Federal Reserve Bulletin, 1963-09

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

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Changes in Banking Structure, 1953-62 1191 Economic Change and Economics Analysis 1199 Treasury and Federal Reserve Foreign Exchange Operations 1216 Bank and PCA Lending to Farmers 1224 Collateral for Federal Reserve Credit 1235 Law Department 1237 Announcements 1254 National Summary of Business Conditions 1255 Guide to Tabular Presentation 1258 Financial and Business Statistics, U.S. (Contents on p. 1259) 1260 International Financial Statistics (Contents on p. 1323) 1324 Board of Governors and Staff 1342 Open Market Committee and Staff; Federal Advisory Council 1343 Federal Reserve Banks and Branches 1344 Federal Reserve Board Publications 1345 Index to Statistical Tables 1347 Map of Federal Reserve System Insideback cover Volume 49 * Number 9 i Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COMMERCIAL BANKING SYSTEM in the United States, like most of our institu- NUMBER of commercial baiks decliits; tions, has been affected by social and eco- balking offices increase sharply nomic change throughout its history. During the past 10 years these changes have had important effects on the banking structure. The distribution of banks and banking offices that has evolved over the years reflects a complex pattern of function, ownership, and supervision. But throughout, several basic influences have shaped the banking structure: the geographical size of the country, the diversity and changing character of its economy, an historical opposition to concentration of financial power in large institutions located in a few financial centers, and the early development of a sys- portation, and centralization of industrial tem of national and State banking laws that and financial activity in urban centers. left to the individual States the right to shape During the great depression the number in large part the type of banking they would of banks fell off sharply. More than 8,800 have. banks suspended operations permanently As a result, the banking structure of the during the 4-year period 1930-33, and by United States is a composite of individual the end of 1933 only about 15,000 banks State banking structures, which are similar remained open. in many respects, however. The number of commercial banks in op- During the first two decades of this cen- eration increased somewhat during the retury, when agriculture and industry were organization of the banking system from developing rapidly, the number of commer- 1933 to 1935. But since then, except for a cial banks also increased rapidly—from short period after World War II, there has about 12,400 in 1900 to nearly 30,500 in been a persistent decline. The recent decline, 1921. Then the number began to decline however has reflected mainly mergers begradually, at first primarily in those mid- tween solvent banks seeking to improve their western States that had suffered a severe competitive positions, whereas the earlier agricultural depression in 1920-21. The de- declines were primarily the result of bank cline in the number accelerated during the failures. At the end of last year there were next 8 years, as a result of continued diffi- about 13,400 banks in operation. culties in agricultural areas, better trans- In contrast, the total number of commer- 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1192 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 cial banking offices—which include banks fluencing the banking structure. In the areas and their branches—after showing some de- surrounding urban centers in particular cline from 1935 to 1945, has since risen there has been a great expansion both in rapidly. At the end of 1962 there were business activity and in the demand for about 25,500 offices compared with about checking and consumer loan services, some 19,000 in 1935 and 1950. The increase in by people who only a few years ago might banking offices in the face of the decline in not have been customers of banks. Therethe number of banks reflects the fact that fore, city banks seeking these customers many de novo branches have been estab- have sought to establish new branches or to lished in recent years where no banking merge with banks in the suburbs, where office existed previously and that most of permitted by law. the banks acquired in mergers have been Changes in authority of Federal bank converted into branches by the banks that supervisory agencies to regulate bank holdacquired them. ing companies and to pass on bank mergers The growth in income and population and consolidations, and a change in the attiand the migration of the population into tude of some State banking departments torapidly growing suburbs have also been in- ward these activities, have also influenced CHANGES IN COMMERCIAL BANKING STRUCTURE 1953 1955 1957 1959 1961 Change 1953- and and and and and 62 1954 1956 1958 1960 1962 Total changes Number of banks, beginning of period 14,073 14,073 13,868 13,667 13,527 13,471 New banks organized 1,113 139 239 186 254 295 Mergers and absorptions 1,669 321 421 308 298 321 Voluntary liquidations and suspensions. 91 23 19 18 12 19 Number of banks, end of period. 13,426 13,868 13,667 13,527 13,471 13,426 Net change -647 --205 -201 -140 -56 -45 States with statewide branch banking Number of banks, beginning of period 1,305 1,305 1,225 1,131 1,063 1,007 New banks organized 166 29 34 24 32 47 Mergers and absorptions 489 107 124 91 79 Voluntary liquidations and suspensions 2 4 7 1 Number of banks, end of period 1,225 1,131 1,007 975 975 1,063 Net change -80 -94 -56 -32 -330 -68 i Banks in Alaska and Hawaii are included throughout, although these territories did not become States until 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN BANKING STRUCTURE, 1953-62 1193 the number and location of banks and of average of 175 banks went out of existence branch offices. each year, but very few of these banks were suspended or liquidated because they RECENT CHANGES were in unsatisfactory condition. About 95 During the last decade there has been a net per cent were merged with other banks; and decline of 647 in the number of banks. 17 in 20 of these were continued as branches Newly organized banks—a total of 1,113— of the surviving banks. only partially offset the number discontin- Banks have not only continued to convert ued—1,760. Over this period, however, the most of the banks they acquired by mergers rate of decline in the number of banks into branch offices, but they have also been lessened steadily, from a net loss of more opening more de novo branches. Last year than 100 banks per year in 1953-54 to they opened 874 new branches, three times only about 25 banks per year in 1961-62. as many as in 1953. Over the 10-year period The slower rate of decline reflects primar- banks opened 5,643 de novo branches and ily a doubling in the number of new banks closed only 387 branches. organized. During most of the decade an As a result of the new branches and the DURING THE 10-YEAR PERIOD 1953-62 1953 1955 1957 1959 1961 1953- and and and and and Change 62 1954 1956 1958 1960 1962 States with limited branch banking 5,705 5,705 5,541 5,328 5,173 5 O38 . .. Number of banks, beginning of period ? 260 36 61 45 53 65 New banks organized 1,055 191 270 191 187 216 Mergers and absorptions 9 4 9 1 .. Voluntary liquidations and suspensions 31 5,541 5,328 5,173 5,038 4,879 Number of banks, end of period 4,879 -164 -213 -155 -135 -159 Net change -826 States with unit banking 7,063 7,063 7,102 7,208 7,291 7,426 . . .Number of banks, beginning of period 687 74 144 117 169 183 New banks organized 125 23 27 26 23 26 Mergers and absorptions 53 12 11 8 11 11 .. Voluntary liquidations and suspensions 7,572 7,102 7,208 7,291 7,426 7,572 Number of banks, end of period 509 39 106 83 135 146 Net change Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1194 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 chartering of new banks, the total number Number of banks. At the end of 1952 of commercial banking offices has increased about half the commercial banks were loby about 6,100 in the last decade. This rate cated in the 18 unit banking States, and half of growth has exceeded that for the popula- in the remaining States, where some form tion. Consequently, the average banking of branch banking is permitted. The picture office now serves 7,300 persons, compared has changed since then. By the end of 1962 with about 8,100 at the end of 1952. the number of banks had increased by 509 For the country as a whole, these changes in unit banking States but had decreased in the banking structure have been accom- by 1,156 in branch banking States. panied by little change in the concentration States in which statewide branching is of deposits held by a given number or per- prevalent had a net loss of 330 banks in centage of the largest banks. For example, the 10-year period, a 25 per cent decline. the 100 largest banks at the end of 1962 Because of mergers, more than one in every held about 48 per cent of total deposits, only three banks existing in 1952 was eliminated a little more than 10 years earlier and much as a separate institution; and only 166 new less than the 58 per cent they held in 1940. banks were organized. In recent years the rate of decline has lessened as fewer mergers have occurred and more new banks have CHANGES BY STATES been organized. In the States that permit Focus on the recent changes in the structure limited branching the decline in the number of commercial banking for the country as a of banks—about 15 per cent—has been whole tend to mask the diverse changes that spread fairly evenly over the period. have occurred among States. In general, The increase of 7 per cent in the number these changes have been influenced by the of banks in the unit banking States reflects type of banking legislation adopted. For this primarily the formation of new banks; few discussion, the 50 States and the District of mergers have occurred there. These States Columbia have been placed in three broad have accounted for about 60 per cent of all groups: those in which statewide branch new banks chartered since 1952. banking is prevalent; those in which branch For most of the States within each group banking is limited usually to the county in the changes in the number of banks over the which the bank's head office is located or to decade were generally in the same direction, contiguous counties; and those that strictly but the size of the changes varied widely (see limit or prohibit branch banking—the so- Table 1, p. 1320. Except for Hawaii all of called unit banking States. the 17 States with statewide branching had The map indicates clearly that the type fewer banks at the end than at the beginning of banking structure is a regional phenome- of the period, while 12 of the 16 limited non. Unit banking predominates in the mid- branching States had fewer banks. Except western States, while statewide branch in New York and Pennsylvania, States that banking prevails in the Far West. Most of limit branch banking generally lost relatively the States east of the Mississippi permit lim- fewer banks than those that permit statewide ited branch banking, although statewide branching. In each of those two States the branching and unit banking are also rep- number of banks declined by about oneresented. third. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN BANKING STRUCTURE, 1953-62 1195 STATEWIDE BRANCH BANKING predominant in the West; Mississippi to Rockies main area of unit banfi I " \ " I ~~——, as- H 43 •"A 18 36 60 39 53 82 6RANCH BANKING C3B NOTE.—Figures indicate the percentage of deposits held by includes banks that are members of a holding company regthe 5 largest banks or bank groups in the State. A bank group istered pursuant to the Bank Holding Company Act of 19S6. Only 3 of the 18 unit banking States limited branching, and 10 per cent in States failed to show an increase in the number of with unit banking. banks. The largest relative increases were in CONCENTRATION OF DEPOSITS Florida, Colorado, Texas, and Illinois. The growth in population was higher in these One broad measure of the organization of States than in the other unit banking States, any industry is the degree to which the voland this no doubt contributed to the high ume of business is concentrated in a few rate at which new banks were formed there. companies. In banking, the proportion of Number of banking offices. Despite the deposits held by the largest banks or bank decline in number of banks in most States groups is useful for making such compariover the past decade, every State except New sons over time and among States. The pro- Hampshire and West Virginia had an in- portion of deposits held by the 5,10, or 100 crease in the number of banking offices. The largest banks presents only one aspect of the number of offices increased by about 60 per structural picture, however, and such meascent in States that permit statewide branch- ures, by themselves, are not accurate ining, 40 per cent in the group that permit dexes of the degree of competition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1196 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 The proportion of deposits held by the banks—about 2 per cent of the total numlargest banks changed little for the country ber—accounted for 60 per cent of total deas a whole from 1952 through 1962 because posits at the end of last year compared with changes for the three major groups of States about 64 per cent at the end of 1952. tended to offset one another. In the statewide In unit banking States a decrease in conbranching States, where there was a decline centration of deposits accompanied an inin number of banks, there was some increase crease in the number of banks. The share of in concentration of deposits. Over this total deposits held by the 150 largest banks period the 25 largest banks, which represent —about 2 per cent of the number in these about 2 per cent of the total number of States—fell from 53 to about 48 per cent. banks, increased their share of deposits from On the whole the results summarized in about 62 per cent to 71 per cent. The pro- the chart for the three groups of States are portions for 1962 were larger than those for characteristic of the individual States in each the same number of banks or the top 2 per group. The percentage of deposits held by cent of the banks in groups of States with the 5 largest banks in each State at the end either limited branch banking or unit bank- of 1962 are shown on the map. ing. The largest number of banks shown in the chart for each group is about 2 per cent LOCAL BANKING ALTERNATIVES of the average of the numbers of banks in For many purposes State differences in these States in 1952 and 1962. banking structure are not so relevant for Unlike States with statewide branching, measuring concentration and available bankwhere concentration and growth in numbers ing alternatives as data for metropolitan moved in opposite directions, States with areas and for smaller population centers. For limited branch banking showed both a sub- individuals and for many small and mediumstantial decline in the number of banks and size businesses, alternative sources of banka small decline in the concentration of de- ing services are limited for the most part to posits. As the chart shows, the 100 largest the banking institutions in the locality in NOTE.—The largest mimber of banks shown for each group States in 1952 and 1962. The total number of banks in those is about 2 per cent of the average number of banks in these years is shown for each group in Table I, p. 1320. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN BANKING STRUCTURE, 1953-62 1197 which they are situated. In this connection, Towns with populations between 5,000 and the number of "institutions" is the number 10,000 are apt to have two, and it is not of banks or branches of banks under inde- until the population reaches 25,000 that pendent management. three or more institutions become usual. But In general, the number of banking insti- many of the smaller towns with only one or tutions operating in a locality increases with two banking institutions, or none at all, are the size of its population. Almost no center located near other towns that may provide or town with a population of less than 1,000 ready access to other institutions. has more than one banking institution. In the standard metropolitan areas the av- NUMBER OF COMMERCIAL BANKING INSTITUTIONS, BY SIZE OF POPULATION CENTER, JUNE 30, 1962 Per cent of centers with— Number of Type of centers with Size of center banking banking 20 or institutionsl 1 2 3 4-6 7-9 10-14 15-19 more Center outside standard metropolitan statistical area, with population of— Less than 1,000 Statewide... 383 98.4 1.3 .3 Limited.... 1,365 98.7 1.3 Unit . . 2 595 98.7 1 3 1,000-5,000... Statewide... 666 81.7 17.3 1.0 Limited.... 1,613 78.7 20.3 .9 .1 Unit 1 756 74 9 24 6 4 1 5,000-10,000 Statewide... 144 26.4 61.8 9.7 2.1 Limited.... 361 32.1 57.3 8.9 1.7 Unit 329 17.6 71.7 10.3 .3 10,000-25,000 Statewide... 103 11.7 32.0 47.6 8.7 Limited.... 262 16.4 50.8 26.7 6.1 Unit 203 5.4 63.5 27.1 3.9 25,000-50,000 Statewide... 41 9.8 12.2 34.1 41.5 2.4 Limited.... 81 11.1 28.4 35.8 23.5 1.2 Unit 70 17 1 51 4 31 4 Standard metropolitan statistical area with population of— 50,000-100,000 Statewide... 3 33.3 66.7 Limited.... 5 80.0 20.0 Unit 14 7.1 14.3 35.7 21.4 21.4 100,000-500,000 Statewide... 29 41.4 27.6 27.6 3.4 Limited.... 62 1.6 8.1 32.3 24.2 16.1 4.8 12.9 Unit 42 7.1 16.7 31.0 26.2 19.0 500,000 or more Statewide... 14 14.3 35.7 14.3 35.7 Limited.... 26 3.8 15.4 26.9 11.5 42.3 Unit 13 100.0 i The number of institutions equals the number of separate man- pany affiliates are consolidated only for standard metropolitan agements available to bank customers, whether through head office, statistical areas. branch, or holding company, except that in this table holding com- NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1198 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 erage number of banking institutions avail- In unit banking States the concentration able was generally somewhat larger for the of deposits in the largest institution is not unit banking States than for States having so pronounced; it ranges from 15 to 45 per cent. However, if the proportion of deposits either statewide or limited branching. All held by the two largest institutions is used as but 11 of the 208 standard metropolitan the measure, the range of proportions for the areas studied, however, had at least four unit banking States is closer to that for the banking institutions. In these areas, proviother two groups. sion of adequate banking services to the smaller customers, both businesses and individuals, may depend more on the strategic location of banking offices of competing institutions within the area than on the number The statistics in this text and the accomof banks operating in the entire area. panying tables are presented as useful Some comparisons of the number of bank- summary measures of the dimensions of the banking structure and the major changes ing institutions and the percentage of detherein over the past decade. It should be posits held by the two largest banks or bank recognized, however, that over fairly broad groups in standard metropolitan areas with ranges, differences in the numbers of banks populations of 300,000 or more are shown and banking offices or in the degree of dein Table 2 on page 1321. posit concentration may have little relation- For most of the areas shown, the pership to competitive vigor or the extent of centage of deposits held by the largest bankservices offered by banking institutions in ing institution is close to or above 30 per their communities. Legal and institutional cent of the total held in the area. The con- factors may be as important as the banking centration of deposits in the largest institu- structure, or even more important, in inflution in metropolitan areas located in both encing bank performance. To reach judgstatewide and limited branching States ments on this score, intensive analyses of the ranges from about 20 per cent to a high of prevailing circumstances in individual marabout 60 per cent. kets are a requisite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Change and Economic Analysis by FRANK R. GARFIELD IN CONNECTION with some work on sea- economy. Most of his data and charts related sonal adjustment procedures last winter, I either to prices for commodities and servhad occasion to look over a hundred sea- ices, or to banking and financial statistics sonally adjusted monthly production series (Chart 1); relatively little organized inforfor the postwar period. I was surprised by mation was available for production, emthe extent and diversity of change. Questions ployment, or income. soon arose concerning the significance of Mitchell attempted to develop a theory large and diverse changes not only for sea- of self-generating movements that could be sonal adjustment but also checked in large part by for cyclical and trend an- reference to time series. He STAFF PAPERS—In addialysis and, more broadly, had a place in his account, tion to its regular contents, for economic analysis gen- however, for changing exthe Federal Reserve Bulletin erally. Presently, I found from time to time includes spe- pectations and other realimyself extending the time cial papers on economic and ties not readily represented horizon back half a cen- financial subjects. These pa- by time series. He hoped pers, prepared originally for tury, to 1913, and roaming that generalizations derived the information of the Board far afield. This article is a from an expanding volume of Governors by individuals on condensed, but not brief, of information—and limiits staff, are selected for pubaccount of my wanderings. lication because of their gen- ted as to time, place, and The year 1913 was the eral interest. The authors are institutional environment— last year before the first of responsible for the analyses could be used, with due and conclusions set forth. two world wars. It was the caution, for purposes of year when, by constitution- prediction and control. al amendment, Federal income taxes were In another pioneer volume of theory and authorized. It was the year of the Federal statistics written in the late 1920's and Reserve Act. And that year the University published in 1930, Simon Kuznets examined of California published Wesley Mitchell's Secular Movements in Production and Business Cycles [1]. Prices [2]. His heading for the first chapter Mitchell examined all the theories of crises was "Retardation of Industrial Growth." He and all the numbers then available—mostly observed general tendencies for growth in annual data. He found enough similarity in particular manufacturing industries to slow fluctuations from one peacetime period to down; for gains from particular inventions another and from one industrial country to such as the steam engine to peter out; and another to feel justified in referring to for new inventions to be less significant than all such fluctuations as "cycles." His analysis old, a point he illustrated by comparing electook into account a wide range of influences tricity and the steam engine. but revolved around those affecting profits, One reason, he said, that gains in parwhich he regarded as central in a pecuniary ticular manufacturing industries tended to 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1200 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 Chart 1 In constructing the Board's new index of industrial production in 1927, Woodlief RELATIVE PRICES OF LABOR Thomas was already using monthly seasonal AND OF COMMODITIES Ih\ THE U. S. 1890-1899 = 100 140 factors which changed over the years. He was also using nonworking-day allowances N 4, MFG. INDUSTRIES 130 :OMMODITIES AT WHOLESALE - to reduce the irregular component in sea- / 120 120 sonally adjusted and unadjusted series, a refinement Kuznets let go in order to cover no y 110 \ / a large number of series (Chart 3). And 100 \ 100 in the early 193O's, to facilitate interpreta- 90 / 90 tion of changes from one day to the next ..-••• in the amount of currency in circulation, ,890 -91 '92 93 '94 •« 96 17 98 99,900 -01 '02 '03 04 '05 06 '07 Aryness Joy was making daily adjustments that took into account the influence of the slow down—a tendency noted earlier by day of the week, the day of the month, and Raymond D. Prescott [3]—was the lack of the season of the year. similar improvements in sectors supplying materials. Kuznets found output per acre of Analysis of economic developments cotton and three other major crops little through the use of national income acchanged for many decades. He also found counts developed later. This approach— that after eliminating "primary" trends from various series covering half a century or Chart 2 more there remained broad "secondary" PORTLAND CEMENT PRODUCTION IN THE U.S. movements considerably longer than business cycles, running about 18 to 20 years (Chart 2). Primary and secondary trends, A / he thought, should be studied in relation 100.00 to each other and to cycles. Trends in prices 6 8 0 0 . .0 0 0 0 /1 v~ and production should be examined to- H gether. This study of trends was quickly followed 10.00 // in 1932 by another comprehensive Kuznets 8.00 6.00 / book, this time on Seasonal Variations in / Industry and Trade [4]. Seasonal move- / ments, like cycles and trends, of course, had been studied in the 1920's or before by II various other people, especially at Harvard V // University, at the National Bureau of Eco- / nomic Research, and in the Federal Reserve System. Frederick R. Macaulay was one of / the pioneers in developing new techniques, A \B as for seasonal adjustment, although his per- I ceptive volume on The Smoothing of Time Series [5] did not appear until 1931. 1 I i I i i | 1 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1201 based in part on Kuznets' work on national chemists, computers and programmers, jet income and given impetus by the Keynesian planes and jet pilots, spaceships and spaceformulation of aggregative economics—was men. The iceman no longer tracks mud on perhaps more readily related to formation of the kitchen floor; the TV man goes to the public policy, especially fiscal policy, than family room. Disposal as well as creation of the analysis embodied in the Mitchell ap- income has been facilitated by development proach. In somewhat different ways, how- of 36-month auto instalment paper and 30ever, both approaches aimed initially at de- year home mortgages. scription and prediction. In the theory of Enough. No one will deny dramatic the national income approach, causal rela- changes over this 50-year interval. But have tionships—such as that between income and consumption—were stressed more than time Chart 3 sequences—leads and lags. But as a matter of practice, study of causal relationships has proved to be closely related to study of time sequences and subject to similar problems in a changing economy. Discussion of other differences between these two broad approaches, such as different emphases on changes in prices and in expectations, together with discussion of the varying degrees to which these approaches have been integrated with each other by different analysts, could easily occupy the re- 1919 1920 1922 1926 mainder of this article. But economic change Comparison of three indexes of manufactures to show elfects f adjustments for number of working days and for seasonal is first in our title, and not much has been ariations. Curve 1 is eomputed from data measuring total monthly output, curve 2 from data measuring daily average said yet either about the nation's economy .mtput. and curve 3 from data measuring daily average output idjusted for seasonal variations. Curves are all drawn on the before World War I or about changes since ;ame scale and are placed at different levels on chart in order o show distinctly the month-to-month ikictuations of each one. that time. changes during the period been of a sort to In 1913, only 97 million people lived in affect cyclical analysis? What do they sugthe United States. Now the population is gest about trend analysis? Seasonal adjustnearly twice that. Living conditions have ment? Regression analysis? Model-building? changed too. For example, whereas 33 per cent of the people lived on farms then, only IMPACT OF WARS 7 per cent do now—and the farm is a different place. Horses and mules have largely The first observation must be, most tragidisappeared from the countryside as well as cally, that two world wars and numerous from city streets. Autos and gasoline have lesser wars have been fought in these 50 made a place for themselves and for un- years, with widespread repercussions on all counted earthmoving machines and highway sorts of activities, private and public. Over engineers. On the railroads, steam locomo- extended periods they have upset Mitchell's tives have been replaced by dicsels. We now rhythm of economic fluctuation and Kuzhave a fine new assortment of chemicals and nets' growth patterns. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1202 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 Thus, in Western Europe, industrial pro- major impact on technological change duction was drastically curtailed during both throughout the economy. Military flight reworld wars; in the United States it was not quirements, for example, have greatly stimu- (Chart 4). Partly because of this and the lated the development of light-weight mateneed for reconstruction in Western Europe, rials, heat-resistant materials, and many sorts output there after both wars expanded of space-saving devices. much more rapidly than in the United States. Clearly, for extended periods wars and Although the world is now much more their aftermath have dominated the course closely integrated in many ways than it was of activity in many countries. And over the early in the century, cyclical fluctuations in longer term they have altered a good many Europe for a decade and a half have been basic conditions affecting activity and prices and flows of goods, services, and capital. In some countries wars have even been a major factor in altering the whole organization of economic activity. The revolution in Russia came in 1917. More recently, the shift of many peoples from colonial status to independence has been speeded by World War II. Also, the less extensive institutional changes in this country in the 1930's may be attributed in part to the impact of World War I in disrupting production patterns, distorting value relationships, and encouraging many financial commitments that later could not be met. IMPACT OF DEPRESSION OF 1930's The depression of the 1 930"s, like the war periods, had both short-term and longerlasting effects on economic behavior and on observable only as minor hesitations in ex- economic analysis. Rising trends calculated pansion, while in the United States output in the 1920's were written off almost immehas dipped cyclically four times. By the late diately, and debate raged over the nature 1950's, almost everyone had forgotten the and sources of stagnation. With a fourth of spritely generalization that "when the United the labor force unemployed by 1932 and States catches cold, Europe gets pneumonia." all the banks closed in early 1933 there was Domestically, military activities have al- an almost total eclipse of trend analysis and tered the underlying structure of peacetime also of cyclical analysis. Even seasonal facdemand, with defense outlays now 10 per tors were suspect in industries such as those cent of gross national product, whereas in producing cement, where output for the year 1913 the country had virtually no defense 1932 was down 60 per cent from the late outlays. Military activities have greatly al- 1920's, and steel and autos, where output tered tax structures. They also have had a was off 75 per cent. In fact, depressed con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1203 ditions in the cement industry led to Federal owned companies, and also credit margin Reserve use for a time of seasonal allow- requirements administered by the Federal ances of so many barrels rather than so many Reserve. New theories concerning the purper cent of current output. poses and functions of Federal finance were Population did continue to increase, but advanced by Keynes an<jl others, and many the rate of increase, which had begun to of the built-in stabilizers had their origin in slow down in the middle 1920's, when im- that period. migration was restricted, by the mid-1930's Agricultural price-support policies, adoptwas less than half the earlier rate (Chart 5). ed at that time primarily to protect farmers The effects of the sharp reduction in births and their creditors, incidentally have greatly in that period are still evident in current modified speculation and price fluctuations statistics on the labor force and the mar- in markets for leading farm commodities. riage rate. The reduced fluctuations in cotton prices, High levels of unemployment, widespread for example, are clearly evident in the record business failures, and collapse of many fi- of the past 8 years (Chart 6). Cotton prices in this period have held within a range of 30 to 36 cents, with changes within par- POPULATION GROWTH ticular years varying from 5 to 15 per cent; AVERAGE ANNUAL RATE or INCREASE the corresponding figures for the years from 2.5 1922 to 1929 were 11 to 35 cents, and 15 to 50 per cent. Wheat price fluctuations have also been reduced, though not so much. In contrast, fluctuations in steel scrap prices have been about as wide as ever. •GKotl 6 PRICE RANGES Ratio icole "'-'' !| 400 1900 1910 1930 1930 1O40 19S0 IV&O 'OS IS -3 5 3 5 J5 ")'. Ill . ClNTJ >i« IUSHU nancial institutions created demands for relief and for reorganization along many lines. The social security system, new arrangements for financing home buying, new labor COTTON . laws, and new farm measures adopted in that CENTS MR POUND period have proved in most instances to be permanent features of our economic system. So have new rules adopted for security markets, including requirements for registration STItL iCtAf of new issues with a newly formed Securities DOUARS PER TON and Exchange Commission, standardized 1915 1915 193S 1945 1955 1965 reporting to the Commission by publicly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1204 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 The more or less permanent effects of all termath of war or depression may last 2 such policy developments on the operation years for one series, 5 years for another, 10 of the economy and the nature of economic or 15—or even more—for a third. And we change cannot be summarized even roughly need to remember that for some series even by a single figure comparable to the 10 per the little wars are pertinent; production reccent of GNP cited as now going to defense. ords for coal and oil were altered sharply by They may none the less be significant. Their the Suez incident. significance, moreover, need not depend wholly on whether the country has been IMPACT OF OTHER INFLUENCES made depression-proof by new attitudes re- Influences other than wars and depressions flected in the measures adopted during the that have a bearing on changes in the econ- 1930's, in later legislation such as the Emomy and in economic analysis are many and ployment Act of 1946, and in various addifficult to disentangle. Moreover, they go ministrative policies. back a long, long way. Looking a little be- If it should happen that we do not have yond 1913, we note a comment of David A. a depression or a major war over the next Wells in a vigorous preface to his Recent half century, then the economic record of the Economic Changes, written in 1889 [6]: next 50 years will be very different from "The economic changes that have occurred that of the 50 years just past. And preduring the last quarter of a century —or dursumably it will be much more amenable to ing the present generation of living men— economic analysis, particularly with referhave unquestionably been more important ence to trends. Meanwhile, in seeking relaand varied than during any former corretionships from data for the past half century sponding period of the world's history." And to project into the future we need to take he had much to say about "inventing and due cognizance of the wars and depressions perfecting tools and machinery, building of the past and their impact on the record. workshops and factories, and devising in- We need to remember wars and depressions strumentalities for the easy intercommuniwhen we draw or interpret trends, strike cation of persons and thoughts and the cheap averages for the length and depth of cycles, exchange of products and services." After calculate seasonals, run regressions, and further comment on the marvels of progress, build models. he noted that "concurrently, or as the neces- Of particular moment for much current sary sequence of these changes, has come a analysis, the economic consequences of series of widespread disturbances"—disturb- World War II merit attention when we think ances which "to many thoughtful and conabout the significance of changes in postwar servative minds" seemed to presage "an years. For example, the list of postwar shortattack on the present organization of society ages of goods was too long to be treated and even the permanency of civilization lightly. The aftermath of wartime finance itself." included a money supply so large that not much further expansion was to be expected In 1913 reform was in the air, with passor desired for some years. More generally, age of the Clayton Antitrust Act less than a in studying a wide range of economic devel- year after the Federal Reserve Act and with opments, we need to remember that the af- adoption of the 17th amendment providing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1205 for direct election of Senators soon after the increased employment of women but to a 16th authorizing Federal income taxes. greater extent by persistent increases in out- Child labor was under attack. The number put per hour, commonly referred to as "outof youths going to high school or even to put per man-hour." These increases in outcollege was increasing rapidly. For those put per man-hour, in turn, have reflected a employed, working hours were being sharply complex of developments in education, techreduced. nology, management, saving, investment, and research—and also changes in attitudes of people all the way from the workbench MANUFACTURING WORKWEEK to the Supreme Court. Trends. For aggregate production, it would almost seem as though the underlying forces for growth had been so strong as to lead to a trend for the first 60 years of this century in this country which could be regarded as meaningful despite many changes in the economy. A single 2.9 per cent straight line keeps fairly close company with all the data for real GNP, except for periods of depression and war. The same is true of a 3.6 per cent straight line trend for industrial production (Chart 8). Raised slightly, these trend lines would represent the general drift of nondepression peacetime years a little Average weekly hours of work at factories more closely. had already declined from 53 in 1900 to 49 in 1913, although the workweek of 66 hours at steel mills was not to be lowered until after RYATGNP AND INDUSTRIAL PRODUCTION World War I (Chart 7). By 1929 the average factory workweek was down to 45 hours, and further reductions were brought about by the depression and the Fair Labor Standards Act providing overtime pay beyond 40 hours. In the postwar period, although paid weekly hours, at around 40, have shown little change, actual working time per year has been reduced somewhat further by increases in paid holidays and vacations. Outside manufacturing there have been further reductions in the workweek during the postwar period. Continuing reductions in working hours and substantial increases in production per 1(99 1914 1944 1959 capita have ben made possible in part by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1206 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 One theory explaining persistence of a has accelerated. In the postwar period it given rate of growth might be that in the has been over 3 per cent (Chart 9). This long run developments that deflect activity indicated doubling in the rate of increase hi from its general course—such as wars and productivity has been offset by lower rates of depressions—tend to stimulate adjustments increase in some other elements. Population, of various sorts that bring activity back on for example, has been growing somewhat less course. Perhaps we should assume here that rapidly since World War II than in the early the whole has a life of its own, independent years of the century, with annual increases of the parts, and that, as a matter of behavior, the whole is an amount to which the OUTPUT PER MAN-HOUR parts must add, even though, as a matter of PIIVATI Ratio seal* arithmetic, the whole is nothing more than 1947 49=100 200 the sum of the parts. This idea I have found difficult to grasp. But I seem to be reluctant to discard it without comment. Under conditions of not too rapid change in basic economic organization or human values, opposing pressures—on the one hand, to find employment and to utilize growing resources and, on the other, to realize the gains in productivity in forms other than additional goods and services— might be offsetting for some time and might lead to a fairly constant rate of growth in real GNP. I am inclined, however, to regard the re-emergence of the predepression growth rate as reflecting to a considerable degree an accidental offsetting of depression generally around 1.6 or 1.7 per cent rather influences by World War II influences. I than 2 per cent (Chart 5). The rate in 1962 doubt if there is sufficient reason to suppose was down to 1.5 per cent. that changes in the rates of change in popu- As we consider possibilities for future lation, labor force participation, employbroad trends, we can be clear that typical ment, hours of work, and productivity must retardation of growth in production over the continue to balance out so that in the next life of particular industries is not of itself half century the growth rate in real GNP evidence of any tendency toward retardation will be very close to the 2.9 per cent rate prein growth in output in the economy as a vailing since the beginning of the century. whole. Growth in the economy depends If the years from 1930 to 1945 are set aside, partly on how many industries are in a stage the rate for the other three 15-year subof rapid growth, as Arthur M. Burns obperiods has been close to 3.5. served in his Production Trends in the The rate of increase in output per man- United States Since 1870, published in 1934 hour for private production, estimated at [7], and as Walther G. Hoffman emphasized around 1.4 per cent early in the century, in his British Industry, 1700-1950 [8]. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1207 Nor can the retardation of growth in a Reference to the increased tempo of particular industry in one period be accepted change seems to call insistently for discusas a sure guide to the future of even that one sion of developments abroad where the shift industry. New demands may appear as they in tempo—from a less rapid pace in the did for cement (Chart 2). On the supply earlier period—may well be greater than in side, too, even old industries may be revo- this country. But domestic developments lutionized. Thus the output per acre of cot- alone, it seems to me, are quite sufficient to ton and three other major crops, which Kuz- warrant the emphasis here on the impornets cited as showing little change in the last tance of change as an element to be considthree decades of the 19th century and the ered at every point in analyzing economic first two of the 20th, has doubled in the last conditions. four decades. Cycles. For further study of changes in the economy and their impact on cycles, Also, I think the evidence does not point seasonals, and other relatively short-time to any decline in the importance of new disfluctuations, it would be convenient if we coveries. Electricity has done many jobs the could regard some recent period, even a steam engine was totally unfitted to do difew years, as free from war and depression rectly—in homes as well as in industry. Elecinfluences. The 10-year period since 1953 tronic computers seem to represent at least would be one possibility. It was only in midas much of an advance over electro-mechan- 1953, however, that the Korean truce was ical tabulating equipment as that equipment arranged. Also, at that time Western Europe represented over hand-cranked desk calcuwas still years away from Article VIII curlators. Computers seem destined to alter rency convertibility, and the Treasurybasically the nature of a wide range of in- Federal Reserve accord had been reached dustrial activities as well as many types of only 2 years earlier. Production was quite office work. As aids to research of all sorts high in relation to capacity, and postwar they may well have a significant impact also inflationary forces were still so strong that on almost every other type of activity, not prices were to rise sharply when boom conexcluding agricultural production, construcditions developed after recovery from the tion, and the practice of medicine and law. 1954 recession. More broadly—with all due respect to the Another possibility is the period since facts to be found in volumes on Recent Eco- 1957. Altogether, for present purposes this nomic Changes published in 1889 [6] and short period is perhaps as good as any in 1929 [9]—perhaps one of the most signifi- other. We do well to remember, however, cant observations to be made about the eco- that even in 1957 it was not clear that postnomic scene in the United States now in war inflationary tendencies were being—or contrast with that half or three-quarters of could be—modified as much as now seems, a century ago is that change seems to be in retrospect, to have been the case (Chart more readily accepted as a feature of almost 10). Also, it may be argued with some force every phase of life. This is one of the chief that at least the fairly sharp recession of reasons why so many people are willing to 1958 belonged to and for many purposes entrust their family heirlooms, if any, to should be grouped with the years preceding moving vans. 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1208 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 the outlook for price changes, such as occurred in the same short period. And in the PRODUCTION AND PRICES background are many longer-term trends, in both domestic and international affairs. At the low in April 1958 industrial production was off 14 per cent from the August 1957 level. This decline was substantially more than the 10 per cent in 1954 or the 8 per cent in 1949. The most recent decline, in 1960-61, was only 6 per cent (Chart 10). Meanwhile, industrial prices as a whole stabilized in mid-1959, after only moderate 120 advances during a single year of expanding INDUSTRIAL COMMODITY PRICES activity. The preceding advance in industrial prices, after the 1954 recession, had been much more rapid and had continued more •0 than 2 years. In the recovery after the 1960- 70 61 recession, industrial prices as a whole W4t 1*60 showed no advance, and the rise even for commodities whose prices are particularly NOTE.—Figures for production are adjusted for seasonal variation. sensitive to changes in demand was small and short-lived. Such variety of experience While industrial production as a whole in production, price, and other changes is showed a rise of 17 per cent over the 5-year not new in the annals of cycles—many of period from 1957 to 1962, industrial chemi- Mitchell's original data related to years of cals, including synthetic materials, were depression in the 1890's, others to periods of up 55 per cent, electric and gas utilities more moderate fluctuation. But the recent 41 per cent, and rubber and plastics products historical record does remind us of the con- 33 per cent. On the other hand, transportinuing need for a sharp look at averages of tation equipment other than autos showed cyclical experience and for selective analysis little change, oil drilling was off 11 per cent, of each cycle. iron and steel 12, and coal 17. From the low in early 1961 to mid-1962 In these 5 years industrial chemicals industrial production and real GNP rose rose from 3.6 per cent of total industrial considerably, but after that industrial prooutput to 4.8, passing iron and steel, which duction held within a range of less than a declined from 6.2 to 4.6 per cent. For strict point for 7 months and GNP rose only modaccuracy, note should be made that these erately. As late as last March the question shares are calculated without allowance for was being asked whether this extended pethe effect of relative price changes on valueriod of near stability in activity was a added relationships. forerunner of recession, a mere hesitation Such shifts in composition of industrial in a general advance, or the beginning of and other output naturally affect the cyclia long period in which neither the expancal behavior of the total. So also do basic sive forces nor the contractive forces would changes in the utilization of resources and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1209 prove to be cumulative in their effects. added concerning the changing meaning of When the economy emerged on the up- "cyclical high" from one period to another. side, other questions arose. Was February A cyclical high may involve, as in the the twenty-fourth month of recovery and mid-1950's, generally active use of reexpansion or the first? Had we had a Euro- sources, shortages in some lines, efforts to pean-type recession, with less than a 1 per accumulate inventories, rapid capital excent decline in industrial production after pansion, widespread increases in prices— mid-1962 but with noticeable declines in the of commodities and services, and of real rate of inventory accumulation and in plant estate and other capital items—and various and equipment expenditures? Such questions other elements that together make the situasuggest that complexity and uncertainty in tion unsustainable and likely to be followed cyclical behavior and cyclical analysis are by sharp reaction. Or the cyclical high may not to be denied, inconvenient as they may not be very high; in 1959-60 the low in unbe for those who seek simple answers. employment was about 5 per cent, whereas Taking a look at cyclical experience over in the mid-1950's it was around 4 per cent. all 18 years of the postwar period, we see The 1960-61 recession that followed was first that there has been no postwar depres- mild, and recovery and expansion since early sion to parallel the one beginning 11 years 1961 have been substantial. The labor force after World War I. In Western Europe, has been expanding, however, and with outmeanwhile, even the shorter cycles have put per manhour up sharply, unemployment been so minor that recessions have been this summer was still 5.5 per cent or more. mainly periods of pause in rapid growth. Rates were lower than this for certain How far the improved cyclical record of this groups—a little over 3 per cent for married postwar period may be attributed to greater adult males with wife present—but much wisdom and how far to other factors is hard higher for some groups not adequately to tell. trained to meet modern job requirements In this country shorter cycles of signifi- or for other reasons at a disadvantage in cant amplitude have persisted, bearing some labor markets. resemblance to interwar cycles and perhaps Unemployment rates for labor and camore to each other. All four postwar periods pacity use rates for equipment, incidentally, of appreciable decline in industrial produc- throw a special light on the nature of cyclical tion have continued 7 or 8 months, although highs and cyclical changes generally. They the amount of decline has varied widely are by definition "adjusted for trend," after (Chart 10). Also, recovery in each instance a fashion, whereas production and employhas been rapid for a while even though the ment figures typically are not. Neither type time elapsed before the start of rapid recov- of series by itself tells the whole story of ery has ranged from no time at all in the current developments. spring of 1958 to several months in 1954. The length of complete cycles has varied SEASONALS from 3 to 5 years. But all such counting be- Seasonal movements, being in considerable comes truly meaningful for analysis of the measure determined by weather, might apfuture only as the circumstances of each sitpear to be less affected than cycles or trends uation are reviewed. And a word must be by various changes in the economy. Can we Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1210 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 perhaps use "constant seasonals" and avoid 1962. The direct adjustment of the total the paradox implied in "changing season- suggested that this "coincident indicator" als"? Under some circumstances, yes. But was declining from March to June, perhaps sooner or later in a changing economy every taking its cue from the "leading indicators." seasonal pattern turns out to be changing. The regularly published series derived from One way out is to use more than one set of the seasonally adjusted parts meanwhile rose constant factors with breaks in between, but further. this approach often creates greater problems The issue of adjusting totals directly or than it solves. via the parts is only one of several affected Why do seasonals change? Perhaps the by rapid changes; for example, such changes question should be put the other way; why greatly complicate the estimating of termishould seasonals stay the same? An industry nal year seasonals. The year 1958, with such as industrial chemicals, in which out- sharp turnaround in activity after April, put rose 55 per cent in the 5 years from 1957 was by no means a vintage year for producto 1962, may be expected to have constant tion seasonals. For quite a few series, seaseasonals only if the increased output con- sonals calculated with 1958 data as the last sists of similar products sold to customers in the series were distorted not only in 1958 in similar areas, and then only if these prod- but all the way back to 1955. Dropping ucts are turned out in similar plants and are 1958 data out of the calculations improved otherwise subject to similar seasonal influ- the results substantially. ences on the supply side—or if various Adjust series seasonally as you will to changes offset each other. For industrial take out variations recurring every twelfth chemicals seasonals did change in this period month or fourth quarter—in order better —but only moderately. to reveal the general drift—and there will For a quite different set of reasons there still remain confusing changes of other has been a marked change since 1960 in the sorts. These changes are ordinarily called seasonal behavior of rates on 3-month "irregular," or even "random," although Treasury bills. Those reasons relate to actually they may contain elements of regchanges in the nature of Treasury and Fed- ularity. "Irregular" fluctuations—due to one more snowstorm than usual this particular eral Reserve participation in this market and January, a strike, a revision in Regulation to the responses made to these changes by Q, a quirk of reporting, or any of a hundred other market participants. and one other special circumstances—are Changes in the composition of producreflected, along with other nonseasonal intion or other series, from year to year as well fluences, in the final "adjusted" series. All as over longer periods, make difficult any too often this is forgotten. For series as satisfactory direct adjustment of totals erratic as monthly business failures, new whose parts have different seasonals. Thus capital issues, or housing starts it hardly they argue for adjusting totals by adjusting could be. parts and adding the results, except where the parts behave too erratically to permit FACTS AND DATA AND ANALYSIS separate adjustment. The two approaches sometimes lead to quite different results, as So far changes in the economy have been they did for industrial production in mid- treated largely as though they affected anal- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1211 ysis directly, without reference to data prob- new opportunities to analysts of every perlems. Actually, over the years the quantity suasion. Almost every question may stimuand quality of data available have improved late the making of one or more regressions, considerably. Our data now tell us some- and elaborate models may be built with the thing about more subjects, are shown in hope of finding numbers more or less apmore detail, and are classified in more mean- propriate for the purpose in hand. But in ingful ways. They are available for shorter such operations—as in mathematically less time periods, and they are available more complicated approaches—it is easy to lose promptly. Quite a few of our figures are one's way, unless one is familiar with the collected under the guidance of sampling limitations that still characterize available experts and processed into refined numbers data. by electronic computers under the direction Looking back to the Census of Population of scholars versed in the dark arts of editing for 1910 we can readily see internal evidence and adjustment—adjustment for nonre- of statistical trouble in that modern time. sponse, adjustment for nonworking days, The number of people reported as 40 years adjustment for seasonal variation, adjust- old was 1.5 million, which was 700,000 ment to benchmark. We make more serv- more than the number 41 years old and, iceable estimates of crucial current figures, even more startling, 400,000 more than the and we make them less reluctantly. We also number 39 years old. Obviously, a certain make more revisions than ever before to set carelessness had crept in somewhere along the record straight. A modern Shakespeare the way, presumably in the answering of a could have fun with the ages in the life of simple question by the original respondent. a mid-century statistic. The population figures for 1910 showed The evolution of data preparation has considerably less "heaping" at the adult "0" blurred the distinction between data prepa- years than in 1880, but they still were not ration and analysis. More data collectors try good enough. Gradually over the decades to find out what information is needed, and this particular problem has been cut down more committees argue over treatises on the to size. Have we similarly mastered the meaning of concepts such as unemployment problem of finding out what consumers plan and productivity. A man who has really to buy and what the plans they report at a learned what GNP is—or industrial pro- particular time may mean in terms of the duction—has dealt with quite a few eco- purchases they—or somebody else—will acnomic realities. He knows something about tually make? prices as well as "quantities." He is versed In the 1960 Census of Population, one of in the subtleties of weighting and is aware the many sources of error on the long route of the distinction between an establishment from the respondent's answer to the finished and an enterprise. He is alert to the dangers statistic has been eliminated. Information on in ignoring gaps and the dangers in filling the original schedule is transmitted direct to them on the basis of unwarranted assump- the computer without any card punching. In tions. He understands, hopefully, how the this operation quality control standards for circumstances of the time affect the signifi- the permissible number of punching errors cance of the numbers under review. are no longer needed. True, in this particular The improved data now at hand offer Census, occasional failures in the microfilm- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1212 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 ing process caused some entire pages of pretation of reported changes in bank credit schedules to be unreadable by FOSDIC and bank deposits. (Film Optical Sensing Device for Input to In construction and real estate many data Computers), but the damage was minor. problems remain unsolved. For example, in- For most economic statistics the struggle to formation on the amount of office space, ocminimize card punching errors—as well as cupied and unoccupied, is still inadequate. all the other potential mishaps along the way Again, Census takers have found so many —must go on. more houses standing than had been expected Considering conceptual problems, report- that a substantial revision in housing starts ing problems, processing problems, and ad- data before 1959 is being considered. Such justment problems, those who ask the data a revision, if made, would raise the level of producer to state just what probability there starts in the early postwar years sharply in is that the particular figures being issued are relation to more recent years. It would also accurate within certain ranges are asking raise the level in relation to existing prewar quite a little. The sampling error that is sub- figures—but those figures are also in process ject to quantification is only one of several of revision, from 1840 to 1939. problems. Fortunately it is possible, by The repercussions of a revision in postcharting and studying series, by keeping war housing starts would extend to the series in mind the degree of irregularity typical on residential construction activity and total of particular series, by noting the position construction activity, to all the series of last month, and by being informed as to the which they are parts, including GNP, and surrounding circumstances, to make use of to all the series derived by comparing these series which are not known to be accurate series with other series. All this is recited within a narrow range. not to decry revisions—which scientific can- People acquainted with the uncertainties dor demands be made—but rather to emof various statistics relating to production, phasize the intricacy of the whole structure employment, prices, and the like sometimes of data and analysis. One way to improve long for the certainties they associate with analysis is to improve data. banking—accounts always balance. It is evi- In another area, also long recognized as dent, however, that no matter how carefully particularly difficult to handle, series showbanks keep their books and how specific the ing changes in the seasonally adjusted book rules may be for valuing assets, various cur- values of inventories in some periods, as in rent banking statistics are subject to prob- the summer and autumn of 1962, fluctuate lems such as those relating to the represent- so irregularly and over so wide a range ativeness of respondent banks and the com- from month to month as to disturb some parability of reporting dates. Months may analysts. Those encountering problems here end on one day of the week or another, and should recognize that practically all series it may make a difference. The week ending have an irregular component which cannot in the middle of March may be closer this be expected to yield to adjustment of any year to the corporate income tax payment sort, save the last resort smoothing of addate than it was last year. Year to year justed series. But they may also be pleased changes in the timing of Treasury financing that efforts to improve the basic series are operations also often complicate the inter- continuing and that many respondents, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1213 newly equipped with electronic computers, tailed information about prices and quantiare coming to be in a better position to ties than that now available, and informaanswer inventory questions. tion of different types. For example, do we Basic to every economic statistic is the know whether the prices in this month's unit of measurement—and the economic sig- shipments are prices quoted this month or nificance of almost every unit is subject to some months ago? Whether for any parchange. While the number of pounds in a ticular group in any particular period deshort ton does not change even over long flated value figures do now provide a better periods, the quality of the steel being "constant dollar" measure than can be obweighed may improve appreciably. Speci- tained from other data depends on all the fying a size range for electric generators virtues and all the limitations of the data may not yield strict comparability—the pro- being considered. portion of generators toward the top of the One way to improve actual deflation of range may be higher at one time than at value figures will be to collect price data another. The design of products and the with this objective more in mind. But it will materials of which they are made are con- be well to remember that price data are tinually changing, confusing the meaning of useful for many other purposes. any simple count. The list of problems re- Modern statistical techniques and comlating to "physical volume" measures is by puting devices are helping to broaden underno means short. standing of the nature of data problems and Many of the data available for analysis to meet a wide variety of such problems. are expressed in dollar terms. In one sense Basic to further improvement in data are a dollar is always a dollar, but what it will increased data requirements for private and buy is another question. A rise of $1 billion public administrative purposes and deeper in inventory holdings in a period of price understanding of the significance of good stability represents much more accumula- data for good analysis. tion than a rise of the same amount in a Data by themselves will not provide soluperiod of advancing prices. Interpretation tions to economic problems, no matter how of current changes in the whole wide range plentiful and accurate the data may be. of dollar series—for shipments as well as Hypotheses as to which phenomena are releinventories, loans extended as well as loans vant and how they are related are essential outstanding, payments for currently pro- at every stage of analysis. But it is important duced goods and for existing assets—clearly to have information as reliable and pertineeds to take account of price behavior. nent as possible as a basis for proceeding Even when the "general level" of prices is to each next step in an inquiry or a demonstable, particular prices may be changing stration. On occasion, data problems in imconsiderably. So, for many purposes it is plementing certain preferred concepts may uesful to "deflate" current dollar figures to even be so great that the better part of valor obtain "constant dollar" figures. is to use serviceable concepts that can be But problems in deflating value figures well implemented rather than preferred conare many. Matching prices imbedded in cepts that cannot. value figures with price indexes that really If we can assume that the data are becorrespond would often require more de- coming more descriptive of the facts and that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1214 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 the facts are becoming more amenable to to capture the essentials of many economic analysis as we get farther away from the last relationships in regressions and in large-scale war and the last depression, how is economic models. analysis developing? Certainly actual events This is not the place to appraise such efin recent years have differed enough from forts; it is appropriate to note, however, that those predicted to call for many second economic change is a central fact to be dealt thoughts. For example, must all analysis with, and that formal tidiness in formulaassume creeping inflation, as a consequence tion of a problem is only one of many virtues. of the modern distribution of economic Experimentation along such lines need not preclude experimentation along other lines. power? Five years of little change in the The Harvard ABC curves of the 1920's were wholesale price level would suggest that neat, in their own way, and perished. More this position, once so widely accepted, in broadly, the experience of the past half centhis form or with a proviso about resource tury suggests that history is full of surprises, utilization, is one of those that need to be especially for those who are sure, and that a reviewed. In another area, events of recent good analyst needs to be a good historian as years relating to the international flows of well as a good mathematician. goods and services and funds have been hard on many earlier suppositions. The record of shorter-term forecasts for 1962 and 1963 suggests that if we are to be successful in forecasting results we shall need to know more about causes. References arranged in the order of their appear- Certainly the new equipment developed ance in this article: in recent decades—a fascinating succession 1. Wesley Mitchell, Business Cycles, University of new computing, charting, printing, and of California Press, 1913 2. Simon Kuznets, Secular Movements in Prodisplay devices—has been an extraordiduction and Prices, Houghton Mifflin Co., 1930 narily powerful force for change. This new 3. Raymond D. Prescott, "Law of Growth in equipment and the new statistical techniques Forecasting Demand." Journal of the American developed in recent decades together make Statistical Association, December 1922, pp. 471-79 feasible inquiries and demonstrations be- 4. Simon Kuznets, Seasonal Variations in Industry and Trade, National Bureau of Economic yond possible consideration before. Research, 1932 That thinking about time series analysis 5. Frederick R. Macaulay, The Smoothing of is being pushed in various new directions is Time Series, National Bureau of Economic Reclearly evident. Witness the development of search, 1931 6. David A. Wells, Recent Economic Changes, flow of funds accounts and continuing pres- D. Appleton and Company, 1898 sures to build an integrated system of time 7. Arthur F. Burns, Production Trends in the series tied to the national accounts as one United States Since 1890, National Bureau of mold, perhaps the mold, into which the eco- Economic Research, 1934 nomic world should be cast. Witness the 8. Walther G. Hoffman, British Industry, 1700- 1950, English ed., Basil Blackwell, 1955 spread of seasonal adjustment and the cur- 9. Recent Economic Changes in the United rent reconsideration of methods of seasonal States, National Bureau of Economic Research, adjustment. Witness the expanding efforts 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CHANGE AND ECONOMIC ANALYSIS 1215 Charts: 7. Based on estimates for 1899-1919 from Paul H. Douglas, Real Wages in the United States, 1890-1926, 1. Adapted from Mitchell [1], p. 135. and for 1919 to date on estimates of the Bureau of 2. Adapted from Kuznets [2], p. 100, with trend Labor Statistics. projected and data added for 1925-62. 8. Gross national product data from Dept. of 3. Reproduced from the March 1927 BULLETIN, Cemmerce except that estimates from 1899-1909 are p. 171. from John W. Kendrick, Productivity Trends in the 4. Industrial production in Western Europe: data United States, a report of the National Bureau of from Office of Economic Cooperation and Develop- Economic Research, 1961. Industrial production as ment, put on a 1957-59 base. Industrial production in above, Chart 4. the United States: 1901-19, Day-Thomas index, 9. Derived from data on real product of the pri- 1919-62, Federal Reserve index. vate domestic economy and on man-hour estimates 5. Based on U.S. Census of Population data as of for 1899-1908 shown in Solomon Fabricant, Basic July 1, excluding population in U.S. possessions but Facts on Productivity Change, Occasional Paper 63 including armed forces outside the United States from of the National Bureau of Economic Research, 1959, 1917-19 and beginning in 1929. and for 1909-62 on Bureau of Labor Statistics data. 6. Based on Dept. of Agriculture data for cotton 10. Federal Reserve grouping based on Bureau of and wheat, and Iron Age composite for steel scrap. Labor Statistics wholesale price indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations This third joint interim report reflects the This report was prepared by Charles A. Treasury-Federal Reserve policy of making Coombs, Vice President in charge of the available additional information on foreign Foreign Department of the New York Reexchange operations from time to time. serve Bank, and Special Manager, System The Federal Reserve Bank of New York acts Open Market Account. It covers the period as agent for both the Treasury and the Fed- March-August 1963. The first report was eral Open Market Committee of the Federal published in the BULLETIN for September Reserve System in the conduct of foreign ex- 1962, and the second in the BULLETIN for change operations. March 1963. As of early March 1963 the Federal Re- TABLE 1 serve reciprocal credit, or swap, network FEDERAL RESERVE RECIPROCAL CURRENCY AGREEMENTS, END OF AUGUST 1963 covered 10 foreign central banks, plus the Bank for International Settlements, and in- Amount volved a total amount of $1,100 million. Date Other party to of facility Term (of original In May 1963 the reciprocal currency agree- agreement (millions agreement) (months) of dollars) ment with the Bank of England was increased from $50 million to $500 million, 1962 thereby raising the total of these short-term Bank of France1.. 100 Mar. 1 3 swap lines to $1,550 million. Bank of England2. 500 May 31 12 Netherlands Bank. 50 June 13 3 From the first use of the Federal Reserve National Bank of swap program in March 1962 through the Belgium 50 June 20 6 Bank of Canada... 250 June 26 3 end of August 1963, total drawings on these Bank for International Settleswap lines by the Federal Reserve and other ments3 100 July 16 central banks amounted to $978 million. Swiss National Bank 100 July 16 3 Over the same period, total repayments of German Federal Bank* 150 Aug. 2 3 $876 million were made, each generally Bank of Italy 5 150 Oct. 18 3 within 6 months from the date of the draw- Austrian National Bank 50 Oct. 25 3 ing. The net debtor position of the Federal 1963 Reserve under all these agreements combined was $92 million as of the end of Au- Bank of Sweden... 50 Jan. 17 gust 1963, compared with $65 million at the Total for all end of February 1963. During the first week banks 1,550 of September, the net debtor position of 1 Increased from $50 million to $100 million on Mar. 4, 1963. the Federal Reserve was reduced to $73 2 Increased from $50 million to $500 million on May 29, 1963. 3 In Swiss francs. million. 4 Increased from $50 million to $150 million on Jan. 17, 1963. 5 Increased from $50 million to $150 million on Dec. 6, 1962. 1216 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1217 At the end of February 1963, there were beginning. The swap thus provides the Naoutstanding U.S. Treasury issues of $481 tional Bank of Belgium with a supplemenmillion in foreign currency bonds and of tary dollar balance of $50 million and the $48 million in foreign currency certificates. Federal Reserve with an equivalent balance During the next 6 months, all of the foreign of 2.5 billion Belgian francs. currency certificate issues were converted During the period under review, disbursements of the reciprocal balances created by the swap were made by both parties for a TABLE 2 combined total of $25 million equivalent. U.S. TREASURY FOREIGN CURRENCY BONDS, These exchange operations were quickly re- OUTSTANDING END OF AUGUST 1963 versed, as the payments balance of Belgium oscillated around equilibrium. Amount In May 1963 the U.S. Treasury issued (millions Original Investor of U.S. maturity Currency dollar (months) equivalents) TABLE 3 FEDERAL RESERVE AND NATIONAL BANK German Federal Bank 275 15-24 German OF BELGIUM RECIPROCAL CURRENCY mark AGREEMENT THROUGH AUGUST 1963 Bank of Italy 200 15-24 Italian lira Swiss Confederation 127 15-18 Swiss Disburse- Repur- Closing franc Date ment chase balance Swiss National Bank 48 15-18 Swiss F.R. operations in Belgian francs * franc (millions of U.S. dollar equivalents) National Bank of Belgium 30 24 Belgian franc 1962 Austrian National June 20 . 50.0 Bank 25 18 Austrian Aug. 7 10.5 39.5 schilling Sept. 17-21 10.5 50.0 Total 705 Oct 11 10.0 40 0 Nov. 19 10.0 30.0 Dec. 19 5.0 35.0 1963 Jan 2-4 14.4 50.0 into foreign currency bonds, while additional Jan. 31... 5 0 45.0 bonds were issued in the amount of $177 Feb. 11 5.0 50.0 Apr. 2. 5.0 45.0 million. Of this total of $705 million of June 11 5.0 50.0 foreign currency bonds outstanding at the National Bank of Belgium operaend of August 1963, $50 million has in one tions in U.S. dollars instance been employed to refund Federal (millions) Reserve swap drawings into medium-term obligations of the Treasury. 1963 Jan. 16 5 0 45.0 Jan. 31 5.0 50.0 BELGIAN FRANCS Feb. 21 10.0 40.0 Mar. 11 10.0 30.0 Unlike the other swap arrangements, which Mar. 27- Apr. 2 20.0 50.0 are now on a standby basis, the Federal Re- June 27 .... 10.0 40.0 Aug. 2 5.0 45.0 serve-National Bank of Belgium swap remains fully drawn, as it has been from the 1 Closing balance includes interest earnings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1218 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 to the National Bank of Belgium 24-month ening of money market conditions in the bonds denominated in Belgian francs in the Netherlands. amount of $30 million equivalent. These As Dutch commercial banks began to be bond issues were timed to coincide with Bel- squeezed for liquidity, the call money rate gian Government borrowings of dollars in in the Netherlands rose sharply from 1 per London and New York, which would other- cent to 3 per cent, and rates on Treasury wise have resulted in an accrual of surplus paper also advanced. To ease the pressure dollars on the books of the National Bank on the banks, the Netherlands Bank in March agreed to accept certain Netherlands of Belgium. These dollars were immediately Treasury paper under repurchase agreeabsorbed, however, by the Treasury with ments and, for the monthly reserve period the Belgian franc proceeds of the bond ended April 21, reduced the banks' cash issues. reserve requirements by 1 percentage point Over the past year, payments swings in to 4 per cent. Nevertheless, the tightness the Belgian dollar position totaling $175 continued, and Dutch commercial banks million have been financed through the repatriated short-term investments from Federal Reserve swap facility and the U.S. abroad in order to bolster their strained Treasury issue of Belgian franc bonds, domestic liquidity positions. The return thereby dispensing with the use of existing flow of short-term funds was reflected both reserves by an equivalent amount. Although in a strengthening of the spot guilder rate limited in scale, these coordinated exchange and in a narrowing of the forward guilder operations by the U.S. and Belgian exchange premium. authorities provide a clear illustration of In these circumstances it seemed approthe technical feasibility of readily financpriate to prevent through central bank swap ing, through the flexible use of the interoperations the potential unloading of such national financial machinery that has rerepatriations on the Netherlands Bank. Accently been developed, the payments swings cordingly, from April 10 through May 28, that inevitably accompany even a balanced the Federal Reserve gradually disbursed a growth of trade and payments. total of $44 million equivalent in guilders acquired through drawings upon the $50 NETHERLANDS GUILDERS million swap line with the Netherlands Bank. From mid-November 1962 through Febru- The great bulk of these disbursements were ary 1963 the dollar-guilder market remained effected through exchange market operations quiet with no need for intervention by the with the dual purpose of preventing the spot Federal Reserve Bank of New York for rate for the dollar from declining to the either the Federal Reserve System or the U.S. floor and of simultaneously absorbing dol- Treasury. Renewed buying pressure on the lars that would otherwise have flowed to guilder developed, however, in mid-March the Netherlands Bank. 1963 and continued for over 2 months there- By early June the tide began to turn as after. Part of the dollar influx into the the Netherlands Bank again reduced the Netherlands apparently originated in for- commercial banks' cash reserve requireeign direct investment. But a more impor- ments by 1 percentage point to 3 per cent tant cause appeared to be a gradual tight- and money market conditions eased in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1219 Netherlands. With the decline in Dutch market situation was abruptly transformed money rates and with the strengthening of when the British bid for Common Market their liquidity positions, Dutch commercial membership was rejected. The Federal Rebanks resumed placements of short-term serve reversed gear and on February 1 purfunds abroad, thereby pushing up the spot chased sufficient sterling to replenish its rate for the dollar and widening the forward sterling balance to £ 9 million, or $25 milpremium on the guilder. Between July 1 lion equivalent. Simultaneously, as specuand July 3 the Federal Reserve was able lative pressure on sterling gathered force, the to acquire $5 million of guilders through Bank of England disbursed the $25 million market operations conducted by the Nether- credited to its account at the Federal Relands Bank, and the dollar rate continued serve under the initial swap drawing. Deto strengthen gradually throughout the sum- spite sizable intervention by the Bank of mer months. England, the sterling rate gradually declined Although such favorable market condi- during February and March and slipped betions would probably have permitted fur- low par. On March 29 the Federal Reserve ther gradual liquidation of most of the swap Bank of New York purchased in the market drawing, the Netherlands Bank and the for U.S. Treasury account £3 million, Federal Reserve both deemed it preferable equivalent to $8.4 million, thereby reinforcto take advantage of a $70 million debt pre- ing the support operations of the Bank of payment by the Netherlands Government to England. the U.S. Government on July 22. This debt The Bank of England might have readily prepayment, which resulted in an equivalent drawn on the remaining $25 million of the draft upon the dollar reserves of the Nether- $50 million swap line, which the Federal lands Bank, enabled the Federal Reserve to Reserve was prepared to increase, but the buy directly from the Netherlands Bank a nature of the speculative selling of sterling sufficient amount of guilders to liquidate suggested to the Bank of England that reits remaining commitment under the swap course to other short-term facilities would drawing. be more appropriate. As far as could be ascertained, the speculative outflow from STERLING London was directed largely to continental Sterling strengthened in early January 1963, financial centers rather than to New York. and there were numerous indications at that The Bank of England accordingly negotitime that seasonal inflows of dollars might ated short-term credits of $250 million considerably augment British official re- equivalent with several continental Euroserves during the first half of 1963. Ac- pean central banks in order to reinforce cordingly, the Federal Reserve drew £9 British official reserves. These short-term million, or $25 million equivalent, of its credits, which cushioned the decline in Brit- $50 million swap facility with the Bank of ish reserves during February and March, England and subsequently used £2 million, were reported early in April by Chancellor or $5.6 million equivalent, of this drawing Maudling. This announcement immediately to support the dollar rate. strengthened sterling, as the markets realized Late in January, however, the exchange that cooperative action by central banks to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1220 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 defend sterling was under way, and the ster- GERMAN MARKS ling rate stabilized slightly above par. From early March through late July there Between May 6 and 20 during temporary was almost continuous buying pressure on declines in the sterling rate to slightly below the German mark, which strengthened from par, the Federal Reserve Bank of New York, a quotation of $0.2500^ on March 1 to a on behalf of both the System and the peak rate of $0.2515V6 on June 20. Al- Treasury, accumulated £6.5 million, equiv- though some improvement in the German alent to $18.2 million, in order to build up foreign trading position seemed to be in- U.S. official holdings. No immediate need volved, there were numerous indications of to employ these balances for intervention in sizable inflows of capital. Throughout the the dollar-sterling market was anticipated, period relatively tight money market condihowever, and several weeks later it appeared tions prevailed in Germany. In June in paradvantageous to swap £9.3 million, or ticular, the German banks found their re- $26.0 million, of the combined Treasury serve positions squeezed, owing to the coinand Federal Reserve holdings into Swiss cidence of the quarterly tax date and the cusfrancs. This was done to accelerate repay- tomary midyear "window-dressing" needs. ment of earlier Federal Reserve drawings Reflecting this tightness, the rate for call upon its swap line with the Swiss National money traded among the banks remained Bank. In August, as sterling weakened above the central bank discount rate of 3 again, the Federal Reserve Bank of New per cent, and on occasion rose to over 4 York acquired in the market additional per cent. These relatively high short-term sterling balances of £2.7 million, or $7.5 rates appeared to be pulling in funds from million, for the account of the Federal Re- other European financial centers and from serve and the Treasury. New York. In addition, there was evidence Perhaps the most important single de- of quite substantial foreign investment in velopment during the period under review, German bonds, on which yields were also however, was the announcement on May 29 relatively high, as well as in German equithat the swap line between the Federal Re- ties. Subsequent statistical reports have conserve and the Bank of England had been firmed these early impressions. increased from $50 million to $500 million. The pressures on the mark—dollar ex- The magnitude of this increase in the recip- change market were resisted by closely corocal credit arrangement between the Fed- ordinated action by the German Federal eral Reserve and the Bank of England has Bank and the Federal Reserve Bank of New greatly reinforced market confidence in the York. From early March through August, stability of the sterling-dollar parity rela- the German Federal Bank took in a subtionship and may well mark a milestone in stantial amount of dollars at rates well below the development of international financial the ceiling on the mark and thus helped cooperation. The $25 million swap opera- to maintain a calm and orderly atmostion initiated in January was fully liquidated phere in the market. On the U.S. side, the on July 16, and the $500 million swap ar- Federal Reserve Bank of New York interrangement is consequently on a standby basis vened heavily for both Treasury and Fedimmediately available in its entirety to either eral Reserve account. It used mark balparty in case of need. ances available at the beginning of the pe- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1221 riod and, in addition, drew on the Federal peared likely to take some time, however, Reserve-German Federal Bank swap line the Federal Reserve and the Treasury, in and placed with the German Federal Bank line with the general policy of reserving swap additional issues of U.S. Treasury mark facilities for countering flows that give evibonds. dence of being quickly reversible, felt it de- In April, combined Treasury and Federal sirable at this point to substitute for a por- Reserve disbursements of previously accu- tion of short-term obligations of the Federal mulated mark balances amounted to $16.5 Reserve to the German Federal Bank a memillion equivalent. A further mark supply dium-term U.S. Treasury borrowing in the of $13.2 million equivalent became availa- form of a further issue of 2-year mark bonds. ble and was disbursed in June and July, as Accordingly, on August 28 the Treasury a weakening of the Swiss franc facilitated a issued to the German Federal Bank a $50 partial reversal of the $30 million Treasury million 2-year mark bond, the proceeds of swap of marks for Swiss francs that had been which were immediately sold by the Treasarranged in December 1962 following the ury to the Federal Reserve System and were Cuban crisis. Most of the intervention oper- used to reduce the Federal Reserve swap ations by the New York Reserve Bank for drawing to $75 million equivalent. This is both the System and the Treasury, howthe first instance of a refunding of a Federal ever, were financed by bilateral credit ar- Reserve swap drawing through mediumrangements. In May and June the Federal term Treasury borrowing. Reserve drew the entire $150 million equivalent of marks available under its swap line SWISS FRANCS with the German Federal Bank, and by July On March 1, the short-term commitments of 5 it had disbursed $143 million of such the United States in Swiss francs amounted drawings. At this point, in the face of conto $153 million equivalent. These comprised tinuing pressure, it appeared advisable to Federal Reserve swap drawings of $100 milshift to medium-term U.S. Treasury financing through a $25 million issue on July 11 lion on the Swiss National Bank and the of a 2-year mark bond, which provided Bank for International Settlements, and funds for further intervention during the re- Treasury forward contracts of $53 million. mainder of July. By June 20, these short-term commitments had been fully liquidated. Early in August, buying pressure on the As pointed out in previous reports in this mark tapered off considerably, partly beseries, as well as by Swiss official spokesmen, cause of an easing of the German money market, and over the next few weeks the the strength of the Swiss franc in recent years Federal Reserve System was able to pur- has been mainly attributable to recurrent inchase a total of $25 million equivalent of flows of short-term capital funds associated marks, which were immediately employed to with international political tensions. Whenreduce the swap by that amount. The Ger- ever these short-term inflows have tapered man Federal Bank would have been agree- off, the underlying deficit in the Swiss balable to an extension of the Federal Reserve ance of payments has emerged and gen- Bank swap drawings pending the expected erated sizable demands for dollars to finance reversal of the flow of funds. As this ap- imports and other payments. During the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 spring and early summer of 1963 such a transactions involving third currencies, the demand for dollars reappeared and brought Federal Reserve has worked out its operaabout a strengthening of both the spot and tions in consultation also with the central forward dollar rates against the Swiss franc. bank responsible for that currency. Under these conditions, the Federal Reserve In late July, the Swiss franc strengthened and Treasury made more or less simultane- once more as the Swiss money market beous progress in rapidly reducing their short- came somewhat tighter. To counter the term debt in Swiss francs. liquidity squeeze, Swiss commercial banks The Treasury accelerated the liquidation repatriated funds placed abroad, and this inflow—combined with some renewed specof the $53 million of forward contracts outulative pressures—created a heavy demand standing on March 1 by issuing to the Swiss for Swiss francs. In closely coordinated op- Confederation an additional $46 million of erations in New York and Zurich, the Swiss Swiss franc bonds. By providing the Swiss and U.S. authorities tempered these mar- Confederation with franc-denominated asket pressures and prevented unduly sharp sets, these bonds correspondingly reduced rate movements. Intervention took the form the need for the Confederation to invest in mainly of renewed U.S. Treasury placedollar assets abroad and, consequently, its ments of forward Swiss franc contracts and need to have recourse to the forward marmarket purchases of dollars by the Swiss ket to acquire Swiss franc cover for such National Bank, both on a moderate scale. investments. With some easing of the Swiss money mar- The Federal Reserve System, for its part, ket, the exchange market returned to a more liquidated $75 million of the $100 milbalanced position in August, and the dollar lion of swap drawings outstanding in early rate held slightly above the floor. March by buying Swiss francs, both from the market and directly from the Swiss Na- FRENCH FRANCS tional Bank, and by drawing down existing Between July 19 and July 23, in an effort to U.S. official balances in Swiss francs. To test the market, the Federal Reserve Sysspeed up liquidation of the final $25 million tem drew and disbursed for the first time of the swap drawing, the Federal Reserve, a total of $12.5 million equivalent of French in cooperation with the Treasury, made use francs under the $100 million swap line of the technique of swapping outright holdwith the Bank of France. This intervenings of one currency for another. As mention lifted the dollar slightly off the floor, tioned above, the System and the Treasury but it quickly became apparent that very swapped with the Bank for International sizable disbursements would be required to Settlements $26 million of previously acbring about any appreciable improvement quired sterling for Swiss francs. This swap of the dollar rate. Intervention was accordtechnique, discussed in the preceding reingly suspended to await a more favorable port, was first employed in December 1962 opportunity. Since then, the French franc to enable the U.S. Treasury to swap $30 obligation incurred by the Federal Reserve million of marks for Swiss francs to deal through the swap drawing in July has been with buying pressure on the Swiss franc fully covered by purchases of French francs resulting from the Cuban crisis. In such in the forward market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1223 ITALIAN LIRE CANADIAN DOLLARS, SWEDISH KRONOR, AND AUSTRIAN SCHILLINGS During the period under review, no spot operations in lire were conducted by the No exchange stabilization operations in Federal Reserve Bank of New York for Canadian dollars, Swedish kronor, or Auseither the Federal Reserve or the Treasury. trian schillings were conducted during the Forward operations in lire for Treasury ac- period by the Federal Reserve Bank of count were continued with satisfactory New York for either the Federal Reserve results and will be reported in detail in due or the Treasury. In April, however, the course. Treasury issued a $25 million equivalent In March and June a total of $100 mil- 18-month bond denominated in Austrian lion equivalent of 15-month lira bonds is- schillings to the Austrian National Bank sued to the Bank of Italy by the U.S. Treas- and used the schilling proceeds to absorb ury in 1962 were converted into 24-month dollar holdings of the Austrian National obligations carrying the privilege of conver- Bank, which had been increasing owing to sion into shorter maturities in case of need. Austria's balance of payments surplus. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank and PCA Lending to Farmers This is the third in a series of BULLETIN were the Department of Agriculture, the articles based on the debt portion of the Farm Credit Administration, and the Federal Sample Survey of Agriculture conducted by Reserve Banks. These agencies will also pubthe Bureau of the Census in 1960. lish reports on findings from the Survey data. The article was prepared by Leon F. The booklet, 1960 Sample Survey of Hesser, Agricultural Economist, Federal Re- Agriculture, published by the Bureau of the serve Bank of Kansas City. Other articles Census, also contains a number of tables on analyzing the results of the debt portion of farm debt. the Survey will appear in future issues of the Among those contributing to this study BULLETIN. A handbook of the more impor- were Fred Garlock and Philip Allen, Detant statistics on farm debt and related char- partment of Agriculture; Martin Planting, acteristics of farms and farm operators and Farm Credit Administration; and Emanuel landlords will also be published by the Board. Melichar and Lewis N. Dembitz, Board of Agencies cooperating in the debt Survey Governors. The 1960 Sample Survey of Agriculture A part of these differences in average debt provided new detailed information on was traced to the fact that a higher proporfarmers who use credit from banks and tion of borrowers from banks operated small production credit associations (PCA's), the farms. The remainder resulted from the fact two leading institutional suppliers of short- that on large and medium-sized commercial and intermediate-term credit to agriculture. farms the average debt of PCA borrowers The Survey asked farmers about the amount was larger than that of borrowers from of debt they owed to these institutions and banks. to other sources, and also about such items Sorting bank and PCA borrowers by geoas the size and type of their farms and their graphic area, type of farm, and tenure artenure arrangements, age, and income. The rangement revealed significant differences in results show that there were significant dif- the composition of these two groups of ferences in the kinds of farmers who were farmers. Analysis of these differences in financed by banks and PCA's and in the composition, however, showed that they did average debt owed to these institutions. not cause the differences observed in average Average non-real-estate debt owed to debt. In about three-fourths of the groupings PCA's was larger than that owed to banks. of farmers with similar tenure arrangements Borrowers from PCA's also had greater total operating large or medium-sized commercial non-real-estate debt, on average, than did farms of the same type in the same area, the borrowers from banks. PCA borrowers had greater average non- 1224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK AND PCA LENDING TO FARMERS 1225 real-estate debt and higher ratios of such not asked to make a distinction between debt to sales and income. these loans when reporting their debt. The probable explanation of the larger Following the usual practice in debt surdebt and relatively heavier indebtedness of veys, respondents were asked to report their PCA borrowers is that certain characteristics debt in two major classifications—loans seof PCA's and their operations have made cured by real estate and loans without this them more likely than banks to do business type of collateral. As a result, bank loans with farmers who use the most credit. These for the purchase of farmland and any loans differences between banks and PCA's and for production and intermediate-term purthe implications of the Survey data for banks poses that were secured by real estate were and other lenders seeking to adapt their reported as one real estate debt figure. For operations to the rapidly increasing financial comparison with PCA debt, however, the demands of modern agriculture are discussed latter bank loans had to be separated from in the concluding part of this article. other real estate debt and combined instead with the non-real-estate debt. To accomplish COMPARABILITY OF DEBT TO BANKS this, a new category called non-real-estate AND PCA'S and related debt was established during PCA's are cooperative agencies that were tabulation of the Survey, and provided first organized under provisions of the Farm the data shown in this article. Credit Act of 1933. They are owned and All debt to PCA's and all non-real-estate operated by the farmer-borrowers who are debt to banks was placed in the non-realtheir members, but they are subject to super- estate and related debt category. Real-estatevision by the Federal intermediate credit secured debt to banks and similar lenders banks and the Farm Credit Administration. was also included if the borrower had other They extend short- and intermediate-term real estate debt that was greater in amount. farm credit, mostly to finance current pro- This procedure obviously failed to isolate duction or to provide capital for such pur- precisely the bank debt that ought to be poses as the purchase of farm machinery and compared with PCA debt, but available livestock. In addition, they extend credit for evidence suggests that it served the purpose farm household purposes and make a small fairly well. number of loans for the purchase of farm- Although the debt figures used in this land and buildings. article represent the non-real-estate and re- Banks, a term used here to refer to all lated debt category, a shorter term, "noncommercial and savings banks as well as real-estate debt," is used when referring to trust companies, not only make the same this debt. Similarly, references to farmers types of loans to farmers that the PCA's do who owed debt to banks include only those but also make long-term loans to finance the with non-real-estate and related debt to purchase of farm real estate. For compari- banks. son with PCA credit, it seemed desirable to separate the latter loans from the shorter- WHOM DID BANKS AND PCA'S FINANCE? term credit, much of which was also secured The Survey found that 1,538,000 farm operby real estate. This presented special prob- ators had non-real-estate debt in the autumn lems because respondents in the Survey were of 1960. This number represented 47 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1226 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 cent of all operators. Of these, 666,000 re- censuses of agriculture, is a division between ported debt to banks and 174,000 to PCA's commercial and noncommercial farms. Ex- (Table 1). About 38,000 reported non- cept for abnormal farms—such as institureal-estate debt to both sources.1 tional farms and Indian reservations—all Nationally, banks financed about four farms with sales of $2,500 and over were times as many operators as the PCA's did. classified as commercial farms. In addition, The proportion, however, differed consider- farms with sales of $50 to $2,500 were ably among some categories into which classified as commercial farms if the operator farms in the Survey were classified—such was under 65, did not work off the farm as size and type. Knowledge of the influence for as many as 100 days during the year, of such factors on this and other aspects of and did not have family off-farm income in farm debt are the most significant contribu- excess of the value of farm products sold. tion that this Survey made to farm credit Table 2 classifies commercial farms into knowledge. three groups according to value of farm One of the major classifications of farms products sold, each group being a combinaemployed in the Survey, and also in regular tion of two of the economic classes used by the Census Bureau. The group consisting of 1 The Survey data reported here differ somewhat Classes I and II represents large commercial from other estimates relating to farm debt and are also subject to sampling errors. The technical note farms (annual sales of $20,000 and over); at the end of this article lists several references that Classes III and IV, medium-sized farms provide information on these aspects of the data. TABLE 1 SOURCES OF FARM OPERATORS' NON-REAL-ESTATE AND RELATED DEBT, 1960 Debt to indicated source Average Number of debt owed indebted Indicated source operators 1 Total Average to all per Per cent sources (thousands) (millions operator of total (dollars) of dollars) (dollars) Banks 2 666 2,684 4,028 39 5,966 PCA's 174 1,096 6,290 17 8,693 Other institutions: Insurance companies 53 171 3,234 2 9,024 Farmers Home Administration 49 208 4,211 3 6,955 Other 3 122 366 2,992 5 5,752 Noninstitutional sources: Merchants and dealers 921 1,501 1,630 22 4,366 Individuals 237 700 2,956 10 6,269 Miscellaneous 4 268 116 433 2 5,169 All sources 1,538 6,841 100 AMI 1 Figures add to more than total number of farmers with non-real- 3 Includes such agencies as livestock loan companies, finance estate and related debt because a farmer with debts to more than companies, and State or county loan agencies. one source was included in the total for each source. 4 Includes such items as unpaid veterinary bills or utility bills, past 2 All commercial banks, savings banks, and trust companies. due taxes or insurance premiums, and other items except family living expenses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK AND PCA LENDING TO FARMERS 1227 TABLE 2 FARM OPERATORS WITH NON-REAL-ESTATE AND RELATED DEBT, 1960 Operators with debt Per cent of total (thousands) with debt to— Classification Total To banks To PCA's Banks PCA's All operators 1,538 666 174 43 11 Economic class: Commercial 1,207 548 159 45 13 I and II 209 112 32 53 15 Ill and IV 641 307 96 48 15 V and VI 357 130 32 36 9 Noncommercial 331 118 15 36 4 Type of commercial farm: Cash-grain 234 128 27 55 11 Cotton 103 24 11 23 11 Tobacco 93 27 9 29 10 Dairy 247 114 53 46 22 Livestock 284 154 31 54 11 Other 247 102 29 41 12 Area: North 674 344 79 51 12 South 421 115 46 27 11 West 444 207 49 47 11 Tenure of operator: Full owner 655 261 64 40 10 Part owner 477 216 76 45 16 Manager 10 0) 0 0) 0 Tenant 396 185 8 32 47 Age of operator: Under 35 231 119 25 51 11 35-54 779 342 100 44 13 55 and over 388 155 39 40 10 Not reported 141 50 10 35 7 i Sampling variability of this item was too large to justify its publication. (sales of $5,000-$19,999); and Classes V made up 18 per cent of the banks' customers and VI, small farms (sales under $5,000). but only 9 per cent of PCA customers. Banks financed about 50 per cent of the Classification of commercial farms by farmers with non-real-estate debt on large type of farm is also provided by the Census and medium-sized commercial farms in Bureau. Farms deriving 50 per cent or more Classes I through IV and about 36 per cent of their total sales from a particular comof the smaller commercial and noncommer- modity or group of commodities were classicial farms. PCA's financed 15 per cent of fied under that commodity. For instance, a the farms in Classes I-IV, about 9 per cent commercial farm obtaining 50 per cent or of the smaller commercial farms, and only more of its cash sales from grain was classi- 4 per cent of the noncommercial farms with fied as a cash-grain farm. Other types of non-real-estate debt. Noncommercial farms farms singled out in this Survey were cotton, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 tobacco, dairy, and livestock other than the two types of institutions. As shown in dairy and poultry. Table 2, banks financed about the same pro- PCA's financed about 22 per cent of all portion of operators with non-real-estate dairy farms with non-real-estate debt, com- debt in each of the tenure groups, but PCA's pared with about 11 per cent of each of the financed about twice the proportion of part other types. Banks financed more than half owners (operators who both owned and of the cash-grain and livestock farms with rented land) as of tenants, and also relatively non-real-estate debt, but only a fourth of the more part owners than full owners. From cotton and tobacco farms. While banks, in another point of view, 44 per cent of PCA total, financed about four times as many customers were part owners, compared with farms as PCA's, they financed five times as 32 per cent of bank non-real-estate cusmany cash-grain and livestock farms, com- tomers, but only 18 per cent of PCA borpared with only twice as many cotton and rowers were tenants, as opposed to 28 per dairy farms. cent for banks. The sample of farms in the Survey was Part owners appear to be agriculture's too small to provide reliable data for small dynamic tenure group. Their number has geographic areas such as States. For this increased in recent years in spite of a decline reason, regional classification of farms was in the total number of farmers. By renting limited to three large areas—the North, land in addition to farming their own hold- South, and West.2 Examination of figures for ings, part owners have taken a step to expand these areas reveals that the number of operthe size of their operations. Survey data ators with non-real-estate debt to banks show that more of them use credit. Meeting represented only a fourth of all operators their credit needs may require more indiwith non-real-estate debt in the South comvidual tailoring of financing arrangements, pared with about one-half in the other rewith traditional credit benchmarks for full gions. In each of the three areas, PCA's owners and full tenants not applicable. financed about the same proportion—about Under these circumstances, the higher pro- 11 per cent—of the operators with non-realportion of part owners among PCA cusestate debt. Thus a higher proportion of intomers may well be noted. debted operators who are located in the Grouping operators by age showed that South obtained credit mainly from noninstithe proportion using bank credit declined tutional sources such as merchants, dealers, as age increased. As previously noted, a and landlords. similar drop in the proportions using either Classification of farmers into tenure bank or PCA credit was also observed as groups revealed one of the outstanding difsize of farm decreased. The two tendencies ferences in the kind of farmers financed by are probably related, for a greater percentage of the operators of noncommercial and 2 In tabulations of the Sample Survey, the West is small commercial farms fell into the older defined to include North Dakota, South Dakota, Nebraska, Kansas, Oklahoma, Texas, and all States to age brackets. Very likely, however, both age the west of these. The South includes Arkansas, Tenof operator and size of farm affected the pronessee, Kentucky, Virginia, Maryland, Delaware, and States to the south, and the North encompasses the portion of operators using credit from instiremaining States. Alaska and Hawaii were not intutional sources. cluded in the Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK AND PCA LENDING TO FARMERS 1229 SIZE OF DEBT According to Survey data, non-real-estate At the time of the Survey in late 1960, debt of PCA borrowers was larger than that farmers reported owing $2.7 billion in non- of borrowers from banks in each of the ecoreal-estate debt to banks and $1.1 billion to nomic class groupings shown in Table 3. PCA's. Average debt to PCA's was about On the noncommercial and small commer- $6,300; to banks it was about $4,000. But cial farms, however, the differences are not because many farmers had non-real-estate large enough to be significant when the debt outstanding to more than one source, probable sampling errors are considered. the average total non-real-estate debt was On both large and medium-sized farms, larger than the averages to these specific though, average non-real-estate debt of PCA sources. For all farmers with PCA loans it borrowers was substantially greater than that was about $8,700; for farmers with bank of bank customers. These differences beloans it was about $6,000. tween groups of farms of essentially the same On the average, therefore, farmers who size indicate that the distribution of borborrowed from PCA's used substantially rowers by economic class does not explain more non-real-estate credit, both from that all of the differences between the over-all source and in total, than did borrowers from average debts of borrowers from the two banks. However, PCA's supplied only a institutions. Rough calculations show that slightly higher proportion of the total non- the gap between the over-all averages would real-estate credit used by their customers be reduced by only about one-fourth if the than banks did for their customers. What distribution of PCA customers by economic other factors, then, were responsible for the class were the same as that found for bank large difference in the average amounts of customers, or vice versa. such credit used by these two groups of Because borrowers from PCA's had higher farmers? average non-real-estate debt than did bank It is natural first to seek the answer in the borrowers on the large and medium-sized distribution of bank and PCA customers farms, they were more heavily indebted as among different sizes of farms. If it were measured by the ratio of such debt to their found that a much higher percentage of sales of farm products. In Table 3, the oper- PCA borrowers operated large farms, for ators' share of farm products sold minus cash instance, this would account for part or all rent is used as the base for this measure of of the difference in average non-real-estate relative indebtedness to obtain more nearly debt. comparable data for operators with different In fact, however, Table 3 shows that rela- tenure arrangements. tively more of the PCA customers than of Is the larger average non-real-estate debt the bank customers were on medium-sized of PCA borrowers on the medium-sized and commercial farms, and that the proportions large commercial farms explained by differwere about equal on both the large and small ences in the type of farm or the tenure or commercial farms. The proportion of bank age of the operators financed? For instance, customers who operated noncommercial were PCA's simply more active in those areas farms, on which average debt is relatively where the predominant farm types normally low, was twice the proportion of PCA cus- use more credit in relation to the value of tomers who fell into this category. farm products produced? Data showing the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1230 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 relationships among these factors and the over-all average. But on livestock farms the relative indebtedness of all bank and PCA average debt was higher than on other types borrowers are also presented in Table 3. of farms in the same economic classes. In- Data showing these relationships separately asmuch as banks financed relatively more for borrowers on the large and medium-sized livestock farms, this tended to reduce rather farms were also examined because of the than increase the difference between the particular interest in these farms on which bank and PCA averages. Rather than help- PCA borrowers were more heavily indebted ing to explain the difference between average than bank borrowers, but they are not pub- non-real-estate debt of bank and PCA borlished here because of space limitations. rowers, therefore, differences in the distribu- More PCA customers were dairy farmers tion of borrowers by type of farm are more and fewer operated cash-grain or livestock useful in showing why the spread between farms. On both dairy and cash-grain farms these averages was not greater than that in the same economic class groupings, aver- actually found. age debt of PCA and of bank borrowers was Compared with bank borrowers, a larger about the same as for all farms with PCA or proportion of PCA customers were part bank debt, respectively, so the difference in owners and a smaller percentage were tendistribution of borrowers did not affect the ants. Because part owners on the average TABLE 3: FARMERS WITH NON-REAL-ESTATE AND RELATED DEBT Average non-real-estate debt (dollars)— Percentage distribution of borrowers at— Line Classification Owed to— Owed to all sources by borrowers at— Banks PCA's Banks PCA's Banks PCA's 1 All operators 100 100 4,000 6,300 6,000 8,700 Economic class: Commercial 2 I and II 17 18 11,900 17,900 17 000 24 100 3 III and IV 46 55 3,000 4,600 4,900 6,600 4 V and VI 20 18 1,800 1,900 2,500 2 500 5 Noncommercial 18 9 1,600 2,000 2,200 2,700 Type of commercial farm: 6 Cash-grain 19 15 3,700 6,500 5,400 9 100 7 Cotton 4 6 4,400 5,700 7,200 8,400 g Tobacco 4 5 900 2,000 1,400 2,500 9 Dairy 17 30 3,100 4,900 6,000 7 300 10 Livestock 23 18 7,000 11,500 9,200 14,400 11 Other 15 17 4,600 6,800 6,900 9,600 Area: 12 North 52 45 3,400 4,700 5,300 7,100 13 South 17 26 2,600 5,600 4,300 8 000 14 West 31 28 5,800 9,500 8,000 11,900 Tenure of operator: 1 15 Full owner 39 37 3,200 5,600 4,800 7,700 16 Part owner 32 44 4,800 6,700 7,100 9,100 17 Tenant 28 18 3,500 5,500 5,300 8,100 Age of operator: 2 18 Under 35 18 14 4,000 5,900 6,300 8 600 19 35-54 51 57 4,300 6,100 6,400 8,600 20 55 and over 23 22 3,300 6,000 4,500 8,300 JData for managers are omitted because of excessive probable 2 Data for operators who did not report their age are omitted sampling errors. because of excessive probable sampling errors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK AND PCA LENDING TO FARMERS 1231 had more debt than tenants, this fact at first customers by age was roughly the same for glance seems to be pertinent to analysis of the two types of institutions. The only item the difference in the over-all average debt. of note is a lower average debt and ratio of A look at the debt ratios, however, reveals debt to sales for bank borrowers 55 years of that among PCA customers on the same size age and over. On a more detailed tabulation of farm, part owners had about the same than is shown in Table 3, this difference was non-real-estate debt as did tenants. The same traced to smaller debt of bank borrowers on fact is observed among the bank customers. small commercial and on noncommercial The difference between bank and PCA dis- farms. Bank borrowers in this age group who tributions of customers by tenure thus was operated larger farms did not have much not responsible for the higher average debt lower average debt than bank borrowers in of PCA borrowers on the large and medium- other age groups on such farms. sized commercial farms. Data by area presented in Table 3 indicate Neither is examination of data by age of that a higher percentage of PCA than of operator particularly revealing, because the bank customers were in the South. The averdifference in average debt of bank and PCA age non-real-estate debt of these PCA borborrowers was fairly constant among the rowers, however, was about the same as the different age groups and the distribution of national average for farmers financed by TO BANKS AND PCA'S BY SELECTED CLASSIFICATIONS, 1960 Average value( dollars) of— Non-real-estate debt, as per cent of operators' share of farm sales minus cash rent— Land and buildings operated Farm products sold To specified source Total, Line by borrowers at— by borrowers at— for borrowers at— for borrowers at— Banks PCA's Banks PCA's Banks PCA's Banks PCA's 54,000 61,000 13,900 15,400 34 47 51 64 1 152,100 167,100 48,800 46,300 28 44 40 59 48,600 45,600 10,800 11,400 35 46 56 67 3 19,000 20,100 2,900 3,100 70 69 96 90 4 14,000 20,100 1,000 1,400 192 163 269 223 5 74,800 89,300 13,300 15,900 38 54 57 77 6 93,400 90,700 18,500 19,300 28 37 46 55 7 15,600 21,600 4,500 5,700 31 49 46 62 8 39,000 46,100 13,000 13,900 26 37 51 56 9 71,900 79,300 22,000 19,100 37 68 49 85 10 65,100 63,900 19,500 22,100 26 33 40 47 11 48,200 45,100 12,400 13,400 34 40 53 60 12 34,100 53,400 9,500 13,800 31 45 50 65 13 74,800 93,600 18,700 20,100 36 55 49 69 14 30,000 41,900 9,100 11,800 35 47 53 65 15 69,500 68,200 17,200 16,800 33 46 48 62 16 58,600 71,500 13,700 16,100 39 50 59 73 17 54,600 59,600 14,600 14,900 35 48 55 71 18 56,000 59,700 14,600 15,800 35 45 52 62 19 49,000 62,300 11,700 14,300 31 45 43 63 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1232 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 PCA's, as was the average ratio of such debt INSTITUTIONAL DIFFERENCES BETWEEN to the value of farm products sold. BANKS AND PCA'S On the other hand, average non-real-estate Three factors may account for much of the debt of borrowers from banks was lower in greater relative indebtedness of PCA borthe South than elsewhere, because about rowers : (1) legal limits set on the maximum three-fifths of the bank customers in the size of bank loans; (2) PCA specialization South operated noncommercial or small in agricultural lending; and (3) variation in commercial farms, whereas only about onethe number of PCA and bank facilities. third of the bank customers in the rest of the country operated such farms. Thus the Both State and Federal laws restrict the relative indebtedness of bank borrowers in maximum loan that a bank may make to the South, as measured by the ratio of non- any one individual, relative to the capital real-estate debt to the value of farm products structure of the bank. This is a real restricsold, was also about the same as the national tion for many small rural banks unless they average for farmers financed by banks. An- make it a practice to invite correspondent alysis of the Survey data by area, therefore, banks to share in larger loans. PCA's are fails to explain why the national debt-to- subject to a similar type of regulation which sales ratio of borrowers from banks is lower limits loans to a specified percentage of the than that of borrowers from PCA's. capital and surplus of the individual PCA. To recapitulate, it appears that none of Unlike the restriction imposed on banks, the farm and farm operator characteristics however, the PCA limit may be exceeded for which Survey data were obtained explain in cases approved by the supervisory authoriwhy PCA borrowers on large and medium- ties, and such action is taken fairly often. sized commercial farms had larger non-real- Whereas banks make many types of loans estate debt than did bank borrowers on such and may or may not employ specialists in farms. agricultural lending, PCA's lend only to As a check on the analysis leading to farmers. They generally collect more inforthis conclusion, bank and PCA customers on mation on a farmer-borrower's operations, these farms were each sorted into 18 groups. inspect his operations more often, and may Tenure, area, and size of farm (mediumdo a more thorough job of analyzing his sized or large) were the same for all farmers repayment potential. This specialization enin each of the groups. In all but one of these ables them to make larger loans in certain groups, the average non-real-estate debt of instances than many bankers would. the PCA borrowers exceeded that of the Variation in the number of facilities is bank borrowers. When each group was furanother important difference between banks ther divided on the basis of farm type, such and PCA's. One PCA may serve three or debt of PCA borrowers was greater than that four counties, while several banks may serve of bank borrowers in 71 per cent of the resulting groupings, which lends support to the the same area. This factor certainly influprevious conclusion. It appears, therefore, ences the relative number of loans between that one must turn to differences in the oper- the two sources, and it may also influence ations of the lenders to shed further light on the average size of loans. A farmer would the reasons for this finding. probably not drive a much greater distance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK AND PCA LENDING TO FARMERS 1233 to a PCA to arrange for a small loan. Fur- ing to reports from the institutions, non-realthermore, a PCA fieldman would probably estate farm credit outstanding at banks innot canvass a large area for the smaller farm creased by 88 per cent while PCA loans rose loans. by 210 per cent. Banks that wish to compete more vigorously for the business of farmers IMPLICATIONS FOR LENDERS who use relatively large amounts of credit— the area in which, judging from the Survey In drawing conclusions from the Survey data, it should be emphasized that the data are data, much of the PCA growth presumably averages, and averages do not tell the entire occurred—may wish to consider the advisastory. Policies among individual banks and bility of employing persons trained in agri- PCA's vary considerably. Attitudes among culture and agricultural lending and equipfarmers toward borrowing also differ sub- ping themselves to handle large farm loans stantially. When data are averaged, these through correspondent arrangements if this variations are obscured, but one may be sure is necessary. By the same token, as credit that they are greater than those revealed by needs of individual farms continue to exthe classifications used in the analysis pre- pand, large city banks may find increasing sented here. potentials for farm departments equipped to Nevertheless, data from the Survey appear advise correspondents on the credit needs to contain clues of use to banks that desire and worthiness of operators of large farms to compete more effectively for the expand- and to participate in loans as needed to ing non-real-estate credit business of agri- permit their correspondents to engage in culture. Over the 10 years 1953-62, accord- this business. TECHNICAL NOTE The estimates given in the accompanying mation obtained from a representative samarticle are based on data collected from a ple of farms. The data are, therefore, also sample of the farms existing in the 48 States, subject to sampling errors, the probable excluding Alaska and Hawaii, at the time of magnitude of which can be estimated by the Survey in 1960. All farms had a chance statistical procedures. to be included in the sample. A stratified For example, average debt owed to PCA's random sampling procedure was used, which was reported to be $6,290. Because this allowed heavier sampling rates for farms figure was obtained from a sample rather with higher values of farm products sold. than from a complete survey of all farms, For a comprehensive treatment of the nature it is estimated that there is one chance in of the sample, see 1960 Sample Survey of three that a complete survey would have Agriculture, Part 5 of Volume V of the U.S. yielded a figure more than 7 per cent greater Census of Agriculture: 1959, published by or smaller than this amount, and five chances the Bureau of the Census. in 100 that a complete survey would have In interpreting the significance of data differed by more than 14 per cent. Because shown in this article, it is important to note of possible sampling errors such as this, small that the data are estimates based on infor- differences in items cannot be considered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1234 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 significant. Throughout this article care has The Survey questionnaire is reproduced in been taken to call attention only to those that publication, and the part of the quesdifferences that are large enough to appear tionnaire pertaining to farm debt was also significant even after the probable sampling published in the Federal Reserve BULLETIN errors are considered. for December 1962. In general, the larger the number of farms A more extensive technical note appeared in a given grouping, the smaller the probable in the same issue of the BULLETIN at the end sampling error of any figure reported for that of the first article in this series, "A New Look group. For instance, because of the larger at the Farm Debt Picture." That note disnumber of farmers with bank debt, the fig- cussed reasons for differences between the ures cited for these farmers are generally estimates of debt of farm operators and farm more reliable than corresponding figures for landlords for 1960 in the Survey and those PC A borrowers. made by other agencies on the basis of other Comprehensive definitions of such terms surveys. It also discussed the statistical reas farm, farm operator, economic class, type liability of estimates obtained in the 1960 of farm, and value of farm products sold are Sample Survey and contained tables that given in 7960 Sample Survey of Agriculture. gave measures of sampling errors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Collateral for Federal Reserve Credit AFTER AN EXTENSIVE REVIEW of the law, EARLIER CHANGES IN THE ACT regulation, and practices governing member Fairly early in the history of the System the bank borrowing from the Federal Reserve principle that Federal Reserve credit should Banks, the Board of Governors has recom- be extended only on the basis of short-term, mended legislation to broaden the kinds of self-liquidating paper proved to be too limitsecurity on which the Reserve Banks may ing. The first departure from this standard extend credit.1 If enacted, this legislation came in 1916 when the law was amended to would do away with outmoded technical authorize the Reserve Banks to make 15-day requirements governing the eligibility of advances to member banks, not only on the collateral for such borrowings and would security of eligible paper but also on the authorize the Reserve Banks, subject to security of direct obligations of the United regulation by the Board of Governors, to States. A more significant departure occurmake loans to member banks based prima- red in 1932, when Congress authorized the rily on the soundness of the paper offered as Reserve Banks to make advances to member security and the appropriateness of the pur- banks in exceptional and unusual circumpose for which credit is sought. stances on any security satisfactory to the The original Federal Reserve Act author- Reserve Banks, although at a penalty rate ized the Reserve Banks to discount only of interest. This authority was temporary at certain types of paper arising out of com- first but was made permanent in 1935. It is mercial or agricultural transactions, and no longer limited to exceptional and unusual it specified maturity limitations. The con- circumstances, but any advances under it cept underlying the limitations was that the still carry a penalty rate of interest. liquidity of commercial banks could be as- Experience over the years also showed sured only if the loans they made were short- that limitation of discounts to short-term, term and self-liquidating. Related to this self-liquidating paper did not automatically concept was the assumption that the pledg- supply a sufficient volume of Federal Reing of such discounted paper by the Reserve serve notes for circulation. Hence in 1932, Banks as security for the issuance of Federal Congress authorized the issuance of Federal Reserve notes would serve as the basis for Reserve notes on the security of Governan elastic currency. It was expected that cur- ment obligations, in addition to eligible paper rency would expand and contract directly in and gold. This authority too was temporary response to the credit needs of the economy, at first, but it was made permanent in 1945. as reflected by the volume of short-term Today the volume of Federal Reserve notes borrowing by commercial and agricultural fluctuates with the changing demands of the enterprises. economy without regard to the nature of the paper offered as collateral for Federal Re- 1 This legislation was proposed in identical letters serve credit or pledged as security for Fedsent to the Chairmen of the Banking and Currency Committees of the Congress on Aug. 23, 1963. eral Reserve notes. 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 Each of these legislative changes took of others, but it is not eligible for discount. place during a period of economic stress Moreover, the nature of the collateral prothat demonstrated the inadequacy of the vides no assurance that the borrowing bank original framework for extension of Federal will use the proceeds for an appropriate Reserve credit. The credit needs of American purpose. businessmen, farmers, and consumers were As long as member banks hold a large evolving in many ways that could not be enough volume of Government securities, adequately handled by the old instrument of they need not be particularly concerned short-term, commercial-type paper. And the about whether the paper they hold is eligible rapid growth of both private and Governfor discount with their Reserve Bank. Since mental economic activity generated credit World War II, however, there has been a requirements far in excess of those that could net decline in the aggregate holdings of be supported by the relatively small volume Government securities by member banks. of eligible paper. If any substantial increase in economic activity should cause banks to reduce their NEED FOR FURTHER CHANGES holdings of Government securities to meet Despite changes in the character of paper increased credit demands, many of them held by commercial banks and the repeated would have to offer other kinds of collateral departures from the original concept that if they tried to obtain Federal Reserve credit. discounts should be based only on short- If such a situation should develop, the term, self-liquidating paper, the Federal Re- Reserve Banks could accept technically "inserve believes that the law continues to imeligible" paper as collateral for advances to pose unduly restrictive requirements on the their member banks under Section 10(b) of nature and maturity of the paper that memthe Federal Reserve Act, but they would ber banks may offer as security for advances have to charge a rate of interest that is Vi of by the Reserve Banks or that the Reserve 1 per cent above the regular discount rate. Banks may discount. The necessity for distinguishing between For many years, it has been generally "eligible" paper and "ineligible" paper recognized that the concept of an elastic would give rise to cumbersome administracurrency based on short-term, self-liquidattive procedures that are not warranted by ing paper is no longer in consonance with current banking conditions. banking practice and the needs of the econ- A revision of the law to eliminate the omy. It has long been apparent that the existing restrictions with respect to "eligible narrow requirements of the law regarding paper" would avoid such problems. It would eligible paper serve no useful purpose and also make it possible for the Reserve Banks that it would be preferable to emphasize the to perform promptly and efficiently one of soundness of the paper offered as security and the appropriateness of the purposes for their principal responsibilities—that is, to which member banks borrow. The 1-year extend appropriate credit assistance to mempaper of many bank customers may be just ber banks to enable them to meet the legitias satisfactory collateral as the 90-day notes mate credit needs of the economy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations new regulations, and similar material t Deposits of Trustees in Bankruptcy creditors are individuals or organizations of the as "Savings Deposits" types described in the regulatory definition of a The opinion of the Board of Governors of the "savings deposit." Federal Reserve System has been requested as to It would be permissible, of course, for funds of whether the authority under Section 19 of the a trustee in bankruptcy to be classified as time Federal Reserve Act to define "savings deposits" deposits under Regulation Q. In this connection, and the definition of that term, as contained in it may be noted that, as a result of the action Regulation Q, which limits savings deposits to taken by the Board of Governors and the Federal individuals and certain types of organizations, are Deposit Insurance Corporation on July 17, 1963, affected by Public Law 88-16 of May 8, 1963, member and nonmember insured banks could now which amended Section 47 of the Bankruptcy Act pay interest at a rate up to 4 per cent on a time (11 U.S.C. 75(a)(2)) so as to authorize trustees deposit of a trustee in bankruptcy having a matuin bankruptcy to "deposit all money received by rity of not less than 90 days. them in designated depositories initially in demand deposits; and subsequently, if authorized by the Underwriting Bonds Payable from Proceeds court, in interest-bearing savings deposits, time of State Sales Taxes certificates of deposit, or time deposits-open ac- The opinion of the Board of Governors of the count;". Federal Reserve System has been requested with Prior to this amendment to the Bankruptcy respect to the authority of member State banks to Act, trustees in bankruptcy were required by underwrite securities issued by States and politijudicial decisions to obtain creditors' consent to cal subdivisions thereof, with particular reference make other than demand deposits. There is to $35,750,000 of Public Building Bonds, 1961, nothing in the legislative history of this amend- Series D, and Public School Plant Facilities ment to indicate that its purpose was more than Bonds, 1961, Series C, of the State of Washington. to eliminate the need for creditors' consent for The Comptroller of the Currency has held that deposits in interest-bearing savings or time de- said bonds are eligible for underwriting by national posits. In the absence of any evidence of intent banks. to modify Section 19 of the Federal Reserve Paragraph Seventh of Section 5136 of the Re- Act and the Board's authority thereunder, it is vised Statutes (12 U.S.C. 24) provides that a the opinion of the Board that the definition of national bank "shall not underwrite any issue savings deposits in Regulation Q has not been of securities", but further provides that this reaffected by this amendment to the Bankruptcy striction "shall not apply to ... general obliga- Act. tions of any State or of any political subdivision Under Section 217.1(e)(l) (i) of Regulation Q, thereof". The twentieth paragraph of Section 9 of a "savings deposit" must be (1) a deposit to the the Federal Reserve Act (12 U.S.C. 335) subjects credit of one or more individuals or certain types State member banks to the same limitations with of organizations or (2) a deposit as to which the respect to the underwriting of investment securi- "entire beneficial interest" is held by individuals ties "as are applicable in the case of national banks or such organizations. A trustee in bankruptcy under paragraph 'Seventh' of Section 5136." holds the assets of the bankrupt estate for the Under the statutory provisions quoted above, benefit of the bankrupt's creditors. Accordingly, member banks are prohibited from underwriting it is the Board's opinion that a deposit by a securities issued by a State unless those securities trustee in bankruptcy may not be classified as a are "general obligations". In the opinion of the savings deposit under Regulation Q except in Board of Governors, securities are not "general those rare instances in which all of the bankrupt's obligations" unless they are backed by the full 1237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 faith and credit of the issuer. As stated in Para- and its plenary taxing power. Under the State graph 520 of the Digest of Opinions of the Office constitutional and statutory provisions dealt with of the Comptroller of the Currency, "Securities in that decision, bonds of the State of Washington payable only out of particular funds or out of that are payable from a particular source of the obligor's revenues from a particular source are revenue constitute a debt of that State but are not general obligations." In order to be eligible not general obligations thereof. for underwriting by member banks, the issuer For these reasons, the Board concludes that must possess the power of general property taxa- the bonds in question are not "general obligations" tion and the securities must be supported by that within the purview of Section 5136 of the Revised power, as a part of the "full faith and credit" of Statutes and consequently are not eligible for the issuer. underwriting by State banks that are members of The bonds in question are issued pursuant to the Federal Reserve System. Washington Laws of 1961, Ex. Sess., Chapters 3 and 23. These statutes provide that the bonds Federal Funds Transactions "shall not be a general obligation of the state of It is the position of the Board of Governors of Washington but shall be payable . . . from the the Federal Reserve System that, for purposes of proceeds of retail sales taxes. . . ." The statutes provisions of law administered by the Board, a also provide that "the state undertakes to continue transaction in Federal funds involves a loan on the to levy the taxes referred to herein and to fix and part of the "selling" bank and a borrowing on the maintain said taxes in such amounts as will provide part of the "purchasing" bank. sufficient funds to pay said bonds and interest For example, for purposes of Section 23A of the thereon until all such obligations have been paid Federal Reserve Act, a "sale" of Federal funds by in full." a member bank, whether State or national, to an The statutory provisions that the bonds in quesaffiliate of the member bank is subject to the tion "shall not be a general obligation of the state limitations prescribed in that Section. Similarly, of Washington" and "shall be payable . . . from as the Board has heretofore held (1959 Federal the proceeds of retail sales taxes" appear to in- Reserve BULLETIN, p. 7), a "sale" of Federal dicate that the bonds will not be supported by the funds by a banking subsidiary of a bank holding full faith and credit of the State, including its company, whether a State or national bank, to anpower of general property taxation. If this is other subsidiary bank in the same holding comcorrect, it follows, on the principles previously pany system would result in a criminal violation stated, that these bonds would not be "general of the provisions of Section 6 of the Bank Holding obligations" of the State within the meaning of Company Act of 1956. R. S. 5136 and would not be eligible to be underwritten by member banks. The undertaking to levy Foreign Banking and Financing Corporations retail sales taxes that will provide sufficient funds to pay the bonds in full reflects the intent of the The Board of Governors of the Federal Reserve State that the bonds (and interest thereon) shall System, effective September 1, 1963, adopted a be paid, but it does not negate the plain statement revision of Regulation K affecting corporations in the Washington statute that the bonds shall be engaged in foreign banking and financing under payable from a particular source—namely, the the Federal Reserve Act. The revision followed a proceeds of retail sales taxes—and are not general comprehensive review of the rules previously apobligations. plicable to so-called Edge Act and Agreement This conclusion does not conflict with the corporations operating under Sections 25 and decision of the Supreme Court of Washington in 25(a) of the Federal Reserve Act. The primary State of Washington v. Martin, decided August 7, objective of the revision was to enable such corpo- 1963. It was there held that bonds of this nature rations to operate more effectively in financing are "issued upon the credit of the state and are in international and foreign commerce. Another imtruth debts of the state." However, the Court portant objective was to shorten and simplify the made it quite clear that such bonds are not sup- Regulation. The revised Regulation K reads as ported by the full faith and credit of the State follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1239 REGULATION K (/) "Organization" includes a corporation, government, partnership or association, or any legal or commercial entity. (12 CFR PART 211) As Revised Effective September 1, 1963 SECTION 211.3—ORGANIZATION AND OWNER- CORPORATIONS ENGAGED IN FOREIGN SHIP OF SHARES BANKING AND FINANCING UNDER THE (a) Organization. A proposed Corporation shall become a body corporate upon issuance by the Board FEDERAL RESERVE ACT of a preliminary permit approving its name, articles of association, and organization certificate.1 The name shall include "international," "foreign," "overseas," or SECTION 211.1—AUTHORITY, SCOPE, AND some similar word, but may not resemble the name NATIONAL PURPOSE of any other organization to an extent that might mislead or deceive the public. After issuance of its (a) Authority and scope. This part is issued by the preliminary permit, a Corporation may (1) elect offi- Board of Governors of the Federal Reserve System cers and otherwise complete its organization and (2) (the "Board") under authority of the Federal Reserve invest in obligations of the United States Government; Act (the "Act"). It applies to corporations organized but none of its other powers may be exercised until under Section 25(a)t of the Act (12 U.S.C. 611-631) the Board has issued to it a final permit to commence and, to the extent specified in Section 211.10, to business. No amendment to the articles of association corporations having an agreement or undertaking shall become effective until approved by the Board. with the Board under Section 25 t of the Act (12 (b) Ownership of shares. Shares of stock in a Corpo- U.S.C. 601-604a). ration (which may not include no-par value shares) (b) National purpose. (1) The Congress, in enacting shall be issuable and transferable only on its books, Section 25(a) of the Act, provided for the establish- and no issue or transfer that would cause a violation ment of international banking and financial corpora- of Section 25(a) of the Act shall be so effected. A tions operating under Federal supervision with powers Corporation shall notify the Board as soon as possible sufficiently broad to enable them to compete effectively of any change in status of a shareholder which causes with similar foreign-owned institutions and to afford a violation of said Section 25(a) and shall take such to the United States exporter and importer in par- action with respect thereto as the Board may direct. ticular—and to United States commerce, industry, Each class of shares shall be so named and described and agriculture in general—at all times a means of in the share certificates as to indicate its character and financing international trade. any unusual attributes, and such certificates shall (2) In light of the public purposes involved, Corpo- conspicuously set forth the substance of (1) limitations rations should be able in their activities abroad to op- upon the rights of ownership and transfer of shares erate, as best meets their corporate policies, through imposed by said Section 25(a) and this part and (2) branches, agencies, and correspondents or through rules which the Corporation shall prescribe in its bydirect and indirect ownership in foreign-chartered laws to insure compliance with this paragraph. companies engaged in banking or other international or foreign operations, so long as their credit and SECTION 211.4—ISSUANCE OF OBLIGATIONS other activities are in the interest of the United States. Corporations shall confine the scope of their opera- Except in accordance with prior Board approval, tions both in the United States and abroad to practices no Corporation may issue or have outstanding any consistent with high standards of banking or financial debentures, bonds, promissory notes (other than notes prudence. Activities in the United States shall be re- due within one year), or similar obligations. stricted to operations clearly related to international or foreign business. SECTION 211.5—UNDERWRITING, SALE, AND DISTRIBUTION OF SECURITIES SECTION 211.2—DEFINITIONS (a) General. Except as permissible for member For the purposes of this part, unless the context banks under Section 5136 of the Revised Statutes (12 otherwise requires— U.S.C. 24), a Corporation engaged in banking may not engage in the business of underwriting, selling, (a) "Abroad," "foreign," or "foreign country" re- or distributing securities other than obligations of the fers to one or more foreign nations or colonies, de- national government of a foreign country in which it pendencies, or possessions thereof, overseas territories, has a branch or agency.2 dependencies, or insular possessions of the United (b) In the United States. No Corporation may (1) States, or the Commonwealth of Puerto Rico. engage in the business of selling or distributing securi- (b) "Capital and surplus" means paid-in and un- ties in the United States (except private placements of impaired capital and surplus. participations in its investments or extensions of credit) (c) "Corporation" when spelled with a capital "C" or underwrite any portion thereof so sold or dismeans a corporation organized under Section 25(a) tributed or (2) act in the United States as trustee, regof the Act. (d) A Corporation is "engaged in banking" whenever 1 Appropriate forms for articles of association and organizait has aggregate demand deposits and acceptance tion certificate (FR 151 and 152, Revised 9-1-63), filed as part liabilities exceeding its capital and surplus. of the original document, may be obtained from the Federal (e) "Person" includes an individual or an organiza- Reserve Bank of the district in which the home office of the Corporation is to be located. tion. 2 Including obligations issued by any agency or instrumentality, and supported by the full faith and credit, of such a t Statute is printed in the Appendix. government. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1240 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 istrar, or in any similar capacity, with respect to Such deposits shall be subject to Parts 204 (Reg. D) securities distributed in the United States. and 217 (Reg. Q) and be reported in the same manner as if the Corporation were a member bank of the SECTION 211.6—BRANCHES AND AGENCIES Federal Reserve System; but in no event shall reserves against such deposits be less in the aggregate than (a) In the United States. A Corporation may not 10 per cent. establish any branch in the United States, but with (d) Other permissible activities. It will ordinarily be prior Board approval may establish agencies in the considered incidental to the international or foreign United States for specific purposes, but not generally business of a Corporation for it to engage in the folto carry on its business. lowing transactions in the United States: (b) Abroad. With prior Board approval, a Corpo- (1) Finance the following types of transactions, ration may establish branches or agencies abroad. If including payments or costs (but not expenses in the a Corporation has established a branch or agency in United States of an office or representative therein) a foreign country, it may, unless otherwise advised incident thereto: (i) contracts, projects, or activities by the Board, establish other branches or agencies in performed abroad, (ii) the importation into or exportathat country after thirty days' notice to the Board tion from the United States of goods, (iii) the delivery with respect to each such branch or agency. through domestic transport facilities of goods so im- (c) Suspending operations abroad during disturbed ported or their assembly or packaging for resale conditions. The officer in charge of a branch or without essential change therein, if the Corporation agency abroad may suspend its operations during disfinanced the importation, and (iv) the domestic shipturbed conditions which, in his judgment, make conment or temporary storage (but not production) of duct of such operations impracticable; but every effort goods being exported or accumulated for export, if shall be made before and during such suspension to the Corporation is financing their exportation; serve its depositors and customers. Full information concerning any such suspension shall be promptly (2) Take over or require subsequent participareported to the home office of the Corporation, which tions in extensions of credit, or acquire obligations, shall immediately send a copy thereof to the Board growing out of transactions it could have financed at through the Federal Reserve Bank of its district. inception under subparagraph (1) of this paragraph; (3) Guarantee customers' debts or otherwise agree SECTION 211.7—LIMITED OPERATIONS IN THE for their benefit to make payments on the occurrence of readily ascertainable events,3 if the guarantee or UNITED STATES agreements specifies its maximum monetary liability (a) General policy. It is the Board's general policy thereunder and is related to a type of transaction to permit Corporations to transact, subject to Section described in subparagraph (1) of this paragraph; 25(a) of the Act and this part, such limited business (4) Buy and sell spot and future foreign exchange; in the United States as is usual in financing interna- (5) Receive checks, bills, drafts, acceptances, tional commerce, including deposit facilities; loan, notes, bonds, coupons, and other securities for collecoverdraft, advance, acceptance, and other credit facili- tion abroad, and collect such instruments in the ties; commercial letters of credit; foreign collections; United States for customers abroad; purchase and sale of foreign exchange; remittance of (6) Hold securities in safekeeping for, or buy and funds abroad; purchase, sale, and custody of securi- sell securities upon the order and for the account and ties and acceptances for account of customers abroad; risk of, customers abroad; and foreign credit information. (7) Act as paying agent for securities issued by (b) Employment of funds. Funds of a Corporation foreign goyernments or other organizations organized not currently employed in its international or foreign under foreign law and not qualified under the laws of business, if held or invested in the United States, shall the United States or any State or the District of be only in the form of (1) cash, (2) deposits with Columbia to do business in the United States. banks, (3) bankers' acceptances, or (4) obligations of, or obligations fully and unconditionally guaranteed by, SECTION 211.8—INVESTMENTS IN SHARES OF the United States, any State thereof, or any depart- OTHER CORPORATIONS ment, agency, or establishment of, or corporation wholly owned by, the United States. (a) General consent. Subject to Section 25(a) of the (c) Receipt of deposits. It will ordinarily be consid- Act4 and this part, the Board hereby grants its genered incidental to or for the purpose of carrying out eral consent for any Corporation to acquire (other transactions abroad for a Corporation to receive in than through a broker, dealer, or stock exchange firm the United States demand and time (but not savings) or representative) and hold the shares of corporations deposits that are not to be used to pay expenses in organized under foreign law if such acquisition (1) is the United States of an office or representative incidental to an extension of credit by the Corporatherein— tion to the corporation whose shares are acquired, (2) (1) from foreign governments, persons conduct- consists of shares in a foreign bank, or (3) is otherwise ing business principally at their offices or establish- likely to further the development of United States ments abroad, and individuals resident abroad and foreign commerce; but no acquisition under this (2) from any other person if the deposit (i) is to paragraph may cause a Corporation to hold 25 per be transmitted abroad, (ii) is to provide collateral or cent or more of the voting shares5 of a foreign bank payment for extensions of credit by the Corporation, and the aggregate amount invested in the shares of (iii) represents proceeds of collections abroad which are to be used to pay for goods exported or imported 3 Including, but not limited to, such types of events as nonor for other direct costs of export or import, or payment of taxes, rentals, customs duties, or costs of transport periodically transferred to the depositor's account at an 4 d In lo c s lu s d o in r g n o t n h c e o n l f i o m rm ita a t n io ce n s o f t h s e h r i e p i p n i ng b as d e o d c um on en ts c . apital and another financial institution, or (iv) represents pro- surplus. ceeds of extensions of credit by the Corporation. 5 Exclusive of rights to acquire shares. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1241 any other corporation under subparagraph (3) of this members thereof; in the case of a corporation, liabiliparagraph may not exceed $200,000 or its equivalent. ties incurred for its benefit by other corporations A Corporation may request an advisory opinion of the which it controls; and in the case of a foreign govern- Board as to whether a particular acquisition is cov- ment, the liabilities of its departments or agencies ered by the preceding sentence. deriving their current funds principally from its gen- (b) Specific consent. Prior specific consent of the eral tax revenues. The limitations of this paragraph Board is required with respect to the acquisition of shall not apply to (1) bills or drafts drawn in good any shares by a Corporation in any situation not faith against actually existing values, (2) obligations covered by Section 211.8(a) or the ninth paragraph arising out of the discount of commercial or business of Section 25(a) of the Act. paper actually owned by the negotiator, (3) any ac- (c) Conditions. (1) Shares of stock in a corporation ceptance made by a Corporation which has not shall be disposed of as promptly as practicable if (i) matured and is not held by it, or (4) obligations to such corporation should engage in the business of the extent supported by the full faith and credit of underwriting, selling, or distributing securities in the the following: United States or (ii) the Corporation is advised by the (i) The United States or any department, Board that their holding is inappropriate under Section agency, or establishment thereof or corporation wholly 25(a) of the Act or this part. owned thereby, the International Bank for Reconstruc- (2) In computing the amount which may be in- tion and Development, the International Finance vested in the shares of any corporation under Section Corporation, the International Development Associa- 25(a) of the Act or Section 211.8(a), there shall be tion, or the Inter-American Development Bank; included any such investments in other corporations (ii) A foreign national government or its apcontrolled by such corporation. Unless otherwise propriate financial or central banking authority, if at specified, "shares" in this section includes any rights least 25 per cent of such an obligation or of the total to acquire shares. credit is also supported by the full faith and credit (d) Reports. A Corporation shall inform the Board of, or participated in by, any institution designated in through the Federal Reserve Bank of its district within subdivision (i) of this subparagraph in such manner thirty days after the close of each quarter with respect that default to the Corporation will necessarily include to any acquisition or disposition of shares during that default to such institution; quarter, including the following information concern- (iii) The national government of any foreign ing any corporation whose shares it acquired for the country in which the Corporation has a branch or first time (unless previously furnished): (1) Recent agency with at least equal outstanding liabilities paybalance sheet and income statement, (2) brief de- able in the same currency; scriptions of the corporation's business (including full (iv) Any person if the Corporation is not eninformation concerning any such business transacted gaged in banking and the obligations or total credit in the United States), the shares acquired, and any are subject to 25 per cent support or participation of related credit transaction, (3) lists of directors and the type described in subdivision (ii) of this subprincipal officers (with address and principal business paragrah; but the total liabilities of such person to the affiliation of each) and of all shareholders (known Corporation shall at no time exceed 100 per cent of to the issuing corporation) holding 10 per cent or its capital and surplus. more of any class of the corporation's shares (and (c) Aggregate liabilities. Except with prior Board the amount held by each), and (4) information con- permission, a Corporation's aggregate outstanding cerning the rights and privileges of the various classes liabilities on account of acceptances, monthly averof shares outstanding. age deposits, borrowings, guarantees, endorsements, debentures, bonds, notes and other such obligations SECTION 211.9—LIMITATIONS AND shall not exceed ten times its capital and surplus; provided that aggregate outstanding unsecured liabili- RESTRICTIONS ties under guarantees or similar agreements (described (a) Acceptances. A Corporation shall be and remain in Section 211.7(d)(3)) may in no event exceed 50 fully secured as to (1) 50 per cent of all acceptances per cent of its capital and surplus. In this paragraph outstanding in excess of the amount of its capital and "liabilities" does not include endorsements of bills surplus, (2) all acceptances in excess of twice such having not more than six months to run, drawn and amount, and (3) all acceptances for any one person accepted by others. in excess of 10 per cent of such amount, except to the (d) Relations with banks. A Corporation controlled extent any such excess represents the international by a bank may not incur any liability to such bank shipment of goods and is fully covered by primary that would cause (1) the total of such liabilities to obligations to reimburse it which are also guaranteed exceed 10 per cent of the bank's capital and surplus by banks or bankers. or (2) the total liabilities to such bank of all Corpo- (b) Liabilities of one borrower. Except as the Board rations which it controls to exceed 20 per cent thereof. may otherwise specify, the total liabilities to a Corpo- A Corporation incurs a liability to a bank under this ration of any person shall at no time exceed 50 per paragraph whenever such bank or any organization cent of the Corporation's capital and surplus, or 10 controlled by such bank (other than the Corporation per cent thereof if it is engaged in banking. In this or any organization controlled by it) makes (i) any paragraph "liabilities" includes: any obligations for investment in, or advance on the security of, the money borrowed and shares of stock; unsecured shares or obligations of such Corporation or any orliabilities resulting from issuance by the Corporation ganization controlled by it or (ii) any extension of of guarantees or similar agreements (described in credit to, or any purchase under repurchase agree- Section 211.7(d)(3)), the aggregate of which liabilities ment from, such Corporation or any organization conincurred for any person may in no event exceed 10 trolled by it. per cent of any Corporation's capital and surplus; (e) Endorsement or guaranty. A Corporation which in the case of a partnership or firm, liabilities of the endorses or guarantees any securities, notes, bills, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1242 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 drafts, acceptances, or other evidences of indebtedness New Jersey Trust Company. As an incident to the shall enter on its books proper records thereof, demerger, the three offices of New Jersey Trust Comscribing in detail each such instrument, including its amount, its maturity, the parties thereto, and the pany of Long Branch would become branches of nature of the Corporation's liability thereon. Every Asbury Park and Ocean Grove Bank. Notice of financial statement of the Corporation submitted to the Board or made public in any way shall show the the proposed merger, in form approved by the aggregate of such liabilities outstanding as of the date Board, has been published pursuant to said Act. such statement purports to show the Corporation's financial condition. Upon consideration of all relevant material in (/) Reports. Each Corporation shall make at least the light of the factors set forth in said Act, intwo reports annually to the Board at such times and cluding reports furnished by the Comptroller of in such form as the Board may prescribe. The Board may require that statements of condition or other the Currency, the Federal Deposit Insurance Correports be published or made available for public poration, and the Department of Justice on the inspection. (g) Examinations. Examiners appointed by the competitive factors involved in the proposed Board will examine each Corporation at least once a merger, year. Each Corporation shall obtain and make available to such examiners, among other things, informa- IT IS HEREBY ORDERED, for the reasons set forth tion as to the earnings, finances, management, and in the Board's Statement of this date, that said other relevant aspects of any organization whose application be and hereby is approved, provided shares it holds. When required by the Board, a Corporation shall cause any organization controlled by it that said merger shall not be consummated (a) to submit to examination by examiners selected or within seven calendar days after the date of this auditors approved by the Board. The cost of examina- Order or (b) later than three months after said tions shall be fixed by the Board and paid by the Corporation. date. Dated at Washington, D. C, this 16th day of SECTION 211.10—CORPORATIONS WITH AGREE- August, 1963. MENTS UNDER SECTION 25 OF THE ACT By order of the Board of Governors. In addition to any other requirements to which it may be subject, no corporation having an agreement Voting for this action: Chairman Martin, and Govor undertaking with the Board under Section 25 of ernors Balderston, Mills, Shepardson, and Mitchell. the Act shall purchase or hold any asset or otherwise Absent and not voting: Governors Robertson and exercise any power in the United States or abroad in King. any manner not permissible for a Corporation engaged in banking. (Signed) KENNETH A. KENYON, Assistant Secretary. Orders Under Bank Merger Act [SEAL] The Board of Governors of the Federal Reserve System has issued the following Orders and State- STATEMENT ments with respect to applications for approval of Asbury Park and Ocean Grove Bank, Asbury the merger of certain banks: Park, New Jersey ("Asbury Bank"), with deposits of $36 million,* has applied, pursuant to the Bank ASBURY PARK AND OCEAN GROVE BANK, Merger Act of 1960 (12 U.S.C. 1828(c)), for the ASBURY PARK, NEW JERSEY Board's prior approval of the merger of that bank In the matter of the application of As bury Park and New Jersey Trust Company of Long Branch, and Ocean Grove Bank for approval of merger Long Branch, New Jersey ("Jersey Trust"), with with New Jersey Trust Company of Long Branch. deposits of $16.6 million,* under the charter of the applicant bank and with the title New Jersey ORDER APPROVING MERGER OF BANKS Trust Company. The proposal contemplates that There has come before the Board of Governors, the three existing offices of Jersey Trust would pursuant to the Bank Merger Act of 1960 (12 become branches of the resulting bank, increasing U.S.C. 1828(c)), an application by Asbury Park the number of its offices from four to seven. and Ocean Grove Bank, Asbury Park, New Jersey, Under the Act, the Board is required to cona State member bank of the Federal Reserve Sys- sider, as to each of the banks involved, (1) its tem, for the Board's prior approval of the merger financial history and condition, (2) the adequacy of that bank and New Jersey Trust Company of of its capital structure, (3) its future earnings Long Branch, Long Branch, New Jersey, under the charter of the former and with the title of ! Deposit figures as of March 31, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1243 prospects, (4) the general character of its man- ment of Monmouth County has been the general agement, (5) whether its corporate powers are population movement to the suburbs and the consistent with the purposes of 12 U.S.C., Ch. 16 area's reasonable accessibility to the metropolitan (the Federal Deposit Insurance Act), (6) the areas of Newark, New Jersey, and New York convenience and needs of the community to be City. served, and (7) the effect of the transaction on Asbury Park is about 55 miles south of downcompetition (including any tendency toward town New York City and is the leading shore monopoly). The Board may not approve the resort on the northern New Jersey coast. Its poputransaction unless, after considering all these fac- lation of 17,366 reflects only nominal growth due tors, it finds the transaction to be in the public to lack of space for expansion within the city interest. limits. However, its numerous hotels, motels, and Banking factors. Both banks have satisfactory boarding houses cater to a summer population of financial histories dating back from the difficult approximately 100,000. The town is also the local financial period of the 1930's. Each bank has an mercantile center for the area, having a number adequate capital structure, and this would be true of branches of nationally-known stores. also for the resulting bank. A branch of Asbury Bank is maintained at Asbury Bank has a good earnings record and Ocean Grove which is located south of Asbury its future earnings prospects are favorable. Jersey Park. Ocean Grove, in Neptune Township, is also Trust's earnings are somewhat below the average primarily a resort community showing wide flucof banks of comparable size in the Second Federal tuation in population during the summer months. Reserve District. Future earnings prospects of the Two other branches of Asbury Bank are located resulting bank would appear to be enhanced by in nearby Neptune and Ocean Townships, both an increased lending capacity and economies of primarily residential areas. operations that would be expected to result from The seaside city of Long Branch, the site of the merger. Jersey Trust's main office, is located about 5Vz Asbury Bank's management is capable and it miles north of Asbury Park; it had a 1960 populahas a progressive policy of training junior officers tion of 26,228. Jersey Trust also maintains for executive positions. Management of Jersey branches in the adjoining boroughs of West Long Trust is regarded as competent. Joining of these Branch and Deal. The region served by Jersey two staffs would add a measure of depth in experi- Trust also caters to the summer resort business; enced executives not now enjoyed by the banks however, the area includes those sections of Monindividually. mouth County experiencing increasing industrial No inconsistency with the purposes of 12 growth. U.S.C., Ch. 16 is indicated. The proposed merger would place the resulting Convenience and needs of the communities. bank in a better position to serve the credit needs Monmouth County, New Jersey, where both insti- generated by this industrial expansion. The lendtutions are located, lies in the east-central part of ing limit of the resulting bank would be increased the State. Its 1960 population of 334,401 reflects from $253,000 to $400,000. During the past year an increase of 48 per cent since 1950. In the past, both banks participated with other banks in 23 its economy has been largely dependent upon loans totaling approximately $4.5 million; most summer resort activity in the coastal area and of these loans necessitated participation due to diversified farming in the interior. While these two the banks' lending limits. The proposed merger activities, particularly the former, continue to be would make available an expanded consumer important, a substantial change has occurred in credit department to serve more completely the the county's economy due to the influx of per- needs of individuals and commercial enterprises manent residents, commerce, and industry. Indus- in the area; provide greater mortgage loan accomtries now include the manufacture of rugs, textiles, modations to building contractors; and allow the clothing, clay products, and chemical and elec- establishment of a separate trust department under tronic equipment, with an estimated working force the guidance of specialists in the field. of 120,000. Competition. The main offices of the two banks Contributing to the recent growth and develop- are SVi miles apart, with offices of three compet- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1244 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 ing banks between them, including offices of the U.S.C. 1828(c)), an application by Wells Fargo second and third largest banks in the county. The Bank, San Francisco, California, a State member nearest branches of the two banks are two miles bank of the Federal Reserve System, for the apart and competition between them is limited, Board's prior approval of the merger of that bank since they act primarily as paying and receiving and State Center Bank, Fresno, California, under stations. The banks have no common borrowers, the charter and title of the former. As an incident and common depositors are limited to one of the to the merger, the six offices of State Center Bank local utilities and large supermarkets which oper- would be operated as branches of Wells Fargo ate units near each bank. Bank. Notice of the proposed merger, in form Asbury Bank currently ranks fourth in size with approved by the Board, has been published purrespect to IPC deposits, and Jersey Trust ranks suant to said Act. seventh. The resulting institution would still rank Upon consideration of all relevant material in fourth and would remain substantially smaller the light of the factors set forth in said Act, inthan the third ranking bank. It does not appear cluding reports furnished by the Comptroller of that there would be any adverse competitive effects the Currency, the Federal Deposit Insurance on smaller banks in the area. Corporation, and the Department of Justice on the In addition to competition between commercial competitive factors involved in the proposed banks in the county, the three largest commercial merger. banks in the State, all of Newark, New Jersey, IT IS HEREBY ORDERED, for the reasons set actively solicit banking and mortgage business, not forth in the Board's Statement of this date, that only in the service area of Asbury Bank, but said application be and hereby is approved, prothroughout the county. vided that said merger shall not be consummated Competition is also provided by a number of (a) within seven calendar days after the date of nonbanking institutions including five savings and this Order or (b) later than three months after loan associations which operate seven offices said date. within or near the service areas of the two banks. Dated at Washington, D. C, this 19th day of Summary and conclusion. The merger will per- August, 1963. mit the resulting bank with its substantially higher By order of the Board of Governors. lending limit, expanded services and management Voting for this action: Chairman Martin, and Govfacilities to employ its funds more fully and profit- ernors Balderston, Mills, Shepardson, and Mitchell. ably in the local market. Absent and not voting: Governors Robertson and King. It will place the resulting bank in a better posi- (Signed) KENNETH A. KENYON, tion to contribute to the developing economy of Assistant Secretary. this rapidly expanding area. In both Asbury Park and Long Branch, strong [SEAL] and effective local competition will remain, while STATEMENT in the county a variety of banking and other finan- Wells Fargo Bank, San Francisco, California cial institutions provide a wide and highly com- ("Wells Fargo"), with deposits of $2,886 million,* petitive range of services. has applied, pursuant to the Bank Merger Act of Accordingly, the Board finds that the proposed 1960 (12 U.S.C. 1828(c)), for the Board's prior merger would be in the public interest. approval of its merger with State Center Bank, WELLS FARGO BANK, Fresno, California ("State Center"), with deposits of $26.3 million,* under the charter and title of SAN FRANCISCO, CALIFORNIA the former. The proposal contemplates that the In the matter of the application of Wells Fargo six offices of State Center would become branches Bank for approval of merger with State Center of the resulting bank. The number of offices Bank. operated by Wells Fargo as of June 30, 1963, was ORDER APPROVING MERGER OF BANKS 158. Under the Act, the Board is required to con- There has come before the Board of Governors, pursuant to the Bank Merger Act of 1960 (12 * Deposit figures are as of December 28, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1245 sider, as to each of the banks involved, (1) its through his abilities and influence. The greater financial history and condition, (2) the adequacy part of its business has been done with large comof its capital structure, (3) its future earnings mercial customers, unusual for a bank of this size, prospects, (4) the general character of its manage- particularly one located in an area served by ment, (5) whether its corporate powers are con- branches of several very large banks. It is urged sistent with the purposes of 12 U.S.C., Ch. 16 with some force by Wells Fargo that much of the (the Federal Deposit Insurance Act), (6) the deposit and loan business attracted by State Cenconvenience and needs of the community to be ter's president will be lost, regardless of the choice served, and (7) the effect of the transaction on of his successor, unless State Center is taken over competition (including any tendency toward mo- by a bank equipped to furnish the type of services nopoly). The Board may not approve the trans- which larger customers require. Accordingly, action unless, after considering all these factors, while prospects of the merged institution are favorit finds the transaction to be in the public interest. able, it seems likely that State Center would lose Banking factors. The financial history of both a significant amount of business were the applica- Wells Fargo and State Center is satisfactory. The tion to be denied. financial condition and capital structure of each There is no indication that the corporate powers is adequate, and their managements are satisfac- of Wells Fargo, State Center, or the resulting tory. However, State Center faces a management bank are, or would be, inconsistent with 12 U.S.C., succession problem, which has given rise to the Ch. 16. application. Convenience and needs of the communities. Wells Fargo traces its ancestry to two California Aside from a few customers of Wells Fargo, San banks which were founded in the 1800's, and Francisco exporters who deal in agricultural prodhas grown to its present size in part as a result ucts from the San Joaquin Valley area, it is not of a number of mergers and consolidations. It believed that consummation of the proposed assumed its present name on January 30, 1962. merger would have any appreciable effect on the In terms of deposits, Wells Fargo is the third convenience and needs of any communities now largest bank in California, with 9.9 per cent of served by Wells Fargo. total commercial bank deposits in the State, which The city of Fresno, with a population of 134,approval of the application would increase to 10 000, is located in the San Joaquin Valley, geoper cent. The operations of Wells Fargo have graphically at the center of California, about 185 been confined to the northern and central portion miles from San Francisco and 219 miles from of the State; and in the twenty-three counties in Los Angeles. The county of Fresno leads the which it has been functioning, the bank has United States in value of agricultural production, about 24 per cent of total IPC ** deposits held its principal crops including grapes, cotton, by commercial banks. Its prospects are considered peaches, and alfalfa. Related warehousing and favorable. Consummation of the proposed merger food processing industries, as well as diversified would give it about 5 per cent of total commercial manufacturing, are also important to the economy bank deposits in Fresno County and would not of the area. cause any unfavorable change in respect to the Other banks serving Fresno County include first four factors specified by the Bank Merger Bank of Tokyo of California, San Francisco, with Act. total deposits of $77 million, and Central Valley State Center was founded in 1955. Its presi- National Bank of Oakland, with total deposits of dent, the dominant influence in all bank matters $144 million, each having one branch in the since that time, is well past normal retirement age county. In addition, there are 39 branches of and in poor health. He expects to retire within a five Los Angeles and San Francisco banks rangyear. Despite repeated efforts by the bank, it has ing in size from Bank of America, NT&SA, San been unable to find a suitable successor. The Francisco ("Bank of America"), which has total search has been complicated by the fact that the deposits of $11,569 million, to First Western bank achieved its present growth principally Bank and Trust Company, Los Angeles, with total deposits of $580 million. Bank of America is the ** Deposits of individuals, partnerships, and corporations. largest bank serving the county, having 21 of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1246 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 49 banking offices and 59.2 per cent of the depos- competition between State Center and Wells its of the banking offices in the county. Fargo. Their nearest offices are 55 miles apart. One of State Center's branches, together with A survey of more important common customers the main office, is located in the city of Fresno. of the two banks indicated little common busi- Another is in Clovis, about two miles north of ness. A survey of deposit or loan accounts in the city limits. The remaining three are in Kings- amounts of $1,000 or more at State Center whose burg, about 20 miles, San Joaquin, about 30 miles, addresses of record were in counties served by and Huron, about 48 miles to the southeast of Wells Fargo offices, and a corresponding survey Fresno. Offices of Bank of America provide a on a selective basis by Wells Fargo of deposit and choice of banking facilities in Clovis and in Kings- loan accounts with addresses of record in Fresno burg but the nearest alternative source of services County, showed small amounts of business of to State Center's office in San Joaquin is 15 miles each bank originating in the other's territory. The and to its Huron office is 18 miles distant. In two banks have had a close corresponding relarecent years, the number of farms in Fresno tionship, but loss of a potential customer of the County has declined and their average size in- size of State Center would not materially affect creased substantially, giving rise to a need for the regional market for correspondent banking larger amounts of agricultural credit, beyond the business. lending limit of State Center. Nor is the bank California banking is highly concentrated, with equipped to supply the specialized services needed the nine largest banks in the State holding about by farmer customers in the communities served 89 per cent of total commercial bank deposits by its branches. Injection of a large bank better and operating approximately 83 per cent of bankequipped to compete for this business will provide ing offices in the State. About 40 per cent of the communities with an alternative in particular total bank deposits in the State are held by Bank to Bank of America, which has held the largest of America. Wells Fargo, while third in size, falls share of agricultural business in the county. into a group of banks whose shares range from The banking needs in the city of Fresno are two to about fourteen per cent. During the calenbeing served by offices of one medium size and dar years 1960, 1961, and 1962, there has been a five big banks, in addition to State Center and the reversal in California of the trend toward fewer small First National Bank of Fresno, so that the banks, and the total number in the State has entrance of another large California bank would climbed from 115 to 129. New charters were not significantly improve service to the commu- granted during that period to 28 banks, while 14 nity as a whole. Nevertheless, the banking needs lost their independent identity through merger, and convenience of that part of the public which or discontinued operations. has been served by State Center would probably In recent years savings and loan associations be served better by a large bank than by a local have grown in California at a rate greatly exceedbank operating on a reduced scale. ing that of commercial banks. Four such associa- There is also reported to be a growing demand tions operate a total of nine offices in Fresno for trust services in the Fresno area, a report County, with total withdrawable balances, as of which is substantiated by the fact that Crocker- December 31, 1961, of $120 million, an increase Anglo National Bank of San Francisco has re- of 377 per cent over December 31, 1956. Total cently established a trust department in its Fresno loans of these institutions increased 372 per cent offices, and that Wells Fargo, without functioning during the same four-year period. Accordingly, in the area, now has 22 trust accounts with an it appears that as to savings shares and real aggregate carrying value of almost $3 million estate mortgages, these associations provide keen where trustors or beneficiaries reside in Fresno competition to the commercial banks in the County. State Center does not have a trust de- county. partment although the customers which it attracts Summary and conclusion. The management tend typically to make use of trust services, and succession problem at State Center, which threatthe trust department of Wells Fargo would meet ens to affect its continued development along the the needs and convenience of these customers. path marked out in the seven years of the bank's Competition. There is relatively little direct existence, would be resolved by merger of that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1247 bank with one equipped to continue in the same (28 F. R. 3562), providing an opportunity for direction. The convenience and needs of the clien- submission of comments and views regarding the tele which State Center has chosen to serve would proposed acquisition. The time for filing such be facilitated by effectuation of the proposal, and comments and views has expired and no such in at least two towns where its branches are lo- comments and views have been received. cated, the resulting bank would offer services IT IS HEREBY ORDERED, for the reasons set forth needed by the communities which are not pres- in the Board's Statement of this date, that said ently available there (although conveniently application be and hereby is approved, provided available in other communities within driving dis- that the acquisition so approved shall not be contance). Relatively little competition between the summated (a) within seven calendar days after two banks would be eliminated, and the degree the date of this Order or (b) later than three of banking concentration in California would not months after said date. be significantly increased by consummation of Dated at Washington, D. C, this 19th day of the proposed merger. August, 1963. Accordingly, the Board finds that the proposed By order of the Board of Governors. merger would be in the public interest. Voting for this action: Chairman Martin, and Gov- Orders Under Section 3 of Bank Holding ernors Balderston, Mills, and Shepardson. Voting Company Act against this action: Governor Robertson. Absent and not voting: Governors King and Mitchell. The Board of Governors of the Federal Reserve System has issued the following Orders and State- (Signed) KENNETH A. KENYON, Assistant Secretary. ments with respect to applications by a bank holding company for approval of the acquisition of [SEAL] voting shares of banks. VIRGINIA COMMONWEALTH STATEMENT CORPORATION, RICHMOND, VIRGINIA Virginia Commonwealth Corporation ("Com- In the matter of the application of Virginia monwealth", or "Applicant"), Richmond, Vir- Commonwealth Corporation for approval of the ginia, a registered bank holding company, has acquisition of voting shares of Washington Trust filed an application pursuant to Section 3 (a) (2) and Savings Bank, Bristol, Virginia. of the Bank Holding Company Act of 1956 ("the Act"), for the Board's approval of the acquisition ORDER APPROVING APPLICATION of more than 80 per cent of the outstanding vot- UNDER BANK HOLDING COMPANY ACT ing shares of Washington Trust and Savings Bank, There has come before the Board of Governors, Bristol, Virginia ("Bank"). pursuant to Section 3(a) (2) of the Bank Hold- Section 3(c) of the Act requires the Board to ing Company Act of 1956 (12 U.S.C. 1842) and take into consideration the following five factors Section 222.4(a)(2) of the Federal Reserve Reg- with respect to the proposed acquisition: (1) the ulation Y (12 CFR 222.4(a) (2)), an application financial history and condition of the holding by Virginia Commonwealth Corporation, Rich- company and bank concerned; (2) their prosmond, Virginia, for the Board's prior approval of pects; (3) the character of their management; the acquisition of more than 80 per cent of the (4) the convenience, needs, and welfare of the outstanding voting shares of Washington Trust communities and the area concerned; and (5) and Savings Bank, Bristol, Virginia. whether the effect of the acquisition would be As required by Section 3(b) of the Act, notice to expand the size or extent of Applicant's sysof the application was given to the Commissioner tem beyond limits consistent with adequate and of Banking of the State of Virginia, who ex- sound banking, the public interest, and the prespressed no objection to approval thereof. In addi- ervation of competition in the field of banking. tion, notice of receipt of the application was pub- General background. Four bank holding comlished in the Federal Register on April 11, 1963 panies control 24.3 per cent of all deposits of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1248 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 banks in the State of Virginia.1 Of these, Com- ginia. Studies are also under way in connection monwealth ranked second with $193.9 million, or with such matters as accounting practices, loan 5.1 per cent. Two banks in the State each had policies, and the establishment of retirement and more deposits than Commonwealth, which ranked fringe benefit programs on a uniform basis. fourth among banking organizations. The financial condition of Applicant is, of Offices of Commonwealth's subsidiary banks are course, largely affected by the condition of the widely distributed in the State. The Bank of Vir- subsidiary banks, particularly that of The Bank ginia, the leading subsidiary, with $159.6 million of Virginia, by far the largest in the group. That of deposits, has 24 offices. These offices are lo- Bank's net earnings have been lower than those cated in the east-central portion of the State in of the average member bank in its size group in the Richmond Metropolitan area, in Petersburg, the Fifth Federal Reserve District. Its capital and in Dinwiddie some 35 miles to the southwest position, even after the addition of $2 million of Petersburg; in Norfolk, Portsmouth, and New- capital, now proposed, will continue to reflect a port News in the southeast; and in Roanoke in need for additional strengthening. In other rethe west-central section. Additional subsidiary spects, however, the condition of Applicant and banks are located in Occoquan in the northeast, its subsidiaries is satisfactory, and their prospects in Salem (near Roanoke), and in Newport News. are favorable. Management of Applicant, which Approval of the application now before the Board, is to a considerable extent the same as that of The and of a concurrent application involving The Bank of Virginia, is considered satisfactory. Peoples National Bank of Pulaski, Pulaski, Vir- Bank, which has two offices, both in Bristol, and ginia, will give Applicant representation in the $8.4 million of deposits, was chartered in 1906 as southwestern section of the State. None of Appli- a savings and thrift institution. In more recent can'ts subsidiaries is the dominant bank in the years, it has engaged in a general banking busiarea which it serves. ness, but as of December 28, 1962, its percent- Banking factors. The history of Applicant is age of consumer loans to total loans was still brief. Commonwealth became a bank holding com- above, and of commercial loans below, that of pany through an exchange of its stock for stock in all other banks competing in its area or in Virfive subsidiary banks, which took place on De- ginia generally. Its capital position is strong, and cember 21, 1962, pursuant to approval by the its earnings have been good, and the Board con- Board given in an Order of October 25, 1962. cludes that its prospects would be satisfactory One of the five, The Bank of Henrico, Sandston, either as a member of Applicant's system, or as Virginia, has since been merged with The Bank an independent bank. In addition, the services of Virginia, pursuant to approval of the Board which Commonwealth should be able to provide granted in an Order of June 17, 1963. Because as it further develops and strengthens its operof the short period of time which has elapsed ating techniques could, in certain respects, imsince its formation, Commonwealth has not as prove the prospects of a small bank which has, yet been able to put into operation most of the evidently, lacked certain facilities appropriate to advantages which it urged as favoring the hold- the numerous and diversified businesses operating ing company system of bank operation. However, in the Bristol area. a beginning has been made in supervising gen- Bank's management is competent, but all four erally the securities portfolios of the other sub- officers at the top executive level are over sixty sidiary banks and in extending to them facilities years of age. Complicating the long-range problem of the data processing center of The Bank of Vir- of recruiting successors to these four men is the fact that control of Bank is held by the estate of 1 This figure is adjusted to include deposits of The the former president, a co-founder of the Bank, Farmers Bank of Dinwiddie, Dinwiddie, Virginia, and trustees of the estate have indicated a preferwhich merged with The Bank of Virginia, a subsidiary ence for shifting its chief asset, stock of the Bank, of Applicant, pursuant to approval by the Board given on May 24, 1963. Unless otherwise indicated, deposit into a security with a broader market. Until the figures herein stated are as of December 28, 1962. question of future control is settled, it may be United Virginia Bankshares, Incorporated, was formed January 10, 1963, and the deposits of its banks are more than normally difficult to obtain personnel included. capable of rising to top executive rank. Accord- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1249 ingly, the Board concludes that the greater likeli- ginia, with deposits of $11.1 million, has one ofhood of Applicant's easing the problem of manage- fice in Bristol. A proposed merger between Farmment succession is a consideration that affords ers Exchange Bank and Virginia National Bank, some although not substantial support for approval Norfolk, Virginia, if approved, will introduce into of the application. the area the resources of a bank with $301.8 mil- Convenience and needs of communities. Ap- lion of deposits. plicant's nearest subsidiary to Bank is located in Applicant argues that the various services and Salem, some 148 miles northeast of Bristol. In facilities afforded members of its system will enview of Bank's size, and the distance between its able Bank better to serve the convenience and office and the offices of Commonwealth's remain- needs of the Bristol area. While the range of serving subsidiaries, the Board concludes that the pro- ices offered by Bank would be expanded under posed acquisition would have no effect on com- Applicant's control, two banks of substantial size munities other than Bristol and the surrounding already have offices in the community, and it area. The city of Bristol, with a population of does not appear to the Board that banking needs 17,144 is located on the State line adjoining Bris- are going unmet, or that community convenience tol, Tennessee, which is roughly the same size, so would be significantly improved by introducing that the two form virtually a single community. some additional services into two more banking The community is a commercial and manufac- offices there. turing center serving a considerable area in west- In connection with benefits to the area which ern Virginia and eastern Tennessee, with abun- Applicant states will follow upon the proposed dant electric power available from the Tennessee acquisition, Applicant appears to make a two- Valley Authority, and an ample labor supply. The pronged assertion (1) that, when credit needs of largest industrial plant is the Sperry-Farragut large customers in an area which is experiencing guided missile plant, but others manufacture prod- growth, such as that including the two Bristols, ucts including calculating and adding machines, cannot be met by an independent local bank, these mining cars, stainless steel tubing, structural steel, customers suffer inconvenience in having to go apparel, thread, and foods and confections. The elsewhere, and this inconvenience can be reduced surrounding area is a prosperous agricultural re- through greater ease in arranging participations gion with primary cash income derived from liveif the bank is permitted to enter a holding comstock and burley tobacco. Coal is mined and gas pany system; and (2) that, similarly, credit needs produced in adjacent counties. The two Bristols of a number of large businesses in Virginia are and the neighboring cities of Kingsport and Johngreater than any Virginia bank or banking system son City, Tennessee, form an industrial complex can accommodate, and economic growth of the known as the "Tri-Cities" area, with a population State would be facilitated by emergence of larger of approximately 235,000. Prospects for conbanking complexes. The facts in the application tinued growth in the area are considered good. before the Board, however, demonstrate that no Five banks now function in Bank's primary substantial volume of large credits is being handled service area.2 The First National Exchange Bank as yet by the smaller banks in Applicant's group of Virginia, Roanoke, Virginia, with deposits of as a result of affiliation with the group. Accord- $178.4 million3 has three Bristol offices as does ingly, whether on the local or the State level, it The First National Bank of Sullivan County, would be purely conjectural to suppose that en- Kingsport, Tennessee, with deposits of $60.7 miltrance into the system will substantially expand lion. Tri-City Bank and Trust Company, Blountthe extent to which Bank actually will serve larger ville, Tennessee, with deposits of $5.7 million has credit requirements through intra-system particitwo, and Farmers Exchange Bank, Abingdon, Virpations. On the State-wide level, moreover, Commonwealth remains smaller than the three largest 2 The area from which are drawn roughly 86 per banking organizations in Virginia. In view of cent of the Bank's deposits, and which includes the two Bristols and the surrounding area within approximately Bank's size the proposed acquisition will not sigfive miles. nificantly increase Applicant's ability to serve the 3 Including December 28, 1962 deposits of banks larger credit needs of Virginia businesses. which have since merged. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1250 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 For these reasons, the Board concludes that the succession problem at Bank. The convenience, fourth factor supplies little support for approval needs, and welfare of the community principally of the application. concerned will not be significantly affected by the Competitive effect. Here again, the proposed acquisition. Under the fifth factor, the extent of transaction need be considered only in the context Applicant's system will be somewhat increased, of the Bristol area. No significant competition although its size only minimally so, but the Board exists between Bank and any offices of present does not find that either size or extent will be insubsidiaries of Applicant, nor will the addition of consistent with adequate and sound banking or Bank's resources to those of Applicant significantly the public interest, and concludes that some imstrengthen its system in relation to other leading provement in banking competition in the Bristol Virginia banking organizations. While it can be area may result from consummation of the proassumed that most of Bank's correspondent bank- posed acquisition. ing business would flow to its sister subsidiaries On the basis of all the relevant facts as conin Applicant's system, The Bank of Virginia, to tained in the record before the Board, then, and which the lion's share would probably fall, holds in the light of the factors set forth in Section 3(c) only 5.7 per cent of interbank deposits held by of the Act and the underlying purposes of the Act, all Virginia banks and cannot be considered a it is the Board's judgment that the proposed acquidominant, or even a very strong, factor in the sition would be consistent with the public interest correspondent banking picture in the State. For and that the application should therefore be apthis reason, even the addition of all Bank's busi- proved. ness of this kind would not adversely affect competition for correspondent banking. DISSENTING STATEMENT OF GOVERNOR Turning to the local area, at June 30, 1962, ROBERTSON Bank held a fifth of the offices, but only 15.9 per Bank holding companies should not be authorcent of deposits of offices located in its primary ized by this Board to acquire additional banks service area. While its growth has been satisfacunless, upon review of each of the factors specified tory, it has not vigorously taken advantage of the by Congress, the Board has determined that apopportunities open to it in a developing region. proval is warranted in the public interest. Al- The stimulus of some of the facilities offered by though there are cases in which one adverse fac- Applicant's system, together with an infusion of tor may be outweighed by favorable factors, the adequately trained younger management personinstant proposal would not seem to present such nel, should somewhat increase competition with a case. the larger and more energetic banks with branches Section 3 of the Bank Holding Company Act already located there. There is no basis to conrequires the Board, when considering an applicaclude that entry of Applicant would adversely tion for approval of bank holding company exaffect the ability of the remaining small bank in pansion, to take into consideration the financial the area, Tri-City Bank and Trust Company, to condition of the holding company and its constitumaintain its present competitive position. Control ent banks. In this case the principal bank in the of Bank will not give Applicant a commanding Virginia Commonwealth holding system has a position in the area, nor will it significantly advance Applicant toward a similar position in the capital structure that, as noted in the majority State. opinion, is inadequate in view of the nature of its assets, deposit liabilities, and other responsibilities. Conclusions. The financial history and condi- In my opinion, it is substantially inadequate and tion of Applicant and of Bank are consistent with approval of the application now before the Board. should be corrected before the present company Prospects for Bank's growth are, possibly, some- is permitted to expand, save for exceptionally what better as a member of Applicant's system, compelling circumstances. For some time to come, although they would remain satisfactory outside all the resources of the holding company should it. As discussed, some weight is lent for approval be utilized to raise the capital structure of that by the prospective remedial effect Applicant's bank to a more satisfactory level. If this is done, assistance will have in regard to the management the holding company will not be in a position to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1251 come to the aid of its smaller banks should the of the outstanding voting shares of The Peoples occasion arise. National Bank of Pulaski, Pulaski, Virginia. In support of its instant application, the holding As required by Section 3(b) of the Act, notice company has urged that, as a result of the im- of the application was given to the Comptroller proved management and services that would result of the Currency, who advised the Board his office from holding company control, the Bristol Bank does not oppose the proposed acquisition. In adshould grow at a more rapid rate. If this be true, dition, notice of receipt of the application was then it is likely that its deposit liabilities and other published in the Federal Register on May 11, responsibilities will expand more rapidly than its 1963 (28 F. R. 4777), providing an opportunity capitalization can be increased through retained for submission of comments and views regarding earnings. In such case, an increase of its capital the proposed acquisition. The time for filing such would be effected by the sale of additional stock comments and views has expired and no such to existing stockholders of the bank. The stock- comments and views have been filed with the holders will be (to a very large extent) the Vir- Board. ginia Commonwealth Corporation. In view of the IT IS HEREBY ORDERED, for the reasons set forth pressing need of its largest unit for additional in the Board's Statement of this date, that said capital, it seems hardly likely that the holding application be and hereby is approved, provided company will have funds available for expansion that the acquisition so approved shall not be conof the capital cushion of the Bristol Bank or of summated (a) within seven calendar days after any of its other smaller banks. In fact, the re- the date of this Order or (b) later than three verse may be more likely; there may exist a temp- months after said date. tation to siphon off from the smaller banks' ex- Dated at Washington, D. C, this 19th day of cessive amounts of their earnings in order to pro- August, 1963. vide funds for capital needs of the larger bank. By order of the Board of Governors. Accordingly, acquisition of the Bristol Bank by Voting for this action: Chairman Martin, and Govthe Virginia Commonwealth Corporation before ernors Balderston, Mills, Robertson, and Shepardson. Absent and not voting: Governors King and Mitchell. the financial condition of its present units has been satisfactorily provided for does not seem war- (Signed) KENNETH A. KENYON, ranted, especially in the absence of anything to Assistant Secretary. indicate that the public will benefit from the [SEAL] change of ownership, or that exceptional prob- STATEMENT lems exist for which there appears to be no other Virginia Commonwealth Corporation ("Comsuitable remedy. I would deny the application. monwealth", or "Applicant"), Richmond, Virginia, a registered bank holding company, has VIRGINIA COMMONWEALTH filed an application pursuant to Section 3(a) (2) CORPORATION, RICHMOND, VIRGINIA of the Bank Holding Company Act of 1956 ("the In the matter of the application of Virginia Act"), for the Board's approval of the acquisition Commonwealth Corporation for approval of the of 80 per cent or more of the outstanding voting acquisition of voting shares of The Peoples Na- shares of The Peoples National Bank of Pulaski, tional Bank of Pulaski, Pulaski, Virginia Pulaski, Virginia ("Bank"). Section 3(c) of the Act requires the Board to ORDER APPROVING APPLICATION take into consideration the following five factors UNDER BANK HOLDING COMPANY ACT with respect to the proposed acquisition: (1) the There has come before the Board of Governors, financial history and condition of the holding compursuant to Section 3(a)(2) of the Bank Hold- pany and bank concerned; (2) their prospects; ing Company Act of 1956 (12 U.S.C. 1842) and (3) the character of their management; (4) the Section 222.4(a)(2) of the Federal Reserve convenience, needs, and welfare of the communi- Regulation Y (12 CFR 222.4(a)(2)) an appli- ties and the area concerned; and (5) whether the cation by Virginia Commonwealth Corporation, effect of the acquisition would be to expand the Richmond, Virginia, for the Board's prior ap- size or extent of Applicant's system beyond limits proval of the acquisition of 80 per cent or more consistent with adequate and sound banking, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1252 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 public interest, and the preservation of competi- post with another bank. The acting president will tion in the field of banking. be unable to continue in this role indefinitely, and The general background with regard to the the immediate situation has only been tentabanking structure in the State of Virginia and tively resolved by the loan of a junior officer Applicant's place in that structure, as well as the from one of Applicant's banks, with the expectafirst three, or "banking" factors in respect to Ap- tion that if the application is approved, he will plicant, are discussed in the Board's Statement in remain for training as candidate for the top executive post. If the application were denied, he the matter of the application of Virginia Comretains the right to return to his former position. monwealth Corporation for approval of the acqui- The Board concludes that, in view of Bank's relasition of voting shares of Washington Trust and tively small size and need for strengthening man- Savings Bank, Bristol, Virginia, issued as of toagement, this factor supports approval of the day's date, and that discussion is hereby incorapplication. porated by reference as part of the present Statement. In sum, the Board found those factors satis- Convenience and needs of communities. As in the case of the application with respect to the factory in respect to Commonwealth, which is the Washington Trust and Savings Bank, referred to fourth banking organization in Virginia in respect above, the distance between the location of Bank to size, although the capital position of its leading and Applicant's nearest subsidiary, located in bank, The Bank of Virginia, continues to reflect a Salem, Virginia, about 52 miles northeast of need for further strengthening. Pulaski, together with Bank's relatively small size, Banking factors as related to Bank. Bank, an institution with $5.0 million of deposits,1 was is such that the proposed acquisition will not, in the opinion of the Board, have any effect on comchartered in 1902. Its single office is located in the munities other than Pulaski and the surrounding county seat of Pulaski County. It offers most area. general banking services, including a limited trust The town of Pulaski, with a population of about department operation, and its growth, while slow, 10,500, and most of the county population of has been steady. It has a strong capital position, some 27,250, is located in a fertile valley that lies and its earnings have been satisfactory. Were it between mountainous areas to the northwest and not for the management problem discussed below, southeast. Diversified manufacturing, centered its prospects would be favorable, whether alone chiefly in the county seat, includes hosiery, chemior as part of Applicant's system. In view of this cals, furniture, millwork, plastic fabrics, iron problem, however, the Board concludes that while castings, and clothing. Livestock and dairying lead Bank's prospects could continue favorable as a the list of agricultural products. A part of the member of the Commonwealth family, its pros- Radford Arsenal is located in the county, and pects as an independent institution are more there are prospects for continued industrial growth. doubtful. Only three banks function in Pulaski County. After the sudden death of the former president Bank's leading competitor, The Pulaski National of Bank, in 1960, the Board of Directors made Bank, is nearly twice its size. Bank of Dublin, unsuccessful attempts to find a successor. The with $2.1 million of deposits, has its single ofnext senior officer, then over sixty, has been in fice some eight miles from the town of Pulaski. poor health and remains unable to assume the Five banks located in neighboring counties, rangduties of chief executive. As a result, the chairing in deposit size from $2.5 million to $10.6 milman of the Board, who is actively engaged in what lion, appear to offer limited competition to the should be full-time employment in another busithree Pulaski County banks. Bank's lending limit ness, has been acting as president, although he is $37,500, and that of the largest bank with can spend no more than two or three hours daily which it competes is $75,000. Although Bank has in the bank. A junior officer who showed promise not, apparently, handled loans beyond its lendof developing into successor management mate- ing limit to any great extent, access to intrarial resigned in March of this year to accept a system participations with others of Applicant's subsidiary banks will make it possible for Bank 1 Unless otherwise indicated, deposit figures herein to offer a slightly more convenient alternative stated are as of March 18, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1253 source for larger amounts of credit for which approval of the application now before the Board. there have been some instances of demand in the While prospects for Bank's growth outside Aparea. Some additional services and some improve- plicant's system would be satisfactory were it not ment in existing services will apparently be of- for the management problem which has plagued fered the community as a result of affiliation of Bank since the death of its former president in Bank with Applicant. 1960, the difficulty of solving the problem without Competitive effect. Reference is made to the outside assistance, lends support for approval of discussion of reasons for the lack of State-wide the application. Convenience, needs, and welfare competitive effects from the proposed acquisition of the local community—the only community afin the Statement of the Board cited above. The fected to any degree—will be slightly improved same conclusion obtains in the situation discussed by entrance of Bank into the Commonwealth herein. In the local context, Bank's primary serv- family. While the extent of Applicant's system ice area is Pulaski County, from which 87.9 per will be increased, the Board does not find that cent of the amount of its IPC2 deposits come the resulting size or extent of that system will be and where 70.8 per cent of the amount of its inconsistent with adequate and sound banking or commercial and industrial, consumer, and farm with the public interest, and concludes that the loans are made. On March 18, 1963, Bank held effect on competition in the town and the county about 29 per cent of both IPC deposits and total of Pulaski will, if anything, be beneficial. deposits of the three banks which are located in On the basis of all the relevant facts as conthat area. In view of Bank's size, both relative tained in the record before the Board, and in the and absolute, and the vigor of its chief competi- light of the factors set forth in Section 3(c) of the tors, both of which have been growing at a faster Act and the underlying purposes of the Act, it is rate, the Board concludes that Applicant's entry the Board's judgment that the proposed acquisiinto the area through the proposed acquisition tion would be consistent with the public interest will, if anything, stimulate competition in the and that the application should therefore be aparea. Nor will addition of Bank to the Common- proved. wealth system, any more than in the case of Washington Trust and Savings Bank, significantly ad- CONCURRING STATEMENT OF GOVERNOR vance Applicant toward a commanding position ROBERTSON among banking organizations in the State. The management problem in this case places Conclusions. The financial history and condi- the application in an exceptional category where tion of Applicant and of Bank are consistent with the remedy offered by holding company owner- 3 Deposits of individuals, partnerships, and corpo- ship is appropriate and outweighs factors which rations. would otherwise require an adverse conclusion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements RESIGNATION OF DIRECTOR September 12, 1963. Dr. Harry K. Newburn, who had served as a Dear Mr. President: director of the Helena Branch of the Federal Because of a variety of personal reasons that im- Reserve Bank of Minneapolis since January 1, pel my return to my home area and my interests 1961, resigned effective September 1, 1963. Dr. there, I respectfully submit herewith my resigna- Newburn was formerly President of Montana tion as a member of the Board of Governors of State University, Missoula, Montana. the Federal Reserve System. It has been both a privilege and a pleasure for me to have participated in the great public service SURVEY OF COMMON TRUST FUNDS performed by the Federal Reserve System, earlier The Board of Governors has discontinued the and for more than three years as a member and annual surveys of common trust funds conducted then as chairman of the board of directors of the since 1955. The results of the survey for 1962 were New Orleans Branch of the Federal Reserve Bank published in the June 1963 BULLETIN, pages of Atlanta, and most recently for more than four 773-80. Effective September 28, 1962, Congress years as a member of the Board of Governors in transferred regulatory authority over these funds Washington. to the Comptroller of the Currency, and it is ex- I shall miss the close and harmonious associapected that the Comptroller will conduct com- tion I have enjoyed with my colleagues on the parable surveys in the future. Board and in the System, and wish all of them well in all that they do. Respectfully yours, BALANCE SHEET OF AGRICULTURE The Board is no longer publishing the Balance G. H. King, Jr. Sheet of Agriculture. Copies of this publication The President, may be obtained from the Office of Information The White House of the U.S. Department of Agriculture, Washing- September 18, 1963. ton, D.C. 20250. Dear Mr. King: I have your letter of September twelfth and, in RESIGNATION OF MR. KING AS A MEMBER OF THE BOARD OF GOVERNORS accordance with your wishes, am accepting your resignation as a member of the Board of Gover- Mr. G. H. King, Jr., who had been a member of nors of the Federal Reserve System. the Board since March 25,1959, resigned effective Your long period of association with the Federal September 18, 1963. At the time of his appoint- Reserve System must indeed have brought you a ment as a member of the Board of Governors, Mr. great deal of personal satisfaction, and I want es- King was President of King Lumber Industries, pecially to thank you for your years of service by Canton, Mississippi, and was also engaged in Presidential appointment as a member of the timber and mineral leasing of lands and in the Board of Governors. production and marketing of purebred Hereford cattle throughout the United States and Mexico. With best wishes for your welfare and happiness, He had been a director of the New Orleans Branch Sincerely, of the Federal Reserve Bank of Atlanta and had John F. Kennedy. served as Chairman of its Board of Directors in Honorable G. H. King, Jr. 1958. Board of Governors of the Mr. King's letter of resignation and the Presi- Federal Reserve System dent's letter of acceptance follow: Washington, D. C. 1254 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 16 Following several months of expansion indus- Production of iron and steel declined 12 per trial production declined slightly in August while cent and was 20 per cent below the May peak. construction activity, retail sales, and nonfarm After mid-August steel ingot production leveled employment remained at record levels. The money out. Output of other durable materials and of supply declined a little after a substantial increase nondurable materials remained at record levels. in July, but time and savings deposits at commercial banks rose sharply. Bond yields increased in CONSTRUCTION early September, reflecting in part announcement New construction put in place in August—at a by the Treasury of a large advance refunding. seasonally adjusted annual rate of $65 billion— was unchanged from the June-July level. Resi- INDUSTRIAL PRODUCTION dential activity declined somewhat further from The Board's index of industrial production in its high in June, but other private construction August was 126 per cent of the 1957-59 average, continued to rise. Public construction increased 1 point below the record reached in July and 5 somewhat, following an appreciable upward reper cent above the level prevailing through the vision for the previous two months. second half of last year. In August, production of iron and steel fell sharply further and output of EMPLOYMENT autos declined from a high rate while production Employment in nonagricultural establishments of most other materials and final products changed changed little in August following seven months of little. advance. Employment increased in finance, serv- Auto assemblies, at 140 per cent of the 1957-59 ices, and State and local government but declined average, were down 9 per cent from July and 13 somewhat in manufacturing, reflecting mainly the per cent from the June peak; production schedules curtailment in steel production and a greater-thanindicate a rise in September. Output of other conusual impact in August of auto model changeovers. sumer goods changed little in August. Among The average factory workweek was little changed business equipment, production of industrial mafrom both a month earlier and a year ago. The chinery continued to expand while output of comunemployment rate was 5.5 per cent, compared mercial machinery declined. with 5.6 per cent in July and 5.7 per cent in August 1962. INDUSTRIAL PRODUCTION 1957-59 = 100 DISTRIBUTION Retail sales, after rising in June and July, were unchanged in August. Sales at department stores rose to a new high, 4 per cent above the June-July level and 9 per cent above a year earlier. Dealers' deliveries of new cars declined from the high rate of July. AGRICULTURE Based on September 1 conditions, crop production was estimated at 108 per cent of the 1957-59 average, up 1 per cent from the estimate of a month earlier and equal to the record levels of 1963 1959 1962 and 1960. Record large crops were estimated F. R. indexes, seasonally adjusted. Latest figures shown for Aug. for corn, soybeans, rice, and sugar. Prospective 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1256 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 crops of cotton, tobacco, oats, barley, rye, and stantially in July, declined slightly. Time and hay are below last year. Owing to record yields savings deposits at commercial banks rose $1.2 the prospective cotton crop is only 4 per cent less billion, a larger amount than in other recent than last year although acreage is 8 per cent months. smaller. Required and total reserves declined more than seasonally in August, due to a larger than usual COMMODITY PRICES reduction in U. S. Government deposits. Excess Average wholesale prices of industrial com- reserves declined somewhat and member bank modities were stable in August and early Septem- borrowings from the Federal Reserve rose slightly. ber and were unchanged from a year ago. Prices Reserves were absorbed principally through a deof lead and steel scrap increased in the recent crease in Reserve Bank float, an increase in circuperiod while those of lumber, rubber, and hides lation, and an outflow of gold and they were supdeclined, and average prices of sensitive industrial plied mainly through an increase in Federal Rematerials continued to change little. Among farm serve holdings of U. S. Government securities. products, livestock prices declined as marketings of hogs expanded seasonally. SECURITY MARKETS After changing little in late August yields on BANK CREDIT, MONEY SUPPLY, AND RESERVES corporate and State and local government bonds Seasonally adjusted commercial bank credit in- and on long-term Treasury issues increased somecreased $700 million in August, less than the what in early September, reflecting in part anaverage monthly expansion earlier this year. Hold- nouncement by the Treasury of a large advance ings of non-Government securities continued to refunding. Treasury bill yields rose over the period; expand rapidly, but total loans increased less than in mid-September the rate on 3-month bills was earlier, mainly because of decreases in loans to close to 3% per cent. security dealers and finance companies. Holdings Common stock prices advanced further in active of U. S. Government securities declined somewhat trading. In mid-September average prices were further, following a large reduction in July. The 1 per cent above the previous peak reached in average money supply, which had increased sub- December 1961. INTEREST RATES PRICES 1957-59 = 100 ALL ITC"r f - ALL COMMODITIES 1 1 1 1 1 1 1 1 v COMMODITIES Other than farm and food >Ci^<^—^NONFOOD ~ COMMODITIES TREASURY BILLS 1 1 1 1 - - 1 1 1 1 PROCESSED FOODS ^>^*-*^Jr^*SE R V1C E S _^ FARM PRODUCT'S | | .^ 1 1 1 1 1|A- 1963 1959 Discount rate, range or level for all F. R. Banks. Weekly Bureau of Labor Statistics indexes. Latest figures shown for average market yields for U.S. Govt. bonds maturing in 10 consumer prices, July; for wholesale prices, Aug. years or more and for 90-day Treasury bills. Latest figures shown, week ending Sept. 13. 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 i net change in liabilities * in, iv Quarters U Financial uses of funds: net acquisitions of assets n.a. Not available n.e.c. Not elsewhere classified Amounts insignificant in terms of the par- S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) N.S.A. Monthly (or quarterly) figures not adjusted (1) Zero, (2) no figure to be expected, or (3) for seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually— continued Issue Page Flow of funds. Aug. 1963 1144-1161 (Feb. 1963 268-75 Banking and monetary statistics, 1962 -{ Mar. 1963 394-95 /May 1963 720-23 Semiannually Banks and branches, number of, by class and Banking offices: Analysis of changes in number of Aug. 1963 1162 State Apr. 1963 551-52 On. and not on, Federal Reserve Par List number of. Aug. 1963 1163 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 commerci•a l' ' ban*k s. 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, 1962 .. .7. July 1963 1012 balances Sept. 1963 1322 1258 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 1260 Reserve Bank discount rates; margin requirements; reserve requirements 1264 Federal Reserve Banks 1266 Bank debits; currency in circulation 1268 Money supply; banks and the monetary system 1270 Commercial and mutual savings banks, by classes 1272 Commercial banks, by classes 1276 Weekly reporting member banks 1278 Business loans 1281 interest rates 1282 Security prices; stock market credit; open market paper 1283 Savings institutions 1284 Federal finance 1286 Federally sponsored credit agencies 1291 Security issues. 1292 Business finance 1295 Real estate credit 1297 Consumer credit 1300 Industrial production 1304 Business activity 1308 Construction 1308 Employment and earnings 1310 Department stores 1312 Wholesale and consumer prices. 1314 National product and income series. 1316 Flow of funds, saving and investment 1318 Commercial banking 1320 Stock market credit 1322 Guide to tabular presentation 1258 Index to statistical tables 1348 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 Staagcncies; 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) 1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1260 BANK RESERVES AND RELATED ITEMS SEPTEMBER 1963 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve fundi Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank Pe o ri r od U.S. Govt. securities c u u r r y - r C en u c r- y Treas- with r e F s . e R rv . e B s, anks Other i•eserves date Dis- Gold in F.R. Total Bo o u u g t- ht R c a e h g p a r u e se e r- - c v o a a a n n u d c d n - e ts s Float1 t T al o - 2 stock s o t i a n u n g t- d- c t c u i i o l r a n - - h i o n l g d s - Tr u e r a y s- F ei o g r n - Other i co a u c n - ts W F. i R th . r C e a n n u c d r- y Total right ments Banks coin 3 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 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 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 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953 Dec 25,639 25,218 421 448 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 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 m 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 in 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,496 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 1,42629,435 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 June 29,568 29,510 58 154 1,508 31,265 16,434 5,601 33,626 402 514 269 322 '971 17,196 2,728 19,924 1962—Aug 30,088 30,074 14 143 1,330 31,600 16,136 5,598 33,962 405 524 200 335 764 17,144 2,780 19,924 Sept 29,921 29,865 56 91 1,760 31,807 16,079 5,548 34,004 398 500 211 296 799 17,227 2,807 20,034 Oct 30,241 30,178 63 76 1,705 32,057 16,050 5,552 34,111 404 517 216 320 710 17,382 2,823 20,205 Nov 30,195 30,064 131 129 1,694 32,053 15,978 5,552 34,584 400 472 202 293 925 16,706 2,898 19,604 Dec .... 30,546 30,474 72 305 2,29833,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3 108 20,040 1963—Jan . . 30,198 30 148 50 101 2,27832,663 15,950 5,568 34,574 422 111 226 299 976 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 30,507 106 185 1,626 32,477 15,878 5,576 34,431 446 878 188 185 1,095 16,707 2,809 19,516 Apr 30,897 30,833 64 151 1,596 32,692 15,878 5,578 34,719 436 917 183 199 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 2,915 19,676 June 31,540 31,446 94 236 1,635 33,454 15,785 5,583 35,293 400 794 193 216 1,125 16,800 2,935 19,735 July 32,158 32,014 144 322 1,740 34,262 15,664 5,585 35,752 393 923 176 201 ,076 16,991 3,026 20,017 Aug . 32,233 32,171 62 355 1,453 34,080*15,602^5,584*35,793 *395 846 164 200 .144 16,723*2,9962>19,719 Week ending— 1962 July 4 29,884 29,707 177 153 1,498 31,597 16,435 5,600 33,863 391 533 330 290 699 17,527 2,713 20,240 11 29,962 29 870 92 81 1,627 31,729 16,412 5,602 34,155 394 452 294 301 700 17,447 2,694 20,141 18 29,304 29,304 178 2,03931,561 16,298 5,601 34,091 388 496 315 298 607 17,265 2,829 20,094 25 29,230 29,230 74 1,968 31,315 16,269 5,603 33,901 404 551 221 317 641 17,152 2,850 20,002 Aug. 1 29,592 29,592 85 1,346 31,066 16,168 5,604 33,813 414 428 234 343 643 16,962 2,876 19,838 8 . 30 194 30 194 171 1,150 31,559 16,148 5,603 33,938 417 488 217 331 692 17,226 2,589 19,815 15 30,177 30,160 17 145 1,279 31,642 16,148 5,596 34,059 402 598 198 375 703 17,050 2,763 19,813 22 29 902 29,890 12 171 1,684 31,795 16,147 5,597 34,003 397 553 189 325 827 17,247 2,763 20,010 29 30,019 30,019 92 1,287 31,433 16,112 5,601 33,870 404 502 192 314 820 17,044 2,870 19,914 Sept 5 . 30 412 30 264 148 105 1,134 31,685 16,098 5,556 33,977 404 459 175 315 866 17,143 2,696 19,839 12 30,396 30,269 127 89 1,400 31,921 16,093 5,550 34,167 392 503 204 293 839 17,165 2,787 19,952 19 29 748 29,748 36 2,13631,955 16,067 5,544 34,045 390 579 222 284 774 17,273 2 886 20,159 26 29 340 29 340 152 2 17631,702 16 068 5 548 33 882 401 494 219 283 760 17 278 2 913 20 191 Oct. 3 29 959 29,946 13 74 1,747 31,816 16,067 5,552 33,914 400 476 217 323 754 17,352 2 822 20,174 10 30,682 30,546 136 56 1,645 32,416 16,067 5,555 34,102 410 513 243 314 751 17,706 2,627 20,333 17 . 30,480 30,385 95 82 1,633 32,229 16,067 5,551 34,256 397 480 214 336 717 17,445 2,861 20,306 24 29,931 29,931 67 2,08332,116 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 16,589 2,828 19,417 21 30,104 30,044 60 105 2,05632,299 15,978 5,550 34,684 394 464 193 289 1,020 16,783 2,902 19,685 28 30,012 29,994 18 103 2,109 32,259 15,978 5,551 34,803 400 488 214 262 1,023 16,597 3,033 19,630 Dec. 5 30,411 30,223 188 93 1,832 32,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2,964 19,529 12 30,698 30,603 95 109 1,755 32,629 15,977 5,559 35,226 402 478 207 268 1,068 16,517 3,010 19,527 2 1 6 9 3 3 0 0 , , 4 5 9 1 3 0 3 30 0 , , 4 4 8 9 9 3 ""n 3 1 0 6 8 4 2 2 , , 8 4 4 4 2 33 33 3 , , 7 1 3 6 3 3 1 15 5 , , 9 9 7 7 8 8 5 5 , , 5 5 6 6 4 0 3 3 5 5 , , 4 36 7 6 1 3 3 9 9 9 5 6 6 6 6 5 9 2 21 0 0 8 2 29 7 5 7 1 1 , , 0 0 1 2 1 6 1 1 7 6, , 7 2 7 1 1 2 3 3 , , 1 1 8 1 2 3 2 1 0 9 , , 3 9 2 5 5 3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 BANK RESERVES AND RELATED ITEMS 1261 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o 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 s - h t e t cu R m r c a i e h g t e i p a r e n u e s ! t e e r s - - c v D o a a a i u n n d s n c d - - t e s s Float i t T a o l - 2 s G to o c ld k T r s o c r e t u i e a n u n u r a n g r y c t s - - d y - - r c C t e c u i i n i u o n l r c a n r - - y - T h c i r u o n a e r l g s a y d h s s - - Tr t u e h w r a a y s i n t - h m r e F e s F e . e m R i o g r . v r b n - e e B s r , a O b n a t k h n s e k r i c O F o t a . u h c R n e - t . r s B W F a . n i R t k M h . s e r m e c r C s b o e a e n n e u i r n r c d r v - y e 3 b s an T k otal Averages of daily figures Week ending— 1963 Jan. 2 30,598 30,478 120 716 2,684 34,104 15,978 5,568 35,349 399 628 280 319 1,054 17,623 3,456 21,079 9 30,404 30,404 65 2, 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 2,39232,784 15,963 5,563 34,694 412 767 232 298 980 16,927 3,173 20,100 23 29,898 29,898 172 2,3"0"7 32,464 15,928 5,567 34,361 429 823 225 281 960 16,881 3,034 19,915 30 30,123 29,975 148 101 1,615 31,916 15,928 5,571 34,080 432 837 220 297 966 16,583 3,028 19,611 Feb. 6. 30,540 30,235 305 225 1,358 32,194 15,928 5,569 34,107 421 783 206 297 971 16,907 2,777 19,684 13. 30,786 30,447 339 165 ' 319 32,330 15,928 5,563 34,263 427 838 212 298 959 16,825 2,799 19,624 20. 30,392 30,337 55 157 702 32,312 15,928 5,566 34,293 444 901 187 310 1,086 16,586 2,926 19,512 27. 30,405 30,361 44 159 596 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 1,66532,444 15,878 5,573 34,282 448 856 188 213 1,135 16,772 2,745 19,517 13 30,651 30,528 123 168 5.2 7 3322,402 15,877 5,576 34,454 450 783 191 181 1,114 16,682 2,740 19,422 20 30,430 30,430 87 872 32,441 15,878 5,577 34,511 448 845 180 191 1,073 16,648 2,857 19,505 27 30,635 30,519 271 1,59832,555 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 1,34532,596 15,878 5,577 34,535 428 895 189 191 1,074 16,740 2,868 19,608 10 31,188 31,106 82 117 11425 32,779 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 1,522 32,500 15,877 5,582 34,583 438 963 167 196 997 16,615 3,029 19,644 31,350 31,113 237 141 1,54533,081 15,864 5,580 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 5,570 34,933 416 1,047 156 189 984 16,750 2,910 19,660 22 30,914 30,914 304 1,8"99 33,163 15,828 5,574 34,896 422 931 190 177 ,162 16,787 2,896 19,683 29 30,910 30,910 266 1,446 32,667 15,819 5,578 34,911 419 673 168 174 ,155 16,565 3,034 19,599 June 5. 31,293 31,191 102 216 1,318132,868 15,797 5,583 35,108 407 643 169 183 ,156 16,582 2,856 19,438 12. 31,587 31,513 74 249 i382 33,261 15,797 5,581 35,298 402 774 218 205 ,156 16,587 2,841 19,428 19. 31,317 31,244 73 284 ,853 33,498 15,798 5,582 35,331 404 781 202 237 ,111 16,813 2,983 19,796 26. 31,583 31,430 153 234 1,854 33,714 15,779 5,582 35,279 402 892 185 217 ,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 1,65134,273 15,733 5,587 35,581 383 863 173 235 ,101 17,257 2,985 20,242 10 32,65f 32,308 344 323 726 34,744 15,691 5,588 35,899 391 1,022 180 196 ,107 17,228 2,865 20,093 17 32,04: 31,939 103 401 929 34,419 15,669 5,582 35,850 396 922 180 199 ,056 17,067 3,105 20,172 24 31,687 31,687 313 990 34,030 15,633 5,584 35,698 391 886 168 193 ,062 16,850 3,078 19,928 31 32,086 32,044 "42 143 344 33,611 15,633 5,586 35,564 393 891 179 202 ,069 16,530 3,118 19,648 32,443 32,373 70 403 1,288 34,174 15,633 4,587 35,703 402 742 170 250 1,071 17,055 2,858 19,913 Aug- 32,286 32,253 33 382 1,367 34,075 15,618 5,581 35,879 382 870 167 188 1,038 16,750 2,959 19,709 21 32,017 31,964 53 324 1,787 34,167 15,583 5,583 35,850 394 879 153 185 1,217 16,655 2,999 19,654 28 32,142 32,074 68 305 1,418 33,901 15,583 5,586 35,728 400 918 16: 181 1,219 16,461 >309r *>19,553 End of month 1963 June 32,027 31,988 39 96 1,63833,804 15,733 5,587 35,470 369 806 175 242 1,097 16,965 2,700 19,665 July 3 32 2 , , 3 4 9 6 1 8 . 3 32 2 , , 2 3 3 2 7 4 1 1 4 5 4 4 3 3 8 3 9 8 1 1 , , 1 3 0 1 1 6 3 3 3 4 , , 9 1 4 3 6 4 1 1 5 5 , , 6 5 3 8 3 " 5 5 , , 5 5 8 8 8 8 3 3 5 5 , , 6 8 6 3 3 3 3 39 8 ( 9 6 7 2 0 9 5 1 17 8 8 2 2 1 6 9 : 5 1 1 , , 0 2 7 1 0 3 1 1 6 6, , 9 7 7 8 1 "? 3 2 , ,8 3 0 8 9 2 2 1 0 9 , 5 3 9 5 1 3 Aug Wednesday 1963 July 3 32,683 32,289 394 565 1,52234,814 15,73! 5,588 35,864 393 884 167 19: 1,098 17,538 2,996 20,534 10 32,291 32,053 238 131 1,52933,994 15,68: 5,588 35,943 398 1,190 18. 201 1,107 16,242 3,277 19,519 17 31,752 31,752 282 1,96534,042 15,63: 5,583 35,820 398 884 180 211 1,064 16,701 3,320 20,021 24 31,750 31,750 75 1,3"84 3333,248 15,63: 5,586 35,651 393 1,020 177 197 1,063 15,965 3,397 19,362 31 32,468 32,324 144 338 1,10133,946 15,63: 5,588 35,663 389 629 182 262 1,070 16,971 3,382 20,353 Aug. 7 32,369 32,316 53 1,059 1,131 34,598 15,63: 5,589 35,849 404 941 198 187 1,065 17,176 3,043 20,219 14 32,128 32,119 159 1,406 33,732 15,58! 5,581 35,918 392 1,052 152 193 990 16,199 3,319 19,518 21 32,097 31,993 104 620 1,434 34,188 15,58! 5,585 35,826 403 948 152 178 1,218 16,631 3,321 19,952 28 32,23^ 32,183 54 338 1,132 33,744 15,58: 5,583 35,77- 401 1,015 147 188 1,213 16,172*>3,430*>19,602 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 arc 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

1262 BANK RESERVES AND RELATED ITEMS SEPTEMBER 1963 RESERVES AND BORROWINGS OF MEMBER BANKS (Averages of daily figures; in millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B F r i o . a n a n w g t R k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B F r i a . o n a n g w t R k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B F r i o a n . a n w g R t k s . - s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1 143 848 295 295 1945_Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ',409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954_Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 ,038 104 -104 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—June 19,924 19,433 491 100 391 3,781 3,774 7 19 -12 976 977 -1 2 1962—Aug 19,924 19,358 566 127 439 3,709 3.684 24 17 7 1,017 1,013 4 18 -14 Sept 20,034 19,579 455 80 375 3,718 3,723 -4 15 -19 1,021 1,022 -1 9 -10 Oct 20,205 19,721 484 65 419 3,774 3,736 38 4 34 1,036 1,032 5 6 Nov 19,604 19,012 592 119 473 3,627 3,601 27 14 13 1,007 1,001 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 1,037 7 -6 Feb 19,581 19,109 472 172 300 3,721 3,704 17 42 -25 1,016 1,012 15 -11 Mar 19,516 19,090 426 155 271 3,752 3,734 19 27 -8 1,009 1,008 38 -37 Apr 19,574 19,140 434 121 313 3,727 3,716 11 12 -1 1,003 998 14 -9 May 19,676 19,219 457 209 248 3,769 3,735 34 34 1,025 1,025 8 -8 June.... 19,735 19,358 377 236 141 3,722 3,742 -20 39 -59 1,029 1,032 -3 3 -6 July 20,017 19,537 480 322 158 3,796 3,740 55 40 15 1,038 1,026 11 24 -13 Aug P19,719 '19,256 330 *3631 ^3,620 v\\ 90 P-19 Pl,009 1007 29 Week ending— 1962—Aug. 1. 19,838 19,404 434 70 364 3,768 3,753 14 15 1,024 1,016 6 8. 19,815 19,325 490 156 334 3,706 3,704 3 -15 1,012 1,010 -16 15. 19,813 19,216 597 130 467 3,667 3,630 37 29 997 999 -25 22. 20,010 19,468 542 156 386 3,716 3,704 12 40 -27 1,026 1,022 -22 29. 19,914 19,379 535 73 462 3,691 3,677 15 7 1,024 1,019 -5 1963—Mar. 6. 19,517 19,121 396 142 254 3,746 3,740 6 -30 1,032 1,022 9 9 13. 19,422 18,933 489 137 352 3,696 3,667 29 8 990 994 -4 26 -30 2 2 0 7 . . 1 1 9 9 , , 5 5 0 9 5 8 1 19 9 , , 1 1 3 2 5 9 4 3 6 7 3 6 24 5 1 7 2 3 2 1 2 9 3 3 , , 7 7 7 5 5 2 3 3 , , 7 7 7 3 3 0 2 2 1 - - 1 3 9 1 1 , , 0 0 2 1 3 6 1 1 , , 0 0 1 1 1 2 1 4 2 11 1 2 -10 1 8 1 Apr. 3. 19,608 19,154 454 174 280 3,787 3,767 20 -11 1,003 994 29 -21 10. 19,371 18,997 374 87 287 3,668 3,669 -1 -8 982 981 6 -5 17. 19,690 19,157 533 157 376 3,736 3,701 36 12 995 994 36 -35 24. 19,729 19,216 513 157 356 3,719 3,715 5 -13 1,006 1,003 15 -11 May 1. 19,644 19,244 400 94 306 3,848 3,799 49 49 1,020 1,023 -6 8. 19,715 19,354 361 110 251 3,839 3,822 17 17 1,032 1,027 26 -21 15. 19,660 19,201 459 199 260 3,702 3,711 -9 -6: 1,021 1,019 -3 22. 19,683 19,230 453 281 172 3,753 3,729 24 -57 1,035 1,031 2 29. 19,599 19,122 477 266 211 3,737 3,683 54 39 1,027 1,024 1 June 5. 19,438 19,098 340 216 124 3,672 3,662 10 1,028 1,025 -1 12. 19,428 19,009 419 248 171 3,632 3,621 1 -6 1,012 1,009 1 19. 19,796 19,298 498 284 214 3,749 3,743 -58 1,016 1,021 26. 20,05f 19,673 379 234 14! 3,848 3,828 20 — 53 1,058 1,051 July 3. 20,242 19,810 432 329 103 3,891 3,886 -55 1,055 1,056 -26 10. 20,093 19,630 463 323 140 3,797 3,758 1,036 1,029 -1 17. 20,172 19,577 595 400 195 3,719 3,706 -68 1,034 1,030 24. 19,928 19,457 471 312 159 3,797 3,720 77 1,025 1,013 66 -55 31. 19,648 19,351 297 143 154 3,726 3,711 15 1,023 1,021 -3 Aug. 19,913 19,431 482 398 84 3,722 3,720 -80 1,021 1,024 -75 19,709 19,236 47: 352 121 3,611 3,599 12 106 -94 1,002 997 -40 21. 19,654 19,252 402 294 108 3,613 3,605 8 89 -81 1,012 1,009 -9 28. *>19,553*>19,148 *>405 274 3,569 3,570 -1 81 1,003 1,001 2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 BANK RESERVES AND RELATED ITEMS 1263 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (Averages of daily figures; in millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933 June . . . 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951 Dec . . 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953 Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954 Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960 Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962 June . 8,270 8,209 61 45 16 6,896 6,473 423 34 389 1962 Aug 8,182 8,129 52 47 5 7,017 6,531 486 45 441 Sept 8,189 8,166 23 26 7,106 6,668 438 30 408 Oct 8,203 8,175 29 24 5 7,192 6,779 413 31 382 Nov 7,995 7,951 44 60 -16 6,975 6,459 515 32 483 Dec 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Jan 8,115 8,104 10 60 -50 7,025 6,572 453 27 426 Feb 7,945 7,919 25 80 -55 6,899 6,474 425 35 390 Mar 7,936 7,916 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 51 117 -66 6,868 6,496 372 50 322 June 8,038 8,018 20 129 -109 6,946 6,566 380 65 315 July 8,150 8,099 51 201 -150 7,033 6,671 362 57 305 Aug *>8,059 118 ^6,613 M07 93 ^314 Week ending— 1962—Aug. 1 8,172 8,142 30 27 4 6,874 6,493 381 40 340 8 8,151 8,121 30 66 -34 6,945 6,491 455 54 401 15 8,158 8,088 70 49 21 6,991 6,499 492 50 443 22 8,232 8,199 33 52 -19 7,035 6,543 492 38 454 29 8,138 8.104 34 21 13 7,061 6,580 481 34 448 1963—Mar. 6 7,940 7,910 31 70 -39 6,800 6,449 350 36 314 13. 7,897 7,854 42 50 -8 6,840 6,417 423 41 382 20 7,938 7,915 23 20 3 6,769 6,430 338 30 308 27 7,969 7,951 18 50 -32 6,861 6,441 420 39 381 Apr. 3 8,007 7,969 38 49 -11 6,810 6,423 387 65 322 10.. 7,947 7,921 26 47 -21 6,774 6,427 347 27 320 17. 8,045 7,993 51 37 14 6,914 6,469 445 60 385 24 8,012 7,992 20 101 -81 6,991 6,506 485 23 462 May 1 7,987 7,966 21 49 -28 6,789 6,457 333 42 291 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 6,910 6,513 397 37 360 29 ... 8,012 7,928 84 172 -88 6,823 6,487 336 77 259 June 5 7,937 7 913 24 128 -104 6 801 6,497 304 74 230 12 7,893 7,869 24 150 -126 6,891 6,511 380 78 302 19 8,014 7 986 28 159 -131 7,018 6,548 470 59 411 26 . 8,194 8,163 31 81 -50 6,952 6,631 321 75 246 July 3 8,238 8,205 33 193 -160 7,059 6,664 395 51 344 10 8,198 8,146 53 220 -167 7,061 6,697 364 59 305 17 . . 8,168 8,136 32 266 -234 7,251 6,705 546 48 497 24 8,128 8,050 77 190 -113 6,979 6,674 305 56 248 31 8,037 8,013 25 84 -59 6,861 6,607 254 54 200 Aug. 7 8 100 8 069 31 140 -109 7,069 6,619 451 103 348 14 8,043 8,014 29 117 -88 7,053 6,626 427 84 343 21 8,043 8,016 27 111 -84 6,986 6,622 365 82 283 28 8,011 7,980 31 97 -66 *>6,970 *>6,596 *>374 96 i This total excludes, and that in the preceding table indues, $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

1264 DISCOUNT RATES SEPTEMBER 1963 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec, 13 3 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Aug. 31 date rate Aug. 31 date rate Aug. 31 date rate Boston July 17, 1963 July 17,1963 July 17,1963 4 P N h e i w la d Y el o p r h k ia .. . . . J J u u l l y y 1 19 7 , , 1 1 9 9 6 6 3 3 J J u u l l y y 1 1 7 9 , , 1 1 9 9 6 6 3 3 J A u u n g e . 1 1 0 9 , , 1 1 9 9 6 6 0 0 5 Cleveland July 17, 1963 July 17, 1963 July 17, 1963 2 Richmond... July 17, 1963 July 17, 1963 July 17, 1963 Atlanta July 24, 1963 July 24, 1963 July 24, 1963 Chicago July 19, 1963 July 19, 1963 July 19, 1963 St. Louis July 17, 1963 July 17, 1963 July 17, 1963 Minneapolis.. July 17, 1963 July 17, 1963 Aug. 15, 1960 Kansas City.. July 26, 1963 July 26, 1963 July 26. 1963 Dallas July 17, 1963 July 17, 1963 Sept. 9, 1960 San Francisco July 19, 1963 July 19, 1963 June 3, 1960 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers* acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturities not over 6 months and 9 months, respectively, and advances maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or levels- Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R, of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31,1932 1953 1958 Jan. 16 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 *"-g-: Feb. 2 183* May 21 Mar. 16 Oct. 24 Nov. 7 Jan. 11 1935 Aprif:: 1 : 9 : 5 : 5 May. 14 1959 Aug. 27 1937 1 -2 A M u a g y . 4 2 Mar. 1 6 6 Sept. 4 1942 1 -1J4 SepS 1 i 2 : . : '.' : .' : .' : . J M S u e n a p y o t. 2 1 1 9 1 2 Apr. 11 Nov. 18 18 Oct. 15 23 30 1960 A M p a r y . 2 1 5 0 1946 Apr. 2 1 0 3 1956 June 1 1 3 0 4 f Jan. 12 194S Aug. 2 3 4 1 A Se u p g t . . 1 9 2 19 &:::::::::::::: 1957 r 1963 **£ July 17 1950 3H 26 Nov. 15 In effect Aug. 31 Dec. 2 i Preferential rate of }£ of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29. NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75. The 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

SEPTEMBER 1963 RESERVE REQUIREMENTS 1265 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits2 Time deposits Effective date Type of deposit Central Jan. 1, Jan. 1, Jan. 1, July 17, Effective date i Central reserve 1936 1957 1962 1963 reserve Reserve Coun- and Councity city try reserve try banks 3 banks banks city banks Savings deposits held for: banks ik 4 Less than 1 year 3 3% m In effect Dec. 31, 1948.. 26 22 16 7% Postal savings deposits held for: 1949_May 1 5 24 21 15 7 7 1 year or more } »* ik 4 June 30, July 1.. 20 14 6 6 3 Aug. 1,11 , I* 19Vi 13 5 Aug. 16, 18 19 12 5 Other time deposits pay- Aug. 25 18% able in: i Sept. 1 18 6 1 m ye o a n r t h o s r - 1 m o y r e e ar } 2* 3 1 I 4 1951— J J a a n n . . 2 1 5 1 , , F 16 eb. 1.. 2 2 3 4 2 1 0 9 1 1 4 3 6 6 ig 1953—July 1,9 22 19 13 Less than 90 days 1 21/2 >: 1954_june 16,24, ,., 21 5 5 July 29, Aug. 1. 20 18 12 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. 191/2 171/2 11% BULL., p. 1279. Mar. 20, Apr. 1.. 19 17 11 NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 I8I/2 l a U i n s n h y d e e e d v r e b t n h y t i s e t x h R c e e e e g B d u o l t a a h r t e i d o m n o a f t x h i G e m o r u v a m e te r n r p a o t a r e y s a p b u a l n y e d a b e b r l y e p b a r y o m v S i e t s m a io t b e n e s b r a o n b f k a n s R k o e r g m u tr a l u a y s t i t n o o c n o t m Q in - . 1960— A N Se p o p r v t . . . 2 2 4 4 1 1 1 8 7i/2 i6i/2 12 panies on like deposits under the laws of the State in which the member Dec. 1 I6I/2 bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the 1962—Oct. 25, Nov. 1. 4 4 FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits: In effect Sept. 1, 1963.. 16i/2 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum 10 7 3 3 Maximum 4 22 14 6 6 (Per cent of market value) 1 When two dates are shown, first-of-month or midmonth dates record Effective date changes at country banks, and other dates (usually Thurs,) record changes at central reserve or reserve city banks. Regulation 2 Demand deposits subject to reserve requirements are gross demand Oct. 16, July 28, July 10, deposits minus cash items in process of collection and demand balances 1958 1960 1962 due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. Regulation T: 4 Before July 28, 1959, the minimum and maximum legal requirements For extensions of credit by brokers and for central reserve city banks were 13 and 26 per cent, respectively, and dealers on listed securities 90 70 50 the maximum for reserve city banks was 20 per cent. For short sales 90 70 50 Regulation U: NOTE.—All required reserves were held on deposit with F. R. Banks, June For loans by banks on stocks 90 70 50 21, 1917, until late 1959. Since then, member banks have also been allowed to count vault cash as reserves, as follows: Country banks—in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 NOTE.—Regulations T and U, prescribed in accordance with Securities and Aug. 25, 1960, respectively. Central reserve city and reserve city Exchange Act of 1934, limit the amount of credit that may be extended on banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, a security by prescribing a maximum loan value, which is a specified 1960, respectively. Effective Nov. 24, 1960, all vault cash. percentage of its market value at the time of extension: margin requirements are the difference between the market value (100+) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k b l s er Y N o e r w k Other C b o a u n n k t s ry Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending June 26, 1963 Four weeks ending July 24, 1963 Gross demand: Gross demand: Total 130,021 25,176 6,395 49,793 48,656 Total 133,106 25,380 6,457 51,221 50,048 Interbank 13,749 4,210 1,195 6,749 1,595 Interbank 14,366 4,303 1,238 7,099 1,725 U.S. Govt 6,173 1,312 363 2,446 2,052 U.S. Govt 7,657 1,595 439 2,966 2,657 Net d O e t m he a r nd i 1 10 1 7 0 , , 1 0 8 9 8 9 2 1 0 9 , , 0 6 2 5 0 4 4 5 , , 8 3 3 7 8 4 4 4 0 0 , , 2 5 9 9 9 8 4 4 1 5 , ,0 4 0 9 8 5 Net d O e t m he a r nd 1 1 1 0 1 9 1 , , 4 0 2 8 3 3 2 1 0 9 , , 3 4 3 8 1 1 4 5 , , 7 4 8 0 0 2 4 41 1 , , 1 1 4 5 0 6 4 42 5 , , 5 6 5 6 0 6 Time 86,248 10,256 3,497 33,329 39,166 Time 86,967 10,320 3,516 33,652 39,478 Demand balances due Demand balances due from domestic banks.. 7,065 108 105 2,022 4,831 from domestic banks. 7,320 111 110 2,033 5,067 Currency and coin 2,933 226 41 904 1,761 Currency and coin 3,008 228 42 922 1,814 Balances with F.R. Balances with F.R. Banks 16,746 3,499 988 7,105 5,154 Banks 17,101 3,573 995 7,261 5,273 Total reserves held 19,679 3,725 1,029 8,009 6,915 Total reserves held 20,109 3,801 1,037 8,183 7,087 Required 19,269 3,714 1,027 7,982 6,546 Required 19,619 3,767 1,032 8,134 6,685 Excess 410 11 2 27 369 Excess 490 34 5 49 402 i Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1266 FEDERAL RESERVE BANKS SEPTEMBER 1963 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1963 1963 1962 Aug. 28 Aug. 21 Aug. 14 Aug. 7 July 31 August July August Assets Gold certificate account 13,974 13,974 13,985 14,031 14,032 13,972 14,032 14,609 Redemption fund for F.R. notes 1,317 1,322 1,314 1,305 1,314 1,319 1,314 1,208 15,291 15,296 15,299 15,336 15,346 15,291 15,346 15,817 Cash 359 348 339 349 359 372 359 403 Discounts and advances: Member bank borrowings 308 590 129 1,024 338 359 338 90 30 30 30 35 30 37 37 39 39 39 38 39 35 HelcT under repurchase agreement U.S. Govt. securities: Bought outright: Bills 3,003 2,891 3,108 3,359 3,506 3,057 3,506 2,984 Other 10,732 10,732 U,464 14,464 14,464 10,732 14,464 9,538 Notes • 14,010 13,985 9,887 9,870 9,806 14,010 9,806 13,772 4,438 4,385 4,660 4,623 4,548 4,438 4,548 3,952 Total bought outright 32,183 31,993 32,119 32,316 32,324 32,237 32,324 30,246 Held under repurchase agreement 54 104 9 53 144 154 144 112 Total U.S. Govt. securities 32,237 32,097 32,128 32,369 32,468 32,391 32,468 30,358 Total loans and securities 32,612 32,754 32,326 33,467 32,845 32,818 32,845 30,494 Cash items in process of collection 4,780 5,511 6,148 4,922 4,907 4,567 4,907 3,998 Bank premises •. 102 102 102 102 102 102 102 107 Other assets: Denominated in foreign currencies 66 66 63 63 63 66 63 317 222 202 410 391 366 228 366 229 Total assets 53,432 54,279 54,687 54,630 53,988 53,444 53,988 51,365 Liabilities F.R. notes 30,659 30,705 30,784 30,716 30,537 30,724 30,537 28,900 Deposits: 16,172 16,631 16,199 17,176 16,971 16,782 16,971 17,110 U S Treasurer—General account 1,015 948 1,052 941 629 705 629 478 147 152 152 198 182 178 182 168 Other 188 178 193 187 262 195 262 311 Total deposits 17,522 17,909 17,596 18,502 18,044 17,860 18,044 18,067 3,648 4,077 4,742 3,791 3,806 3,251 3,806 2,874 Other liabilities and accrued dividends 78 79 77 76 76 76 76 75 Total liabilities 51,907 52,770 53,199 53,085 52,463 51,911 52,463 49,916 Capital Accounts CaDital Daid in 486 485 484 484 483 486 483 460 Surplus • • 934 934 934 934 934 934 934 888 Other capital accounts 105 90 70 127 108 113 108 101 Total liabilities and capital accounts 53,432 54,279 54,687 54,630 53,988 53,444 53,988 51,365 Contingent liability on acceptances purchased f r foreicn correspondents ... 88 87 87 85 85 89 85 71 U.S. Govt. securities held in custody for foreign 7,853 7,861 7,860 7,853 7,733 7,856 7,733 6,407 Federal Reserve Notes—Federal Reserve Agents' Accounts F R notes outstanding (issued to Bank) 32,568 32,541 32,546 32,451 32,457 32,587 32,457 30,505 Collateral held against notes outstanding: 7,183 7,183 7,183 7,163 7,163 7,183 7,163 7 745 Elicible oaoer... ... 68 120 20 80 105 27 105 15 U.S. Govt. securities 26,214 26,214 26,234 26,224 26,234 26,224 26,234 23,885 Total collateral ... .... 33,465 33,517 33,437 33,467 33,502 33,434 33,502 31,645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 FEDERAL RESERVE BANKS 1267 STATEMENT OF CONDITION OF EACH BANK ON AUGUST 31, 1963 (In millidhs of dollars) Item Total Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - At t l a an- c C a h g i o - L S ou t. is M 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 13,972 787 3,239 697 1,140 924 735 2,446 540 311 605 609 1,939 Redemption fund for F.R. notes 1,319 76 316 77 115 113 75 231 53 28 51 42 142 Total gold certificate reserves 15,291 863 3,555 774 1,255 1,037 810 2,677 593 339 656 651 2,081 F.R. notes of other Banks 454 50 89 70 20 25 40 32 13 41 14 16 44 Other cash 372 28 68 21 34 27 31 55 23 11 11 14 49 Discounts and advances: O Se t c h u e r r ed by U.S. Govt. securities... 35 3 5 4 7 1 14 8 8 25 3 65 1 36 3 4 0 ] i 4 9 Acceptances: c Bought outright. 38 38 Held under repurchase agreement.. U.S. Govt. securities: Bought outright 32,237 1,551 8,179 1,727 2,661 2,112 1,794 5,419 1,280 625 1,353 1,305 4,231 Held under repurchase agreement.. 154 154 Total loans and securities 32,818 1,559 8,527 1,731 2,689 2,178 1,835 5,453 1,282 630 1,379 1,311 4,244 Cash items in process of collection... 5,711 470 1,120 340 460 454 411 867 237 179 30: 281 589 Bank premises 102 3 8 3 7 5 14 23 6 10 Other assets: Denominated in foreign currencies. 66 3 i 18 4 6 3 4 9 1 4 9 All other 228 10 57 12 18 15 13 38 10 6 c 10 30 Total assets 55,042 2,986 13,442 2,955 4,489 3,744 3,158 9,154 2,166 1,211 2,382 2,299 7,056 Liabilities F.R. notes 31,178 1,832 7,501 1,824 2,681 2,518 1,791 5,640 1,271 554 1,224 941 3,401 Deposits: M^ember bank reserves 16,782 647 4,446 736 1,254 695 891 2,483 575 425 812 976 2,842 U.S. Treasurer—General account.. 705 58 62 37 43 67 49 73 67 58 53 61 77 Foreign 178 7 2 72 8 14 7 8 21 3 6 8 19 Other 195 3 131 1 1 3 1 2 £ 1 1 51 * Total deposits 17,860 715 4,711 782 1,312 772 949 2,579 647 486 872 1,046 2,989 Deferred availability cash items 4,395 363 799 259 350 374 329 704 192 134 216 222 453 Other liabilities 76 4 20 4 6 4 4 13 3 2 3 3 10 Total liabilities 53,509 2,914 13,031 2,869 4,349 3,668 3,073 8,936 2,113 1,176 2,315 2,212 6,853 Capital Accounts Capital paid in 486 23 130 27 45 24 27 69 17 11 21 28 64 Surplus 934 44 251 54 87 44 51 132 32 22 40 53 124 Other capital accounts 113 5 30 5 8 8 7 17 4 2 6 6 15 Total liabilities and capital accounts.. 55,042 2,986 13,442 2,955 4,489 3,744 3,158 9,154 2,166 1,211 2,382 2,299 7,056 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Aug. 31, 1963 31.2 33.9 29.1 29.7 31 4 31 5 29.6 32.6 30.9 32 6 31 3 32 8 32.6 July 31 1963 31.3 33.4 31.8 29.7 30.3 29.7 30.5 32.9 28.9 28.5 29.1 28.1 32.6 Aug. 31, 1962 33.4 31.7 33.8 30.7 32.9 33.9 33.2 34.4 34.1 30.7 33.6 33.8 33.0 Contingent liability on acceptances purchased for foreign correspondents 89 4 3 24 5 8 4 5 13 3 2 4 5 12 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 32,587 1,911 7,813 1,912 2,855 2,640 1,865 5,800 1,324 646 1,261 1,015 3,545 Collateral held against notes outstanding : Gold certificate account 7,183 433 1,600 425 580 605 400 1,400 310 130 285 215 800 Eligible paper 2 1 24 U.S. Govt. securities 26,224 1,494 6,300 1,600 2,300 2,055 1,500 4,500 1,100 550 1,000 825 3,000 Total collateral 33,434 1,927 7,900 2,027 2,880 2,660 1,900 5,900 1,411 680 1,309 1,040 3,800 1 After deducting $48 million participations of other F.R. Banks. 3 After deducting $65 million participations of other F.R. Banks. 2 After deducting $106 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 FEDERAL RESERVE BANKS; BANK DEBITS SEPTEMBER 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 Aug. 28 Aug. 21 Aug. 14 Aug. 7 July 31 Aug. July Aug. Discounts and advances—Total... 338 620 159 1,059 338 389 338 101 Within 15 days 304 586 124 1,024 333 354 333 87 16 days to 90 days 7 4 5 5 5 5 5 14 91 days to 1 year 27 30 30 30 30 Acceptances—Total 37 37 39 39 39 38 39 35 Within 15 days 10 9 8 10 11 10 11 9 16 days to 90 days 27 28 31 29 28 28 28 26 U.S. Government securities—Total 32,237 32,097 32,128 32,369 32,468 32,391 32,468 30,358 Within 15 days i 594 723 4,637 4,751 4,796 565 4,796 407 16 days to 90 days 5,313 5,122 1,460 1,628 1,804 5,450 1,804 4,968 91 days to 1 year 13,089 13,089 15,152 15,165 15,182 13,135 15,182 12,547 Over 1 year to 5 years 10,866 10,813 8,476 8,452 8,385 10,866 8,385 9,987 Over 5 years to 10 years 2,176 2,151 2,208 2,182 2,120 2,176 2,120 2,233 Over 10 years 199 199 195 191 181 199 181 216 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalents) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d r ia s n F fr r a e n n c c s h G m er a m rk a s n It l a i 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 r w an is c s s 1962—-Nov 154 • 30 77 31 11 4 Dec 81 • 36 27 11 4 1963—Jan 110 20 45 2 27 11 4 Feb 93 25 50 2 10 1 4 Mar 94 25 50 2 10 1 4 Apr 99 25 45 2 1 7 13 5 May 128 38 45 2 1 29 1 8 5 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 centers4 centers New York 6 others2 centers3 New York 6 others2 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—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.... 306.8 128.9 133.0 61.6 62.5 113.1 111.3 85.8 88.4 43.1 45.6 28 3 28.3 32.1 32.8 Apr 307.8 125.0 126.9 63.9 64.2 '119.4 116.8 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 43.1 43.9 29 1 29.5 33.2 33.3 June... 299.6 121.5 125.0 61.6 61.7 113.9 112.9 79.3 85.1 42.8 44.5 28 1 29.0 32.2 33.1 July.... . '320.7 130.3 129.9 66.9 66.8 '122.8 '124.0 85.1 83.7 46.8 45.8 30 3 30.2 34.3 34.3 Aug . 300.5 127.8 119.5 63.3 61.9 119.5 119.0 88.9 83.7 P44.2 *42.9 *>296 *>29.2 »33.6 *32.8 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los * Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 U.S. CURRENCY 1269 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir - tion i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—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 10,897 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 11,10210,032 2,975 6,516 242 291 3 4 May 35,067 24,953 2,850 ,562 96 2,266 6,932 11,246 1'"0,114 3,001 6,572 243 292 3 4 June.... 35,470 25,266 2,878 ,566 97 2,279 7,004 11,442 10,204 3,030 6,631 244 293 3 4 July 35,663 25,368 2,904 ,559 97 2,265 6,993 11,54910,295 3,060 6,691 244 293 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) Heldin the Treasury Currency in circulation i T s o ta ta n l d i o n u g t- As security For He F l . d R . by Kind of currency Ju 1 ly 9 6 3 3 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B F a a . n n R d k . s A B a g a n e n d n k t s s Ju 1 ly 96 3 3 1, Ju 1 n 9 e 6 3 3 0, Ju 1 ly 9 6 3 2 1, certificates Agents Gold 15,633 (15,346) 2 287 Gold certificates . . (15 346) 3 12,530 2,816 F R notes 32 458 71 1 921 30,466 30,274 28,698 Treasury currency—Total 5,588 (2,106) 31 359 5,198 5,196 5,171 Standard silver dollars 486 34 23 10 420 411 363 Silver bullion 2,072 2,072 Silver certificates ... (2 106) 298 1,808 1,832 1,950 Subsidiary silver coin 1 828 4 21 1,803 1,790 1,673 Minor coin '686 1 3 682 676 635 United States notes 347 3 26 318 319 317 In process of retirement * 168 * 1 168 168 233 Total Julv 31 1963 5 53,678 (17,452) 389 12,530 5,096 35,663 June 30 1963 . 5 53,335 (17,585) 369 12,641 4,855 35,470 July 31 1962 5 52,265 (18,126) 404 13,055 4,937 33,869 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. 1261. 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, FRS, 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

1270 MONEY SUPPLY SEPTEMBER 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 t d ed - 1 Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d e - d* d d e e p m os a i n ts d * 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—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 May 149.4 31.3 118.1 103.7 147.3 31.1 116.2 104.0 7.0 June 149.8 31.6 118.2 104.5 148.2 31.4 116.7 105.0 7.4 July 150.7 31.6 119.1 105.5 149.4 31.8 117.6 106.0 7.7 150.5 31.8 118.8 106.7 149.1 31.9 117.2 107.3 6.2 Aug.p. . . Half month 149.8 31.3 118.5 103.3 148.6 31.1 117.5 103.7 6.3 1963—May 1.. 149.1 31.3 117.8 104.0 146.0 31.0 115.0 104.4 7.7 June 1.. 149.9 31.5 118.4 104.3 148.6 31.5 117.1 104.9 5.4 2.. 149.7 31.6 118.1 104.7 147.8 31.4 116.4 105.2 9.4 July 1.. 150.6 31.7 118.9 105.2 148.8 32.0 116.8 105.7 9.1 150.9 31.6 119.3 105.7 149.9 31.6 118.3 106.2 6.4 Aug. 1.. 150.7 31.7 119.0 106.4 150.2 31.9 118.3 106.9 5.8 2*. 150.3 31.8 118.5 107.1 148.1 31.8 116.3 107.6 6.5 Not seasonally adjusted Not seasonally acijusted Money supply Money supply Week Time U.S. Week Time U.S. ending— Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e s p a t o e d d s - i t i s d d e G e p m o o s a v i n t t . s d ending— Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e s p a t d e o d - si t i s d d e G e p m o o s a v i n t t . s d 1 1962—May 2. 145.9 29.5 116.4 89.2 4.8 1963—May 1.. 149.6 30.6 119.0 103.2 4.6 9. 145.1 30.0 115.2 89.5 6.3 8.. 148.7 31.2 117.6 103.5 6.6 16. 144.6 29.8 114.7 89.7 6.5 15.. 148.3 31.1 117.1 103.9 6.2 23. 142.0 29.8 112.2 90.1 8.0 22.. 145.9 31.1 114.8 104.2 8.1 30. 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.. 147.4 31.4 116.0 104.8 6.7 13. 144.8 30.1 114.6 91.0 5.3 12.. 148,8 31.6 117.2 104.9 4.6 20. 145.0 30.0 114.9 91.1 6.8 19.. 149.2 31.4 117.8 105.0 5.9 27. 142.8 29.9 112.9 91.4 8.6 26.. 147.0 31.3 115.7 105.1 10.3 Ju,y 4. 1 1 4 4 3 3 . . 9 3 3 3 0 0 . . 2 6 1 1 1 1 3 3 . . 1 4 9 9 1 2 . . 9 1 9 8 . . 5 2 July 1 3 0 . .. . 1 1 4 4 8 8 . . 0 5 3 3 1 2 . . 6 1 1 1 1 1 6 6 . . 4 4 1 1 0 0 5 5 . . 6 6 1 9 0 . . 3 8 18. 144.7 30.4 114.3 92.2 6.6 17.. 149.9 31.8 118.1 105.9 7.6 25.. 144.3 30.2 114.2 92.3 6.0 24.. 149.6 31.7 117.9 106.1 6.6 31.. 150.0 31.5 118.4 106.5 6.0 Aug. 1.. 145.0 30.0 114.9 92.5 5.8 8.. 145.2 30.5 114.7 92.6 5.6 Aug. 7.. 150.6 31.9 118.6 106.8 6.3 15.. 144.8 30.4 114.4 92.8 5.0 14.. 150.1 32.0 118.1 107.0 5.3 22.. 142.5 30.4 112.1 93.0 8.4 21.. 148.0 31.9 116.1 107.4 6.8 29.. 142.7 30.1 112.6 93.3 7.9 147.8 31.7 116.2 107.7 6.5 Sept. 5.. 143.9 30.4 113.5 93.5 7.8 Sep.^4. 12.. 145.5 30.5 115.0 93.6 6.1 19.. 146.0 30.3 115.7 93.8 6.3 18. * 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 FRS, 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

SEPTEMBER 1963 BANKS AND THE MONETARY SYSTEM 1271 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date Gold T s r t o c e r u i a u n n e u r n a r g y c t d - - s y - - Total Lo n a e n t s, Tota U l . S. G m C o a e o v r n c m e d i r a - n l men R F t e e d s s e e e c r r v u a e l rities Other O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t t d t i a - s a l l - l, c d u e T r a p o r n o e t d s n a i l c t y s c C m o a a n a u p i n c e s n i d - t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 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—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 1962—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. 24P 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 June 26 r 15,700 5,600 317,100 177,000 102,000 69,700 31,600 700 38,100 338,400 308,500 29,900 July 31 r 15,600 5,600 317,800 177,500 101,500 68,400 32,500 700 38,800 339,000 308,600 30,400 Aug. 28*\ 15,600 5,600 316,900 177,600 99,800 66,800 32,200 700 39,600 338,100 307,000 31,100 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted i Not seasonally adjusted Time 3 U. S. Government Date Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d s - - d i t 2 s Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d s - - d i t 2 s Total m b C e a o r n c m k ia s - l b M sa a v n u i k t n u s g a s l 4 S P a S t o e v y s m i s t n - a g l s n F e e i o g t r n - 5 T h c i r u o n a e r l g s a y d h s s - - sa c m a c v o A i n e i m a n t 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 I960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 5,184 377 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—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 1962—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?... 146,400 30,500 115,900 144,900 30,700 114,200 147,700 104,500 42,800 500 1,200 400 7,100 600 June 26rP.. 148,200 30,700 117,500 146,200 30,700 115,500 148,700 105,100 43,100 500 1,200 400 10,800 1,100 July 31'P.. 148,800 30,900 117,900 148,700 31,000 117,700 150,200 106,500 43,300 500 1,300 400 7,300 600 Aug. 28P. .. 148,100 30,900 117,200 146,800 31,100 115,700 151,400 107,500 43,400 500 1,200 400 6,100 1,000 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

1272 COMMERCIAL AND MUTUAL SAVINGS BANKS SEPTEMBER 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 ec . urities a C ss a e s t h s1 c b T a i a l l p o i i n a t t i - d i t a e a l s l Total i I D n e t - erbank * Dema O nd ther r B in o o w g r s - - c c T a o a o p u c t i - n t a a t l s l b N a b u o n e f m r ks - Govt. Other co a u c n - ts2 mand Time U.S. Other Time* Govt. All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,,826 1945—Dec. 31.. 140,227 30,362101,288 8,577 3355,,441155 17777,,333322 165,612 14,065 105,935 45,613 22710,542 1]4,553 1947—Dec. 31*. 134,924 43,002 81,199 10,723 3"8 ,338888 117755,009911 161,86512,793 240 1,346 94,381 53,105 66 1111,948 114,714 1961—Dec. 30.. 256,700154,318 72,715 29,667 57,368 32^339944 228877,17617,914 482 5,952141,979120,848 482 26,227 1133;,946 1962—June 30.. 263,542160,123 70,722 32,697 49,612 320 638 285,18614,400 526 9,559 1'2"8,845 131,855 796 27;036 13,934 1962—Aug. 29. . 265,700161,980 70,160 33.560 45.480 318.280 280,31013,840 510 7,450 124,960133,550 2,750 27,10013,932 Sept. 26.. 269,080164,640 70,560 33^880 47;480 323;770 286,17014,530 510 8!,090128,160 "13,4880 2,610 27 250 13,928 Oct. 31.. 272,480166,480 71,700 34;300 50;,560 330;380 292,35015,260 520 6,380134,030 136,160 2,780 27 450 13,925 Nov. 28.. 273,510167,240 71,730 34!540 48,280 329;070 290,70015,190 520 6,090132,340 136,560 2,500 27 630 13,938 Dec. 28.. 280,397172,822 72,56335012 54,939 343; 303,65316,008 535 ,188 3,635 28 046 13,940 1963—Jan. 30.. 276,950169,410 72,350 35 190 46;,780 331; 293,03014,100 520 320133,110140,980 2,670 27 790 13,951 Feb. 27.. 278,850171,800 71,450 35 600 48;410 335;030 295,45014,140 520 440 131,,667700 142,680 3,070 28 000 13,954 Mar. 27.. 280,650173,090 71,280 36280 46;530 335;010 295,46013,800 520 330 128,,995500 144,860 3,100 28 09013,962 Apr. 24*. 280,730173,470 70,250 37010 47;290 335;960 296,04013,910 560 760 132,060145,750 3,270 28 140 13,967 May 29*. 282,540175,920 69,120 37,500 47,720 338,150 298,09013,730 540 6,820129,540 147,460 2,990 28,350 13,983 June 26 r* 287,130179,310 69,690 38;130 48.720 343.880 304,12014,010 53010,610130,510 148,460 3,000 28, 13,993 July 31 r* 287,190 1"8"0,010 68,400 38,780 49;420 344;750 304,76013,990 530 133, "149,970 2,920 28, 14,014 Aug. 28*. 286,830 180,440 66,830 39,560 46,490 341 310 300,66013,800 530 129, 151,220 3,180 28,610 14,014 Commercial banks: 1941—Dec. 31.. 50,746 21,714 21, 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 7,33134,806160,312 .15500,227 14,065 105,921 30,241 219 8,950 1144,011 1947—Dec. 31 •. 116,284 38,057 69,221 _9,000066 37,502 155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30.. 215,441124,925 66,578 23",9•3"7 56432 278,561 248,68917,914 481 5,946141,920 82,429 471 22,45913,432 1962—June 30.. 220,670129,193 64,443 27 034 48; 220 245,29814,400 525 9,554 128,785 92,034 786 23,18313,422 1962—Aug. 29.. 222,140130,430 63,850 27.860 44.670 273.230 240,05013,840 510 ,450 124900 93,350 2,750 23 20013,421 Sept. 26.. 225,270132,840 64,250 28;,180 46;,630 278;,400 245,48014,530 510 ,090 128 100 94,250 2,610 23,330 13,417 Oct. 31.. 228,560134,400 65,550 28;610 49,690 284;,890 25147015,260 520 6,380133,'970 95,340 2,780 23,560 13,414 Nov. 28.. 229,260134,840 65,600 28;820 47;450 283,,310 24968015,190 520 090 132; 280 95,600 2,500 23,680 13,427 Dec. 28.. 235,839140,106 66,434 29;298 54;049 297;116 262 12216,008 535 829141,041 97,709 3,627 24,094 13,429 1963—Jan. 30.. 232,040136,340 66,200 29;500 45;970 285;050 251 27014,100 520 320 133 050 99,280 2,670 23 840 13,440 Feb. 27.. 233,620138,410 65,270 29;940 47;540 288;210 253 47014,140 520 440 131 610 100,760 3,070 24 010 13,443 Mar. 27.. 234,886600 139,360 64,840 30.660 45;640 287;590 252,960 13,800 520 330 128 890 102,420 3,100 24;070 13,451 Apr. 24*. 234,890139,440 64,010 31 i440 46;460 288;550 253490 13,910 560 760 132000 103,260 3,270 24;150 13,456 May 29*. 236,390141,550 62,910 31,930 46 880 290,410 255 280 13,730 540 6,820129,480 104,710 2,990 24, 13,472 J A J u u u l n y g e . 3 2 2 8 1 6 * * * . . . 2 2 2 4 3 4 0 9 0 , , , 7 9 4 5 1 9 0 0 0 1 1 1 4 4 4 5 4 5 , , , 2 6 0 8 5 4 0 0 0 6 6 6 3 2 0 , , , 5 2 6 1 3 3 0 0 0 3 3 3 2 4 3 , , , 0 2 5 0 2 9 0 0 0 4 4 4 5 8 7 : , ; 6 8 5 4 9 3 0 0 0 2 2 2 9 9 9 6 2 5 3 , , 4 7 8 7 8 7 0 0 0 2 2 2 5 6 6 7 1 0 , 4 9 1 5 6 7 0 0 0 1 1 1 3 3 4 , , , 9 8 0 9 0 1 0 0 0 5 5 53 3 3 0 0 0 10, 8 6 1 7 1 1 0 0 0 1 1 1 3 2 3 0 9 3 , ; , .4 1 1 5 0 8 0 0 0 1 1 1 0 0 0 5 7 6 , , , 3 7 7 6 9 2 0 0 0 2 3 3 , , , 1 9 0 8 0 2 0 0 0 2 2 2 4 4 4 . s , 4 5 8 6 0 0 1 1 1 3 3 3 , , , 5 5 4 0 0 8 3 3 2 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,112211 6611,,771 710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 61~,0—70 2299,845138,330044 112299,,667700 13,576 64 222,179- 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32,628 57,914 304 32,845113322,,006600 112222,,552 812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30.. 179,599106,232 54,058 ..30.8. .49..,579 223355,112 209,663300 17,195 303 5,381 119,595 67,157 438 18,638 6,113 1962—June 30.. 183,497 1'0"9,212 52,065 22,219 42,885533 232,335599 2 006605713,796 351 734 108,014 75,162 73519,179 6,070 1962—A Se u p g t . . 2 26 9 . . . . 1 18 8 6 4 , , 6 3 4 9 1 81 1 1 1 0 2 , , 3 2 3 4 1 0 5 5 1 1 , , 1 2 4 7 9 12 2 3 2; 9 1 1 3 8 0 3 4 9 08 1 7 0 7 7 2 2 3 2 3 9 ; .2 2 3 79 1 2 2 0 0 0 4 , , 6 9 6 9 7 5 1 1 3 3 , , 2 8 3 7 2 8 3 3 3 3 8 7 6 7,284 1 1 0 0 4 6' , , 2 7 8 0 0 2 7 7 6 6 , , 1 7 2 9 2 4 2 2, , 5 6 8 8 5 2 1 1. 9 9, , 2 28 1 1 2 6 6 , , 0 0 6 5 0 3 Oct. 31.. 189,442200 113,711 52,238 23 471 43 686 239;009 210 14,577 339 5,700 112,045 77,667 2,722 1199,466 6,054 Nov. 28.. 189,619113,865 52,097 23 657 41 564 237;050 208 14,502 343 110,181 77,932 2,42319,546 6,056 Dec. 28.. 195,698118,637 52,968 24 092 47 427 249;488 219468 15,309 358 6,086 11~7,999 79,716 3,550 1199,854 6,049 1963—Jan. 30.. 192,301115,289 52,749 24 263 40 024 238;565 209 589 13,449 341 3,785 110,954 81,060 2,61419,697 6,046 Feb. 27.. 193,6'9"4' 117,075 51,984 24 635 41 471241407 211 52513,501 347 5,667 109,730 82,280 3,03319,819 6,042 Mar. 27.. 194,884 117,883 51,719 25 282 39.685 240835 211 146 13,186 345 6,523107,402 83,690 3,042 1199,851 6,039 Apr. 24.. 194,589117,677 50,950 25 962 40,434 241409 211 275 13,290 380 3,301 109,920 84,384 3,23519,925 6,041 May 29.. 195,892119,515 50,023 26 354 41,,009 243246 213, 13,146 361 6,018 107,939 85,640 2,910 2"0,082 6,052 June 26.. 199,719122,201 50,589 26 929 41,772 247;939 218, 13,398 355 9,404 110088,691 86,182 2,928 20,133 6,058 July 31.. 199,412122,550 49,37127,491 ,388 248,396 218, 13,370 349 110,997 87,311 2,849 20,213 6,072 Aug. 28*. 198,780122,763 47,876 28,141 ,627 244,827 214, 13,172 355 5, 107,350 88,278 3,076 20,273 6,072 Mutual savings banks: 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31.. 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 31 *. 18,641 4,944 11,978 1,718 886 19,714 17,763 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—June 30.. 42,872 30,930 6,278 5,663 884 44,418 39,888 60 39,821 3,853 512 1962—Aug. 29.. 43,560 31,550 6,310 5,700 810 45,050 40,260 60 40,200 3,900 511 Sept. 26.. 43,810 31,800 6,310 5,700 850 45,370 40,690 60 40,630 3,920 511 Oct. 31.. 43,920 32,080 6,150 5,690 870 45,490 40,880 60 40,820 3,890 511 Nov. 28.. 44,250 32,400 6,130 5,720 830 45,760 41,020 60 40,960 3,950 511 Dec. 28.. 44,558 32,716 6,129 5,714 890 46,086 41,531 10 43 41,478 3,951 511 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 June 26r* 46,380 34,660 6,180 5,540 890 48,010 43,160 60 43,100 4,030 511 July 31*-* 46,700 34,970 6,170 5,560 830 48,280 43,310 60 43,250 4,030 511 Aug. 28*. 46,920 35,160 6,200 5,560 850 48,530 43,490 60 43,430 4,050 511 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 1273 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 s^ c c b T o a i a l a l o u p i i n c a t t i n - d i - t a e t a l s s l 2 Total i m I D n a e t n - e d rba T nk im 1 e U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f r ks - Govt. Other Reserve city member banks New York City:5 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 866 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 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—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 1962—Aug. 29 30,090 19,619 6,709 3,762 8,026 40,085 32,214 3,844 210 1,332 18,552 8,276 1,242 3,806 16 Sept. 26...... 30,497 20,234 6,421 3,842 8,488 40,868 33,033 3,990 208 1,459 19,054 8,322 1,384 3,809 16 Oct. 31 31,196 20,693 6,684 3,819 10,491 43,634 35,766 4,350 205 1,287 21,501 8,423 1,333 3,853 16 Nov. 28 30,371 20,119 6,346 3,906 8,863 41,204 33,746 4,298 211 910 19,606 8,721 935 3,849 16 Dec. 28 32,989 21,954 7,017 4,017 111,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—Jan. 30 31,808 20,649 7,009 4,150 8,731 42,626 34,799 4,119 213 769 20,231 9,467 1,082 3,897 17 Feb. 27 32,302 20,874 7,125 4,303 9,125 43,563 35,044 4,047 209 1,068 20,000 9,720 1,645 3,904 16 Mar. 27 32,533 20,950 7,096 4,487 7,987 42,652 34,794 3,913 214 1,385 19,320 9,962 1,117 3,904 16 Apr. 24 31,829 20,258 6,805 4,766 8,296 42,343 34,091 3,919 227 669 19,303 9,973 1,352 3,927 16 May 29 32,115 20,886 6,478 4,751 9,323 43,624 35,459 4,278 207 1,198 19,61210,164 1,292 3,947 16 June 26 32,821 21,355 6,598 4,868 8,749 43,749 35,803 4,066 196 2,002 19,44410,095 1,286 3,929 13 July 31 32,451 21,416 5,941 5,094 8,786 43,557 35,779 4,092 189 1,453 19,68610,359 1,029 3,944 13 Aug. 28^ 31,947 21,191 5,418 5,338 7,591 41,789 33,809 3,804 194 937 18,14010,734 1,204 3,940 13 City of Chicago:5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 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—June 30...... 7,937 4,672 1,936 1,329 1,893 10,009 8,810 1,128 546 4,520 2,598 34 894 9 1962—Aug. 29 8,201 4,761 2,001 1,439 1,870 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 5,418 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 5,101 2,217 1,364 1,969 10,860 9,481 1,140 218 4,956 3,152 132 956 13 Feb. 27 8,901 5,348 2,232 1,321 1,982 11,092 9,594 1,194 309 4,872 3,204 235 955 13 Mar. 27 9,138 5,376 2,440 1,322 1,899 11,260 9,410 1,155 427 4,619 3,198 596 957 13 Apr. 24 8,813 5,291 2,168 1,354 1,949 10,983 9,469 1,182 161 4,757 3,357 313 963 12 May 29 8,832 5,428 2,050 1,354 2,084 11,143 9,759 1,122 346 4,791 3,488 165 971 12 June 26 9,129 5,593 2,080 1,456 2,103 11,441 10,006 1,206 562 4,751 3,474 202 969 12 July 31 9,171 5,574 2,096 1,501 2,109 11,484 10,007 1,153 406 4,926 3,509 240 980 12 Aug. 28*> 8,965 5,566 1,825 1,574 1,951 11,097 9,638 1,165 289 4,616 3,556 252 979 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 6,43820,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—June 30 70,145 43,824 18,627 7,694 17,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 7,201 206 1962—Aug. 29 69,597 44,049 17,819 7,729 16,027 87,722 77,524 6,646 2,599 38, ,585 1,036 7,142 194 Sept. 26 69,932 44,389 17,809 7,734 16,897 88,950 78,946 7,010 2,839 39,259 29,772 938 7,148 193 Oct. 31 71,007 45,155 17,947 7,905 17,046 90,244 80,217 7,235 2,063 40,78130,067 892 7,190 193 Nov. 28 71,264 45,211 18,088 7,965 16,881 90,307 79,777 7,139 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 2,337 43,'6"0"9 3"0,743 1,388 7,263 191 1963—Jan. 30 72,053 45,692 18,143 8,218 16,172 90,467 80,101 6,555 1,400 40,765 31,316 1,178 7,263 189 Feb. 27 72,315 46,412 17,564 8,33916,884 91,380 81,023 6,660 2,276 40,298 31,714 994 7,298 189 Mar. 27 72,850 46,821 17,420 8,60916,603 91,622 81,320 6,561 2,605 39,698 32,384 1,082 7,315 189 Apr. 24 72,921 46,791 17,329 8,801 16,940 92,086 81,349 6,616 1,218 40,822 32,603 1,429 7,330 191 May 29 73,497 47,300 17,187 9,010 16,603 92,362 81,610 6,275 2,387 39,706 33,151 1,131 7,413 191 June 26 74,829 48,293 17,387 9,149 17,391 94,494 83,830 6,566 3,691 40,064 33,414 1,171 7,428 193 July 31 74,735 48,512 1,6,930 9,293 17,748 94,865 83,987 6,544 2,488 41,096 33,763 1,294 7,462 193 Aug. 28? 74,716 48,897 16,440 9,379 16,665 93,658 82,704 6,612 2,022 39,867 34,105 1,213 7,490 193 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 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,378 1144,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 1,641 46,21131,832 40 7,088 5,885 1962—June 30 75,019 41,492 23,843 9,685 13,806 90,555 81,577 1,529 2,601 42.596 34,803 80 7,323 5,842 1962—Aug. 29 76,510 41,902 24,620 9,988 13,184 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 25,432 10,33114,076 94,316 84,965 1,711 1,984 937 366,285 230 7,479 5,833 Nov.28 79,528 43,506 25,638 10,384 13,718 94,801 85,286 1,739 2,194 085 366,220 206 7,555 5,833 Dec. 28 80,623 44,698 25,425 10,50114,559 97,008 87,342 1,773 1,931 895 366,692 172 7,744 5,828 1963—Jan. 30 79,758 43,847 2255,338800 10 1133,115522 94,612 85,208 1,635 1,398 002 377,125 222 7,581 5,827 Feb. 27 80,176 44,441 25,063 672 13,480 95,372 85,864 1,600 2,014 560 377,642 159 7,662 5,824 Mar. 27 80,363 44,736 24,763 864 13,196 95,301 85,622 1,557 2,106 765 388,146 247 7,675 5,821 Apr. 24 81,026 45,337 24,64811,04113,249 95,997 86,366 1,573 1,253 038 388,451 141 7,705 5.822 May 29 81,448 45,901 24,30811,23912,999 96,117 86,276 1,471 2,087 830 383,837 322 7,751 5,833 June 26 82,940 46,960 24,52411,456 13,529 98,255 88,391 1,560 3,149 432 399,199 269 7,807 5,840 July 31 83,055 47,048 24,404 11,60313,745 98,490 88,603 1,581 2,002 289 399,680 286 7,827 5,854 Aug. 28? 83,152 47,109 24,19311,850 13,420 98,283 88,152 1,591 1,900 727 399,883 407 7,864 5,854 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 COMMERCIAL AND MUTUAL SAYINGS BANKS SEPTEMBER 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her as C s a e s ts h 1 c c b o T a i u a l a l p o i i n n c a t i t d i t - t - a e s a l s l 2 Total i m I D n a e t n e - d rba T nk im 1 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b o u n e f m k r 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 41,29815,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,227766 2299,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1959—Dec. 31.. 188,790 110,299 58,348 20,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 60219,20613,107 1960—Dec. 31.. 198,011117,092 60,468 20,451 51,836 255,669 228,40116,921 1,667 5,932132,53371,348 149 20,62813,119 1961—Dec. 30.. 213,990044 124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934141,05082,122 ,08913,108 1962—June 30.. 219,163128,613 63,92126,630 48,415 274,318 243,85614,235 388 9,529127,990 91,714 ,81013,104 Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815140,169 97,380 3,584 23,71213,119 National member I banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 5,409 5,005 1959—Dec. 31. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,01536,421 340 10,302 4,542 1960—Dec. 31. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 "3,9546 11111,098 4,530 1961—Dec. 30. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76, ,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 76,07553,733 1,63612,750 4,505 State member banks: 1941—Dec. 31. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1959—Dec. 31. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 1960—Dec. 31. 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 1961—Dec. 30. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 "2,1716 213 6,763 1,600 1962—June 30. 64,256 39,442 17,557 7,257 15,993 82,800 72,329 5,641 227 3,310 38,758 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 nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 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.. 38,557 20,811 12,932 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 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1959—Dec. 31.. ,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31.. ,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. ,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—June 30.. ,506 580 523 404 313 1,901 1,442 165 137 795 320 372 317 Dec. 28.. ,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1959—Dec. 31. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 I960—Dec. 31. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 3,590 7,300 1961—Dec. 30. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 3,822 7,320 1962—June 30. 37,188 19,989 12,383 4,816 5,876 43,877 39,256 605 174 819 20,77116,886 4,005 7,353 Dec. 28. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 4,240 7,380 Insured mutual savings banks: 1941—Dec. 31. 1,693 64: 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1497—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 1959—Dec. 31. 30,580 20,94: 5,016 4,622 686 31,743 28,577 28 28,544 2,654 268 I960—Dec. 31. 33,794 23,85: 4,787 5,155 766 35,092 31,502 29 31,,468 2,998 325 1961—Dec. 30. 35,660 25,81: 4,690 5,158 828 37,065 33,400 256 33,137 3,191 330 1962—June 30. 36,989 27,179 4,708 5,102 779 38,366 34,581 275 3344,300 3,259 331 Dec. 28. 38,597 28,778 4,639 5,180 784 39,951 36,104 267 35,827 3.343 331 For notes sec end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 COMMERCIAL AND MUTUAL SAYINGS BANKS 1275 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbankl Other Cla a s n s d o d f a b te ank Total Loans a C ss a e s t h s1 c b a i a l l p i i n a t i d i t - e a s l Total i Demand r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - G U o .S v . t. Other cou ac n - ts 2 m D a e n - d Time U.S. Other Time Govt. Noninsured mutual savings banks: 1941—Dec 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945 Dec 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec 31 4 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 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 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 p. 1271. Virgin Islands that became a member in May 1957, 2 noninsured non- 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 deposit trust cos. and, before July 1962, mutual savings banks that noninsured nonmember commercial banks with total loans and invest- became members of the FRS during 1941 (3 before Jan. 1960, 2 until ments of about $110 million were added, and 8 banks with total loans June 1961, and 1 until July 1962). These banks were excluded from and investments of $34 million were transferred from noninsured mutual commercial banks. savings to nonmember commercial banks. Comparability of figures for classes of banks is affected somewhat 5 These data reflect the reclassification of New York City and city of by changes in F.R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULL., p. 993. Figures are partly estimated except on call dates. 6 Beginning with June 1963, 3 New York City banks with loans and For revisions in series before June 30, 1947, see July 1947 BULL., investments of $392 million and total deposits of $441 million were pp. 870-71. reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loans i Total* Loans1 G U o .S v . t. Other G U o . v S t . . Other 1956 161.6 88.0 57.3 16.3 164.5 89.7 58.6 16.3 1957 166.4 91.4 57.0 17.9 169.3 93.2 58.2 17.9 1958 181.0 95.6 64.9 20.5 184.4 97 5 66 4 20 6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 I960 194.5 114.2 59.6 20.7 198.5 116 7 61 0 20 9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962 2 228.1 134.7 64.3 29.1 233.6 137.9 66.4 29.3 1962 Aug 220.3 127.3 65.0 28.0 219.0 127.3 63 9 27 9 Sept 222.0 129.7 64.3 28.0 223.1 130.6 64.3 28.2 Oct 224.4 131.6 64.2 28.6 225.7 131.5 65.6 28.6 Nov 225.9 132.2 64.6 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 Aprp 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 Junep 239.4 140.8 66.0 32.6 238.2 142.1 63.5 32.6 July*" 237.4 141.9 62.2 33.3 237 4 141 9 C62 2 33 2 238.1 142.1 61.8 34.2 236.7 142.1 60.6 34.0 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

1276 COMMERCIAL BANKS SEPTEMBER 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans * Investments For To purchasing financial U.S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - ! Total 2 C m d a c i o u n i n e a m s d - r - l - - A c tu u a g l r l r - - i- o b T s r r e o o c c - a u r r r i y ti 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 S g l a o e o t n c c a v d u a t t e l - . O s r e i t t h c i e e u r s trial k d a e e n r a d s l- ot T h o ers ba T n o ks o T th o ers uals Total Bills c t a if t i e - s Notes Bonds rities ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,1671,660 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,2055.276 3,729 1961—Dec. 30.. 215,441 124,925 45,172 6'^,24488 4,005566 22,134 1,033 7,31130,320 27,847 3,412 6657811,488 2,114 26,336 26,64120;3453,592 1962—June 30.. 220,670 129,193 45,909 6,,880011 33,,225544 22,005 1,474 7,22132,036 29,444 3,713 64 8,320 3,629 26,041 26,453 23,1653,869 Dec. 28.. 235,839 140,106 48,673 7,097 5",114444 22,131 2,578 8J459 34,259 30,553 3~J909 66,43411,674 3,932 23,841 26,987 24,755 44,543 1963—Mar. 18 e.235,550 140,380 48,710 7,460 4 480 2,130 3,120 8,050 34,92030;720 3,780 64,82010,570 3,230 23,830 27,190 26070 4,280 All insured: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 3,159166,899 3,6513,333 1945—Dec. 31.. 121,809 25,765 9,4611,3143,1643,606 49 4,677 2,361 1,132 88,9122,45519,071 6,0"4-5 5511,342 3,873 3,258 1947—Dec. 31.. 114,274 37,58318,0121,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,1293,621 1961—Dec. 30.. 213,904 124,348 44,965 6,211 4.,.0.3.0. 2,107 1,027 7,296 30,21127,708 3,396 6602611,356 2,098 26,,145 26,426 20,0683,462 1962—June 30.. 219,163128,613 45,717 6,766 3,234 11,981 1,469 7,200 31,915 2299,299 3,;692 63921 8,226 3,577 25,886 26,23122;883 3,747 Dec. 28.. 234,243139,449 48,458 7060 5,1192,103 2,551 8,434 34,12330,402 3,890 6589111,514 3,916 23,715 26,746 2244,^54477 44,356 1963—Mar. 18.. 233,975139,73148i 499 7; 417 44,5 "9 ~"2,105 3,098 8,022 34,78130,568 3,763 64;29010,419 3,21523,70326,953 25,860 4,093 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 090 2',871 1945—Dec. 31.. 107,183 22,775 8,949 885555 3,1333,378 47 3,455 1,900 1,057 7788,338 2,27516,98514,271 44,807 254 2•,815 1947—Dec. 31.. 97,846 32,62816,9621,~04"6 811 1,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 199 31,105 1961—Dec. 30..179,599 106,,2 32 40,,9 313,,934 3,8771,827 1,014 6,893 23,987 22,852 3,198 54,0589,229 1,842 21,390 21,598 16,6912,617 1962—June 30..183,497 109,212 41,435 4,220 3,0881,699 1,453 6,789 25,362 24,006 3,480 52,0656,467 2,984 21,367 21,247 1"9., 3..2.1 . 2,899 Dec. 28..195,698118,637 43843 4,419 4,954 1,777 2,445 7,936 27,162 24,799 3,657 52,9688,862 3,249 19,443 21 414 20,773 3,319 1963—Mar. 18..195,060 11'8",490 43832 4,580 4,283 1,790 2,994 7,528 27,683 24,869 3,531 51,461 7,839 2,628 19,480 21 514 21,978 3,131 New York City: 3 1941—Dec. 31..12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31..26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3,32510,339 606 629 1947—Dec. 31..20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30..30,297 19,53511,278 231,956 467 376 1,711 934 2,0721,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—June 30.. 30,396 19,22410,980 101,512 409 568 1,774 1,084 2,0751,321 7,659 1,989 492 2,931 2,247 3,158 355 Dec. 28.. 32,989 21,995544 11,943 17 22,766 425 572 2,087 1,329 2,1431,196 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 2,1191,082 6,984 1,799 247 2,640 2,299 4,082 374 City of Chicago: 3 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 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 1,9J6 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 4271,503 17 1,459 855 387 2199,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1961—Dec. 30.. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 998 19,748 3,020 741 8,605 7,382 5,710 727 1962—June 30.. 70,145 43,824 1177,0771,184 888 727 556 3,14810,272 9,682 ,12918,627 1,611 1,267 8,186 7,563 6,867 827 Dec. 28.. 73,130 46,56717,660 1,1791,053 752 1,020 3,58311,030 9,860 1,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—Mar. 18.. 72,594 46,710 1"7,5551,1791,159 767 1,128 3,40911,252 9,,894 1,28417,382 1,751 1,236 7,293 7,103 7,630 872 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 2"6.,999 630 5,102 4,544 166,722 1,342 ,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 ,262 1961—Dec. 30.. 73,131 39,69310,165 2,811 591 438 116 1,25113,242 11,132 751 24,407 3,614 566 9,560 10,667 7,530 ,500 1962—June 30.. 75,019 41,49210, ,007 424 416 240 1,256 1133,72811,792 $,843 2,667 1,075 9,405 10,696 8,146 ,539 Dec. 28.. 80,623 44,69811, ,187 728 447 764 1,56314,44112,273 826 25,425 4,144 1,223 8,84911,209 8,6941,807 1963—Mar. 18.. 80,447 44,80511,4483,360 635 452 708 1,38114,62712,319 796 24,820 3,718 1,085 8,76811,248 9,099 1,723 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30.. 35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 21412,525 2,259 272 4,947 5,046 3,655 976 1962—June 30.. 37,188 19,989 4,474 2",580 165 306 22 431 6,682 5,439 23312,383 1,853 645 4,675 5,210 3,845 971 Dec. 28.. 40,141 21,469 4,830 2,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,98f 1,224 1 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 fiie 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

SEPTEMBER 1963 COMMERCIAL BANKS 1277 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 n R v e t - k h e . s s r C c e a o n n u i c d r n - y m b a w B a d n e n a i o c s t l k e - t h - i s s c 4 j p m u D o d a s a s d e t e n i e - - - t d d s 5 m D e I s n o t - t ic e r 4 ba e F n i k g 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 i f n e c f r r d i t d s k - i ' s - , IPC I b n a t n e k r- P G U S o a o a n . s S v v t d a . t - . l S g l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p l n - i t - s etc. ings Total: 2 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 I 581 84,987 240 111 866 34,383 65 10,059 1961—Dec. 30.... 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 056 124,622 481 283 5,465 76,680 47122,459 1962—June 30.... 16,839 3,185 11,799 114,043 13,185 1,215 9,554 11,814 437 112,534 525 300 6,341 85,393 78623,183 Dec. 28.... 17,680 4,252 13,099 124,342 14,713 1,295 6,829 12,071 4 511 124,459 535 269 6,450 90,991 3,62724,094 1963—Mar. 18*... 16,100 3,920 12,630118,930 14,120 1,150 5,400 11,720 t 340 117,480 460 270 7,150 94,6102,99024,140 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 I 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 6,692 559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.... 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 I 023 123,878 333 283 5,412 76,426 46222,089 1 1 9 9 6 6 2 3 — — D J M u e n a c r . e . 2 3 1 8 0 8 . . . . . . . . . . . . 1 1 1 6 6 7 , , , 8 0 6 3 9 8 9 8 0 4 3 3 , , , 1 2 9 6 3 0 8 2 6 H 1 12 2 s 3 ,7 5 1 9 2 6 5 4 2 1 1 1 2 1 1 3 3 8 , , , 3 1 0 6 3 1 1 6 4 1 1 1 4 3 4 , , , 5 0 0 7 5 2 9 3 1 1 1 1 , , , 1 2 1 8 6 3 2 5 8 9 6 5 , , , 5 8 3 2 1 9 9 5 1 1 1 1 1 1 1 , , , 7 9 6 9 2 3 1 7 6 4 4 4 3 2 3 9 8 4 0 4 1 1 11 2 1 6 3 1 , , , 7 8 8 4 2 7 4 5 4 4 4 3 0 2 8 2 2 8 2 2 3 6 6 0 9 7 0 6 6 73 , , 2 0 3 9 9 9 0 1 7 9 8 9 0 5 4 , , , 7 1 3 1 2 2 4 4 02 3, , 5 9 7 8 5 7 4 3 32 2 2 2 3 3 , , , 8 7 7 1 8 1 0 4 2 Member, total 1941 _Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1009 33,061 140 50 418 11,878 4 5,886 1 1 9 9 4 4 5 7 — _D D e e c c . . 3 3 1 1 . . . . . . . . 1 1 5 7 , , 8 7 1 9 1 7 1 1 , , 4 6 3 7 8 2 7 6 3 ,2 1 7 1 0 7 6 73 4 , , 5 1 2 8 8 4 1 10 2 , , 9 3 7 3 8 3 1 1 , , 2 3 4 7 3 5 22 1 1 1 7 7 9 6 4 5 ,2 5 4 0 0 4 2 4 4 5 0 0 1 7 6 2 2 , ,9 70 5 4 0 6 5 4 0 1 9 0 9 5 6 3 9 9 3 9 2 2 7 3 , , 5 7 4 1 2 2 20 5 8 4 7 8 , , 5 4 8 6 9 4 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 62,526 438 18,638 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 69,793 735 19,179 Dec. 28.... 17,680 3,263 7 897101,528 14,071 1,237 6 086 9 270 4,083 104646 358 243 5 158 74,316 3,550 19,854 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 11282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6 940 237 1,338 15712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17646 12 12 14 1,418 30 2,259 1961—Dec. 30.... 3,286 240 143 17,089 4,330 967 1267 333 2,583 20 213 191 38 162 6,735 283 3,683 1962—June 30.... 3,495 165 106 15,796 3,643 874 918 327 2,390 17580 210 53 221 7,824 381 3,761 Dec. 28.... 4,121 251 156 17,095 3,854 929 408 366 2,237 19628 207 53 266 8,937 1,728 3,898 1963—Mar. 18.... 3,341 254 126 16,103 3,926 818 1880 309 2,231 17953 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 I 152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1552 237 66 160 719 377 1947—Dec. 31 1,070 30 175 3,737 ,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—June30.... 916 31 94 3,728 L,O83 44 546 330 109 4 082 18 7 10 2,581 34 894 Dec. 28.... 1,071 44 99 4,262 1,235 41 410 351 109 804 18 7 16 3,001 262 948 1963—Mar.18.... 856 42 157 4,146 1,190 44 265 288 118 458 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—June30.... 7,406 764 2,111 33,710 6,394 228 3,670 3,191 907 36,504 75 110 ,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 ,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 9,661 790 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 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—June30.... 5,023 1,438 4,872 40,321 1,512 17 2,601 5,261 676 36,660 48 104 2,158 32,541 80 7,323 Dec. 28.... 4,817 1,947 5,389 44,689 1,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7,744 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 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—June30 787 4,617 20,489 553 52 819 2,707 356 17,708 174 26 1,245 15,614 52 4,005 Dec. 28 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4,240 4 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States. These 5 Through 1960, demand deposits other than interbank and U.S. figures exclude data for banks in U.S. possessions except for member Govt., less cash items in process of collection; beginning with 1961 banks. During 1941 3 mutual savings banks became members of the demand deposits other than domestic commercial interbank and U.S. FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until Govt., less cash items in process of collection. July 1962) are included in member banks but are not included in all insured 6 Beginning with June 1961, reclassification of deposits of foreign or total banks. Comparability of figures for classes of banks is affected central banks reduced foreign interbank demand deposits by about $400 somewhat by changes in F.R. membership, deposit insurance status, and million and interbank time deposits by about $1,500 million. These the reserve classifications of cities and individual banks, and by mergers, amounts are now included in demand and time deposits of individuals, etc. partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 WEEKLY REPORTING MEMBER BANKS SEPTEMBER 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In million! of dollar*) Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e o v a n n t e n d a u s s l t 1 j i m u n a s a v d e t n - e n e d s d t t s * - j L us a o d t - a e n d s * i C n m t a c r d o i n e i a m u a r d l s l - - - A t c u g u r r l a - i l - O U c a T t s u i e o n . - e o r S v d s i t . - b . d r e o O a k c t l s u e t e e i - h e r r r s s e i s - r G U c t u s T e o i . - e r S v o s i t . - . oth O c e t s u t e i r - h e r s s e i- r F ei o g r n B - an c k m m D c o e t o s i - - e i m a c r l - - P C a O et S e c N . n , . r d o s. nba O n t k her Real o A th l e l r V se t a r i r e o - l v u n e a s - Total— Leadint CttUi 1962 Aug. 1 124,212 122,314 75,732 33,146 1,221 363 1,916 1,303 740 1,8 3,717 2,542 14,525 17,895 1,728 8 122,947 121,149 75,236 33,120 1,214 199 1,886 ,299 753 1,798 3,480 2,536 14,542 17,856 1,728 15 124,437 122,717 76,07r4 33,360 1,218 452 2,009 ,306 739 1,720 3,602 2,584 14,604 17,847 1,730 22 123,850 122,328 75,924 33,418 ,230 349 1,876 ,298 740 1,522 3,557 2,582 14,656 17,869 1,730 29 124,105 122,068 75,975 33,442 ,230 298 1,926 ,300 744 2,037 3,505 2,599 14,696 17,883 1,728 1963 July 3 133,668 132,302 84,311 35,391 ,539 408 3,351 ,521 742 1,366 4,219 3,087 16,829 19,096 1,951 10 133,954 132,012 83,945 35,291 ,480 483 3,156 ,522 750 1,942 4,081 3,116 16,872 19,069 1,951 17 133,801 131,924 83,840 35,261 ,394 513 3,088 ,524 762 1,877 3,996 3,176 16,908 19,095 1,953 24 132,241 130,874 83,253 34,947 ,408 268 2,996 ,620 749 1,367 3,840 3,212 16,978 19,110 1,951 31 133,926 131,985 84,384 35,014 ,414 509 3,122 ,616 770 1,941 4,349 3,275 17,030 19,158 1,954 Aug. 7 132,976 131,347 84,191 35,159 ,390 358 3,124 ,604 770 1,629 4,159 3,243 17,083 19,169 1,953 14 133,375 131,255 84,467 35,198 ,395 364 3,104 ,617 774 2,120 4,206 3,293 17,153 19,232 1,956 21 132,906 131,440 84,632 35,264 ,408 367 3,063 ,622 777 1,466 4,241 3,302 17,203 19,255 1,956 133,128 131,126 84,502 35,204 ,420 291 3,040 ,626 764 2,002 4,126 3,321 17,269 19,310 1,956 28 New York City 1962 29,885 29,139 18,574 10,930 192 1,026 404 373 746 1,300 528 1,018 3,277 495 Aug. 1 29,039 28,401 18,171 10,900 103 973 402 380 638 1,091 534 1,023 3,239 495 8 29,782 29,238 18,680 11,007 319 1,048 404 365 544 1,216 540 1,024 3,230 495 15 29,174 28,862 18,440 11,002 160 942 403 364 312 1,197 555 1,037 3,254 496 22 29,467 28,738 18,447 11,013 145 996 404 364 729 1,150 562 1,052 3,236 496 29 1963 July 3 31,996 31,738 20,502 11,429 190 ,880 438 347 258 ,369 549 ,733 3,109 566 10 31,964 31,548 20,225 11,325 264 ,700 439 352 416 ,306 544 >36 3,102 566 17 31,704 31,022 20,067 11,295 223 ,678 437 344 682 ,256 554 ,737 3,086 566 24 31,259 30,635 19,828 11,131 136 ,620 524 343 624 ,184 570 ,752 3,106 565 31 32,080 31,454 20,597 11,210 337 ,736 523 357 626 ,525 591 ,761 3,098 568 31,484 31,001 20,271 11,233 182 1,711 515 365 483 1,342 592 ,778 3,096 568 Aug-.!:::::::::::: 31,781 30,918 20,368 11,182 239 1,727 529 364 863 1,379 597 ,785 3,109 568 21 31,371 31,037 20,414 11,205 240 1,715 529 362 334 1,403 596 ,792 3,115 568 28 31,577 30,876 20,299 11,201 183 1,698 530 360 701 1,340 601 ,806 3,123 568 Outside New York City 1962 Aug. 1 94,327 93,175 57,158 22,216 1,213 171 890 899 367 1,152 2,417 2,014 13,507 14,618 1,233 8 93,908 92,748 57,065 22,220 ',206 96 913 897 373 1,160 2,389 2,002 13,519 14,617 1,233 15 94,655 93,479 57,394 22,353 ,210 133 961 902 374 1,176 2,386 2,044 13,580 14,617 1,235 22 94,676 93,466 57,484 22,416 ,222 189 934 895 376 1,210 2,360 2,027 13,619 14,615 1,234 29 94,638 93,330 57,528 22,429 ,223 153 930 896 380 1,308 2,355 2,037 13,644 14,647 1,232 1963 July 3 101,672 100,564 63,809 23,962 ,527 218 1,471 ,083 395 1,108 2,850 2,538 15,096 15,987 1,385 10 101,990 100,464 63,720 23,966 ,466 219 1,456 ,083 398 1,526 2,775 2,572 15,136 15,967 1,385 17 102,097 100,902 63,773 23,966 ,380 290 \410 ,087 418 1,195 2,740 2,622 15,171 16,009 1,387 24 100,982 100,239 63,425 23,816 ,390 132 ,376 ,096 406 743 2,656 2,642 15,226 16,004 1,386 31 101,846 100,531 63,787 23,804 ,396 172 ,386 ,093 413 1,315 2,824 2,684 15,269 16,060 1,386 AU8-.I:::::::::::: 101,492 100,346 63,920 23,926 ,374 176 ,413 ,089 405 1,146 2,817 2,651 15,305 16,073 1,385 101,594 100,337 64,099 24,016 ,379 125 ,377 ,088 410 1,257 2,827 2,696 15,368 16,123 1,388 21 101,535 100,403 64,218 24,059 ,392 127 ,348 ,093 415 1,132 2,838 2,706 15,411 16,140 1,388 28 101,551 100,250 64,203 24,003 ,404 108 ,342 ,096 404 1,301 2,786 2,720 15,463 16,187 1,388 For notes sec p. 1280. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 WEEKLY REPORTING MEMBER BANKS 1279 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities Total assets— Bal- Bal- All Total Wednesday Cer- No m te a s tu an ri d n g b — onds O se t c h u e - r Total d a o w n m i c t e e h s s- a w f n o i c r t e h - s Cu a rr n e d ncy s w e R r i v e th - es a o s t s h e e t r s lia a ti b n e i d s li- Total Bills c t a if t i e - s W i i n th- 1 to After rities ba t n ic ks b e a i n gn ks coin B F a . n R k . s a c c a c p o i u ta n l ts 1 year 5 years 5years Total— Leading Cities 1962 Aug t . • 31,638 3,573 2,085 6,737 14,667 4,576 14,944 17,453 2,911 152 1,483 12,907 4,754 159,825 8 30,959 3,035 2,077 6,664 14,626 4,557 14,954 17,178 2,683 150 1j499 12,846 4,725 156,300 2 1 2 5 3 3 1 1 , , 7 4 4 5 7 0 3 3, , 1 2 0 8 3 3 2 2 , , 9 9 7 8 1 0 7 7 , , 2 3 5 5 1 6 1 1 2 2 , , 7 9 9 6 0 7 5 5 , , 2 2 2 7 1 5 1 1 4 4 , , 8 9 9 5 6 4 1 1 7 7 , , 4 4 4 7 8 3 2 2 , , 9 6 9 7 9 9 1 1 5 6 9 4 i , ,5 5 6 0 9 8 1 1 2 3 , ,0 7 6 8 1 2 4 4 , , 5 4 5 4 9 3 1 1 6 5 1 7 , , 3 5 1 2 7 7 29 31,075 2,833 2,968 7,485 12,564 5,225 15,018 17,089 2,674 161 i 610 12,624 4,599 157,219 1963 July 3 . . 29,789 3,767 1 769 2,489 14,402 7,362 18,202 18,093 3,133 217 1,475 13,268 5,057 172,188 10 29,914 4,027 ,749 2,508 14,363 7,267 18,153 17,010 3,006 237 1,715 12,052 5,097 169,866 17 29,736 4,020 ,746 2,488 14,290 7,192 18,348 17,473 3,133 211 1,668 12,461 5,186 171,393 24 29,214 3,637 ,712 2,502 14,235 7,128 18,407 17 001 3,234 216 i,716 11,835 5,239 167,071 31 29,099 3,372 $m 2,546 14,257 7,091 18,502 17,833 3,063 209 1,634 12,927 5,330 170,832 Aug 7 28,346 2,732 1,836 2,638 14,245 6,895 18,810 17,618 2,874 205 1^95 12,944 5,371 168,134 2 1 1 4 2 2 7 8 , , 9 1 5 1 7 8 2 2 , , 5 6 6 3 9 5 1 1 , , 4 8 8 4 1 6 2 3 3 , 6 4 5 8 5 0 1 1 4 4 , , 5 2 3 0 3 7 6 5 , , 8 8 4 2 1 8 1 1 8 8 , , 6 8 7 5 0 1 1 1 6 7 , , 9 4 1 4 1 6 3 2, , 9 0 2 4 6 0 2 20 1 7 4 :, , 6 6 9 8 1 9 1 1 1 2 , , 9 6 6 2 6 4 5 5 , , 0 32 5 7 9 1 1 7 6 0 8 , , 1 5 1 5 2 6 28 .... 27,683 2,464 1,495 3,509 14,484 5,731 18,941 16,916 2,874 217 ,759 12,066 5,115 167,174 New York City 1962 Aug 1 6,895 1,469 442 1,467 2,513 1,004 3,670 4,065 64 77 214 3,710 1,899 40,621 8 6,556 1,198 437 1,424 2,499 998 3,674 3,918 80 78 219 3,541 1,935 38,681 15 6 895 1,303 729 1 541 2,145 1,177 3,663 3 783 75 92 ?16 3,400 1,838 40,756 22 6,721 1,212 688 1,521 2,157 1,143 3,701 4,115 72 84 ??1 3,738 1,824 39,087 29 6,560 1,024 698 1,523 2,169 1,146 3,731 3,891 66 88 230 3,507 1,927 39,310 1963 July 3 6,258 1,517 242 389 2,549 1,561 4,978 4,186 95 79 714 3,798 2,121 43,182 10 6,391 1,665 251 390 2,562 1,523 4,932 3,784 95 98 249 3,342 2,150 42,289 17 5,974 1,327 248 380 2,529 1,490 4,981 3,968 95 70 237 3,566 2,238 42,588 24 5,788 1,159 257 383 2,520 1,469 5,019 3,764 76 86 738 3,364 2,299 41,582 31 5,815 1,106 299 418 2,503 1,489 5,042 4,120 119 80 230 3,691 2,278 43,089 Aug 7 5,420 785 299 416 2,486 1,434 5,310 3,962 83 81 239 3,559 2,343 41,465 14 5,368 744 328 429 2,460 1,407 5,182 3 314 96 91 ?44 2,883 2,288 41,931 21 5,387 891 251 775 2,389 1,081 5,236 3,934 87 79 ?40 3,528 2,167 41,805 28 5,291 789 262 771 2,400 1,069 5,286 3,653 87 82 248 3,236 2,208 41,319 Outside New York City 1962 Aug 1 ... 24,743 2,104 1,643 5,270 12,154 3,572 11,274 13,388 2,847 75 ^69 9,197 2,855 119,204 8 24,403 1,837 1,640 5,240 12,127 3,559 11,280 13,260 2,603 72 1,280 9,305 2,790 117,619 15 24,852 1,980 2,242 r5,710 r10,822 4,098 11,233 13,665 2,924 67 ,79? 9,382 2,721 120,561 22 24,729 1,891 2,292 '5,835 '10,633 4,078 11,253 13,358 2,607 80 ,348 9,323 2,619 118,440 29 24,515 1,809 2,270 r5,962 r10,395 4,079 11,287 13,198 2,608 73 ,400 9,117 2,672 117,909 1963 July 3 23,531 2,250 1 •S27 2,100 11,853 5,801 13,224 13,907 3,038 138 1,261 9,470 2,936 129,006 10 23,523 2,362 1,498 2,118 11,801 5,744 13,221 13,226 2,911 139 1,466 8,710 2,947 127,577 17 23,762 2,693 1,498 2,108 11,761 5,702 13,367 13,505 3,038 141 ,431 8,895 2,948 128,805 24 23,426 2,478 1,455 2,119 11,715 5,659 13,388 13,237 3,158 130 1,478 8,471 2,940 125,489 31 23,284 2,266 1,534 2,128 11,754 5,602 13,460 13,713 2,944 129 1,404 9,236 3,052 127,743 22,926 1,947 ,537 2,222 11,759 5,461 13,500 13,656 2,791 124 ,356 9,385 3,028 126,669 14 22 750 1,825 1,518 2,226 11,747 5,434 13,488 13,597 2,944 123 ,447 9,083 3,039 128,181 21 22,570 1,744 2,705 12,144 4,747 13,615 13,512 2,839 128 ,449 9,096 2,892 126,751 28 22,392 1,675 ,?33 2,738 12,084 4,662 13,655 13,263 2,787 135 1,511 8,830 2,907 125,855 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 WEEKLY REPORTING MEMBER BANKS SEPTEMBER 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday j u u T n s o t a t e a d d l - * j m p us d o a a t d s e e n i - - d t d s 5 Total* IPC S g l a o o t n c a v a d t t e l . e F ig o n r ? - G U o . v S t . . c m m D c o t i i e e m o a c r s - l - - - Total* Sav- IPC Oth S l a o e t n r c a a d t t e l ime e F ig o n r- 7 B F F a r . o n R m k . s o F t r h o e m rs lia ti b e i s li- co i a u t c a n - t l s banks govt. Total-— Leading Cities 1962 Aug. 1 138,769 62,451 91,527 65,116 5,129 ,6714,36911,301 47,242 33,114 8,251 3,252 2,269 133 2,136 5,426 13,361 8 134,707 61,308 87,326 63,018 4,953 ,6113,070 1111,498 47,381 33,242 8,260 3,233 2,289 566 2,219 5,436 13,372 15 140,054 60,518 92,583 64,914 4,848 ,644 55,32111,871 47,471 33,304 8,296 3,239 2,274 268 2,188 5,453 13,354 22 136,323 60,484 88,735 62,687 4,697 605 5,41311,077 47,588 33,374 8,354 3,246 2,259 494 2,002 5,370 13,338 29 135,630 60,638 87,901 62,583 4,622 565 4,91710,920 47,729 33,404 8,428 3,255 2,282 77 2,547 5,575 13,390 1963 July 3 150,108 60,954 95,198 65,724 4,992 ,720 6;,87911,995 54,910 36,51811,234 3,883 2,900 537 2,147 5,439 13,957 10 147,623 61,692 92,537 65,501 4,705 ,6655,15411,886 55,086 36,62111,314 3,866 2,912 82 2,717 5,487 13,957 17 148,985 62,526 93,868 67,401 4,716 1692 4,64811,761 55,117 36,66011,358 3,800 2,918 241 2,592 5,643 13,932 24 145,836 62,883 90,500 65,474 4,731 ,884 3,79011,237 55,336 36,70011,549 3,816 2,897 21 1,551 5,732 13,931 31 148,399 63,281 92,818 66,795 4,968 788 4,92010,874 55,581 36,74111,691 3,837 2,934 260 2,434 5,734 14,005 Aug. 7 144,801 61,833 89,076 64,342 4,919 ,644 3,579 11,495 55,725 36,82111,756 3,803 2,969 924 2,540 5,844 14,025 14 146,991 61,249 91,064 66,047 4,662 ,6853,78811,528 55,927 36,85011,876 3,831 2,992 90 3,096 5,920 14,015 21 145,799 60,828 89,657 64,302 4,611 ,716 44,55811,126 56,142 36,88712,064 3,837 2,980 531 2,392 5,817 14,017 144,338 61,528 88,012 64,024 4,715 i682 3,75910,710 56,326 36,89612,181 3,894 2,984 258 2,678 5,859 14,041 28 New York City 1962 33,115 15,998 25,099 16,743 296 229 1,246 3,083 8,016 3,643 2,375 197 1,620 1,026 2,702 3,778 Aug. 1 30,962 15,295 22,897 15,728 256 ,198 886 2,927 8,065 3,677 2,388 195 1,623 115 1,085 2,738 3,781 8 33,214 15,119 25,126 16,362 293 ,202 ,492 3,162 8,088 3,687 2,408 199 1,610 29 1,046 2,691 3,776 15 31,564 15,217 23,442 15,756 247 ,165 ,457 2,794 8,122 3,700 2,438 201 1,604 108 976 2,676 3,763 22 31,523 15,139 23,354 15,727 206 ,141 ,319 2,871 8,169 3,698 2,472 205 1,614 1,234 2,782 3,763 29 1963 My 3 35,345 15,489 25,403 16,464 395 ,287 ,958 3,077 9,942 4,277 3,107 324 2,055 79 1,175 2,688 3,895 10 34,301 15,421 24,281 16,157 333 ,222 ,426 3,043 10,020 4,296 3,162 321 2,062 1,392 2,701 3,895 17 34,725 15,746 24,700 16,654 336 ,265 ,269 3,007 10,025 4,307 3,159 320 2,062 25 1,168 2,775 3,895 24 34,438 15,764 24,298 16,277 276 ,443 ,013 3,261 10,140 4,313 3,279 329 2,041 390 2,865 3,889 31 35,376 16,072 25,134 16,968 306 ,353 ,449 3,002 10,242 4,322 3,327 335 2,078 1,027 2,773 3,913 33,390 15,403 23,085 15,847 285 ,218 ,036 2,970 10,305 4,336 3,349 336 2,107 130 1,171 2,852 3,922 Aug-,!:::::: 34,014 15,180 23,612 16,266 244 ,231 ,017 2,867 10,402 4,344 3,415 336 2,129 3 1,170 2,821 3,923 21 34,009 15,057 23,448 15,851 256 ,265 ,181 2,877 10,561 4,355 3,564 336 2,128 47 1,067 2,771 3,911 28 33,413 15,225 22,798 15,821 230 ,239 939 2,753 10,615 4,345 3,609 357 2,127 104 1,089 2,803 3,910 Outside New York City 1962 Aug. 1 105,654 46,453 66,428 48,373 4,833 442 3,123 8,218 39,226 29,471 5,876 3,055 649 133 ,110 2,724 9,583 8 103,745 46,013 64,429 47,290 4,697 413 2,184 8,571 39,316 29,565 5,872 3,038 666 451 ,134 2,698 9,591 15 106,840 45,399 67,457 48,552 4,555 442 3,829 8,709 39,383 29,617 5,888 3,040 664 239 ,142 2,762 9,578 22 104,759 45,267 65,293 46,931 4,450 440 3,956 8,283 39,466 29,674 5,916 3,045 655 386 ,026 2,694 9,575 29 104,107 45,499 64,547 46,856 4,416 424 3,598 8,049 39,560 29,706 5,956 3,050 668 69 ,313 2,793 9,627 1963 July 3 114,763 45,465 69,795 49,260 4,597 433 4,921 8,918 44,968 32,241 8,127 3,559 845 458 972 2,751 10,062 10 113,322 46,271 68,256 49,344 4,372 443 3,728 8,843 45,066 32,325 8,152 3,545 850 82 ,325 2,786 10,062 17 114,260 46,780 69,168 50,747 4,380 4"277 33,379 8,754 45,092 32,353 8,199 3,480 856 216 ,424 2,868 10,037 24 111,398 47,119 66,202 49,197 4,455 441I 2,7777,976 45,196 32,387 8,270 3,487 856 21 ,161 2,867 10,042 31 113,023 47,209 67,684 49,827 4,662 435 3 7,872 45,339 32,419 8,364 3,502 856 260 ,407 2,961 10,092 AuM:::::: 111,411 46,430 65,991 48,495 4,634 426 2,543 8,525 45,420 32,485 8,407 3,467 862 794 ,369 2,992 10,103 112,977 46,069 67,452 49,781 4,418 454 2,771 8,661 45,525 32,506 8,461 3,495 863 87 ,926 3,099 10,092 21 111,790 45,771 66,209 48,451 4,355 451 3,377 8,249 45,581 32,532 8,500 3,501 852 484 ,325 3,046 10,106 28 110,925 46,303 65,214 48,203 4,485 443 2,820 7,957 45,711 32,551 8,572 3,537 857 154 ,589 3,056 10,131 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 * Total demand and total time deposits. branches of U.S. banks other than reporting bank. 3 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

SEPTEMBER 1963 BUSINESS LOANS OF BANKS 1281 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 1963 1962 A 2 u 8 g. A 1 u 4 g. Aug. J 3 u 1 ly Aug. July June II I IV 1st 2nd Durable goods manufacturing: Primary metals 6 1 -2 2 -11 7 -13 -7 -50 12 -25 -38 -74 Machinery 11 -4 -12 45 -1 41 -66 54 16 135 -13 151 19 Transportation equipment -72 -17 -7 -1 5 -97 -64 68 -80 -11 62 -91 47 Other'fabricated metal products... -7 -5 3 2 -9 -11 6 36 22 44 58 -91 Other durable goods 13 -4 13 9 10 30 -35 26 58 33 -158 91 -18 Nondurable goods manufacturing: Food liquor and tobacco.. ... -5 24 33 -2 28 50 -54 34 -222 -371 416 -593 528 Textiles, apparel, and leather 17 15 24 34 11 89 44 46 80 207 -275 288 -179 Petroleurn refining _3 —6 9 _3 1 —22 1 39 — 32 31 7 43 Chemicals and rubber 4 4 15 21 -13 43 -94 11 -24 90 25 66 -129 Other nondurable goods 11 -1 9 18 -5 36 7 33 47 46 -112 92 -105 Mining, including crude petroleum and natural gas -21 2 30 2 -24 13 -15 -36 -59 296 91 237 66 Trade: Commodity dealers 50 16 12 31 27 108 49 -23 -195 -69 133 -263 220 Other wholesale -8 -18 -4 3 5 -27 -25 7 100 —77 60 23 123 Retail -29 -1 -13 -11 18 -54 -49 25 71 -19 117 52 154 Transportation, communication, and 9 4 -24 -23 15 -34 -134 83 -22 -233 346 -255 655 Construction -12 5 14 17 7 24 10 31 175 -42 -46 133 -17 All other types of business, mainly services -3 42 -49 -10 1 -19 -18 88 147 33 283 180 290 Net change in classified loans -40 58 50 136 71 204 -491 446 116 21 893 137 1533 Commercial and industrial change— all weekly reporting banks -60 66 39 145 67 190 -545 531 351 42 1103 393 1812 NOTE.—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 95 per cent of total commercial and End-of-week date shown. Figures for periods other than week are industrial loans of all weekly reporting member banks and about 70 per based on weekly changes. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan p A e a r r n i e d o a d lo A a l n l s 1_ (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 19 large cities: New York City: 1962—June 4.79 5.64 5.35 5.09 4.68 1954 3.6 5.0 4.3 3.9 3.4 Sept 4.77 5.60 5.35 5.14 4.65 1955 3.7 5.0 4.4 4.0 3.5 Dec 4.78 5.61 5.33 5.12 4.68 1956 4.2 5.2 4.8 4.4 4.0 1963—Mar 4.80 5.62 5.36 5.06 4.70 1957 4.6 5.5 5.1 4.8 4.5 June 4.78 5.61 5.37 5.05 4.68 1958 4.3 5.5 5.0 4.6 4.1 1959 5.0 5.8 5.5 5.2 4.9 7 northern and eastern cities: I960 5.2 6.0 5.7 5.4 5.0 1962—June 5.00 5.83 5.52 5.21 4.86 1961 5.0 5.9 5.5 5.2 4.8 Sept 5.00 5.87 5.51 5.20 4.87 1962 5.0 5.9 5.5 5.2 4.8 Dec 5.05 5.85 5.55 5.23 4.92 1963—Mar 4.98 5.85 5.53 5.18 4.84 June 5.01 5.84 5.54 5.27 4.87 Quarter:1 19 large cities: 11 southern and western cities: 1962—June 5.01 5.88 5.53 5.25 4.84 1962—June 5.33 6.01 5.65 5.39 5.12 Sept 4.99 5.86 5.53 5.21 4.82 Sept 5.32 5.98 5.65 5.28 5.12 Dec 5.02 5.88 5.55 5.28 4.85 Dec 5.33 6.01 5.68 5.41 5.10 1963—Mar 5.00 5.89 5.55 5.21 4.83 1963—Mar 5.30 6.02 5.66 5.33 5.07 June 5.01 5.86 5.54 5.24 4.84 June 5.32 5.97 5.63 5.34 5.12 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, 3Y4; Oct 14, 3%; 1956— NOTE.—Weighted averages. For description see Mar. 1949 BULL., Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, pp. 228-37. Bank prime rate was 3V4 per cent Jan. 1,1954-Mar. 16,1954. 3%; 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

1282 INTEREST RATES SEPTEMBER 1963 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period m 4 p o - a n t p o t e h r 6 s , - 1 m d 3 p i o - r l n a e t c c t o h e t l s d 6 y - , 2 9 a 0 a c n d c c a e e y p s t s , - 1 o i R n s s a n u t e e e w M y a ie r l k d et o i n 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 * i 3 s - s y u t e o e a s r 5 5 - 1960 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1962 3.26 3.07 3.01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1962—Aug 3.30 3.12 3.11 2.837 2.82 3.005 2.99 3.10 3.13 3.57 Sept 3.34 3.13 3.09 2.792 2.78 2.947 2.93 2.99 3.00 3.56 Oct 3.27 3.04 3.03 2.751 2.74 2.859 2.84 2.90 2.90 3.46 Nov 3.23 3.08 3.00 2.803 2.83 2.875 2.89 2.94 2.92 3.46 Dec 3.29 3.16 3.00 2.856 2.87 2.908 2.91 2.94 2.95 3.44 1963—Jan 3.34 3.18 3.07 2.914 2.91 2.962 2.96 3.00 2.97 3.47 Feb 3.25 3.13 3.13 2.916 2.92 2.970 2.98 3.00 2.89 3.48 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 June.... 3.38 3.21 3.24 2.995 2.99 3.078 3.08 3.11 3.17 3.67 July.... 3.49 3.35 3.41 3.143 3.18 3.272 3.31 3.40 3.33 3.78 Aug 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Week ending— 1963—Aug. 3. 3.58 3.38 3.50 3.263 3.24 3.398 3.38 3.46 3.30 3.77 10. 3.63 3.53 3.53 3.253 3.26 3.389 3.39 3.48 3.28 3.77 17. 3.75 3.56 3.63 3.335 3.32 3.441 3.43 3.50 3.36 3.80 24. 3.75 3.63 3.63 3.355 3.36 3.462 3.47 3.52 3.51 3.83 31. 3.78 3.63 3.63 3.396 3.39 3.494 3.49 3.54 3.54 3.85 1 Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Selected note and bond issues. ties in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio ( S l t o a n te g s - Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - I960 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.47 5.88 1961 3 90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4 66 2 97 4 74 1962 3.95 3.30 3.03 3.67 4.61 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.05 1962—Aug . 3.97 3.38 3.10 3.74 4.64 4.35 5.06 4.51 4.90 4.50 4.55 3.57 Sept 3.94 3.28 3.01 3.66 4.61 4.32 5.03 4.45 4.88 4.49 4.50 3.60 6.22 Oct 3 89 3.21 2.94 3.62 4.57 4.28 4.99 4 40 4.85 4.46 4 49 3 71 Nov 3.87 3.15 2.89 3.53 4.55 4.25 4.96 4.39 4.83 4.42 4.45 3.50 Dec 3 87 3.22 2.93 3.57 4.52 4.24 4.92 4 40 4.76 4 41 4 42 3 40 6 57 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 5.50 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 May 3 97 3 21 2 99 3 54 4 48 4 22 4 86 4 40 4 63 4 39 4 29 3 13 June 4.00 3.31 3.09 3.62 4.47 4.23 4.84 4.40 4.61 4.40 4.29 3.16 P5.66 July 4 01 3.31 3.10 3.60 4.49 4.26 4.84 4 43 4 62 4 42 4 34 3 20 Aug 3.99 3.28 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4.42 4 30 3 13 Week ending— 1963—Aug. 3 3.99 3.27 3.08 3.57 4.50 4.29 4.84 4.45 4.63 4.42 4.33 3.21 10 3.99 3.27 3.08 3.57 4.50 4.29 4.83 4.45 4.64 4.42 4.32 3.18 17 3.99 3.28 3.08 3.59 4.50 4.29 4.83 4.44 4.63 4.43 4.30 3.13 24 3.99 3.30 3.11 3.59 4.50 4.29 4.83 4.44 4.63 4.42 4.29 3.12 31 3.99 3.29 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4.42 4.29 3.09 Number of issues 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 from Moody's Investors Service series. of 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

SEPTEMBER 1963 SECURITY MARKETS 1283 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. Manufacturing Trade. (thou- ( t l e o r n m g ) - S l a o t n c a a d te l A C r p a A o o t r - A e - Total d t I r u n i s a - - l R ro a a i d l- P u i l u t t i i b y c l- - Total Total r D a u b - le N r d a o u b n - l - e p T t o r i r a 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 n r 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 59.431 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—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 '4,573 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 70.14 73.60 38.37 65.52 143.2 134.3 130.7 137.7 124.2 180.6 170.0 123.2 4,781 June.... 86.36 110.7 97.1 70.11 73.61 39.34 64.87 142.5 133.7 130.8 136.7 127.2 178.0 170.6 125.2 4,529 July.... 86.16 110.3 96.7 69.07 72.45 38.75 64.47 140.7 131.8 126.6 136.7 125.8 176.7 168.5 127.3 3,467 Aug.. . . 86.45 111.4 96.5 70.98 74.43 39.22 66.57 144.6 135.6 130.4 140.5 128.8 180.9 173. 132.3 4,154 Week ending— 1963_Aug. 3. 86.48 111.1 96.5 69.08 72.43 38.06 64.96 140.9 132.2 126.4 137.6 125.0 176.8 167.7 126.9 3,340 10. 86.45 111.4 96.6 70.07 73.50 38.64 65.61 143.4 134.4 128.6 139.9 127.0 179.7 170.5 132.9 3,686 17. 86.42 111.4 96.5 71.06 74.52 39.23 66.64 145.4 136.1 130.9 141. 130.4 182.7 174.1 133.5 4,555 24. 86.47 111.4 96.5 71.48 74.93 39.76 67.19 146.0 136.9 132.4 141.2 129.9 182.1 176.2 132.6 4,110 31. 86.42 111.4 96.4 72.03 75.56 39.66 67.41 147.3 138.3 133.6 142.8 131.7 183.2 177.1 135.6 4,702 NOTE.—Annual data are averages of monthly data. Monthly and Common stocks, Standard and Poor's index based on averages of daily weekly data are computed as follows: figures; Securities and Exchange Commission index on weekly closing U.S. Govt. bonds, derived from average market yields in preceding prices. table on basis of an assumed 3 per cent, 20-year bond, averages of daily Volume of trading, average daily trading in stocks on the N.Y. Stock figures. Exchange for a 5^-hour trading day. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stocl: Exchange brokers and dealers for pur- Money borrowed on— Cus- Months Total firms secured by— chasing and carrying— tomers' securities net other than Other securities i{r«•e»e» U.S.Oovt. se G c U u o . r S v it t . i . es se O cu t r h i e t r ies se G c U u o . r S v i . t t i . es se O cu t r h i e t r ies se G c U u o . r S v it t . i . es Total C co u l s la to te m ra er l co O lla th te e r r al c a b r n e a c d l e - i s t 1959—Dec 4,461 150 3.280 167 1.181 221 2.362 2,044 318 996 I960—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—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 ,301 29 2,596 2,271 325 1,126 Nov 5,285 24 3.951 82 .334 28 2,558 2,269 289 1,151 Dec 5.494 24 4! 125 97 ,369 35 2,785 2,434 351 1,216 1963—Jan 5,595 28 4.208 95 .387 32 2,895 2,556 339 1,199 Feb 5,717 23 4,332 91 ,385 35 3,059 2,695 364 1,191 Mar 5,754 28 4.331 100 1,423 63 3.129 2,754 375 1,175 Apr 5,978 27 4,526 99 I 452 33 3.239 2,889 350 [,201 May.... 6,229 24 4,737 75 ,492 33 3,655 3,150 505 1,166 June 6,420 32 4,898 104 ,522 44 3,909 3,333 576 1,149 July.... 6,511 25 4,895 81 1,616 29 3,836 3,359 477 1,126 Aug 6,660 23 5,034 87 1,626 23 3,938 3,472 466 1,093 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) arc available back through July 1958 and have beoo cuitomer—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

1286 FEDERAL FINANCE SEPTEMBER 1963 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Deviation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Change Less: Less: Bu n d e g t et f T P u r n lu u d s s s : t r g I L o n e v t s r t s a . : l - r E re T q c o u t a t s a l . l s 2r : Budget fu T P n r l d u u s s s : t 4r m A L e d e n j s u t s s s : t 3 - r E p T a q o y u t a t a s l l s .r : payts. (d d i i e r n b e t ct a I g n e v by n e . s * t & . N c d a e o s b n h t - E N qu e a f ls: & agen.) trusts'" Cal. year—1960 79,518 21,773 2,946 98,287 77,565 20,876 3,747 94,694 3,593 -549 1,629 491 -2,669 1961 78,157 24,260 4,425 97,929 84,463 25,299 5,024 104,738 -6,809 6,792 -433 470 6,755 1962 84,709 25,508 3,942 106,229 91,907 25,475 5,433 111,950 -5,720 9,055 1,056 1,386 6,612 Fiscal year—1960... 77,763 20,342 2,975 95,078 76,539 21,212 3,424 94,328 750 3,371 925 597 1,848 1961... 77,659 23,583 3,945 97,242 81,515 22,793 4,766 99,542 -2,300 2,102 856 536 712 1962... 81,409 24,290 3,776 101,865 87,787 25,140 5,266 107,661 -5,796 11,010 494 923 9,592 1963P.. 86,357 27,685 4,266 109,731 92,590 26,534 5,267 113,857 -4,125 8,681 2,065 1,033 5,583 Half year: 1961—July-Dec... 35,826 10,673 1,782 44,680 43,165 12,779 2,047 53,898 -9,217 8,098 -1,484 402 9,180 1962—Jan.-June.. 45,583 13,652 2,007 57,207 44,622 12,424 3,232 53,813 3,393 2,911 1,950 521 440 July-Dec... 39,126 11,856 1,935 49,023 47,286 13,051 2,201 58,136 -9,114 6,142 -894 865 6,172 1963—Jan.-June*>. 47,231 15,847 2,338 60,720 45,304 13,526 3,073 55,757 4,963 r2,538 2,933 169 -564 Month: 1962—July 3,566 1,191 189 4,565 7,252 2,162 127 9,287 4,722 -62 915 101 753 Aug 7,089 3,4441 203 10,326 8,541 2,292 260 10,575 -249 4,266 1,511 411 2,344 Sept 10,053 1,620 531 11,138 7,327 2,404 1,093 8,637 2,501 -2,309 -624 21 -1,706 Oct 3,030 1,374 251 4,148 8,524 2,146 523 10,147 -5,998 2,974 -353 121 3,206 Nov 7,027 2,528 264 9,287 8,070 1,909 -41 10,019 -723 3,258 449 1,548 1,262 Dec 8,360 1,681 490 9,546 7,572 2,095 234 9,434 112 -1,984 -936 -1,337 289 1963—Jan 5,533 990 237 6,283 8,013 1,795 990 8,818 -2,535 -372 -998 61 565 Feb 7,305 3,361 314 10,350 6,763 2,230 213 8,780 1,570 1,010 516 33 461 Mar 9,663 2,123 237 11,545 7,806 1,968 852 8,922 2,623 -1,949! 120 -A -2,067 Apr 5,735 1,752 236 7,248 7,590 2,244 163 9,671 -2,423 104i -830 87 847 May 6,953 4,656 283 11,323 7,470 2,304 -218 9,992 1,331 2,282! 2,818 28 -564 June*5 12,042 2,966 1,031 13,972 7,663 2,984 1,072 9,575 4,397 1,463 1,305 -36 193 July 3,547 1,419 271 4,693 7,863 2,651 468 10,045 -5,353 -854 -1,253 128 271 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 T ( r e e n a d s u o r f e r p 's e r a io cc d o ) unt Period Agencies & trusts Change Operating bal. B s d u u e r o d f p i r g c lu i e t s t fu T n r d u s s ' t *r a C c l c e o ar u i n n t g s i M s s s e u a c o r a . f k n 4 e c r t e i I n s G n e v U c o e . v . s 4 t t S r . , . p d g d u i r i r e b o n e b l s c i t s c t T o r H u e t a e s s l i d u d r e y a T u c r c 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 x t n s. O as n t s h e e t e t * r s Fiscal year—1960.... 1,224 -870 -149 1,746 -925 1,625 -4 2,654 8,005 504 6,458 1,043 1961.... -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962.... -6,378 -850 566 1,780 -494 9,230 118 3,736 10,430 612 8,815 1,003 1963P.. -6,233 1,151 -33 1,022 -2,065 7,659 -184 1,685 12,116 806 10,324 986 Half year: 1961—July-Dec... -7,339 -2,106 -137 900 1,484 7,198 199 -200 6,494 465 5,157 872 1962—Jan.-June.., 962 1,228 704 879 -1,950 2,032 -81 3,936 10,430 612 8,815 1,003 July-Dec -8,160 -1,195 -599 873 894 5,269 4 -2,922 7,509 597 6,092 820 1963—Jan.-JuneP. 1,927 2,321 566 148 -2,933 2,390 -188 4,607 12,116 806 10,324 986 Month: 1962—July. -3,686 -970 -163 263 915 -325 85 -4,051 6,380 390 5,089 901 Aug.. -1,452 1,152 -356 300 -1,511 3,966 -52 2,151 8,530 478 7,210 842 S O e c p t t . . . . -5 2 , , 4 7 9 27 4 - - 7 7 8 7 4 2 5 1 4 5 1 1 40 3 5 5 6 3 2 5 4 3 -2 2 , , 3 5 4 6 4 9 -3 6 9 0 -2,7 7 5 3 0 8 9 6, , 5 2 1 6 8 8 4 5 0 1 0 3 7 5 , , 9 1 1 3 9 1 9 8 4 7 9 4 N D o e v c . . . -1,0 7 4 8 2 8 -4 6 1 1 4 9 -1 1 , , 8 0 5 8 2 0 - - 6 6 5 4 -4 9 4 3 9 6 -1 3 , , 9 3 2 2 0 3 -57 6 4 5 0 9 0 1 7 7 , , 1 5 0 0 9 9 5 5 8 9 5 7 6 5 , ,7 0 2 9 8 2 7 8 9 2 6 0 1963— J A J F M M J u u e a p n a a l n b r y r e y . . . . . . * . . . . . . - - -2 4 1 4 1 - , , , , , 5 4 3 8 3 8 5 1 8 1 5 5 7 4 6 0 6 4 7 9 2 -1 2 1 - - , , , 8 4 - 2 1 3 1 1 0 9 3 3 5 5 8 5 2 1 2 2 5 - - - 1 5 1 6 6 3 2 6 1 7 9 6 3 9 0 9 7 2 9 - - - 2 3 3 - 2 8 1 6 1 1 0 0 4 7 9 1 4 9 7 4 1 - -1 2 1 - - , , 1 5 , 3 8 2 9 8 2 1 0 1 5 9 3 0 6 5 8 3 0 8 - -1 1 2 1 , , , , - 6 0 0 2 6 1 5 4 2 3 2 5 7 3 5 5 8 1 3 6 - - 2 2 1 0 4 7 5 3 3 0 8 5 3 7 6 9 0 - - - 2 5 1 4 1 , , , , , 0 1 6 5 9 9 8 2 1 7 6 5 7 0 4 8 2 1 8 8 6 1 7 5 8 6 7 6 2 , , , , , , , 4 5 4 5 2 9 1 4 7 8 5 5 9 1 6 9 5 8 2 6 8 9 9 6 6 8 8 8 5 0 2 2 4 5 0 1 9 9 1 1 2 6 1 4 3 6 5 5 5 0 , , , , , , , 3 4 6 9 5 5 3 4 6 7 9 8 6 2 0 6 8 2 0 4 4 1 1 , , 9 9 9 8 8 2 0 8 1 8 0 7 8 2 6 5 6 5 7 7 5 lati 1 o n P s r im to a U ril . y S . i n e t m er p e l s o t y p e a e y s m tr e u n s t t s b fu y n T d r s e . asury to trust accounts and accumu- * Includes net expenditures of Govt. sponsored enterprises 2 Includes small adjustments not shown separately. s Primarily military defense, military assistance, and atomic energy. 3 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing accounts. NOTE.—Treasury Dept. & Bureau of the Budget. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 FEDERAL FINANCE 1287 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Selected excise taxes Budget receipts (IRS data) Period Net 2 O T ag l r d e a - nsfe H r w s i g a t h y o - tru R t s r i . t r e R s e - . . fu R n e d - s Total W h I e n it l d h d i - v. ta O x t e h s er C r t a o a t r x i p o e o s n - ta c E i x x s e e - s p m t E a lo x m e y n e - - s t O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e . s - Fiscal year—1960... 77,763 10,122 2,539 607 5,237 96,962 31,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5,114 1961... 77,659 11,490 2,798 571 5,976 99,49132,978 13,175 21,765 12,064 12,502 7,007 3,213 1,991 5,294 1962... 81,409 11,545 2,949 564 6,266 103,81836,246 14,403 21,296 12,752 12,708 6,412 3,341 2,026 5,536 1963P 86,357 13,345 3,279 572 6,571 111,5"8"2 38,714 14,268 22,336 13,410 15,005 7,850 Half year: 1961—July-Dec 35,826 4,741 1,533 278 885 43,57517,652 3,189 8,259 6,394 5,024 3,057 1,754 1,035 2,656 1962—Jan.-June 45,583 6,802 1,415 288 5,380 60,24318,593 11,213 13,036 6,358 7,686 3,357 1,587 991 2,880 July-Dec 39,126 5,311 1,672 291 805 47,55318,958 3,319 8,810 6,808 5,608 4,050 1,805 1,040 2,876 1963—Jan.-JuneP 47,231 8,034 ,607 280 5,766 64,02819,755 10,949 13,525 6,603 9,397 3,799 Month: 1962—July 3,566 436 281 12 165 4,540 1,199 299 525 1,106 450 961 257 148 Aug 7,089 1,699 332 86 193 9,445 5,298 169 431 1,188 1,786 573 289 197 1,509 Sept 10,053 911 287 50 111 11,414 2,980 2,092 3,533 1,103 962 744 290 171 Oct 3,030 536 276 14 200 4,068 1,156 235 460 1,150 551 516 363 190 Nov 7,027 1,129 218 77 73 8,533 5,195 117 412 1,125 1,208 478 339 182 ,367 Dec 8,360 600 277 51 64 9,553 3,131 407 3,450 1,136 652 780 267 152 1963—Jan 5,533 178 261 12 109 6,285 1,269 2,367 517 1,099 429 605 243 166 Feb 7,305 1,761 234 78 838 10,997 5,422 783 422 1,038 2,596 736 216 163 ,655 Mar 9,663 1,308 279 48 1,720 13,093 3,182 745 6,081 1,081 1,428 576 278 160 Apr 5,735 920 258 13 1,603 8,544 973 4,371 551 1,022 940 686 270 176 May 6,953 2,579 308 80 1,204 11,132 5,642 651 443 1,192 2,664 540 312 187 June? 12,042 1,288 267 49 292 13,977 3,267 2,032 5,511 1,171 1,340 656 318 189 July 3,547 522 297 13 245 4,871 1,295 381 574 1,179 537 905 n.a. n.a. Budget expenditures Period Total 2 f t e i N d o n e n a s - - e a s l 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 e a r a - c t l - es t m C r a a o e n n r m d s c p e - . & H de i c o n v o u g e m s l - . . l H w ab e el a o f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1960 76,539 45,691 1,832 401 4,882 1,714 1,963 122 3,690 866 5,266 9,266 1,542 1961 81,515 47,494 2,500 744 5,173 2,006 2,573 320 4,244 943 5,414 9,050 1,709 1962 87,787 51,103 2,817 1,257 5,895 2,147 2,774 349 4,524 1,076 5,403 9,198 1,875 1963*.... 92,590 52,743 2,545 2,552 7,028 2,352 2,816 -78 4,761 1,244 5,187 9,976 1,978 Half year: 1961—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 1963—Jan.- June*... 45,304 26,790 1,228 1,528 2,438 1,020 1,477 -442 2,205 666 2,523 5,040 1,000 Month: 1962—July 7,252 r3,947 95 135 664 191 156 190 r453 84 442 834 138 Aug 8,541 4,448 276 187 1,126 247 300 23 348 131 492 806 195 Sept 7,327 4,035 204 141 570 268 224 -19 415 125 401 813 150 Oct 8,524 4,610 358 187 978 231 232 -23 454 61 440 826 182 Nov 8,070 4,566 327 187 531 219 212 72 470 79 443 814 156 Dec 7,572 4,344 57 187 721 175 215 121 409 98 445 843 158 1963—Jan 8,013 4,548 251 233 510 184 224 3 483 150 486 863 170 Feb 6,763 4,102 208 194 253 156 310 -125 150 125 445 820 149 Mar 7,806 4,523 210 250 473 143 212 116 379 110 405 832 157 Apr «7,590 4,522 299 271 397 157 220 -157 443 93 367 828 156 May 7,470 4,491 70 281 425 181 247 -169 392 93 435 830 200 Junep 7,663 4,604 190 299 380 199 264 -110 358 95 385 867 168 July 7,863 4,237 7 270 940 205 185 87 506 109 468 893 203 1961 1962 1963 1961 1962 1963 Item III IV III IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts. . 24.6 25.2 25.3 26 5 27 3 27.t 27.4 27.8 23.4 21.3 26.2 31.0 260 23.0 28.2 32.5 Payments. 26.3 26 9 27.6 270 28 1 29.2 28.2 28.3 26.7 27.2 26.0 27 8 28 5 29.6 26.5 29.1 Net.... -1.7 -1 7 2 2 - 5 - 7 -2. 1 -• 8 -.5 -3.3 c.9 .3 3 2 -2 5 -6 .6 1.7 3.3 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1288 U.S. GOVERNMENT SECURITIES SEPTEMBER 1963 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues3 End of period T gr o o t s a s l d T g i r o r o e t s a c s l t Marketable Con- Nonmarketable Special debt i debt 2 Total vert- Total Bills C c e a r t t e if s i- Notes Bonds 4 b i o b n le ds Total 5 b S i o n a n g v d s - s 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29 7 36.4 26.1 83.4 8 3 52 1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961 Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—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 June 306.5 305.9 257.2 203.5 47.2 22.2 52.1 82.0 3.5 50.2 48.3 44.8 July 305.5 304.8 257.2 203.5 47.2 22.2 52.2 81.9 3.5 50.3 48.4 43.7 Aug 307.2 306.5 257.0 203.2 47.2 17.0 58.6 80.5 3.4 50.3 48.5 45.5 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, Foreign currency series, Foreign to $367 million on Aug. 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 $13,378 million on July 31, 1963. acquired by Treasury for retirement on Dec. 15, 1962, in exchange for 4 Includes Treasury bonds and minor amounts of Panama Canal and various issues on Nov. 15, 1962. postal savings bonds. 5 Includes Series A investment bonds, depository 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) Heldby— Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G U t a e r o . u n n S v c s d . t i t e . s b F a . n R ks . Total m b C 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 t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r t o n e e d n i r g - a n l2 O i t m n o t v i r h s s e e c s 3 r . funds i bonds securities 1941 Dec 64 3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 5 1945 Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947 Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1955 Dec 280.8 51.7 24.8 204.3 62.0 8.5 14.6 23.5 15.4 50.2 14.5 7.5 8.1 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957 Dec . . . 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958 Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959 Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 12.0 10.1 I960 Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13 0 11 2 1961 Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 19.7 18.7 46.4 18.5 13.4 11.6 1962 July 298.3 55.5 29.8 213.0 64.5 6.3 11.5 20.0 19.9 46.7 18.6 14.2 11 3 302.3 57.1 30.4 214.9 64.5 6.3 11.5 21.1 19.9 46.8 18.7 14.6 11.5 Sent 300.0 56.4 29.8 213.7 64.6 6.3 11.4 19.0 19.8 46.8 18.9 15.1 11.9 Oct 302.6 56.1 30.2 216.3 65.9 6.1 11.5 19.9 19.6 46.8 18.8 15.4 12.3 Nov 305.9 57.9 30.5 217.5 65.4 6.1 11.5 21.8 19.3 46.9 18.9 15.4 12.2 Dec 304.0 55.6 30.8 217.6 66.5 6.1 11.5 20.0 19.5 46.9 19.0 15.3 12.7 1963 Jan 303.9 54.5 30.3 219.1 66.0 6.1 11.5 21.0 19.9 47.1 19.4 15.3 12.9 Feb 305.2 55.1 30.6 219.5 65.1 6.1 11.4 21.6 19.9 47.2 19 4 15.2 13 8 Mar 303.5 55.1 31.0 217.4 63.9 11.2 20.7 20.1 47.3 19.9 r15.4 M2.7 Apr ... 303.7 54.3 31.2 218.2 64.2 6.1 11.1 20.9 20.6 47.3 19.3 15.6 '13.0 May 305.8 57.1 31.3 217.4 63.0 6.1 11.0 22.0 20.6 47.4 19.0 12.5 June . 306.5 58.4 32.0 216.1 63.5 6.1 10.8 19.8 20.8 47.5 19.2 15.8 12.5 JUly 305.5 57.1 32.5 215.9 62.4 6. 10.9 20.3 21.0 47.6 19.3 15.7 M2.6 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

SEPTEMBER 1963 U.S. GOVERNMENT SECURITIES 1289 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 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—June 30 203,508 85,294 47,230 38,064 58,026 37,385 8,359 14,444 July 31 203,491 85,286 47,222 38,064 58,035 37,376 8,359 14,435 U.S. Govt. agencies and trust funds: I960—Dec. 31 8,116 1,482 591 891 2,431 1,602 1,461 1,140 1961—Dec. 31 8,484 1,252 583 669 1,860 1,594 1,756 2,022 1962 Dec 31 9,638 1,591 865 726 1,425 2,731 1,309 2,583 1963—June 30 11,120 1,849 1,142 707 1,646 3,028 2.083 2,514 JUly 31 10,921 1,632 946 686 1,646 3,029 2,083 2,531 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 June 30 . . 32,027 21,490 3,364 18,126 8,307 2,058 74 98 July 31 32,468 21,777 3,600 18,177 8,389 2,120 81 101 Held by public: I960—Dec. 31 153,515 57,125 35,638 21 487 59 156 15,903 11,520 9,811 1961—Dec. 31 158,600 65,526 39,512 26 014 55,763 15,961 10,016 11,334 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—June 30 160,361 61 955 42,724 19 231 48 073 32,299 6,202 11,832 July 31 160,102 61,877 42,676 19,201 48,000 32,227 6,195 11,803 Commercial banks: I960—Dec 31 54,260 14,697 6,976 7,721 31,596 5,654 1,775 538 1961—Dec. 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—Dec. 31 58,004 19,885 9,838 10,047 26,348 11,163 191 417 1963—June 30 55,439 15,545 7,633 7,912 25,748 13,205 553 389 July 31 54,353 14,868 6,890 7,978 25,605 12,961 540 379 Mutual savings banks: 1960—Dec. 31 5,944 480 144 336 1.544 1,849 897 1,174 1961 Dec. 31 5,867 868 181 505 1,514 1,708 662 1,298 1962—Dec. 31 5,793 635 252 383 1,337 2,210 306 1,305 1963—June 30 5,852 783 388 395 1,255 2.154 427 1,233 July 31 5,839 801 399 402 .256 2,155 411 1,215 Insurance Companies: I960—Dec. 31 9,001 940 341 599 2,508 2,076 1,433 2,044 1961—Dec. 31 9,020 1,228 442 786 2,222 1,625 1,274 2,671 1962—Dec. 31 9,265 1,259 552 707 2,175 2,223 718 2,890 1963—June 30 8,987 906 343 563 2,038 2,312 943 2,788 July 31 9,105 1,016 456 560 1,983 2,375 942 2,789 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—June 30 10,144 7,850 6,325 1 525 1 895 378 11 9 July 31 10,448 7,969 6,377 1,592 2,077 383 9 10 Savings and loan associations: I960—Dec. 31 2,454 322 163 159 858 473 396 406 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Dec. 31 2,862 437 254 183 817 1,030 105 473 1963 June 30 . .. 3,208 384 210 174 824 1,285 275 440 July 31 3,228 413 240 173 819 1,296 263 436 State and local governments: I960—Dec. 31 10,957 3,933 2,643 1,290 828 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—June 30 . .. 12,647 5,137 4,246 891 1,034 1,347 1,622 3,507 July 31 12,647 5,055 4,125 930 0<iR 1,374 1,662 3,498 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—June 30 64,083 31,349 23,578 7,771 15,279 11,619 2,370 3,466 July 31 64,482 31,753 24,189 7,564 15,202 11,683 2,368 3,476 NOTE.—Direct public issues only. Based on Treasury Survey of cos. combined; (2) about 50 per cent by the 471 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. 6,113 commercial banks, 507 mutual savings banks, and 806 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 U.S. GOVERNMENT SECURITIES SEPTEMBER 1963 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers se a c g u e r n i c ti y es Total Within 1-5 5-10 Over Com- All 1 year years years 10 years U.S. mercial other Govt. Other banks securities 1962—July ,682 1,457 139 63 23 529 34 621 498 82 Aug ,603 1,318 158 94 33 542 27 600 435 78 Sept ,913 1,432 293 147 40 571 42 766 534 105 Oct ,967 1,517 263 159 28 682 40 744 501 115 Nov ,770 1,266 262 210 32 550 32 722 466 70 Dec 2,071 1,446 366 222 38 610 38 881 543 1963—Jan ,871 1,484 226 124 36 621 37 730 484 81 Feb 2,350 1,646 400 230 75 733 44 952 622 73 Mar ,694 1,241 224 149 79 544 39 657 454 91 Apr ,788 1,438 195 105 50 509 33 757 488 91 May ,639 1,160 282 127 69 529 30 601 479 81 June ,574 1,208 168 165 33 471 26 584 493 108 July ,775 1,440 172 134 29 556 27 727 464 95 Week ending— 1963—July 3 ,895 1,534 181 146 34 554 22 767 552 123 10 ,810 1,457 182 144 29 640 27 709 434 85 17 ,770 1,512 125 111 22 572 31 716 452 95 24 ,568 1,309 139 88 32 469 23 708 368 97 31 ,910 1,477 225 178 30 549 31 751 579 68 ,548 1,246 163 116 22 508 15 587 438 108 Aug-i4::::::::::::: ,410 1,152 148 80 31 464 17 524 406 85 21 ,165 903 143 101 17 320 13 489 342 87 28 1,182 985 120 62 15 323 17 466 376 71 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period 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 r w y k w E h ls e e r - e C t o io rp n o s r i a- o A th l e l r 1962 July 2,881 2,818 94 -32 231 Aug 2,648 2,484 72 91 165 1962—July 3,053 636 521 ],631 266 Sept 3,177 2,643 323 211 190 Aug 2,597 460 405 1,438 294 Oct 3,569 2,991 383 195 248 Sept 3,332 943 660 1,308 421 Nov 4,013 3,309 447 256 204 Oct 3,528 1,074 707 1,301 445 Dec 4,268 3,829 365 74 227 Nov 4,100 ,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 May 3,494 2,810 640 44 305 Apr 3,548 886 854 ,366 442 June 3,093 2,666 347 80 357 May 3.764 936 888 ,536 403 July 2,881 2,505 357 21 267 June 3;361 866 650 ,543 303 July 3,020 659 533 ,478 350 Week ending— Week ending— 1963—June 5.. 2,959 2,743 284 -68 339 12. . 2,782 2,483 297 2 377 1963—June 5... 3,369 687 626 1,713 343 19. . 3,372 2,841 379 152 371 12. .. 2,991 530 452 1,714 296 26.. 3,341 2,787 395 159 338 19. .. 3,502 1,043 711 ,441 308 26... 3,675 1,022 827 1,472 353 July 3. . 2,910 2,448 364 98 323 10. . 2,974 2,632 350 7 309 July 3... 3,182 931 643 ,299 307 17. . 2,876 2,532 373 -29 246 10. .. 3,116 772 504 1,331 510 24. . 2,760 2,374 372 14 239 17. . . 2,961 750 555 1,336 319 31. . 2.875 2.487 329 59 252 24. .. 2,878 483 553 ,623 218 31 . .. 3,101 571 492 1,741 298 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

SEPTEMBER 1963 OUTSTANDING SECURITIES 1291 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, AUGUST 31, 1963 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Sept. 5,1963 2,103 Feb. 20, 1964 801 Feb. 15, 1966 3% 5,653 May 15, 1968 3% 2,460 Sept. 12, 1963 2,101 Feb. 27, 1964 800 Apr. 1,1966 IV2 675 Aug. 15, 1968 3% 3,747 Sept. 19, 1963 2,102 Apr. 15, 1964 2,501 Aug. 15, 1966 4 4,454 Feb. 15, 1969 4 1,844 Sept. 26, 1963 2,102 July 15, 1964 1,998 Oct. 1,1966 lVi 357 Oct. 1,1969 4 2,538 Oct. 3,1963 2,101 Feb. 15, 1967 3% 4,287 Aug. 15, 1970 4 1,906 Oct. 10, 1963 2,102 Apr. 1,1967 11/2 270 Aug. 15, 1971 4 2,806 Oct. 15, 1963 2,500 Aug. 15, 1967 3% 5,282 Nov. 15, 1971 3% 2,760 O O O c c c t t t . . . 2 3 1 4 7 1 , , , 1 1 1 9 9 9 6 6 6 3 3 3 2 2 2 , , , 1 1 1 0 0 0 1 2 1 M P-l, ay I 1 ff 5, 1 1 Q 96 flA 4 3 "I V U 4 5,693 O A c p t r . . 15 1 , , 1 1 9 9 6 6 7 8 i I y V 2 i 45 6 7 3 A N Fe u o b g v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 2 4 2 3% 4 4 2 2 2 , , , 5 3 2 7 4 4 9 4 4 Nov. 7, 1963 2,103 Treasury bonds May 15, 1975-85.. .4*4 470 Nov. 14, 1963 2,102 Treasury notes June 15, 1962-67... 21/2 1,461 June 15, 1978-83...314 1,590 D N N e o o c v v . . . 2 2 1 9 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 2 2 , , 1 1 8 0 0 0 1 1 0 N O A c o p t r v . . . 15 1 1 , , , 1 1 1 9 9 9 6 6 6 4 3 3 1 4 i 1 y y / 2 2 8 3,0 4 5 1 5 0 7 1 6 D J F u e e n b c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 3 4 - - 6 6 8 9 . . . . . . 2 2 1 1 / / 3 2 2 2 1 1 , , , 6 6 81 3 3 5 4 1 N F M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 8 0 0 5 3 3 V V 4 2 4 2 1 1 , , , 6 1 91 3 1 5 0 0 Dec. 12, 1963 801 May 15, 1964 4% 4,933 Dec. 15, 1964-69... 2Vi 2,542 Feb. 15, 1990 3Vi 4,912 Dec. 19, 1963 801 May 15, 1964 3% 3,893 Feb. 15, 1965 2% 4,682 Aug. 15, 1987-92... 4V4 365 Dec. 26, 1963 799 Aug. 15, 1964 5 2,316 Mar. 15, 1965-70.. .2% 2,420 Feb. 15, 1988-93 4 250 J J J a a a n n n . . . 1 9 2 5 , , , 1 1 1 9 9 9 6 6 6 4 4 4 2,4 8 8 9 0 0 0 0 6 A O N c u o t g v . . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 6 6 4 4 4 3 4 i Y % y2 4 4 5 , , 1 0 4 1 9 90 9 5 A M N u o a g v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 6 3 3 3 % / 3 8 3 1 1 , , , 5 8 0 5 2 9 1 4 7 N M Fe o a b v y . . 1 1 1 5 5 5 , , , 1 1 19 9 9 9 9 8 5 8 9 -94.. .4 3 V 1/ 3 s 2 4 2 . , 4 5 3 5 4 0 4 0 0 Jan. 16, 1964 800 Nov. 15, 1964 354 6,398 Mar. 15, 1966-71... iy2 1,408 Jan. 23, 1964 800 Apr. 1, 1965 IV2 466 June 15, 1967-72... 21/2 1,315 Jan. 30, 1964 800 May 15, 1965 4% 2,113 Sept. 15, 1967-72... 2Vi 1,952 Convertible bonds Feb. 6,1964 801 Oct. 1, 1965 n/2 315 Nov. 15, 1967 35/8 3,604 Investment Series B Feb. 13, 1964 800 Nov. 15, 1965 31/2 2,954 Dec. 15, 1967-72... 21/2 2,768 Apr. 1, 1975-80... 2% 3,437 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, JULY 31, 1963 Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: Sept. 17, 1962 3.30 Aug. 15, 1963 110 Nov. 1,1962 3.10 Aug. 1, 1963 197 Oct. 15, 1962 3.30 Sept. 16, 1963 450 Dec. 3,1962 3.15 Sept. 3, 1963 205 Mar. 15, 1963 3.20 Jan. 15, 1964 320 Jan. 2,1963 3.15 Oct. 1, 1963 251 Apr. 15, 1963 3% Feb. 17, 1964 265 Feb. 4,1963 3.15 Nov. 4, 1963 278 June 17, 1963 3.40 Mar. 16, 1964 275 Mar. 4, 1963 3.15 Dec. 2, 1963 282 Apr. 15, 1963 3.30 Apr. 15, 1964 435 Apr. 1, 1963 3.20 Jan. 2, 1964 263 Bonds: J M u a n y e 3 1 , , 1 1 9 9 6 6 3 3 3 3 .3 V 0 4 M Fe a b r . . 2 3 , , 1 1 9 9 6 6 4 4 2 23 6 1 9 July 16, 1963 3Vi June 15, 1964 326 July 1, 1963 3.45 Ap. 1, 1964 228 June 17, 1963 3V2 Oct. 15, 1964 460 Sept. 17, 1962.. 3V4 Sept. 15, 1965 175 Fe B de o r n a d l s l : and banks Aug. 20, 1962 35/s Aug. 20,1963 144 Fe D de i s s r e a c c l o o u N n n a d t t a i n r o y o n t a m e l s a M rk o e r t t g o a p g e e r a A ti s o s n o s ciation— D O A O e c c p c t t r . . . . 2 2 2 2 0 0 2 0 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 0 0 2 3 3 4 V ^ 4 4 4 O O O A c c c p t t t r . . . . 2 2 2 2 0 0 0 2 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 3 4 4 1 1 1 9 3 4 6 0 6 7 0 De D D D S A N M S S M A A b e e e e e e u p p o e a a p p p c c c g n r r v y r . . . t t t . . . . t . . . . u 2 1 1 1 1 1 1 1 1 1 1 1 r 3 2 0 2 1 0 0 0 0 0 1 e 1 , , , , , , , , , , , s , : 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 6 6 5 5 6 6 6 5 5 6 6 6 0 1 9 8 0 0 1 8 7 1 2 0 3 4 4 4 3 3 4 • 3 4 4 V ^ ^ 1 V 7 V % % ' H ^ 4 4 s D J A S A D A M N M S M u e e e e u p p o a n a a p p c c y g r r v r e r . . t t . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 2 0 1 0 0 1 1 2 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 7 6 7 6 6 7 6 6 6 6 6 6 1 9 0 6 8 0 6 5 4 4 4 3 1 1 1 1 1 1 9 9 6 1 4 9 9 8 1 2 4 0 5 4 7 9 6 2 8 8 7 8 7 0 J J F F J O F A S A M M F M u a u e e e e e c p p n l a a a n b b b b p y t r r . y y y . . . . e . t . . . 2 2 1 1 1 2 5 0 0 4 1 3 5 5 1 1 1 1 1 , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 5 5 6 6 5 5 5 5 6 6 5 0 1 0 9 8 3 2 7 9 8 7 1 1 7 4 3 4 5 5 3 4 4 3 4 \ V 3 5 5 1 % V V % i y / / / / 4 4 4 4 4 s 4 4 8 8 8 8 J D J J O A J M M F F M F M u u u c u e e p e e a a a a l l l t n b r c b b r r y y y y y . e . . . . . . . 2 2 2 1 2 2 2 2 2 2 2 2 0 1 1 5 0 1 0 0 0 0 0 1 , , 5 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 7 6 6 7 7 6 6 6 6 6 6 9 9 8 0 8 5 7 7 0 0 7 6 6 6 - -7 7 2 0 1 1 1 1 1 1 1 8 7 7 6 8 8 8 8 9 1 8 0 0 5 5 2 5 0 2 3 6 6 3 5 0 0 8 0 S F e eb p . t . 1 1 0 1 , , 1 1 9 9 6 6 1 0 4 5 1 V8 S Fe e b p . t. 1 1 0 0 , , 1 1 9 9 7 7 2 1 1 9 0 8 0 S M e a p y t. 14 1 , , 1 1 9 9 5 5 6 6 3 3 i % /2 S M e a p y t . 1 1 , 5,1 19 9 7 7 1 2 1 6 0 0 9 J D F u e e n b c . e . 1 1 11 3 2 , , , 1 1 1 9 9 9 6 6 6 1 2 1 4 4 4 % % y4 J J F u u e n n b. e e 1 1 1 0 2 2 , , , 1 1 1 9 9 9 7 7 7 7 3 2 1 1 1 9 4 0 8 7 0 F Fe e b b . . 2 2 0 0 , , 1 1 9 9 6 6 3 2 4 4 i % /8 F Fe e b b . . 2 2 0 0 , ,1 1 9 9 7 73 4 -78 1 1 5 4 5 8 Tennessee Valley Authority Short-term notes 25 Banks for cooperatives Debentures: Bonds: Feb. 4,1963 3.15 Aug. 1, 1963 169 Nov. 15, 1960 4.40 Nov. 15, 1985 50 Apr. 1,1963 3.15 Oct. 1, 1963 160 July 1,1961 4% July 1, 1986 50 June 3,1963 3.20 Dec. 2, 1963 1 130 Feb. 1,1962 4% Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 CREDIT AGENCIES; SECURITY ISSUES SEPTEMBER 1963 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks F M ed o e r r tg al a g N e a A tio ss n n a . l Banks Federal Fedsral Assets Liabilities and capital (seco o n p d er a a ry ti o m ns a ) rket coope fo ra r tives i c n r t e e d r i m t e b d a i n a k te s b l a a r r i L d ks PriH r\f cno 01 period v m a b A n t e e o d m c rs - e - s I m nv e e n s t t s - p C a o d a n s e s d i - t h s B n a o o n n t d e d s s M po b d e s e e m i - r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t e a u ( o b n L r t e e d e ) s n s - c L a o t ( o o i t A v a o p n e ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A n i a s n d n - ) t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B ( o L n ) ds 1955 1,417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 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 I960 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 J.454 2,564 2,210 1961 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962—July.. 2,860 1,384 67 2,108 976 1,117 2,743 2,435 704 430 2,047 1,926 2,986 2,550 Aug.. 2,948 1,420 58 2,233 954 1,118 2,750 2,458 680 482 2,049 1,952 3,003 2,596 Sept.. 3,046 1,363 75 2,257 984 1,118 2,752 2,481 690 475 2.007 1,930 3,021 2,596 Oct... 3,091 1,800 79 2,707 1,016 1,120 2,765 2,492 738 480 ,896 1,842 3,031 2,628 Nov.. 3,068 1,848 75 2,707 1,028 1,121 2,768 2,479 746 480 ,822 1,774 3,037 2,628 Dec... 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 ,840 1,727 3,052 2,628 1963—Jan... 2,802 1,876 87 2,348 1,155 1,128 2,708 2,370 111 505 ,858 1,729 3,069 2,628 Feb.. 2,611 1,883 81 2,096 1,213 1,129 2,599 2,343 775 480 1,926 1,787 3,089 2,661 Mar.. 2,514 1,974 62 2,003 1,283 1,130 2,446 2,126 761 480 ,892 1,842 3,118 2,661 Apr... 2,635 1,702 87 1,908 1,250 1,133 2,285 2,043 745 491 2,108 1,935 3,147 2,661 May.. 2,740 1,720 75 2,035 1,236 1,134 2,126 1,984 702 489 2,210 2,037 3,176 2,725 June.. 3,270 1,937 159 2,770 1,325 1,137 2,072 1,960 701 459 2,293 2,133 3,198 2,725 July.. 3,548 1,525 94 2,816 1,069 1,146 2,038 1,950 711 459 2,352 2,203 3,218 2,725 NOTE.—Data from Federal Home Loan Bank Board, Federal National banks, bonds held within the FHLB System), and are not guaranteed by Mortgage Assn., and Farm Credit Admin. Among the omitted balance the 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 principal for other agencies. include only publicly offered securities (excluding, for the home loan 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 G a o e t b a n io l l e i n - r- s R n e u v e e- PHAi G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t r c d h t i i . c a . t l Other 2 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 - « 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 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 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 1960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1962—July 650 404 237 9 34 179 437 839 612 190 146 213 Aug.... 563 251 200 106 6 62 184 317 639 544 33 151 106 126 Sept .. 440 343 74 23 60 58 559 427 175 85 7 128 Oct 666 378 273 15 150 236 280 416 650 14 136 290 Nov 610 403 194 12 200 289 650 578 213 97 150 2 116 Dec 572 277 173 117 6 54 242 276 544 550 163 14 93 117 163 1963—Jan 978 527 429 21 41 250 686 657 731 310 99 182 2 138 Feb .. 834 431 383 20 100 342 391 843 726 238 114 r85 91 197 Mar ... 1,012 674 185 138 16 331 416 880 973 231 142 298 Apr 949 691 16 156 208 585 1,003 868 373 69 223 1 201 ]yf ay ,. 947 435 497 15 168 423 356 900 856 69 345 56 172 June... rl,081 r417 109 28 r525 r901 r248 38 r192 114 r347 July... 810 421 367 21 76 379 355 1,093 577 202 65 112 26 171 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions NOTE.—The figures in the first column differ from those shown on the to the local authority. following page, which are based on Bond Buyer data. The principal 2 Municipalities, counties, townships, school districts. difference is in the treatment of U.S. Govt. loans. 3 Excludes U.S. Govt loans. Based on date of delivery to purchaser Investment Bankers Assn. data; par amounts of long-term issues. (and payment to issuer), which occurs after date of sale. Based on date of sale unless otherwise indicated. 4 Water, sewer, and other utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 SECURITY ISSUES 1293 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o u rp se o r o a f te n i e s t s u p e r s o c 5 eeds, Noncorporate Corporate New capital Period Re- Bonds Stock tire- Total G U o . v S t . .2 G a U c g o y . e S v n 3 . t - . U S l a o t n . c a S d a te . l Other 4 Total Total P li u c b ly - v P at r e i- ly Pre- Com- Total Total m N on ew ey6 O p p o t u h s r e e - s r m s ri e t o e c i f e n u s t offered placed ferred mon 1955 26,772 9,628 746 5,977 182 10,240 7 420 4, 119 3,301 635 2,185 10049 ,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8 007 4, ??5 3,777 636 2,301 107/|q 1f) 384 q 663 721 364 1957 30,571 9,601 572 7 6,958 557 12.884 9 957 6,118 3,839 411 2,516 P 661 r.,447 11,784 663 214 1958 34 443 12,063 2,321 7,449 1,052 11,558 q,653 6 3,320 571 1,334 11 1f) 823 q 907 915 549 1959 31,074 12,322 707 7,681 616 <5.748 7 190 S57 3,632 531 2,027 q 5^7 c>,392 578 814 135 I960 27,541 7,906 1,672 7,230 579 10,154 8081 4,R06 3,275 409 1,664 q c> 653 p,758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 q 475 4,706 4,720 449 3,273 P 874 11,979 10 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 c>,814 8,323 1,491 757 1962—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 ?00 366 32 32 582 504 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 q61 835 7">7 108 126 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 2,708 774 999 240 695 593 350 243 30 71 684 613 563 50 72 Feb 2,166 425 148 810 141 642 54* 259 289 17 77 631 594 448 146 37 Mar 2,830 396 989 82 1.363 1 499 774 17 74 1 1,144 1056 88 205 Apr '2,927 716 186 915 '62 '1,049 '832 380 '452 '26 191 '1,034 '930 '812 '118 '104 May. ... '2,783 409 902 131 M.340 5S0 '694 '17 78 '1 '904 R30 '74 '419 June.... 5,054 2,252 459 1,072 25 1,246 1 ,133 459 675 38 75 1,230 1,013 783 230 217 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in 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- capital 8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1 1 9 9 5 5 6 5 .. 2 3 , , 3 3 9 3 7 6 2 5 4 3 3 3 7 6 6 8 9 2 5 5 1 1 5 6 4 9 4 4 3 2 3 0 8 ?, ,4 2 7 5 4 4 17 1 4 4 ;04* \ 7 2 7 1 1 1 8 8 1 1 5 2 5 1 6 7 1957 4,104 49 579 29 802 14 ,821 51 441 4 1 701 67 1958 3,265 195 867 13 778 38 3,605 138 I 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 101r * 1,801 6 I960 1,997 79 794 30 672 39 ,754 51 t0V 1 2,401 71 1961 .. ... 3,708 306 1,095 46 680 26 ,892 104 49- 378 2 176 36 1962 3,020 204 832 29 551 30 2,357 445 ,281 10 1,773 39 1962—June 342 14 90 4 48 410 56 7C> 163 7 July 217 31 28 24 118 4 8f 4 107 Aug 218 4 47 7 71 110 142 12C) 2 183 3 Sept . . 166 21 56 1 54 148 14 6'r 2 OO 1 Oct 153 10 40 6 20 141 108 ">6f) 222 2 Nov 271 3 40 1 35 15 175 50 [ * 178 4 Dec 345 31 104 4 90 13 252 25 5^I 3 257 5 1963 Jan.. 135 5 49 2 99 114 65 p«5 9t 1 Feb 220 6 52 30 115 30 6*\ 110 * Mar . . . 592 31 85 5 143 97 61 4'\ 3 183 105 Apr '148 '5 '64 '12 '34 '342 '86 '7 '271 n J M un ay e '2 2 1 2 6 7 2 10 9 1 '6 1 0 4 2 3 '1 1 0 0 1 9 '6 1 0 2 " '2 2 2 3 2 0 1 5 7 8 9 rQ 5* ' > I '262 8 '2 2 1 7 2 6 '95 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. * Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 SECURITY ISSUES SEPTEMBER 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New ssues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change In CO ve S 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 5,134 3,259 4,261 1,181 1,696 2,078 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 1962—1 3,226 1,406 1,820 1,668 730 938 966 592 282 394 684 198 II 4,097 1,633 2.463 2,606 793 1,813 811 680 320 520 491 160 III 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 1963—1 3,074 1,803 1,272 2,096 1,087 1,009 608 370 348 367 260 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other2 tation 3 utility cation and financial 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 14S 1,472 825 2,584 1962 1,479 -403 313 -173 -61 -34 1,301 487 1,178 363 819 1,972 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 1963—i 391 -102 58 -18 100 -3 190 25 197 87 73 273 1 Open-end and closed-end cos. exclude foreign and include offerings of open-end investment cos., sales 2 Extractive and commercial and misc. cos. of securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation cos. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for NOTE.—Securities and Exchange Commission estimates of cash trans- that purpose shown on p. 1293. actions only. As contrasted with data shown on p. 1293, 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 al e e t s Total i po C si a t s i h on2 Other Sales Re t d io e n m s p- s N al e e t s Total 1 po C si a t s i h on2 Other 1952 783 196 587 3,931 1962—July... 207 74 133 19,384 1,205 18,179 1953 672 239 433 4,146 Aug... 155 79 76 20,124 1,382 18,742 1954 863 400 463 6,110 309 5,801 Sept... 134 83 51 19,088 ,334 17,754 Oct.... 157 92 65 19,215 1,298 17,917 1955 1,207 443 765 7,838 438 7,400 Nov... 163 89 74 21,088 ,324 19,764 1956 1,347 433 914 9,046 492 8,554 Dec... 191 105 87 21,271 1,315 19,956 1957 1,391 406 984 8,714 523 8,191 1958 1,620 511 1,109 13,242 634 12,608 1963—Jan.... 235 116 118 22,447 ,336 21,111 1959 2,280 786 1,494 15,818 860 14,958 Feb... 166 115 51 22,015 1,401 20,614 Mar... 200 117 84 22,639 1,350 21,289 1960 2,097 842 1,255 17,026 973 16,053 Apr... 203 133 70 23,487 1,256 22,231 1961 2,951 1,160 1,791 22,789 980 21,809 May.. 194 132 61 24,038 1,286 22,752 1962 2,699 1,123 1,576 21,271 1,315 19,956 June.. 195 115 79 23,692 1,166 22,526 July... 219 124 95 23,550 1,310 22,240 I'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

SEPTEMBER 1963 BUSINESS FINANCE 1295 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961 1962 1963 Industry 1958 1959 1960 1961 1962 i IV III IV Manufacturing Total (180 corps.): Sales 105,134 118,423 126122,849135,579 32,875 33,291 34,602 31,995 35,690'34,549 37,527 Profits before taxes 10,466 14,090 463 13,200 15,401 4,140 3,908 4,096 3,187 4,210 '3,960 4,720 Profits after taxes 5,714 7,440 121 7,135 8,184 2,258 2,033 2,096 1,700 2,355 ••2,078 2,442 Dividends 4,078 4,342 464 4,714 5,022 1,380 1,154 1,158 1,163 1,548 rl, 164 1,315 Nondurable goods industries (79 corps.): 2 Sales 41,541 45,442 277 49,237 52,077 12,706 12,793 12,984 12,981 13,320'13,207 13,828 Profits before taxes 4,402 5,648 570 5,589 6,001 1,522 1,461 1,501 1,453 1,586 1,512 1,637 Profits after taxes 2,574 3,210 210 3,219 3,416 894 816 815 827 959 '867 914 Dividends 1,785 1,912 953 2,037 2,153 577 512 513 517 611 '539 539 Durable goods industries (101 corps.): 3 Sales 63,593 72,981 849 73,612 83,502 20,169 20,499 21,619 19,014 22,371'21,342 23,699 Profits before taxes 6,065 8,442 893 7,611 9,400 2,618 2,447 2,595 1,734 2,624 2,448 3,083 Profits after taxes 3,140 4,231 911 3,916 4,768 1,364 1,217 1,282 873 1,397 '1,211 1,528 Dividends 2,294 2,430 510 2,677 2,870 803 642 644 647 936 626 776 Selected industries: Foods and kindred products (25 corps.): Sales 10,707 11,303 11,901 12,607 13,124 3,202 3,231 3,267 3,328 3,298 r3,268 3,464 Profits before taxes 1,152 1,274 1,328 1,417 1,440 365 336 355 380 368 '334 385 Profits after taxes 555 604 631 670 685 174 160 167 180 178 162 183 Dividends 312 344 367 392 419 101 103 103 104 109 '108 110 Chemicals and allied products (21 corps.): Sales 10,390 11,979 12,411 12,825 13,978 3,331 3,372 3,567 3,467 3,572 3,508 3,788 Profits before taxes 1,538 2,187 2,010 1,989 2,229 552 545 586 546 553 '548 621 Profits after taxes 829 1,131 1,061 1,039 1,160 296 279 297 283 301 '283 318 Dividends 717 799 795 843 876 270 198 196 199 283 204 204 Petroleum refining (16 corps.): Sales 12,838 13,372 13,815 14,483 15,013 3,735 3,771 3,612 3,714 3,916 '3,959 3,937 Profits before taxes 919 1,187 1,267 1,237 1,362 341 343 300 299 420 '390 356 Profits after taxes 791 969 1,026 1,025 1,084 280 262 227 255 341 r304 276 Dividends 516 518 521 528 566 133 139 142 141 145 '151 149 Primary metals and products (35 corps.): Sales 19,226 21,035 20,898 20,308 21,361 5,360 5,733 5,535 4,992 5,102 5,155 6,151 Profits before taxes 2,182 2,331 2,215 1,998 1,860 618 620 505 353 383 431 713 Profits after taxes 1,154 1,222 1,170 1,067 1,003 338 320 269 186 228 231 372 Dividends 802 831 840 845 821 221 209 210 210 192 180 183 Machinery (25 corps.): Sales 14,685 17,095 16,826 17,576 19,127 4,727 4,537 4,916 4,665 5,008 4,768 5,120 Profits before taxes 1.463 1,890 1,499 1,672 1,913 516 454 490 457 512 481 535 Profits after taxes 734 934 763 838 957 256 225 240 228 265 239 265 Dividends 422 448 482 497 520 128 129 129 129 133 137 140 Automobiles and equipment (14 corps.): Sales 18,469 22,731 25,738 22,779 28,603 6,577 6,904 7,515 5,708 8,476 7,851 8,612 Profits before taxes 1,332 2,985 3,185 2,788 4,326 1,152 1,096 1,253 589 1,389 1,265 1,470 Profits after taxes 706 1,479 1,527 1,410 2,136 597 531 596 287 721 599 702 Dividends 758 807 833 969 1,148 348 215 216 216 501 216 361 Public Utility i Railroad: Operating revenue 9,565 9,825 9,514 9,189 9,440 2,415 2,296 2,408 2,332 2,405 2,238 Profits before taxes 843 845 648 625 728 276 133 186 172 237 Profits after taxes 602 578 445 382 571 199 66 105 125 275 Dividends 419 406 385 359 367 113 85 92 67 123 89 Electric power: Operating revenue 10,195 11,129 11,906 12,478 13,252 3,268 3,399 3,206 3,255 3,392 '3,830 3,378 Profits before taxes 2,704 2,983 3,163 3,349 3,591 840 1,051 835 887 818 1,100 848 Profits after taxes 1,519 1,655 1,793 1,883 2,053 475 58" 472 488 508 626 498 Dividends 1,134 1,219 1,307 1,374 1,459 344 366 371 356 366 392 378 Telephone: Operating revenue 6,939 7,572 8,111 8,615 9,196 2,230 2,245 2,296 2,300 2.355 2,365 2,440 Profits before taxes 1.860 2,153 2,326 2,478 2,639 657 648 678 683 630 672 711 Profits after taxes 921 1,073 1,155 1.233 1,327 326 320 335 337 335 336 357 Dividends 674 743 806 867 935 225 231 232 235 237 225 255 I ! 1 Figures have not been adjusted for the varying treatment by indi- Telephone. Data obtained from Federal Communications Commisvidual companies of additional depreciation under the new guidelines and sion on revenues and profits for telephone operations of the Bell System of the investment tax credit. Consolidated (including the 20 operating subsidiaries and the Long 2 Includes 17 cos. in groups not shown separately. Lines and General departments of American Telephone and Telegraph 3 Includes 27 cos. in groups not shown separately. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. NOTE.—Manufacturing corps. Data are obtained primarily from All series. Profits before taxes are income after all charges and before published co. reports. Federal income taxes and dividends. For description of series see Railroads. Interstate Commerce Commission data for Class I line- June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL. ,pp. haul railroads. 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). Electric power. Federal Power Commission data for Class A and B Back data available from Division of Research and Statistics. electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1296 BUSINESS FINANCE SEPTEMBER 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 t s e s e ta o I x n m e - e s 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 fi t 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 e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d co c a n a t l s l i p o o u i w n t m a - l pances 1 ances 1 1955 44.9 21.8 23.0 11.2 11.8 18.4 1961—III 44.3 22.3 22.0 15.2 6.8 26.9 1956 . ... 44.7 21.2 23.5 12.1 11.3 20.0 IV.... 48.9 24.6 24.3 15.8 8.5 27.5 1957 43.2 20.9 22.3 12.6 9.7 21.8 1958 37.4 18.6 18.8 12.4 6.4 22.7 1962—1 45.9 21.7 24.2 16.2 8.0 30.3 1959 47.7 23.2 24.5 13.7 10.8 24.3 II 46.7 22.1 24.6 16.4 8.2 30.7 III.... 46.2 21.9 24.3 16.5 7.8 31.0 I960 44.3 22.3 22.0 14.5 7.5 25.6 IV 48.4 22.9 25.5 17.1 8.4 31.3 1961 43.8 22.0 21.8 15.3 6.5 26.8 1962 46.8 22.2 24.6 16.6 8.1 30.8 1963—1 48.3 22.9 25.4 17.1 8.3 31.7 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 U.S. Other U.S. Other taxes Govt.i Govt.i 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 I960; 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961—IV 136.8 306.0 40.3 19.7 3.4 135.5 95.2 12.0 169.3 1.8 111.6 14.0 41.9 1962—I 138.4 308.6 36.9 20.4 3.4 137.0 97.8 13.1 170.2 1.8 111.4 13.5 43.5 II 140.4 313.3 37.2 19.6 3.3 141.0 98.7 13.5 172.9 1.8 113.4 13.6 44.1 Ill 141.3 320.5 37.5 19.0 3.4 146.4 100.5 13.7 179.2 1.9 117.7 14.6 45.0 IV 144.0 325.9 41.0 20.1 3.6 146.5 100.9 13.7 181.9 2.0 119.8 14.9 45.1 1963—1 144.9 327.7 36.9 20.7 3.5 148.7 102.7 15.2 182.8 2.3 120.2 14.1 46.2 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 Durable d N ur o a n b - le Mining Railroad Other u P ti u l b it l i i e c s n C i o c m ati m on u s - Other i a ( r n S a n . t u A e) a . l 1955 28.70 5.44 6.00 .96 .92 1.60 4.31 1.98 7.49 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959 32.54 5.77 6.29 .99 .92 Z.02 5.67 2.67 8.21 1960 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 L85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 2 r 39.09 7.76 7.83 1.04 1.07 1.90 5.64 13.86 1962 I 8.02 1.44 1.69 .26 .16 .47 1.06 .88 2.06 35.70 11 9.50 1.77 1.92 .27 .26 .60 .37 .93 2.37 36.95 Ill 9.62 1.79 1.93 .28 .24 .50 .54 .87 2.48 38.35 IV 10.18 2.03 2.10 .27 .20 .50 L.52 .95 2.60 37.95 1963—1 8.25 1.62 1.65 .24 .21 .39 1.04 .85 2.26 36.95 II r 9.74 1.96 1.95 .26 .28 .54 1.40 .95 2.41 38.05 Ill 2 r 10.09 3.92 1.98 .27 .28 .46 1.59 3.58 39.95 IV 2 11.00 2.25 2.24 .27 .31 .51 1.61 3.81 41.15 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1297 SEPTEMBER 1963 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm Farm ho O ld th e e rs r 2 1- to 4-family houses com M m u er lt c i i f a a l m p i r l o y p a e n rt d ies 3 End of period h A o er l l d s l - t F u i t i n c i n i s o a a t n i l n - s - 1 a U c g i e . e S n s . - v o I i t a n d h n u d e d a i r - l s s h A e o r l l d s l - Total tu F i t n i i n o s a t n i n - s . ! O h e o th r l s d e - r 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 h A e o r l l d s l - tu F i t n i c i n i s o a a t n i l n - s - 1 h O ol t d h e e r r s4 1941 37.6 20 7 4.7 12 2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945... 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1956 144.5 111 2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 7.5 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959 190.9 145.5 10.0 35.4 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 I960 207.1 157 6 11.2 38 3 194.0 141.3 117.9 23.4 52.7 35.0 17.7 13.1 4.7 8.4 1961 225.8 172.6 11.8 41.3 211.6 153.0 128.7 24.3 58.6 38.9 19.7 14.2 5.0 9.2 1962P . . . 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 I 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 II 215.3 164 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 Ill 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 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—IP 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 IIP 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 IIIP 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 IV* 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—IP 255.7 197.4 11.8 46.5 239.9 171.6 146.3 25.3 68.3 45.5 22.8 15.8 5.6 10.2 H2> 263.0 204.0 1 Commercial banks (including nondeposit trust cos. but not trust 4 Derived figures; includes debt held by Federal land banks and depts.), mutual savings banks, life insurance cos., and savings and loan Farmers Home Administration. assns. 2 U.S. agencies are FNMA,, FHA, VA, PHA, Farmers Home Admin- NOTE.—Based on data from Federal Deposit Insurance Corp., Federal istration, and Federal land banks, and in earlier years, RFC, HOLC, Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculand FFMC. Other U.S. agencies (amounts small or current separate ture and Commerce Federal National Mortgage Assn., Federal Housing data not readily available) included with individuals and others. Administration, Public Housing Administration, Veterans Administra- 3 Derived figures; includes small amounts of farm loans held by tion, and Comptroller of the Currency. savings and loan assns. Figures for first three quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Total 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 - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3 395 856 521 4,208 3 387 797 24 1956 22,719 17,004 4,803 3,902 8,300 4,379 336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,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 1,747 29,145 26,341 8,045 9,267 9 028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 ?, 0?.?, 32,320 29,181 9,238 9,787 10,156 3,088 51 1961 I 28,864 20,281 5,793 2,776 11,712 6,906 677 27,447 24,800 7,353 9,111 8,336 2,597 50 II 29,383 20,595 5,820 2,726 12,049 7,072 1,716 28,015 25,318 7,634 9 192 8 492 2,645 51 Ill 29,920 20,953 5,905 2,676 12,372 7,227 740 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 1 978 31,484 28,464 8,984 9,633 9,847 2,968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 ?,07? 32,320 29,181 9,238 9,787 10,156 3,088 51 1963—1 35,233 23,836 6,627 2,641 14,568 9,342 2,055 33,368 30,143 9,724 10,046 10,373 3,174 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

1298 REAL ESTATE CREDIT SEPTEMBER 1963 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other 1 Farm i Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 . 976 6,636 5,860 1,394 4,466 776 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 7s086 20,994 2,844 1960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962c 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1962—Julyr . 609 564 96 36 432 45 45,309 41,999 9,952 6,432 25,615 3,310 Aug 637 597 118 38 441 40 45,576 42,247 10,005 6,412 25,830 3,329 Sect 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 May 713 635 129 73 433 78 48,165 44,616 10,483 6,428 27,705 3,549 June 725 657 117 54 486 68 48,421 44,831 10,501 6,432 27,898 3,590 July 821 737 140 57 540 84 48,665 45,028 10,510 6,428 28,090 3,637 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i Bytype of lender (N.S.A.) Period New Home FHA- VA- Con- Period Sav- Insur- Com- Mutual Total 2 s c t t i r o o u n 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. i a n l s o g s a s n n s & . p c a a o n n m c ie e - s b m c a i n e a r k l - s b s i a n a n g v k s - s 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 J 894 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 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 1,318 4,520 1,557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31,157 13,662 1,160 4,997 1,741 1962 20,754 5,979 8,524 78,973 4,480 7,022 67,471 1962 34,187 15,144 1,212 5,851 Q57 1962 1962 July 1,839 515 796 74,511 4,378 7,105 63,028 June 2,891 3,075 107 542 177 2,036 540 920 75,527 4,399 7,097 64,031 July . . 2,973 3,134 1,382 107 549 201 Sept . . . 1,731 495 746 76,371 4,414 7,086 64,871 Aue 2,933 3,333 1,501 123 563 201 Oct 1,953 543 823 77,333 4,425 7,081 65,827 Sept 2,929 2,861 1,285 104 476 183 Nov 1 750 505 708 78,137 4,459 7,069 66,609 Oct 2,925 3,208 1,403 116 554 191 Dec . .. 1,755 534 643 78,973 4,480 7,022 67,471 Nov 2,939 2,883 .270 105 490 178 Dec 2,916 2,682 1* 168 103 444 168 1963 1963 Jan 1,573 434 616 79,648 4,507 7,026 68,115 Feb 1,503 429 576 80,341 4,529 7,057 68,755 Jan 2,876 2,658 1 141 100 457 141 Mar 1,834 573 666 81,247 4,542 7,055 69,650 Feb 2,869 2,424 1,086 88 408 123 Apr 2,058 622 760 82,311 4,555 7,078 70,678 Mar 2,907 2,751 1,261 99 467 126 May 2,199 651 854 83,489 4,588 7,102 71,799 Apr 2,986 3,065 1,412 112 539 145 June 2,242 638 936 84,720 4,594 7,057 73,069 May 3,066 3,233 1,497 116 563 168 July? 2,352 621 1,007 85,813 4,626 7,040 74,147 June 3,177 1 468 119 551 181 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

SEPTEMBER 1963 REAL ESTATE CREDIT 1299 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 Mortgages Prop- Mortgages End of Con- Period Total New Ex- e P c r t o s j- i pr e i o r m v t - e y - Total 3 New Ex- period Total Total F i H n- A- g V u A ar - - ti v o e n n a - l homes isting ments 2 homes isting sured anteed homes homes 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961 153.0 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 168.4 62.0 32.3 29.7 106.4 1962 7,184 1,849 3,421 ,079 834 2,652 1,357 1,292 I960—IV 141.3 56.4 26.7 29.7 84.8 1962—July 678 144 289 164 81 219 109 110 Aug 670 157 308 130 75 247 120 127 1961—1 143.2 57.1 27.4 29.7 86.1 Sept 576 144 287 62 83 231 114 117 II 146.3 57.8 28.0 29.8 88.6 Oct 673 193 353 54 72 285 136 149 Ill 149.6 58.7 28.8 29.9 90.9 Nov 649 172 321 86 70 254 124 129 IV 153.0 59.1 29.5 29.6 93.9 Dec 589 145 284 95 65 236 115 121 1962—IP 155.7 59.9 30.3 29.6 95.8 1963—Jan 618 179 324 60 54 254 123 131 UP 159.9 60.4 30.9 29.5 99.4 Feb 536 141 259 82 54 202 100 101 164.2 61.0 31.5 29.5 103.2 Mar 546 137 279 73 57 219 106 113 168.4 62.0 32.3 29.7 106.4 Apr 540 120 273 86 62 245 114 130 May 562 123 292 72 75 260 108 151 1963—IP 171.6 62.8 33.0 29.8 108.8 June 590 118 301 86 85 188 82 106 July 640 142 369 72 56 232 93 138 NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, 1 Monthly figures do not reflect mortgage amendments included in annual totals. figures are derived. 2 Not ordinarily secured by mortgages. Based on data from Federal Home Loan Bank 3 Includes a small amount of alteration and repair loans, not shown separately; only such Board, Federal Housing Administration, and Veterans loans in amounts of more than $1,000 need be secured. Administration. 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 arc 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 io ge ns Com- Adv ( a e n n c d e s o f o p u e ts r t io an d d ) ing Endof ( p d e u r r io 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 os b i e ts rs period Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s c - - d Total t S e h rm or t * - t L e o rm ng - 2 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1 096 2 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 48? 1,541 1958 1,364 1,331 1,298 685 613 819 1959. 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1,248 357 576 1960 1,943 2,097 1,981 1,089 SQ? 938 1961. 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 1,213 1962--July 5,989 3,557 2,432 34 47 485 1962—Aug 312 225 2,948 1,787 1,161 954 Aug . .. 5,969 3,556 2,413 35 19 442 Sept 279 180 3,046 1,835 1,211 984 Sept 5,951 3,552 2 399 32 1? 429 Oct 383 338 3,091 1,876 1,215 1,016 Oct 5,944 3,555 2,389 39 11 431 Nov 252 275 3,068 1,821 1,246 1,028 Nov 5,949 3,575 2,374 57 19 366 Dec 611 200 3,479 2,005 1,474 1,213 Dec 5,923 3,571 2,353 26 18 355 1963—Jan 249 926 2,802 1,669 1,134 1,155 1963- Jan 5,853 3,552 2,300 34 66 336 Feb 178 370 2,611 1,534 1,077 1,213 Feb 5,697 3,469 2,227 17 323 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 28 768 281 May 382 277 2,740 1,585 ,155 1,236 M^ay 4,993 3,164 1,828 26 ?n 272 June 696 166 3,270 1,876 ,393 1,325 4,883 3,114 1,769 32 10? 251 July 709 432 3,548 2,139 ,409 1,069 July 4,795 3,069 1,727 19 74 183 Aug 466 456 3,758 2,310 ,448 1,011 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

1300 CONSUMER CREDIT SEPTEMBER 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g O p n o a s t o p u h d e m e r s r er e a r n l R n o d i e a z p m n a a s t o i i o r J d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,970 33,867 15,340 8,844 2 101 7 582 11,103 3,364 5 146 2 593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 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—July 59,364 45,650 18,680 11,754 3,226 11,990 13,714 5,402 4,457 3,855 60,003 46,204 18,933 11,824 3,260 12,187 13,799 5,469 4,491 3 839 Sept 60,126 46,310 18,881 11,861 3,277 12,291 13,816 5,481 4,495 3,840 Oct 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 62,728 48,118 19,438 12,695 3,250 12,735 14,610 5,511 5,058 4,041 Feb 62,198 48,004 19,525 12 468 3 221 12 790 14,194 5,545 4 496 4 153 Mar 62,239 48,153 19,720 12,359 3,210 12,864 14,086 5,593 4,340 4,153 Apr 63,230 48,836 20,120 12,419 3,229 13,068 14,394 5,596 4,567 4,231 May 64,165 49,494 20,509 12,512 3,272 13,201 14,671 5,696 4 791 4 184 June 64,892 50,220 20,904 12,622 3,305 13,389 14,672 5,715 4,783 4,174 July 65,364 50,792 21,242 12,661 3,340 13,549 14,572 5,688 4,727 4,157 1 Holdings of financial institutions; holdings of retail outlets are in- mortgage loans. The estimates include data for Alaska beginning with cluded in other consumer goods paper. Jan. 1959 (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series NOTE.—Consumer credit estimates cover loans to individuals for see BULL., Apr. 1953. Back data are available upon request. household family, and other personal expenditures, except real estate INSTALMENT CREDIT (In millions of dollars) Financial institutions» Retail outlets End of period Total Total m b C e a o r n c m k ia s - l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fi s n 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 u o r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r o il s - e 3 Other 1939 4 503 3 065 1 079 1 197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1,129 4,743 1,408 1,187 377 502 1.269 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 1,210 361 478 ,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 1 128 292 506 175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1.407 5,676 2,292 1,225 310 481 ,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 1,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 1,058 293 342 ,481 1962 . . 48,243 41,807 18,909 12,194 4,973 4,131 ,600 6,436 3,013 1,073 279 284 ,787 1962 July 45,650 40,062 18,235 11,682 4,681 3,907 ,557 5,588 2,545 989 275 298 ,481 Aug 46,204 40,537 18,427 11,796 4,783 3,948 ,583 5,667 2,609 999 275 296 ,488 Sept 46,310 40,597 18,443 11,787 4,814 3,969 ,584 5,713 2,675 998 273 299 ,468 Oct 46,722 40,896 18,613 11,860 4,874 3,974 ,575 5,826 2,737 [,002 273 298 ,516 Nov 47,274 41,285 18,765 11,986 4,928 4,009 ,597 5,989 2,835 1,019 274 292 1,569 Dec 48,243 41,807 18,909 12,194 4,973 4,131 1,600 6,436 3,013 1,073 279 284 1,787 1963—Jan 48,118 42,304 18,981 12,668 4,939 4,134 1,582 5,814 2,478 1,049 275 284 1,728 Feb 48,004 42,286 19,057 12,556 4,952 4,138 1,583 5,718 2,480 1,027 273 281 [,657 Mar 48,153 42,398 19,203 12,460 5,007 4,139 1,589 5,755 2,566 1 002 264 277 1,646 Apr 48,836 42,959 19,581 12,506 5,117 4,174 .581 5,877 2,686 992 259 269 1,671 49,494 43,482 19,874 12,583 5,228 4,191 1,606 6,012 2,797 994 260 263 1,698 Tune .. .... 50 220 44,077 20,190 12,693 5,345 4,241 1.608 6 143 2,925 997 260 258 I 703 July 50,792 44,581 20,459 12,807 5,427 4,276 1,612 6,211 2,999 994 260 254 1.704 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

SEPTEMBER 1963 CONSUMER CREDIT 1301 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair Other Repair paper Other and Auto- con- and Percom- mod- Per- End of period lotal mobile sumer modern- sonal End of period Total sumer erniza- sonal paper goods ization Pur- goods tion loans paper loans chased Direct paper loans 1939 , 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,472 7,528 2,739 139 ,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 ,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 ,452 1962 18,909 6,181 3,393 2,811 2,238 4,286 1962—July. 11,682 7,228 2,981 171 ,302 1962—July 18,235 5,922 3,270 2,734 2,206 4,103 Aug. 11,796 7,327 2,969 171 ,329 Aus 18,427 6,008 3,295 2,726 2,224 4,174 Sept. 11,787 7,296 2,957 172 ,362 Sept 18,443 6,009 3,259 2 732 2,235 4,208 Oct.. 11,860 7,350 2,952 172 ,386 Oct 18,613 6,091 3,305 2,746 2,246 4,225 Nov. 11,986 7,440 2,967 171 ,408 Nov 18,765 6,160 3,357 2,762 2,250 4,236 Dec. 12,194 7,449 3,123 170 ,452 Dec 18,909 6,181 3,393 2,811 2,238 4,286 1963—Jan.. 12,668 7,471 3,567 167 ,463 1963—Jan 18,981 6,194 3,427 2,832 2,213 4,315 Feb., 12,556 7,477 3,446 165 ,468 Feb 19,057 6,240 3,458 2,822 2,191 4,346 Mar. 12,460 7,514 3,307 164 ,475 Mar 19,203 6,327 3,513 2,809 2,178 4,376 Apr. 12,506 7,639 3,214 162 ,491 Apr 19,581 6,470 3,612 2,824 2,194 4,481 May 12,583 7,778 3,136 162 ,507 May . . 19,874 6,596 3,699 2,843 2,221 4,515 June 12,693 7,934 3,069 162 ,528 June 20,190 6,728 3,766 2,871 2,245 4,580 July. 12,807 8,069 3,011 162 ,565 July 20,459 6,853 3,818 2,884 2,271 4,633 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDTT 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 paper goods ization loans Service paper loans End of period Total Other credit Com- finan- De- Other C A' 1939 789 81 24 15 669 m ci e a r l - in ci s a t l i- m pa e r n t- t o r u e t t l a e i t l s caru H s 2 1941 957 122 36 14 785 banks tutions stores1 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—July 10,145 1,962 749 849 6,585 1960 13 196 3 884 623 941 3 952 436 3,360 Aug 10,314 2,007 758 865 6,684 1961 14,151 4,413 723 948 3,907 469 3,691 Sept 10,367 2,018 758 870 6,721 1962 15,215 4,704 875 927 4,203 512 3,994 Oct 10,423 2,039 760 871 6,753 Nov 10 534 2,058 760 881 6,835 1962—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 May . . . 11,025 2,173 784 889 7,179 1963—Jan.... 14,610 4,680 831 775 3,759 524 4,041 June 11,194 2,218 797 898 7,281 Feb... 14,194 4,704 841 646 3,324 526 4,153 July 11,315 2,248 809 907 7,351 Mar... 14,086 4,713 880 587 3,251 502 4,153 Apr... 14,394 4,774 822 603 3,466 498 4,231 May.. 14,671 4,813 883 610 3,675 506 4,184 NOTE.—Institutions represented are consumer finance cos., credit June.. 14,672 4,865 850 599 3.665 519 4,174 unions, industrial loan cos., mutual savings banks, savings and loan July... 14,572 4,846 842 555 3,628 544 4,157 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

1302 CONSUMER CREDIT SEPTEMBER 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.I N.S.A. S.A.I N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40 119 14 226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55,395 19,515 16,129 2,113 17,638 1962—July 4,669 4,720 ? 631 1,751 1,368 \ 290 189 199 1 481 1,480 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 J.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 4,869 4,362 1,757 1,583 1,398 1,211 176 130 1,538 ,438 Feb 4,884 4,035 1,745 1,488 1,394 1,045 165 125 1,580 ,377 Mar 4,933 4,663 1,760 1,731 1,423 1,258 178 159 1,572 ,515 Apr 5,033 5,291 1,863 2,000 1,396 1,394 187 193 1,587 ,704 May 4,950 5,263 ,797 1,995 1,390 1,434 186 216 1,577 ,618 June 5,011 5,134 ,763 1,894 1,417 401 189 199 1,642 ,640 July 5,106 5,348 ,796 2,004 1,473 1,424 195 215 1,642 ,705 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—July 4,283 4,278 J 456 1,481 1,296 1.262 170 173 1,361 1,362 Aug . .. 4,261 4,308 1,446 1,478 1,281 1,275 172 175 1,362 1,380 Sent 4,289 3,992 I 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 1,394 1,517 1963—Jan 4,382 4,487 1,505 1,529 1,299 ,371 169 170 1,409 1,417 Feb 4,459 4,149 1,518 1,401 1,316 1,272 167 154 1,458 1,322 Mar 4,544 4 514 1,549 1,536 1,360 L.367 173 170 1,462 1,441 Apr 4,502 4 608 1,570 1,600 1,306 1,334 171 174 1,455 1,500 May 4,516 4,605 1,573 1,606 1,316 1,341 171 173 1,456 1,485 June 4,578 4,408 ,561 1,499 1,345 1,291 173 166 1.499 1,452 July 4,605 4,776 .576 1,666 1,371 1,385 171 180 1,487 1,545 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 1960 3,588 1,270 896 330 1,093 1961 696 — 465 332 53 111 1962 4 716 2,161 998 99 1,458 1962—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 487 -125 252 54 99 -160 7 -40 129 21 Feb 425 -114 227 87 78 -227 -2 —29 122 55 Mar 389 149 211 195 63 -109 5 -11 110 74 Apr 531 683 293 400 90 60 16 19 132 204 May 434 658 224 389 74 93 15 43 121 133 June .•• 433 726 202 395 72 110 16 33 143 188 July 501 572 220 338 102 39 24 35 155 160 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

SEPTEMBER 1963 CONSUMER CREDIT 1303 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—July 4,669 4,720 ,708 ,789 984 1,069 ,146 ! ,152 831 | 710 Aug 4,619 4,862 ,679 ,773 971 1,068 ,177 ,233 792 | 788 Sept 4,491 4,098 ,643 ,486 944 863 ,138 ,015 766 734 Oct 4,682 4,913 ,722 ,806 1,021 1,108 ,144 ,136 795 863 Nov 4,961 4,932 ,813 ,701 1,104 1,070 ,208 ,231 836 930 Dec 4,829 5,379 ,772 ,682 1,189 1,189 ,143 ,332 725 1,176 1963--Jan 4,869 4,362 ,782 ,698 1,085 978 ,174 ,050 828 636 Feb 4,884 4,035 ,794 ,552 1,023 845 ,186 ,025 881 613 Mar 4,933 4,663 ,829 ,774 1,015 957 ,199 1,162 890 770 Apr 5,033 5,291 ,880 ,057 1,055 1,094 ,237 1,289 861 851 May 4,950 5,263 ,810 ,993 1,055 1,107 ,232 1,287 853 876 June 5,011 5,134 ,849 ,924 1,026 1,076 1,264 1,280 872 854 July 5,106 5.348 1,861 2,026 1,029 1,159 1,262 1.317 954 846 Repayments 1956. I 37,054 13,362 8,949 8,415 6,328 1957. I 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—July 4,283 4,278 1,546 1,578 956 957 1,055 ,052 726 691 Aug 4,261 4,308 1,555 1,581 932 954 1,054 ,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 ,080 732 750 Nov 4,380 4,380 1,579 1,549 937 944 1,105 ,120 759 767 Dec 4,371 4,410 1,594 1,538 978 981 1,060 ,162 739 729 1963—Jan 4,382 4,487 1,586 1,626 977 966 1,090 ,099 729 796 Feb 4,459 4,149 1,564 1,476 ,048 957 1,113 ,007 734 709 Mar 4,544 4,514 1,657 1,628 ,044 1,053 1,113 ,100 730 733 Apr 4,502 4,608 1,628 1,679 ,021 1,048 1,126 ,152 727 729 May 4,516 4,605 1,662 1,700 ,016 1,030 1,108 ,134 730 741 June 4,578 4,408 1,677 1,608 ,017 966 1,136 ,111 748 723 July 4,605 4,776 1,657 1,757 ,003 1,045 1,159 ,196 786 778 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—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 487 -125 196 72 570 474 84 -49 -363 -622 Feb 425 -114 230 76 -25 -112 73 18 147 -96 Mar 389 149 172 146 -29 -96 86 62 160 37 Apr 531 683 252 378 34 46 111 137 134 122 May 434 658 148 293 39 77 124 153 123 135 June 433 726 172 316 9 110 128 169 124 131 July 501 572 204 269 26 114 103 121 168 68 1 Includes adjustment for differences in trading days. to eliminate duplication resulting from large transfers of paper. In 2 Net changes in credit outstanding equal 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

1304 INDUSTRIAL PRODUCTION: S.A. SEPTEMBER 1963 MARKET GROUPINGS (1957-59=100) 1957-59 1962 1962 1963 Grouping p p ti r o o o r n - - a a v g e e r- July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. Mayr Juner July Total index. 100.00 118.3 119.4 119.4 119.8 119.2 119.5 119. 119.2 120.2 121.3 122.5 124.5 125.7 126.5 Final products, total 47.35 119.7 121.3 121.4 121.7 121.4 121.3 121.7 122.3 122.6 122.4 122.1 123.5 125.1 125.8 Consumer goods 32.31 119.7 121.2 121.0 121.4 120.6 120.5 121.2 121.8 122.9 123.1 122.5 124.1 125.7 126.2 Equipment, including defense... 15.04 119.6 121.4 122.8 123.0 123.3 123.1 122.4 122.0 121.5 120.7 120.4 122.1 123.9 125.0 Materials 52.65 117.0 117.3 117.4 118.2 117.2 117.8 116.9 116.8 118.0 120.2 122.9 125.7 126.5 126.8 Consumer goods Automotive products 3.21 131.1 135.8 134.6 135.3 135.6 135.2 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1 Autos 1.82 135.9 143.9 140.0 141.2 142.1 141.1 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1 Auto parts and allied products 1.39 124.9 125.2 127.5 127.4 127.1 127.5 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 Home goods and apparel 10.00 118.1 118.6 118.2 118.8 118.9 119.2 119.9 120.2 120.8 121.3 120.6 122.3 123.1 124.3 Home goods 4.59 122.2 122.4 122.0 122.0 122.1 122.9 123.9 M25.8 125.9 127.3 126.9 130.3 129.8 130.5 Appliances, TV, and radios 1.81 118.2 118.1 117.5 117.0 117.6 119.0 120.0 '117.3 119.8 123.2 123.6 128.0 126.2 Appliances 1.33 121.4 121.9 121.7 122.6 123.9 126.0 127.2 121.9 123.7 126.7 125.6 131.9 129.8 TV and home radios .47 109.2 107.4 105.7 101.3 99.8 99.5 99.6 104.4 108.8 113.4 118.1 117.1 116.0 112.9 Furniture and rugs 1.26 123.9 124.3 125.4 125.5 125.8 125.8 125.4 130.0 126.0 127.4 127.0 130.7 132.8 133.5 Miscellaneous home goods 1.52 125.7 125.9 124.6 124.9 124.4 125.0 127.5 132.3 132.9 131.9 130.7 132.6 131.7 132.3 Apparel, knit goods, and shoes.... 5.41 114.5 115.3 114.9 116.1 116.1 116.1 116.4 115.7 116.6 116.2 115.3 115.5 117.4 119.1 Consumer staples 19.10 118.7 120.1 120.2 120.5 119.1 119.5 119.8 120.2 121.4 121.8 121.0 122.9 123.8 124.7 Processed foods 8.43 113.7 114.7 115.6 115.6 114.0 114.3 114.4 113.8 114.5 115.2 114.9 115.9 116.1 116.4 Beverages and tobacco 2.43 111.7 112.3 111.9 112.0 110.0 112.6 112.5 115. 114.3 114.0 112.7 116.2 115.2 Drugs, soap, and toiletries 2.97 129.9 132.0 131.7 132.7 132.4 131.6 132.9 134.2 135.2 137.7 137.1 138.7 139.7 Newspapers, magazines, and books. 1.47 116.7 117.4 117.6 117.0 116.4 116.4 115.8 113.9 115.0 115.3 118.3 119.3 119.3 119.6 Consumer fuel and lighting 3.67 126.1 128.6 127.7 128.5 126.8 126.9 127.9 129.7 133.4 131.4 128.7 132.0 136.1 Fuel oil and gasoline 1.20 111.9 111.7 108.4 114.0 112.8 112.0 113.7 113.2 117.9 117.3 115.0 115.6 119.2 ii3l2 Residential utilities 2.46 133.0 136.9 137.1 135.6 133.7 134.2 134.9 137.7 140.9 138.2 135.4 140.0 144.3 Electricity 1.72 136.3 141.4 140.4 139.3 137.6 139.9 139.5 142.0 144.9 141.9 137.3 143.5 149.2 Gas .74 125.6 Equipment Business equipment 11.63 122.1 124.4 125.6 126.2 126.1 125.9 125.1 125.0 125.0 124.9 124.3 125.9 127.8 129.1 Industrial equipment 6.85 117.2 119.0 119.2 118.9 120.4 120.5 119.9 118.8 119.3 119.2 119.2 120.9 122.8 123.6 Commercial equipment 2.42 143.1 145.6 144.7 144.9 143.8 144.4 144.2 145.3 144.5 143.8 143.3 143.4 142.2 142.2 Freight and passenger equipment. 1.76 117.2 121.0 124.2 125.2 125.6 124.5 125.4 126.2 126.9 126.3 126.0 124.8 128.1 135.9 Farm equipment .61 107.7 110.4 115.5 116.7 117.3 118.4 119.1 118.8 123.2 119.7 115.2 112.2 122.0 117.4 Defense equipment 3.41 Materials Durable goods materials. 26.73 114.1 113.8 114.3 114.9 114.0 114.1 113.2 113.3 114.4 118.0 121.2 124.5 125.8 125.3 Consumer durable 3.43 127.5 130.4 130.6 129.7 129.4 129.3 129.7 129.3 130.9 134.0 135.4 139.4 145.9 142.6 Equipment 7.84 118.9 119.3 119.2 121.3 121.0 120.4 120.3 121.4 121.2 122.2 123.1 125. 128.0 126.4 Construction 9.17 110.4 112.0 112.7 113.3 111.3 111.3 108.6 108.6 109.2 112.4 115.1 116.7 118.0 119.2 Metal materials n.e.c.... 6.29 106.1 98.0 98.6 98.5 100.1 102.3 103.5 106.0 109.5 115.0 120.6 126.8 123.6 117.6 Nondurable materials 25.92 120.0 120.8 120.6 121.6 120.6 122.4 121.1 120.5 121.8 122.6 124.7 126.9 127.3 128.3 Business supplies 9.11 116.5 116.5 117.0 118.4 116.5 118.5 117.4 116.0 116.7 117.8 119.0 121.6 121.5 120.7 Containers 3.03 117.1 117.4 116.5 118.7 116.0 120.6 118.0 118.5 119.3 121.5 116.1 120.3 121.0 122.1 General business supplies. 6.07 116.3 116.1 117.3 118.2 116.7 117.5 117.1 114.7 115.4 115.9 120.4 122.2 121.8 120.0 Nondurable materials n.e.c.. 7.40 134.7 136.3 136.3 136.9 135.4 137.8 137.1 137.3 138.0 140.2 143.2 145.0 145.2 147.7 Business fuel and power 9.41 111.7 112.9 111.8 112.7 112.8 113.9 112.0 111.7 113.9 113.3 115.6 117.9 118.7 120.3 Mineral fuels 6.07 104.9 106.4 105.6 106.7 106.3 107.2 104.2 102.9 105.6 105.1 108.0 110.5 111.4 113.6 Nonresidential utilities. . . 2.86 129.9 131.2 129.5 130.0 131.5 132.6 132.9 134.3 135.9 134.7 135.9 138.3 138.7 Electricity 2.32 130.7 132.4 130.1 130.4 132.3 133.4 133.6 135.0 136.9 135.3 136.5 139.0 139.2 General industrial 1.03 122.8 124.1 122.0 122.7 124.3 123.5 123.2 124.9 125.8 124.2 130.3 132.6 132.2 Commercial and other. 1.21 139.9 142.0 139.5 139.5 141.7 144.5 145.1 146.5 149.2 147.5 144.6 147.6 148.3 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods. 7.80 125.9 127.9 127.2 127.4 127.7 128.0 129.3 130.0 130.7 131.0 131.3 133.1 136.2 134.9 Apparel and staples 24.51 117.7 119.0 119.0 119.5 118.4 118.7 119.1 119.2 120.4 120.5 119.8 121.3 122.4 123.5 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 INDUSTRIAL PRODUCTION: S.A. 1305 INDUSTRY GROUPINGS (1957-59 - 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 59 a 1 a v 9 g e 6 e r 2 - July Aug. Sept 1 . 962 Oct. Nov. Dec. Jan. Feb. Mar. A 19 p 6 r 3 . Mayr Juner July Total index 100.00 118.3 119.4 119.4 119.8 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.7 126.5 Manufacturing\ total. 86 45 118.7 119.7 119.9 120.4 119.7 119.9 119.7 119.8 120.6 121.9 123.1 125.2 126.4 127.0 Durable 48.07 117.9 118.7 118.9 119.2 118.8 119.2 118.9 119.0 120.0 121.5 122.8 125.6 127.3 127.5 Nondurable 38 38 119 8 121 0 121 1 121.8 121.0 120.9 120.8 120.7 121.4 122.5 123.4 124.8 125.2 126 4 Mining 8.23 105.0 106.5 105.4 105.7 105.2 105.7 103.2 103.0 104.7 105.4 107.4 108.5 109.3 111.0 Utilities 5.32 131.3 133.8 133.1 132.6 132.5 133.4 133.8 135.9 138.2 136.4 135.7 139.1 141.3 143.0 Durable manufactures Primary and fabricated metals 12.32 110.0 106.7 107.5 108.3 107.1 108.2 107.3 107.8 111.0 775.7 720.7 125.6 125.5 725.2 Primary metals 6.95 104.6 96.6 98.1 99.6 98.9 100.7 99.7 99.6 105.2 111.9 120.1 127.4 125.8 123.6 Iron and steel 5.45 100.6 87.8 92.1 92.8 91.0 95.3 95.8 96.0 102.2 111.5 121.8 129.3 126.1 117.4 Nonferrous metals and products.. 1.50 119.1 117.9 112.9 118.4 120.1 121.2 120.6 121.7 121.0 123.7 121.0 124.2 125.5 126.7 Fabricated metal products . 5.37 117.1 119.7 119.6 119.6 117.8 117.9 117.2 118.4 118.5 119.3 120.2 123.3 125.1 127.4 Structural metal parts... 2.86 113.2 116.2 115.2 115.1 114.2 112.8 112.5 113.5 113.9 115.4 116.8 120.9 123.0 124.1 Machinery and related products 27.98 122.1 124.5 124.6 124.6 724.9 124.8 124.7 124.7 125.3 725.0 725.3 727.3 130.1 730.3 Machinery 14.80 123.5 125.2 125.5 125.7 126.1 125.9 125.5 125.2 126.4 126.2 125.9 128.4 129.0 130.0 Nonelectrical machinery 8.43 119.7 121.8 122.5 122.7 123.2 123.0 121.5 122.2 123.1 122.7 121.7 124.5 126.0 127.7 Electrical machinery 6.37 128.5 129.6 129.6 129.7 129.8 129.7 130.8 r129.5 130.8 130.8 131.4 133.5 133.1 133.1 Transportation equipment 10.19 118.3 122.3 121.4 121.5 121.8 121.5 121.7 122.4 122.3 122.1 123.7 124.5 130.4 129.3 Motor vehicles and parts 4 68 134.1 141 8 136.8 137 8 138.1 137.3 137.7 137.9 139.1 140.2 141.8 143.1 153 8 150 9 Aircraft and other equipment.. . . 5.26 103.9 104.7 107.3 106.7 107.2 107.2 107.0 107.9 106.8 105.6 107.2 107.5 109.4 109.8 Instruments and related products... 1.71 123.0 124.9 125.0 124.3 124.2 125.0 125.4 125.7 127.0 127.2 126.6 130.2 131.6 132.2 1 28 C C l l a a y y , y g g l l a as s s s , * a a n n d d s l t u o m ne b e p r roducts 4 2 . . 7 9 2 9 1 1 0 1 9 1 . . 3 1 1 1 0 1 9 1 . . 2 7 1 1 1 1 0 1 . . 4 9 1 1 1 1 0 2 . . 8 3 1 1 0 1 8 2 . . 5 4 1 1 1 1 0 2 . . 4 9 1 1 1 1 1 3 . . 5 1 1 1 1 1 0 3 . . 9 9 1 1 0 1 9 0 . . 8 7 7 1 7 1 5 4 . . 0 6 7 1 7 1 2 5. . 5 7 7 1 7 1 3 5. . 9 3 1 1 1 1 3 7 . . 9 9 1 1 1 1 3 9 . . 7 1 Lumber and products . 1.73 106.1 104.9 107.8 108.3 101.9 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.5 Furniture and miscellaneous 3.05 124.5 127.7 126.1 126.8 125.3 125.5 124.6 125.0 123.6 124.8 125.8 729.3 129.3 131.6 Furniture and fixtures ... . 1.54 126.8 128.4 128.9 129.2 128.2 129.3 128.6 129.2 126.6 128.3 129.3 132.8 133 2 135 4 Miscellaneous manufactures 1.51 122.2 126.9 123.3 124.4 122.3 121.7 120.5 120.7 120.6 121.3 122.3 125.7 125.4 127.7 Nondurable manufactures Textiles, apparel, and leather . .. 7.60 115.1 115.6 115.7 116.8 115.8 115.5 115.2 115.2 115.6 115.9 116.2 116.5 118.0 119.5 Textile mill products 2.90 115.2 117.1 117.2 116.1 114.6 112.7 112.7 113.4 112.6 114.3 115.9 116.3 116.8 117.9 Apparel products 3.59 118.9 118.8 119.2 120.5 121.4 122.3 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.4 Leather and products... . . 1.11 102.3 101.7 100.6 106.6 100.8 100.7 99.4 96.4 98.7 98.8 95.4 97.5 99.2 Paper and printing. . . 8.17 116.7 117.4 117.9 118.2 117.2 116.9 115.4 114.5 115.8 115.7 119.2 120.5 121.6 722 5 Paper and products 3.43 119.7 121.1 120.5 120.9 120.8 119.8 119.6 120.3 123.3 123.9 122.8 123.4 125.7 127.8 Printing and publishing 4.74 114.6 114.7 116.0 116.2 114.6 114.8 112.3 110.2 110.5 109.7 116.5 118.4 118.6 118.6 Newspapers 1.53 108.5 109.1 112.4 111.3 108.2 109.7 100.5 94.0 93.9 90.8 109.7 111.4 112.5 111.6 Chemicals, petroleum, and rubber.... 11.54 131.2 133.4 133.2 134.8 134.1 133.6 134.2 134.2 735.3 735.2 739.7 141.3 141.3 143.1 Chemicals and products 7.58 136.1 138.3 138.6 139.8 139.2 138.7 138.7 140.0 141.4 143.6 146.1 147.8 148.4 151.2 Industrial chemicals 3 84 147.5 150.7 150.8 152.0 151.9 151.2 150.6 152.6 153.1 155.2 160.7 161.9 162.1 Petroleum products . ... 1.97 112.9 113.4 111.0 115.8 113.6 113.0 114.2 114.3 114.3 115.5 115.8 116.9 118.2 117.7 Rubber and plastics products 1.99 130.6 134.3 134.5 134.5 135.1 134.5 136.8 131.4 132.8 140.3 138.8 140.7 137.0 Foods, beverages, and tobacco 11.07 113.4 114.5 114.4 114.3 113.6 114.2 114.5 115.0 775.0 775.6 114.7 116.4 116.1 116.7 Foods and beverages 10.25 113.5 114.6 114.6 114.2 114.0 114.2 114.8 115.2 115.0 115.7 114.8 116.2 116.3 116.9 Food manufactures 8.64 113.8 115.1 115.1 115.0 114.6 114.7 115.1 115.0 115.2 116.0 115.2 116.4 116.4 116.9 Beverages 1.61 111.5 111.7 111.9 110.0 110.7 111.5 113.1 116.1 114.2 113.9 112.7 115.2 115 6 Tobacco products .. .82 112.0 113.4 112.0 116.0 108.6 114.7 111.4 113.0 114.6 114.2 112.7 118.1 114 4 Mining Coal, oil, and gas 6.80 103.8 104.9 104.2 105.2 105.1 105.5 102.8 101.3 703.7 103.9 106.1 107.7 108.5 110.7 Coal 1.16 95.3 92.8 93.8 94.2 94.3 96.6 95.6 95.1 96.1 93.9 100.8 104.5 107.1 107.1 Crude oil and natural gas 5 64 105 5 107 4 106.3 107.5 107.3 107.4 104.2 102.6 105.3 105.9 107.2 108.3 108 8 111 4 Oil and gas extraction 4.91 107.2 109.6 108.4 109.6 109.1 109.7 106.3 104.8 107.9 107.8 109.7 111.9 112.4 115.1 Crude oil 4.25 105.1 107.7 106.7 107.8 107.2 107.5 103.8 101.6 104.8 104.9 107.3 109.5 110.1 113.4 Gas and gas liquids 66 120 4 121 6 119 2 121 3 121 2 123 7 121.9 Oil and gas drilling .73 94.2 92.8 92.3 93.0 95.4 91.5 90.5 87.6 87.4 93.5 90.3 84.0 84.5 86.4 Metal, stone, and earth minerals 1.43 110.9 113.9 111.3 107.8 105.9 106.8 105.1 111.1 709.7 112.6 773.9 112.8 113.0 772.3 Metal mining .61 112.6 118.3 110.7 101.1 96.8 99.1 104.1 110.1 114.3 115.7 114.5 116.4 112.7 110.7 Stone and earth minerals .82 109.7 110.6 111.7 112.7 112.6 112.5 105.8 111.9 106.2 110.2 113.4 110.1 113.2 113.5 Utilities Electric 4.04 133.1 136.2 134.5 134.2 134.5 136.2 136.1 138.0 140.3 138.1 136.8 140.9 143.5 Gas 1.28 125.9 126.4 128.6 127.5 126.2 124.6 126.8 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

1306 INDUSTRIAL PRODUCTION: N.S.A. SEPTEMBER 1963 MARKET GROUPINGS (1957-59 ~ 100) 1957-59 1962 1962 1963 Grouping p po ro r- - avertion age July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May* June7" July Total index. 100.00 118.3 114.0 117.8 122.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.8 120.5 Final products, total 47.35 119.7 117.5 119.5 125.0 125.4 122.1 119.5 120.0 122.4 123.7 122.1 123.0 127.0 121.7 Consumer goods 32.31 119.7 116.7 119.2 126.4 126.7 122.1 117.7 119.0 122.4 123.9 122.1 123.1 128.0 121.3 Equipment, including defense... 15.04 119.6 119.2 120.2 122.0 122.5 122.0 123.3 122. 122.6 123.1 122.1 122.8 124.8 122.7 Materials 52.65 117.0 110.9 116.2 119.8 120.0 119.2 115.2 115.9 118.7 121.5 124.0 126.9 128.6 119.4 Consumer Goods Automotive products 3.21 131.1 129.8 79.4 124.9 148.1 145.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134.9 Autos 1.82 135.9 136.7 43.4 120.0 160.6 159.4 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4 Auto parts and allied products.... 1.39 124.9 120.7 126.8 131.3 131.6 126.3 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1 Home goods and apparel 10.00 118.1 107.6 119.6 124.0 123.9 120.1 111.2 113.6 123.1 126.3 122.1 121.2 125.8 112.9 Home goods 4.59 122.2 110.7 117.8 130.6 131.1 128.3 123.2 118.0 126.6 128.6 126.0 128.0 131.5 118.1 Appliances, TV, and radios 1.81 118.2 99.6 103.6 127.5 128.1 124.8 115.6 108.3 127.3 129.6 123.6 127.3 131.3 Appliances 1.33 121.4 107,1 101.7 127.1 127.5 128.1 124.8 112.6 133.5 138.2 129.7 135.1 138.7 TV and home radios .47 109.2 78.4 108.9 128.6 129.7 115.4 89.6 96.1 109.9 105.5 106.3 105.4 110.2 82.4 Furniture and rugs 1.26 123.9 116.8 126.7 131.4 131.6 129.6 130.4 126.1 126.0 127.1 125.7 124.8 130.3 125.5 Miscellaneous home goods 1.52 125.7 119.0 127.3 133.6 134.2 131.3 126.5 122.8 126.3 128.5 129.1 131.3 132.9 125.0 Apparel, knit goods, and shoes. . . 5.41 114.5 104.9 121.2 118.4 117.8 113.2 100.9 109.9 120.1 124.3 118.8 115.5 120.9 108.4 Consumer staples 19.10 118.7 119.4 125.6 128.0 124.6 119.3 116.7 117.9 118.3 119.2 117.8 120.3 124.5 123.4 Processed foods 8.43 113.7 116.1 124.2 131.0 126.0 117.5 110.7 107.5 106.7 108.9 107.5 110.5 115.1 116.6 Beverages and tobacco 2.43 111.7 115.8 120.6 115.8 115.2 106.5 97.4 101.2 104.2 110.3 115.6 125.7 132.0 Drugs, soap, and toiletries 2.97 129.9 125.8 134.6 133.1 135.0 132.0 131.6 133. 134.8 136.3 137.8 138.8 142.8 Newspapers, magazines, and books. 1.47 116.7 114.8 117.6 119.9 118.1 116.4 115.8 113.9 114.4 116.5 117.8 118.7 117.5 117.0 Consumer fuel and lighting 3.67 126.1 126.0 128.4 128.5 121.5 122.2 131.5 141.9 142.2 135.5 126.2 124.7 129.3 Fuel oil and gasoline 1.20 111.9 114.2 112.3 113.5 110.1 111.5 116.6 117.9 120.4 115.4 109.4 111.7 117.6 115.9 Residential utilities 2.46 133.0 Electricity 1.72 136.3 134.0 139.1 139.7 128.1 130.1 145.1 164.7 162.0 152.1 135.9 130.6 135.8 Gas .74 125.6 Equipment Business equipment 11.63 122.1 122.0 122.6 124.9 125.3 124.3 126.1 125.1 126.3 127.3 126.4 126.8 129.3 126.6 Industrial equipment 6.85 117.2 117.8 118.8 120.0 119.7 118.8 120.6 119.0 118.7 119.3 119.2 121.0 123.9 122.4 Commercial equipment 2.42 143.1 142.7 145.0 147.1 146.2 146.1 146.7 145.4 143.5 142.5 140.6 141.7 142.6 139.4 Freight and passenger equipment. 1.76 117.2 117.6 116.6 118.2 124.3 122.0 122.6 123.7 128.4 134.0 132.3 130.3 133.2 132.1 Farm equipment .61 107.7 99.6 94.1 111.4 108.0 106.6 116.3 117.3 137.4 136.9 134.7 122.1 125.6 106.8 Defense equipment 3.41 Materials Durable goods materials 26.73 114 A 108.7 111.4 116.8 116.6 115.5 112.3 112.3 114.6 118.5 122.0 126.5 129.2 118.8 Consumer durable 3.43 127.5 117.4 107.5 130.5 134.1 136.0 138.8 135.5 135.5 137.4 135.8 139.5 144.9 128.3 Equipment 7.84 118.9 115.4 116.1 119.4 120.2 121.7 122.7 123.5 123.5 124.4 123.7 125.4 127.0 122.2 Construction 9.17 110.4 113.7 119.5 119.9 116.8 111.1 102.5 100.2 102.0 106.9 113.9 120.2 125.4 121.0 Metal materials n.e.c 6.29 106.1 88.4 95.7 101.5 102.5 103.1 98.9 103.2 110.5 117.8 124.2 130.0 128.8 106.1 Nondurable materials 25.92 120.0 113.1 121.3 122.9 123.4 123.0 118.3 119.7 122.9 124.5 126.0 127.3 128.0 120.0 Business supplies 9.11 116.5 109.2 118.7 122.2 121.9 119.4 111.5 112.2 115.1 118.6 122. 122.8 122.8 113.0 Containers 3.03 117.1 112.7 128.1 126.4 121.8 114.0 102.7 111.4 116.9 121.5 119.6 121.5 127.1 117.2 General business supplies. 6.07 116.3 107.4 114.1 120.0 121.9 122.2 115.9 112.6 114.2 117.1 123.4 123.4 120.7 111.0 Nondurable materials n.e.c.. 7.40 134.7 125.8 134.9 135.5 138.1 139.2 133.7 137.3 142.1 144.4 144.6 147.2 145.9 135.9 Business fuel and power 9.41 111.7 107.0 113.0 113.6 113.4 113.6 112.7 113.1 115.2 114.6 115.2 115.9 118.8 114.3 Mineral fuels 6.07 104.9 96.2 103.7 104.9 106.4 107.8 106.4 105.8 109.6 108.4 109.4 109.3 111.1 103.1 Nonresidential utilities 2.86 129.9 Electricity 2.32 130.7 136.1 140.3 139.3 134.2 130.7 130.4 132.6 131.1 131.4 131.1 134.7 141.0 General industrial 1.03 122.8 120.6 125.4 125.2 127.0 123.9 122.0 124.3 122.5 124.9 128.2 131.9 133.4 Commercial and other 1.21 139.9 152.2 156.1 154.3 143.1 139.0 140.0 142.3 141.0 139.5 136.1 139.8 150.7 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods. 7.80 125.9 118.6 102.0 128.2 138.1 135.2 131.7 128.0 133.8 135.2 135.1 135.4 141.5 125.0 Apparel and staples 24.51 117.7 116.2 124.6 125.9 123.1 117.9 113.2 116.1 118.7 120.3 118.0 119.2 123.7 120.1 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 INDUSTRIAL PRODUCTION: N.S.A. 1307 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 5 9 ! j a 1 a v 9 g e 6 e r 2 - July Aug. Sept. 1 962 Oct. Nov. Dec Jan. Feb. Mar. A 19 p 6 r 3 . Mayr June July Total index. 100.00 118.3 114.0 117.8 122.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.8 120.5 Manufacturing, total. 86.45 118.7 114.1 117.7 122.9 123.5 121.4 117.5 117.8 120.7 123.3 124.0 126.1 128.8 120.6 Durable 48.07 117.9 113.5 112.7 120.4 121.8 121.0 119.4 118.3 120.7 123.2 124.4 126.9 129.8 121.3 Nondurable 38.38 119.8 114.9 123.9 125.9 125.8 121.9 115.1 117.2 120.6 123.4 123.7 125. 127.6 119.8 Mining 8.23 105.0 100.9 106.5 106.6 106.9 106.3 103.3 102.6 104.9 104.5 106.9 108.9 111.2 105.1 Utilities 5.32 131.3 Durable manufactures Primary and fabricated metals 12.32 110.0 97.6 104.5 110.2 109.2 109.0 106.2 108.4 112.6 118.1 122.5 127.0 128.2 112.9 Primary metals 6.95 104.6 82.9 92.0 98.5 99.9 101.7 97.3 102.6 110.1 118.8 125.7 130.7 129.6 104.8 Iron and steel 5.45 100.6 76.8 86.6 92.8 93.7 96.3 93.4 97.9 106.6 117.1 125.5 130.6 128.6 102.7 Nonferrous metals and products. 1.50 119.1 104.9 111.8 119.2 122.4 121.2 111.4 119.6 122.8 125.1 126.3 130.8 133.3 112.8 Fabricated metal products 5.37 117.1 116.7 120.7 125.3 121.3 118.6 117.8 116.0 115.8 117.2 118.4 122.3 126.4 123.2 Structural metal parts 2.86 113.2 113.9 115.8 118.6 117.9 116.0 114.8 112.4 111.5 112.2 113.8 119.1 123.0 121.6 Machinery and related products 27.98 122.1 119.6 113.2 123.9 727.0 127.1 127.7 125.9 127.6 128.2 127.3 128.4 131.8 725./ Machinery 14.80 123.5 119.3 121. 127.6 127.0 126.2 127.0 124.9 128.1 128.5 126.9 128.3 131.0 123.6 Nonelectrical machinery 8.43 119.7 119.1 118.0 121.2 120.7 120.5 122.5 122.2 125.3 126.1 125.3 126.4 129.0 124.3 Electrical machinery 6.37 128.5 119.6 125.2 136.1 135.3 133.7 132.9 128.5 132.0 131.6 129.0 130.9 133.7 122.7 Transportation equipment 10.19 118.3 118.0 97. 116.6 126.3 127.2 127.6 126.2 126.0 127.4 127.7 127.5 132.2 125.0 Motor vehicles and parts 4.68 134.1 135.0 87.0 128.8 148.3 149.1 149.1 145.6 145.9 148.5 149.3 149.4 158.9 144.2 Aircraft and other equipment... 5.26 103.9 102.7 104.8 105.4 106.7 107.8 108.6 109.0 108.1 108.2 107.7 107.1 107.9 107.7 Instruments and related products.. 1.71 123.0 122.2 125.0 125.2 125.6 127.2 127.0 125.2 126.2 126.9 126.5 128.2 131.6 129.3 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 109.3 112.6 120.4 119.5 116.5 110.4 99.9 97.2 700.5 705.7 772.5 118.3 722.7 117.4 Clay, glass, and stone products. 2.99 111.1 117.8 122.0 119.6 119.1 114.0 102.9 99.7 99.1 105.4 115.5 122.2 126.1 125.7 Lumber and products 1.73 106.1 103.5 117.6 119.3 112.1 104.1 94.6 93.0 102.8 107.3 107.4 111.4 116.9 103.1 Furniture and miscellaneous.. 3.05 124.5 122.5 129.1 131.9 132.1 129.6 725.5 120.9 727.5 723.3 722.5 725.2 725.7 126.3 Furniture and fixtures 1.54 126.8 124.8 132.1 133.1 133.3 131.4 131.2 126.9 126.3 126.8 126.2 127.6 132.5 131.6 Miscellaneous manufactures. 1.51 122.2 120.2 126.0 130.6 130.9 127.9 121.7 114.8 117.2 119.7 119.4 122.7 124.8 120.9 Nondurable manufactures Textiles, apparel, and leather 7.60 115.1 102.7 119.5 117.4 117.0 114.5 704.7 772.7 720.5 124.7 779.3 118.4 727. 707.5 Textile mill products 2.90 115.2 101.9 118.4 116.1 115.7 115.0 108.2 112.3 116.0 120.0 115.3 121.0 121.5 106.1 Apparel products 3.59 118.9 106.7 124.0 122.3 122.6 119.2 105.7 116.4 129.4 134.8 129.9 123.8 128.6 113.5 Leather and products 1.11 102.3 91.9 107.9 105.2 102.3 98.2 92.2 97.8 105.5 104.2 95.4 93.9 100.6 Paper and printing 8.17 116.7 108.7 117.2 119.6 122.4 120.8 777.4 772.7 775.9 777.7 720.9 722.3 722.0 112.8 Paper and products 3.43 119.7 107.8 123.5 122.0 127.3 123.0 108.6 118.6 125.9 127.0 125.0 126.0 128.2 113.7 Printing and publishing. 4.74 114.6 109.5 112.7 117.9 118.9 119.2 113.4 107.5 108.7 111.0 117.9 119.6 117.6 112.1 Newspapers 1.53 108.5 96.0 101.7 112.1 117.7 120.7 100.0 86.6 90.3 92.6 116.4 118.8 113.1 97.1 Chemicals, petroleum, and rubber.. 11.54 131. 126.6 132.5 134.6 135.9 753.5 131.4 134.3 737.2 73P.5 7¥2.7 142.3 143.8 735.7 Chemicals and products 7.58 136. 131.9 138.2 138.5 139.8 138.9 136.6 138.9 142.7 145.8 149.7 150.2 150.8 144.1 Industrial chemicals 3.84 147.5 143.5 148.1 149.4 151.9 153.6 150.6 152.6 156.5 159.4 162.9 163.8 162.1 Petroleum products 1.97 112.9 117.9 116.6 118.1 114.2 111.3 112.5 112.6 112.6 111.5 112.3 115.1 121.7 12K2 Rubber and plastics products 1.99 130.6 115.1 126.4 136.2 142.7 135.3 130.6 138.1 140.5 144.8 143. 139.3 139.1 Foods, beverages, and tobacco 11.07 113.4 115.7 123.0 127.3 123.7 775.5 705.7 705.5 705.7 70P.5 109.4 114.0 775.5 117.1 Foods and beverages 10.25 113.5 116.9 123.1 127.9 124.2 115.4 109.5 106.2 106. 109.4 109.2 113.4 118.4 118.3 Food manufactures 8.64 113.8 115.7 123.7 130.5 126.1 118.1 111.1 108.1 107.4 109.4 107.7 110.7 115. 116.3 Beverages 1.61 111.5 123.6 120.3 113.9 113.6 101.2 100.9 95.8 99.2 109.2 117.2 127.4 136.4 Tobacco products .82 112.0 100.4 121.2 119.4 118.3 117.0 90.7 111.8 114.0 112.5 112.5 122.4 123.5 Mining Coal, oil, and gas 6.80 103.8 96.1 102.9 103.9 105.3 106.2 105.0 104.3 707.0 105.9 705.7 106.4 108.3 101.5 Coal 1.16 95.3 59.3 98.7 99.7 102.8 100.6 93.9 93.2 97.3 94.7 101.5 105.5 116.6 72.5 Crude oil and natural gas 5.64 105.5 103.6 103.7 104.7 105.8 107.4 107.3 106.6 109.0 108.2 107.8 106.6 106.7 107.5 Oil and gas extraction 4.91 107.2 104.9 104.9 106.1 107.3 109.5 109.3 108.7 112.5 111.6 111.3 110. 109.8 110.3 Crude oil 4.25 105.1 103.6 103.7 104.9 105.6 106.7 105.8 104.7 108.7 108.3 109.1 108.4 108.4 109.1 Gas and gas liquids .66 120.4 113.2 112.9 114.0 118.3 127.5 132.0 Oil and gas drilling .73 94.2 95.2 95.7 95.1 95.9 93.3 93.2 92.0 85.4 85.1 84.1 82.4 85.3 88.6 Metal, stone, and earth minerals 1.43 110.9 123.9 123.5 119.7 114.5 106.4 95.6 94.3 94.7 98.0 707.9 720.9 124.9 722.2 Metal mining .61 112.6 126.6 119.6 113.2 105.5 96.1 94.7 96.9 102.9 101.8 104.2 123.4 Ml A 118.4 Stone and earth minerals .82 109.7 121.8 126.4 124.5 121.2 114.2 96.2 92.4 88.6 95.1 110.6 119.0 123.1 125.0 Utilities Electric 4.04 133. 135.2 139.8 139.5 131.6 130.4 136.7 146.3 144.3 140.2 133.1 133.0 138.8 Gas 1.28 125.9 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

1308 BUSINESS ACTIVITY SEPTEMBER 1963 SELECTED BUSINESS INDEXES (1957-59=- 100) Industrial production fac M tur a i n n u g - 2 3 Prices4 Nonag- Major market groupings Major industry C st o ru n - - r t i u c r u a l l - Freight Depart- Period Total Final products Mate- igroupings t c r ti a o o c n n t - s m t p e a T l n o o l^ t y - — - p m E l e o m n y - t - P ro a l y ls - l i o n a g d s - s s t a o le re s s C um on e - r W m c s o o h a d m o l i e l t e " y - Total s g C u o m o o n d e - s r E m q e u n ip t - rials Mfg. M in i g n- U iti t e il s - 1949 64.7 64.5 68.8 52.0 64.8 65.1 74.5 43.4 44 83.3 93.6 60.0 108.2 67 83.0 83.5 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 r80.2 121.5 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 r95.5 111.6 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 '93.2 101.8 85.4 104.6 80 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 88 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 '95.2 93.5 93.8 99 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.1 105.1 97.9 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 r99.9 106.7 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 103.1 r95.9 105.4 91.2 109 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.3 120 106.2 r99.2 113.7 92.4 114 105.4 100.6 1962—July 119.4 121.3 121.2 121.4 117.3 119.7 106.5 133.8 117 106.5 99.6 113.5 89.4 114 105.5 100.4 Aug 119.4 121.4 121.0 122.8 117.4 119.9 105.4 133.1 118 106.5 99.2 113.0 90.6 115 105.5 100.5 Sept 119.8 121.7 121.4 123.0 118.2 120.4 105.7 132.6 113 106.7 99.4 115.6 90.3 117 106.1 101.2 Oct 119.2 121.4 120.6 123.3 117.2 119.7 105.2 132.5 117 106.9 99.3 113.6 89.5 110 106.0 100.6 Nov 119.5 121.3 120.5 123.1 117.8 119.9 105.7 133.4 123 106.9 98.9 113.7 92.9 118 100.7 106.0 Dec 119.1 121.7 121.2 122.4 116.9 119.7 103.2 133.8 138 106.9 98.8 114.7 90.6 117 105.8 100.4 1963—Jan 119.2 122.3 121.8 122.0 116.8 119.8 103.0 135.9 121 107.1 98.9 115.2 89.9 113 106.0 100.5 Feb 120.2 122.6 122.9 121.5 118.0 120.6 104.7 138.2 130 107.4 98.9 115.8 93.9 114 106.1 100.2 Mar 121.3 122.4 123.1 120.7 120.2 121.9 105.4 136.4 118 107.9 99.4 116.7 94.3 119 106.2 99.9 Apr 122.5 122.1 122.5 120.4 122.9 123.1 107.4 135.7 125 108.2 100.1 116.6 95.7 115 106.2 99.7 May 124.5 123.5 124.1 122.1 125.7 125.2 108.5 139.1 144 108.5 100.4 117.9 96.9 117 106.2 100.0 June 125.7 125.1 125.7 123.9 126.5 126.4 109.3 141.3 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July 126.5 125.8 126.2 125.0 126.8 127.0 111.0 143.0 126 109.1 100.5 118.0 93.9 P120 107.1 100.6 Aug »125.3P125.3^125.4P125.4 P109.6 *>109.0 ?99.6 pi 16.8 90.9 ,125 100.4 1 Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Seasonally adjusted data revised. and heavy engineering; does not include data for Alaska and Hawaii. 3 Production workers only. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. NOTE.—Data are seasonally adjusted unless otherwise noted. Freight car loadings: Based on data from Association of American Construction contracts: F.W. Dodge Corp. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1962 1963 Type of ownership and type of construction 1961 1962 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total construction 37,135 41,303 3,747 3,631 3,273 3,425 3,188 3,198 2,779 2,917 3,583 3,983 4,851 4,402 4,125 By type of ownership: Public 12,547 IV599 1,731 1,039 1099 1,003 1,099 1J90 93? 1,092 1 J18^ 1,168 1,567 1 384 Private 24 588 Of 705 ? 516 2 591 174 2 422 089 009 1847 1 825 401 2 814 3 283 019 By type of construction: Residential 16,123 18,039 1,623 1,651 ,519 1,610 1,361 1,166 1,250 1,215 1,642 1,986 2,061 1,966 1,934 12,115 IV010 1,197 1,177 1,019 1,075 1,066 9?1 1,016 1,005 1,146 1,210 1,452 1,458 1,271 Public works and utilities . . 8,897 10,255 926 802 735 740 761 1,111 514 698 796 787 1,337 978 920 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

SEPTEMBER 1963 CONSTRUCTION 1309 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Tota. 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 - sine m 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 e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other 1954...... 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955 , 44,164 32,440 18 705 9,980 2,399 3,218 4,363 3 755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957. . .. 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 1959 i 56,555 40 344 24,962 11,044 2,106 3,930 5,008 4 338 16,211 1,488 5,870 1,467 7,386 1960 55,556 39,603 22,546 12.354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 1,487 7,616 1961...... . 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 1,368 5,818 1,581 8,267 1962 61,084 43,378 24,833 13,286 2,814 4,964 5,508 5,259 17,706 1,267 6,254 1,754 8,431 1962—Aug. ... 62,829 45,244 25,957 13,835 2,936 5,273 5,626 5,452 17,585 1,244 6,195 1,771 8,375 Sept 62,358 44,976 25,813 13,692 2,930 5,214 5,548 5,471 17,382 1,164 6,140 1.754 8,324 Oct 63,517 43,843 25,013 13,478 2,885 5,018 5,575 5,352 19,674 1,492 7,786 1,764 8,632 Nov 62,610 44,059 25,432 13,424 2,820 4 967 5,637 5 203 18,551 1,003 6,922 1,755 8,871 Dec 61,823 44,134 25,654 13,424 2,788 4,979 5,657 5,056 17,689 1,324 6,343 1,738 8,284 1963—Jan 62 866 43,434 24,830 13,480 2,773 5,086 5,621 5,124 19,432 1,736 7,483 1,758 8,455 Feb 60,163 42,313 23,878 13,303 2,716 4,999 5,588 5,132 17,850 1,494 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 1,312 6,948 .804 8,471 Apr. c 60,626 43,818 25,247 13,301 2,815 4,846 5,640 5,270 16,808 1,204 5,254 1^860 8,490 May 62,451 45,170 26,689 13,092 2,837 4,630 5,625 5,389 17,281 1,277 5,586 1,924 8,494 June. . 64 928 46 060 27 632 12,998 2 833 4 566 5,599 5 430 18 868 1 400 6,661 1,957 8,850 JulyP 64,636 46,132 27,284 13,356 2,948 4,792 5,616 5,492 18,504 6,315 1,999 Aug v 65,023 46,273 26,785 13,895 3,056 5,233 5,606 5,593 18,750 2,042 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 2 By type of ownership S.A. Government- (private only) * underwritten Private Period Total Non- Total N fa o rm n- M po e li t t r a o n - p m o e li t t r a o n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1954.. 1,220 897 324 ,202 1,077 34 90 19 583 276 307 1955.. 1,329 976 353 ,310 1,190 33 87 19 670 277 393 1956.. 1,118 780 338 ,094 981 31 82 24 465 195 271 1957.. 1,042 700 342 993 840 33 120 49 322 193 128 1958.. 1,209 827 382 ,142 933 39 170 68 439 337 102 1959.. 1,379 946 432 ,343 1,079 49 215 36 458 349 109 1959.. 1,554 1,077 477 ,517 1,234 56 227 37 458 349 109 I960.. 1,296 889 407 ,252 995 44 214 44 336 261 75 1961.. 1,365 948 417 ,313 975 44 295 52 328 244 83 1962 i. 1,492 1,054 439 ,463 992 49 422 30 339 261 78 1962—July i. ,442 ,423 140 99 42 137 95 4 37 4 33 25 Aug.. ,486 ,459 150 101 48 148 102 4 42 2 36 28 Sept.. ,356 ,328 117 85 32 114 76 4 35 3 26 20 Oct... ,537 ,491 138 95 43 135 92 4 39 3 30 23 Nov.. ,579 ,564 123 84 39 121 79 4 39 2 25 19 Dec. ,562 ,541 95 68 27 94 56 4 34 1 20 16 1963—Jan... ,344 ,317 83 62 22 81 47 3 31 3 18 14 Feb.. ,380 ,353 88 65 23 87 52 4 31 1 17 13 Mar.. ,575 ,549 128 89 39 124 81 4 40 4 22 17 Apr.. ,618 ,590 160 112 49 158 106 6 47 2 29 22 May. ,618 ,590 170 116 53 166 107 6 54 3 30 22 June. .560 ,543 108 47 *>152 101 5 47 27 20 July.. ,513 ,497 102 43 n 29 21 1 Seasonally adjusted data revised in conjunction with over-all revisions farm and nonfarm series developed initially by the Bureau of Labor of seasonals back to 1959. In addition minor changes in unadjusted figures Statistics, for which annual totals are given including overlap for 1959. also made for 1962. Data from Federal Housing Administration and Veterans Administration 2 Beginning with 1959, based on revised definition of metropolitan areas. represent units started, based on field office reports of first compliance inspections. NOTE.—Beginning with 1959, Census Bureau series includes both Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1310 EMPLOYMENT SEPTEMBER 1963 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employedl 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 agriculture industries 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—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 June 132,036 77,901 75,165 70,319 64,365 5,954 4,846 54,135 5.7 July 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 Aug 132,345 77,167 74,418 70,561 65,065 5,496 3,857 55,178 5.5 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) Manufac- Contract Transporta- Govern- Period Total turing Mining construc- tion & pub- Trade Finance Service ment tion lic utilities 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 19591 53,404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 1960 54,370 16,796 712 2,885 4,004 11,391 2,669 7.392 8,520 1961 54,224 16,327 672 2,816 3,903 11,337 2,731 7,610 8,828 1962 55,841 16,859 652 2,909 3.903 11,582 2,798 7,949 9,188 SEASONALLY ADJUSTED 1962—Aug 56,019 16,867 652 2,949 3,899 11,620 2,804 8,017 9,211 Sept 56.125 16,921 647 2,941 3,901 11,637 2,807 8,019 9,252 Oct 56,195 16,910 644 2,939 3,904 11,627 2,817 8,044 9,310 Nov 56,205 16,858 640 2,942 3,896 11,637 2,821 8,063 9,348 Dec 56,211 16,851 633 2,913 3,898 11,629 2,822 8,079 9,386 1963—Jan 56,333 16,871 631 2,967 3.821 11,685 834 8,110 9,414 Feb 56,458 16,872 631 2,920 3,899 11,729 839 8,144 9,424 Mar 56,706 16,948 631 2,928 3,894 11,795 848 8,207 9,455 Apr 56,873 17,037 639 3,005 3,890 11,784 853 8,199 9,466 May 57,060 17,095 640 3,019 3,909 11,825 864 8,228 9.480 June 57,194 17,075 639 3,046 3,919 11,864 865 8,282 9,504 JulyP 57,356 17,110 641 3,067 3,932 11,880 873 8,348 9,505 Aug.? 57,299 16,993 637 3,059 3.931 11,887 2.877 8,379 9.536 NOT SEASONALLY ADJUSTED 1962—Aug 56,329 17,040 663 3,288 3,934 11,592 2,849 8,097 8,866 Sept 56,872 17,249 657 3,235 3,932 11,656 2,821 8,075 9,247 Oct 56,953 17,157 652 3,195 3,935 11,704 2,814 8,084 9,412 Nov 56,828 17,023 644 3,057 3,912 11,856 2,813 8,047 9,476 Dec 57,044 16,862 634 2,776 3,914 12,420 2,811 8,014 9,613 1963—Jan 55,409 16,687 622 2,584 3,775 11,535 2,806 7,956 9,444 Feb 55,374 16,683 618 2,470 3,844 11,433 2,813 7,997 9,516 Mar 55,714 16,756 616 2,556 3,847 11,497 2,825 8,076 9,541 Apr 56,505 16,845 632 2,846 3,859 11,740 2,842 8,199 9,542 May 56,967 16,960 643 3,049 3,897 11,720 2,858 8,294 9,546 June 57,609 17,111 650 3,232 3,954 11,848 2,885 8,423 9,506 JulyP 57,437 17,057 642 3,361 3,971 11,828 2,919 8,473 9,186 Aug.*7 57,603 17,160 648 3,411 3,966 11,858 2,923 8,463 9,174 1 Data includes Alaska and Hawaii beginning with 1959. period 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; revised data include all full- and armed forces are excluded. part-time employees who worked during, or received pay for, the pay Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 EMPLOYMENT AND EARNINGS 1311 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 Aug. June Julyp Aug. June Total 12,489 12,628 12,660 12,545 12,624 12,652 12,579 12,679 Durable goods 6,935 7,086 7,108 7,028 6,883 7,138 7,061 6,975 Ordnance and accessories 125 120 120 120 124 118 119 119 Lumber and wood products 526 498 501 519 557 523 526 550 Furniture and fixtures 322 325 326 323 326 323 321 328 Stone, clay, and glass products 483 493 497 495 502 508 512 515 Primary metal industries 911 977 987 961 904 984 973 954 Fabricated metal products 862 888 891 891 860 894 879 889 Machinery except electrical 1,049 1,042 1,046 1,052 1,036 1,055 1,042 1,038 Electrical machinery 1,070 1,069 1,061 1,049 1.066 1,057 1,040 1,046 Transportation equipment 1,038 1,122 1,122 1,064 947 1,121 1,103 970 Instruments and related products 232 240 241 240 232 239 237 240 Miscellaneous manufacturing industries. 317 312 316 314 328 316 311 325 Nondurable goods 5,554 5,542 5,552 5,517 5,741 5,514 5,518 5,704 Food and kindred products 1,172 1,151 1,148 1,140 1,297 1,146 1,188 1,262 Tobacco manufactures 81 75 75 81 91 64 63 91 Textile-mill products 810 797 797 794 819 803 791 804 Apparel and other finished textiles 1,128 1,160 1,169 1,145 1.156 1,140 1,133 1,174 Paper and allied products 487 489 491 494 492 492 488 499 Printing, publishing and allied industries 596 594 594 595 594 592 589 593 Chemicals and allied products 520 527 528 524 521 527 526 525 Products of petroleum and coal 125 119 121 121 128 122 123 124 Rubber products 317 321 317 311 317 319 309 311 Leather and leather products 318 309 312 312 326 310 310 320 NOTE.—Bureau of Labor Statistics; revised data cover production and pay for, the pay period ending nearest the 15th of the month. related workers only (full- and part-time) who worked during, or received 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 Aug. June Aug.1 Aug. June Aug. June July*' Total 40.2 40.5 40.4 40.3 95.75 100.37 99.23 98.42 2.37 2.46 2.45 2.43 Durable goods 40.9 41.3 41.2 41.0 103.89 109.82 108.09 107.01 2.54 2.64 2.63 2.61 Ordnance and accessories 41.2 41.4 41.0 41.2 115.34 118.24 117.33 118.20 2.82 2.87 2.89 2.89 Lumber and wood products 40.3 40.1 40.5 40.4 81.80 82.62 82.62 84.05 2.00 2.02 2.03 2.05 Furniture and fixtures 40.6 40.9 41 41.0 80.54 81.39 81.19 83.40 1.95 1.99 1.99 2.00 Stone, clay, and glass products 41.2 41.5 41.3 41.0 101.40 104.41 103.66 103.42 2.42 2.48 2.48 2.48 Primary metal industries 39.7 41.7 41.1 40.9 115.84 129.55 125.77 123.02 2.94 3.07 3.06 3.03 Fabricated metal products 40.9 41.2 41.2 41.5 105.32 108.84 107.53 109.36 2.55 2.61 2.61 2.61 Machinery except electrical 41.7 41.7 41.6 41.7 112.32 117.04 115.23 115.23 2.70 2.78 2.77 2.77 Electrical machinery 40.5 40.4 40.7 40.3 97.20 99.88 99.14 98.74 2.40 2.46 2.46 2.45 Transportation equipment 41.8 42.2 42.0 41.3 118.78 126.90 125.28 121.39 2.89 3.00 2.99 2.99 Instruments and related products 41.0 40.7 40.6 40.7 99.63 101.84 100.44 101.34 2.43 2.49 2.48 2.49 Miscellaneous manufacturing industries.. 39.7 39.5 39.6 39.6 77.81 80.19 78.98 79.60 1.96 2.02 2.02 2.01 Nondurable goods 39.5 39.6 39.5 39.5 86.18 88.36 88.36 88.18 2.16 2.22 2.22 2.21 Food and kindred products 40.8 41.0 40.9 41.0 91.05 95.17 95.87 93.98 2.21 2.31 2.31 2.27 Tobacco manufactures 37.5 39.7 39.8 39.3 68.04 81.81 79.97 73.66 1.80 2.03 2.04 1.86 Textile-mill products 40.4 40.5 40.4 40.5 68.21 69.70 68.68 69.60 1.68 1.70 1.70 1.71 Apparel and other finished textiles 36.0 36.0 36.0 35.6 62.36 61.35 61.71 63.15 1.69 1.69 1.70 1.73 Paper and allied products 42.5 42.7 42.7 42.9 103.39 106.21 107.25 107.82 2.41 2.47 2.50 2.49 Printing, publishing and allied industries. 38.3 38.3 38.4 38.4 108.29 110.69 110.30 110.88 2.82 2.89 2.88 2.88 Chemicals and allied products 41.5 41.4 41.6 41.2 110.12 113.42 113.57 111.79 2.66 2.72 2.73 2.72 Products of petroleum and coal 41.7 41.9 41.5 41.6 126.35 133.25 133.35 130.21 3.03 3.15 3.16 3.13 Rubber products 40.7 40.1 40.2 40.0 99.80 100.53 100.44 98.58 2.44 2.47 2.48 2.45 Leather and leather products 37.6 37.3 37.0 37.7 65.53 66.70 66.12 67.61 1.72 1.76 1.74 1.77 NOTE.—Bureau of Labor Statistics; revised data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1312 DEPARTMENT STORES SEPTEMBER 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 109 112 112 107 110 108 110 105 104 108 111 102 115 1962 114 114 116 110 113 113 118 no 109 109 114 108 123 SEASONALLY ADJUSTED 1962—July 114 113 mi '113 112 111 112 111 '117 112 123 Aug 115 117 117 112 109 116 118 113 108 111 113 107 124 Sept 117 116 120 113 116 118 121 115 113 no 118 113 122 Oct no no 112 106 108 107 112 107 104 116 108 100 121 D N e o c v 1 11 1 8 7 1 11 20 6 1 1 2 1 1 8 1 1 1 1 1 2 1 1 1 1 6 4 1 1 1 19 3 C1 1 2 2 2 5 1 11 1 3 4 1 1 1 1 1 5 1 1 1 1 1 0 1 1 1 1 7 7 1 11 09 1 1 1 2 2 8 7 1963—Jan '113 115 113 103 116 123 107 104 no 108 107 127 Feb 114 111 115 108 109 112 119 108 108 114 117 109 128 Mar 119 121 119 112 118 123 135 116 114 117 122 113 130 Apr 115 112 119 105 111 111 118 no 114 103 no 118 May 117 118 119 111 113 116 123 111 111 no no 129 120 119 120 112 118 120 130 119 117 116 115 127 July P120 121 123 115 116 124 116 113 116 PllO 113 128 NOT SEASONALLY ADJUSTED 1962—July 96 87 86 '85 95 94 106 92 94 88 105 102 112 104 96 94 92 99 103 109 101 103 106 111 108 119 SeDt 117 117 120 113 114 118 114 116 114 118 119 109 121 Oct 113 115 120 112 109 115 113 111 no 111 111 102 117 Nov . . 141 147 152 145 141 142 139 136 133 130 133 126 145 Dec 212 225 216 202 211 210 219 201 201 197 203 193 232 1963—Jan '86 87 90 75 '83 82 94 79 79 76 82 83 97 Feb 85 79 88 78 79 79 92 79 78 80 84 80 101 Mar 101 95 101 98 97 102 116 97 97 96 101 98 105 Apr 112 112 111 104 111 112 111 109 107 105 114 108 116 May 112 114 114 108 109 111 116 110 no 105 114 106 118 114 113 116 104 109 no 117 115 109 113 103 121 July 91 94 87 98 P99 111 96 95 92 103 117 STOCKS 1955 . .. 85 88 78 87 86 90 86 89 93 88 90 79 81 1956 94 96 89 95 93 99 98 97 102 98 99 91 92 1957 99 97 97 99 102 100 102 100 103 102 100 99 96 1958 98 99 99 98 97 96 97 97 98 97 98 98 97 1959 103 104 104 103 101 104 101 103 99 101 103 104 107 I960 109 108 no 105 113 108 107 108 103 108 109 106 114 1961.. no 111 109 105 112 110 108 109 111 108 111 103 115 1962 117 116 115 112 116 118 118 119 117 '113 113 112 125 SEASONALLY ADJUSTED 1962—July 119 118 '114 113 117 119 122 117 113 115 '113 '126 Aug 118 115 116 113 116 117 116 123 116 115 115 112 126 Sept 118 114 116 112 117 117 119 122 115 115 111 110 127 Oct 120 116 118 114 118 119 125 124 117 115 111 113 129 Nov . 118 116 119 112 117 121 123 122 119 113 108 112 118 Dec 117 118 120 112 118 122 130 121 121 111 111 111 108 1963—Jan 120 119 116 113 125 121 129 120 117 111 111 113 128 Feb 119 119 116 109 121 119 126 119 120 111 114 113 127 Mar 120 119 115 108 119 119 123 121 118 113 117 113 129 Apr 120 120 118 110 122 121 122 119 121 114 118 114 128 May 121 120 119 109 120 117 125 124 119 '115 120 118 132 June 121 118 118 '109 119 118 127 126 122 '115 118 118 129 Tuly 121 119 114 125 129 126 122 117 Pill NOT SEASONALLY ADJUSTED 1962—July 112 108 102 103 112 112 110 119 112 '109 '109 109 '122 Aug 114 113 109 115 119 116 122 117 '115 112 115 126 Sept 125 123 121 119 125 126 126 129 123 '121 116 117 132 Oct 135 134 134 131 135 135 140 135 133 '130 123 127 143 Nov 135 137 138 132 138 138 144 136 135 131 126 128 129 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 112 109 109 102 112 109 123 110 111 106 108 106 120 Mar 120 118 117 109 119 120 126 121 119 112 117 114 130 Apr 123 121 '121 114 123 124 125 125 124 '114 121 117 129 May 122 121 120 112 121 119 124 127 119 113 118 116 130 June 116 112 111 '103 121 111 118 122 115 '107 113 111 125 July 111 107 103 119 Pill 118 123 117 113 ni6 P127 NOTE.—Based on retail value figures: sales are average per trading day; For description of series and for back data beginning with 1947, se« 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

SEPTEMBER 1963 DEPARTMENT STORES 1313 DEPARTMENT STORE MERCHANDISING DATA Amounts (millions of dollars) Ratios to sales Period Out- Out- Stocks Sales Stocks st i a n n g d- ce R i e p - ts o N rd e e w rs Stocks st i a n n g d- o p u lu ts s , ce R i e p - ts orders orders orders 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 l.l 4.0 L.O 1956 454 1,286 470 459 458 3.0 l.l 4.1 0 1957 459 1,338 461 461 458 3.1 t.l 4.1 L.O 1958 462 1,323 437 462 464 3.0 1.0 4.1 L.O 1959 488 1,391 510 495 498 3.0 l.l 4.1 1 I960 494 1,474 518 496 493 3.1 l.l 4.3 0 1961 .... 506 1,485 529 512 517 3.1 4.2 L.O 1962 526 1,593 571 535 533 3.2 '.2 4.4 .0 1962—July '404 1,486 '726 '390 '445 3.7 1.8 5.5 .0 Aug .... . 482 1,571 675 563 514 3.3 1.4 4.7 .2 Sent 493 1,700 706 622 653 3.4 L.4 4.9 L.3 Oct 556 1,845 666 701 661 3.3 1.2 4.5 Nov 657 892 549 704 587 2.9 .8 3.7 .1 Dec 998 1,505 385 611 447 1.5 .4 1.9 .6 1963—Jan 407 1,466 498 368 481 3.6 1.2 4.8 .9 Feb 366 1,508 555 408 465 4.1 1.5 5.6 1 Mar 467 1,616 507 575 527 3.5 L.l 4.5 1.2 Apr 512 1,653 459 549 501 3.2 .9 4.1 1 512 1,632 509 491 541 3.2 1.0 4.2 0 June 482 1,540 710 390 591 3.2 1.5 4.7 .8 JulyP 434 1,554 770 448 508 3.6 1.8 5.4 1.0 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 PRICES SEPTEMBER 1963 CONSUMER PRICES (1957-59= 100) Housing Read- Other Period it A em ll s Food Total Rent e G a l n e a d c s - p S l a e e o n t u l r d m i o d - H n f o i u s u r h - s - e- H o h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuels ings tion 1929 59.7 55.6 85 4 56.6 56 2 1933 45 1 35.3 60.8 42.7 42.8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1954... 93.6 95.4 93.4 93.5 92.5 90.6 101.9 89.5 97.3 90.8 86.6 88.5 92.4 94.3 1955 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 88.6 90.0 92.1 94.3 1956 94 7 94.7 95.5 96.5 95.9 95.9 98.9 93.7 98.4 91.3 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 96.9 100.8 100.5 97.3 99.7 96.5 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.3 99.0 99.8 100.2 99.8 99.7 100.1 100.4 100.8 99.8 1959 101 5 100.3 101.3 101.6 102.8 100.2 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 1960 103 1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 107.9 101.6 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 July 105.5 103.8 104.8 105.7 108.0 99.7 99.0 107.5 102.9 106.8 114.6 106.8 110.0 105.6 Aug 105.5 103.8 104.8 105.8 108.0 100.1 98.5 107.4 102.5 107.4 114.6 106.8 110.3 105.5 Sept 106.1 104.8 104.9 105.9 108.0 101.3 98.7 107.6 104.6 107.8 114.7 106.8 110.0 105.6 Oct 106.0 104.3 105.0 106.1 108.0 102.4 98.8 107.6 104.9 108.1 114.9 106.9 109.5 105.6 Nov 106 0 104.1 105.1 106.2 108.1 103.6 98.7 107.8 104.3 108.3 115.0 107.1 110.1 105.6 Dec 105.8 103.5 105.2 106.2 108.1 104.8 98.6 108.1 103.9 108.0 115.3 107.6 110.0 105.6 1963 Jan 106.0 104.7 105.4 106.3 108.2 104.9 97.9 109.3 103.0 106.6 115.5 107.4 110.2 105.7 Feb 106.1 105.0 105.4 106.4 108.0 104.8 98.3 109.3 103.3 106.8 115.6 107.3 110.0 105.7 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 May 106.2 104.2 105.7 106.6 107.4 102.4 98.4 110.0 103.7 107.4 116.4 107.8 110.7 106.0 June .. ... 106 6 105.0 105.9 106.7 108.1 102.1 98.5 110.2 103.9 107.4 116.8 107.8 110.9 107.6 July 107.1 106.2 106.0 106.7 108.1 102.3 98.5 110.3 103.9 107.8 116.9 108.0 111.5 108.0 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical-worker families. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o o ie m d l s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total T t e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u e tc b r . , - L b e u e tc m r . , - P e a t p c. er, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - s erals 1954... 92.9 104.4 97.6 90.4 100.6 89.9 94.6 97.3 87.6 97.6 84.3 83.2 93.9 93.8 110.5 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1962—July 100.4 96.5 100.8 100.8 100.9 107.5 100.0 97.2 92.7 97.5 100.0 99.7 102.3 98.8 101.6 104.0 107.6 Aug 100.5 97.6 101.5 100.6 100.8 107.0 99.5 97.0 92.7 97.4 99.7 99.8 102.3 98.7 101.6 104.2 107.2 Sept 101.2 100.6 103.3 100.8 100.6 107.5 100.8 96.9 92.8 97.0 99.5 99.7 102.3 98.6 101.5 104.2 109.1 Oct 100.6 98.7 101.5 100.7 100.5 107.4 100.8 97. 93.1 96.6 99.3 99.4 102.2 98.5 101.6 104.5 108.7 Nov 100.7 99.3 101.3 100.7 100.5 107.3 100.7 97.0 93.7 96.3 99.1 99.3 102.2 98.6 101.6 104.5 109.8 Dec 100.4 97.3 100.9 100.7 100.6 106.9 100.8 96.8 94.4 95.8 99.0 99.3 102.3 98.4 101.5 104.3 110.2 1963—Jan 100.5 98.5 100.8 100.7 100.4 106.0 100.4 96.9 94.3 95.9 99.0 99.5 102.3 98.3 101.4 104.3 111.6 Feb 100. 96.5 100.5 100.6 100.3 105.1 100.3 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 99.0 100.6 100.2 105.1 100.8 96.8 94.1 96.5 99.0 99.4 102.0 98.2 101.5 104.3 110.8 Apr 99.7 95.4 99.3 100.4 100 104.5 100.3 96.3 94.1 97.0 99.0 99.4 101.9 98.1 101.5 104.4 108.0 May 100.0 94.4 101.7 100.5 100.2 104.8 100.4 96.4 93.2 97.5 99.1 99.9 102.0 98.0 101.3 105.2 107.6 June 100.3 94.9 -"102.4 r100.7 100.3 r104.5 100.9 96.3 93.1 '98.3 '99.4 100.0 r102.0 98.1 '101.2 r105.8 108.1 July 100.7 96.8 102.2 100.9 100.4 104.3 100.3 96.2 93.0 101.5 99.1 100.0 102.3 98.2 100.9 107.0 110.4 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 PRICES 1315 WHOLESALE PRICES: DETAIL (1957-59=100) 1962 1963 1962 1963 Group Group July May June July July May June July Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce. 92.2 99.8 '97.1 97.0 Woodpulp 93.6 91.3 91.3 91.7 Grains 99.1 102.9 101.4 99.5 Wastepaper 96.8 89.8 90.8 91.4 Livestock and poultry... 95.8 86.8 89.3 94.4 Paper 102.6 102.2 102.2 102.2 Plant and animal fibers.. 99.3 101.7 101.4 100.2 Paperboard 94.0 94.1 94.1 94.1 Fluid milk , 99.8 97.3 97.9 99.8 Converted paper and paperboard . 101.0 99.9 100.3 99.8 Eggs 86.2 77.1 79.2 87.5 Building paper and board 96.3 96.2 '97.5 97.5 Hay and seeds 105.3 112.5 113.8 111.1 Other farm products.... 92.5 89.5 89.3 89.1 Metals and Metal Products : Processed Foods: Iron and steel 99.3 99.0 99.0 Cereal and bakery products 107.9 107.6 107.0 106.6 N M o e n ta f l e r c r o o n u t s a i m ne e r t s als 1 9 0 9 3 . . 0 7 1 9 0 8 4 . . 7 6 1 9 0 8 4 . . 7 9 1 9 0 9 5 . . 0 0 D M a e i a ry t, p p r o o u d lt u r c y t , s a a n n d d fi i s c h e cream 1 9 0 9 5 . . 0 7 1 9 0 1 6 . . 9 8 1 '9 0 4 6 . . 1 6 1 9 0 6 7 . . 4 3 P H l a u r m dw bi a n r g e equipment 1 9 0 7 3 . . 1 7 1 10 0 0 3 . . 8 9 1 10 0 0 4 . . 6 0 1 1 0 0 4 0 . . 1 8 C S P A u a a n e c g n i t k a m n a a r b e a g d l a l e e n s d f a d a n t b s c d e o v a n f n e r f r d o e a c z g o t e e i i n o l s m n f e a r r u t y e it r s ia , ls and veg- 1 9 8 8 0 8 5 2 2 . . . . 7 8 6 2 1 1 7 8 3 0 7 0 3 3 . . . . 2 9 6 4 1 1 '7 8 3 0 9 1 2 4 . . . . 2 1 1 6 1 1 8 8 0 2 1 2 5 0 . . . . 1 9 6 3 H F Fa a e u b b a c r r t i i t i s c c n a a g t t e e e d d q u n s i t o p r n m u s c e t t r n u u t r c a t l u m ra e l t m al e p ta r l o d p u ro c d ts - 1 9 9 0 2 8 3 . . . 9 3 9 | 1 9 9 0 3 8 4 . . . 0 2 0 1 ' ' 9 9 0 3 8 4 . . . 3 2 9 1 9 9 0 3 8 5 . . . 3 3 0 Crude vegetable oils 78.2 84.2 83.3 83.6 Refined vegetable oils 85.2 85.8 84.4 84.3 Machinery and Motive Products: Vegetable oil and products 94.5 87.0 87.0 87.0 Miscellaneous processed foods 101.0 101.8 103.9 104.5 Agricultural machinery and equip.. . 109.5 110.9 111.0 110.8 Construction machinery and equip... 107.6 109.2 109.6 109.7 Textile Products and Apparel: Metalworking machinery and equip.. 109.6 109.4 109.6 110.0 General purpose machinery and Cotton products 101.9 99.7 99.7 99.8 equipment 102.9 103.4 103.5 103.9 Wool products 99.3 100.6 100.6 100.3 Miscellaneous machinery 103.4 103.3 103.4 103.4 Man-made fiber textile products 94.7 93.8 93.8 93.6 Special industry machinery and equip- Silk products 130.2 144.4 148.0 134.5 ment (Jan. 1961= 100) 102.0 103.9 103.9 104.0 Apparel 101.8 101.6 "102.0 102.2 Electrical machinery and equip 98.1 97.7 97.7 97.8 Other textile products 121.6 118.2 117.4 115.1 Motor vehicles 101.2 '99.8 '99.3 99.8 Transportation equip., R.R. rolling Hides, Skins, Leather, and Products: stock (Jan. 1961=100) 100.5 | 100.5 ! 100.5 | 100.5 Hides and skins 104.2 87.4 85.8 83.5 Leather 108.4 103.2 102.5 102.2 Furniture and Other Household Dura- Footwear 108.8 108.2 108.2 108.4 bles: Other leather products. 105.0 104.4 104.3 104.1 Household furniture 104.1 104.4 104.5 104.5 Commercial furniture 102.4 i02.3 102.8 102.8 Fuels and Related Products, and Power: Floor coverings 96.7 95.7 95.9 96.6 C C G o o a k a s l e fuels (Jan. 1958 = 100) 1 1 9 1 0 5 9 3 . . . 3 7 6 1 1 9 0 2 4 3 0 . . . 2 6 1 1 1 ' 2 9 0 0 4 3 . . . 3 9 6 1 1 9 0 2 5 3 0 . . . 7 6 4 T H O e o t l h u e e v s r e i s h h i o o o l u n d , s e r a h a p o d 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 3 3 0. . . 9 8 0 10 9 8 2 2 8 . . . 9 0 9 !1 '8 0 9 8 3 1 . . . 9 9 2 1 9 8 0 1 8 3 . . . 9 5 5 Electric power (Jan. 1958 = 100) 102.8 102.2 102.2 102.0 Petroleum products, refined 98.0 99.1 99.9 98.7 Nonmetallic Mineral Products : Chemicals and Allied Products: Flat glass 98.0 96.6 96.6 96.6 Concrete ingredients 103.3 103.0 103.2 103.2 Industrial chemicals 96.1 95.0 '95.0 94.7 Concrete products 102.7 101.9 101.9 101.4 Prepared paint 103.8 103.0 103.0 103.0 Structural clay products 103.6 104.0 104.0 103.5 Paint materials 96.0 91.7 91.1 90.9 Gypsum products 105.0 105.0 105.0 105.0 Drugs and Pharmaceuticals 95.1 95.2 95.2 95.0 Prepared asphalt roofing 89.4 92.7 '89.1 88.2 Fats and oils, inedible 73.5 78.6 '80.6 81.3 Other nonmetallic minerals 101.7 101.4 101.3 101.2 Mixed fertilizers 103.9 103.6 103.6 103.6 Fertilizer materials 101.0 102.3 100.8 100.3 Tobacco Products and Bottled Bev- Other chemicals and products 99.4 98.6 98.6 98.7 erages: Rubber and Products: Tobacco products 102.0 104.5 105.7 105.7 Alcoholic beverages 100.7 101.0 101.0 101.0 Crude rubber 92.4 92.6 92.5 91.6 Nonalcoholic beverages 116.7 117.4 118.2 125.1 Tires and tubes 86.4 89.1 89.1 89.1 Miscellaneous rubber products. 99.1 97.5 97.5 97.5 Miscellaneous Products : Lumber and Wood Products: Toys, sporting goods, small arms. . 101.0 100.7 100.7 100.9 Manufactured animal feeds 111.0 j 111.2 112.1 116.3 Lumber. . 98.0 98.4 '99.2 101.8 Notions and accessories 98.7 98.7 98.7 98.7 Millwork. 102.3 102.4 102.8 104.1 Jewelry, watches, photo equipment. 104.3 103.9 103.8 103.9 Plywood.. 92.4 90.9 92.6 100.7 Other miscellaneous products 101.0 101.4 101.3 100.9 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 NATIONAL PRODUCT AND INCOME SEPTEMBER 1963 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 n in iv Gross national product. 104.4 56.0 125.8 284.6 444.5 482.7 502.6 518.2 554.9 552.4 556.8 565.2 571.8 579.6 Personal consumption expenditures 79.0 46.4 81.9 195.0 293.2 313.5 328.2 336.8 355.4 352.9 356.7 362.9 367.4 370.4 Durable goods 9.2 3.5 9.7 30.4 37.3 43.6 44.9 43.6 48.2 47.5 47.7 50.5 50.6 51.0 Nondurable goods 37.7 22.3 43.2 99.8 141.6 147.1 151.8 155. 161.4 160.6 162.5 163.6 165.3 165.9 Services 32.1 20.7 29.0 64.9 114.3 122.8 131.5 138.0 145.7 144.8 146.6 148.9 151.4 153.5 Gross private domestic investment. 16.2 1.4 18.1 50.0 56.6 72.7 71.8 69.0 78.8 79.6 78.9 78.8 77.8 80.7 New construction 8.7 1.4 6.6 24.2 35.5 40.2 40.7 41.6 44.4 44.5 46.0 45.0 43.7 45.8 Residential, nonfarm 3.6 .5 3.5 14.1 18.0 22.3 21.1 21.0 23.2 23.3 24.2 23.7 22.7 24.8 Other 5. 1.0 3.1 10.1 17.4 17.9 19.7 20.5 21.2 21.2 21.7 21.2 21.0 21.0 Producers' durable equipment.., 5.9 1.6 6.9 18.9 23.1 25.9 27.6 25.5 28.8 28.7 29.3 29.9 29.0 30.7 Change in business inventories.. 1.7 -1.6 4.5 6.8 -2.0 6.6 3.5 1.9 5.5 6.5 3.6 4.0 5.1 4.3 Nonfarm only 1.8 -1.4 4.0 6.0 -2.9 6.5 3.2 1.5 4.9 5.8 2.8 3.2 4.3 3.6 Net exports of goods and services. .8 .2 1.1 .6 1.2 -.8 3.0 4.4 3.8 4.4 4.1 3.3 3.6 4.8 Exports 7.0 2.4 6.0 13.1 22.7 22.9 26.3 27.5 28.9 29.5 29.4 28.8 28.6 30.7 Imports 6.3 2.3 4.8 12.5 21.5 23.6 23.3 23.1 25.1 25.0 25.3 25.5 24.9 25.9 Government purchases of goods and services. 8.5 8.0 24.8 39.0 93.5 97.2 99.6 107.9 117.0 115.5 117.0 120.2 123.0 123.8 Federal 1.3 2.0 16.9 19.3 52.6 55.5 53.7 57.4 62.4 61.9 62.4 63.6 65.5 66.5 National defense ( 13.8 14.3 44.8 46.2 45.7 49.0 53.3 52.9 53.5 54.3 56.4 56.7 Other } 1.3 2.0 { 3.2 5.2 8.3 7.9 8.0 8.9 10.0 9.8 9.7 10.4 10.1 10.6 Less: Government sales .1 .5 .5 .6 .6 .8 .8 .8 1.0 .8 State and local 7.2 6.0 7.8 19.7 40.8 43.6 46.5 50.6 54.6 53.6 54.6 57.5 57.3 Gross national product in constant (1954) dollars , 181.8 126.6 238.1 318.1 401.3 428.6 439.9 447.7 474.8 474.0 475.6 481.4 485.3 489.4 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 1963 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 I II 87.8 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 452.4 455.5 462.2 466.7 n.a. Compensation of employees 51.1 29.5 64.8 154.2 257.1 278.5 293.6 302.1 322.9 322.5 325.3 327.7 332.0 338.7 50.4 29.0 62.1 146.4 239.8 258.5 271.3 278.8 297.1 296.8 299.4 301.5 304.5 310.8 Private. •.. 45.5 23.9 51.9 124.1 196.6 213.1 222.9 227.0 241.6 241.7 243.7 244.7 246.7 252.2 Military .3 .3 1.9 5.0 9.8 9.9 9.9 10.2 10.8 11.0 10.7 10.5 10.7 10.8 4.6 4.9 8.3 17.3 33.5 35.4 38.5 41.6 44.7 44.1 45.0 46.3 47.1 47.8 Supplements to wages and salaries .7 .5 2.7 7.8 17.3 20.1 22.3 23.3 25.7 25.7 25.9 26.2 27.5 27.9 Employer contributions for social in- .1 .1 2.0 4.0 8.0 9.7 11.3 11.9 13.7 13.7 13.8 13.8 15.0 15.3 Other labor income .6 .4 .7 3.8 9.4 10.4 11.0 11.4 12.1 12.0 12.2 12.3 12.4 12.6 14.8 5.6 17.4 37.5 46.1 46.5 46.2 48.1 49.8 49.6 49.8 50.3 50.7 50.0 8.8 3.2 10.9 23.5 32.5 35.1 34.2 35.3 36.5 36.5 36.6 36.9 37.2 37.4 6.0 2.4 6.5 14.0 13.5 11.4 12.0 12.8 13.3 13.1 13.2 13.4 13.5 12.6 5.4 2.0 3.5 9.0 12.2 11.9 12.1 12.1 12.0 12.0 12.0 12.0 12.0 12.0 Corporate profits and inventory valuation 10.1 -2.0 14.5 35.7 37.2 47.2 44.5 43.8 47.0 46.5 46.1 49.3 48.8 Profits before tax 9.6 .2 17.0 40.6 37.4 47.7 44.3 43.8 46.8 46.7 46.2 48.4 48.3 Profits tax liability 1.4 .5 7.6 17.9 18.6 I'i.l 22.3 22.0 22.2 22.1 21.9 22.9 22.9 Profits after tax 8.3 -.4 9.4 22.8 18.8 24.5 22.0 21.8 24.6 24.6 24.3 25.5 25.4 5.8 2.1 4.5 9.2 12.4 13.7 14.5 15.3 16.6 16.4 16.5 17.1 17.1 ii.6 Undistributed profits 2.4 -2.4 4.9 13.6 6.4 10.8 7.5 6.5 8.1 8.2 7.8 8.4 8.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -.5 .2 .2 -.2 -.1 .9 .4 6.4 5.0 4.5 5.5 14.8 16.4 18.1 20.0 22.0 21.7 22.3 23.0 23.3 23.7 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

SEPTEMBER 1963 NATIONAL PRODUCT AND INCOME 1317 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 II III IV I 11 Gross national product 104.4 56.0 125.8 284.6 444.5 482.7 502.6 518.2 554.9 552.4 556.8 565.2 571.8 579.6 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 38.6 41.0 43.0 44.3 49.4 49.2 49.7 50.1 50.6 51.3 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 39.3 42.6 46.4 49.1 53.0 52.7 53.3 54.1 55.2 56.0 Business transfer payments .6 .7 .5 .8 1.8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Statistical discrepancy .3 .9 .4 -.7 -1.5 -3.0 -3.0 -1.9 -1.8 -2.5 -2.6 -2.3 Plus: Subsidies less current surplus of government enterprises .1 2 1.1 4 .5 1 7 1.7 1.7 1.4 1.6 .7 A Equals: National income 87.8 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 452.4 455.5 462.2 466.7 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.2 47.2 44.5 43.8 47.0 46.5 46.1 49.3 48.8 Contributions for social insurance .2 .3 2.8 6.9 14.8 17.6 20.6 21.4 23.9 23.9 24.0 24.2 26.5 "ll'.'b Plus: Government transfer payments .9 1.5 2.6 14.3 24.5 25.4 27.3 31.3 32.5 32.1 32.3 33.6 34.7 34.2 Net interest paid by government 1.0 1.2 1.3 4.8 6.2 7.1 7.8 7.7 8.0 7.9 8.1 8.2 8.3 8.4 Dividends 5.8 2.1 4.5 9.2 12.4 13.7 14.5 15.3 16.6 16.4 16.5 17.1 17.1 17.6 Business transfer payments .6 .7 .5 .8 1.8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Equals: Personal income 85.8 47 2 96.3 228.5 360.3 383.9 401.3 417 4 442.1 440.7 444.5 449.9 453.9 459.9 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 42.3 46.8 51.4 52.9 57.7 57.9 58.1 58.5 59.4 59.9 Federal 1.3 .5 2.0 18.2 36.6 40.4 44.0 45.1 49.0 49.3 49.4 49.7 50.0 50.4 State and local 1.4 1.0 1.3 2.6 5.7 6.4 7.3 7.8 8.7 8.6 8.7 8.8 9.4 9.6 Equals: Disposable personal income 83.1 45.7 93.0 207.7 317.9 337.1 349.9 364.4 384.4 382.7 386.5 391.4 394.5 400.0 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 293.2 313.5 328.2 336.8 355.4 352.9 356.7 362.9 367.4 370.4 Equals: Persona] saving 4.2 - .6 11.1 12.6 24.7 23.6 21.7 27.6 29.1 29.8 29.7 28.5 27.1 29.6 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 296.3 310.7 317.8 328.4 343.6 342.6 345.1 348.2 349.5 353.2 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 .*, ,,« July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July. Total personal income 417 4 442 1 443 5 444 6 445 5 447 7 449 9 452 11454 0 452 9 454 8 457 4 460 1 462 6 464 3 Wage and salary disbursements 278.8 297.1 299.0 299.4 299.8 300.1 301.5 302.9 302.8 304.7 306.1 308.7 311.2 312.9 314. J Commodity-producing industries... 110.8 118.5 119.5 119.6 119.5 119.4 119.9 119.6 119.5 120.1 120.9 122.5 123.8 124.7 125.0 87.5 94.2 95.0 95.1 95.0 94.6 95.0 94.9 94.7 95.5 96.3 97.2 98.4 99.0 99.1 Distributive industries 72.9 76.6 77.0 77.1 77.6 77.4 77.5 78.4 77.9 78.6 78.7 79.2 79.7 79.8 80.0 Service industries 43.4 46.4 47.1 47.1 46.8 47.3 47.7 47.8 48.3 48.5 48.7 49.1 49.4 49.8 Government 51.8 55.6 55.4 55.6 55.9 4576..13 56.9 57.3 57.6 57.8 58.0 58.3 58.6 58.9 v 59.2 Other labor income... ... 11.4 12.1 12.1 12.2 12.2 12.3 12.3 12.4 12.3 12.5 12.5 12.5 12.6 12.6 12.7 Proprietors'1 income 48.1 49.8 49.8 49.8 49.9 50.1 50.4 50.5 50.7 50.7 50.5 50.1 50.0 50.0 50.3 Business and professional 35.3 36.5 36.6 36.6 36.6 36.8 37.0 37.0 37.1 37.2 37.2 37.3 37.4 37.6 37.7 Farm 12.8 13.3 13 2 13 2 13.3 13.3 13.4 13.5 13.6 13 5 13.3 12.8 12.6 12.4 12 6 Rental income. 12.1 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.1 Dividends«..««... . ... 15 3 16 6 16 4 16 4 16 6 16.8 16.9 17.7 17 0 17 2 17.2 17.3 17.3 18.2 17 8 Personal interest income... .... 27.7 30.0 30.1 30.3 30.6 30.9 31.1 31.3 31.5 31.7 31.8 31.9 32.1 32.3 32.6 Transfer payments 33.6 34.8 34.4 34.8 34.7 35.8 36.0 35.7 139.1 35.7 36.2 36.4 36.6 36.4 36.5 Less: Personal contributions for social insurance 9.5 10.2 10.3 10.3 10.2 10.4 10.3 10.3 11.4 11.5 11.5 11.6 11.7 11.8 11.8 400.3 424.5 426.0 427.2 428.1 430.1 432.0 434.1 !435.9 434.9 437.0 440.5 443.1 445.8 447 I Agricultural income 17.1 17.6 17.4 17.4 17.4 17.6 17.8 18.0 18.1 18.0 17.8 17.3 17.1 16.9 17.1 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

1318 FLOW OF FUNDS/SAVING SEPTEMBER 1963 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, 1958 1959 1960 1961 1962 or sector I II III IV I II III IV I I. Saving and investment A Gross national saving 94.5 115.6 119.5 116.1 130.2 105.8 113.6 119.1 125.7 124.3 131.7 131.9 132.8 133.5 A C B C Fa o r n m su a m n e d r n a o n n d c n o o rp n . p b ro u f s i i t n es . s 6 1 8 1 . . 9 9 7 1 4 2 . . 5 4 7 1 3 2 . . 5 9 8 1 0 2 . . 0 5 8 1 6 3 . . 6 1 7 1 3 2 . . 0 6 7 1 9 2 . . 1 5 8 1 2 2 . . 7 4 8 1 5 2 . . 3 4 8 1 5 2 . . 2 9 8 1 7 3 . . 1 1 8 1 6 3 . . 5 2 8 1 7 3 . . 7 3 8 1 2 4 . . 9 0 C B 25.2 35.2 29.7 32.1 36.7 26.6 32.1 32.3 37.3 36.2 36.7 35.1 38.6 37.3 D E US. Government -7.8 -4.5 4.3 -5.5 -4.8 -4.0 -7.2 -5.3 -5.7 -7.0 -4.4 -2.0 -5.7 — .7 E c ^ o n A n -3 Q A A A C A 7 A C •3 A 'Xf. -p 2.2 2.4 3.0 1.7 2.3 1.9 1.6 1.6 1.6 1.4 2.5 2.6 2.8 3.5 G H Gross national investment . 94.3 114.6 119.6 114.5 127.3 104.4 110.7 117.7 125.1 126.8 129.1 126.1 127.2 130.0 H I Consumer durable goods 37.3 43.6 44.9 43.6 48.2 41.2 43.1 43.9 46.4 47.3 47.5 47.7 50.5 50.2 I -2.0 6.6 3.5 1.8 4.9 -4.3 1.1 3.4 7.0 7.7 5.9 2.8 3.3 4.8 J 58.6 66.2 68.3 67.1 73.2 64.0 65.6 68.5 70.4 69.3 73.2 75.4 75.0 72.0 K L Consumer and nonprofit 18.1 22.1 21.7 20.1 21.3 20.5 19.0 19.3 21.5 21.7 19.9 21.2 22.3 23.7 L M Nonfin. business 40.0 43.4 46.0 46.4 51.2 42.8 46.0 48.5 48.2 46.8 52.6 53.5 52.1 47.3 M N Financial sectors .6 .7 .6 .7 .7 .6 .6 .7 .8 .8 .7 .7 .6 .9 N .4 -1.7 2.9 2.0 .9 3.5 1.0 2.0 1.3 2.5 2.5 .1 3.1 O P Discrepancy (A—H) .2 1.0 -.1 1.6 2.9 1.4 2.9 1.4 .6 -2.5 2.6 5.8 5.6 3.4 P II. Financial flows—Summary A Net funds raised—Nonfinan. sectors. 42.9 53.1 34.6 46.2 58.2 32.8 40.3 57.3 54.4 60.5 61.1 44.0 67.2 59.5 A B Loans and short-term securities.... 3.4 19.7 8.0 19.4 20.7 23.2 14.5 12.4 27.7 28.5 18.3 1.4 34.8 -12.0 B C Long-term securities and mtgs 39.5 33.4 26.6 26.8 37.4 9.6 25.8 44.9 26.7 31.9 42.8 42.5 32.4 71.5 C By sector D US Government 8.6 8.7 -2.2 7.4 7.4 1.7 7.5 14.6 5.9 15.9 8.1 -5.3 11.1 11.2 D E Short-term securities -1.2 5.5 -5.1 11.3 5.6 18.0 15.1 .9 11.3 17.8 2.0 -12.4 15.1 -23.2 E F Other securities 9.5 3.8 2.4 -4.1 1.6 -17.0 -7.3 14.2 -6.4 -2.6 6.3 8.6 -5.7 33.7 F G Foreign borrowers 2.3 .8 2.0 2.8 2.3 3.0 .3 3.5 4.3 3.7 2.0 .2 3.3 3.2 G H Loans 1.1 .2 1.4 1.9 1.3 2.4 -.5 2.7 3.2 3.1 .8 -.5 1.5 1.2 H I Securities . . 1.3 .7 .6 .8 1.0 .5 .8 .8 1.1 .6 1.1 .7 1.8 2.0 I J Pvt. domestic nonfin. sectors....... 32.0 43.6 34.7 36.0 48.4 28.2 32.4 39.1 44.2 40.9 51.0 49.1 52.8 45.2 J 3.2 14.6 11.2 5.9 13.7 2.1 .1 9.2 12.2 6.9 15.6 15.8 16.4 9.4 K L Consumer credit . . .7 6.3 4.5 1.6 5.7 .3 -.2 1.6 4.8 4.2 6.9 4.3 7.6 5.7 L M Bank loans n ex 1.8 5.6 2.8 1.9 4.5 .9 -1.9 2.8 5.9 1.2 4.7 6.8 5.1 1.7 M N Other loans 1.3 2.7 3.9 2.4 3.5 .9 2.2 4.9 1.5 1.6 4.0 4.7 3.7 1.9 N O Securities and mortgages . . 28.7 29.0 23.5 30.1 34.8 26.0 32.3 29.9 32.0 33.9 35.4 33.3 36.4 35.9 O P State and local obligations 5.5 4.7 2.0 4.1 5.3 3.7 3.6 4.3 4.9 6.5 5.9 3.8 4.8 6.0 P Q Corporate securities 8.0 5.3 5.3 7.3 4.8 6.4 10.8 6.4 5.5 6.0 4.9 4.0 4.1 5.8 Q R /- to 4-family mortgages 10.1 13.2 10.4 11.7 15.4 10.2 11.3 11.9 13.5 13.2 15.5 16.3 16.5 15.5 R 5.2 5.8 5.8 6.9 9.4 5.8 6.6 7.3 8.0 8.3 9.1 9.2 10.9 8.5 S T Net sources of credit (—A) 42.9 53.1 34.6 46.2 58.2 32.8 40.3 57.3 54.4 60.5 61.1 44.0 67.2 59.5 T U Chg. in U.S. Govt. cash balance.. * .4 .9 .3 1.0 -3.0 -1.3 4.7 .7 4.8 3.7 -6.2 1.5 8.3 U V U.S Govt. lending 1.7 3.8 2.4 2.8 3.5 2.3 -.5 4.9 4.5 4.0 4.5 1.9 3.6 1.3 V W Foreign funds • • 3.1 3.6 3.2 2.1 2.4 2.9 -.2 2.0 3.7 2.7 2.5 1.9 2.4 1.6 W X Pvt. insur. and pension reserves. . 7.8 8.8 8.1 8.7 9.1 8.5 8.0 8.7 9.4 8.6 9.3 9.0 9.4 9.0 X 5.0 5.9 6.2 5.0 5.6 .1 3.4 12.2 4.5 2.9 3.7 9.0 6.7 1.8 Y Z Pvt. domestic nonfin. sectors... 25.3 30.5 13.7 27.3 36.7 22.0 30.8 24.7 31.7 37.5 37.2 28.3 43.6 37.6 Z AA Deposits and U.S. Govt. secur.... 17.7 23.8 8.3 23.5 32.2 17.3 25.1 21.3 30.2 30.9 32.8 27.4 37.8 33.2 AA AB Deposits . 20.6 11.0 14.0 24.6 29.8 25.2 23.4 23.5 26.3 27.4 27.2 27.9 36.7 35.9 AB AC Demand dep. and currency.. 4.9 .5 -1.0 4.5 1.5 .6 4.0 4.5 9.1 -8.0 2.4 4.0 7.7 .2 AC AD Time and svgs. accounts 15.7 10.5 15.0 20.0 28.3 24.6 19.4 19.0 17.1 35.4 24.8 23.9 29.0 35.8 AD AE At commercial banks 7.0 2.2 5.5 8.7 15.1 13.4 8.4 8.0 4.9 22.7 13.4 10.6 13.7 78.5 AE AF At savings instit 8.7 8.4 9.6 11.4 13.2 11.2 11.0 11.0 12.2 12.7 11.5 13.3 15.3 17.3 AF AG U S Govt securities . -2.9 12.9 -5.7 -1.1 2.4 -7.9 1.7 -2.1 3.9 3.4 5.6 -.5 1.1 -2.7 AG AH Other securities and mtgs 8.5 6.8 5.2 5.1 4.3 4.9 8.2 4.0 3.3 6.6 -.1 3.7 7.0 3.5 AH .9 .2 -.3 1.3 -.1 .2 2.5 .6 1.8 -.1 -4.5 2.8 1.2 -.9 AI III. Financial institutions A Net funds advanced—Total 37.5 30.6 34.7 44.3 51.4 36.8 37.8 52.8 50.0 51.6 46.8 46.0 61.1 55.4 A B US Govt. securities 11.3 -7.2 2.9 8.5 3.9 8.6 8.4 16.2 .7 10.9 1.1 -4.4 7.9 12.6 B C Other securities and mtgs 22.9 23.2 20.7 27.4 34.0 23.7 26.7 27.9 31.5 31.1 39.6 31.9 33.5 36.9 C D Loans 3.3 14.5 11.1 8.4 13.5 4.5 2.7 8.7 17.9 9.7 6.1 18.5 19.8 5.8 D By sector F Banking system 17.5 5.0 9.9 17.5 20.4 15.7 11.5 23.7 18.9 24.3 18.0 12.3 26.9 25.5 F G Savings institutions 9.3 10.6 9.4 12.0 14.5 11.3 11.2 11.9 13.5 13.6 13.3 15.7 15.4 16.9 G H Insurance and pension funds 9.0 10.1 10.2 10.7 11.5 10.3 9.9 10.8 11.8 10.7 11.7 11.3 12.5 12.5 H I Finance n.e.c 1.8 4.8 5.2 4.2 5.0 -.6 5.2 6.5 5.8 3.1 3.8 6.7 6.3 .5 I J Net sources of funds—Total 37.5 30.6 34.7 44.3 51.4 36.8 37.8 52.8 50.0 51.6 46.8 46.0 61.1 55.4 J j£ Gross saving 2.2 2.4 3.0 1.7 2.3 1.9 1.6 1.6 1.6 1.4 2.5 2.6 2.8 3.5 K L Deposit claims 22.5 10.9 15.6 26.8 32.1 24.1 23.7 29.3 30.0 34.7 30.8 20.7 42.3 44.0 L M Demand deposits and currency... 5.7 1.4 .3 5.9 3.5 -.7 9.2 11.8 -.8 5.8 -2.8 11.6 7.1 M N Time dep. at coml. banks 8.0 1.1 5.8 9.4 15.3 13.6 9.2 5.5 22.7 13.3 10.2 15.0 19.6 N O Other savings accounts 8.9 8.4 9.5 11.5 13.3 11.2 n.7 11.0 12.7 12.7 11.7 13.3 15.7 17.3 O P Life insurance reserves 3.3 3.6 3.5 3.7 4.1 4.0 3.5 3.9 3.5 4.1 3.6 4.4 4.2 4.0 P Q Pension fund reserves 4.4 5.2 4.7 4.9 5.0 4 * 4.5 4.8 5.9 4.4 5.7 4.6 5.2 5.0 Q R Credit market instruments 6.2 3.4 3.3 5.6 2.2 5.6 5.7 4.7 6.9 6.5 4.4 .7 R S Investment co. shares \.\ 1.8 1.5 2.0 1.9 r.5 1.7 2.1 2.7 3.2 2.2 1.3 .8 .8 S 1.1 1.5 .8 9 .8 .1 1.1 1.4 .3 T U Loans. -1.3 3.1 .6 9 2.8 9 -2.6 — 2 . . * 2 • 3.: 2 2 . . 2 2 1 1 . . 0 5 -2 3 . . 0 6 4 1 . . 6 6 2 2. . 7 2 — -. 5 1 4 U V W Other sources, net 4.0 2.2 4.1 3.0 1.3 2.0 .1 8.7 1.2 .8 — .7 5.7 — .4 -.4 W NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 FLOW OF FUNDS/SAVING 1319 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transa o c r t io se n c t c o a r tegory, 1958 1959 1960 1961 1962 I II III IV I II III IV I I. Demand deposits and currency A Net incr. in banking system liability.. 5.7 1.4 .3 5.9 3.5 -.7 3.2 9.2 11.8 -.8 5.8 -2.8 11.6 7.1 A B US Govt. deposits 4c .4 .9 .3 1.0 -3.0 1 0 4.7 .7 4.8 3.7 -6.2 1.5 8.3 B C Other 5.6 1.0 -.5 5.6 2.5 2.3 4.4 11.1 -5.5 2.0 3.4 10.2 -1.2 C D Net increase in assets, by sector 6.2 .5 .5 4.8 5.0 -1.3 2.4 10.8 7.5 1.8 4.7 -2.7 16.3 4.1 D E US. Govt .1 .7 .9 .3 1.1 -3.2 -2.1 7.3 -.9 5.2 3.5 -6.2 1.8 6.9 E 6.1 o 4.8 3.8 1.5 4.8 4.9 7.8 -4.9 1.6 4.5 14.2 -2.3 F G Consumer and nonprofit 2.5 1.2 -.6 1.6 5.1 2.1 2.3 3.8 -1.9 2.5 4.9 2.2 10.8 5.0 G H Nonfinancial business 2.7 -2.2 -.5 1.3 -2.1 -1.6 .1 1.2 5.6 -5.7 -4.7 -.4 2.6 -7.9 H I State and local govts .2 .5 .2 .6 -.1 -.4 1.6 -1.6 2.6 -2.8 1.5 2.2 -1.3 1.2 I J Financial sectors .7 .2 .6 1.3 .8 1.4 .8 1.5 1.4 1.1 -.1 .4 2.1 -.6 J K Rest of the world — .1 .1 _ 2 1 5 — 4 — 1.5 6 1 4 — 4 n 3 — 6 K -.1 -.3 -.1 4s — .1 .2 .8 -2.6 1.7 — .4 .2 .1 — .3 1.4 L M Other c 1.2 1 0 — 1 4 4 1 0 2 7 — 2 1 8 — 1 — 4 3 1 7 M II. Time and savings accounts A Net increase—Total 16.9 9.5 15.3 20.9 28.6 24.8 20.5 20.2 18.2 35.4 25.0 23.5 30.6 36.9 A B At commercial banks—Total 8.0 5.8 9.4 15.3 13.6 9.3 9.2 5.5 22.7 13.3 10.2 15.0 19.6 B C Corporate business .9 -.4 .8 1.3 2.6 5.6 1.2 .8 -2.4 4.8 2.6 .6 2.3 5.2 C D State and local govts .8 -.4 1.4 .9 1.0 .8 1.1 1.0 .8 2.0 .6 .4 1.0 2.4 D E Foreign depositors . .9 -.9 .3 .6 .3 .1 .6 1.1 .5 .1 -.3 1.3 1.2 E F Consumer and nonprofit orgs 5.3 3.0 3.3 6.5 11.5 7.0 6.1 6.2 6.6 15.9 10.1 9.6 10.5 10.9 F G At savings institutions 8.9 8.4 9.5 11.5 13.3 11.2 11.2 11.0 12.7 12.7 11.7 13.3 15.7 17.3 G H Memo—Consumer and nonprofit orgs.—Total 14.0 11.3 12.9 17.8 24.7 18.2 17.1 17.2 18.8 28.6 21.6 22.9 25.7 28.1 H III. U.S. Govt. securities A Total net issues 8.3 9.3 -2.6 7.2 7.2 1.1 7.8 15.0 4.8 15.2 8.3 -3.8 9.4 10.5 A B Short-term direct. -1.2 5.5 -5.1 11.3 5.6 18.0 15.1 .9 11.3 17.8 2.0 -12.4 15.1 -23.2 B C Other 9.5 3.8 2.4 -4.1 1.6 -17.0 -7.3 14.2 -6.4 -2.6 6.3 8.6 -5.7 33.7 C D Net acquisitions, by sector 8.5 8.7 -2.3 7.7 7.5 1.1 9.5 15.1 5.2 15.0 9.0 -3.6 9.4 10.8 D E Pvt. domestic nonfin. sectors -2.9 12.9 -5.7 -1.1 2.4 -7.9 1.7 -2.1 3.9 3.4 5.6 -.5 1.1 -2.7 E F Consumers and nonprofit -2.5 7.2 -3.3 -1.0 .7 -7.6 -2.2 2.1 3.9 -2.3 4.0 .2 1.0 -4.5 F G Savings bds. and postal svg. dep.. -.7 -2.0 -.4 .7 .3 .5 .7 .7 .0 .1 .4 .6 .2 .9 G H Securities -1.7 9.2 -2.8 -1.6 .4 -8.1 -2.9 1.4 3.1 -2.4 3.6 -.3 .8 -5.4 H I Corp nonfin business * 3.8 -2.7 — .4 .3 — 1.0 3 4 -3.8 — 2 1.8 .2 — 1 5 6 1 1 I J State and local sovts 1.8 .3 3 1 4 7 6 — 4 2 3 9 1 4 8 -.4 .7 J K Financial sectors . 1—1 .34 -7.2 2.9 8.5 3.9 8.6 8.4 16.2 .7 10.9 1.1 -4.4 7.9 12.6 K L Banking system 10.4 -7.9 2.7 7.4 2.2 8.6 9.1 12.5 -.7 9.8 1.0 -7.0 5.2 12.0 L M Monetary authorities 2.2 .3 .7 1.5 2.0 1.9 .1 1.2 2.7 5.4 .3 -.2 2.5 5.2 M N Commercial banks 8.2 -8.2 2.0 5.9 .2 6.7 9.0 11.2 -3.4 4.4 .7 -6.8 2.7 6.8 N 2 2 1 0 8 5 8 4 12 O P Insurance and pension funds .3 .2 — .4 — 1 4 .2 — 9 — .2 6 3 .3 5 6 — 6 P Q Finance n.e.c .2 * 1.0 .6 .8 -.8 * 3.6 -.3 .3 1.4 1.7 * Q R Rest of the world .1 3.0 .5 .4 1.2 .5 -.6 1.1 .5 \l 2.3 1.3 .4 .9 R IV. Other securities A Total net issues, by sector. 14.9 11.8 9.5 12.7 11.9 11.5 16.1 11.6 11.8 13.4 13.0 9.0 12.1 14.1 A B State and local govts 5.5 4.7 2.0 4.1 5.3 3.7 3.6 4.3 4.9 6.5 5.9 3.8 4.8 6.0 B D E C N R Fi e o n s n a t f n i o c n f e a n th c c o e ia m w l p o c a r o n l r d i p e o s rations 8 1 . . 0 3 2 5 1. . . 1 3 7 5 1 . . 3 6 5 7. . 3 85 4 1 . . 8 0 8 6. . 4 5 9 10. . 8 8 8 6. . 4 8 1 5 1 . . 5 12 6. . 0 6 3 4 1 . . 9 1 4. . 0 7 5 4 1 1 . . 1 8 4 2 5 .8 0 3 C D E F Net purchases 14.9 11.8 9.5 12.7 11.9 11.5 16.1 11.6 11.8 13.4 13.0 9.0 12.1 14.1 F G Consumers and nonprofit orgs 3.4 2.7 .3 1.0 -.6 .5 4.0 — .3 _ 1 2 3 -3.7 — 1.5 .7 — 1 1 G H State and local govts 2.1 1.3 2.3 1.9 1.3 2.5 2.2 1.6 1.4 1.0 1.3 1.4 1.6 1.8 H I Corp business .5 .7 -.2 -.3 -.1 .2 2 .2 .2 -.2 T J Commercial banks . 2.5 .4 .4 2.7 4.4 2.7 1.2 3i5 3.6 5^8 3.3 3.2 5.8 J K Insurance and pension funds 6.5 7.0 7.0 7.7 7.4 6.7 7.5 8.4 8.1 6.5 8.5 6.8 7.9 8.6 K 4 5 8 4 1 0 7 1 8 •5 1 6 1 7 1 3 4 L M Security brokers and dealers — 4 .2 — '2 3 — 7 1 1 — 1 1 _ '2 9 1 4 — 2 — 9 — 1 M 4 _ 0 4 A n Q 1 3 2 1 c A •5 "M O Purchases 1.1 1.2 1.0 1 4 1 l 1 3 1 4 1 7 1 9 2 4 — 2 4 6 O P Net issues 1.6 1.8 1.5 2.0 1.9 1.5 1.7 2.1 2.7 3.2 2.2 1.3 .8 8 P I Rest of the world .5 .3 .4 1 .4 .6 .3 .4 -.6 -.1 .3 .1 -.1 T V. Mortgages A Total net borrowing 15.3 19.0 16.2 18.7 24.7 16.0 17.9 19.3 21.6 21.4 24.6 25.5 27.4 24.1 A B 1- to 4-family 10.1 13.2 10.4 11.7 15.4 10.2 11.3 11.9 13.5 13.2 15.5 16.3 16.5 15.5 B C Other 5.2 5.8 5.8 6.9 9.4 5.8 6.6 7.3 8.0 8.3 9.1 9.2 10.9 8.6 C D Net acquisitions 15.3 19.0 16.2 18.7 24.7 16.0 17.9 19.3 21.6 21.4 24.6 25.5 27.4 24.1 D E Consumer and nonprofit orgs ... 2.4 2.0 2.4 1.6 3.3 1.7 1.6 2.0 1.2 3.1 2.0 3.5 4.4 2.9 E F US Government .3 2.2 1.2 6 3 1 1 8 1 4 1 2 .3 1 — 1 — 13 F G Commercial banks 2.1 2.5 .7 1.6 4.0 1.1 1.4 1.8 2.2 2.4 4.7 4.6 4.3 3.8 G H Savings institutions 7.8 9.5 11.0 13.3 10.0 10.8 11.0 12.1 12.3 13.4 13.4 14.2 15.4 H I Insurance sector 2.0 2.4 2.8 2.7 3.0 2.7 2.8 2.2 3.0 2.2 2.4 3.0 4.5 3.2 I J Mortgage companies .5 .2 4c .6 .5 .6 .8 1.1 1.3 .7 J VI. Bank loans n.e.c. A Total net borrowing 1.2 7.5 2.7 2.7 6.0 -.9 -1.9 5.8 7.9 2.7 6.3 8.0 7.0 1.2 A B Nonfinancial business 1.4 5.3 2.7 1.6 4.0 .9 -2.1 2.6 5.2 .9 4.6 6.2 4.3 1.4 B C Corporate .4 3.7 2.6 1.6 2.6 2.2 -.2 .7 3.8 1.0 1.0 3.7 4.7 .4 C D Nonfarm noncorporate .5 1.0 -.1 -.3 .7 -1.9 -1.8 1.5 1.1 -.6 3.1 1.7 -1.3 .4 D E F Re F st a r o m f the wo . rld .. . . 6 5 . . 7 2 . . 2 1 . . 3 7 . . 7 5 . . 6 4 .8 4c . . 4 2 1. . 3 3 2. . 1 4 .5 4c .8 - 1 .4 .0 -.2 .6 F E G Financial sectors -1.1 1.7 _ o .1 1.1 -2.3 -.8 2.8 .7 -.4 1.5 1.1 2.2 -.3 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 COMMERCIAL BANKING SEPTEMBER 1963 TABLE 1 CHANGES IN COMMERCIAL BANKING STRUCTURE OF EACH STATE DURING 1953-62 Number of banks Number of banking offices Changes during 1953-62 State Dec. 1952 N o e r w ga n b i a z n e k d s ab M so e a r r n p g d t e io rs ns l s i V u q s u o p i l a e d u n n a n d s t t i i a o o r n n y s s Dec. 1962 Dec. 1952 Dec. 1962 States with statewide branch banking Alaska 18 2 8 12 23 49 Arizona 14 5 8 11 82 216 199 61 128 3 129 1,200 2,052 Connecticut 112 5 51 66 180 296 Delaware ... 35 16 19 66 74 District of Columbia 19 1 8 12 62 78 Hawaii . . .. 9 3 12 58 112 Idaho 40 5 12 2 31 101 123 156 7 42 121 287 408 Nevada 8 2 3 7 28 50 North Carolina 226 3 67 162 481 767 Oregon 68 17 35 1 49 179 262 Rhode Island 13 4 10 67 112 South Carolina 149 16 22 1 142 208 321 Utah 55 11 17 49 84 129 Vermont 67 16 51 78 91 Washington 117 27 52 92 274 410 All States in group 1,305 166 489 7 975 3,458 5,550 States with limited branch banking Alabama 229 21 11 239 255 339 Georgia 403 47 12 19 419 448 552 Indiana 481 9 50 1 439 605 801 Kentucky 380 8 35 2 351 432 533 Louisiana . .. 167 33 4 196 253 394 Maine 64 3 20 47 143 197 Massachusetts 180 24 40 1 163 379 604 Michigan 429 20 77 1 371 711 1,040 202 3 11 2 192 273 350 New Jersey 312 20 89 1 242 498 751 New Mexico 51 H 3 1 60 71 125 New York 604 15 247 372 1,454 1,942 Ohio 651 16 103 564 919 1,305 Pennsylvania 940 4 304 2 638 1,190 1,578 Tennessee .. . 297 9 9 3 294 403 543 Virginia 315 17 40 292 427 638 All States in group 5,705 260 1,055 31 4,879 8,461 11,692 States with unit banking Arkansas. . 230 15 3 1 241 251 306 Colorado 160 54 6 3 205 161 206 Florida . .. 213 131 1 343 214 343 Illinois . 894 118 13 999 894 999 Iowa 665 23 13 3 672 828 866 609 18 21 13 593 609 628 Minnesota .... 679 27 6 6 694 685 700 598 41 10 2 627 598 669 Montana . 109 14 123 109 124 Nebraska. 417 18 5 4 426 419 444 New Hampshire* 75 3 3 1 74 77 76 North Dakota .... .... 153 4 157 175 188 Oklahoma 385 19 6 6 392 385 419 South Dakota 170 10 8 171 221 240 Texas 919 157 17 12 1,047 919 1,072 West Virginia 182 7 7 182 182 182 Wisconsin. 553 22 5 570 703 732 Wyoming 52 6 I 56 52 56 All States in group 7,063 687 125 53 7,572 7,482 8,250 NOTE.—States are classified according to the type of banking that p. 45, except that the District of Columbia is included here in the seems to be prevalent in each State and not necessarily on the current group with statewide branch banking rather than in the group with status of legal provisions. This classification is from the Annual limited branch banking. Report of the Federal Deposit Insurance Corporation 1960>, Table 23, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 COMMERCIAL BANKING 1321 TABLE 2 CONCENTRATION OF COMMERCIAL BANK DEPOSITS IN LARGEST METROPOLITAN AREAS. JUNE 30, 1962 Num of ber de T p o o t s a i l ts of P e d r e p ce o n si t ts Nu o m f ber de T p o o t s a i l ts of P e d r e p c o en si t ts Area banking (in banking (in institu- millions Two institu- millions Two tions * of Largest largest tions ! of Largest largest dollars) banki banksl dollars) banki banks' States with statewide branch banking States v/ith limited branch banking— Continued Fresno, Calif. 7 438 59.2 76.8 Providence-Pawtucket, Albany-Schenectady-Troy, R.I.-Mass 11 889 51.5 85.3 N.Y 19 1 ,047 33.9 59.6 Phoenix Ariz . 8 955 49 6 80 7 Richmond Va 8 723 32.9 60.6 Sacramento Calif 11 828 48 8 70 9 Syracuse N Y 625 31 7 55 2 Wilmington, Del.-N.J 17 590 47.0 68.5 Spring field-Chicopee- Hartford Conn . . 14 764 44.7 88.9 Holyoke Mass . 354 31.3 59.7 Bridgeport, Conn 7 298 44.6 84.0 Gary-Hammond-East New Haven Conn 10 311 43.0 66.3 Chicago Ind ... 439 31.2 41.0 Sa O n n B ta e r r i n o a , r C di a n li o f -Riverside- 15 746 41.7 80.4 A Ci t n la c n in ta n , a G ti, a Ohio-Ky 39 1 1 S 4 .3 6 7 1 2 2 3 9 1 . . 3 0 5 5 4 6 . . 7 2 San Jose Calif 9 982 41.7 63.9 Jersey City, N J . 11 818 28.7 48.8 San Diego Calif 10 1,046 41.5 66.4 Louisville, Ky.-Ind 19 887 28.6 57.1 San Francisco-Oakland, Harrisburg, Pa 28 420 26.8 49.8 Calif. 25 8.399 41.1 65.1 Youngstown-Warren, Ohio. 15 474 24.4 43.6 Honolulu Hawaii 11 700 40.6 76.0 Canton, Ohio 14 327 20.7 41.1 Seattle Wash 21 1 552 39 7 59 6 Newark NJ 42 2 490 19 8 36 3 Portland, Oreg.-Wash 19 1,243 39.2 77.0 Philadelphia, Pa.-N.J 99 5,968 19.1 36.0 Tacoma Wash 10 289 38.1 67.8 New York, N.Y 104 40.724 19.0 35.8 Los Angeles-Long Beach, Wilkes-Barre-Hazelton, Pa.. 31 430 18.6 33.9 Calif. 52 11,192 35.4 61.0 Allentown-Bethlehem- Baltimore Md 30 1,586 29.0 50.2 Easton, Pa.-N.J 17 697 17.8 28.9 Salt Lake City, Utah 10 618 28.7 55.1 Paterson-Clifton-Passaic, Washington, D.C.-Md.-Va.. 41 2,523 21.8 37.7 N. J 41 1,649 16.6 30.6 Stateswith limited branch banking States with unit banking Birmingham Ala 7 638 58.7 83.9 Minneapolis-St. Paul, Minn 63 2.423 43.7 77.4 Columbus Ohio 13 923 52 3 74 3 El Paso Tex 8 111 42.0 83.6 Toledo Ohio 8 575 51.9 70 2 Wichita Kans ... 20 443 40.0 64.9 Pittsburgh, Pa 58 3,961 49.9 72.5 Milwaukee, Wis 36 1 .823 38.1 56.6 Norfolk-Portsmouth, Va.. . 10 376 49.8 68.2 Omaha Nebr -Iowa 30 664 37.5 59.1 Grand Rapids, Mich 15 586 49.4 71.2 Fort Worth, Tex 30 880 36.7 66.7 Buffalo, N.Y 12 1,517 49.0 79.5 Tulsa, Okla 33 747 36.4 68.6 Worcester, Mass 243 48.3 67.6 Jacksonville, Fla 18 640 35.6 59.9 Akron Ohio . 7 563 46.4 68.8 Oklahoma City, Okla 38 835 35.2 58.1 Mobile Ala 4 288 43 3 85 6 Dallas Tex 71 3 008 34.4 64.2 Rochester N Y 7 796 43.0 68.7 Miami, Fla . 18 1 .248 29.4 36.8 Memphis Tenn 9 869 41.8 79.9 Orlando, Fla 18 313 28.7 43.3 Nashville, Tenn 8 734 41.3 77.5 San Antonio, Tex.. 765 28.1 50.2 Dayton Ohio 26 571 40.8 57.5 Houston, Tex 64 2.726 27.9 44.5 Indianapolis, Ind 6 1,224 40.3 76.5 Beaumont-Port Arthur, Tex 17 305 27.3 47.3 Flint Mich 7 418 39.8 73 9 Denver Colo 61 1.450 22.8 44.3 Knoxville, Tenn 12 348 39.7 65.6 Kansas City, Mo.-Kans.. . . 91 1.979 22.5 38.0 Utica-Rome NY 15 323 39 5 77 8 Chicago 111 . 255 14.375 21.2 42.2 Boston Mass 55 4,098 37.7 52 2 St. Louis Mo -111 . 118 3.431 18.1 34.9 Detroit Mich 44 5,647 37.3 54.5 Fort Lauderdale-Holly- Cleveland, Ohio. . . 11 3,724 37.2 58 9 wood, Fla . 18 411 16.9 31.6 New Orleans La 14 1,235 36.7 56.0 Tampa-St. Petersburg, Fla.. 41 942 12.7 25.0 * All banks in an area that were controlled by one holding company NOTE.—The "largest metropolitan areas" are the Census Bureau's were considered as a single bank and their deposits were added standard metropolitan statistical areas with populations of 3C0,0C0 together. or more. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 STOCK MARKET CREDIT SEPTEMBER 1963 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE N.Y. STOCK EXCHANGE CARRYING MARGIN ACCOUNTS JUNE 1955-63 (In millions of dollars) 1955 1956 1958 1959 1960 1961 1962 1963 Item June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 DEBIT BALANCES Cash on hand and in banks 337 322 324 363 366 422 437 422 Securities— Borrowed 85 65 134 129 96 152 151 181 Sold, delivery pending (failed to deliver) 214 148 170 291 334 530 368 275 Net debit balances due from— Member firms of national securities exchanges: N.Y. Stock Exchange 144 151 132 159 134 216 169 219 Other exchanges 16 14 15 18 22 36 22 25 All other customers exclusive of firms' own partners secured by— O U. t S h . er G c o o v ll t a . t s e e r c a u l rities 2,768 2,811 \ 2, 2 9 5 2 3 6 3,3 1 7 6 0 5 3,0 1 8 0 1 4 4,02 4 4 8 3,60 3 4 2 4,91 3 6 1 Net debit balances in partners' individual investment & trading accounts , 14 21 35 36 37 58 74 70 Debit balances in— Firm investment accounts , } 673 625 335 286 309 293 243 247 Firm trading & underwriting accounts 486 336 374 582 520 694 Commodity margins on deposit with banks & commodity guaranty funds on deposit 35 38 23 39 23 22 30 31 All other debit balances 144 137 151 190 218 309 303 347 Total. 4,430 4,332 4,985 5,382 5,097 6,694 5,954 7,460 CREDIT BALANCES Money borrowed 2,115 2,266 2,387 2,508 2,331 2,880 2,305 4,027 From banks and trust companies: U U . . S S . . b ag a e n n k c s ies of foreign banks 2,075 2,231 1,7 6 4 2 3 2 1,8 6 7 0 1 5 1,4 8 7 0 3 6 2,0 8 1 1 6 7 1,7 5 3 2 9 5 3,1 8 5 1 6 5 In New York City 1,744 1,872 1,402 1,428 1,157 1,515 1,007 1,852 Elsewhere 331 359 341 444 316 501 732 1,303 From other lenders (not including members of national securities exchanges) i 40 35 21 31 52 47 41 56 Securities— Loaned 156 124 187 204 167 233 211 244 Bought, delivery pending (failed to receive) 218 156 181 294 352 568 363 289 Net credit balances due to member firms of national securities exchanges: N.Y. Stock Exchange 126 123 120 132 120 174 153 202 Other exchanges 11 9 13 11 23 17 12 Credit balances of other customers exclusive of firms' own partners: Free credit balances 918 837 1,034 1,070 1,006 1,264 1,330 1,115 Other net credit balances 241 207 367 246 335 441 369 Credit balances & money borrowed which are subordinated to general 277 creditors under approved agreements 20 25 31 51 90 Net credit balances in partners' individual investment & trading 22 accounts 31 34 34 37 47 43 36 Credit balances in firm investment & trading accounts 62 34 82 38 61 100 76 116 All other credit balances (except those included in next item) 85 78 83 71 129 241 193 200 Net balance in capital, profit & loss, & partners' drawing accounts 467 466 483 149 612 797 771 759 604 Total. 4,430 4,332 4,985 5,382 5,097 6,694 5,954 7,460 Money borrowed, according to collateral : Customer collateral: Exempt securites (under Sec. 3(a) of Securities Exchange Act—1934) U.S. Govt. or agency 245 156 96 38 23 27 Other securities , 150 161 123 108 93 188 Nonexempt securities or mixed collateral ,451 1,824 1,722 2,289 ,833 3,181 Firm or partners' collateral: Exempt securities (under Sec. 3(a) of Securities Exchange Act— 1934): U.S. Govt. or agency 204 105 107 41 24 19 Other securities 98 64 99 104 106 119 Nonexempt securities or mixed collateral 239 198 182 300 227 492 Unsecured 1 1 1 1 1 Value of securities sold under repurchase agreements. 24 24 24 27 42 44 Number of firms 299 303 316 320 328 336 337 335 i Before 1958 probably includes some borrowing from U.S. agencies "credit balances of other customers exclusive of firms' own partners— of foreign banks. free credit balances" are conceptually identical to these items (including debit balances secured by and money borrowed on U.S. Government NOTE.—End of month figures. Data not collected for June 1957. obligations), as shown in the table on Stock Market Credit, p. 1283, but For explanation of these figures see "Statistics on Margin Accounts," the data differ somewhat because of minor differences in coverage, Sept. 1936 BULL. The items "net debit balances due from all other statistical discrepancies in reporting, and—for the item "money borrowed" customers exclusive of firms' own partners," "money borrowed," and —the date of reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1324 Gold production 1325 Net gold purchases and gold stock of the United States 1326 Estimated foreign gold reserves and dollar holdings 1327 International capital transactions of the United States 1328 U.S. balance of payments 1337 Foreign trade 1338 Money rates in foreign countries 1339 Foreign exchange rates 1340 Guide to tabular presentation 1258 Index to statistical tables 1347 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- 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1324 GOLD RESERVES SEPTEMBER 1963 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estil p i e n r d i o o d f w m t o o a r t t l a e d l d 1 M F ta u o r n n y d e- U St n a i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f e n t p g h . o e , 1956 38,075 1,692 22,058 14,325 224 I 107 71 925 324 1,103 46 122 1957 38,765 1,180 22,857 14,730 126 I 126 103 915 324 1,100 40 81 1958 39,445 1.332 20,582 17,530 60 | 162 194 ,270 325 1,078 40 83 1959 40,195 2.407 i 19,507 18,280 56 ! 154 292 ,134 327 960 43 42 1960 40,505 2.439 ! 17,804 20,260 104 147 293 ,170 287 885 45 30 1961 41,105 2,077 I 16,947 22,080 190 162 303 ,248 285 946 48 1962—July.. 2,.36! 16,182 78 180 419 ,335 286 674 44 93 Aug.. 2,155 i 16,139 74 182 419 ,342 286 683 j 44 94 Sept.. 41,250 2.175 i 16,081 22,995 71 184 419 ,341 286 689 43 83 Oct.. 2.179 ' 16.026 68 186 429 ,341 286 695 43 84 Nov.. 2.190 , 16,014 64 187 439 ,340 286 702 43 64 Dec. '41,435 2,194 I 16.057 '23.185 61 190 454 ,365 708 43 57 1963—Jan... 2.199 | 15.974 58 192 454 ,362 714 43 58 Feb.. 2.225 I 15,891 53 195 469 ,364 725 42 58 Mar.. 41.570 2.226 ! 15,946 23.400 52 198 484 ,372 732 42 59 Apr.. 2,228 I 15,914 52 198 494 ,372 739 42 59 May. 2,235 ! 15,854 51 199 504 ,372 746 43 60 June. 1,725 2,244 { 15,830 "23.652 51 200 504 ,373 755 43 July.. .268 ! 15,677 201 504 ,354 762 43 Domin- Ger- E pe n r d i o o d f Cuba m De a n rk - R i e c p a u n b- E d c o u r a- E v l a d S o al r - l F a i n n d - France m F a e n d y . . Greece G m u a a l t a e- India I n n e d s o ia - Iran lic Rep. of 1956. 136 22 35 924 1,494 10 27 247 45 138 1957. 136 22 35 581 2,542 13 27 247 39 138 1958. 22 35 750 2,639 17 27 247 37 141 1959. 20 38 1,290 2,637 26 24 247 33 140 1960. 20 41 1,641 2,971 76 24 247 58 130 1961. 19 47 2,121 3,664 87 24 247 43 130 1962—July.. 19 62 2,417 3,667 92 24 247 44 129 Aug.. 19 62 2,450 3,667 86 24 247 44 129 Sept.. 19 61 2,481 3,668 86 24 247 44 129 Oct... 19 61 2,513 3,669 81 24 247 44 129 Nov.. 19 61 2,545 3,669 77 24 247 44 129 Dec. 19 61 2,587 3,679 77 24 247 44 129 1963—Jan.., 19 61 2,626 3,694 77 24 247 129 Feb.. 19 61 2,673 3,727 77 24 247 129 Mar.. 19 61 2,709 3,749 77 24 247 129 Apr.. 19 61 2,743 3,749 77 23 247 129 May. 19 61 2,777 3,749 77 247 129 June. 19 61 2,814 3,753 77 247 129 July.. 61 2,963 3,761 247 142 E pe n r d i o o d f Iraq R l e a I p r n e . d - o , f Italy a L n e o b- n M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A So fr u ic th a 1956. 14 338 77 167 844 50 49 35 448 224 1957. 20 452 91 180 744 45 49 28 461 217 1958. 34 1,086 91 143 ,050 43 49 19 493 211 1959. 84 1,749 102 142 ,132 30 50 28 548 238 1960. 98 2,203 119 137 ,451 30 52 42 552 178 1961. 84 2,225 140 112 ,581 30 53 47 443 298 1962—July.. 98 2,244 172 106 ,581 30 53 47 455 446 Aug.. 98 2,244 172 98 ,581 30 53 47 467 468 Sept.. 98 2,241 172 97 ,581 30 53 47 469 488 Oct... 98 2,239 172 95 ,581 30 53 47 469 501 Nov.. 98 2,237 172 95 ,581 30 53 47 471 509 Dec. 2,243 172 95 ,581 30 53 47 471 499 1963—Jan... 98 2,254 172 95 ,581 30 53 47 471 486 Feb.. 98 2,284 172 94 ,581 30 53 47 476 505 Mar.. 98 2,286 172 94 ,581 30 53 47 478 551 Apr.. 2,286 172 95 1,581 30 53 47 478 571 May. 2,287 172 93 1,581 30 53 47 478 591 June. 2,289 172 1,581 30 53 47 478 598 July.. 2,292 1.581 31 53 52 611 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 GOLD RESERVES AND PRODUCTION 1325 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS -Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o n it m g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . - E E P F U 3 ments 2 1956 132 266 1,664 19 112 144 188 1,772 186 603 18 59 268 1957 101 219 1,706 24 112 144 188 1,554 180 719 14 24 254 1958 ... . 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 I960 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—July 429 182 2,459 19 104 140 174 180 401 209 Aug ... 429 181 2,459 19 104 140 174 180 401 3 210 SeDt 428 181 2,453 19 104 140 174 2,517 180 401 3 200 62 Oct 438 181 2 452 19 104 140 174 180 401 172 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 ^6 1963—Jan 475 181 2,455 104 140 174 180 401 4 116 Feb 495 181 2 460 104 120 174 180 401 4 88 Mar . . . 514 181 2,461 104 140 174 2 447 180 401 107 41 Apr 533 181 2,453 104 140 174 180 401 4 132 Vlay 552 182 2 453 104 140 174 172 401 137 June 574 182 2,530 104 140 174 2,447 401 78 July 182 2,444 104 140 174 401 155 i 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 Commission 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 * c- A So fr u ic th a d R e h s o ia - Ghana C o R o f n e t p g h . o e , U S n ta i t te e d s 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 » 1956 975.0 556.2 18.8 22.3 13.1 65.3 153.4 12.3 76 4 3 15 3 36 1 7 3 63 0 1 t9 9 5 5 7 8 1 1 , , 0 0 1 5 5 0 . . 0 0 5 6 9 1 6 8 . . 2 0 1 1 8 9 . . 8 4 2 2 7 9 . . 7 8 1 1 3 2 . . 1 3 6 6 3 1 . . 0 6 1 1 5 5 8 5 . . 8 2 1 1 1 2. . 1 6 6 7 .2 9 4 3 2 9 1 1 1 3 0 4 3 3 8 7 9 6 6 6 0 3 6 6" 9 > 8 2 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 S 8 64 8 I960 1,175.0 748.4 19.6 31.3 11.1 58.8 161.1 10.5 7.0 4 I 15*2 38 0 <S 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 57 64 4 1962 1,290.0 892.7 19.4 54.5 145 5 8 3 7 8 4 5 13 7 37 4 s*7 1962 June 75.2 1.6 2.8 3 1.8 3.1 11.8 .8 4 9 3 3 July 76.3 6 2.6 4.0 11.9 6 4 12 3 3 Aug 76.6 .6 2.6 4.6 12.0 8 4 \'.2 3i4 Sept 76.1 7 2.6 3 1.8 4.8 11.7 .7 1 1 3 4 '5 Oct 78.1 6 2.7 4.3 12.5 .5 4 1 2 3 2 4 Nov 78 5 6 2 7 3 8 12 1 4 1 0 3 0 Dec 74.7 7 3 7 11 7 4 3 8 3 3 4 1963 Jan 78.0 6 11.7 .8 1 "> o 9 4 Feb 76.5 6 11 0 6 1 0 o 9 4 Mar 79.4 6 11.6 .7 1 1 3 1 5 Apr 79.1 6 11 8 8 1 i 2 8 May 80.6 12.4 June 80.1 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

1326 U.S. GOLD SEPTEMBER 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 II III IV I II Western Europe: Austria -84 -83 -1 -143 -17 -56 -30 -30 -20 Belgium . 3 3 -329 -39 -141 -144 -63 -35 France -68 -34 -266 -173 -456 -96 -214 -101 -ioi -101 Germany, Fed. Rep. of -10 -34 -23 Italy -349 100 Netherlands 25 -261 -30 -249 -25 Portugal -5 -20 -10 Spain 31 32 -114 -156 -146 -59 -20 -20 -70 -60 Switzerland -8 -215 20 -324 -125 102 35 -45 50 United Kingdom . .. 100 -900 -350 -550 -306 -387 -150 -64 8 107 18 Bank for Intl. Settlements -178 -32 -36 -23 Other 4 18 8 -21 -38 -96 -53 -12 -15 * 15 -9 14 Total -78 80 68-2,326 -827 -1,718 -754 -1,105 -337 -399 -79 -104 -149 Canada 15 5 190 190 Latin American republics: 115 75 67 -50 -90 85 60 Brazil 1 -11 -2 -2 57 -1 -1 59 17 28 Colombia . ... 28 -6 38 10 27 Mexico -30 -20 Venezuela -200 65 Other 14 29 6 2 -5 -22 -17 -5 -1 -4 • 6 Total 14 -28 81 69 19 -100 -109 175 59 9 83 16 34 Asia: Japan . • ... -30 -157 -15 Other 5 • 18 -4 -28 -97 i -101 2 -93 -16 -41 -11 -8 25 Total -5 • 18 -34 -186 -113 -101 -93 -16 -41 -11 -8 25 All other 14 -3 -5 -38 -6 -1 2 -2 1 -1 -10 Total foreign countries -68 80 172-2,294 -998 -1,969 -970 -833 -102 -434 -6 -96 -100 Intl Monetary Fund 3 200 600 4_44 3 300 150 Grand total -68 280 772-2,294 -1,041 -1,669 -820 -833 -102 -434 -6 -96 -100 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 th« sam« 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. « 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 l 2 d st T o r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total Tot G al o l 2 d st T o r c e k a s i ury h c F u o o r l r r d e e i i n n g c g n y s3 Total T g o o t l a d l 1951 22,873 22,873 22,695 53 53 1962—Aug.. 16,562 16,139 16,098 423 -116 -43 1952 23,252 23,252 23,187 379 379 Sept. 16,531 16,081 16,067 450 -31 -58 1953 22,091 22,091 22,030 -1,161 -1,161 Oct.. 16,364 16,026 15,978 338 -167 -55 1954 21,793 21,793 21,713 -298 -298 Nov.. 16,216 16,014 15,977 202 -148 -12 Dec. 16,156 16,057 15,978 99 -60 43 1955 21,753 21,753 21,690 -40 -40 1956 22,058 22,058 21,949 305 305 1963—Jan.. 16,102 15,974 15,928 128 -54 -83 1957 22,857 22,857 22,781 799 799 Feb.. 16,023 15,891 15,878 132 -79 -83 1958..... 20,582 20,582 20,534 -2,275 -2,275 Mar..•• 16,078 15,946 15,878 132 55 55 1959 19,507 19,507 19,456 -1,075 4-1,075 Apr.. 16,046 15,914 15,877 132 -32 -32 May. 16,009 15,854 15,797 155 -37 -60 1960 17,804 17,804 17,767 -1,703 -1,703 June. 15,956 15,830 15,733 126 -53 -24 1961. 17,063 16,947 16,889 116 -741 -857 July. 15,764 15,677 15,633 87 -192 -153 1962 16,156 16,057 15,978 99 -907 -890 Aug.p 15,726 15,634 15,582 92 -38 -43 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 Aug. 31, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1335 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1266 and 1268. Banks for foreign and international accounts. Gold under earmark is not included in the gold stock of the United States. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 GOLD RESERVES AND DOLLAR HOLDINGS 1327 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1961 June 30, 1962 Sept. 30, 1962 Dec. 31, 1962 Mar. 31, 1963 June 30, 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 & notes1 Western Europe: Austria 558 640 744 783 789 2 814 2 Belgium 1,574 1,593 2 1,511 1,539 1,555 1 1,606 1 Denmark 83 83 29 78 98 96 16 111 15 Finland 138 133 2 135 134 140 2 131 France 3,110 3,664 3 3,643 3,744 4,123 3 4,532 3 Germany, Fed. Rep. of 6,506 6,289 3 6,467 6,409 6,224 3 6,462 3 Greece 154 206 187 196 243 its 251 Italy 3,459 3,429 3,533 3,627 3,385 1 3,434 1 Netherlands 1,797 3 1,888 2 1,857 2 1,829 1,809 2 1,895 2 Norway 135 126 131 85 142 91 155 87 160 111 165 137 Portugal 542 1 584 1 610 1 632 1 635 625 1 Spain 469 1 568 1 588 1 623 1 705 736 1 Sweden 586 93 607 123 639 102 671 93 673 73 699 73 Switzerland 3,435 83 3,360 83 3,290 86 3,575 83 3,273 85 3,424 83 Turkey 165 * 163 162 * 165 * 162 156 * United Kingdom 4,495 435 4,882 440 4,319 418 4,199 370 4,640 297 4,352 298 Other2 681 48 671 46 665 47 540 48 562 46 476 48 27,887 840 28,891 820 28,570 786 28,919 708 29,174 644 29,869 668 Total... 3,704 459 3,566 253 4,169 266 4,057 389 3,869 528 3,928 644 Canada Latin American republics: 425 310 301 271 318 393 Argentina 513 511 499 430 400 350 Brazil 153 176 147 178 167 172 Chile 235 252 228 205 226 243 Colombia 44 38 37 16 16 15 Cuba 607 609 528 626 690 689 Mexico 87 87 85 98 97 111 Panama, Republic of 131 137 154 152 155 168 Peru 237 259 272 281 276 263 Uruguay 819 765 780 806 837 905 Venezuela '293 '405 '354 '336 421 395 2 Other Total... 3,544 12 3,549 12 3,385 12 3.399 13 3,603 13 3,704 12 Asia: India 325 296 6 293 6 288 296 5 295 Indonesia 119 1 126 1 77 1 72 74 76 Japan 3 1,976 3 2,210 3 2,344 3 2,499 2,558 3 2,613 Philippines 212 1 213 1 198 1 212 218 215 Thailand 368 431 * 430 • 437 471 480 Other '1,329 45 '1,359 41 '1,420 41 '1,447 40 1,523 40 1,552 40 Total 3 4,329 56 4,635 52 4,762 52 r4,955 50 5,140 49 5,231 49 Africa: South Africa 330 471 535 538 592 636 U.A.R. (Egypt) 189 193 186 188 193 191 Other 343 12 352 10 368 10 370 10 374 10 348 10 Total 862 12 1,016 10 10 1,096 10 1,159 10 1,175 10 Other countries: Australia 260 281 315 337 340 360 275 27 272 29 279 30 288 29 281 28 359 30 All other 535 27 553 29 594 30 625 29 621 28 719 30 Total 340,861 1,406 42,210 1,176 42,569 1,156 '43,051 1,199 43,566 1,272 44,626 1,413 Total foreign countries4.... 5,829 1,432 6,620 1,165 7,127 993 7,350 911 7,218 966 7,095 1,065 International and regional5. 346,690 2,838 48,830 2,341 49,696 2,149 '50,401 2,110 50,784 2,238 51,721 2,478 Grand total 4 1 Excludes nonmarketable U.S. Treasury bonds and notes held by s International Bank for Reconstruction and Development, Interofficial institutions of foreign countries as shown in Table 7 on page 1334. 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 2). (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 estimated 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- 4 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

1328 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. g E i p o u r e n e r a a - o n l - 2 g L i r o . e A n - a . l Total c O i f a fi l - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t i u h e n e s r - 1958 16 159 1,544 1,544 14,615 8 665 5,950 7 708 2 019 2 403 2 205 192 88 1959 419 389 43 158 43 158 16 231 9 154 7 076 8 473 2 198 2 408 2 780 253 119 I960 21,272 4,012 3,897 115 17,260 10,212 7,048 9,046 2,439 2,308 3,115 227 125 1961 522 533 3,752 3,695 57 18,781 10,940 7,841 10,322 2 758 2 340 5 2 974 283 104 1962—July 23,623 4,836 4,742 29 65 18,787 10,715 8,072 9,591 3,120 2,427 3,200 321 128 Aug 24,158 5,015 4,900 33 82 19,143 11,031 8,112 9,697 3,416 2,338 3,233 327 132 Sept.... 24,524 4,943 4,824 35 84 19,581 11,582 7,999 10,030 3,480 2,329 3,280 325 137 Oct 25,211 5,005 4,846 34 126 20,206 11,979 8,227 10,239 3,894 2,262 3,345 305 161 Nov 25,196 5,095 4,936 34 125 20,101 11,996 8,105 10,290 3,667 2,295 3,365 320 164 Dec 25,023 5,147 4,937 34 176 19,876 11,958 7,918 10,166 3,349 2,448 3,444 317 152 1963—Jan 24,955 5,100 4,895 30 175 19,856 11,564 8,292 10,018 3,295 2,561 3,518 316 147 Feb 24,995 5,059 4,856 26 111 19,936 11,482 8,454 10,108 3,261 2,576 3,523 325 142 Mar.. . . 25,157 4,983 4,796 28 158 20,174 11,767 8,407 10,269 3,137 2,678 3,621 '322 147 Apr 25,338 5,030 4,847 21 162 20,308 11,885 8,422 10,094 3,227 2,862 3,644 321 160 May.... 25,413 4,867 4,696 22 148 20,546 12,064 8,482 10,251 3,244 2,880 3,704 303 165 June*3... 25,825 4,842 4,671 31 141 20,983 12,349 8,634 10,732 3,173 2,881 3,731 291 175 July?. .. 25,483 4,953 4,783 20 150 20,530 11,924 8,606 10,318 3,073 2,951 3,740 286 162 la. Europe End of period Total Austria Belgium m De a n rk - l F a i n n d - France m G a e n r y - Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden 1958 7,708 411 115 169 69 532 1,755 126 1,121 339 130 163 36 303 1959 8,473 331 138 137 71 655 1,987 186 1,370 485 95 138 86 213 I960 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962—July 9,591 291 204 44 68 1,046 2,543 100 1,095 339 103 132 176 425 Aug 9,697 316 184 52 70 1,080 2,592 98 1,244 258 117 137 144 463 Sept 10,030 325 170 47 74 1,162 2,799 101 1,292 276 112 141 160 458 Oct 10,239 319 190 55 73 1,205 2,823 103 1,310 259 109 156 151 458 Nov 10,290 305 195 69 72 1,271 2,770 113 ,296 243 115 154 165 483 Dec 10,166 329 174 67 73 1,157 2,730 119 ,384 248 125 161 177 490 1961—Jan .... 10,018 320 177 56 75 ,272 2,495 142 ,182 232 120 167 184 476 Feb 10,108 317 189 44 75 ,359 2,413 162 1,123 216 134 161 209 507 Mar 10,269 305 183 65 79 ,414 2,475 166 1,099 228 130 157 191 492 Apr 10,094 276 208 69 70 1,433 2,456 171 1,121 285 131 159 169 480 May.... 10,251 288 224 74 68 ,573 2,670 174 1,062 323 130 153 163 483 June"... 10,732 310 233 80 70 1,718 2,709 174 1,145 314 135 147 162 517 July^. .. 10,318 354 208 99 76 1,435 2,771 181 1,192 236 136 151 184 470 la. Europe—Continued lb. I^atin America End of period Sw la i n tz d er- Turkey U K d n i o n i m t g e - d Y sl u a g vi o a - W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1958 852 20 873 9 671 2 12 2,403 150 138 100 169 286 418 1959 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962—July 913 17 1,853 12 211 3 16 2,427 231 201 113 149 37 474 Aug 832 17 1,846 13 216 3 15 2,338 210 198 106 143 36 454 Sept.. . . 837 22 1,802 12 222 3 15 2,329 230 213 104 145 36 431 Oct 885 26 1,853 12 232 2 18 2,262 187 180 112 152 7 15 437 Nov 837 25 1,893 15 249 3 17 2,295 205 176 101 136 15 492 Dec 908 25 1,617 11 349 3 19 2,448 210 204 135 148 15 531 1963—Jan 861 30 1,932 14 261 3 19 2,561 211 188 131 183 14 558 Feb 813 36 2,051 13 264 3 19 2,576 235 173 118 177 14 589 Mar 812 22 2,193 10 230 2 16 2,678 266 192 125 167 15 596 Apr 751 21 2,065 11 197 3 18 2,862 309 198 120 163 15 639 May.... 719 20 1,947 It 149 2 19 2,880 335 167 124 165 15 627 Junep... 894 16 1,905 12 169 3 20 2,881 342 171 129 183 14 596 July*3. .. 815 16 1,801 13 157 2 20 2,951 383 153 114 157 13 658 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1329 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O L R t . e h A p e . . r B B e a r h m & a u m d a a s 8 \ S n N u ti r l e i l n t e h a s . m & Am O L e a th r t i i e n c r a 8 Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - - ia Israel 1958 146 77 82 494 222 97 79 35 2 205 36 62 77 108 56 1959 129 82 62 277 227 9 14 88 33 2,780 36 60 114 139 87 I960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 87 84 57 418 226 111 89 15 52 974 35 56 78 76 63 1962—July 87 96 73 436 308 111 96 15 3,200 35 60 39 79 76 Aug 87 104 87 394 300 111 93 15 3,233 35 60 39 83 89 Sept 85 107 92 379 287 111 94 15 3,280 36 57 46 33 81 Oct . 84 103 90 417 267 111 92 15 3,345 36 63 49 39 74 Nov 87 103 85 407 267 111 95 15 3,365 36 62 51 26 81 Dec 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963— Jan. 96 105 90 455 300 123 97 10 3,518 36 62 46 30 87 Feb 102 103 95 413 329 123 95 10 3,523 36 61 45 30 93 Mar.... 97 108 96 436 352 123 95 10 3,621 36 61 49 30 96 Apr 103 110 91 505 361 129 94 25 3,644 35 66 40 33 95 May.... 110 113 94 498 357 118 95 64 3,704 35 61 47 34 97 June?'... 111 121 91 504 328 115 103 72 3,731 35 64 48 32 103 July*. .. 109 126 93 559 329 114 92 51 3,740 39 61 52 34 91 lc. Asia—Continued Id. Africa le. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M c o c - o8 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s i - a ot A he ll rs 1958 935 145 176 99 133 378 192 30 43 30 16 73 88 79 9 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 1960 1 887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 51 672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 July 1 903 160 169 86 327 266 321 37 93 36 22 133 128 122 6 Aug ... 1,942 155 169 82 327 252 327 41 93 45 13 135 132 126 6 Sept 2 040 153 161 80 326 267 325 35 93 47 12 138 137 131 6 Oct ... 2 104 147 163 78 326 266 305 31 93 42 13 126 161 155 6 Nov.... 2,111 142 171 76 324 285 320 38 93 43 17 129 164 158 6 Dec . 2 195 136 174 75 333 280 317 35 68 39 14 161 152 147 5 1963 Jan 2 204 129 174 79 348 324 316 36 68 40 13 159 147 142 5 Feb . . . 2,191 120 181 81 361 325 325 36 68 41 16 164 142 137 5 Mar 2,254 116 180 88 367 344 r322 32 68 41 19 r162 147 142 5 Apr . . 2 268 108 176 92 368 363 321 32 105 46 19 119 160 149 11 May. . . 2,305 99 179 100 371 375 303 29 103 49 15 107 165 149 16 June**. . 2,309 92 202 108 376 362 291 29 101 38 17 105 175 160 15 July-... 2,315 87 204 114 379 365 286 30 88 45 15 109 162 147 15 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corporation, Interna- !0 Represent a partial breakdown of the amounts shown in the "other" tional Development Association, and other international organizations; categories (except "Other Eastern Europe") in Tables la-le. Inter-American Development Bank, European Coal and Steel Com- Except as indicated by note 11, data for 1960-62 based on reports munity, European Investment Bank and other Latin American and by banks in the Second F.R. District only; data for Apr. 1963 based on European regional organizations, except Bank for International Settle- reports by banks in all F.R. Districts. ments and European Fund which are included in "Europe." 11 Based on reports by banks in all F.R. districts. 2 Not reported separately until July 1962. 12 Jamaica, Trinidad and Tobago included in British West Indies. 3 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 4 Includes $1,031 million representing increase in U.S. dollar sub- time) and U.S. Govt. securities maturing in not more than 1 year from scription to the IMF paid in June 1959. their date of issue; the latter, however, exclude nonnegotiable, non- 5 Includes $82 million reported by banks initially included as of Dec. interest-bearing special U.S. notes held by the International Develop- 31, 1961, of which $81 million reported for Japan. ment Association and the Inter-American Development Bank. For data 6 Includes Bank for International Settlements and European Fund. on long-term liabilities, see Table 5. For back figures and further 7 Decline from Sept. reflects reclassification of deposits for changes description of the data in this and the following tables on international in domicile over the past few years from Cuba to other countries. capital transactions of the United States, see "International Finance" 8 Data based on reports by banks in the Second F.R. District only for Section 15, Supplement to Banking and Monetary Statistics. end-year 1958-1962; Dec. 1961 figure carried forward through Nov. 1962 and Dec. 1962 figure carried forward through Mar. 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data 10 (end of period) Area or country 1960 1961 1962 A 19 p 6 r 3 . Area or country 1960 1961 1962 A 19 p 6 r 3 . Other Western Europe: Other Asia (Cont.): Iceland 5.1 3.1 5.6 5.2 Iran H22.4 H31.3 H18.7 49.4 Ireland, Rep. of 2.7 3.2 2.9 4.7 Iraq 13.8 20.2 8.5 n.a. Luxembourg 12.6 16.1 10.8 9.9 Jordan 1.8 1.6 1.2 1.7 Monaco 4.1 3.4 1.7 2.0 Kuwait 9.6 27.1 33.0 38.2 Laos 5.0 4.6 14.0 n.a. Other Latin American Republics: Lebanon 36.2 52.3 65.9 77.9 Bolivia H23.1 H26.2 H23.2 21.2 Malaya 6.3 4.4 12.6 13.6 Costa Rica 19.8 13.3 16.5 32.8 Pakistan 10.6 10.1 15.9 15.9 Dominican Republic H36.9 H22.8 H42.0 47.4 Ryukyu Islands (inch Okinawa). 14.2 14.6 17.0 32.7 Ecuador 27.3 23.6 36.3 37.8 Saudi Arabia 18.4 24.9 28.4 37.1 El Salvador H24.3 H21.9 H22.5 48.6 Singapore 1.9 3.2 5.8 5.3 Guatemala H43.9 H45.8 H40.9 74.8 Syria 4.2 2.6 4.9 3.4 Haiti 10.7 9.9 10.5 11.9 Viet-Nam 14.6 7.9 10.1 11.6 Honduras 15.0 14.8 13.8 23.7 Jamaica (12) 1.8 3.3 5.8 Other Africa: Nicaragua 11.9 17.3 14.8 42.5 Algeria .4 .5 1.6 .5 Paraguay 4.6 4.9 5.7 6.8 Ethiopia, incl. Eritrea 9.3 11.1 17.0 20.8 Trinidad & Tobago (12) (12) 3.1 4.1 Ghana .9 1.1 4.1 n.a. Liberia 16.8 21.9 17.6 13.4 Other Latin America: Libya 5.6 5.4 5.5 10.5 British West Indies 1211.3 12 14.0 9.0 22.6 Mozambique 2.2 1.6 2.5 1.1 French West Indies & French Nigeria .8 21.8 26.8 n.a. Guiana .4 .5 1.0 1.3 Rhodesia & Nyasaland, Fed. of.. 3.9 6.5 6.8 7.5 Somali Republic 3.5 1.7 .6 .6 Other Asia: Sudan 1.9 2.0 2.4 n.a. Afghanistan 9.8 3.6 5.3 n.a. Tunisia 2.8 1.2 10.9 n.a. Burma .9 4.5 2.5 8.9 Cambodia 10.9 15.3 12.6 10.2 All other: Ceylon 6.9 6.5 4.9 n.a. New Zealand 35.1 4.0 4.7 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable in End of period Total foreign Total Deposits U.S. Deposits U.S. currencies T bi r l e ls a s a u n r d y Other 3 Total T bi r l e ls a s a u n r d y Other 3 Demand Time i certificates2 Demand Time i certificates 1958 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 419,389 4 16,913 6,341 49,245 1,328 2,398 1,833 295 270 77 I960 21,272 18,929 7,568 9,960 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 9,751 1,549 2,356 1,976 149 231 150 1961 s 22,533 20,025 8,707 9,751 1,567 2,358 1,977 149 232 150 1962 July . 23,623 20,890 8,376 11,020 1,494 2,553 2,087 112 354 180 Aug 24,158 21,371 8,289 11,645 1,437 2,541 2,066 109 366 246 SeDt 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 [,451 2,520 2,050 108 362 282 Nor 25,196 22,425 8,437 12,465 1,523 2,559 2,049 130 380 212 Dec 25,023 22,309 8,528 12,226 1,555 2,571 2,094 116 361 143 1963—Jan 24,955 22,222 8,858 11,760 1,604 2,570 2,075 123 372 164 Feb 24,995 22,185 8,957 11,597 1,631 2,661 2,106 144 411 150 Mar 25,157 22,336 8,934 11,731 1,672 2,677 2,112 143 422 143 Apr 25,338 22,454 8,924 11,856 1,674 2,769 2,197 146 426 116 25,413 22,522 5,471 3,479 11,938 1.634 2,760 1,405 806 128 421 130 June* 25,825 22,880 5,711 3,562 11,946 1,661 2,818 1,448 827 109 434 127 25,483 22,576 5,640 3,564 11,772 1,600 2,798 1,401 861 117 419 108 1 Excludes negotiable time certificates of deposit which are included 3 Principally bankers' acceptances, commercial paper, and negotiable in "Other." time certificates of deposit. 2 Includes nonnegotiable, non-interest-bearing special U.S. notes held 4Includes $1,031 million of nonnegotiable, non-interest-bearing by the International Monetary Fund, which amounted to $2,961 million special U.S. notes representing increase in U.S. dollar subscription to on July 31, 1963; excludes such notes held by the International Develop- the IMF paid in June 1959. ment Association and the Inter-American Development Bank, which 5 These figures reflect the inclusion of data for banks initially included amounted to $254 million on July 31. as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1331 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa 1 co O u t n h t e ri r es 1958 2 542 696 243 1,099 435 69 1959. 2 624 534 272 1,176 586 56 1960 3 614 717 421 1,356 1,052 69 1961 24 804 767 539 1,522 2 1,891 85 1962 July 4 877 703 451 1,540 2,060 124 Aug. . . . 4 833 709 430 1,522 2,046 127 Sept 4,811 726 443 1,521 1,982 138 Oct 4 955 765 547 1,524 1,985 135 Nov 4,866 741 489 1,563 1,940 132 Dec 5 113 877 467 1,606 2,017 146 1963 Jan 4 901 751 474 1,575 1,970 131 Feb . 5 017 794 499 1,605 1,978 140 Mar 5,064 825 486 1,563 2,048 142 Apr 5 257 850 521 1,587 2,158 141 J M un a e y 39 5 5 , , 2 4 8 6 4 9 1 1 9 8 8 6 0 5 5 5 1 9 0 3 1 1, , 6 5 1 9 2 2 2 2, , 1 1 3 7 8 6 9 9 2 6 4 4 8 7 Julyp 5,396 874 594 1,668 2,124 87 47 3a. 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 - France m G a e n r- y 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- 1958 696 7 65 14 6 102 77 7 36 56 22 2 30 24 1959 534 4 56 18 8 57 54 5 30 38 7 2 8 19 1960 . .. 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962—July 703 7 19 11 28 51 137 5 43 57 26 8 12 16 Aug 709 6 19 11 28 42 139 5 39 55 27 9 18 17 Sept 726 7 15 12 28 43 135 5 41 60 28 11 22 16 Oct 765 7 16 10 31 48 144 6 45 49 27 8 24 15 Nov 741 7 21 10 32 62 139 7 43 24 28 9 23 18 Dec 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963—Jan 751 7 21 9 35 56 134 6 51 26 34 9 19 16 Feb 794 8 30 13 39 56 144 6 69 36 35 10 23 19 Mar . . . 825 9 25 13 39 58 160 6 58 29 32 11 25 22 Apr 850 8 29 15 41 67 144 9 67 32 33 13 33 23 May 865 9 34 14 44 72 143 7 60 37 34 12 40 26 Junep. . . 980 10 28 10 51 63 256 8 57 34 31 11 44 24 July*3 874 9 28 10 51 63 132 10 68 37 34 12 44 25 3a. Europe—Continued 3b. Latin America End of period S l w a e n r i - t d z- T k u ey r- U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e r t s h o t e e p r r e n 3 U.S.S.R. E E O u as t r h t o e e p r r n e4 Total A t r i g n e a n- Brazil Chile l C o b m o ia - - Cuba M ic e o x- V958 42 72 124 1 5 * 4 1,099 40 148 52 51 166 293 1959 38 47 121 3 13 5 1 176 60 117 59 68 115 291 I960 60 49 245 11 11 8 1*356 121 225 73 80 26 343 1961 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962—July 67 27 161 6 12 10 1,540 177 199 164 147 18 393 Aug 69 31 166 6 10 12 1,522 164 191 158 138 17 397 Sept 68 41 163 6 12 13 1,521 183 196 161 137 17 369 Oct . . 75 24 202 6 15 i 13 1,524 169 188 174 151 17 376 Nov 64 12 211 S 15 12 1,563 182 180 174 138 17 400 Dec 75 42 221 6 19 8 1,606 181 171 186 131 17 408 1963—Jan 72 42 180 6 19 7 1,575 156 187 168 129 17 417 Feb 67 36 172 6 19 i 6 1,605 161 179 160 149 17 420 Mar 71 32 197 9 21 8 1,563 161 178 151 145 17 409 Apr 65 40 190 12 21 t 8 1,587 170 196 151 137 17 405 May 66 44 175 17 20 11 1,592 180 196 161 136 17 405 June** . 65 49 188 16 21 11 1,612 180 197 166 153 17 409 July*7. 69 47 184 17 21 13 1,668 200 192 171 146 17 448 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1332 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1963 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia Other Baha- Neth. Other End of Uru- Vene- L.A. mas Antilles Latin China Hong Indoperiod Panama guay zuela R l e ic p s u 5 b- m B u e d r a - i S n u am ri- A ic m a e 6 r- Total M la a n i d n- Kong India nesia Israel 1958 23 31 52 142 44 53 435 6 23 1959 18 36 47 247 57 57 586 10 14 1960 23 44 57 234 55 66 1,052 9 24 1961 32 74 55 144 56 74 21,891 9 36 1962—July. . 37 83 63 125 47 7 2,060 11 14 38 Aug... 36 86 80 122 49 10 74 2,046 11 14 37 Sept.. 36 86 89 115 44 11 75 1,982 13 18 36 Oct... 32 87 99 94 47 10 81 1,985 13 18 37 Nov.. 32 84 107 104 54 7 82 1,940 13 18 34 Dec... 30 85 122 102 66 98 2,017 13 20 37 1963—Jan... 33 114 102 67 10 87 1,970 14 17 35 Feb... 38 83 123 104 70 10 92 1,978 14 20 38 Mar.. 40 86 113 97 68 9 89 2,048 14 24 39 Apr... 34 91 121 100 60 10 96 2,158 14 22 33 May.. 34 95 97 101 115 27 10 19 2,176 13 22 31 June?. 29 103 95 99 105 27 14 18 2,138 12 19 27 29 106 96 96 113 29 14 2,124 12 16 29 3c. Asia—Continued 3d. Africa 3e. Other countries Congo Aus- End of period Japan Korea P p h i i n l e ip s - Tai- T la h n a d i- O A t s h i e a r Total i ( p L o e l o d - - M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total 7 tra- ot A he ll r8 ville) 1958 179 67 13 134 21 3 69 13 28 1959 324 24 15 180 12 2 56 18 21 1960 806 19 24 150 11 3 69 28 24 1961 21,528 114 34 145 10 13 85 29 27 1962—July 1,765 76 30 111 12 26 124 34 50 Aug 1,767 69 33 100 12 23 127 40 48 Sept 1,711 69 30 87 12 25 138 46 51 Oct 1,710 70 32 88 11 23 135 45 54 Nov 1,662 77 33 89 12 25 132 44 49 Dec 1,740 70 41 80 10 26 146 41 67 1963—Jan 1,697 75 43 73 9 21 131 38 61 Feb 1,691 80 43 70 12 21 140 39 66 Mar 1,751 81 40 69 13 19 142 44 64 Apr 1,876 73 40 70 13 17 141 44 64 May 1,896 69 38 75 92 13 18 57 48 42 6 June*3 1,869 66 40 73 96 14 25 53 47 41 6 July" 1,872 52 38 69 87 14 20 50 47 41 6 1 Not reported separately until May 1963. 8 Until May 1963 includes also African countries other than Congo 2 Includes $58 million reported by banks initially included as of Dec. 31, (Leopoldville), South Africa, and U.A.R. (Egypt). 1961, of which $52 million reported for Japan. 3 Until May 1963 includes Eastern European countries other than NOTE.—Short-term claims are principally the following items payable U.S.S.R., Czechoslovakia, Poland, and Rumania. on demand or with a contractual maturity of not more than 1 year: loans 4 Czechoslovakia, Poland, and Rumania only until May 1963. made to and acceptances made for foreigners; drafts drawn against 5 Bolivia, Dominican Republic, El Salvador, and Guatemala only until foreigners where collection is being made by banks and bankers for May 1963. their own account or for account of their customers in the United States; 6 Until May 1963 includes also the following Latin American Repub- and foreign currency balances held abroad by banks and bankers and lics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Para- their customers in the United States. Excludes convertible currencies guay, and Trinidad and Tobago. held by U.S. monetary authorities. 7 Includes Africa until May 1963. See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1333 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total O in f s f t i i c t i u a - l Lo B an a s n k to s — Others C s t t o o i i a o n u l n l n g t e d - s c - - A f m c o a c r a c e e d c p i t e g t . a n o f n e o f c r r s es Other 2 Total f D or e w e p i i g o t n h si e t r s s F c o o s r e m f e p c i i n m u a g a r p n l n i e . t c i r g e e a o s n , v d t. Other 3 tions 1 1958. 2,542 2,344 401 439 428 421 656 198 181 16 1959 2 624 2 406 351 498 460 516 582 217 203 15 1960 3 614 3 135 290 524 482 605 1 233 480 242 238 1961 4 746 4'160 329 699 618 694 1,821 586 385 200 19614 4 804 4 217 329 709 622 700 1 857 586 386 200 1962—July 4,877 4,387 476 828 560 701 1,822 490 311 179 4 833 4 370 455 818 605 698 1 793 463 304 159 Sept 4.811 4,318 475 802 593 690 1,759 493 312 181 Oct 4 955 4 330 428 816 632 706 1 749 625 419 207 Nov 4 866 4 294 371 824 644 718 1,736 572 364 208 Dec 5,113 4,563 359 953 651 686 1,914 550 371 179 196V -Jan 4 901 4 385 322 845 658 652 1,908 516 347 169 Feb 5 017 4 479 293 853 672 684 1 977 538 359 179 Mar 5 064 4 497 255 850 680 708 2,005 566 375 191 Apr 5 257 4.673 236 824 695 731 2,187 584 383 200 May 5,284 4.703 174 790 689 741 2,049 259 581 389 152 41 June** 5 469 4 791 143 878 691 733 2,028 319 678 464 176 38 lu\yp . ... 5,396 4.775 136 835 696 745 2,035 328 620 401 176 43 1 Includes central banks. 4 These figures reflect the inclusion o fdata for banks initially included 2 Until May 1963 includes acceptances made for account of foreigners. as of Dec. 31, 1961. 3 Until May 1963 includes foreign government securities, commercial and finance paper. 5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Claims End of period Payable in dollars Total Payable in liabilities Total foreign Total Loans All other currencies 1958 .... 1,362 2 1959 1,545 1 I960 1 698 7 1961 2,034 2 19f,"> - Fuly . 2.209 1 Aug 2,200 6 Sent 2,184 5 Oct 2 131 1 NJOV . . 2,144 1 Dec 2,151 4 1963 Jan 2 139 4 Feb 2 112 4 2 124 6 Anr 2 176 11 May . . i 2,370 i 2,370 i 2,337 33 1 29 2,372 2,372 2,337 35 * 35 Julvp 2.424 2.424 2,388 36 * 45 1 Includes $86 million of Ions-term loans previously held but reported for the first time as of May 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1963 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate U.S. Govt. bonds and notes * securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N ha s e a t s l e p e s s u o r- r c P ha u s r- es Sales c N ha s e a t s e l p e s s u o r- r c P ha u s r- es Sales c N ha s e a t s l e p e s s u o r- r regional Total Official Other 1959 689 165 524 2,593 2,158 435 946 1,458 -512 566 804 — 238 I960 127 225 -98 2,419 2,167 252 883 1.445 -562 509 592 — 83 1961 512 532 -20 3,384 3,161 223 802 1,262 -460 596 966 -370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1962 July 26 -7 33 168 200 -32 64 89 -24 48 38 10 -211 -198 — 13 160 156 4 50 65 -15 48 64 16 Sept -8 32 -40 125 140 — 15 44 100 — 57 44 39 4 Oct -34 14 -48 155 160 < 251 419 -168 58 41 17 — 67 — 74 7 210 198 12 70 201 — 131 69 48 22 Dec 62 -23 85 195 211 -16 60 216 — 157 61 61 * 1963 Jan 127 21 106 215 202 12 56 314 -258 58 59 — 1 Feb -44 -6 -38 183 190 — 7 61 214 — 153 50 59 — 9 Mar 45 40 5 177 176 84 186 — 102 60 72 — 12 Apr 12 7 5 i 273 235 38 120 179 -59 66 73 -7 M!ay 206 101 105 127 ! -21 310 239 71 144 409 -265 67 86 — 19 22 -8 30 31 -1 354 341 13 52 130 -78 58 59 — 1 July? -10 -3 -7 2 — 8 209 193 17 75 116 -41 54 j 78 -24 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 7. organizations. 2 Includes small amounts of State and local govt. securities. See also NOTE to Table 1. 7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable n dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962 Sept Oct 48 25 23 Nov 201 150 51 Dec 251 200 51 1963 Jan 381 100 200 81 183 125 58 Feb 481 200 200 81 183 125 58 Mar 481 200 200 81 183 125 58 Apr 551 25 200 200 126 183 125 58 May 605 25 30 200 200 150 183 125 58 June 605 25 30 200 200 150 183 125 58 July 655 25 30 225 200 175 208 125 58 25 Aug 705 25 30 275 200 175 163 125 13 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1335 8. 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 Stocks Bonds France 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- Asia Africa i O c t o r t i u h e n e s r - reg I a n i n o t d l n . al 1959 435 363 73 40 254 15 71 379 -30 40 25 - 22 1960 252 202 50 38 171 -48 72 234 -45 36 13 14 1961 223 323 -99 21 166 -17 61 232 -112 44 44 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 17 1962—July. . -32 -18 -13 1 6 -28 -3 -23 -13 A Se u p g t . . . . . . -15 3 4 Q -6 * — -1 2 13 * -1 -5 3 -4 -1 -3 0 -4 1 -2 6 I Oct.. . -5 -4 2 -16 9 -1 2 i 1 Nov... 12 21 -8 -1 8 6 -3 Dec... -16 -4 -12 -3 -11 -3 2 -15 2 c 2 1963— F J e an b . . . . . . 1 n 2 -9 3 9 2 -1 -2 0 4 3 4 7 4 2 -7 1 * 1 4 * 2 I Mar... * * * -2 11 -5 3 -3 * * 1 J A M u p n a r y e . p . . . . . 7 3 1 1 1 8 3 7 2 6 3 1 0 7 8 -8 1 9 0 1 - - 4 1 * * - - 4 6 2 * 4 2 3 3 3 0 9 2 - - 5 3 4 4 2 3 1 5 1 3 9 -1 -5 2 12 A 6 3 3 -4 4 6 1 * * * 2 2 3 * 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securities. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES,""AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Assets in custody Period Total g I i a r n o n e n t - d l a . l c e f o o i u g r n n - - r E o u p - e C a a d n a - A L i m a c t a i e n r- Asia Africa* O c t o r t i u h e n e s r - E pe n r d i o o d f Deposits U.S. Govt. Earmarked tries securities 1 gold 1959 -750 -157 -593 -50 -443 11 -97 -15 1958 272 3,695 8 538 1960 -645 -147 -498 -117 -196 -107 -41 -36 1959 345 4,477 9^861 1961 -830 1 -832 -262 -318 -58 -121 -73 1960 217 5,726 11,843 1962 -1,048 -235 -813 -188 -360 -41 -175 -50 1961 279 6,006 11^905 1962—July -15 1 -16 2 8 * -1 -26 1962—Aug... 168 6,407 12,689 Aug -31 4 -35 -32 2 * -5 1 Sept... 229 6,767 12,687 D O N Se e c o p c t v t - - - 1 1 1 -5 0 5 5 2 9 6 1 - - t 4 o 9 -1 - - - 7 9 6 4 8 9 1 7 2 4 2 9 8 -1 - - -4 9 1 2 5 5 4 6 - - 1 7 9 2 • - - - 1 3 5 -6 0 6 7 -24 2 * D O N e c o t c v . . . . . . . . . 2 2 1 4 0 8 7 2 2 7 7 6 , , , 1 1 9 3 3 9 7 2 0 1 1 1 2 2 2 , , , 7 6 7 0 8 0 6 0 0 -78 7 1963—Jan.. . 197 7,033 12,789 1963—Jan -259 -35 -224 -3 -197 -12 -12 Feb.. . 192 7,079 12,836 Feb -162 6 -167 -5 -125 o -34 * Mar... 201 7,277 12,789 Mar -114 -29 -85 -42 -27 1 -19 2 Apr... 160 7,478 12,815 A M p a r y -2 -6 8 6 3 -62 3 -2 - 8 5 6 -2 3 3 7 -207 1 1 - - 1 5 3 7 • -30 J M u a n y e . . . . 1 1 7 7 1 5 7 7 , , 8 9 8 5 6 7 1 1 2 2 , , 8 9 7 1 8 7 June? -79 2 -81 -23 -32 * -28 1 July. . 182 7,733 13,086 July? -66 8 -73 1 -6 -1 -36 1 2 Aug... 177 7,856 13,129 -36 i Not reported separately until May 1963. 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold" Section 14, Supplement to Banking and Monetary Statistics). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1963 11. 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 Area and country 1962 1963 1962 1963 II III IV IV 1 I- 1*1 II III IV IV 1 1- Europe: 2 3 2 2 2 2 5 4 6 6 5 5 24 24 21 21 18 18 25 27 24 24 24 24 5 5 3 3 2 2 8 6 8 8 6 6 Finland 1 1 1 1 1 1 3 4 3 3 4 4 30 34 32 32 31 31 43 49 51 51 58 59 Germanv Fed ReD of 34 38 33 33 36 36 130 106 116 117 114 114 Greece 2 3 1 1 1 4 6 5 5 6 6 Italy 25 27 28 28 39 39 67 62 75 78 82 82 Netherlands 41 27 26 26 39 39 47 37 31 31 24 24 8 9 10 10 12 12 12 13 15 15 15 15 Portugal 1 1 1 1 1 1 7 6 6 6 8 8 8 11 9 9 7 7 16 15 20 20 25 25 Sweden 7 7 7 7 8 8 23 25 15 15 17 17 Switzerland 18 25 24 24 26 26 27 34 29 29 29 29 Turkey 4 4 4 4 4 4 5 6 4 4 6 6 United Kingdom 122 115 93 94 109 110 178 245 227 238 192 196 Yugoslavia 6 4 4 4 4 4 2 2 3 3 3 3 Other 3 2 2 2 2 2 7 6 7 7 7 6 Total 341 341 301 302 342 344 609 654 645 661 625 629 Canada 58 67 80 81 64 64 '725 824 732 753 789 830 Latin America: 9 9 9 9 6 6 36 32 33 34 31 31 Bolivia 1 2 2 2 1 1 4 4 4 4 5 5 Brazil 26 23 17 17 18 18 68 90 106 106 108 108 Chile 5 5 4 4 3 3 24 r25 25 25 25 25 3 3 4 4 3 3 16 17 15 15 17 18 Cuba 2 * * 1 1 6 6 6 6 6 6 FJominican Reoublic 1 2 4 4 2 2 4 4 6 6 7 7 El Salvador 3 3 4 4 4 4 Guatemala * 1 1 1 * * 6 6 6 6 6 6 6 7 6 6 6 6 52 53 '56 '57 59 59 Neth. Antilles and Surinam... 8 5 5 5 8 3 2 6 6 7 7 Panama Reo of 15 18 25 25 5 5 11 10 13 13 13 13 Peru 5 3 8 8 9 9 14 23 20 20 14 14 2 5 1 1 1 1 5 5 6 6 7 7 Venezuela 21 19 23 24 23 23 44 38 33 33 33 33 Other 9 16 20 20 15 15 39 43 44 45 41 41 Total 112 118 128 129 101 102 336 362 '383 '387 383 383 Asia: 2 2 2 2 2 2 3 4 4 4 4 4 India 8 10 11 11 8 8 '44 '34 '38 50 50 2 2 2 2 2 2 3 3 3 3 3 3 7 6 7 7 6 6 7 6 7 7 6 6 Israel 1 1 2 2 2 2 14 12 10 10 8 8 Japan 59 66 48 52 46 46 101 112 119 123 124 128 * 1 3 3 3 3 3 3 4 4 4 4 Philiooines 5 5 3 3 4 4 11 10 '11 11 10 10 * * * 5 3 3 3 5 5 Thailand 5 3 4 4 4 4 3 4 5 5 5 5 Other 17 15 11 11 12 12 33 30 26 26 33 33 Total 107 111 92 97 91 91 '228 '220 '231 '236 253 256 All other: Australia 13 14 11 11 10 10 25 24 24 24 26 26 Con20 Ren of the * * * 1 3 3 3 3 3 3 14 12 12 12 8 8 10 10 10 10 9 9 U A R (Ecvot") 1 1 1 1 17 13 10 10 12 12 Other 18 12 13 13 10 10 22 27 25 26 27 27 Total 46 40 37 37 30 30 77 76 73 '74 77 78 International 1 * * * * 1 1 1 1 1 Grand total 665 678 638 645 628 630 '1,975 '2,137 '2,064 '2,111 2,128 2,178 i Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through Dec. 31, 1962 (6th revised series) and on Mar 31, 1963 (7th 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

SEPTEMBER 1963 U.S. BALANCE OF PAYMENTS 1337 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1961 1962 1963 Item 1960 1961 1962 IV III IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total 1. 26,9T4 28,311 29,790 7,273 7,206 7,610 7,550 7,424 7,366 Merchandise 19,459 19,913 20,479 5,121 5,022 5,262 5,270 4,925 4.998 Military sales 335 402 660 100 113 190 141 216 183 Investment income receipts, private.. 2,873 3,464 3,850 871 904 940 946 1,060 1,005 Investment income receipts, Govt.... 349 380 472 95 109 144 105 114 118 Other services 3,958 4,152 4,329 1,086 1,058 1,074 1,088 1,109 1,062 Imports of goods and services—Total. -23,205 -22,867 -24,964 -6,013 -6,119 -6,222 -6,282 -6,341 -6,173 Merchandise -14,723 -14,497 -16,145 -3,881 -3,942 -4,030 -4,127 -4,046 -3,985 Military expenditures -3,048 -2,934 -3,028 -717 -754 -748 -732 -794 -741 Investment income payments...... -939 -882 -995 -237 -240 -245 -245 -265 -251 Other services -4,495 -4,554 -4,796 -1,178 -1,183 -1,199 -1,236 -1,196 -1,178 Balance on goods and services *. 3,769 5,444 4,826 1,260 1,087 1,388 1,083 1,193 1,268 Remittances and pensions -672 -705 -736 -174 -191 -182 -187 -217 -176 1. Balance on goods, services, remittances and pensions 3,097 4,739 4,090 1,086 896 1,206 1,092 896 976 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments 2 -2,775 -3,370 -3,520 -993 -907 -853 -849 -911 -906 Grants 3,4 -1,664 -1,854 -1,903 -475 -537 -466 -434 -466 -452 Long-term loans and subscriptions 4 -1,213 -1,941 -2,133 -685 -480 -507 -486 -660 -557 Change in foreign currency holdings and short-term claims, net (increase, —) 2, 4 ..., -527 -261 -248 -67 -48 -154 -74 28 -63 Seasonal adjustment on three preceding items combined 41 -10 46 -50 14 -10 Change in associated liabilities , 41 80 147 40 13 44 65 25 33 Scheduled loan repayments 588 606 617 153 155 184 130 148 143 3. Private capital flows, net, excluding foreign liquid assets in U.S , -3,552 -3,507 -3,118 -1,123 -689 -819 -708 -902 -943 U.S. direct investments abroad , -1,694 -1,598 -1,557 -397 -199 -506 -359 -493 -556 U.S. long-term capital, other -850 -1,011 -1,209 -464 -357 -329 -188 -335 -457 Foreign long-term investments in U.S , 430 466 271 123 195 66 -10 20 28 U.S. short-term capital -1,348 -1,541 -507 -419 -305 -164 -39 55 Foreign short-term capital 5. -90 177 -116 34 -23 -51 13 -55 -13 4. Errors and unrecorded transactions. -683 -905 -1,025 -303 -27 -37 -469 -44 -492 Balance of A (= 1+2+3+4) -3,913 -3,043 -3,573 -1,333 -727 -503 -934 -917 Less: Net seasonal adjustments -74 -113 -129 337 -1,409 -137 Balance of A before seasonal adjustment. -3,643 -3^573 -1,259 -614 -374 -1,271 -95 -780 -1,314 B. Changes in foreign liquid assets in U.S. and n U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,913 3,043 3,573 1,259 614 374 1,271 1,314 780 Advance repayments on U.S. Govt. loans 6 48 668 666 43 53 471 142 25 Advances on U S military exports net . .. -16 5 470 16 142 -2 107 223 23 Sales of nonconvertible nonmarketable securities,7 251 251 63 Dollar securities 58 251 251 5 Sales of convertible nonmarketable securities,7 net... 350 Dollar securities . 125 225 Change in U.S. short-term liabilities reported by U.S. banks 8 and foreign holdings of marketable U S Govt bonds and notes ... . ... 1,738 1,764 653 432 46 486 -188 309 287 International and regional organizations 9 636 407 213 245 213 -3 -105 108 -64 Foreign private holders excluding banks *o -151 81 134 73 44 270 -139 -41 56 104 595 -147 59 442 -243 -214 -132 384 Foreign official holders 1,149 681 453 55 -653 462 270 374 -89 Change in U.S. monetary reserve assets (increase, —). 2,143 606 1,533 755 426 -163 881 389 32 IMF position 441 -135 626 312 237 44 331 14 —46 -116 17 -54 -114 -324 104 351 -33 Gold . .... 1,702 857 890 510 303 117 446 24 111 1 Excludes military transfers under grants. 8 Includes official liabilities. 2 Includes also very small amounts of changes in "misc. Govt. non- 9 Includes, for International Monetary Fund, only changes in its liquid liabilities." holdings of income-earning U.S. Govt. securities. 3 Excludes military grants. !0 Including undetermined holders. 4 Not seasonally adjusted separately. 5 Other than foreign liquid assets in U.S. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 6 Includes sell-offs. (debits); absence of sign indicates net receipts (credits). 1 With maturities over 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1338 FOREIGN TRADE; MONEY RATES SEPTEMBER 1963 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports * Imports2 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 ,161 ,327 ,093 348 462 328 3 -111 Feb... 1,566 1,712 1,812 32,131 1,307 ,150 ,315 ,493 259 562 497 3 637 Mar... 1,518 1,751 1,674 3 1,991 1,261 ,163 ,339 ,484 257 588 335 3 507 1,622 1,662 1,803 3 1,918 1,315 ,152 ,364 ,423 308 510 439 3 495 May!! 1,659 1,585 1,782 1,901 1,242 ,153 ,386 ,406 417 432 396 494 June.. 1,634 > 1,582 1,838 1,814 1,252 3 1,174 ,342 ,410 382 3 408 496 404 July.. 1,707 s 1,689 1,729 1,779 1,235 3 1,379 ,362 ,469 471 3 310 367 310 Aug... 1,625 1,689 1,687 1,227 ,254 ,364 398 435 323 Sept... 1,647 1,678 31,943 1,188 ,262 ,476 459 416 3 467 Oct... 1,668 1,780 3 1,493 1,178 ,300 ,319 490 480 3 174 Nov... 1,681 1,733 1,695 1,126 ,309 ,432 555 424 263 Dec... 1,645 1,725 3 1,839 1,109 ,315 ,372 537 410 3 467 Quarter: 4,645 5,086 5,141 35,104 3,781 3,474 3,981 3 4,070 864 1,612 1,160 3 1,033 II.'!!!! 4,915 3 4,829 5,423 5,633 3,809 3 3,479 4,092 4,239 1,107 3 1,350 1,331 1,393 in 4,979 3 5,056 3 5,359 3,650 3 3,895 3 4,202 1,328 3 1,161 31,157 rv 4,994 5,238 3 5,027 3,413 3,924 3 4,123 1,582 1,314 3 904 Year 4 19,609 20,152 20,901 14,654 14,713 16,397 4,955 5,439 4,504 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under * 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. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s c s ' e D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 .13 2.00 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 L.32 .11 2.00 1962—July 5.47 4.89 4.09 3.90 3.33 2.50 3.66 2.38 2.94 2.21 1.78 2.00 Aug 5.15 5.03 4.02 3.79 3.32 2.50 3.46 2.50 2.50 1.53 .03 2.00 Sept 5.03 4.99 3.93 3.69 3.36 2.50 3.48 2.50 3.06 1.57 1.10 2.00 Oct 4.46 4.64 3.92 3.71 3.16 2.50 3.51 2.63 2.50 .96 L50 2.00 Nov 3.81 3.82 4.03 3.77 3.31 2.50 3.50 2.63 2.56 1.85 1.47 2.00 Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 .98 .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 1.67 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 3.92 2.63 3.06 t .91 1.67 2.00 May 3.33 3.33 3.88 3.67 2.92 2.00 3.91 2.63 2.94 1.96 1.58 2.00 June 3.23 2.89 3.84 3.69 2.88 2.00 4.76 2.63 3.88 1.87 1.14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 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

SEPTEMBER 1963 MONEY RATES 1339 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Aug. 31, 1962 Rate Country 1962 1963 A a u s g . o 3 f 1, Per Month 1963 cent effective Sept Oct Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Argentina . 6.0 Dec. 1957 6.0 5.0 Mar. 1960 4.5 4.5 Belgium 3.75 Aug. 1962 3.5 4.0 4.0 Brazil 10.0 Apr. 1958 10.0 4.0 Feb. 1962 4.0 Canada * 6.0 June 1962 5.5 5.0 4.0 3.5 4.0 4.0 Ceylon 4.0 Aug. 1960 4.0 Chila* 14.62 July 1962 14.2 14.2 Colombia 5.0 Aug. 1959 8 0 8.0 Costa Rica 3.0 Apr. 1939 3.0 Cuba 6.0 Jan. 1960 6.0 Denmark 6.5 May 1961 6.0 6.0 Ecuador 5.0 Nov. 1956 5.0 Egypt • 5.0 May 1962 5.0 El Salvador 6.0 June 1961 6.0 Finland 7.0 Apr. 1962 7.0 France 3.5 Oct. 1960 3.5 3.0 May 1961 3.0 Greeco 6.0 Nov. 1960 5 5 5.5 Honduras '..... 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India « 4.0 May 1957 4.5 4.5 Indonesia 3.0 Apr. 1946 9-0 9.0 6.0 Nov. 1960 6.0 4.0 Aug. 1962 3.94 4.06 3.86 3.69 4.03 J.OO 3.95 3.95 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 7.3 Sept. 1961 6.94 6.57 6.21 5.84 5.84 Mexico 4.5 June 1942 4.5 Netherlands 4.0 Apr. 1962 3.5 3.5 New Zealand ... 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 2.0 Jan. 1944 2.0 South Africa 4.0 June 1962 3.5 3.5 4.0 June 1961 4.0 Sweden 4.0 June 1962 3.5 4.0 4.0 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 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks the largest proportion of its credit operations. Other rates for some of was fixed at 6 per cent. Rates on loans to money market dealers will these countries follow: continue to be .25 of 1 per cent above latest weekly Treasury bill tender Argentina—3 and 5 per cent for certain rural and industrial paper, deaverage rate but wiU not be more than the bank rate. pending on type of transaction; 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at tho average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products and 6 and 7 per cent for agricultural bonds; occur. Costa Rica—^5 per cent for paper related to commercial transactions 3 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); * Rate applies to advances against commercial paper as well as against Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by govt. securities and other eligible paper. 3 Beginning with June 1, 1962, the rediscount rate for commercial national public securities; bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com- 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings from the Central bank in excess of an individual bank's quota; NOTE.—Rates shown are mainly those at which the central bank either discounts or makes advances against eligible commercial paper and/or Peru—8 per cent for agricultural, industrial and mining paper; and govt. securities for commercial banks or brokers. For countries with Venezuela—4 per cent for rediscounts of certain agricultural paper and more than one rate applicable to such discounts or advances, the rate for advances against government bonds or gold and 5 per cent on adshown is the one at which it is understood the central bank transacts vances against securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1340 FOREIGN EXCHANGE RATES SEPTEMBER 1963 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Period (peso) (p t A o ra u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D ( e k n r m on a e r ) k (m Fi a n r la k n k d a) F (f r r a a n n c c e ) Official Free 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 14.482 .3995 .2376 1958 . . 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 i .9080 223.73 3.8685 2.0093 293.561 21.034 14.490 .3107 20.405 1962—Aug .8121 223.41 3.8700 2.0105 92.111 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 June . .7265 223.12 3.8702 2.0036 92.722 21.015 14 490 31 057 20 405 July .7309 223.17 3.8719 2.0038 92.598 21.015 14 488 31.057 20 405 Aug .7439 223.07 3.8712 2.0039 92.325 21.010 14.470 31.056 20.405 Period G (d m e e r u a m t r s k a c n h ) y e (r I u n p d e ia e) ( I p r o e u la n n d d ) ( I l t i a r l a y ) J ( a y p en a ) n ( M do s a l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - r s ) ( Z p e N o a u e la w n n d d ) 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276.56 1958 ' . 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 . 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26 492 278 10 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 Aug 25.020 21.008 280.38 .16110 .27631 32.746 8.0056 21,142 277.61 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 June 25.121 20.965 280.02 .16081 .27563 32.595 8.0056 27.780 277.25 July 25.109 20.968 280.08 .16086 .27550 32 648 8 0056 27 755 277 31 Aug 25.101 20.962 279.96 .16102 .27554 32.647 8.0056 27.712 277.19 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 o e p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n it n 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 ns70 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 [.6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 [.6654 19.397 23.124 280.78 1962—Aug 13.994 3.4996 139.67 1.6651 19.432 23.136 280.38 Sept 13.982 3.5018 139.52 [.6659 19.410 23.129 280.09 Oct 13.983 3.4899 139.54 1.6661 19.409 23.139 280.13 Nov 13.989 3.4900 139.57 1.6662 19.363 23.170 280.19 Dec 14.000 3.4902 139.64 1.6664 19.278 23.167 280.33 1963—Jan 14.000 3.4900 139.72 1.6665 19.313 23.120 280.48 Feb 13.995 3.4900 139.64 [.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 June 13.997 3.4900 139.49 1.6663 19.286 23.125 280.02 July 13.993 3.4900 139.52 .6663 19.302 23.129 280 08 Aug 13.985 3.4893 139.46 6664 19.266 23.164 279.96 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

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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 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 ARTHUR L. BROIDA, Assistant Secretary HENRY BENNER, Assistant Director LEGAL DIVISION JAMES C. SMITH, Assistant Director HOWARD H. HACKLEY, General Counsel BRENTON C. LEAVITT, Assistant Director DAVID B. HEXTER, Assistant General Counsel ANDREW N. THOMPSON, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director GUY E. NOYES, Director H. FRANKLIN SPRECHER, JR., Assistant Director ALBERT R. KOCH, Associate Director DANIEL H. BRILL, Adviser FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES ROBERT C. HOLLAND, Adviser KENNETH B. WILLIAMS, Adviser JOSEPH E. KELLEHER, Director LEWIS N. DEMBITZ, Associate Adviser HARRY E. KERN, Assistant Director ROBERT SOLOMON, Associate Adviser DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER RALPH A. YOUNG, Director J. J. CONNELL, Controller J. HERBERT FURTH, Adviser SAMPSON H. BASS, Assistant Controller A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser SAMUEL I. KATZ, Associate Adviser OFFICE OF DEFENSE PLANNING RALPH C. WOOD, Associate Adviser INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director M. H. SCHWARTZ, Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 1342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1343 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 A. L. MILLS, JR. CHARLES J. SCANLON GEORGE H. CLAY GEORGE W. MITCHELL CHAS. N. SHEPARDSON 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. KORSVK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1344 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 Me nphis 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 George C. Rankin Dallas Robert O. Anderson Watrous H. Irons Morgan J. Davis Philip E. Coldwel) 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

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 877-880 of the June 1963 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND INDUSTRIAL PRODUCTION—1957-59 Base. 1962. FUNCTIONS. 1961. 238 pp. 172 pp. $1.00 per copy; in quantities of 10 or more for single shipment, $.85 each. (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, Colombia, Costa Rica, for single shipment, $.85 each. Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, DEBITS AND CLEARING STATISTICS AND THEIR Nicaragua, Panama, Paraguay, Peru, El Salva- USE (rev. ed.). 1959. 144 pp. $1.00 per copy; dor, 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 the United States, $5.00 per annum or $.50 per ALL-BANK STATISTICS, 1896-1955. Pt. I, U.S. 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 and the countries listed above. (2) Elsewhere, FLOW OF FUNDS IN THE UNITED STATES, 1939-53. $7.00 per annum or $.70 per copy. (3) In quan- 1955. 390 pp. $2.75. tities of 10 or more of same issue for single 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 Sepserves 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. 99 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 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. TEM. 1962. 40 pp. Individual books $1.00 each; set of 3 books PUBLISHED INTERPRETATIONS of the Board, as of $2.50. December 31, 1962. $2.50. 1345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1346 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 REPRINTS MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) FARM DEBT AS RELATED TO VALUE OF SALES. Feb. 1963. 9 pp. THE MONETARY SYSTEM OF THE UNITED STATES. Feb. 1953. 16 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. FEDERAL FINANCIAL MEASURES FOR ECONOMIC May 1963. 10 pp. STABILITY. May 1953. 7 pp. FINANCING THE U.S. PAYMENTS DEFICIT. Apr. OPEN MARKET OPERATIONS IN LONG-TERM SE- 1963. 8 pp. CURITIES. Nov. 1958. 15 pp. FEDERAL RESERVE OPEN MARKET OPERATIONS IN •PART I, ALL-BANK STATISTICS, 1896-1955. Re- 1962. Apr. 1963. 29 pp. print of the U.S. Summary containing a description of revised statistics for all banks in NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. the United States, by class of bank, together Apr. 1963. 11 pp. with revised statistics. Apr. 1959. 94 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. CONSUMER BUYING INTENTIONS AND QUARTERLY May 1963. 13 pp. SURVEY OF CONSUMER BUYING INTENTIONS. Combined reprint. Sept. 1960. 31 pp. BANKING AND MONETARY STATISTICS, 1962. Selected series of banking and monetary statistics STATISTICS ON THE GOVERNMENT SECURITIES for 1962 only. Feb., Mar., and May 1963. 16 MARKET. Apr. 1961. 8 pp. pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. 1961. 15 pp. INTEREST RATES ON TIME DEPOSITS, Mid-Febru- REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. ary 1963. June 1963. 7 pp. 1961. 3 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. SURVEY OF COMMON TRUST FUNDS, 1962. June July 1962. 6 pp. 1963. 6 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- MONETARY DEVELOPMENTS, FIRST HALF '63. July DEXES. July 1962. 6 pp. 1963. 7 pp. ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. MEASURES OF MEMBER BANK RESERVES. July 5 pp. 1963. 14 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. BANK LOANS SECURED BY STOCKS AND BONDS. July 11pp. 1963. 19 pp. REVISION OF WEEKLY DEPARTMENT STORE SALES A BANK EXAMINER LOOKS AT AGRICULTURAL INDEX. Aug. 1962. 3 pp. LENDING. July 1963. 8 pp. INTEREST RATES AND MONETARY POLICY. Sept. 1962. 28 pp. MEASURING AND ANALYZING ECONOMIC GROWTH. Aug. 1963. 14 pp. U.S. BALANCE OF PAYMENTS IN 1962. Oct. 1962. 8 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also 14 pp. similar reprint from Mar. 1963 Bull.) A NEW LOOK AT THE FARM DEBT PICTURE. Dec. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 1962. 18 pp. 11pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Table Acceptances, bankers', 1282, 1284 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1276, 1278 Adjusted, and currency, 1271 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 1265, 1272, 1277. 1280, 1284 claims): Federal Reserve Banks, 1266, 1335 Banks and the monetary system, consoli- Postal savings, 1265, 1271 dated, 1271 Discount rates, 1264, 1339 Corporate, current, 1296 Discounts and advances by Federal Reserve Domestic banks, by classes, 1272, 1276, Banks, 1260, 1266, 1268 1278, 1284 Dividends, corporate, 1295, 1296 Federal Reserve Banks, 1266 Dollar assets, foreign, 1327, 1335 Automobiles: Consumer instalment credit, 1300, 1301, 1302 Earnings and hours, manufacturing industries, 1311 Production index, 1304, 1305 Employment, 1308, 1310, 1311 Bankers' balances, 1277, 1279 Farm mortgage loans, 1297, 1298 (See also Foreign liabilities and claims) Federal finance: Banking structure data, 1320 Cash transactions, 1286 Banks and the monetary system, consolidated state- Receipts and expenditures, 1287 ment, 1271 Treasurer's balance, 1286 Banks for cooperatives, 1291, 1292 Federal home loan banks, 1291, 1292, 1299 Bonds (See also U.S. Govt. securities): Federal Housing Administration, 1291, 1292, New issues, 1292, 1293, 1294 1297, 1298, 1299 Prices and yields, 1282, 1283 Federal intermediate credit banks, 1291, 1292 Brokers and dealers in securities, bank Federal land banks, 1291, 1292 loans to, 1276, 1278 Federal National Mortgage Assn., 1291, 1292, 1299 Business expenditures on new plant and equip- Federal Reserve Banks: ment, 1296 Condition statement, 1266 Business indexes, 1308 U.S. Govt. securities held by, 1260, 1266, Business loans (See Commercial and industrial loans) 1268, 1288, 1289 Federal Reserve credit, 1260, 1266, 1268 Federal Reserve notes, 1266, 1269 Capital accounts: Federally sponsored credit agencies, 1291, 1292 Banks, by classes, 1272, 1277, 1280 Finance company paper, 1282, 1284 Federal Reserve Banks, 1266 Financial institutions, loans to, 1276, 1278 Carloadings, 1308 Float, 1260 Central banks, foreign, 1324, 1339 Flow of funds/saving, 1318 Coins, circulation of, 1269 Foreign central banks, 1324, 1339 Commercial banks: Foreign currency operations, 1266, 1268, 1326, 1334 Assets and liabilities, 1272, 1275, 1276 Foreign deposits in U.S. banks, 1260, 1266, 1271, Consumer loans held, by type, 1301 1277, 1280, 1335 Number, by classes, 1272 Foreign exchange rates, 1340 Real estate mortgages held, by type, 1297 Foreign liabilities and claims: Commercial and industrial loans: Banks, 1328, 1330, 1331, 1333, 1335 Commercial banks, 1276 Nonfinancial concerns, 1336 Weekly reporting member banks, 1278, 1281 Foreign trade, 1338 Commercial paper, 1282, 1284 Condition statements (See Assets and liabilities) Gold: Construction, 1308, 1309 Certificates, 1266, 1269 Consumer credit: Earmarked, 1335 Instalment credit, 1300, 1301, 1302, 1303 Net purchases by U.S., 1326 Noninstalment credit, by holder, 1301 Production, 1325 Consumer price indexes, 1308, 1314 Reserves of central banks and govts., 1324 Consumption expenditures, 1316, 1317 Reserves of foreign countries and international Corporations: organizations, 1327 Sales, profits, taxes, and dividends, 1295, 1296 Stock, 1260, 1271, 1326 Security issues, 1293, 1294 Govt. debt (See U.S. Govt. securities) Security prices and yields, 1282, 1283 Gross national product, 1316, 1317 Cost of living (See Consumer price indexes) Currency in circulation, 1260, 1269, 1270 Hours and earnings, manufacturing industries, 1311 Customer credit, stock market, 1283, 1322 Housing starts, 1309 Debits to deposit accounts, 1268 Industrial production index, 1304, 1308 Demand deposits: Instalment loans, 1300, 1301, 1302, 1303 Adjusted, banks and the monetary system, 1271 Insurance companies, 1285, 1288, 1289, 1298 Adjusted, commercial banks, 1268, 1270, 1277 Insured commercial banks, 1274, 1276 Banks, by classes, 1265, 1272, 1280 Interbank deposits, 1265, 1272, 1277 Turnover of, 1268 Interest rates: Type of holder, at commercial banks, 1277 Bond yields, 1282 Department stores, 1308, 1312, 1313 Business loans by banks, 1281 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 FEDERAL RESERVE BULLETIN • SEPTEMBER 1963 Interest rates—Continued Reserves—Continued Federal Reserve Bank discount rates, 1264 Foreign countries and international organiza- Foreign countries, 1338, 1339 tions, 1327 Open market, 1282, 1338 Member banks, 1260, 1262, 1265, 1277, 1279 Stock yields, 1282 Residential mortgage loans, 1297, 1298, 1299 Time deposits, maximum rates, 1265 International capital transactions of the U.S. 1328 Sales finance companies, consumer loans of. 1300. International institutions, 1324, 1326, 1327 1301, 1303 Inventories, 1316 Saving: Investment companies, new issues, 1294 Flo w-of-funds series, 1318 Investments (See also specific types of investments): National income series, 1317 Banks, by classes, 1272, 1276, 1279, 1284 Savings deposits (See Time deposits) Commercial banks, 1275 Savings institutions, principal assets, 1284, 1285 Federal Reserve Banks, 1266, 1268 Savings and loan assns., 1285, 1289, 1298 Life insurance companies, 1285 Securities (See also U.S. Govt. securties): Savings and loan assns., 1285 Federally sponsored agencies, 1291 International transactions, 1334, 1335 Labor force, 1310 New issues, 1292, 1293, 1294 Loans (See also specific types of loans): Silver coin and silver certificates, 1269 Banks, by classes, 1272, 1276, 1278, 1284 State member banks, 1274 Commercial banks, 1275 State and local govts.: Federal Reserve Banks, 1260, 1266, 1268 Deposits of, 1277, 1280 Insurance companies, 1285, 1298 Holdings of U.S. Govt. securities, 1288, 1289 Insured or guaranteed by U.S., 1297. 1298. 1299 New security issues, 1292, 1293 Savings and loan assns., 1285, 1298 Ownership of obligations of, 1276, 1284, 1285 Prices and yields of securities, 1282, 1283 Stock market credit, 1283, 1322 Manufactures, production index, 1305. 1308 Stocks: Margin requirements, 1265 New issues, 1293, 1294 Member banks: Prices and yields, 1282, 1283 Assets and liabilities, by classes, 1272. 1276 Borrowings at Federal Reserve Banks, 1262. Tax receipts, Federal, 1287 1266, 1280 Time deposits, 1265, 1270, 1271, 1272. 1277. 1280 Deposits, by classes, 1265 Treasurer's account balance, 1286 Number, by classes, 1273 Treasury cash, 1260, 1269, 1271 Reserve requirements, 1265 Treasury currency, 1260, 1269, 1271 Reserves and related items, 1260 Treasury deposits. 1260, 1266, 1286 Weekly reporting series, 1278 Mining, production index, 1305, 1308 Money rates (See Interest rates) Unemployment, 1310 Money supply and related data, 1270 U.S. balance of payments, 1337 Mortgages (See Real estate loans) U.S. Govt. balances: Mutual savings banks, 1271. 1272. 1274, 1284. Commercial bank holdings, by classes, 1277, 1280 1288, 1289, 1297 Consolidated monetary statement, 1271 Treasury deposits at Federal Reserve Banks, 1260, 1266, 1286 National banks, 1274 U.S. Govt. securities: National income, 1316, 1317 Bank holdings, 1271, 1272. 1276, 1279 National security expenditures, 1287. 1316 1284, 1288, 1289 Nonmember banks. 1274, 1276, 1277 Dealer transactions, positions, and financing, 1290 Federal Reserve Bank holdings, 1260, 1266, Payrolls, manufacturing, index, 1308 1268, 1288, 1289 Personal income, 1317 Foreign and international holdings, 1266, Postal Savings System, 1265, 1271 1327, 1335 Prices: International transactions, 1334 Consumer, 1308, 1314 New issues, gross proceeds, 1293 Security, 1283 Outstanding, by type of security, 1288. Wholesale commodity, 1308, 1314 1289, 1291 Production, 1304, 1308 Ownership of, 1288, 1289 Profits, corporate, 1295, 1296 Prices and yields, 1282, 1283 United States notes, outstanding and in circulation, 1269 Real estate loans: Utilities, production index. 1305, 1308 Banks, by classes, 1276, 1284, 1297 Type of holder, 1297, 1298, 1299 Vault cash, 1260, 1265, 1277 Type of property mortgaged, 1297, 1298. 1299 Reserve requirements, member banks. 1265 Veterans Administration, 1297, 1298, 1299 Reserves: Central banks and govts., 1324 Commercial banks, 1277 Weekly reporting member banks, 1278 Federal Reserve Banks. 1266 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 (p 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