10 31 32 -114 -156 -146 -47 -59 -20 -20 -70 -8 -215 20 -324 -125 102 62 35 -45 50 100 -900 -350 -550 -306 -387 -181 -150 -64 8 107 Bank for Intl. Settlements -178 -32 -36 -23 Other 4 is 8 -21 -38 -96 -53 -12 -ii -15 * 15 -9 Total -78 80 68-2,326 -827 -1,718 -754 -1,105 -290 -337 -399 -79 -104 15 5 190 190 Latin American republics: 115 75 67 -50 -90 85 25 60 -1 -11 -2 -2 57 -1 -1 _ i 59 17 28 —6 38 10 27 -30 -20 -200 65 Other 14 29 6 2 -5 -22 -17 -5 -1 -4 * Total 14 -28 81 69 19 -100 -109 175 24 59 9 83 16 Asia: 30 157 15 Other -5 * 18 -4 -28 -97 i -101 2 -93 -24 -16 -41 -11 -8 Total -5 * 18 -34 -186 -113 -101 -93 -24 -16 -41 -11 -8 All other 1 14 -3 -5 -38 -6 -1 -1 2 -2 1 -1 Total foreign countries -68 80 172-2,294 -998 -1,969 -970 -833 -291 -102 -434 -6 -96 3 200 600 3 300 150 Grand total -68 280 772 -2,294 -1,041 -1,669 -820 -833 -291 -102 -434 -6 -96 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 sane 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 4 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Total Tot G al o 2 ld s T to r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total Tot G a 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—May... 16,718 16,458 16,434 260 -44 -61 1952 23,252 23,252 23,187 379 379 June... 17,081 16,527 16,435 554 363 69 1953 22,091 22,091 22,030 -1,161 -1,161 July. .. 16,678 16,182 16,147 496 -403 -345 1954 21,793 21,793 21,713 -298 -298 Aug.... 16,562 16,139 16,098 423 -116 -43 Sept.... 16,531 16,081 16,067 450 -31 -58 1955 21,753 21,753 21,690 -40 -40 Oct 16,364 16,026 15,978 338 -167 -55 1956 22,053 22,058 21,949 305 305 Nov.... 16,216 16,014 15,977 202 -148 -12 1957 22,857 22,857 22,781 799 799 Dec 16,156 16,057 15,978 99 -60 43 1958 20,582 20,582 20,534 -2,275 -2,275 1959 19,507 19,507 19,456 -1,075 4-1,075 1963—Jan... . 16,102 15,974 15,928 128 -54 -83 Feb.... 16,023 15,891 15,878 132 -79 -83 1960 17,804 17,804 17,767 -1,703 -1,703 Mar.... 16,078 15,946 15,878 132 55 55 1961 17,063 16,947 16,889 116 -741 -857 Apr.... 16,046 15,914 15,877 132 -32 -32 1962 16,156 16,057 15,978 99 -907 -890 May P.. 16,010 15,855 15,798 155 -36 -59 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 May 31, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 8 on page 869 for gold held under earmark at F.R. Banks for foreign and international accounts. Gold under earmark is 3 For holdings of F.R. Banks only see pp. 802 and 804. 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

JUNE 1963 GOLD RESERVES AND DOLLAR HOLDINGS 861 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3I, 1961 Mar. 31, 1962 June 30, 1962 Sept. 30, 1962 Dec. 31, 1962 Mar. 31, 1963* Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold & U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes » dollars & notes i Western Europe: Austria . 558 3 594 640 744 783 * 789 2 1,574 8 1,616 8 1,593 2 1,511 1,539 * 1,555 1 83 30 80 29 83 29 78 30 98 16 96 16 Finland . ... 138 2 138 133 2 135 2 134 2 140 2 Pf ance • 3,110 4 3,360 3 3,664 3 3,643 3 3,744 3 4,123 3 6,506 3 6,200 3 6,289 3 6,467 3 6,409 3 6,224 3 154 189 206 187 196 * 243 Italy 3,459 * 3,416 3,429 3,533 3,627 * 3,385 1 1.797 3 1,822 2 1,888 2 1,857 2 1,829 1,809 2 Norway 135 126 142 93 131 85 142 91 155 87 160 111 Portugal 542 1 532 1 584 1 610 1 632 633 1 469 1 516 1 568 1 588 1 623 1 704 1 Sweden . .. 586 93 584 92 607 123 639 102 671 93 673 73 Switzerland. 3,435 83 3,262 83 3,360 83 3,290 86 3,575 83 3,273 85 Turkev * * 165 * 162 United Kingdom . . '4,495 435 '4,896 388 '4,882 440 '4,319 418 4,199 370 4,640 297 Other 2 '681 48 '732 46 '671 46 '665 47 540 48 563 46 Total '27,887 840 '28,239 751 '28,891 820 '28,570 786 28,919 708 29,172 644 3,704 459 3,454 423 3,566 253 4,169 266 4,057 389 3,869 513 Latin American republics: 425 1 407 1 310 1 301 1 269 318 1 513 1 492 1 511 1 499 1 430 1 400 1 Chile 153 160 176 147 176 * 165 * 235 1 228 1 252 1 228 1 205 226 C G u u b a a temala 7 4 0 4 4 8 0 2 * 7 3 6 8 0 5 3 8 7 6 1 5 6 • 9 1 4 6 * * 607 5 615 6 609 6 528 6 626 4 691 4 Panama Republic of 87 82 1 87 1 85 1 98 97 131 1 137 137 154 * 152 * 155 237 1 255 1 259 1 272 1 281 1 276 1 Venezuela 819 1 801 1 765 1 780 1 806 1 837 Other 223 270 329 296 272 3 323 3 Total 3,544 12 3,569 12 3,549 12 3,385 12 3,396 13 3,598 13, Asia: f, 6 288 6 296 5 Indonesia 119 137 1 '126 1 '77 1 72 1 74 T Iran , 161 m 165 155 157 148 157 * 3 1,976 3 2,152 3 2,210 3 2,344 3 2,481 3 2,537 212 195 1 213 198 1 212 218 * 368 • 410 431 • 430 437 • 471 • Other 1,168 45 1,211 41 1,204 41 1,263 41 1,296 40 1,357 40 Total 3 4,329 56 4,591 52 '4,635 52 '4,762 52 4,934 50 5,110 49 All other: Australia 260 * 268 * 281 * 337 * 340 * South Africa 330 415 * 471 * *>^5 * 538 * 592 * H4R (Egypt) IRQ * 190 * * 188 * 193 * Other '618 39 '615 42 r624 39 '647 40 658 39 655 38 Total '1,397 39 '1,488 42 '1,569 39 '1,683 40 1,721 39 1,780 38 Total foreign countries 4.... '340,861 1,406 '41,341 1,280 '42,210 1,176 '42,569 1,156 43,027 1,199 43,529 1,257 International and regional 5. '5,829 1,432 '6,457 1,275 '6,620 1,165 '7,127 993 7,350 911 7,217 966 Grand total 4 '346,690 2,838 '47,798 2,555 '48,830 2,341 '49,696 2,149 50,377 2,110 50,746 2,223 1 Excludes nonmarketable U.S. Treasury bonds and notes held by 5 International Bank for Reconstruction and Development, Interofficial institutions of foreign countries as shown in Table 9 on page 869. national Monetary Fund, International Finance Corporation, Inter- 2 In addition to other Western European countries includes unpub- national Development Association, and other international organizalished gold reserves of certain Western European countries; gold to be tions; Inter-American Development Bank, European Coal and Steel distributed by the Tripartite Commission for the Restitution of Mone- Community, European Investment Bank, and other Latin American and tary Gold; European Fund; and the Bank for International Settlements European regional organizations except the B.I.S. and E.F. (see note 3):. (the figures for the gold reserves of the BIS represent the Bank's net gold assets). NOTE.—Gold and short-term dollars include reported and estimated4 3 Total short-term dollars include $82 million reported by banks official gold reserves, and official and private short-term dollar holdings, initially included as of Dec. 31, 1961, of which $81 million reported for (principally deposits and U. S. Treasury bills and certificates); excludes, Japan. nonnegotiable, non-interest-bearing special U.S. notes held by the Inter- * Excludes gold reserves of the U.S.S.R., other Eastern European American Development Bank and the International Development countries, and China Mainland. Association. U. S. Govt. bonds and notes are official and private holdings of U.S. Govt. securities with an original maturity of more than 1 year. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) In- Foreign Europe terna- Latin Grand tional Amer- End of period total io r a n e n a g d l - ! Total c O ia ff l i - 2 Other R m G F e a p e e n . d r y - . o , f K d i o n m g- io O ( n r e e t x a h g l c e ) - l r . 3 io T ( r n e o e x a g t l c a ) - l l . 3 Canada ( o r e i e n c x g a a c - l l ) . Asia O A th l e l r 1958 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959 419,389 *3,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 1960 21,272 4,012 17,260 10,212 7,048 3,476 1,667 3,903 9,046 2,439 2,307 3,115 353 1961 522,533 3,752 518,781 10,940 57,841 2,842 2,227 5,253 10,322 2,758 2,341 52,974 386 1962—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 '25,002 5,147 r19,855 11,958 •7,897 2,730 1,617 '10,166 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 24,980 5,059 19,921 11,482 8,439 2,413 2.051 5,644 10,108 3,261 2,573 3,512 467 Mar.P 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 Apr.? 25,313 5,017 20,296 11,906 8,390 2,456 2.065 5.576 10.097 3,226 2,875 3,622 476 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 De a n 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 69 532 126 339 130 163 36 303 852 715 I959 5 496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 622 I960 3,903 243 142 54 46 519 63 877 328 82 84 149 227 678 411 1961 5,253 255 326 52 91 989 67 I 234 216 105 99 153 406 875 385 1962 A or 5 382 229 293 49 74 1 161 104 185 247 141 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 70 080 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 ,271 113 1,296 243 115 154 165 483 837 309 34 Dec ^5,853 329 174 67 73 r ,157 119 1,384 248 125 161 177 490 908 407 34 1963 Jan 5,621 320 177 56 75 ,272 142 1,182 232 120 167 184 476 861 327 30 Feb 5 670 317 189 44 75 .359 162 1,123 216 134 161 209 507 813 335 26 Mar P 5 629 305 183 65 79 ,414 166 ,099 228 130 157 190 492 812 281 28 Apr v 5,594 276 208 69 70 ,433 171 ,121 285 131 159 169 480 751 253 18 lb. 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 R m i D c e i a o n p n - - . v S a E d a l l o - r G m u a a l t a e- M ic e o x- N t S A a i e l u n t l n r h e d i - s . - , a p P R m u a e b n a - - - , Peru U gu r a u y - V zu e e n l e a - Other l R o e n g a - l nam lic of M 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 Apr 2,576 221 255 110 140 38 42 29 57 517 97 90 92 75 447 306 60 May 2 440 209 236 110 142 37 43 34 55 491 90 91 90 72 379 306 55 June 2,496 208 225 131 159 37 48 35 52 503 87 87 90 79 364 329 62 July 2 492 231 201 113 149 37 43 36 42 474 96 87 96 73 436 313 65 Aug 2,420 210 198 106 143 36 42 33 37 454 93 87 104 87 394 314 82 Sept 2,413 230 213 104 145 36 40 31 34 431 94 85 107 92 379 308 84 Oct 2 388 187 180 112 152 7 15 35 25 33 437 92 84 103 90 All 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 2,750 234 173 116 177 14 39 45 61 589 95 102 103 95 413 317 177 Mar.? 2,831 265 192 123 167 15 41 47 70 596 95 97 108 96 436 325 158 Apr.*3 3,026 308 198 117 163 15 47 49 75 639 94 103 110 91 505 361 151 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 863 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 a c b - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C R g o o e o f n p , - . 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 ,785 148 172 94 141 494 373 110 31 49 20 162 I960 3,115 57 54 178 22 75 887 152 203 84 186 217 353 88 32 29 22 182 1961 52,974 56 78 76 31 63 5 ,672 199 185 92 264 258 386 98 34 32 15 207 s 1962 Apr 3,174 58 70 88 23 78 ,812 181 173 90 314 287 392 96 43 17 209 May 3,194 62 54 80 18 76 ,855 174 184 85 323 283 435 97 42 25 231 3,212 56 49 82 26 76 906 164 179 85 327 262 420 104 37 39 19 221 July 3,200 60 39 79 32 76 ,903 160 169 86 327 269 449 122 37 36 22 232 3,233 60 39 83 37 89 94? 155 169 82 327 250 459 126 41 45 13 234 Sept 3,280 57 46 33 28 81 2,040 153 161 80 326 275 462 131 35 47 12 237 Oct 3,345 63 49 39 27 74 2,104 147 163 78 326 275 466 155 31 42 13 225 Nov 3,365 62 51 26 22 81 2,111 142 171 76 324 299 484 158 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 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 Apr v 3,622 66 40 33 49 95 2,246 108 176 92 368 348 476 149 32 40 19 236 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.): 1.2 .5 1.2 1.6 Cambodia 19.7 10.9 15.3 12 6 .7 1.0 .9 1.1 34.4 6.9 6.5 4.9 Hungary 1.3 1.0 1.0 1.1 China Mainland 9 35.8 34.8 34.6 35.7 Iceland . . 2.7 5.1 3.1 5.6 Iraq 63.1 13.8 20.2 n.a. Ireland, Republic of 5.4 2.7 3.2 2.9 Jordan 2.5 1.8 1.6 1.2 Luxembourg 7.2 12.6 16.1 10.8 Kuwait 9.4 9.6 27.1 33.0 Monaco Laos 21.0 5.0 4.6 n.a. Poland 9 4.0 6.1 7.2 8.9 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 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 (inci. Okinawa) 14.8 14.2 14.6 n.a. XJ S S R9 2.6 12.1 4.8 2.6 Saudi Arabia 111.6 18.4 24.9 28.4 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 (10) 47.2 77.5 81.7 14.3 21.7 33.5 41.1 All other: Bolivia 9 . . . . . .. 24 4 23 1 26 2 23 2 Algeria 6 .4 .5 1 6 British West Indies ** 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 Morocco (incl. Tangier) ... . . 57.8 64.3 93.0 67.9 Honduras 12.8 15.0 14.8 13.8 Mozambique . 2.0 2.2 1.6 2.5 (10) (10) 1.8 n.a. 6.8 35.1 4.0 4 7 12.5 11.9 17.3 14.8 Nigeria s 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: 8.4 1 2 n a 11.0 9.8 3.6 5.3 2.8 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- 11 Includes Bahamas, Jamaica, and Trinidad and Tobago as indicated ments and European Fund which are included under "Other Europe". by note 10. 2 Foreign central banks and foreign central governments and their agencies, and Bank for International Settlements and European Fund. NOTE.—Short-term liabilities are principally deposits (demand and 3 Includes Bank for International Settlements and European Fund. time) and U.S. Govt. securities maturing in not more than 1 year from 4 Includes $1,031 million representing increase in U.S. dollar sub- their date of issue; the latter, however, exclude nonnegotiable, nonscription to the IMF paid in June 1959. interest-bearing special U.S. notes held by the International Develop- 5 Includes $82 million reported by banks initially included as of Dec. ment Association and the Inter-American Development Bank. For 31, 1961, of which $81 million reported for Japan. back figures and further description of the data in this and the following 6 Not shown separately until July 1962. tables on international capital transactions of the United States, see 7 Decline from Sept. reflects reclassification of deposits for changes "International Finance" Section 15, Supplement to Banking and Monetary in domicile over the past few years from Cuba to other countries. Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1963 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (In millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period, or area Total in foreign and country 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 certificates1 certificates Total amounts outstanding 1958 16,159 13,669 6,772 5,823 1.075 2,430 1,951 306 174 59 1959 19,389 16,913 6,341 9,245 1,328 2,398 1,833 295 270 77 I960 21,272 18,929 7,568 9,960 ,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 9,751 1,549 2,356 1,976 149 231 150 19613 22,533 20,025 8,707 9,751 1,567 2,358 1,977 149 232 150 1962—Apr 23,408 20,749 9,155 10,011 1,583 2,478 2,040 140 298 181 May 23,536 20,873 8,852 10,409 ,612 2,496 2,052 100 344 167 24,072 21,219 8,696 10,973 1,550 2,676 2,209 107 360 177 July 23,623 20,890 8,376 11,020 1,494 2,553 2,087 112 354 180 Aus 24,158 21,371 8,289 11,645 1,437 2,541 2,066 109 366 246 Sept 24,524 21,739 8,206 12,082 1,451 2,531 2,057 100 374 254 Oct 25,211 22,409 8,495 12,463 1,451 2,520 2,050 108 362 282 Nov 25,196 22,425 8,437 12,465 ,523 2,559 2,049 130 380 212 Dec r25,002 r22,291 r8,528 12,226 1,537 2,568 2,091 116 361 143 1963 Jan 24,939 22,209 8,858 11,760 ,591 2,566 2,071 123 372 164 Feb 24,980 22,173 8,957 11,597 ,619 2,657 2,102 144 411 150 25,130 22,315 8,932 11,731 ,652 2,672 2,107 143 422 143 Apr.* 25,313 22,439 8,924 11,856 ,659 2,759 2,187 146 426 116 Area and country detail, Feb. 28, 1963 Europe: 317 316 231 78 6 2 2 * Belgium 189 155 107 40 8 33 28 1 4 * 44 35 28 5 1 8 8 * * * Finland 75 73 50 18 5 2 2 1,359 1,308 213 1,004 91 49 44 3 2 2 Germany, Fed. Rep. of 2,413 2,366 323 1,727 316 40 34 2 4 8 Greece 162 147 80 33 35 15 15 * Italy 1,123 1,098 224 739 136 25 23 2 * 216 196 94 91 10 16 11 1 4 4 Norway 134 104 57 27 20 30 28 1 * Portugal • 161 115 111 5 46 46 * * 209 178 116 59 2 32 29 * 2 * 507 495 114 369 12 12 10 j * * 813 644 255 184 205 112 72 17 24 57 Turkey 36 34 34 2 2 * United Kingdom 2,051 1,509 1,241 217 51 492 148 51 294 50 Yugoslavia 13 12 10 2 1 1 Other 285 269 58 98 114 14 13 * 1 1 Regional 26 26 20 6 Total 10,134 9,081 3,364 4,689 1,027 930 515 79 336 123 Canada 3,261 3,002 1,678 1,312 12 243 174 53 16 16 Latin America: Argentina 234 119 89 28 1 115 112 4 * Bolivia 23 5 5 * 18 18 * * 173 89 77 * 12 84 83 2 * Chile 116 34 34 1 82 81 t 2 * 177 84 81 2 1 93 90 2 * Cuba 14 1 13 13 * Dominican Republic . 39 19 18 1 20 20 * * El Salvador 45 30 11 14 5 15 14 2 Guatemala 61 46 21 19 7 15 15 * * 589 382 217 84 81 207 203 2 3 Neth. Antilles and Surinam 95 41 23 14 4 55 33 2 19 * Panama Rep of 102 20 19 1 82 73 1 8 Peru 103 35 35 67 66 * 1 * Urufiuav 95 39 33 6 57 52 1 4 * Venezuela 413 177 177 * 235 234 * 2 * Other 293 164 140 6 18 126 113 6 7 3 Regional 177 177 26 18 133 Total 2,750 1,462 1,007 185 271 1,284 1,218 12 54 4 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 865 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYFE-Continued (In millions of dollars) Payable in dollars A c r o e u a n t a r n y d l Total To banks and official U i . n S s . titutions To all other for U ei . g S n . ers c in P u r a f r y o e a r n e b c i i l g e 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 certificates certificates Area and country detai1, Feb. 28, 1963—Cont. Asia: Hong Kong 61 32 27 5 29 28 • 1 * India.... 45 38 25 8 5 7 7 * * 30 28 19 9 * 2 2 22 15 11 4 * 8 8 * * [srael 93 85 54 7 24 8 6 1 Japan .. . . ......... 2,179 2,156 1,219 763 174 23 23 * * Korea Rep of. 120 119 117 3 1 1 181 156 144 i 10 25 25 * * * Taiwan . . . 81 73 63 10 8 8 361 358 168 185 6 3 3 Other 338 292 229 26 37 45 45 * * Total 3,512 3,352 2,074 1,003 275 159 155 3 1 All other: Australia. 137 130 49 70 11 4 4 * 3 Congo Rep of the 36 35 35 1 South Africa 41 38 33 5 * 2 2 * 1 U A R (Egypt) 16 15 11 3 1 * * Other 238 202 155 33 14 34 33 1 2 Total 467 420 283 110 27 41 40 6 Total foreign countries. 20,124 17,317 8,406 7,299 1,612 2,657 2,102 144 410 150 International • • • • • • 4,856 4,856 551 4 4,298 7 * * Grand total 24,980 22,173 8,957 4 11,597 1,619 2,657 2,102 144 411 150 1 Includes nonnegotiable, non-interest-bearing special U.S. notes held 2 Principally bankers' acceptances and commercial paper. by the International Monetary Fund, which amounted to $2,981 million 3 These figures reflect the inclusion of data for banks initially included on Apr. 30, 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 $2,980 million of nonnegotiable, non-interest-bearing special amounted to $276 million on Apr. 30. U.S. notes held by the International Monetary Fund. 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Europe End of period Total France m G F a e e n d r y - . , Italy S z w er i - t- U K n i i n t g e - d Other Total C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Rep. of land dom 1958 2,542 102 77 36 42 124 315 696 243 1.099 435 69 1959 2,623 57 54 30 38 121 234 534 272 1.175 586 56 I960 . . 3,614 32 82 34 60 245 264 717 421 1,356 1,052 69 1961 14,804 42 165 35 105 181 239 767 539 1,522 11,891 85 1962—Apr r4,959 47 161 41 68 142 208 667 519 1,538 '2,134 101 May r4,943 55 139 37 68 159 228 686 457 1,583 '2,114 103 r4,880 55 129 36 68 151 254 693 436 1,546 r2 089 116 July r4,877 51 137 43 67 161 244 703 451 1.540 '2,060 124 r4,833 42 139 39 69 166 254 709 430 ,522 r2,046 127 Sept '4,811 43 135 41 68 163 276 726 443 ,521 rl,982 138 Oct r4,955 48 144 45 75 202 251 765 547 1,524 rl,985 135 Nov '4,866 62 139 43 64 211 222 741 489 ,563 '1,940 r133 Dec '5,100 68 186 r54 75 r225 271 '879 446 1.618 2,012 146 1963—Jan 4,886 56 134 51 72 184 255 752 449 1,587 1,967 131 Feb 5,003 56 144 69 67 175 284 795 473 1,620 1,974 140 Mar.» 5,050 58 161 61 71 200 279 830 455 1,583 2,040 142 Apr.p 5,234 67 145 69 66 193 316 856 485 1,600 2,152 141 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 Stales; and foreign currency balances held abroad by banks and bankers and MOTE.—Short-term claims are principally the following items payable their custorrers 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. nade 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

866 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 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 8 28 49 11 19 1961 239 5 20 11 23 6 54 27 5 11 35 16 9 17 1962 Apr 208 5 15 7 24 4 58 21 5 13 17 13 5 21 May 228 6 18 9 26 4 62 23 5 16 19 13 5 22 254 5 18 11 27 5 59 24 7 12 20 37 6 23 July 244 7 19 11 28 5 57 26 8 12 16 27 6 22 254 6 19 11 28 5 55 27 9 18 17 31 6 22 Scot 276 7 15 12 28 5 60 28 11 22 16 41 6 25 Oct 252 7 16 10 31 6 49 27 8 24 15 24 6 29 Nov 222 7 21 10 32 7 24 28 9 23 18 12 5 26 Dec 271 7 31 14 30 6 27 35 9 19 18 42 6 27 1963 Jan 255 7 19 9 35 6 26 34 9 19 16 42 6 27 Feb 284 8 28 13 39 6 36 35 10 23 19 36 6 24 Mar P 279 8 24 13 39 6 29 32 11 25 22 32 9 29 Apr.P 316 8 28 15 41 9 33 33 13 32 23 40 12 29 3b. Latin America Neth. End of period Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m R i D c e i a o n p n - - . v S a E a d l l o - r G m u a a l t a e- M ic e o x- S t n A a i u l a n l n m r e d i - s - l a p P i R m c u a e b n o a - - - f , Peru U gu r a u y - V zu e e n l e a - Other 1958 1.099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 1^56 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961 1,522 192 6 186 127 125 19 13 17 20 425 13 32 74 55 144 74 1962 Apr 1,538 203 5 161 121 156 18 12 16 18 434 9 52 74 61 132 66 May 204 5 173 139 163 17 14 10 17 428 9 59 80 61 131 73 June ......... 1,546 189 6 200 154 143 17 15 11 13 409 7 41 81 68 122 70 July ,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. ,5?4 169 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 ,587 156 4 187 170 129 17 24 18 20 427 10 33 89 114 100 89 Feb ,620 161 4 179 162 149 17 25 21 20 432 10 38 84 123 104 92 Mar.P 1,583 161 4 178 153 146 17 26 19 18 423 9 40 87 113 98 91 Apr.P ,600 170 5 196 153 139 17 28 10 18 413 10 34 92 121 100 96 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 in il 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 U,528 114 10 34 121 85 29 6 10 13 27 1962 Apr r2,134 12 13 30 39 '1.775 108 9 33 115 101 33 4 11 21 32 May r2,114 11 12 32 43 rl,762 107 7 30 109 103 33 4 11 22 33 J JU u 1 n y e ..«...• r r ' 2 2 2 5 , . 0 0 0 8 6 4 9 0 6 1 1 1 1 1 1 1 1 1 4 4 4 2 2 2 4 4 5 3 3 3 9 8 7 r r r l l l } , , 7 7 7 6 5 6 5 8 7 9 7 6 1 6 9 7 6 6 3 3 3 0 0 3 1 9 8 1 5 3 4 1 1 1 1 2 2 6 7 4 4 3 3 0 5 4 4 4 2 1 1 1 1 2 2 2 2 2 4 6 3 4 4 5 2 8 0 Scot r ,982 13 18 23 36 rl,711 69 8 30 74 138 46 4 12 25 51 Oct 1,985 13 18 21 37 rl,710 70 9 32 74 135 45 2 11 23 54 Nov r1,940 13 18 23 34 r1.662 77 8 33 73 132 44 2 12 25 49 Dec !,012 13 20 25 37 1,733 70 9 41 64 146 41 2 10 26 67 1963—Jan ,967 14 17 23 35 1,693 75 11 43 56 131 38 2 9 21 61 Feb 1.974 14 20 21 38 1,685 80 13 43 60 140 39 1 12 21 66 Mar.* 21040 14 24 19 37 1,744 81 14 40 67 143 44 2 13 19 65 Apr.* 2,152 14 22 19 33 1,867 73 15 40 70 141 44 2 13 17 64 For notes so* preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 TNTL. CAPITAL TRANSACTIONS OF THE U.S. 867 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (In millions of dollars) Short-term Payable in dollars Payable in foreign currencies End of period, or area Longand country term— Loans to— total i Total Collec- Deposits Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total fore w ig it n h ers Other 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 ,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 1962—Apr.. 2,100 '4.959 '4,497 ,261 '685 730 462 278 184 May. 2.094 '"4,943 '4,430 ,327 '575 717 ,811 513 296 217 June. 2,189 r4.880 '4,399 ,338 '545 703 ,813 481 316 165 July. 2,209 '4.877 '4,387 ,304 '560 701 ,822 490 311 179 Aug.. 2,200 '4;833 '4,370 ,274 '605 698 ,793 463 304 159 Sept.. 2,184 '4,811 r4,318 ,277 '593 690 ,759 493 312 181 Oct.. 2,131 M.955 r4,33O ,243 '632 706 ,749 625 419 207 Nov.. 2,144 '•4.866 '4,294 ,195 '644 718 ,736 572 364 208 Dec. 2,151 '5,100 '4,556 .312 651 739 ,855 544 371 173 1963-Jan.. 2,139 4,886 '4,376 ,167 658 689 ,861 '510 '347 163 Feb.. 2,112 5,003 4,470 ,146 672 740 ,912 534 359 175 2.116 5,050 4,488 ,108 672 775 ,933 562 375 187 Apr.*.. 2; 164 5,234 4,655 ,061 686 I 802 2.106 579 383 196 Area and country detail, Feb. 28, 1963 Europe: Austria 66 7 Belgium 12 28 19 11 Denmark 15 13 12 3 6 Finland 14 39 38 2 36 France 24 56 46 9 16 15 10 10 Germany, Fed. Rep. of... 82 144 120 32 28 31 30 24 Greece 13 6 6 5 * Italy 44 69 65 9 16 31 4 3 Netherlands 1 36 25 5 17 1 11 11 Norway 206 35 35 6 25 1 1 Portugal 28 10 10 4 3 Spain 10 23 22 5 9 3 5 1 1 Sweden 39 19 15 2 6 7 4 4 Switzerland 16 67 43 11 14 10 25 18 Turkey 36 36 33 * 3 United Kingdom 25 175 68 23 7 16 21 107 93 15 Yugoslavia 1 7 7 4 'ii* 2 Other 5 25 25 2 Total 599 795 599 157 93 202 196 170 26 Canada 279 473 291 19 150 114 182 55 127 Latin America: Argentina 60 161 136 22 28 45 41 25 25 Bolivia * 4 4 * * 3 1 Brazil 257 179 115 34 53 23 5 64 "64* Chile 42 162 162 32 26 25 78 Colombia 149 148 42 36 23 47 Cuba 17 17 1 16 Dominican Republic 25 25 11 9 El Salvador 21 21 6 13 Guatemala 12 20 20 4 7 8 Mexico 220 432 423 150 110 35 128 Netherlands Antilles and Surinam 10 10 Panama, Rep. of 21 38 38 12 14 5 7 Peru 14 84 84 9 12 27 37 Uruguay 2 123 123 10 4 7 102 Venezuela 101 104 102 14 21 52 16 Other 71 92 92 13 23 31 25 Total 872 1,620 1,519 348 336 318 517 101 91 10 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1963 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (In millions of dollars) Short-term Payable in dollars Payablein foreign currencies Long- A c r o e u a n t a r n y d t t e o r t m al — i Loans to— Total Total Ban i o n k f s f s i t c i a t ia n u l - d Others s C ta t o o i n o u l d l n t e i - s c n - g Other Total f D or e w e p ig i o t n h si e t r s s Other tions Area and country detail, Feb. 28, 1963—Cont. Asia: Hong Kong ... 3 14 14 6 3 4 1 * * India 14 20 19 5 1 7 6 * * Indonesia . .. * * * 9 21 21 3 * 15 2 Israel 25 38 38 6 5 4 23 74 1,685 1,646 479 39 156 973 39 39 * Korea Rep of * 10 10 8 2 Philippines 71 80 80 58 7 4 11 * * Taiwan * 13 13 2 * 3 8 Thailand . 43 43 14 * 6 22 Other 16 51 51 23 2 19 7 * * * Total 214 1,974 1,935 597 57 227 1,054 40 40 * All other: Australia 43 39 28 4 12 9 12 2 10 Congo Rep of the 24 1 1 1 South Africa 24 12 11 1 9 * 1 1 * U O th A e r R (EevoO 5 2 6 2 6 1 6 2 6 1 5 1 8 4 31 17 1 1 3 2 * 1 * * 1 Total 149 140 126 25 37 40 24 14 3 11 Total foreign countries. 2,112 5,003 4,470 1,146 672 740 1,912 534 359 175 l 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 & notes U s S e . c u co ri r t p ie o s r 2 ate Foreign bonds Foreign stocks Period Net purchases c P ha u s r e - s Sales Total r I o e n r g t l i s . o a a n le n a s d l c F o o u r n ei t g r n ies c P ha u s r- es 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 - 1959 1,217 528 689 165 524 2,593 2,158 435 946 1,458 -512 566 804 -238 1960 . . 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 r2,508 60 1,093 2,037 -944 702 r806 r-104 1962—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 r110 r-40 July 146 119 26 n 33 168 200 -32 64 89 -24 48 r38 r10 Aug 135 347 -211 -198 -13 160 156 4 50 65 -15 48 64 -16 Sent 327 334 -8 32 -40 125 140 -15 44 100 -57 44 39 4 Oct 77 110 -34 14 -48 155 160 e 251 419 -168 58 r41 r17 Nov 251 319 -67 -74 7 210 198 12 70 201 -131 69 48 22 Dec 167 105 62 -23 85 r195 r211 -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 59 -9 Mar.** 475 437 38 39 -1 177 176 * 84 171 -87 60 72 -12 Apr.*3 58 46 12 7 5 273 235 38 119 179 -60 66 73 -7 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

JUNE 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 869 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 Stocks Bonds Belgium France N la e e n r t d - h s - S l z a w e n r i d - t- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A he ll r i 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 I960 252 202 50 5 38 1 171 -48 66 234 — 45 36 28 1961 223 323 -99 4 21 20 166 -17 38 232 -112 44 58 1962 . ... 60 111 -51 4 4 6 129 -33 '22 124 -43 '-20 * 1962 Apr 22 21 1 18 15 * 34 -6 2 -8 May 26 28 -2 1 2 13 2 43 1 -10 — 8 June -64 -65 1 -2 -2 -6 -29 1 -36 -14 — 4 -9 A JU u ly e -32 4 -18 4 -13 * * * -2 1 - — 2 1 1 6 3 - - 1 2 3 8 — 2 1 -2 -2 3 -13 1 -2 * 4 8 Sept — 15 Q — 6 * — 1 -5 -3 -10 — 4 1 — 1 Oct -5 -4 -2 * * — 15 9 -2 -7 2 * * Nov 12 21 -8 -1 i -1 -1 2 6 * -3 10 Dec . . -16 4 -12 -1 -5 6 '-11 -3 '-3 -15 2 '-5 2 1963 Jan 12 3 9 -1 -1 4 6 4 1 1 7 Feb -7 -9 2 -1 -1 -1 -10 3 10 -2 -7 * 1 Mar p * * -I 1 11 i 3 -3 1 Apr v 38 37 1 _2 -4 43 -2 33 -5 3 7 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 OF LONG-TERM FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period g I a i r n o n e t n - d l a . l f c o T t o r r o e i u t e i a n g s l - n Europe C a a d n a - A L m i a c t a e in r- Asia o A th l e l r E p n er d i o o d f Deposits U.S. A G ss o e v ts t . in c E u a s r to m d a y rked securitiesx gold 1959 -157 -593 -50 -443 11 -97 -15 1960 -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 '-814 '-188 '-360 -41 -175 -50 I960 217 5^726 11\843 1961 279 6,006 11^905 1962—Apr -21 -24 -23 1 1 -3 1 May -11 -165 -22 -91 -3 -26 -23 1962—May.. 223 5,754 12,308 June * '-119 '-68 -31 -18 -5 3 June.. 334 6,228 12,368 July 1 '-16 '2 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 O N c o t v - _ 1 _ 0 4 r_ - 1 9 4 9 7 2 4 9 '-1 - 2 9 6 5 -19 * - - 1 6 0 -24 2 N O o ct v . . . . . . . 2 1 0 8 2 2 7 7 , , 1 1 3 3 7 2 1 1 2 2 , , 7 6 0 8 6 0 Dec -78 -78 2 '-45 -7 -36 7 Dec... 247 6,990 12,700 1963—Jan -35 -224 -3 -197 -12 -12 1963—Jan.... 197 7,033 12,789 A F M e p a b r r . . ? p - - 2 6 9 2 6 -1 -6 - 6 5 9 7 -4 3 3 2 4 7 - -1 9 1 6 • -3 1 - - - 3 1 1 4 9 3 -30 2 * A F M e p a b r r . . . . . . . . . 2 1 1 0 9 6 1 2 0 7 7 7 , , , 0 4 2 7 7 7 9 8 7 1 1 1 2 2 2 , , , 7 8 8 8 1 3 9 5 6 May.. 171 7,886 12,878 1 U.S. Treasury bills, certificates of indebtedness, 9. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY notes, and bonds; includes securities payable in foreign OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES currencies. (In millions of dollars) NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for Payable in foreign currencies Payable in dollars back figures, see "Gold" Section 14, Supplement to Bank ing and Monetary Statistics). End of period Aus- Bel- Ger- Swit- Can- Total tria gium many Italy l z a e n r d - Total ada Italy 1962 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 May 605 25 30 200 200 150 183 125 58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1963 10. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners 5th revised ser. * 6th revised 5th revised ser. i 6th revised ser.i ser.i Area and country 1962 1962 1962 1962 1962 1962 I II II m IV* IV* I II II III IV* IV, Europe: Austria .. . 2 2 2 3 2 2 3 4 5 4 6 6 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 Finland 1 1 1 1 1 1 2 2 3 4 3 3 33 28 30 34 32 32 46 37 43 49 51 51 Germany 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 43 41 41 27 26 26 35 43 47 37 31 31 Norway 8 8 8 9 10 10 10 12 12 13 15 15 Portusal . ..... 1 1 1 1 1 7 7 7 6 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 15 Switzerland 25 15 18 25 24 24 28 24 27 34 29 29 Turkey J 4 5 4 5 6 4 Y U u n g it o e s d l a K vi i a ngdom. 12 5 0 117 12 6 2 11 4 5 9 4 3 9 4 4 194 16 2 5 17 2 8 | 94 2 S 227 3 238 3 Other 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 Latin America: Argentina 6 8 9 9 9 9 36 34 36 32 33 34 1 1 I 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 C C o u l b o a mbia 2 2 2 1 * 4 * 1 5 3 1 6 4 1 6 6 1 6 7 1 6 5 1 6 5 Dominican Repubilc 1 1 2 2 2 3 4 4 4 6 6 El Salvador * 1 1 1 3 5 3 5 6 3 6 3 6 4 6 Mexico 8 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 6 4 5 3 8 8 14 12 14 23 20 20 3 2 2 5 1 1 4 4 51 5 6 6 Venezuela 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 Kong 3 2 2 2 2 2 4 3 3 4 4 4 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 Korea Rep. of. * * * 1 3 3 2 3 3 3 4 4 Philippines 9 4 5 5 3 3 5 9 11 10 10 11 Taiwan 1 * * * * 3 4 5 3 3 3 Thailand . 3 5 5 3 4 4 3 3 3 4 5 5 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 * * * * * 3 2 3 3 3 S U o A ut h R A ( f E ri e c v a ot> 1 2 1 1 1 2 14 1 121 121 121 1 8 5 1 9 5 1 1 0 7 1 1 0 3 1 1 0 0 1 1 0 0 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 1 677 616 665 678 636 642 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

JUNE 1963 U.S. BALANCE OF PAYMENTS 871 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1959 1960 1961 1962 Item IV III IV III IV in IV* Exports of goods and services, total 1.. 6,448 6,280 6,882 6,581 7,270 6,820 6,952 6,656 7,638 6,995 7,881 7,143 7,795 Merchandise 4,343 4,615 5,008 4,691 5,145 5,012 4,922 4,673 5,308 5,015 5,497 4,895 5,159 Services 2 2,105 1,665 1,874 1,890 2,125 1,808 2,030 1,983 2,330 1,980 2,384 2,248 2,636 Imports of goods and serrices, 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 1 504 540 837 563 1,885 1,544 1,357 578 1,664 1,113 1,563 649 1,490 Unilateral transfers (net) -675 -582 -620 -624 -680 -694 -706 -633 -696 -748 -686 -648 -714 Private remittances and pensions... -206 -201 -202 -207 -232 -216 -218 -213 -231 -228 -221 -223 -252 Government nonmilitary grants.... -469 -381 -418 -417 -448 -478 -488 -420 -465 -520 -465 -425 -462 U.S. long- and short-term capital (net). -595 -883 -1,131 -1,885 -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 ls014 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 7401 548 254 38 314 626 890 414 487 319 783 Increase in other foreign assets.... 123 215' 180 54 -19 122 201 20 123 160 85 -21 22 Gold sales by United States 3 72 j 50 94! 637 921 346 -330 270 456 189 -207 550 375 Errors and omissions 146J 74 -100J -90 -476 16 -296 243 c-574 135 -74 -356 -705 * Excludes military transfers imder 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 sl m D o a d n y a e - y t y o - 2 3 B a a a m c n n c c o k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a 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 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t I960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 ].32 1.11 2.00 1962—Apr 3.08 3.12 4.50 4.26 3.70 2.93 3.93 2.13 2.75 >.13 1.75 2.00 May 3.36 3.00 4.14 3.94 3.24 2.50 3.98 2.13 2.56 i.46 1.75 2.00 June 4.48 3.55 3.98 3.80 3.30 2.50 3.59 2.25 3.31 >.32 1.69 2.00 July 5.47 4.89 4.09 3.90 3.33 2.50 3.66 2.38 2.94 '>.21 1.78 2.00 Aug 5.15 5.03 4.02 3.79 3.32 2.50 3.46 2.50 2.50 1.53 1.03 2.00 Sept 5.03 4.99 3.93 3.69 3.36 2.50 3.48 2.50 3.06 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 L.96 1.50 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 .98 1.24 2.00 1963—Jan 3.82 3.68 3.69 3.51 2.85 2.04 3.39 2.63 2.50 L.93 1.66 2.00 Feb 3.68 3.52 3.63 3.45 2.82 2.00 3.45 2.63 2.94 t .67 1.00 2.00 Mar 3.63 3.55 3.70 3.55 2.82 2.00 3.43 2.63 3.50 1.88 1.79 2.00 Apr 3.58 3.60 3.88 3.71 2.84 2.00 2.63 3.06 1.91 1.67 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

872 MONEY RATES JUNE 1963 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months May 31, 1962 Rate Country 1962 1963 M a a s y o 3 f 1, Per Month 1963 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 6.0 Dec. 1957 6.0 5.0 Mar. 1960 5.0 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 * 3.77 May 1962 16.0 5 5 5 0 4 0 3.5 3.5 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 3.0 Apr. 1939 3.0 Cuba 6.0 Jan. 1960 6.0 6.5 May 1961 6.5 5.0 Nov. 1956 5.0 Egypt 5.0 May 1962 5.0 El Salvador 6.0 June 1961 6.0 7.0 Apr. 1962 7.0 3.5 Oct. 1960 3.5 3.0 May 1961 3.0 6.0 Nov. 1960 5 5 5.5 3.0 Jan. 1962 3.0 9.0 Dec. 1960 9.0 4.0 May 1957 4.5 4.5 Indonesia 3.0 Apr. 1946 3.0 6.0 Nov. 1960 6.0 4.31 May 1962 4.09 4.0 3.94 4.06 3.86 3.69 54.03 3.94 3.94 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 7.3 Sept. 1961 6.94 6.57 6.21 5.84 5.84 4.5 June 1942 4.5 Netherlands 4.0 Apr. 1962 3 5 3.5 New Zealand 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 9.5 Nov. 1959 9.5 Philippine Republic « 6.0 Jan. 1962 6.0 2.0 Jan. 1944 2.0 South Africa 4.5 Dec. 1961 4.0 3 5 3.5 Spain • 4.0 June 1961 4.0 4.5 Apr. 1962 4.0 3.5 3.5 Switzerland 2.0 Feb. 1959 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 agricultura 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; * 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 the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against government bonds or gold and 5 per cent on adgovt. securities for commercial banks or brokers. For countries with vances against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1963 FOREIGN EXCHANGE RATES 873 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Aus- Period (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 14.482 .3995 .2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20 384 1962 i .9080 223.73 3.8685 2.0093 293.561 21.034 14.490 .3107 20.405 1962 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 3 31.056 4 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 May .7266 223.08 3.8677 2.0055 92.810 21.014 14.477 31.057 20.405 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a 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 May 25.009 21.066 281.21 .16108 .27625 32.759 8.0056 27.821 278.43 June 25.039 21.030 280.83 .16109 .27628 32.691 8.0056 27.806 278 05 July 25.084 21.019 280.66 .16110 .27628 32.713 8.0056 27.821 277.88 Aus 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 May 25.090 20.962 279.96 .16097 .27582 32.586 8.0056 27.815 277.19 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - ) d ( U p K d o n i o u n i m t n g e d - d ) 1957 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280 98 1959 14.028 49.721 3.4967 279 83 2 0579 19.324 23 142 280 88 I960 14 018 49 770 3 4937 279 71 1 6635 19 349 23 152 280 76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23 151 280 22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1962 May 14.022 3.5050 140.08 1 66S1 19.428 23.098 281.21 June 14.013 3.5011 139.89 1.6651 19.436 23.172 280.83 July 14.005 3.5000 139.80 1.6651 19.428 23.162 280.66 Aus 13.994 3.4996 139 67 I 6651 19.432 23 136 280 38 Sept 13.982 3.5018 139.52 L.6659 19.410 23.129 280.09 Oct 13.983 3.4899 139.54 1.6661 19.409 23 139 280 13 Nov . ... 13 989 3 4900 139 57 I 6662 19 363 23 170 280 19 Dec 14.000 3.4902 139.64 .6664 19.278 23.167 280.33 1963 Jan 14.000 3 4900 139 72 1 6665 19 313 23 120 280 48 Feb 13.995 3.4900 139.64 1.6664 19.290 23.123 280.34 Mar 13.995 3.4901 139.51 1.6661 19.264 23.102 280.06 Apr 13.999 3.4901 139.51 1.6663 19.251 23 099 280 07 May 13.995 3.4900 139.46 1.6663 19.267 23.127 279.96 1 Quotations not available Mar. 20-Apr. 3, 1962. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 2 Effective May 2, 1962, the par value of the Canadian dollar was set at 92.5 U.S. cents. NOTE.—Averages of certified noon buying rates in New York for 3 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, 4 Effective Jan. 1, 1963, the franc again became the French monetary 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 ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretary GLENN M. GOODMAN, Assistant Director LEGAL DIVISION HENRY BENNER, Assistant Director HOWARD H. HACKLEY, General Counsel JAMES C. SMITH, Assistant Director DAVID B. HEXTER, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director 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 RALPH C. WOOD, Associate Adviser OFFICE OF DEFENSE PLANNING INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant Director M. H. SCHWARTZ, Director M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 874 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 875 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

876 FEDERAL RESERVE BULLETIN • JUNE 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, material may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. The items desired should be checked and the mailing address indicated on the order form (page 4 of this list). Where there is a charge, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. (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. (Copies ANNUAL REPORT OF THE BOARD OF GOVERNORS of the 1959 revision also are available at $.50 OF THE FEDERAL RESERVE SYSTEM. each.) FEDERAL RESERVE BULLETIN. Monthly. Subscrip- THE FEDERAL FUNDS MARKET—A Study by a tion prices: (1) $6.00 per annum or $.60 a Federal Reserve System Committee. 1959. Ill copy in the United States and its possessions, pp. $1.00 per copy; in quantities of 10 or more Bolivia, Canada, Chile, Columbia, Costa Rica, for single shipment, $.85 each. Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, DEBITS AND CLEARINGS STATISTICS AND THEIR USE (rev. ed.). 1959. 144 pp. $1.00 per copy; Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (2) Elsewhere, in quantities of 10 or more for single shipment, $7.00 per annum or $.70 per copy. (3) In quan- $.85 each. tities of 10 or more copies sent to one address in ALL-BANK STATISTICS, 1896-1955. Pt. I, U.S. the United States, $5.00 per annum or $.50 per Summary. Pt. II, Summaries by States and other copy per month. areas. 1959. 1,229 pp. $4.00. 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 FLOW OF FUNDS IN THE UNITED STATES, 1939-53. and the countries listed above. (2) Elsewhere, 1955. 390 pp. $2.75. $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single SUPPLEMENT TO BANKING AND MONETARY STAshipment, $.50 each. TISTICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 10. Member Bank Re- HISTORICAL CHART BOOK. Issued annually in Sep- serves and Related Items. 1962. 64 pp. $.50. tember. Annual subscription to monthly chart Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. book includes one issue of the Historical. Prices: Gold. 1963. 24 pp. $.35. Sec. 15. International (1) $.60 each in the United States and the coun- Finance. 1962. 92 pp. $.65. tries listed above. (2) Elsewhere, $.70 each. (3) In quantities of 10 or more for single shipment, REGULATIONS OF THE BOARD OF GOVERNORS OF $.50 each. THE FEDERAL RESERVE SYSTEM. RULES OF ORGANIZATION AND PROCEDURE—BOARD TREASURY-FEDERAL RESERVE STUDY OF THE GOV- OF GOVERNORS OF THE FEDERAL RESERVE SYS- ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 TEM. 1962. 40 pp. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; set of 3 books PUBLISHED INTERPRETATIONS of the Board, as of $2.50. December 31, 1962. $2.50. 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 FEDERAL RESERVE BULLETIN • JUNE 1963 PERIODIC RELEASES INTERDISTRICT SETTLEMENT FUND (G.15) WEEKLY INDEX NUMBERS OF WHOLESALE PRICES (G.8) CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS MONTHLY DEPARTMENT STORE SALES (G.7.2) BY INDUSTRY (H.I2) MONTHLY DEPARTMENT STORE SALES AND STOCKS, CHANGES IN STATE BANK MEMBERSHIP (K.3) BY DEPARTMENTS (G.7.3) CONDITION OF WEEKLY REPORTING MEMBER BANKS IN NEW YORK AND CHICAGO (H.4.3) MONTHLY DEPARTMENT STORE STOCKS (G.7.4.2) CONDITION OF WEEKLY REPORTING MEMBER MONTHLY FOREIGN EXCHANGE RATES (G.5) BANKS IN LEADING CITIES (H.4.2) NATIONAL SUMMARY OF BUSINESS CONDITIONS FACTORS AFFECTING BANK RESERVES AND CON- (G.12.2) DITION STATEMENT OF F.R. BANKS (H.4.1) WEEKLY DEPARTMENT STORE SALES (H.8a) OPEN MARKET MONEY RATES AND BOND PRICES WEEKLY DEPARTMENT STORE SALES—SELECTED (G.13) CITIES AND AREAS (H.8b) RETAIL FURNITURE REPORT (G.I6) WEEKLY FOREIGN EXCHANGE RATES (H.10) SALES FINANCE COMPANIES (G.20) WEEKLY U.S. GOVERNMENT SECURITY YIELDS STATE MEMBER BANKS OF THE FEDERAL RESERVE AND PRICES (H. 15) SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SEMIMONTHLY-IRREGULAR SERVE BANKS (Also annual list) (G.4) APPLICATIONS TO MERGE BANKS OR TO FORM OR MONTHLY U.S. GOVERNMENT SECURITY YIELDS EXPAND A BANK HOLDING COMPANY RECEIVED AND PRICES (G.14) BY OR ACTED ON BY THE BOARD (K.2) ASSETS AND LIABILITIES OF ALL BANKS IN THE QUARTERLY-SEMIANNUALLY UNITED STATES (J.4) ALL BANKS IN THE UNITED STATES AND OTHER DEMAND DEPOSITS, CURRENCY, AND RELATED AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY ITEMS (J.3) STATES (E.4) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BANK RATES ON SHORT-TERM BUSINESS LOANS BER BANKS (J.I) (E.2) RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) SUMMARY REPORT—ASSETS AND LIABILITIES OF MEMBER BANKS (E.3.1) MONTHLY MEMBER BANK EARNINGS (E.5) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK LOANS (E.3.4) BY DISTRICTS (G.7.1) SALES, PROFITS, AND DIVIDENDS OF LARGE COR- BANK DEBITS AND DEPOSIT TURNOVER (G.6) PORATIONS (E.6) BUSINESS INDEXES (G.12.3) CONSUMER CREDIT (G.19) ANNUALLY CONSUMER CREDIT AT CONSUMER FINANCE COM- PANIES (G.22) BANK DEBITS TO DEMAND DEPOSITS ACCOUNTS EXCEPT INTERBANK AND U.S. GOVERNMENT CONSUMER INSTALMENT CREDIT AT COMMERCIAL ACCOUNTS (C.5) BANKS (G.I8) DEPARTMENT STORE TRADE, UNITED STATES DEPARTMENT STORE CREDIT (G.17) (C.7.3) DEPARTMENT STORE MERCHANDISING DATA, UNITED STATES (G.7.4.1) BIENNIALLY FEDERAL RESERVE PAR LIST (Also annual list. Both available at Federal Reserve Banks only) DISTRIBUTION OF BANK DEPOSITS BY COUNTIES (G.3) AND STANDARD METROPOLITAN AREAS (C.8) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 879 REPRINTS CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER (From Federal Reserve BULLETIN unless preceded TIME DEPOSITS. May 1961. 2 pp. (Also, similar by an asterisk) reprint from July 1960 BULL.) SURVEY OF FINANCE COMPANIES, MID-1960. Oct. THE HISTORY OF RESERVE REQUIREMENTS FOR 1961. 21 pp. (Also, similar reprint from Apr. BANKS IN THE UNITED STATES. NOV. 1938. 1957 BULL.) 20 pp. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. ADJUSTMENT FOR SEASONAL VARIATION. Description of method used by Board in adjusting REVISION OF CONSUMER CREDIT STATISTICS. Dec. economic data for seasonal variation. June 1961. 15 pp. 1941. 11 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. THE MONETARY SYSTEM OF THE UNITED STATES. 1961. 3 pp. Feb. 1953. 16 pp. THE MEANS OF ECONOMIC PROGRESS. Feb. 1962. INFLUENCE OF CREDIT AND MONETARY MEASURES 9 PP. ON ECONOMIC STABILITY. Mar. 1953. 16 pp. MONETARY EXPANSION DURING 1961. Feb. 1962. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 7 pp. STABILITY. May 1953. 7 pp. CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sept. Mar. 1962. 8 pp. 1954. 10 pp. MONETARY FUND RESOURCES AND THE INTER- BANKERS' ACCEPTANCE FINANCING IN THE UNITED NATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp. STATES. May 1955. 13 pp. GROWTH IN INSTITUTIONAL SAVINGS. May 1962. REVISION OF CONSUMER CREDIT STATISTICS. Oct. 9 pp. 1956. 24 pp. (Also, similar reprint from Apr. 1953 BULL.) MONETARY POLICY, BANK CREDIT, AND MONEY. July 1962,8 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. Nov. 1958. 15 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. July 1962. 6 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. scription of revised statistics for all banks in 5 pp. the United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. 11 pp. CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. REVISION OF WEEKLY DEPARTMENT STORE SALES Combined reprint. Sept. 1960. 31 pp. INDEX. Aug. 1962. 3 pp. SMALL BUSINESS FINANCING: CORPORATE MANU- INTEREST RATES IN THE CURRENT CYCLE. Sept. FACTURERS. Jan. 1961. 15 pp. 1962. 9 pp. FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. INTEREST RATES AND MONETARY POLICY. Sept. Mar. 1961. 10 pp. 1962. 28 pp. STATISTICS ON THE GOVERNMENT SECURITIES TREASURY AND FEDERAL RESERVE FOREIGN EX- MARKET. Apr. 1961. 8 pp. CHANGE OPERATIONS. Sept. 1962. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 FEDERAL RESERVE BULLETIN • JUNE 1963 U.S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. TREASURY AND FEDERAL RESERVE FOREIGN EX- 8 pp. CHANGE OPERATIONS. Mar. 1963. 10 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. UCI FINANCING THE U.S. PAYMENTS DEFICIT. Apr. 1962. 10 pp. 1963. 8 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. 1962. 15 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. Apr. 1963. 11 pp. 13 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. May 1963. 13 pp. 14 pp. BANKING AND MONETARY STATISTICS, 1962. Se- A NEW LOOK AT THE FARM DEBT PICTURE. Dec. lected series of banking and monetary statistics 1962. 18 pp. for 1962 only. Feb., Mar., and May 1963. 16 pp. MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. FARM DEBT AS RELATED TO VALUE OF SALES. INTEREST RATES ON TIME DEPOSITS, Mid-Febru- Feb. 1963. 9 pp. ary 1963. June 1963. 7 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. SURVEY OF COMMON TRUST FUNDS, 1962. June Mar. 1963, 10 pp. 1963. 6 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 818, 820 Deposits—Continued Agricultural loans of commercial banks, 812, 814 Banks, by classes, 801, 808, 813, 816, 820 Assets and liabilities (See also Foreign liabilities Federal Reserve Banks, 802, 869 and claims): Postal savings, 801, 807 Banks and the monetary system, Discount rates, 800, 872 consolidated, 807 Discounts and advances by Federal Reserve Corporate, current, 832 Banks, 796, 802, 804 Domestic banks, by classes, 808, 812, 814, 820 Dividends, corporate, 831, 832 Federal Reserve Banks, 802 Dollar assets, foreign, 861, 869 Automobiles: Consumer instalment credit, 836, 837, 838 Earnings and hours, manufacturing industries, 847 Production index, 840, 841 Employment, 844, 846, 847 Bank holding companies, list of, Dec. 31, 1962, 856 Farm mortgage loans, 833, 834 Bankers' balances, 813, 815 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 822 Banks and the monetary system, consolidated Receipts and expenditures, 823 statement, 807 Treasurer's balance, 822 Banks for cooperatives, 827, 828 Federal home loan banks, 827, 828, 835 Bonds (See also U.S. Govt. securities): Federal Housing Administration, 827, 828, 833, New issues, 828, 829, 830 834, 835 Prices and yields, 818, 819 Federal intermediate credit banks, 827, 828 Brokers and dealers in securities, bank Federal land banks, 827, 828 loans to, 812, 814 Federal National Mortgage Association, 827, 828, 835 Business expenditures on new plant and Federal Reserve Banks: equipment, 832 Condition statement, 802 Business indexes, 844 U. S. Govt. securities held by, 796, 802, 804, Business loans (See Commercial and industrial loans) 824, 825 Federal Reserve credit, 796, 802, 804 Capital accounts: Federal Reserve notes, 802, 805 Banks, by classes, 808, 813, 816 Federally sponsored credit agencies, 827, 828 Federal Reserve Banks, 802 Finance company paper, 818, 820 Carloadings, 844 Financial institutions, loans to, 812, 814 Central banks, foreign, 858, 872 Float, 796 Coins, circulation of, 805 Flow of funds/saving,-854 Commercial banks: Foreign central banks, 858, 872 Assets and liabilities, 808, 811, 812 Foreign currency operations, 802, 804, 860, 869 Consumer loans held, by type, 837 Foreign deposits in U. S. banks, 796, 802, 807, Number, by classes, 808 813, 816, 869 Real estate mortgages held, by type, 833 Foreign exchange rates, 873 Commercial and industrial loans: Foreign liabilities and claims: Commercial banks, 812 Banks, 862, 864, 867, 869 Weekly reporting member banks, 814, 817 Nonfinancial concerns, 870 Commercial paper, 818, 820 Foreign trade, 849 Condition statements (See Assets and liabilities) Construction, 844, 845 Gold: Consumer credit: Certificates, 802, 805 Instalment credit, 836, 837, 838, 839 Earmarked, 869 Noninstalment credit, by holder, 837 Net purchases by U. S., 860 Consumer price indexes, 844, 850 Production, 859 Consumption expenditures, 852, 853 Reserves of central banks and governments, 858 Corporations: Reserves of foreign countries and international Sales, profits, taxes, and dividends, 831, 832 institutions, 861 Security issues, 829, 830 Stock, 796, 807, 860 Security prices and yields, 818, 819 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 852, 853 Currency in circulation, 796, 805, 806 Customer credit, stock market, 819 Hours and earnings, manufacturing industries, 847 Housing starts, 845 Debits to deposit accounts, 804 Demand deposits: Industrial production index, 840, 844 Adjusted, banks and the monetary system, 807 Instalment loans, 836, 837, 838, 839 Adjusted, commercial banks, 804, 806, 813 Insurance companies, 821, 824, 825, 834 Banks, by classes, 801, 808, 816 Insured commercial banks, 810, 812 Turnover of, 804 Interbank deposits, 801, 808, 813 Type of holder, at commercial banks, 813 Interest rates: Department stores, 844, 848, 849 Bond yields, 818 Deposits (See also specific types of deposits): Business loans by banks, 817 Adjusted, and currency, 807 Federal Reserve Bank discount rates, 800 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 FEDERAL RESERVE BULLETIN • JUNE 1963 Interest rates—Continued Reserves—Continued Foreign countries, 871, 872 Foreign countries and international Open market, 818, 871 institutions, 861 Stock yields, 818 Member banks, 796, 798, 801, 813, 815 Time deposits, maximum rates, 801 Residential mortgage loans, 833, 834, 835 International capital transactions of the U. S., 862 International institutions, 858, 860, 861 Sales finance companies, consumer Inventories, 852 loans of, 836, 837, 839 Investment companies, new issues, 830 Saving: Investments (See also specific types of investments): Flow-of-funds series, 854 Banks, by classes, 808, 812, 815, 820 National income series, 853 Commercial banks, 811 Savings deposits (See Time deposits) Federal Reserve Banks, 802, 804 Savings institutions, principal assets, 820, 821 Life insurance companies, 821 Savings and loan associations, 821, 825, 834 Savings and loan associations, 821 Securities (See also U. S. Govt. securities): Federally sponsored agencies, 827 Labor force, 846 International transactions, 868, 869 Loans (See also specific types of loans): New issues, 828, 829, 830 Banks, by classes, 808, 812, 814, 820 Silver coin and silver certificates, 805 Commercial banks, 811 State member banks, 810 Federal Reserve Banks, 796, 802, 804 State and local govts.: Insurance companies, 821, 834 Deposits of, 813, 816 Insured or guaranteed by U.S., 833, 834, 835 Holdings of U. S. Govt. securities, 824, 825 Savings and loan associations, 821, 834 New security issues, 828, 829 Ownership of obligations of, 812, 820, 821 Manufactures, production index, 841, 844 Prices and yields of securities, 818, 819 Margin requirements, 801 Stock market credit, 819 Member banks: Stocks: Assets and liabilities, by classes, 808, 812 New issues, 829, 830 Borrowings at Federal Reserve Prices and yields, 818, 819 Banks, 798, 802, 816 Deposits, by classes, 801 Tax receipts, Federal, 823 Number, by classes, 809 Time deposits, 801, 806, 807, 808, 813, 816 Reserve requirements, 801 Treasurer's account balance, 822 Reserves and related items, 796 Treasury cash, 796, 805, 807 Weekly reporting series, 814 Treasury currency, 796, 805, 807 Mining, production index, 841, 844 Treasury deposits, 796, 802, 822 Money rates (See Interest rates) Money supply and related data, 806 Mortgages (See Real estate loans) Unemployment, 846 Mutual savings banks, 807, 808, 810, 820, 824, U. S. balance of payments, 871 825, 833 U. S. Govt. balances: Commercial bank holdings, by classes, 813, 816 National banks, 810 Consolidated monetary statement, 807 National income, 852, 853 Treasury deposits at Federal Reserve National security expenditures, 823, 852 Banks, 796, 802, 822 Nonmember banks, 810, 812, 813 U. S. Govt. securities: Bank holdings, 807, 808, 812, 815, 820, 824, 825 Payrolls, manufacturing, index, 844 Dealer transactions, positions, and financing, 826 Personal income, 853 Federal Reserve Bank holdings, 796, 802, Postal Savings System, 801, 807 804, 824, 825 Prices: Foreign and international holdings, 802, 861, 869 Consumer, 844, 850 International transactions, 868 Security, 819 New issues, gross proceeds, 829 Wholesale commodity, 844, 850 Outstanding, by type of security, 824, 825, 827 Production, 840, 844 Ownership of, 824, 825 Profits, corporate, 831, 832 Prices and yields, 818, 819 United States notes, outstanding and in circulation, 805 Real estate loans: Utilities, production index, 841, 844 Banks, by classes, 812, 820, 833 Type of holder, 833, 834, 835 Type of property mortgaged, 833, 834, 835 Vault cash, 796, 801, 813 Reserve requirements, member banks, 801 Veterans Administration, 833, 834, 835 Reserves: Central banks and govts., 858 Weekly reporting member banks, 814 Commercial banks, 813 Federal Reserve Banks, 802 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I. ) Minneapolis,^ (o THE FEDERAL RESERVE SYSTEM g) 1 Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis