Federal Reserve Bulletin, 1963-10

FEDERAL RESERVE B U LLETIN October 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 The U.S. Balance of Payments, 1961-63 1349 Study of the International Monetary System 1357 The Open Market Policy Process 1359 Statements to Congress 1371 Law Department 1389 Announcements 1393 National Summary of Business Conditions 1398 Guide to Tabular Presentation 1400 Financial and Business Statistics, U.S. (Contents on p. 1401) 1402 International Financial Statistics (Contents on p. 1469) 1470 Board of Governors and Staff 1488 Open Market Committee and Staff; Federal Advisory Council 1489 Federal Reserve Banks and Branches 1490 Federal Reserve Board Publications 1491 Index to Statistical Tables 1493 Map of Federal Reserve System Insideback cover Volume 49 * Number 10 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, Parguay, 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. Greup 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

A NEW RISE in imports of materials ac- PAYMENTS BALANCE large in first half of 1963 companied the fresh advance in industrial with rise in capital outflow production this spring and summer, with Billions of dollars very little lag. Exports also rose. The com- Annual rates mercial trade balance was not much changed, but strong foreign demand for EXPORTS OF GOODS U.S. capital and credit adversely affected the U.S. balance of payments in the first half of the year. Since domestic economic activity began to expand from its recession low in early 1961, total imports of goods have risen from OTHER NET PAYMENTS'*" an annual rate of about $13.5 billion to a rate approaching $17.5 billion this summer. Much of this rise occurred in the initial recovery in 1961. As economic expansion OVER-ALL BALANCE* continued in 1962, inventory investment eased, domestic industrial output of mate- 1959 1961 1963 rials stabilized, and imports rose more * Over-all balance is before receipts from special Gpvt. slowly than before. Toward the end of last transactions, and other net payments exclude the receipts from these transactions. year and early this year imports fell off a NOTE.—Dept. of Commerce balance of payments data, seasonally adjusted. little. But the recent advance brought them by June-August to an average rate about rose from just over $19.5 billion (exclud- 8 per cent above their level in the summer ing military sales) to about $21.5 billion, of 1962. annual rates. Private investment income U.S. exports this year have responded to from abroad increased relatively even more, rising foreign demands. In the past 6 months from a rate under $3.5 billion to a rate of expansion of economic activity in foreign $4 billion in the first half of 1963. industrial countries has accelerated, and ad- The trade balance in the first half of this vances in demand and output have been year was about as favorable as last year as more general than at any time since 1960. the chart shows. But the over-all payments But higher U.S. exports this year have also deficit—before counting special Governreflected increased financing of exports to ment transactions—was at a rate much nonindustrial areas by Government loans higher than the $3.6 billion registered for and grants. the year 1962. Foreign demand for U.S. Altogether, from the first half of 1961 capital and credit was very heavy, and it to June-August of this year, U.S. exports increased in the second quarter. This de- 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1350 FEDERAL RESERVE BULLETIN • OCTOBER 1963 mand came from Canada, Europe, and circumstances—such as a steel strike—may Japan. alter temporarily the demand for imports. In July and August both the capital outflow on new foreign security issues and the outflow of bank credit were reduced, and for the third quarter the over-all payments balance was markedly smaller than in the first half of the year. The over-all balance in the first 9 months of 1963 was covered in minor part by a rise in the dollar holdings in the United States of foreign commercial banks, but there were large increases in the holdings of foreign monetary authorities—both of shortterm assets in the United States and of nonmarketable medium-term U.S. Government securities. U.S. gold reserves declined by $420 million, compared with $890 million in the full year of 1962. TRENDS AND CYCLES IN IMPORTS Noxii.—Dept. of Commerce data on imports by end-use categories, seasonally adjusted by Federal Reserve, at annual rates; materials are industrial supplies and materials, excluding Of all the components of the U.S. balance petroleum and products. Production indexes, seasonally adjusted. Latest figures shown: second quarter. of payments, payments for imports are the most directly related to variations in the Materials. The influence of the domestic tempo of economic activity in the United cycle on imports is invariably greatest on States. A large decline in imports during the imports of industrial supplies. These imrecession from the first half of 1960 proports, other than petroleum, now make up duced a temporary improvement in the about 40 per cent of the import total, and trade balance at that time, and the sharp they have gone through wide swings in the recovery in imports in the summer of 1961 cycle. Unlike imports of most industrial caused a new worsening of the balance. supplies, petroleum and fuel oil, which con- However, neither the long-run trends of stitute about 11 per cent of total imports, imports nor their fluctuations in the ecohave been rising fairly steadily at a rate of nomic cycle depend solely on movements about 7 per cent a year under the quota sysof domestic output and income. Gradual tem started in 1959. shifts occur in the competitive positions of The trend over the past 10 years of imforeign and domestic producers, sometimes appearing as shifts in relative costs and ports of industrial supplies excluding petroprices and sometimes simply as changes in leum, measured in either value or volume, the availability of supplies or improvement has been even flatter than that of domestic of product design. All these factors play a production of materials, which had a growth role in determining the rate at which imports rate of about 3 per cent in physical volume. increase. Also, during briefer periods special But the swings in the cycle have been par- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF PAYMENTS, 1961-63 1351 ticularly sharp for imports. In the period of Imports of nonfood consumer goods now rapid recovery and advance from the first make up 17 per cent of total imports, comhalf of 1961 to the first half of 1962, im- pared with only 7 per cent 10 years ago. ports of industrial supplies, excluding pe- Their 250 per cent rise in the decade controleum, increased in volume by 28 per cent trasts with slow growth in U.S. imports of and in value by 25 per cent. foods and beverages. Import value in the Immediately after this initial rapid in- latter group has fluctuated considerably crease, imports of materials fell off a little with changes in prices for commodities such in the second half of last year, in contrast to the latter part of 1959, when demand for steel imports was swollen by the U.S. steel strike and average prices of imported materials were rising rather than falling. The leveling off in imports of materials last year, and the leveling off of domestic industrial production of materials, reflected the cautious inventory policies of U.S. industry in recent years. Domestic output of materials was relatively low in the second half of last year, if compared with the output of final products. Business purchases of materials, imported and domestically produced, seem in general to have risen in 1961-62 enough to check declines in stocks and to cover rising consumption, but they do not appear to have led to large new accumulations of stocks in 1962. This year, starting in February, domestic NOTE.—Imports, same source as preceding chart. GNP expenditures, Dept. of Commerce seasonally adjusted data. I atcst production of steel and other materials again figures shown: second quarter. rose sharply to a peak in July and then fell as coffee and sugar and with changes in off a little in the next 2 months. The course meat and livestock market conditions, but of imports of industrial supplies excluding petroleum was obscured during the early food now accounts on the average for only months of the year by delays in arrivals 20 per cent of the total value of imports, a due to the January port strike, but by June- smaller proportion than in earlier years. August these imports were 7 per cent above Among nonfood consumer imports, those their year-earlier level. of automobiles and parts have remained Consumer goods. Upward trends in im- well below their record 1959 volume in the ports over the past 10 years have been past 3 years, but during 1961 and 1962 sharpest for nonfood consumer goods and they gradually increased. Regardless of for capital equipment. Since mid-1962, whether autos are included or excluded, however, neither group has shown so large total imports of nonfood consumer goods an increase as in previous periods of rising appear to have increased very little from domestic incomes. mid-1962 to the spring of 1963. In previous Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

BALANCE OF PAYMENTS, 1961-63 1353 declines in exports to Japan and Britain exceptionally large in the preceding half partially offsetting increases in sales to Can- year, fell off considerably. In 1962, outflows ada. This year advances have been general. of U.S. short-term capital were sharply In June-August, total exports to these areas lower, while an uptrend began to develop were more than 10 per cent higher on a in the net outflow of U.S. and foreign longseasonally adjusted basis than they were in term capital. From an annual rate of $5 the second half of last year. billion in the second half of 1960 and $4 U.S. exports to Latin America continued billion in 1961, the net recorded outflow to decline last year. Exports to other less of the two types declined to $3 billion in industrialized countries rose and have re- 1962. mained high this year. However, this rise— Net unidentified payments remained in measured over the 2-year interval from the 1961 and 1962 at the $1 billion annual first half of 1961—was more than matched by a rise in gross outflow of U.S. Govern- RECORDED CAPITAL OUTFLOWS my high ment grants and loans to these countries. it first ball of 1963 Changes in foreign demand and in U.S. economic aid have brought sizable fluctuations in the commodity composition of U.S. exports during the past 3 years. Exports of industrial supplies were declining through last year, but they have risen in 1963—partly v /\ yl with the help of Government aid financing. Exports of capital equipment were u. s. rising until mid-1962, then declined, and in . SHORT-TERM the first half of this year they regained their year-earlier level. Food shipments to • UNIDENTIFIED Western Europe were relatively large in the TRANSACTIONS 1961-62 crop year, and shipments of food I960 1961 1962 1163 to other areas under Government aid pro- NOTE.—Semiannual totals of Dept. of Commerce seasonally grams were large in the first half of 1963. adjusted quarterly data. Long-term capital outflows are net of recorded inflows of foreign private capital other than into Exports of nonfood consumer goods, liquid assets in the United States. Unidentified transactions include other kinds of transactions as well as unidentified constituting about 6 per cent of all exports, capital flows. Data for first half 1963 are preliminary. have been fairly stable in total. This year there has been a small but significant gain rate to which they first rose in the second in sales to Europe, while sales of such goods half of 1960. These payments, which probto Canada appear to have been adversely ably include some unrecorded capital flows, affected by the depreciation of the exchange fluctuated widely from the first to the secrate which culminated in the establishment ond half of last year. They were swollen of a new par value in April 1962. in the latter period by a return flow of funds to Canada as the Canadian exchange crisis PRIVATE CAPITAL OUTFLOWS was resolved. Before recovery had gone very far in 1961, Simultaneously with the acceleration in net private capital outflows, which had been U.S. economic activity this year—but for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1354 FEDERAL RESERVE BULLETIN • OCTOBER 1963 reasons largely unrelated to it—the net re- policies of the Canadian authorities will corded outflow of capital in the first half of result in substantial reduction in Canadian 1963 rose again to a rate of nearly $5 bil- borrowing from recent high levels. lion. An upsurge in outflow on new security issues, which had started in late 1962, con- U.S. SHORT-TERM CAPITAL tinued in the first half of this year. Direct Throughout the expansion period since investment abroad was maintained at a high 1961, the pressure of domestic demand for level, and in the second quarter net outflows capital against the available supply of savof bank credit and of funds for short-term ings funds has remained moderate. And investment abroad resumed on a substantial throughout this period bank credit has been scale. In the second quarter, despite an inreadily available to domestic borrowers. flow on unidentified transactions, the higher Thus the decline in U.S. short-term capital recorded capital outflows pushed the over- outflow in 1962, and its new increase this all payments balance before receipts from year, must be explained by forces other than special Government transactions close to the moderate changes in availability that the peak rate reached in the last quarter occurred in this period. of 1962. Liquid investments abroad. Part of the de- In July the Board of Governors approved cline in the recorded outflow of short-term an increase in the discount rate from 3 to capital in 1962 was in the placement of 3Vz per cent, and it increased to 4 per cent liquid investments abroad. This reflected the maximum interest rate that member primarily decreased outflow into time debanks are permitted to pay on time deposits posits in Canadian banks denominated in and certificates with maturities of from 90 U.S. dollars, which had been about $400 days to 1 year. These actions were taken million in 1961. Recorded outflows into to minimize short-term outflows prompted money market assets in foreign currencies, by higher interest rates prevalent in other temporarily large in 1960 when they totaled countries. $350 million, have since been small. Federal At the same time the Administration Reserve actions and U.S. Treasury debt manproposed that Congress enact a temporary agement policies designed to minimize tax on foreign securities (except those of downward pressure on money market rates economically less developed countries) pur- in this country have helped prevent the rechased from foreigners before the end of emergence of wide gaps between money 1965. For new foreign bond issues by in- market rates here and abroad such as dedustrialized countries, the tax would have veloped in 1960. the effect of increasing the interest cost by In the second quarter of 1963 recorded about 1 percentage point per annum. The net outflows of U.S. funds into short-term proposed bill provides that the President liquid investments abroad were about $200 may make a limited or general exemption for million, but they declined sharply in July new security issues of any country if applica- and August. The July increases in Federal tion of the tax would imperil international Reserve discount rates and in the maximum monetary stability. The Treasury has indi- interest rate payable on time deposits apcated that it would recommend such an ex- pear to have helped to reduce the outflow. emption for Canada in the expectation that However, the effects of these actions on in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF PAYMENTS, 196163 1355 terest-rate differentials were offset to some ing interest of U.S. investors in new issues extent by firming of rates in foreign money of foreign securities and a gradually rising markets, especially in Canada. Rates for outflow on direct investment abroad. U.S.-dollar time deposits in European banks New security issues. The swelling volume also rose, but by less than the increase in of new foreign security issues in the U.S. U.S. rates. market from the autumn of 1962 to mid- Short-term bank credit. Outflows of U.S. 1963 reflected a resurgence of borrowing bank credit to foreigners are at times in- by Canada and a rising volume of new fluenced by the liquidity of the domestic issues by Japan and by European countries. banking system, but variations in outflow In the first half of 1963 the outflow reached appear much more to reflect changes in $1 billion, as much as the total for last year conditions in borrowing countries. For ex- and about twice the total for 1961. Since the ample Japan, which has been the largest announcement of the proposed interest foreign borrower from U.S. banks in recent equalization tax, there have been virtually years, drew heavily on acceptance credits no reports of new foreign issues being schedin 1960 and 1961 to finance rapidly rising uled. This may reflect in part uncertainties imports, and then in late 1961 and the pending passage of the bill. early part of 1962 borrowed on 1-year loans Canadian issues have long been regarded for balance of payments support. The total by U.S. investors as very close substitutes net extension of U.S. bank credit to for- for domestic corporate bonds in investment eigners in 1961 was $1 billion. portfolios. Other foreign issues have gained From the spring of 1962 to early this U.S. investor acceptance gradually in reyear, a period in which U.S. banks had cent years. The increased U.S. purchases of relatively large net free reserves, there was foreign issues in the past year and a half no net extension of U.S. bank credit to may have reflected the same investor in- Japan, and the total net outflow of short- terest in higher yielding assets that contribterm bank credit to all foreigners was small. uted to growing investments in domestic However, beginning last spring Japan again mortgages during this period. And the nardrew on acceptance credits from U.S. rowing spread between yields on high-grade banks, as the country's production and im- foreign bond issues and U.S. corporate ports rose. bonds that developed last spring may be Total outflow of U.S. short-term bank analogous to the narrowing spread between credit for commercial purposes rose to $200 mortgage rates and yields on corporates. million in the second quarter of 1963 and Outstanding securities. Foreign long-term in addition at midyear there was a tempo- investment in the United States in recent rary extension of more than $100 million years has consisted mainly of net purchases in credits to European banks for "window of U.S. corporate stocks. Foreigners began dressing" of balance sheets. adding again to their holdings of U.S. stocks in early 1961 as the first signs of recovery LONG-TERM CAPITAL appeared. From about $300 million in the Net outflows of long-term capital have first half of 1961, foreign purchases deaveraged $2.25 billion annually in recent clined through early 1962. They dropped years. They have reflected primarily a grow- off sharply in June 1962, as stock prices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 FEDERAL RESERVE BULLETIN • OCTOBER 1963 fell in this country and abroad. Foreign pur- and reached an annual rate of $1.8 billion chases resumed only in the spring of 1963, in the first half of 1963. when the British Treasury purchased U.S. More than half of the direct investment stocks to replenish and diversify its share outflow in the past 2 years has been to holdings, following sale to an international European countries. A large share of direct oil company of a large amount of capital investments abroad in recent years have stock held in the British Treasury's investbeen in petroleum industries and in auto ment portfolio. manufacturing. Investments in petroleum In October, the President appointed a have included substantial outlays for refintask force to study ways to promote foring facilities, particularly in Europe. Direct eign investment in U.S. corporate securities. investments in manufacturing generally, as U.S. residents' net purchases of outstandwell as in auto manufacturing in particular, ing foreign securities, also mainly of equity have been concentrated in developed counsecurities, rose to a peak of $200 million in tries. the second half of 1961 according to statis- Plans for investment projects are customtics that are probably incomplete. The outarily made well in advance of the actual flow was very small during most of 1962, start of the project, but financing arrangebut it increased again to $100 million (inments may to some extent be adjusted accluding bonds) in the first half of 1963. cording to relative availabilities of funds U.S. direct investment. U.S. direct investhere and abroad. Thus, the recent high rate ment abroad at the start of the current peof U.S. direct investment outflow to Europe, riod of economic expansion in the United which reflects a peak rate of plant and equip- States was at a rate of $1.6 billion a year, ment expenditures, may also reflect in part after having risen gradually from $1.2 bilthe ample liquidity of the U.S. parent comlion in 1958. Apart from a substantial spurt panies and an increased willingness on their in late 1960 when a U.S. auto manufacturer made a major investment in Europe, this part to have foreign affiliates borrow workrise had been quite steady. After slowing a ing capital through dollar advances instead little in early 1962, the outflow rose again of local currency loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Study of the International Monetary System The main industrial member countries of viewed the functioning of the international the International Monetary Fund, in an ex- monetary system now and in the future in change of letters dated December 15, 1961, the light of their common aims as reflected agreed on general arrangements under in the Fund's Charter. which they stand ready to lend their cur- "2. They agreed that the removal of the rencies to the Fund up to specified amounts imbalances still existing in the external acwhen supplementary resources are needed counts of some major countries was the most to forestall or cope with an impairment of the important objective to be pursued over the international monetary system. The Execu- near future. For this reason they welcomed tive Directors of the Fund, on January 5, the recent efforts of certain deficit countries 1962, adopted terms and conditions giving to improve their balances of payments, as effect to these arrangements. The United well as actions by a number of countries States participates in the arrangements by designed to reduce or remove surpluses, as virtue of an Act of Congress of June 19, evidence of progress toward a better basic 1962. international equilibrium. The Ministers Representatives of the 10 participating and Governors reaffirmed the objective of countries have met from time to time to reaching such balance at high levels of ecodiscuss matters of common interest. After nomic activity with a sustainable rate of their meeting on October 2, 1963, held economic growth and in a climate of price in conjunction with this year's annual stability. meeting of the Fund, the Secretary of the "3. In examining the functioning of the Treasury issued the following statement on international monetary system, the Ministers behalf of the group of the 10 participating and Governors noted that the present nacountries: tional reserves of member countries, supple- "1. In the course of the annual meeting mented as they are by the resources of the of the International Monetary Fund, the IMF, as well as by a network of bilateral Ministers and Central Bank Governors of facilities, seemed fully adequate in present the 10 countries (Belgium, Canada, France, circumstances to cope with possible threats Germany, Italy, Japan, the Netherlands, to the stability of the international payments Sweden, the United Kingdom and the system. In this connection, the Ministers United States) participating in the agree- reviewed the "General Arrangements to Borment of December 1961 to supplement the row" in the International Monetary Fund resources of the International Monetary and reiterated their determination that these Fund met in Washington, together with Mr. resources would be available for decisive Pierre-Paul Schweitzer, Managing Director and prompt action. of the Fund. In this meeting, they discussed "4. In reviewing the longer-run prospects, the international payments situation and re- the Ministers and Governors agreed that the 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1358 FEDERAL RESERVE BULLETIN • OCTOBER 1963 underlying structure of the present monetary In his concluding statement to the annual system—based on fixed exchange rates and meeting of the Fund's Board of Goverthe established price of gold—has proven its nors on October 1, 1963, Mr. Pierre-Paul value as the foundation for present and fu- Schweitzer, the Fund's Managing Director, ture arrangements. It appeared to them, made the following observations about the however, to be useful to undertake a thor- need for study of the international monetary ough examination of the outlook for the system and the relationship of the Fund functioning of the international monetary itself to such inquiry: system and of its probable future needs for "In my view the members of the Fund, liquidity. This examination should be made taken as a whole, are not at present being with particular emphasis on the possible prevented from adopting or carrying out magnitude and nature of the future needs for desirable policies by any shortage of interreserves and for supplementary credit fa- national liquidity. But it is wise and prudent cilities which may arise within the frame- to look into the future to consider what difwork of national economic policies effec- ficulties might arise and to devise ways of tively aiming at the objectives mentioned in meeting them. This has been the habit of paragraph 2. The studies should also ap- the Fund. All the main developments in the praise and evaluate various possibilities for policies and practices of the Fund, whether covering such needs. it be quota increases, drawing policies, the "5. The Ministers and Governors have General Arrangements to Borrow or Comnoted with approval the statement by the pensatory Financing have been preceded Managing Director that the International by long periods of study which have laid the Monetary Fund will develop and intensify foundation for positive action. In the comits studies of these long-run questions. They, ing year the Fund will develop and intensify for their part, have now instructed their its studies regarding international liquidity, Deputies to examine these questions, and to the functioning of the international monereport to them on the progress of their tary system, and the effective role of the studies and discussions over the course of the Fund in this field. At the same time there is coming year. They requested the Deputies in a wholly understandable interest in this imcarrying out these studies to maintain close portant range of problems which extends working relations with the International beyond the Fund, and I have no doubt that Monetary Fund and with other international other bodies, groups of countries and inbodies concerned with monetary matters. dividual members will be engaged on similar Any specific suggestions resulting from the inquiries. We welcome all forms of internastudies by the Deputies will be submitted tional cooperation in this field, and I am sure to the Ministers and Governors for con- the efforts of the Fund will be helpful to all sideration. members who are engaged in the important "6. The Ministers and Governors believe task of subjecting to critical examination the that such an examination of the international international monetary system. It is a system monetary system will further strengthen in- which is serving us well but which can withternational financial cooperation, which is out doubt over the years be even better the essential basis for the continued success- equipped to meet the needs and stresses ful functioning of the system." which may develop in the future." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Open Market Policy Process by PETER M. KEIR Those concerned with the study and eval- material by describing in some detail the uation of reserve banking policy often ask Federal Reserve decision-making process— how and on what basis the Federal Reserve particularly as it applies to the formulation System makes its decisions on monetary and execution of open market policy, which policy. A large number of Federal Reserve is at the center of the process. The article publications have discussed the broad goals was prepared initially as a new chapter for of monetary policy and the general economic the fifth edition of The Federal Reserve and financial developments that influence, System: Purposes and Functions, to be puband are influenced by, the ways in which the lished by the Board of Governors later this instruments of monetary policy are used. autumn, but a few modifications have been The article that follows supplements this made here to make the article self-contained. The process by which reserve banking ing, total output and employment, the genpolicy influences the economy begins with eral level of prices, and international trade changes in the availability and cost of mem- and capital flows—come to be influenced. ber bank reserves. The Federal Reserve can At all times, however, financial condiinitiate such changes through its open mar- tions, domestic economic activity, and the ket operations, through changes in the rate balance of international payments are inat which it discounts paper for banks, and— fluenced by many underlying forces that within limits—through changes in the re- make themselves felt independently of monserve requirements of member banks. etary actions. Thus, while the Federal Re- Changes in the availability and cost of re- serve undertakes to direct its policy toward serves are reflected immediately in money attainment of orderly economic progress market conditions. Their influence spreads and a stable dollar, these objectives cannot to bank credit and money, to interest rates be reached through monetary policy alone. in markets for longer-term debt, and to the entire range of spending financed by bor- COMPLEXITIES OF POLICY-MAKING rowed funds. In the end the ultimate targets The policy process in reserve banking inof policy actions—total income and spend- volves a continuing assessment of changing NOTE.—Because this article endeavors to present In addition, the author benefited particularly from an authoritative and full description of Federal Re- suggestions by Stephen H. Axilrod, Senior Econserve open market policy formulation and operations, omist in the Banking Section of the Board's Division it has drawn upon the knowledge and experience of of Research and Statistics, and by the following many officials in the System, and it has been exten- officials at the Federal Reserve Bank of New York: sively reviewed. Ralph A. Young, Adviser to the George Garvy, Senior Economic Adviser; Robert W. Board of Governors and Secretary to the Federal Stone, Vice President, and Manager of the System Open Market Committee, provided guidance at all Open Market Account; and Peter D. Sternlight, Manstages of its preparation. ager in the Securities Department. 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1360 FEDERAL RESERVE BULLETIN • OCTOBER 1963 economic developments and takes full ac- levels of interest rates—which, if it could be count of the interaction of monetary meas- attained, might insure continuous realization ures and forces outside the monetary sphere. of optimum conditions in output, employ- For instance, when the performance of ment, and the balance of payments. Neither the economy or of the balance of inter- experience nor a consensus of economic national payments has been falling short theory, however, has indicated any single of longer-range objectives, Federal Reserve norm for policy guidance. Rather, the Sysauthorities must decide whether and to tem must consider changes in all indicators, what extent changes in the financial vari- financial and nonfinancial, that help to exables more directly affected by monetary plain recent economic tendencies, that shed action—namely, the pace of bank credit and light on likely future developments, and that monetary growth, and levels of interest rates reflect the stance of monetary policy in rela- —can help to improve the situation. They tion to other influences on the economy. must also decide whether changes in other Policy-makers thus place a high priority forces—including other public policies—are on comprehensive, dependable, and timely working or may work to remedy the short- economic intelligence. A wide range of infall. If it seems appropriate to change the formation, both statistical and qualitative, is pace at which bank credit and the money available for use in making such judgments, supply are growing or to change prevailing and methods of economic analysis are much interest rates, then the policy-makers must advanced over earlier periods. decide by how much and with what timing Even so, opinions differ on how the to adjust the reserve base of member banks available information should be interpreted. so that monetary action will encourage the These differences arise because there are still change desired. important gaps in the data and because the Judgments of this kind call for full analy- information that is available currently does sis of all relevant information about the not fully reveal emerging economic develdomestic economic and credit situation, the opments in the domestic and international flows being generated in international pay- spheres. In addition, different participants in ments, and the major forces affecting the the decision-making process may attach difworld economy generally. Hence in arriv- ferent weights to the various elements in an ing at policy decisions the Federal Reserve evolving situation—not only among domesconsiders a spectrum of guides. These range tic factors but as between domestic and infrom ultimate goals for output, employment, ternational. average prices, and the balance of payments In this complex economic world—in to the more immediate objectives, such as which data tend to run somewhat behind bank reserve availability, which transmit Sys- events and in which the effects of changes tem policy to money market conditions and in Federal Reserve policy work themselves interest rates, bank credit, and the money out over time—adaptations in policy tend supply. to be taken step by step. In that way, they It would be easier for the System to make can be readily modified or reversed, if necdecisions on policy if there were a simple essary, as the future unfolds. This is espestatistical norm—such as a particular rate cially important at times when the strength of growth in the money supply or particular of perceivable trends is not clear or when Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE OPEN MARKET POLICY PROCESS 1361 there is strong interaction between domestic cies—are carried out under policy directives and international economic developments. of the Federal Open Market Committee.1 Nevertheless, situations may arise that The Committee's procedures and pracclearly call for rapid and forceful policy tices have varied over the years along with measures. In these circumstances, too, the the changing focus of the issues and probcontinuous nature of the policy process per- lems faced. The practices described heremits prompt response. after are those that have evolved out of past experience to meet present needs. As needs ROLE OF THE OPEN MARKET COMMITTEE change in the future and as knowledge increases further, current practices are likely Open market operations are the instrument to be modified. best suited to step-by-step adaptation of To keep open market policy constantly in monetary policy. They can be used subtly to touch with the monetary and credit needs of initiate small policy actions or aggressively the economy and with the international ecoto carry out large changes in reserves over relatively short periods of time. They are nomic position of the country, the Commitcontinuous in nature, can be undertaken tee has found it essential to meet often, quickly, and are well adapted to ready usually every 3 weeks. The primary purpose modification and reversal, if necessary. In of these meetings is to develop a policy conpractice, therefore, open market operations sensus that can be formulated into operating normally take the lead in general monetary directives to the Manager of the System Open policy implementation, with changes in the Market Account and the Special Manager discount rate and in required reserve ratios for foreign currency operations. In addition, being used more often to supplement and the meetings are a forum for discussion of reinforce this initiative. the use of all instruments of monetary policy Most open market operations are transacted in domestic securities—mainly U.S. 1 The Committee consists of the seven members of Government issues, and to a limited ex- the Board of Governors together with the presidents tent bankers' acceptances. But since early of five of the Reserve Banks. The Chairman of the Board of Governors serves as Chairman of the Com- 1962 the Federal Reserve has also bought mittee, and the President of the Federal Reserve Bank and sold foreign currencies in the exchange of New York as Vice Chairman. The President of the New York Bank is a permanent member of the Commarkets and in direct transactions with mittee. The presidents of the other Reserve Banks foreign monetary authorities. The focus of rotate as members, with four being elected by the Reserve Banks voting in groups prescribed by law. foreign currency operations is on the or- Membership of these four is for 1 year. derly achievement of balance in the sup- To facilitate the execution of open market operations, all System holdings of Government securities ply of and demand for dollars in foreign and foreign currencies are pooled in a System Open exchange markets. These operations also Market Account. Each Reserve Bank participates in have some effect on the supply of domestic the holding and earnings of this Account. Operations in Government securities and foreign bank reserves, but their net impact has currencies authorized by the Open Market Committee usually been small, and any effect they may are undertaken by the Federal Reserve Bank of New York for the Open Market Account. Transactions in have is taken into account in the managedomestic securities are immediately directed and superment of domestic security operations. All of vised by the Manager of the Account, and those in foreign currencies by a Special Manager. Both men, in the System's open market operations—in addition to being officials of the FOMC, are officers of both domestic securities and foreign curren- the Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1362 FEDERAL RESERVE BULLETIN • OCTOBER 1963 against the background of over-all monetary nomic theories. Such analyses are helpful objectives. in the assessment of possible future trends. Decisions on changes in the use of policy In addition, Committee members receive instruments other than open market opera- regular reports from the Manager of the tions—discount rates and reserve require- System Open Market Account and the ments—are not made by the FOMC as such. Special Manager for foreign currency op- But since all policy instruments are closely erations. These reports—provided daily, related, views developed in Committee de- weekly, and in advance of each meeting— liberations are carried over into meetings of analyze developments in the domestic money the Board of Governors and of the Reserve and securities markets, in bank reserve posi- Bank presidents with their directors, where tions, and in foreign exchange markets. They actions on these other instruments are de- also provide a full review of System operacided. In this way Committee discussions tions against the background of Committee have a bearing on the coordinated use of objectives. all instruments. Before each meeting members of the Committee receive special staff reports that place developments since the preceding COMMITTEE PROCEDURES meeting in clear perspective. One of these Meetings of the FOMC are organized to fa- is a review of the key phases of the current cilitate wide discussion and careful assess- economic situation, domestic and internament of available information as part of the tional, prepared by the research staff of the process of coming to decisions on open mar- Board of Governors. It sets forth recent inket policy. To this end, all twelve of the Re- formation on the broad economic aggreserve Bank presidents attend the meetings gates that represent the ultimate targets of and participate in the discussion, although domestic policy—output, employment, inonly the five who are members vote on pro- come, and prices—and reviews changes in posed Committee actions. This arrangement such important factors as business investmakes the knowledge and information of the ment, housing, consumer outlays, and Goventire Federal Reserve System available to ernment finance that underlie movements the Committee. in these broad aggregates. In addition, it Background preparation. Between meet- reviews developments in key financial variings, members of the Committee are kept ables such as bank credit, money, and interinformed about late developments in the na- est rates, which are the proximate targets of tion's economy, in regional economies, and policy, and reports changes in the money in the balance of payments by the research market and bank reserve statistics that restaffs at the Board of Governors and at each spond most immediately to monetary policy of the Reserve Banks. Regular briefings are actions. Finally, it sets forth summary inforprovided in both oral and written form. mation on output and credit conditions Some of these staff reports stress only the abroad and the state of the U.S. balance of facts of recent changes. Others assess and payments. When special problems or prointerpret them in relation to past trends and posals relating to policy are under considerain terms of the key factors in economic cy- tion, Committee members usually receive cles and growth suggested by various eco- supplementary background papers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE OPEN MARKET POLICY PROCESS 1363 Organization. Meetings of the FOMC are judgments on current economic and finanheld at the Board of Governors building in cial conditions, and the Reserve Bank presi- Washington. The agenda for each meeting dents report any significant recent developis typically divided into two parts. One ments in the economies of their districts. focuses on foreign currency operations; the These summaries of regional conditions other on broader questions of general open are useful in interpreting over-all economic market policy. tendencies because they often help to spot The discussion of foreign currency opera- developments not yet reflected in statistical tions begins with an oral report by the Spec- series for the nation as a whole. Also, reial Manager of the Account. He reviews the ports by the Bank presidents reflect a spehighlights of recent foreign exchange market cial knowledge of banking developments obexperience and identifies situations likely to tained from supervision of member banks, require Committee attention or action before administration of the discount window, and the next meeting. After discussion of ques- other regular contacts with bankers and tions raised by his comments and recommen- business leaders, including their Bank's didations, the Committee takes whatever ac- rectors. tions may be needed to direct foreign cur- Each speaker states his view with regard rency operations until the next meeting. to policy, usually by indicating whether he The meeting then proceeds to a considera- believes that money market conditions and tion of general open market policy. Discus- the volume of reserves available to member sion begins with an oral report by the Ac- banks should be kept about the same or be count Manager. In this he outlines recent changed. Recommendations to shift toward and prospective System actions in the market more or less ease or restraint in open and reviews money and securities market market operations may include an expresdevelopments expected to be of special sig- sion of opinion as to the desirability of nificance to the Committee in the period a near-term change in the discount rate. In ahead. If Committee members have ques- addition, speakers typically relate any protions or reservations about the conduct of posals they may have concerning money open market operations in the interval since market conditions and bank reserves to the last meeting, they raise them at this point. broader financial variables such as interest The Committee then receives oral brief- rates, the pace of bank credit and monetary ings from its staff economists. These are growth, or other liquid assets. They also analytical and interpretive statements that assess these financial variables against trends draw out the significance and implications of in domestic economic activity and employthe more detailed written reports distributed ment, the level of prices, and the balance of in advance of the meeting. One statement international payments. When all members covers key developments in domestic busi- of the Committee have spoken, the Chairness; another, recent changes in domestic man summarizes the points of view expressed financial markets; and a third, recent devel- and the consensus that seems to have developments in the U.S. balance of payments. oped on open market policy. After the staff reports, each Board mem- Following such further comments as may ber and Bank president—nonvoting as well help to clarify differing points of view, atas voting—speaks in turn. Each presents his tention turns to the current policy directive, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1364 FEDERAL RESERVE BULLETIN • OCTOBER 1963 which expresses the Committee's judgment as the types of securities that may be bought as to the appropriate posture of monetary or sold, the procedures to be followed in policy for the period until the next meeting. transactions, and the conditions under which If the policy judgment that is reached calls repurchase agreements may be made with for a change in the directive, alternative dealers. The other is the current policy direcformulations are considered. Then a vote of tive voted at each meeting. This states the the Committee members is taken on that present objectives of open market policy and policy formulation which seems to express gives guidance, in light of the Committee's most satisfactorily the majority view. On discussions, to the Account Manager in imoccasion the wording of the directive will plementing Committee policy until the next be revised to acknowledge the short-run meeting. significance of some unexpected event or The current policy directive is revised condition such as the Suez crisis in late rather often. Revisions take account of 1956, the stock market break in May 1962, recent and prospective changes in the door the Cuban crisis in October 1962. De- mestic economy and the balance of payvelopments of this type may be deemed to ments, which may require alterations in open require specific recognition in the policy di- market policy. rective, even though basic policy remains With regard to foreign currency operaunchanged. tions, the policy aims of the Committee The directives of the FOMC to the Sys- relate to the international position of the tem Account Managers provide the central dollar as mirrored in the technical performbasis for the record of Committee policy ance of foreign exchange markets and to the actions that is published in the Annual Re- way in which the deficit or surplus in the ports of the Board of Governors. But more U.S. balance of payments is financed. When fundamentally they establish formal lines of the FOMC authorized operations in foreign policy direction from the 12-member policy- currencies in 1962, it defined the goals and forming Committee to the System Account character of this program in a detailed state- Managers, who execute day-to-day market ment. The statement, published by the Board operations. Thus, the directives, to be dis- in its Annual Report for 1962, explained the cussed in more detail in the next section, are purposes of foreign currency operations, the basis for policy execution, although the the types of currencies in which transac- Managers' understanding of the instructions tions could be conducted, the nature of inis enhanced by their presence at the Com- stitutional arrangements with central banks mittee's discussions. in other countries, and the administrative structure and procedures to be used for EXECUTION OF POLICY executing transactions. Over its history the Committee has changed At the same time the Committee adopted the form of its directives from time to time. a set of guidelines for foreign currency op- At present, instructions for open market erations. These define the circumstances in operations in domestic securities are con- which the System may acquire and hold tained in two directives. One is a "continu- foreign currencies and specify the purposes ing authority directive," which is reviewed for which it may engage in spot and forward at least once a year. It sets the technical exchange transactions. These rules guide limits on operations—indicating such things the Special Manager in his day-to-day op- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE OPEN MARKET POLICY PROCESS 1365 erations in foreign currencies. A continuing volume of checks in process of collection. authority directive, subject to change when As a result the System can bring about a appropriate, lists the particular foreign cur- desired change in the general availability of rencies in which he may operate, along with reserves to banks only if reserve changes the quantitative limits on various types of arising from these other factors have been transactions. fully allowed for. At least once a year—at its annual or- The task of taking into account changes ganization meeting in early March—the in these factors, together with normal sea- FOMC reviews all of its continuing direc- sonal movements in required reserves, is estives and operating procedures to make sure sentially an operating problem rather than they are consistent with the present needs a policy problem. It is a part of the Acand objectives of effective monetary policy. count Manager's job—with the help of the The balance of this article discusses the staffs at the Federal Reserve Bank of New factors taken into account in the wording York and the Board of Governors—to of the current policy directive and in the detect such variations and to make prompt execution of day-to-day open market opera- adjustments to them. In other words, the tions in domestic securities. execution of open market policy requires The operating problem. The main function continuous and sensitive appraisal of dayof the current policy directive is to set forth to-day market conditions. guidelines as to the availability of member Looking ahead to the interval between bank reserves and the degree of ease or firm- meetings, the Committee itself cannot easily ness in the money market for the Account predict the amount of reserves that open Manager to follow until the next meeting. market operations will have to supply or These objectives have to be expressed in a absorb to take account of changes in other manner that will give the Account Manager factors affecting reserves. But as the period adequate guidance while at the same time unfolds, the Account Manager can usually allowing him sufficient latitude—in view of accommodate his operations to such continuously evolving market conditions and changes. He may observe the changes expectations—to carry out basic Committee through statistical measures developed by aims in relation to domestic economic ac- the staff, or they may become evident to him tivity and the balance of payments. in the process of day-to-day operations in It might seem at first glance as if the the money market. Most open market trans- Committee could achieve its objectives by actions are undertaken simply to respond to simply stating the dollar volume of securities seasonal and other short-term reserve that the Account Manager should buy or changes of these kinds. sell in the market before the next meeting. For policy purposes, therefore, the FOMC In practice, however, this is not feasible, for is less interested in the gross volume of open the supply of reserves available to member market transactions likely to be needed in banks is affected by changes in a number of the period ahead than it is in the supply of factors that in the short run are independent reserves that will be available to support of Federal Reserve monetary action. Among further growth of bank credit at member these are changes in the level of monetary banks. gold, currency in circulation, and float—the Several measures help to indicate the exlast arising mainly from fluctuations in the tent of reserve availability at member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1366 FEDERAL RESERVE BULLETIN • OCTOBER 1963 For measuring the results of policy actions complex and dynamic economy as that of over a period of weeks or months, trends in the United States, where it is hard to find total, required, and nonborrowed reserves recurring patterns, they have to be viewed as are particularly useful, because they reveal tentative or approximate. changes in the reserve base that supports In the very short run various marginal bank deposit and credit expansion.2 But these measures of bank reserve positions are usemeasures have only limited usefulness as ful indicators of the interaction between very short-run operating guides for the Sys- monetary policy and market forces. These tem Account Manager—and it is in the indicators include the amounts of excess short run that day-to-day operations must be reserves that member banks hold and the planned and executed. To be used effectively amounts of their borrowings from the Fedon a day-to-day basis, these measures would eral Reserve. Subtraction of total member have to be adjusted to allow for immediate bank borrowings from their total excess reseasonal pressures on reserves as well as for serves provides a net measure of reserve poother short-run forces that may unexpectedly sitions for all member banks. When this produce a sudden bulging or slackening of difference is positive, it is popularly referred reserve needs. Such adjustments are difficult to as net free reserves; when it is negative, it at best, and for current operations in such a is called net borrowed reserves. When net free reserves rise, the result is 2 For a further discussion of these measures, see an increased marginal availability of re- "Measures of Member Bank Reserves," July 1963 serves, which the banking system can readily BULLETIN, pp. 890-903. RELATIONSHIPS AMONG RESERVE MEASURES Billions of dollars Billions ol dollars 20.0 — jo.o TOIAl RESERVES REQUIRED RESERVES NONBORROWED RESERVES 19SS 19S6 1957 1931 1959 1960 1961 1962 1963 NOTE.—Nonborrowed reserves are total reserves less mem- required reserves, member banks as a group have net free ber bank borrowings. The difference between nonborrowed reserves, but when nonborrowed reserves fall below required reserves and required reserves is the net reserve position of reserves, member banks as a group have a net borrowed the banking system. Thus, when nonborrowed reserves exceed reserve position. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE OPEN MARKET POLICY PROCESS 1367 use to expand credit. But when member The danger in adhering to net reserves bank borrowings grow relative to excess re- alone as a guide is that the System might be serves, credit expansion comes under re- misled into reinforcing changing demands straint. In this process individual banks find for bank credit generated by forces of cycliextra reserves more difficult and expensive cal expansion and contraction when this was to obtain, and they come under increasing undesirable. For example, in periods of pressure to repay advances from the Federal vigorous credit demands and rising bank Reserve. As this continues over time, a net needs for reserves, free reserves tend to deborrowed reserve position emerges for the cline as banks use reserves that formerly banking system as a whole. had been excess or increase their borrow- The technical advantage of marginal re- ings from Federal Reserve Banks. If the Acserve guides is that they help the Account count Manager in such circumstances adds Manager to accommodate seasonal and to the total supply of bank reserves through other short-run credit demands readily as open market operations in order to keep they develop. For example, when net re- free reserves from falling, this will encourage serves are tending to fall because of a sea- a rapid expansion of bank credit—perhaps sonal or random rise in the public's need more rapid than desired to accommodate for bank credit, the Account Manager will seasonal and growth needs at the time. supply the reserves required to back the Under conditions of slack credit demands deposits created in credit expansion. Simi- and declining interest rates, on the other larly, when net reserves are tending to rise hand, the opposite may occur. In such because of a seasonal decline in the demand periods member banks typically try to refor bank credit—taking the form, for expay debt at the Federal Reserve and add ample, of seasonal repayment of bank debt to their excess reserves in an effort to build by businesses—he will absorb the required up their free reserves. If, in these circumreserves released by the associated decline in stances, the Account Manager failed to aldeposits. With smaller deposits, banks would low free reserves within the banking system need less required reserves and their excess to grow enough to meet the changed prefreserves would rise unless absorbed by Syserences, open market operations would tend tem operations. to encourage further contraction rather than Taken by itself, however, the net free (or the renewed expansion needed to help stimnet borrowed) reserve position also has its ulate economic recovery. In short, although limitations as a guide. For one thing, it may the net reserve measure is a useful and sensinot show what is happening to total bank tive short-run guide to open market operacredit over time, since a given level of net tions, it is not used inflexibly as a policy reserves at one point may be associated with target. Rather, it is continuously interpreted a faster or slower rate of growth in total in the light of other evidence on credit and bank credit than the same level of net reeconomic developments and in the light of serves at another point. This difference rechanges in various fundamental measures of flects differences between the two periods in the bank reserve base—total, required, and the intensity of credit demands, the level nonborrowed reserves. and structure of interest rates, and market expectations—and hence in bank prefer- Moreover, even in the short run the ences for free reserves. significance of any given net reserve figure Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 FEDERAL RESERVE BULLETIN • OCTOBER 1963 must be assessed alongside a broad assort- Manager sufficient latitude to evaluate and ment of other information that bears on interpret changing technical relationships what is typically alluded to as the "tone" among all of the relevant money market or "feel" of the money market. Indica- indicators. For this reason Committee intors such as the intensity of demand for structions have typically directed the Acand the depth of supply of Federal funds, count Manager to seek more, less, or about the amount of new money needed by Gov- the same amount of reserve availability and ernment securities dealers and their sources money market ease or tightness as has been and costs of financing, and day-to-day trends prevailing. Decisions as to the precise size, in market prices and yields for Treasury timing, and direction (purchase or sale) of securities all provide important insights into any market operations needed to implement the immediate state of reserve availability these instructions are left to the Manager's and the strength of demands pressing upon discretion, for he has day-to-day contact with that availability. In executing policy it is the market and with the daily figures bearessential to have these immediate indicators ing on bank reserves and money market of money market atmosphere, because daily conditions, and he is therefore in a position estimates of reserve availability may be wide to make the necessary and continuing dayof the mark and because such estimates are to-day adaptations of operations to basic for the banking system as a whole and do policy aims. not allow for the differing market impact of To illustrate the form of operating inpossible variations in reserve distribution. structions, the current economic policy di- In summary, although at first glance it rective adopted at the meeting of September might seem to be most efficient for the 11, 1962, follows: FOMC to express its instructions to the Sys- It is the current policy of the Federal Open Market tem Account Manager in simple and explicit Committee to permit the supply of bank credit and terms—either as some dollar amount of net money to increase further, but at the same time to avoid redundant bank reserves that would encourage purchases or net sales to be accomplished capital outflows internationally. This policy takes into before the next meeting, or as some given account, on the one hand, the gradualness of recent advance in economic activity and the availability of target of net reserve availability or reserve resources to permit further advance in activity. On the growth—this quantitative approach has other hand, it gives recognition to the bank credit expansion over the past year and to the role of capital not proved feasible. Experience has shown flows in the country's adverse balance of payments. that the Committee cannot forecast the To implement this policy, operations for the System size of technical adjustments that will be Open Market Account during the next 3 weeks shall be conducted with a view to providing moderate reneeded between meetings to allow for serve expansion in the banking system and to fosterchanges in other reserve factors. Nor can ing a moderately firm tone in money markets. it predict the precise extent to which bank In making day-to-day decisions, the Accredit, money, and interest rates will recount Manager adheres to the guidelines of spond to given target levels of, or changes the current directive. As the example shows, in, reserve availability. the first paragraph contains a statement of Nature of operating instructions. In prac- the Committee's broad goals, and the second tice, therefore, the Committee finds it desir- its operating instructions. able to express its operating instructions in If changes in banking and money market broader terms, which allow the Account conditions in the period between meetings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE OPEN MARKET POLICY PROCESS 1369 should begin to deviate sharply from the Since the money market is especially sensigeneral pattern assumed in the policy delib- tive to the current and expected reserve posierations at the latest meeting, the Account tion of large city banks, figures on the dis- Manager would call this to the Committee's tribution of reserves among banks are also attention. If the change were very rapid, he assembled from the reported data and caremight ask for a special meeting (perhaps by fully evaluated. telephone conference) to review alternative Data on reserves are supplemented by means of coping with the changed situation other types of statistical information. For and to determine whether the Committee example, statistics on transactions in Federal wished to issue new operating instructions. funds are collected daily from a sample of large money market banks. These shed light Any Committee member who was similarly on the demand for and supply of excess reconcerned by the unexpected course of deserves by banks and are a sensitive indicator velopments could, of course, also request a of changes in current bank reserve availspecial meeting. In fact, Committee memability relative to the demand for bank bers may at any time comment to the System credit. In addition, the Account Manager Account Manager on actual System operareceives from the Market Statistics Departtions and market developments in relation ment of the Federal Reserve Bank of New to Committee intentions. York aggregate data collected from Gov- Basis for day-to-day operations. In his dayernment securities dealers that show their to-day evaluation of money market developcurrent inventories, volume of trading, and ments the Account Manager considers both sources of financing. statistical and qualitative measures of fi- Apart from these various types of current nancial activity. One key element in this and retrospective statistics, the Account Mancontinuous evaluation process is a daily ager obtains through a network of telephone projection of changes in factors affecting contacts maintained by the Trading Desk a bank reserves. The reserve projection conwide assortment of information from Govtains estimates for several weeks ahead of ernment securities dealers and other money daily and weekly average changes in all of market professionals on current rate and price the key elements that affect the bank requotations in money markets as well as estiserve equation—float, currency, gold and mates of customer offerings and demands in foreign accounts, and so forth—as well as markets for Federal funds and U. S. Governin the various reserve measures—total, rement securities. This information, which quired, nonborrowed, and free reserves. reflects the interaction of the volume of These projections show the direction and reserves actually available and the demand general order of magnitude of the open marpressing upon these reserves, is needed for ket operations likely to be needed in the meaningful interpretation and evaluation of period immediately ahead. the preliminary statistical estimates on bank Every morning the daily and weekly esti- reserve positions. It also helps the Account mates for factors affecting reserves are re- Manager to come to a better understanding vised on the basis of actual reserve figures of market expectations and of the likely recollected for the preceding business day from sponse to Federal Reserve operations. the System's statistical reporting network. This brief review of the guides and infor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1370 FEDERAL RESERVE BULLETIN • OCTOBER 1963 mation that shape day-to-day activities of from these reports of current developments, the Account Manager illustrates the wide in combination with analyses of the broader range of information he takes into account but less timely indicators of general changes in the execution of policy. The Manager, in in the domestic economy and the balance of turn, keeps members of the Committee con- payments, provide the background informatinuously informed of the particular money tion on which Committee members must market and bank reserve developments that base their new policy judgment at the sucunderlie each day's actions. Insights gained ceeding meeting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress Statement on six bills relating to banks these institutions and the public they serve and savings and loan associations, by Wil- from dangers that may seem remote today liam McChesney Martin, Jr., Chairman, but have been all too real at other periods Board of Governors of the Federal Reserve of our history. Fortunately, conditions in the System, before the House Committee on economy today are good. During a com- Banking and Currency, September 24,1963. paratively long period of relative prosperity, or at least one unbroken by an economic setback on the scale we suffered in the You have asked for the comments of the 1930's, we have made great progress in im- Board of Governors of the Federal Reserve proving the techniques by which our finan- System on five bills proposing greater lati- cial institutions meet the public's needs. We tude for banks and for savings and loan as- know more than we formerly did about sociations in their financial activities. avoiding depressions, and I wish I could Four out of the five bills relate to national say with confidence that we will never see banks, and the fifth to savings and loan as- another. But I do not think we can afford to sociations. The bank bills propose: proceed on that premise. Particularly, I 1. To create another exception to the question whether at this time, when our rule laid down in the National Bank Act economy is doing well, we should relax that a national bank "shall not underwrite credit standards further. any issue of securities," a change that would apply as well under the Federal Reserve Act H.R. 5845: UNDERWRITING BY COMMERCIAL to all State banks that are members of the BANKS Federal Reserve System. H.R. 5845, dealing with a subject known in 2. To authorize conventional loans by capsule form as "revenue bond underwriting national banks on real estate—that is, loans by commercial banks," is the most contronot insured or guaranteed by Federal agen- versial of the four bank bills, and I will becies—to run longer, and to run higher in gin my discussion with it. relation to the value of the property. State-backed obligations of public housing 3. To authorize loans by national banks agencies. The bill would modify Section 5136 to a single borrower in double the size now of the Revised Statutes by means of two permitted by law. amendments. The first would confer upon 4. To authorize larger and longer loans national banks (and State banks that are by national banks on forest tracts. members of the Federal Reserve System) Of them all, one thing may be said in special powers with respect to short-term common; they would relax limitations that obligations of public housing agencies that were adopted by the Congress to safeguard are secured by an agreement by the State to 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1372 FEDERAL RESERVE BULLETIN • OCTOBER 1963 lend to the agency an amount sufficient to a national bank "shall not underwrite any pay such obligations at their maturity. In- issue of securities," and the Federal Reserve vestment in such obligations would not be Act makes this prohibition applicable also subject to the ordinary limitations and re- to State member banks. However, the quirements of Section 5136 with respect to statutes further provide that the prohibition banks' securities investments, and banks of underwriting (as well as "dealing" in could also underwrite and deal in such obli- securities) "shall not apply to obligations of gations. the United States, or general obligations of R.S. 5136 presently exempts from its any State or of any political subdivision limitations and restrictions "general obliga- thereof." tions of any State"—that is, obligations that These provisions were enacted by Conare backed by the full faith and credit of a gress over 30 years ago, and until recent State. As amended by Section 602(a) of the months they were consistently interpreted, Housing Act of 1949, R.S. 5136 also ex- by the Federal Reserve System and the Ofempts short-term obligations of public hous- fice of the Comptroller of the Currency, to ing agencies secured by agreements of the permit national banks and member State kind contemplated by H.R. 5845 that are banks to underwrite "municipal bonds" (a entered into by the U.S. Public Housing Ad- term used in the trade to include bonds of ministration. If the agreements contemplated States as well as smaller governmental enby the proposed amendment would pledge tities) only when those bonds were backed the general credit of the State to the pay- by the full faith and credit of a governmental ment of the obligations involved, the con- body that possessed general powers of taxaferring of "exempt" status on such obliga- tion, including property taxation. H.R. tions appears to be justified as a matter of 5845, like similar bills introduced over the principle. We have some suggestions for past decade, is based on that interpretation, technical changes in this portion of the bill.1 which the Federal Reserve System con- Revenue bonds. In its provisions dealing tinues to follow in applying the law to State with the subject of revenue bond under- member banks, and I shall discuss the bill writing by commercial banks, H.R. 5845 on that basis. proposes to grant to banks by process of Besides issuing "general obligations," law certain underwriting privileges that the States, cities, school districts, and other gov- Comptroller of the Currency recently under- ernmental authorities of various kinds also took to grant by process of redefinition. The issue securities that do not have the same Comptroller's action, however, has created "full faith and credit" backing. As examples, a situation in which national banks would a State may issue bonds that are to be repaid seem to have even broader privileges than solely from tolls paid for use of a bridge, H.R. 5845 would grant either to national tunnel, or turnpike, or from a particular tax banks or to State banks that are members source such as a gasoline sales tax or a of the Federal Reserve System. severance tax. A city may issue bonds pay- The National Bank Act now provides that able solely from the income of a municipal auditorium. 1 The text of a suggested revision of H.R. 5845 and In many cases a State, instead of issuing an explanation of the changes proposed were submitted for inclusion in the record of this hearing. in its own name bonds payable solely out of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1373 a designated revenue source, will create a bonds, that meet prescribed standards of roads commission or turnpike authority, quality. The pending bill does not relate to with power to raise necessary funds by sell- such investments, but rather to the authority ing its own bonds to the public. Bonds of of banks to underwrite and deal in securithat kind ordinarily are not binding on, or ties. (For brevity, I shall refer hereafter only backed by, the State itself. Such bonds may to "underwriting," but "dealing" should also be general obligations of the commission be understood.) or authority that issues them, but since that Under Section 5136, banks may underbody does not possess general taxing power write G.O.'s without any statutory restricthey have the same status as equivalent tion as to amount or specification as to bonds issued by the State but payable only quality. Questions respecting quality and from a particular source of State income. amount are taken care of by the examina- In other words, all of these securities are in tion process. the category of "revenue bonds" and may H.R. 5845, on the other hand, is intended not be underwritten or dealt in by com- to permit banks to underwrite only such mercial banks. revenue bonds as "are at the time eligible From the passage of the Banking Act of for purchase by a national bank for its own 1933 until recent weeks, banks have not account" (page 2, lines 23-25)—that is, underwritten or dealt in revenue bonds be- securities that are of "bank quality" and cause of the statutory prohibition. On the therefore already eligible for bank investother hand, a few large banks, both national ment. The bill also is intended to forbid and State, do have departments that ac- banks to "hold . . [revenue] obligations tively participate as underwriters and deal- [of any one issuer]2 as a result of underers in bonds that are "general obligations" writing, dealing, or purchasing for its own under Section 5136. Either individually or account . .. in a total amount exceeding as members of syndicates, they submit offers at any one time" 10 per cent of the bank's for new issues of municipal "G.O.'s," as capital and surplus (page 3, lines 2-9). In they are called, and if the offer is accepted other words, if a bank already held bonds of they distribute the securities by selling them the X Turnpike Authority in its investment to the investing public, including institu- portfolio in an amount equal to 6 per cent tional investors. Such banks also act as deal- of the bank's capital and surplus, it could ers—that is, they buy and sell G.O.'s that not, as underwriter (or in any other capacare already outstanding and maintain inven- ity), buy bonds of a new issue of that Autories of such bonds for sale. thority in an amount exceeding 4 per cent of capital and surplus. These underwriting and dealing functions must be distinguished, of course, from In these respects, and others, the bill rebanks' investments in securities. Under Sec- quires revision in order to effectuate its intion 5136 and the Investment Securities tent, and a suggested rewording is being Regulation of the Comptroller of the Cur- submitted for consideration in the event it is rency, a bank may purchase for investment decided that legislation along these lines is (the statute uses the expression "purchase advisable. for its own account") securities of any kind, 2 The bill does not contain these bracketed words, including corporate securities and revenue but it seems clear that the omission was inadvertent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1374 FEDERAL RESERVE BULLETIN • OCTOBER 1963 As I indicated, I have been discussing the I now return to consideration of the bill bill on the basis of the long-standing inter- on the basis of its underlying assumption— pretation of what R.S. 5136 means today. that, contrary to the Comptroller's position, The situation is further complicated, how- existing law does not permit banks to underever, by the fact that the Comptroller of the write revenue bonds. Currency has recently announced a new in- The chief benefit asserted by proponents terpretation of the law. He has redefined the of revenue bond underwriting by banks is term "general obligation" to include an obli- that it would reduce the cost of long-term gation that is backed by the full faith and governmental financing. At present, revenue credit of the obligor, even though the obligor bonds are underwritten almost solely by inis a special authority without taxing power. vestment banking concerns; the largest are Since "general obligations" are exempt from in New York and other financial centers, but all of the restrictions of R.S. 5136, the there are hundreds of others throughout the Comptroller's new interpretation goes much country. If commercial banks were perfarther than H.R. 5845 would go. That is, mitted to engage in this activity, it is claimed, if one considers revenue bonds to be "gen- competition among bidders for new issues of eral obligations," it means banks may under- revenue bonds would be broader and more write them without limitation as to amount intense, with the result that issuers of reveand without reference to the quality stand- nue bonds would receive higher bids and the ards H.R. 5845 would apply. costs of their financing would be correspond- The Board of Governors believes this in- ingly lower than would be the case if banks terpretation to be unwarranted by the were not permitted to compete in this field. statute. In applying the law to State mem- Opponents of the pending bill, on the ber banks, we feel obliged to construe "gen- other hand, maintain that competition eral obligations" in its traditional sense. The among revenue bond underwriters already result, at the moment, is that national banks is intense and effective, and that additional are operating under new rules that allow competition from a relatively small number them much broader authority than this bill of commercial banks would have little or no is intended to grant, whereas State member effect on the costs of municipal financing. banks are operating under the rules in force They also assert that the quantitative imwhen the bill was introduced. Clearly, some portance of the revenue bond segment of way must be found to apply one rule for all public financing has been exaggerated, and member banks, State or national. that a number of recent issues, based on Accordingly, the proposed revision of lease arrangements in many cases, actually H.R. 5845 that we are submitting includes, are G.O.'s and consequently are already as a last sentence, an explicit definition of eligible for bank underwriting. They further the statutory term "general obligations" contend that the main effect of permitting which, it is hoped, would remedy this situa- banks to underwrite revenue bonds would tion. In the Board's judgment, prompt enact- be to take a first step toward releasing upon ment of such a definition is urgently needed; the economy the evils that the Banking Act its importance far transcends that of either of 1933 sought to avert by separating comof the topics dealt with by H.R. 5845 in its mercial banking from investment banking. present form. Most of these evils can be grouped as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1375 undesirable conflicts of interest. It is said extensive investment banking industry. From that many of the principal and unique func- this it is argued that any immediate enhancetions of commercial banks inevitably would ment of competition resulting from entry of be less effectively performed if banks were commercial banks into this area would be permitted to expand their underwriting ac- more than offset, in time, by a reduction in tivities. Banks could underwrite securities the number, the competitive power, and the that might not be appropriate investments vigor of investment banking concerns. At for them for a variety of reasons. However, the same time, there would be a tendency if a particular underwriting proved to be to undue concentration of economic power "sticky," a bank might take the securities in commercial banks. into its investment portfolio rather than Although these contentions are advanced liquidate them at a loss. In this way, it is against the limited proposal of the present said, banks would not perform with optibill, it is apparent that, assuming their validmum efficiency their vital job as investment ity, their force would be multiplied if there intermediaries. were a possibility that commercial banks' The trust departments of banks are one of underwriting activities might be still further the main fiduciary groups of the country. It expanded hereafter. And that argument is is said that there would be conflict between emphatically advanced by opponents of the their fiduciary and underwriting functions. bill—that H.R. 5845 does not present the Likewise, it has been asserted that the advice entire problem, but is only an entering wedge and guidance given to correspondent banks that would permit commercial banks gradand other customers by large metropolitan ually to infiltrate much wider areas of inbanks would be affected adversely by wider vestment banking. participation of such banks in underwriting, In this connection it is said that, regardsince it would be difficult for a bank to main- less of the good faith of the sponsors of such tain the position of an impartial adviser bills and their protestations that no further when deciding whether to recommend pur- steps are contemplated, the logic of the chase of securities in which the advising situation cannot be disregarded. The pendbank itself held a position as underwriter ing bill would permit banks to underwrite or dealer. Another contra argument is that bonds issued, for example, by an electric the credit-granting decisions of a commercial power authority that was owned by a munibank should be made solely on the merits cipality. It is argued that enactment of this of the bank-loan proposal, without being in- bill would enable such an authority to borfluenced by the bank's position as under- row more cheaply the funds needed for genwriter—or prospective underwriter—of the erators and transmission lines, and that the would-be borrower's securities. benefits would flow to the public in the form A further argument made against the bill of lower rates for electric power. Precisely is that, in the long run, it would actually the same argument could be made, however, lessen, rather than intensify, investment in the case of a city in which electric power banking competition. It is pointed out that production and distribution were in the industrialized countries in which investment hands of a private corporation. The quality and commercial banking are combined have of the securities would be comparable in not developed anything like our strong and these two cases, and in each lower interest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1376 FEDERAL RESERVE BULLETIN • OCTOBER 1963 rates would lead to lower electricity rates for the G.O.'s. But more than half of this 27 consumers. basis point difference was accounted for by This being the case, it is argued, is it not factors other than disparities in the interest inevitable that the benefits of bank under- yields required by investors—largely differwriting would be sought in the public utility ences in average maturities. Comparing refield, as an example, after municipal revenue offering yields to investors on identical 5-, bonds had been made eligible? And is it 10-, and 20-year maturities, revenue bonds reasonable to assume that the expansion in the tabulation provided average yields would stop there? If homeowners who heat only about 11 basis points higher than on their houses with gas fuel are entitled to G.O.'s. This unexplained difference—less legislative action designed to reduce their than one-eighth of 1 per cent—represents costs, is there any sound reason for with- the major part of the differential which might holding similar benefits from those who use be narrowed by permitting commercial oil for that purpose? The argument goes banks to underwrite revenue bonds. somewhat along those lines. Other differences in the underwriting cir- I have outlined a number of points that cumstances of these issues were not large. have been considered by the Board of Gov- The average number of bids received on ernors in reaching a judgment. But enu- the G.O.'s was 7, as against 6 on the revemeration of arguments is only a step in the nue offerings, and the difference between the clarification of issues. The essence of the lowest and next lowest bid was actually decision-making process is determining the slightly less on the revenues than on the validity of each of those arguments and the G.O.'s. Moreover, underwriting spreads (the weight to which it is entitled, balancing the gross compensation to the purchasing synarguments for and against, and then deciding dicates, in terms of interest cost differentials) which side outweighs the other, in the appear to have been as low, or lower, for aggregate. the revenue bonds as for the G.O.'s in this In one of the few areas in dispute that are tabulation. subject to quantitative analysis, we have The experience of the Georgia Rural found it feasible to make an independent Roads Authority, whose bonds recently bealthough limited, study. came eligible for bank underwriting in con- To test the extent to which interest costs sequence of a constitutional change, is cited differ between revenue bonds and general by proponents of this legislation as an exobligation bonds of comparable quality, data ample of the possible benefits to be received. were tabulated on the terms of new bond Of the three latest bond offerings of that offerings made in the first half of 1963. All Authority, in August 1958, January 1962, issues in amounts of $2 million or more and October 1962, only the last—in October which carried a Moody's Investors Service 1962—was underwritten by banks. But analquality rating of A, and for which public ysis indicates that the differences in yields information on costs was available, were in- on these issues were mainly attributable to cluded in the tabulation—99 issues in all. changes in the general market. Thus, if re- The simple average of net interest costs offering yields on these Georgia's and on all incurred on these issues was 3.27 per cent A-rated bonds issued in August 1958 and for the revenue bonds and 3.00 per cent for October 1962 are compared, we find that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1377 there was little difference in the relative and dealing), which was recognized and movements. And underwriting spreads do adopted by Congress in the Banking Act of not appear to have declined significantly 1933, is a sound and significant one. It tends over this period on the Georgia issues, de- to minimize the possibility of banks being spite inclusion of banks in the syndicates subjected to conflicts of interest that might bidding for the last of these offerings. affect adversely their ability to devote them- Our conclusions from these observations selves single-mindedly to their primary funcare that there is not much latitude for com- tion of serving their depositors, borrowers, petitive reductions in interest costs between correspondents, and trust accounts. revenue and G.O. bonds of similar quality, For these reasons it is our judgment that and that one recent instance of a change in the benefits to be derived from maintaining classification—the Georgia case—does not the principle of separation of commercial indicate that inclusion of banks as under- banking from the securities business decidwriters brought a significant decline in inter- edly outweigh the limited benefits that might est costs to the issuer. Nor does the record result from enactment of the second part of cited suggest that the participation of banks H.R. 5845. Accordingly, the Board recomin competition for G.O. bonds has produced mends against enactment of that part of the underwriting spreads that are lower than bill. those on revenue issues of similar size and quality. H.R. 7878: MORTGAGE LOANS It should be pointed out, moreover, that even if bank underwriting of revenue bonds Another of the bank bills on which you have were to result in some narrowing of the asked for our comments, H.R. 7878, would relatively small existing interest rate differ- raise the limits on conventional real estate ential, the cost would tend to be borne by loans by national banks in two respects: the issuers of general obligation bonds. If banks maximum maturity would be increased by were to broaden markets for revenue bonds 50 per cent, from 20 to 30 years; the maxithrough sales to regular clients, this might mum loan-to-value ratio, which was raised well bring an offsetting reduction in pur- from 66% to 75 per cent only 4 years ago, chases of G.O.'s by these same clients. Some would be further raised to 80 per cent. Toupward adjustments in yields on G.O. issues day, there is an ample supply of mortgage would be the probable result. All in all, the funds; total mortgage credit has been rising prospective interest cost benefits of commer- by record amounts; and commercial banks cial bank revenue bond underwriting do not themselves have recently added larger appear to us to be of significant dimensions. amounts than ever before to their mortgage It appears, therefore, that the revenue- portfolios. National banks do not seem to bond proposal before the Committee would be suffering from a competitive disadvantage not produce, to any substantial extent, the as a consequence of the present loan limits. benefits that its proponents have advanced In the past year, the conventional real estate as its principal merit and justification. The loan portfolios of national banks increased Board believes, moreover, that the principle somewhat more, proportionately, than did of separation of commercial banking from those of State-chartered commercial banks. investment banking (including underwriting Nor are commercial banks as a whole press- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 FEDERAL RESERVE BULLETIN • OCTOBER 1963 ing against the existing limits; their conven- H.R. 8230: LOANS ON FOREST TRACTS tional home loans are currently made for an The fourth bank bill on which comments average term of about 16 years, well under were requested is H.R. 8230, which would the 20-year limit of existing law, and the authorize national banks to lend more liberaverage loan-to-price ratio is roughly 60 ally on forest tracts. Present law limits such per cent, compared with the 75 per cent limit loans to 40 per cent of the "appraised value now in effect. of the economically marketable timber of- Already in the postwar period, mortgage fered as security" and the term must not credit standards have been progressively reexceed 2 years unless the loan is to be amorlaxed, partly in an effort to meet a pent-up tized, in which case the limit is 10 years. The demand for housing and partly in an effort bill would change the basis for evaluating the to stimulate the economy. In the Board's security to the "appraised fair market value judgment, this is not the time to relax standof the growing timber lands, and improveards still further. Even if the process of ments thereon." It would authorize loans up relaxation has been both safe and stimuto 60 per cent of this value for a 3-year lative, it would seem preferable to reserve term or, if amortized, up to 75 per cent for further steps in this direction for a time of a 15-year term. Relatively few loans on forgreater need and surer effect. est tracts are now being made by member banks, and reports from most of the Federal H.R. 8247: LOANS TO SINGLE BORROWERS Reserve Banks indicate their members generally lack experience with such loans. The You have also requested comment on H.R. Board would not recommend favorable ac- 8247, which would raise the limit on loans tion on the proposal unless further study reby a national bank to a single borrower from veals greater evidence of a need for it. 10 per cent to 20 per cent of the bank's capital and surplus. The present 10 per cent limit was established to make certain of H.R. 8245: SAVINGS AND LOAN ASSOCIATIONS diversification and thus avert the danger inherent in concentrating too large a portion Finally, you have requested the Board's comof a bank's resources in a few large loans. ments on H.R. 8245, relating to savings and There is little evidence of a need today to loan associations. This bill would authorize double this loan limit, especially since loan Federal savings and loan associations to participations are available to meet the needs establish special savings accounts (that is, of large borrowers, and the present law con- deposit accounts) for pension or retirement tains numerous exceptions for loans that are trust funds, and would authorize these assoregarded as particularly safe or are secured ciations and other members of the Federal by specified types of collateral. The proposed Home Loan Bank System to act as trustees change would permit banks to concentrate for stock bonus, pension, and profit-sharing lending risks unduly, and could intensify plans. It would also broaden the investment pressures from large national accounts to authority of Federal savings and loan assoincrease their loan commitments, thereby ciations to include obligations of Federal diverting loanable funds away from local agencies and of the States and local governborrowers. mental entities, including special obligations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1379 as defined by the Federal Home Loan Bank or another the position of particular financial Board. Federal savings and loan associations institutions in relation to that of their comwould also be authorized to make loans for petitors. And all affect in some degree the "furnishing, equipping, or promoting the ability of the institutions concerned to obtain livability of a home," as well as for paying a greater share of the profits available from the expenses of a college education or ac- the rendition of the services they commonly quiring a mobile dwelling. Other provisions offer, or would like to offer. of the bill would qualify institutions insured In part these proposals raise questions of by the Federal Savings and Loan Insurance equity and justice: the right of each to com- Corporation as depositaries for funds of the pete with others on equal terms, insofar as Federal Government, grant to savings and the law—and in this instance the supervisory loan associations authority similar to that authorities, operating within the law—can granted to banks last year to establish service make the terms equal; also the right of all to corporations, and authorize small business gain for themselves the greatest profits they investment companies to place idle funds can achieve in full and fair competition with in FSLIC-insured institutions. others. Furthering the efficiency of operations of If that were all, the verdict would be easy savings and loan associations, along with and obvious. Equality of opportunity is the that of other financial institutions, is of very cornerstone of our society, and the course desirable, and we therefore recomprofit-motive the very foundation of the mend favorable consideration of an exteneconomy by which that society is sustained. sion of the Bank Service Corporation Act But there is more here than that. For the funto cover such associations. The Board bedamental issue of public policy involved in lieves, however, that before the question of these proposals is not what these financial granting additional powers to savings and institutions are to be allowed to do, but what loan associations is taken up, action should risks they are to be allowed to take with be taken to strengthen supervision, safety, other people's money. and liquidity of these institutions, and to Because they operate with other people's provide safeguards against conflicts of inmoney, it has been almost universally terest. This was the position taken by the deemed in the public interest, and we so administration and the Board in connection deem it now, that commercial banks and with proposals to increase FDIC and FSLIC savings institutions be held to strict standards insurance coverage, and we believe it is apof prudence and care in their loan and inplicable with at least equal force in this case. Now, in conclusion, a few general obser- vestment operations. In the view of the vations. Board, this is no time to relax those stand- All of these proposals involve in one way ards further. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1380 FEDERAL RESERVE BULLETIN • OCTOBER 1963 Statement on "window dressing" in banks' vices employed in window dressing, there reports of condition, by J. L. Robertson, is being submitted, for inclusion in the hear- Member of the Board of Governors of the ing record, an outline of procedures that have Federal Reserve System, before the Legal been used. The actual results, however, can and Monetary Affairs Subcommittee of the be described very briefly. Occasionally a House Committee on Government Opera- bank uses window dressing to hide the fact tions, October 2, 1963. that it is in debt, but usually the bank's purpose is simply to look bigger than it is. By various arrangements, a bank with "real" "Window dressing" is a convenient and deposits of $900 million, for example, can colorful expression and undoubtedly will plausibly inform the world that its deposits continue to be used to describe the problem are more than a billion dollars, and that conthat concerns this Committee, but we should sequently it is the largest bank in the city be aware that it is a misnomer. A merchant or State. Naturally, this distresses its rival dresses his show window to display attracwith bona fide deposits of $950 million, so tively the merchandise that is for sale in the the next time it understandably is tempted store. If the window contains Paris gowns to window dress, "just to present the true and only inferior copies are for sale inside, relative picture"! This is why window dressin time the merchant would lose the public's ing tends to spread; in fact, it is surprising confidence and its patronage. to me how many bankers have earned our What is called "window dressing" in the praise by refusing to climb on the merry-gocase of banks' reports of their condition is round. also deceptive, I am afraid. However, it is The impression apparently has been less easily detected than the merchant's precreated, in some quarters, that window tense, and some banks seem to be satisfied dressing relates only to reports of condition that the practice will attract more business that banks publish pursuant to requirements and that the deception will be noted by only of law—the so-called "call reports." If that a few. But although its ill effects on banks were true, the problem of minimizing or may be less direct than on merchants, eveneliminating window dressing would be relatually it could cause erosion of the banking tively simple. But the facts are otherwise, community's most valuable asset—public and much harm has been done by intimating esteem and trust. that bank supervisors could end the practice Window dressing by banks has two assimply by suitable call report procedures. pects. It involves, first, deceptive transactions This point is crucial, and I want to exthat have no genuine business purpose, and, plain it as clearly as I can. As long as a bank second, a deceptive balance sheet resulting skirts the criminal false-entry laws, it is free from those transactions. The main purpose to publish a balance sheet—a "report of of window dressing is to display to the pub- condition"—whenever it wishes, as of any lic a "report of condition" (in other words, date it selects, and in whatever form and a balance sheet) that presents the bank more size suit its purpose. Most banks are required favorably than its normal condition war- by law to publish their balance sheets several rants. times a year in a form and as of a date speci- For those who are interested in the de- fied by their governmental supervisors. But Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1381 these required publications may be com- greatly from month to month, and bank pressed into a few square inches in an ob- insolvencies were frequent as a result of scure corner of a newspaper of small circu- over-extensions of credit, other unsound lation, while the bank's "voluntary" adver- policies, and "runs." tisements may be—and often are—large In these circumstances, unexpected calls and striking displays, as of dates selected by for reports of condition served two principal the bank itself, published in journals with purposes. The supervisor received inforimmense circulation among the class of mation that enabled him to decide whether readers the bank is most anxious to reach. any dangerous trends were developing; if Does this begin to suggest the fallacy of the there were, he might dispatch an examiner contention, recently advanced, that the to make a special examination of the bank window-dressing problem can be readily or to discuss the facts of life with its board solved by issuing all calls on a "surprise" of directors. basis? Equally important was the information Perhaps I should make clear that a call available to the banking public in the report is issued by a bank supervisor to all banks of condition published in the local newsunder its supervision, for a report as of a papers. In this connection, two facts must prior date. For example, the Comptroller be remembered. Fifty or a hundred years of the Currency may inform every national ago commercial banks' customers were albank, on March 5, that it must promptly most exclusively people of substance, to use submit to him, and publish in a local news- a phrase of the time. Wage earners and paper, a report of its condition—a balance white-collar workers rarely had accounts. sheet in prescribed form, as I said before— Typical customers were manufacturers, wellas of March 3. That date having already to-do farmers, and wholesale and retail passed, the bank cannot retroactively juggle merchants. This was long before the days its accounts or engage in specious transac- when 49 of every 50 bank depositors were tions to hide any weaknesses in its actual completely covered by deposit insurance. In condition. Unless the bank was able to an- that era, the majority of bank customers ticipate the date of the call, this produces could and probably did read reports of conan accurate report of its normal condition. dition, to decide whether the bank "looked Real understanding of the situation re- safe" or whether it might be advisable to quires knowledge of the origin, the history, shift to a stronger institution. It is important and the functions of call reports. The prac- to bear in mind also that, in those days, the tice of requiring banks to submit reports of bank statements so published in accordance their condition to governmental supervisors, with law were practically the only stateand to publish such reports for public scru- ments that were published at all. tiny, began over a century ago. It began In our lifetime the significance of required against a background of so-called "wildcat" reports of condition has changed greatly. banking of a kind that is difficult for us to Today, I venture to assert, only a tiny fracenvision today. Both internal and external tion of bank customers pause to read items controls were scanty; banking standards headed "Report of Condition of XYZ State were high in some areas but extremely low Bank . . . Published in Accordance with in others. A bank's condition might vary Call Made by [appropriate authorities]"; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1382 FEDERAL RESERVE BULLETIN • OCTOBER 1963 instead, they relax calmly in the shelter of tistics to which banking data must be related Federal deposit insurance. Those who are are end-of-month figures, variable bank reinterested in the conditions of a bank— porting dates detract considerably from the such as the treasurers of corporations with suitability of banking data for analyses of millions on deposit—are seldom misled by this character. Even the accuracy of the window dressing. They know it exists and actual data reported would be better under make necessary allowances, checking against fixed-date reporting than under surprise the "surprise" reports, and often they can calls. Bankers have repeatedly informed us directly ask banks for the information they that it is most difficult to reconstruct an want. accurate report of condition retroactively for For bank supervisors also, call reports items not regularly covered in their daily are less important today as instruments of trial balances. Because of these difficulties, supervision. With extremely rare exceptions, many banks resort to estimating procedures the general condition of a bank does not that are often subject to a troublesome alter substantially from month to month. margin of error. With fixed-date reporting Furthermore, supervisors have developed at the midyear and year-end, banks could better alternative sources of information. arrange in advance for an accurate tally for During my 30 years of bank supervision, I each reported item as of the reporting date. do not recall a single instance in which a Against this background, I return to the dangerous trend, calling for corrective ac- fallacy that might be called the "surprise call tion, first came to our attention through a panacea." Plainly stated, this is the argument call report. that all the benefits of call reports would be But reports of condition today serve one retained and perhaps even enhanced and the important purpose that hardly existed in evils—particularly window dressing—would 1900. In economic analysis and planning, disappear, if all calls were made on a surand particularly in the formulation of mone- prise basis. What I have already said sugtary policy, reliable bank statistics are a gests some of the weaknesses of that arguprincipal tool. Reports of condition, I ven- ment. However, to evaluate it effectively, ture to say, are the number one source of understanding of the actual call report situathese statistics for the American banking tion is essential. industry. Under Section 7 of the Federal Deposit For statistical information of this kind, Insurance Act, almost all banks in the standardization of reporting dates is of great United States are required to make four value. In many bank asset and liability cate- reports of condition annually to their Fedgories, seasonal—even intraweekly—varia- eral supervisors. The date of such balance tions are astonishingly large. If reports were sheets is the same for all banks. In actual called for as of December 26 in one year, practice, the regular custom has been to call December 6 in the second, and December for two of these reports, each year, on unex- 16 in the third, even our skilled statisticians pected dates, usually in the spring and fall. would not be able to measure, with reason- The remaining two ordinarily are called for able accuracy, movements in such basic on or about June 30 and December 31 of items as deposits, business loans, and many each year. The latter are the principal source others. Moreover, since most nonbank sta- of the financial statistical series that I have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1383 mentioned. We see, then, that ordinarily day of December has at least one advantage there are two surprise calls every year. To —it helps to reveal to supervisors and other the extent that publication of reports of con- interested persons the extent of window dition called for unexpectedly are of benefit dressing. This was demonstrated in 1962. to the public, such benefit is derived from Reports of condition were called for as of these calls. (However, in the opinion of at Friday, December 28, which, for most least one Federal supervisor, it appears, pub- banks, was just one business day before the lication of those surprise call reports is of end of the year. It can be assumed that little benefit to the public. The Comptroller since banks are accustomed to December 31 of the Currency has authorized national calls, the December 28 figures were not banks to omit current publication of those appreciably inflated by window dressing. reports, requiring publication only as an Many banks (particularly large banks) pubadjunct to the reports that are customarily lished not only their call reports as of Decalled for as of June 30 and December 31.) cember 28, 1962, as required by law, but The "surprise call fallacy" amounts to a also voluntary reports as of December 31 contention that all benefits of call reports —the latter in more eye-catching form. would be retained and all detriments elimi- Comparison of the figures of these two nated if June 30 and December 31 were statements—just one business day apart— avoided as dates for the remaining two calls. was instructive. The 100 largest banks in Actually, however, this is far from the case. the country (according to a compilation As I mentioned, a call as of December 18 published in the American Banker) furnish would not prevent banks from window a striking example, although similar condressing, if they cared to, in preparation ditions exist in smaller banks as well. Those for a widely publicized year-end voluntary 100 banks showed total deposits of statement. In other words, even if the $121 billion on December 28, and by the supervisors called for a report as of Decem- end of December 31 this had increased to ber 18, and in that report—because of its almost $129 billion—a difference of more unexpected date—there was little or no than 6 per cent. Among the 100, nine banks window dressing, the report that actually showed deposit increases, in one business comes to the public's attention, and which day, of more than 10 per cent. Individual is the basis of the semiofficial size rating of figures ranged up to a high of 34 per cent the bank, would be a voluntary year-end expansion. It is obvious that most of these statement, which would contain just as much increases were due to window dressing. Conor as little window dressing as the bank sequently, last year's experience provided a might wish. From that viewpoint, the only good picture of the magnitude of the probresult of the December 18 call would be to lem. impose upon all banks (including the vast Although window dressing sometimes has majority that do not indulge in window been attacked for the wrong reasons, the dressing) the work and expense involved in undesirability of the practice must not be the preparation and publication of two year- underestimated. It is not a negligible probend statements instead of one. lem. The aggregate volume of window dress- Occasional issuance of an end-of-year ing, I suspect, does not vary so greatly, from call as of a date other than the last business year to year, as to distort seriously the bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN • OCTOBER 1963 statistics we need, but I have no doubt that, dressing. At present, a bank that window although allowance may be made for win- dresses its year-end report pays a larger dow dressing, the figures on which we de- deposit insurance premium, and this deterpend would be more realistic and reliable if rent to window dressing, for whatever it window dressing could be done away with. is worth, would be lost if the required re- In addition, there is inequity in a system that ports, on which the insurance assessment is enables a bank to pretend to the public that based, were called for as of December 18, it is the largest in the community or State, let us say, rather than December 31.) when in fact it is not. Personally, I do not As the Committee may know, a number believe banks gain or lose much by this of efforts actually have been made to dimin- "numbers game," but some banks take it ish window dressing. Perhaps the most efvery seriously indeed, and that is why win- fective has been moral suasion—efforts to dow dressing sometimes threatens to get out convince bankers that the practice is morally of hand as banks try to outmaneuver each unworthy, that it could be injurious to the other. One is reminded of what the Red prestige of the banking industry—that is, to Queen said in Through the Looking Glass: public confidence in the ethics of banks— "here, you see, it takes all the running you and that the game simply is not worth the can do, to keep in the same place. If you candle, in the long run. want to get somewhere else, you must run In my judgment, moral suasion is not only at least twice as fast as that"! the most promising avenue toward the elimi- Window dressing, then, is an undesirable nation of window dressing, but also the most practice—an untruthful, unfair, wasteful, desirable. Because of the complicating facand misleading device. There is little doubt tors I have described, I am inclined to beas to how a good banker would react to a lieve that the problem could not be solved borrower's statement that was inflated to by governmental fiat without an excessive show a more liquid position or a larger degree of regulation and control. volume of business than in fact existed. To Actual experience indicates that bankers the degree these efforts succeed, they result are prepared to stop this practice "if the in deceiving the public. And, to the degree other fellow will." Many are convinced that they are recognized and discounted, they competing in window dressing is an unprofitresult in raising doubts as to the reliability able tug of war, but each participant hesiof bank statements and of bankers' state- tates to let go for fear that his opponent will ments. carry off the prize. I believe that if the bank All bank supervisors, and most banks as supervisory authorities, acting vigorously well, would like to see the last of window and simultaneously, would request banks dressing. But the "all-surprise-call" approach throughout the country to quit window clearly is not the answer. As I have said, dressing, the likelihood of success would be it would impose additional burdens on excellent. But I emphasize that such an effort banks, would not materially improve public would certainly fail unless it was based on understanding, and might weaken essential complete cooperation and coordination, statistics rather than improve them. (In fact, most careful preparation, and determined an all-surprise program actually would eli- face-to-face discussion with the bankers in minate the only existing penalty for window every city where the practice prevails. And Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1385 after initial success, the supervisors would member banks may offset by larger borrowings on other days of the reserve-computation period to mainhave to remain alert, to chop off any new tain the required level of average reserves. This does sproutings of this unhealthy growth. not inflate the report's figures, but it does show a debtfree condition in published statements of the borrow- A supplementary line of approach would ing bank, although the pay-off of the borrowing may be in the mail on the statement date and the loan be to require call reports to include dailyaccount of the lending bank may not be reduced. average figures for important items. This 3. Arrangements with large depositors to increase their deposits temporarily by drawing drafts against might also be helpful from the statitistical their accounts at other banks. These drafts are viewpoint, although it would add to the re- credited to the customer's account immediately but are in the process of collection on the statement date porting burdens of banks—including the and are not charged against the account at the other bank until after the statement date. This transaction majority which do not window dress—and may be reversed immediately after the statement date, it would not, by itself, prevent window dress- so that there is no change in the allocation of the depositors' balances in the long run. ing in the year-end balance sheet, and that 4. Very short-term loans to cooperating customers the proceeds of which are credited to the customers' is where it is principally used. accounts on the statement date and repaid immediately I should like to summarize my ideas afterward. Similar results may be obtained by purchase of bank acceptances or open-market paper from on this subject. Window dressing is an un- brokers or nonbank dealers or by shifting of loan participations among banks. Payment is credited to the desirable practice. Every reasonable effort seller's account and the drafts used in payment are in should be made to eliminate it. Calling for transit on the statement date so that both loan and deposit totals are inflated. all reports of condition on surprise dates is 5. Delayed processing of items presented for colnot a satisfactory answer. I believe that bank lection, or of interoffice clearings in a branch system. This is a simple and practically undetectable way of supervisors are in a position to develop a inflating total deposits and liquid assets and can be accomplished by holding back only a relatively few program, based on moral suasion, that will large checks without disturbing normal processing arenable American banking to rid itself of rangements and without resorting to collusion with other banks or with customers. this detrimental practice. If that is the answer, or if some other effective answer is Inflation of Figures in Voluntary Published Statefound, it will be transmuted from a hope to ments by Methods that are not Permitted in Official Condition Reports a reality only through painstaking study of this complex question, with full and frank \. Voluntary statements may include reciprocal ininterchange of ideas and criticisms leading terbank balances which are required to be reported "net" in official reports of condition. to cooperative action, among bank super- 2. Loan and investment totals and capital accounts may include bad debt reserves and other valuation visory agencies and the industry itself. I reserves. They are required to be excluded from totals hope that these conditions will prevail, so in the official condition reports of most banks. that efforts to solve this problem, and the many other problems that confront bank supervisors, can take place under conditions Statement concerning crimes against that offer the greatest likelihood of success. banks, by J. L. Robertson, Member of the Board of Governors of the Federal Reserve Devices Employed to Window Dress Bank Condi- System, before the Legal and Monetary Aftion Statements Called for by Supervisory Authorities fairs Subcommittee of the House Committee 1. Round-robin exchange of interbank deposits on Government Operations, October 15, among three or more banks which increases both deposits and cash-equivalent assets to make the bank 1963. appear larger and more liquid than it normally would. At least three banks must participate, since reciprocal deposits between two banks are required to be re- The problem of crimes against banks is ported "net" in official condition reports. one that has been of real concern to banks, 2. Short-term reductions in borrowings, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 FEDERAL RESERVE BULLETIN • OCTOBER 1963 bankers' associations, bank supervisors, and the many thousands of bank employees will law enforcement agencies over the years and not be able to resist the temptation to "borit is heartening that this committee is hold- row with the intent of repaying" a little of ing these hearings. The problem can never the money which passes through their hands. be completely eliminated. There will always It is also certain that there will always be be crimes committed against banks—both some professional or amateur robbers who internal and external. The task before all will try to "get rich quick" through burgof us is to find ways and means of lessening laries and armed attacks on banks. the role of crime—making its perpetration Even though there is no major problem and concealment more difficult, and its in so far as depositors are concerned, the detection quicker. situation is one that cannot be lightly dis- While the problem deserves the best ef- missed. The losses that result from crimes forts that can be devoted to its solution, it against banks are a burden on banks' operashould be emphasized that most losses from tions; they weaken the ability of banks to crimes against banks, in recent years at provide maximum service to the community least, have been absorbed by commercial at reasonable cost. Although insurance proinsurance or surety bonds, by stockholders' tection can prevent a particular loss from funds, or—in a few instances—by the Fed- being disastrous to the bank involved, it eral Deposit Insurance Corporation. These can only spread the burden over the whole protections are intended to shield deposi- banking industry and, ultimately, the banktors against loss, and they have generally ing public. Insurance rates must be high been adequate to prevent crimes from caus- enough, in the long run, to cover the risks. ing loss to bank customers. As losses increase, insurance rates must rise. In the perspective of history, the princi- Everyone suffers when funds that should pal causes of bank failures have not been serve the community must be paid out in crimes against banks. The principal causes higher insurance premiums to cover losses have related to the abilities of management resulting from crimes. and the quality of loans and investments. The officers and directors of each bank Therefore, the examiner's work is focused have the direct responsibility for preventing on assets and operations. His chief duty is and detecting crimes against the bank. Forto ascertain that the statutory and adminis- tunately, methods and techniques are readily trative requirements are being complied with available to the individual bank to help it and that the lending and investing policies in preventing losses. Training manuals and of the bank are such as to minimize the educational facilities are made available by dangers inherent in excessive and hazardous the American Bankers Association; NAloans, speculative investments, et cetera. The BAC, The Association for Bank Audit, relatively low rate of bank failures in recent Control and Operation; and other industry years is due at least in part to the better organizations. The Federal Bureau of Invesjob that bank examiners and supervisors tigation and the Post Office Department have been doing in this respect. also have made major contributions in edu- There is no question that undiscovered cating bank officers and employees in ways shortages exist in some of our banks today. of preventing various types of crimes that Shortages will always exist in banks to some may be committed against banks and aiding degree. It is certain that at least a few of in their detection. In addition, manufac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 1387 turers of vaults and protective equipment surance coverage. Basic training in this area have been active in developing and market- is an important part of the curriculum of ing many types of equipment to aid in pre- the Bank Examination School established venting and detecting crime. by the Federal bank supervisory agencies in What is the appropriate role of bank 1952 and currently conducted cooperatively supervision? The detection of crime is not by the Board of Governors and the Federal the principal duty of bank examiners. De- Deposit Insurance Corporation. Four 4falcations are often discovered by them, as week sessions for Assistant Examiners and a result of their tendency to react with two 4-week sessions for more experienced suspicion to circumstances that would pass examiners are held each year. To date more unnoticed by others, and perhaps this is than 2,100 State and Federal examiners and the basis of a popular misconception of the assistant examiners have attended the school. main function of bank examinations. Also in cooperation with the FDIC, seminars A bank examination is a fact-finding to train examiners in the use of appropriate process designed to verify assets and ap- techniques and procedures in the examinapraise their value, determine liabilities, tion of banks utilizing electronic data procmeasure the adequacy of capital structure, essing systems were introduced in 1962 with analyze earnings and expenses, ascertain beneficial results and are being continued. compliance with applicable laws and regula- The Board of Governors of the Federal tions, and assess the competence of manage- Reserve System has responsibility for the ment. A bank examination is not an audit, supervision and examination of State memsince as a general practice it does not in- ber banks of the Federal Reserve System. clude detailed checking of entries relating Supervisory examinations are conducted by to transactions or direct verification of in- Federal Reserve Bank examiners, approved dividual loan and deposit balances. How- by the Board, and are made jointly or inever, as a part of the examination process dependently through cooperative arrangethe examiner reviews the accounting and ments with the banking departments of operating systems of the bank and its pro- the several States. It is the Board's estabgram of audit and other internal controls, lished policy to have each State member judges the adequacy of its fidelity bond and bank examined at least once in each calendar other insurance coverage, and makes recom- year. These institutions range from smallmendations for the correction of any de- town banks with a total staff of three or ficiencies in these aspects of the bank's four and less than $ 1 million in total assets operations. The responsibility for providing to large organizations with many branch protection against crimes lies with the bank offices, several thousand officers and emitself, with such assistance as it may be able ployees, and total assets measured in bilto obtain from bank supervisors and other lions. law enforcement authorities. At one extreme are banks that have Bank examiners and supervisors do make small resources and offer a few banking intensive efforts to have banks follow sound services to their relatively few potential practices. They urge the adoption of ap- customers; at the other end of the scale propriate internal controls and audit pro- are large, highly departmentalized banks grams, rotation of employees, compulsory that provide a wide range of general and vacations, and adequate surety and in- specialized banking and fiduciary services Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL RESERVE BULLETIN • OCTOBER 1963 on a national and international basis. The ing, since even independent audits can vary circumstances surrounding the operations widely in their effectiveness, depending of these different institutions necessarily upon the skill with which they are pervary widely. It would be extremely difficult formed. to provide uniform rules or regulations The Board of Governors and other suthat would be suitable to such a variety of pervisory agencies have for many years enconditions. The best means of protecting a couraged banks to strengthen their protecparticular bank against crimes necessarily tion against crime. One example of this is must be decided in the light of the circumfound in a booklet entitled "Direct Verificastances existing in that particular institution for Smaller Banks" issued by the Amerition. The management of that institution can Bankers Association in 1961 and sent to should be in the best position to select and banks throughout the United States. This apply suitable protective measures. The booklet was issued with a foreword, signed supervisory authorities can best aid in this by the then heads of the three Federal bank process by reviewing the job done by the supervisory agencies and the National Asbank's management and by offering helpful sociation of Supervisors of State Banks, advice or suggestions. Since the problem is urging bank officers and directors to conlargely one of alerting and educating bankers sider the desirability of adopting a program to the importance of the problem and the of direct verification of the accounts of means of meeting it, there is no simple or depositors and borrowers. Additional useeasy solution. Anything that helps in the ful materials have been prepared by other process of alerting and educating can be organizations—for example, the booklet enhelpful, and hearings such as this can serve titled "Your Bank and Armed Robbery" a useful purpose in that direction. issued by NABAC, and the FBI's booklet Under the Financial Institutions Act of on "How Banks Can Help the FBI." Such 1957, which was passed by the Senate but cooperative educational efforts, suitably not reported out of the House Banking and brought to the attention of banks and uti- Currency Committee, the Federal bank lized by them, are the best means of dealing Supervisory authorities would have been with the problem. authorized, whenever deemed necessary, to As the committee is aware, the Board of require banks under their supervision to Governors has previously submitted material provide audits by qualified independent on this subject under date of May 3, 1963, firms. This committee may wish to give and September 17, 1963. If agreeable to consideration to a similar provision of law the committee, I would like to suggest that at this time. While such a law would be helpful, the ultimate protection must neces- this material be included in the record of sarily lie in the field of education and train- this hearing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Order Under Section 4 termination is requested are: Alex State Agency, of Bank Holding Company Act Inc., Alexandria, Minnesota, Detroit State Agency, Inc., Detroit Lakes, Minnesota, Farmers & Mer- The Board of Governors of the Federal Reserve chants Breckenridge Agency, Inc., Breckenridge, System has issued an Order approving a request Minnesota, Lisbon Insurance Agency, Inc., Lisby a bank holding company for a determination bon, North Dakota, Polk County State Agency, under Section 4(c) (6) of the Bank Holding Com- Inc., Crookston, Minnesota, and Walsh County pany Act of 1956 that certain subsidiary corpora- Insurance Agency, Inc., Grafton, North Dakota. tions are exempt from the prohibitions of Section A hearing was ordered pursuant to Section 4 of the Act. The Board's Order and accompany- 4(c)(6) of the Act and conducted in accordance ing Report and Recommended Decision of the with Sections 222.5(b) and 222.7(a) of the Hearing Examiner read as follows: Board's Regulation Y and with the provisions of the Board's Rules of Practice for Formal Hearings (12 CFR 263). On August 9, 1963, the OTTO BREMER COMPANY, ST. PAUL, Hearing Examiner filed his Report and Recom- MINNESOTA mended Decision wherein he recommended that the request with respect to the said six corpora- In the matter of the application of Otto Bremer tions be approved, and the time for filing with Company for a determination pursuant to Section the Board exceptions and brief to the recom- 4(c)(6) of the Bank Holding Company Act of mended decision of the Hearing Examiner has 1956 with respect to Alex State Agency, Inc., expired and no exceptions or brief have been filed. Detroit State Agency, Inc., Farmers & Merchants The Board, having given due consideration to all Breckenridge Agency, Inc., Lisbon Insurance relevant aspects of the matter, hereby adopts the Agency, Inc.. Polk County State Agency, Inc., findings of fact, conclusions of law, and recom- Walsh County Insurance Agency, Inc. Docket No. mendations as set forth in the Hearing Examiner's BHC-70. Report and Recommended Decision. Accordingly, IT IS HEREBY ORDERED, on the basis of the ORDER findings of fact and conclusions of law hereinbefore adopted, that Alex State Agency, Inc., The Otto Bremer Company, St. Paul, Minne- Detroit State Agency, Inc., Farmers & Merchants sota, a bank holding company within the meaning Breckenridge Agency, Inc., Lisbon Insurance of Section 2(a) of the Bank Holding Company Agency, Inc., Polk County State Agency, Inc., Act of 1956 (12 U.S.C. § 1841 (a)), has filed a and Walsh County Insurance Agency, Inc., and request for a determination by the Board of Gov- their activities are determined to be so closely ernors of the Federal Reserve System that six related to the business of banking or of managing corporations proposed to be formed and their or controlling banks as to be a proper incident activities are of the kind described in Section thereto and as to make it unnecessary for the 4(c)(6) of the Act and Section 222.5(b) of the prohibitions of Section 4 of the Bank Holding Board's Regulation Y (12 CFR 222.5(b)), so Company Act of 1956 to apply in order to carry as to make it unnecessary for the prohibitions out the purposes of that Act, and, therefore, Apof Section 4 of the Act with respect to acquisition plicant's request with respect to the said six corand retention of shares in nonbanking organiza- porations shall be, and hereby is, granted; protions to apply in order to carry out the purposes vided that this determination shall be subject to of the Act. revocation by the Board if the facts upon which The proposed corporations as to which a de- it is based should substantially change in such a 1389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 FEDERAL RESERVE BULLETIN • OCTOBER 1963 manner as to make the reasons for such deter- acquire direct or indirect ownership or control of any voting shares of any company which is not Imination no longer applicable. a bank. . . . I Dated at Washington, D. C, this 11th day of * * * September, 1963. "(c) The prohibitions in this section shall not apply— By order of the Board of Governors. Voting for this action: Chairman Martin, and Gov- "(6) to shares of any company all the activities ernors Balderston, Robertson, Shepardson, and King. of which are of a financial, fiduciary, or insurance Absent and not voting: Governors Mills and Mitchell. nature and which the Board after due notice and hearing, and on the basis of the record made at (Signed) MERRITT SHERMAN, such hearing, by order has determined to be so Secretary. closely related to the business of banking or of managing or controlling banks as to be a proper [SEAL] incident thereto and as to make it unnecessary for the prohibitions of this section to apply in order to carry out the purposes of this Act." REPORT AND RECOMMENDED DECISION Section 222.5(b) of the Board's Regulation Y im- STATEMENT OF THE CASE plements the Statute by providing for the filing of applications with the Board for determinations pur- The Applicant, Otto Bremer Company of Saint suant to Section 4(c)(6) of the Act, for hearing Paul, Minnesota, has filed with the Board of Govthereon, and for Board order determining the matter. ernors a request for determination by the Board, Otto Bremer Company: The Applicant, Otto pursuant to Section 4(c)(6) of the Bank Holding Com- Bremer Company, a Minnesota corporation, with its pany Act of 1956 (12 U.S.C.A. 1841 et seq.) and principal office at Saint Paul, Minnesota, is a bank Section 222.5(b) of the Board's Regulation Y (12 holding company, which has duly registered as such CFR 222.5) relating to six corporations proposed to with the Board. All of the Applicant's shares of stock be established, their names and locations being as are owned by Otto Bremer Foundation, a charitable follows: Alex State Agency, Inc., Alexandria, Minnefoundation. At present, the Applicant owns stock insota; Detroit State Agency, Inc., Detroit Lakes, Minneterest in thirty-eight banks located mainly in Minnesota; Farmers & Merchants Breckenridge Agency, sota and North Dakota. It has a majority interest in Inc., Breckenridge, Minnesota; Lisbon Insurance twenty such banks, and a minority interest in eighteen. Agency, Inc., Lisbon, North Dakota; Polk County In nine of those eighteen, Applicant owns 25 per cent State Agency, Inc., Crookston, Minnesota; and Walsh or more of the outstanding voting stock. County Insurance Agency, Inc., Grafton, North Dakota. Each of the corporations will be an insur- The issue: In sum, the Applicant seeks permission ance agency. The Applicant seeks consent of the to incorporate six insurance agencies each presently Board to Applicant's acquisition of a controlling in- operating respectively in connection with one of Apterest in the voting shares of each company. plicant's banks. The banks: The banks involved, the proposed cor- In accordance with the requirements of the Act and porations, their location, population of the com- Regulation Y, the Board provided for a hearing upon munity, and the total capital, surplus, and undivided the application before the undersigned hearing exprofits of the banks, are as follows. The Applicant aminer, duly designated and selected. Upon due owns more than a majority of the voting shares of notice, such hearing was held in Minneapolis, Minneeach bank, except in the case of Detroit State Bank— sota, on June 13, 1963. The Applicant and the Board where it owns 968 of 2000 outstanding shares. were represented at the hearing by counsel and af- There are other banks in the trade area of each forded full opportunity to be heard, to examine witof the involved banks, the number varying from one nesses, and to introduce evidence. Thereafter, certain bank in the case of Farmers State Bank of Lisbon to information requested by the hearing examiner was eight in the case of Alexandria State Bank. The areas supplied by counsel and admitted into evidence by are primarily agricultural in character. However, order of the hearing examiner, dated June 24, 1963. Alexandria, Minnesota, and Detroit Lakes, Minne- On July 25, 1963, counsel for the Applicant filed sota, also have resort facilities. Proposed Findings of Fact, Conclusions of Law and The agencies: All banks in the trade areas of the Recommended Decision. To the extent consistent with the findings made below, these are accepted.1 six Applicant's banks involved have affiliated insurance departments or agencies. For at least 30 Upon the basis of the entire record in the case, I years each of these banks of the Applicant has opnow make the following: erated an unincorporated insurance agency on the bank premises, utilizing bank facilities and personnel. The insurance operation is an integral part of the FINDINGS OF FACT bank, the licensed agents being officers of the bank, and all profits of the insurance business inuring to The Act involved: The pertinent portion of the the benefit of the bank. There are other insurance Act is as follows: agencies in each of the areas involved. Sec. 4(a) Except as otherwise provided in this The types of insurance sold by the agencies (with Act, no bank holding company shall— some variation from agency to agency) include auto- "(1) after the date of enactment of this Act mobile, bonds, credit life, crop and livestock, farm equipment, fire, hail, windstorm, medical, burglary, 1 With the concurrence of counsel, the transcript of testi- travel, casualty, marine, liability, mortgage insurance, mony is hereby ordered corrected in the respects noted in Miss Hart's letter to the hearing examiner dated July 19, 1963. and workmens' compensation. Bank borrowers or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1391 Capital, bank, and from persons who were not customers Surplus, or depositors of the bank. The remainder of the prem- Popula- Undivided iums were from non-borrowing customers or de- Bank and corporation Location tion Profits positors. Area practice and legality under State law: In the Alexandria State Bank Alexandria, 7,500 geographical area of the United States in which (Alex State Agency, Minn. Inc.) $575,464.00 these banks and agencies are located (Minnesota, North Dakota) the operation of bank-connected in- Detroit State Bank Detroit 5,600 surance agencies is considered to be of benefit to (Detroit State Lakes, banks in providing additional income, as well as Agency, Inc.) Minn. $485,204.43 essential insurance services in connection with banking programs, in the protection of bank loans, and a Farmers & Merchants Brecken- 4,700 source of convenience and additional service to bank State Bank of ridge, customers. It is also said to be a competitive factor. Breckenridge Minn. $353,857.10 Evidence submitted by the Applicant based on a (Farmers & Mer- recent survey of 598 banks in the State of Minnechants Breckenridge sota outside the cities of Minneapolis, St. Paul, and Agency, Inc.) Duluth, indicates that 527, or 88%, have insurance agents or agencies.4 In the State of North Dakota the Farmers State Bank Lisbon 2,500 $355,342.56 evidence is that all banks except those in the larger of Lisbon N. D. cities operate affiliated insurance agencies. Those (Lisbon Insurance agencies, similarly to those here, usually operate on Agency, Inc.) the bank premises, to all appearances as departments of the bank, with bank officers or employees as the Polk County State Crookston, 8,500 $503,779.80 licensed insurance agents. Though methods of dis- Bank Minn. position of the insurance income varies, the most (Polk County State common arrangement, as here, is to have it retained Agency, Inc.) by the bank. Minnesota and North Dakota statutes Walsh County Bank Graf ton, 5,800 $596,766.95 do not expressly prohibit the operation of an in- (Walsh County N. D. surance agency on bank premises for the benefit of Insurance Agency, the bank. The banking and insurance authorities of Inc.) those States are aware of the practice and have not disapproved it. Purpose of the proposal: The stated purpose of customers are not required by the banks to secure the proposed incorporation of the insurance agencies insurance from the related agencies. Minnesota law is to insulate the banks from any liability arising out forbids the lender on financed property or secured of their operation. The testimony indicates that on loans to require insurance on such property to be prooccasion in the past activities of insurance agencies cured from a particular source. (Minnesota Statutes or departments have involved related banks in litiga- Ann. 72.34) The testimony is that in North Dakota tion. it is unlawful for a bank to require a borrower or cus- Proposed manner of operation: It is proposed that tomer to purchase insurance from the bank. six incorporated agencies be established, one in con- Most of the insurance written by the agencies innection with each related bank. Voting shares of volved is for customers of the related bank. A subeach corporation will be allotted to the shareholders stantial portion of the insurance covers borrowers of the connected bank, in the same proportion as from the bank, and some is directly related to coltheir holdings in the bank. Overtly the insurance lateral held by the bank. business will be conducted on the bank premises in Premium and commission income of these agencies much the same fashion as at present. The corporation in 1962 is given in the following table. The table also will pay the bank an appropriate sum for the use of shows the approximate proportion of premium inbank space, facilities and personnel. Earnings will, of come derived, respectively, from borrowers of the course, accrue to the stockholders of the corporation. Approximate Relation- In this regard the arrangement will presumably result ship of premiums to in loss of income to the bank to the extent that the Agency Premiums Commissions bank business corporation's net earnings exceed compensatory pay- Alex State $45,066.25 not given 30% from borrowers ments. The corporations will confine themselves ex- 10% from non-customers clusively to insurance activities. In general, officers Detroit State $49,088.40 $8,963.36 55% from borrowers and directors of the corporation are expected to be 9% from non-customers the officers and directors of the related bank. It is Farmers & $170,000..00 $26,000.00 50% from borrowers proposed that a tie-in agreement be required so that Merchants 6% from non-customers bank and corporation shares will be traded as one Lisbon $67,558.85 $11,660.44 5% from borrowers2 unit. 2% from non-customers 4 In a prior case, Otto Bremer Company (Farmers State Polk County $28,678.,48 $6,829.88 25% on collateral foi Agency, et al.) 47 Federal Reserve BULLETIN 1039, a 1961 loans survey by the Applicant among Minnesota cities of less than 15% from non-customers 5,000 population indicated that approximately 93% of the banks in such cities had related insurance agencies. The pres- Walsh County $107,974.82 $24,298.04 63 l % oa n o s n 3 collateral for 5 en ,0 t 0 0 s ur p v o e p y u , la b t a i s o e n d . o I n n 1 c 9 i 6 ti 2 e - s 3 d of a ta s , uc in h c lu si d z e e d , s b o a m nk e - c c o it n i n es e ct o e f d ov i e n r - 3% from non-customers surance agencies are less common—a fact apparently reflecting the presumed effect of Section 13 of the Federal Reserve Act 2 If premiums from hail insurance—which in North Dakota (ac- (39 Stat. 753, 12 U.S.C. 92), which authorizes national banks cording to the testimony) are considered to be a form of insurance on in places of not more than 5,000 population to act as incollateral—are added, the 5% would be increased to 24%. surance agents. The percentage difference between the two 3 It is not clear whether the 63% includes premiums from hail surveys does not, therefore, necessarily suggest any substaninsurance. The latter constituted about 13% of total premium income. tial change in the situation since 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1392 FEDERAL RESERVE BULLETIN • OCTOBER 1963 CONCLUDING FINDINGS Act to apply in order to carry out the purposes of the Act. It will therefore be recommended that Ap- On the basis of the evidence adduced in the pro- plicant's request to acquire voting shares in each corceeding, this case is indistinguishable in its essential poration equal to Applicant's interest in the related aspects from others originating in the same geographi- bank be granted. cal area—some involving the same Applicant—in If there should be substantial change in the factual which the Board has exempted from the prohibitory or legal situation in the future so as to make the provisions of Section 4 of the Act, bank-connected present conclusions no longer applicable, the recomcompanies of the type here proposed.5 mendations will, of course, cease to obtain. (North- In 1960 and again in 1961 the Board granted re- west Bancorporation, 45 Federal Reserve BULLETIN quests by the Applicant for approval of incorpora- 962, 972.) tion of bank-connected insurance agencies upon facts, in relevant phase, substantially like those here. Otto CONCLUSIONS OF LAW Bremer Company {Foster County Agency Inc.), 46 1. All the activities of the following companies, as Federal Reserve BULLETIN 621; Otto Bremer Comproposed, are of an insurance nature: pany (Farmers State Agency Inc., et al.), 47 Federal Alex State Agency, Inc., Alexandria, Minnesota Reserve BULLETIN 1039. Detroit State Agency, Inc., Detroit Lakes, Minne- Where there are close historical, physical, and persota sonnel relationships between the operations of a bank Farmers & Merchants Breckenridge Agency, Inc., and of a connected insurance agency, and these re- Breckenridge, Minnesota lationships are sanctioned or are not disapproved by Lisbon Insurance Agency, Inc., Lisbon, North local governmental authority, and where the arrange- Dakota ments have a wide acceptance in area practice, the in- Polk County State Agency, Inc., Crookston, Minnesurance activity may be a proper incident of banking, sota and ownership of the insurance company's shares by a Walsh County Insurance Agency, Inc., Grafton, bank holding company appropriately exempted from North Dakota the prohibitory requirements of Section 4. The present 2. The operations of the aforesaid companies, as case substantially reflects the factors required under proposed, are so closely related to the business of Board principles for such an affirmative determination banking as to be a proper incident thereto. here. 3. It is unnecessary to apply the prohibitions of The activities involved are solely of an insurance Section 4 of the Act to the aforesaid companies in nature; they have been carried on for many years in order to carry out the purposes of the Act. connection with the operation of the related banks, in most instances much like a department of the bank, RECOMMENDATIONS utilizing bank premises, equipment, and personnel. There is a significant relationship between the insur- It is recommended that the Board of Governors ance and the banking activities in each particular in- of the Federal Reserve System: stance. The insurance operation in this area is of 1. Enter an order determining the issues in this benefit to the bank; the relationship between the in- proceeding in accordance with the findings of fact surance and the banking activity is not disapproved and conclusions of law made above, and by local authority; the relationship is an historical 2. Grant the application of Otto Bremer Company, one having substantial acceptance in area practice as St. Paul, Minnesota, for an order under Section legitimate and in the public interest. On the basis of 4(c)(6) of the Bank Holding Company Act of 1956 these factors it is my conclusion that exemption is permitting Otto Bremer Company to acquire voting appropriate and will accordingly so recommend. shares in the following companies— It is found that the activities of Alex State Agency, Inc., Alexandria, Minnesota, Alex State Agency, Inc., Detroit State Agency, Inc., Detroit Lakes, Minne- Detroit State Agency, Inc., sota, Farmers & Merchants Breckenridge Agency, Inc., Farmers & Merchants Breckenridge Agency, Inc., Lisbon Insurance Agency, Inc., Breckenridge, Minnesota, Polk County State Agency, Inc., and Lisbon Insurance Agency, Inc., Lisbon, North Walsh County Insurance Agency, Inc., Dakota, as proposed, are so closely related to the business of Polk County State Agency, Inc., Crookston, Minnebanking as conducted by the Applicant in connection sota, and with the related banks, respectively, Walsh County Insurance Agency, Inc., Grafton, North Dakota, Alexandria State Bank, Alexandria, Minnesota, Detroit State Bank, Detroit Lakes, Minnesota, equal to Applicant's interest in the following banks— Farmers & Merchants State Bank of Breckenridge, Alexandria State Bank, Alexandria, Minnesota, Breckenridge, Minnesota, Detroit State Bank, Detroit Lakes, Minnesota, Farmers State Bank of Lisbon, Lisbon, North Farmers & Merchants State Bank of Breckenridge, Dakota, Breckenridge, Minnesota, Polk County State Bank, Crookston, Minnesota, Farmers State Bank of Lisbon, Lisbon, North and Dakota, Walsh County Bank, Grafton, North Dakota, Polk County State Bank, Crookston, Minnesota, as to be proper incidents thereto and as to make and it unnecessary for the prohibitions of Section 4 of the Walsh County Bank, Grafton, North Dakota. Dated at Washington, D. C, this 9th day of 6 See, for example, First Bank Stock Corporation, 45 Fed- August, 1963. eral Reserve BULLETIN 917; Otto Bremer Company, Id. 892; Bank Shares, Inc., Id. 954; Northwest Bancorporation, Id. CHARLES W. SCHNEIDER, 963. Subsequent decisions confirm the principles laid down Hearing Examiner. in those cases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF DIRECTORS AND CHAIRMAN member banks therein that as of September 30, On September 30, 1963, the Board of Governors 1963, were maintaining reserves at the requireannounced the appointment of John T. Fey of ments established by the Board of Governors for Burlington, Vermont, as a director of the Federal banks in such cities.1 Net demand deposits of Reserve Bank of Boston for the unexpired portion these banks are subject to a reserve requirement of a term ending December 31, 1965. Mr. Fey is of 16Vi per cent; these deposits are subject to a President, University of Vermont, Burlington. As reserve requirement of 12 per cent at all other a director of the Boston Bank he succeeds Wilbur member banks. Time deposits are subject to a H. Norton, President, The Gorham Corporation, reserve requirement of 4 per cent at all member Providence, Rhode Island, who died on April 3, banks. 1963. DISTRICT 1 On October 6, 1963, the Board of Governors of Boston the Federal Reserve System announced its appoint- First National Bank ment of Raymond Rebsamen of Little Rock, Ar- National Shawmut Bank kansas, as a Class C director of the Federal Re- New England Merchants National Bank serve Bank of St. Louis for the unexpired portion Old Colony Trust Company of a term ending December 31, 1965, and desig- State Street Bank and Trust Company nated him as Chairman and Federal Reserve Agent of the St. Louis Reserve Bank for the remainder DISTRICT 2 of 1963. Mr. Rebsamen is Chairman of the Board New York of Rebsamen and East, Inc., Little Rock. Both Bank of New York as Chairman of the Reserve Bank and as a direc- Bankers Trust Company tor, he succeeds Mr. Ethan A. H. Shepley, Of Chase Manhattan Bank Counsel, Shepley, Kroeger, Fisse & Shepley, St. Chemical Bank New York Trust Company Louis, Missouri, who resigned on September 30, First National City Bank 1963. Grace National Bank Mr. Rebsamen resigned as a Class B director Irving Trust Company of the St. Louis Reserve Bank, having held this Manufacturers Hanover Trust Company position since January 1, 1963. Marine Midland Trust Company Meadow Brook National Bank, (Spring Gar- RESIGNATION OF DIRECTORS dens), New York (branch in Manhattan) Mr. Lamar Fleming, Jr., who had served as a Morgan Guaranty Trust Company Class C director of the Federal Reserve Bank of Schroder Trust Company Dallas since December 13, 1957, resigned effec- United States Trust Company tive September 27, 1963. Mr. Fleming is a member of the Board of Directors of Anderson, Clay- Buffalo ton & Co., Inc., Houston, Texas. Liberty National Bank and Trust Company Mr. Ethan A. H. Shepley, Chairman of the Fed- Manufacturers and Traders Trust Company eral Reserve Bank of St. Louis and Class C direc- Marine Trust Company of Western New York tor since January 1, 1963, resigned effective September 30, 1963. Mr. Shepley is Of Counsel, DISTRICT 3 Shepley, Kroeger, Fisse & Shepley, St. Louis, Missouri. Philadelphia Central-Penn National Bank RESERVE CLASSIFICATIONS Reserve cities are listed below, together with the 1 The names of banks are not necessarily the full legal titles. 1393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1394 FEDERAL RESERVE BULLETIN • OCTOBER 1963 DISTRICT 3—Cont. DISTRICT 5—Cont. First Pennsylvania Banking and Trust Company Richmond Fidelity Philadelphia Trust Company Bank of Virginia Girard Trust Corn Exchange Bank Central National Bank Philadelphia National Bank First and Merchants National Bank Provident Tradesmens Bank and Trust Com- Southern Bank and Trust Company pany State-Planters Bank of Commerce and Trust DISTRICT 4 Cincinnati Washington, D. C. Central Trust Company American Security and Trust Company Fifth Third Union Trust Company First National Bank First National Bank National Bank of Washington Provident Bank National Savings and Trust Company Public National Bank Cleveland Riggs National Bank Central National Bank Cleveland Trust Company DISTRICT 6 National City Bank Atlanta Society National Bank Bank of Georgia Union Commerce Bank Citizens Trust Company Columbus Citizens and Southern National Bank, Savannah, Georgia (branch in Atlanta) City National Bank and Trust Company First National Bank Huntington National Bank Fulton National Bank Ohio National Bank Trust Company of Georgia Pittsburgh Birmingham Commonwealth Bank and Trust Company Birmingham Trust National Bank Mellon National Bank and Trust Company First National Bank Pittsburgh National Bank Union National Bank Jacksonville Western Pennsylvania National Bank, McKees- Atlantic National Bank port, Pennsylvania (branch in Pittsburgh) Barnett National Bank Toledo Central National Bank Florida National Bank National Bank of Toledo Jacksonville National Bank Ohio Citizens Trust Company Toledo Trust Company Nashville Commerce Union Bank DISTRICT 5 First American National Bank Baltimore Third National Bank First National Bank of Maryland Maryland National Bank New Orleans National City Bank Bank of New Orleans and Trust Company Union Trust Company Hibernia National Bank National American Bank of New Orleans Charlotte National Bank of Commerce Bank of Commerce Whitney National Bank First Union National Bank of North Carolina North Carolina National Bank Miami Wachovia Bank and Trust Company, Winston- Florida National Bank and Trust Company at Salem, North Carolina (branch in Charlotte) Miami Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1395 DISTRICT 6—Cont. DISTRICT 8—Cont. Inter National Bank of Miami Commercial National Bank Pan American Bank of Miami First National Bank The First National Bank of Miami Union National Bank Worthen Bank and Trust Company DISTRICT 7 Chicago Louisville American National Bank and Trust Company Citizens Fidelity Bank and Trust Company Central National Bank First National Lincoln Bank Continental Illinois National Bank and Trust Kentucky Trust Company Company Liberty National Bank and Trust Company Drovers National Bank Louisville Trust Company Exchange National Bank First National Bank Memphis Harris Trust and Savings Bank First National Bank LaSalle National Bank National Bank of Commerce Live Stock National Bank Union Planters National Bank National Boulevard Bank Northern Trust Company National City Sears Bank and Trust Company National Stock Yards National Bank of National City Des Moines Bankers Trust Company DISTRICT 9 Central National Bank and Trust Company Minneapolis Iowa-Des Moines National Bank First National Bank Detroit Marquette National Bank Midland National Bank Bank of the Commonwealth Northwestern National Bank City National Bank of Detroit Detroit Bank and Trust Company Helena Manufacturers National Bank First National Bank and Trust Company Michigan Bank, National Association Union Bank and Trust Company National Bank of Detroit Indianapolis St. Paul American Fletcher National Bank and Trust American National Bank Company First National Bank Indiana National Bank Northwestern National Bank Merchants National Bank and Trust Company DISTRICT 10 Milwaukee Denver First Wisconsin National Bank American National Bank Marine National Exchange Bank Central Bank and Trust Company Marshall and Ilsley Bank Colorado National Bank Denver United States National Bank DISTRICT 8 St. Louis First National Bank 17th Street National Bank Boatmen's National Bank First National Bank Kansas City, Missouri Mercantile Trust Company City National Bank and Trust Company Little Rock Civic Plaza National Bank Bank of Arkansas Columbia National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 FEDERAL RESERVE BULLETIN • OCTOBER 1963 DISTRICT 10—Cont. DISTRICT 11—Cont. Commerce Trust Company Houston National Bank First National Bank National Bank of Commerce Livestock National Bank Texas National Bank Mercantile Bank and Trust Company Merchants-Produce Bank San Antonio Traders National Bank of Kansas City Alamo National Bank Union National Bank Bexar County National Bank Frost National Bank Oklahoma City Groos National Bank City National Bank and Trust Company National Bank of Commerce Fidelity National Bank and Trust Company First National Bank and Trust Company Liberty National Bank and Trust Company DISTRICT 12 Omaha Los Angeles First National Bank Citizens National Bank Omaha National Bank Mission National Bank Packers National Bank Security-First National Bank Stock Yards National Bank of South Omaha Union Bank United States National Bank United California Bank Pueblo Portland First National Bank First National Bank of Oregon Oregon Bank Tulsa United States National Bank First National Bank and Trust Company Fourth National Bank Salt Lake City National Bank of Commerce Continental Bank and Trust Company National Bank of Tulsa First Security Bank of Utah, National Associa- Southern Hills National Bank tion, Ogden, Utah (branch in Salt Lake City) Tracy-Collins Bank and Trust Company DISTRICT 11 Walker Bank and Trust Company Dallas Zions First National Bank First National Bank Mercantile National Bank San Francisco National Bank of Commerce Bank of America, N. T. and S. A. Republic National Bank Bank of California, N.A. Texas Bank and Trust Company of Dallas Crocker-Anglo National Bank Golden Gate National Bank El Paso Pacific National Bank El Paso National Bank San Francisco National Bank State National Bank The Sumitomo Bank of California Wells Fargo Bank Fort Worth Continental National Bank Seattle First National Bank of Fort Worth Fort Worth National Bank National Bank of Commerce Pacific National Bank Houston Peoples National Bank of Washington Bank of the Southwest National Association Seattle First National Bank First Citv National Bank Seattle Trust and Savings Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1397 In the period between the September 28, 1962, DISTRICT 7 call date, when the list was previously published Chicago, Illinois (see BULLETIN for October 1962, pp. 1291-1295) The Archer National Bank of Chicago and the September 30, 1963, call date, the following banks have been granted permission to main- Des Moines, Iowa tain the same reserves against deposits as are re- East Des Moines National Bank quired to be maintained by banks outside reserve cities. DISTRICT 10 DISTRICT 2 Denver, Colorado New York, New York Boulevard National Bank Federation Bank and Trust Company Northeast Colorado National Bank of Denver Sterling National Bank and Trust Company Trade Bank and Trust Company Oklahoma City, Oklahoma Citizens National Bank of Oklahoma City DISTRICT 9 Helena, Montana Pueblo, Colorado Commerce Bank and Trust Company Park National Bank of Pueblo DISTRICT 10 Pueblo, Colorado DISTRICT 11 Republic National Bank of Pueblo Dallas, Texas Commercial National Bank of Dallas Community National Bank of Oak Cliff DISTRICT 11 Houston, Texas Hillside National Bank of Dallas Houston Bank and Trust Company Trinity National Bank of Dallas In addition, the following newly organized or White Rock National Bank of Dallas new member banks were granted permission to Fort Worth, Texas maintain the same reserves against deposits as are required to be maintained by banks outside reserve Everman National Bank of Fort Worth cities during this period: Southwest National Bank of Fort Worth DISTRICT 2 Houston, Texas New York, New York Airline National Bank of Houston Royal National Bank Memorial National Bank of Houston Northshore National Bank DISTRICT 5 Republic National Bank of Houston Richmond, Virginia Riverside National Bank of Houston Richmond National Bank and Trust Company Washington, D. C. San Antonio, Texas District of Columbia National Bank Security National Bank of San Antonio Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 15 Industrial production, construction activity, and of $66Vi billion, on the basis of revised figures, the unemployment rate were unchanged in Sep- and remained at about that level in September. tember. Retail sales declined appreciably. Bank Private residential activity and public construction credit, the money supply, and time and savings were unchanged in September while business condeposits at commercial banks increased. struction edged higher. EMPLOYMENT INDUSTRIAL PRODUCTION Employment in nonagricultural establishments Industrial production in September was 126 increased slightly in September, reflecting in part per cent of the 1957-59 average, the same as in recovery in the auto industry following the August August and 5 per cent above a year ago. Auto decline associated with model changeovers. The assemblies, which had declined in August, inunemployment rate was 5.6 per cent, about the creased 3 per cent in September as production of same as in August. In manufacturing the average 1964 models began; production schedules indicate workweek increased to 40.6 hours. a further rise in October. In September output of most other consumer goods changed little. Activity DISTRIBUTION in business equipment industries continued to ex- Retail sales declined 2Vz per cent in September, pand, reflecting gains in industrial machinery and with decreases widespread among the various catefreight and passenger equipment. gories of stores. Dealer deliveries of new cars Output of iron and steel, after falling sharply declined somewhat prior to introduction of 1964 in July and August, declined only 2 per cent furmodels and then increased. The Board's index of ther in September. Output of most other materials, department store sales fell to about the June-July durable and nondurable, remained at advanced level. levels. COMMODITY PRICES CONSTRUCTION The wholesale commodity price index continued New construction activity rose 3 per cent in to change little in September and early October, August to a record seasonally adjusted annual rate although prices of lead, aluminum, and many steel mill products were raised, and prices of INDUSTRIAL PRODUCTION some fabricated industrial products also were in- 1957-59 = 100, creased. New model autos were introduced at about the same prices as a year ago. Among foodstuffs, prices of wheat, sugar, and coffee rose while those of livestock and meats declined somewhat further. BANK CREDIT, MONEY SUPPLY, AND RESERVES Seasonally adjusted commercial bank credit increased $2.2 billion in September, somewhat NONDURABLE more than the average monthly expansion earlier — MANUFACTURES this year. Loans rose sharply, reflecting in part temporary borrowing by security dealers in con- - *•• \j DURABLE nection with the Treasury's advance refunding. MANUFACTURES 1 1 )1 Holdings of non-Government securities increased slightly further, following rapid expansion earlier F. R. indexes, seasonally adjusted. Latest figures shown for Sept. in the year, while holdings of U.S. Government 1398 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1399 securities again declined. After a slight reduction serve Bank float and System holdings of U.S. in August, the average money supply increased Government securities. $400 million. Time and savings deposits at com- SECURITY MARKETS mercial banks rose $800 million, somewhat less than in July and August. Between mid-September and mid-October, Required and total reserves rose by more than yields on Treasury and corporate bonds changed the usual amounts in September. Excess reserves little while those on State and local government declined while member bank borrowings from the bonds and short-term Treasury issues increased Federal Reserve were about unchanged. Reserves slightly further. After reaching a new high in late were absorbed principally through currency out- September, common stock prices declined modflows and were supplied through increases in Re- erately. PRICES INTEREST RATES 1957-59 = 100 ALL ITEMj-^ i -~ ALL COMMODITIES ... 1 1 1 1 1 f i 1 -v COMMODITIES FOODS ^m. Other lhan form and (ood **-^^>*—•* NONFOOD ~ COMMODITIES TREASURY B1LL~S 1 1 1 1 . .. _x_ I 1 I I -- PROCESSED FOODS ,.»-»•*"*"*'** SERVICES \* V U^ FAR, M PROD, UC_T S 1I ! [ n^ ^ 1 I 1 1 w 1963 1959 Bureau of Labor Statistics indexes. Latest figures shown for Discount rate, range or level for all F. R. Banks. Weekly consumer prices, Aug.; for wholesale prices, Sept. average market yields for U.S. Govt. bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending Oct. 11. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets p Preliminary L Liabilities r Revised rp Revised preliminary S Financial sources of funds net change in liabilities i, ii, U Financial uses of funds: net acquisitions of m, iv Quarters assets n.a. Not available n.e.c. Not elsewhere classified Amounts insignificant in terms of the par- S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) N.S.A. Monthly (or quarterly) figures not adjusted (1) Zero, (2) no figure to be expected, or (3) for seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (I) 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 ... Oct. 1963 1460-68 (Feb. 1963 268-75 Banking and monetary statistics, 1962 \ Mar. 1963 394-95 (May 1963 720-23 Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1963 551-52 Analysis of changes in number of Aug. 1963 1162 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 commercial banks May 1963 719 Bank holding companies: List of, Dec. 31, 1962 June 1963 856 Banking offices and deposits of group banks, Stock Exchange firms, detailed debit and credit Dec. 31, 1962 July 1963 1012 balances Sept. 1963 1322 1400 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 1402 Reserve Bank discount rates; margin requirements; reserve requirements 1406 Federal Reserve Banks 1408 Bank debits; currency in circulation 1410 Money supply; banks and the monetary system 1412 Commercial and mutual savings banks, by classes 1414 Commercial banks, by classes 1418 Weekly reporting member banks 1420 Business loans 1423 Interest rates 1424 Security prices; stock market credit; open market paper 1425 Savings institutions 1426 Federal finance 1428 Federally sponsored credit agencies 1433 Security issues 1434 Business finance 1437 Real estate credit 1439 Consumer credit 1442 Industrial production 1446 Business activity 1450 Construction 1450 Employment and earnings 1452 Department stores 1454 Wholesale and consumer prices 1456 National product and income series. 1458 Flow of funds, saving and investment 1460 Guide to tabular presentation 1400 Index to statistical tables 1493 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 obtainedlargely from derived from regular reports made to the other sources. For many of thebanking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (seelist of publieral finance, and Federal business-type activi- cations at end of the BULLETIN). 1401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 BANK RESERVES AND RELATED ITEMS OCTOBER 1963 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t S a . l G B o o r 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 p i a r n e u e s s t e e r s - - c v D o a a a n n u d is d c n - - e ts s Float 1 t T al o - 2 s G to o c ld k r s o c e t u i a u n u n r n r g y c t - - d y - r c C t e c u i i n u i o n l r c a r n - - y - T h c i r u o n e a r l g a s y d h s s - - Tr u e w r a y i s t - h r e F s F e . e R i o g rv r . n - e B s, a O n t k h s er 1 c O F o a t . u h c R n - e . t r s B W F a . n i R t k h . s r c e r C o e a se n n i u n r c d r v - y 3 es Total Averages of daily figures 1929 June 179 179 978 61 1,317 4 024 2,018 4 400 210 30 30 376 2 314 2,314 1933 June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941_Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945_Dec 23,708 23,708 381 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 1,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953 Dec 25 639 25 218 421 448 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 31,265 111 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958 Dec 26,312 26 216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 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 0?9 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 1,112 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—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 ,0?? 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 3*5,293 400 794 193 216 ,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 35,794 394 846 164 200 1,144 16.723 2 998 19,721 Sept 32,341 32,243 98 352 1,710 34,440 15,582 5,589 35,945 402 866 149 196 ,163 16,890P3,049 P19,939 Week ending— 1962 Aug. 1 29,592 29,592 85 1,346 31,066 16,168 5,604 33,813 414 428 234 343 643 16,962 2,876 19,838 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 Sent. 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 67? 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 2,10932,259 15,978 5,551 34,803 400 488 214 262 1,023 16,597 3,033 19,630 Dec. 5... 30,411 30,223 188 93 1,832 32,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2,964 19,529 12 30,698 30,603 95 109 1,755 32,629 15,977 5,559 35,226 402 478 207 268 1,068 16,517 3,010 19,527 19 30 493 30 493 164 2,44333,163 15,978 5,560 35,366 399 669 208 277 1,011 16 771 3 182 19 953 26 30,510 30,489 21 308 2,84233,733 15,978 5,564 35,471 395 665 210 295 1,026 17,212 3,113 20,325 1963 Jan 2 30,598 30,478 120 716 2,68434,104 15,978 5,568 35,349 399 628 280 319 1,054 17,623 3,456 21,079 9 ... 30 404 30 404 65 2,72833,286 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 30732 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 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 BANK RESERVES AND RELATED ITEMS 1403 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 . t S a . l G B o o r v o i u t g u . g h t- s h t e t curities c v D o a a a i u n n d s n c d - - t e s s Float i t T al o - 2 s G to o c ld k T s r o c e r t u i a e n u n u r n a g r c y t- - s d y - - r c C t e c u i i n i o u n l r c a n r - y - - T h c i r u o n a e r g l s a y d h s s - - Tr t u e h w r a a y i s n t - h m r e F e s F . e m R o r r . v b - e e B s r , a O b n t a k h n s e k ri c O F o a t u . c h R n - e . t r s Me r m es b e e r r v e b s an T k ota Averages of daily figures Week ending— 1963 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 ,086 16,586 2,926 19,512 27 30,405 30,361 159 ,596 32,219 15,913 5,570 34,228 454 801 230 314 ,125 16,550 2,927 19,477 Mar. 6 30,552 30,402 150 172 665 32,444 15,878 5,573 34,282 448 856 188 213 ,135 16,772 2,745 19,517 13 .. . 30,651 30,528 123 168 ,52732,402 15,877 5,576 34,454 450 783 191 181 ,114 16,682 2,740 19,422 20 30,430 30,430 87 872 32,441 15,878 5,577 34,511 448 845 180 191 ,073 16,648 2,857 19,505 27 30,635 30,519 "U6 271 ,59832,555 15,878 5,576 34,415 451 1,014 186 174 ,078 16,690 2,908 19,598 Apr. 3 30,99' 30,855 142 204 ,34532,596 15,878 5,577 34,535 428 895 189 191 ,074 16,740 2,868 19,608 10 . 31,188 31,106 82 117 ,42532,779 15,878 5,578 34,745 441 897 184 194 ,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 ,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 30,808 30,646 162 124 ,522 32,500 15,877 5,582 34,583 438 963 167 196 997 16,615 3,029 19,644 8.... 31,350 31,113 237 141 ,545 33,081 15,864 5,580 34,755 435 969 172 191 990 17,012 2,703 19,715 15 31,333 31,211 122 229 ,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 ,899 33,163 15,828 5,574 34,896 422 931 190 177 1,162 16,787 2,896 19,683 29 30,910 30,910 266 ,446 32,667 15,819 5,578 34,911 419 673 168 174 1,155 16,565 3,034 19,599 June 5 31,293 31,191 102 216 ,318 32,868 15,797 5,583 35,108 407 643 169 183 1,156 16,582 2,856 19,438 12 31,587 31,513 74 249 ,382 33,261 15,797 5,581 35,298 402 774 218 205 1,156 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 1,111 16,813 2,983 19,796 26........31,583 31,430 153 234 ,854 33,714 15,779 5,582 35,279 402 892 185 217 1,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 ,65134,273 15,733 5,587 35,581 383 863 173 235 1,101 17,257 2,985 20,242 10 32,652 32,308 344 323 726 34,744 15,691 5,588 35,899 391 1,022 180 196 1,107 17,228 2,865 20,093 17 32,042 31,939 103 401 ,929 34,419 15,669 5,582 35,850 396 922 180 199 1,056 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 1,062 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 1,069 16,530 3,118 19,648 Aug. 7 32,443 32,373 70 403 ,288 34,174 15,633 =5,587 35,703 402 742 170 250 1,071 17,055 2,858 19,913 14 32,286 32,253 33 382 ,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 ,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 ,41833,901 15,583 5,586 35,728 400 918 162 181 1,219 16,461 3,093 19,554 Sept. 4 32,438 32,264 174 355 ,348 34,180 15,582 5,587 35,889 391 806 170 192 1,214 16,689 2,995 19,684 11 32,644 32,350 294 385 ,48734,553 15,583 5,591 36,066 409 824 153 206 1,219 16,850 2,964 19,814 18 32,209 32,209 225 ,995 34,465 15,582 5,590 36,016 417 942 142 209 1,139 16,770 3,130 19,900 25 32,040 32,040 418 ,93734,434 15,582 5,587 35,850 385 856 139 181 1,140 17,052 •3,148^20,200 End of month • 1963 July 32,468 32,324 144 338 1,10133,946 15,633 5,588 35,663 389 629 182 262 1,070 16,971 3,382 20,353 Aug 32,391 32,237 154 389 1,31634,134 15,582 5,588 '35,850 ••382 705 178 195 1,213 16,782 2,828 19,610 32,563 32,563 138 1,5-6'7- 34,302^15,582 '5,589*35,874 P399 948 174 199 1,107 16,772*2,865 -19,637 Sept Wednesday 1963 32,369 32,316 53 1,059 1,13134,598 15,633 5,589 35,849 404 941 198 187 1,065 17,176 3,043 20,219 Aug. 7 32,128 32,119 9 159 1,40633,732 15,583 5,581 35,918 392 1,052 152 193 990 16,199 3,319 19,518 14 32,097 31,993 104 620 1,434 34,188 15,583 5,585 35,826 403 948 152 178 ,218 16,631 3,321 19,952 21.. 32,237 32,183 54 338 1,132 33,744 15,583 5,583i35,774 401 1,015 147 188 ,213 16,172 3,431 19,603 Sept-,2?8::.:.:..:.::.. 32,694 32,359 335 212 1,449 34,392 15,583 5,588 36,061 403 844 154 199 ,219 16,684 3,211 19,895 32,524 32,324 200 335 1,448 34,343 15,583 5,589 36,112 417 1,007 141 212 ,207 16,419 3,330 19,749 18....... 31,974 31,974 353|2,268 34,631 15,583 5,592 35,990 423 1,329 152 191 ,141 16,580; 3,422 20,002 25. 32,107 32,107 495! 1,435 34,073 15,583 5,588 35,841 388 940 141 172 1,141 16,621 P3,483 '20,104 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959). For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 BANK RESERVES AND RELATED ITEMS OCTOBER 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 re - d Excess B r F i a o n a . n w R g t k s . - s s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B F r i a o n a . n w R g t k s . - s s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B r F i o a n a . n w g R t k s . - s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1 19 9 3 3 9 3 — _j D Un e e c 1 1 2 1 , , 1 4 6 7 0 3 6 1 , , 4 79 6 7 2 5,0 3 1 6 1 3 18 3 4 5,0 1 0 7 8 9 5,6 86 2 1 3 3, 7 01 9 2 2 2,61 6 1 9 2,61 6 1 9 1,1 2 4 1 1 1 6 1 0 3 1 3 5 7 4 8 0 5 7 4 8 0 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 ,191 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5 231 44 151 -107 ',356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 ,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,164 2 85 -83 1956—Dec 19,535 18.883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 ,077 ,070 39 -31 1959__Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 ,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—Sept........ 20,034 19,579 455 80 375 3,718 3,723 -4 15 -19 ,021 ,022 -1 9 -10 Oct 20,205 19,721 484 65 419 3,774 3,736 38 4 34 ,036 ,032 5 6 -1 Nov 19,604 19,012 592 119 473 3,627 3,601 27 14 13 ,007 ,001 6 13 -7 Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 ,042 ,035 7 18 -11 1963—Jan 20,035 19,552 483 99 384 3,857 3,840 18 5 13 ,038 ,037 1 7 -6 Feb 19,581 19,109 472 172 300 3,721 3,704 17 42 -25 ,016 ,012 4 15 -11 Mar 19,516 19,090 426 155 271 3,752 3,734 19 27 -8 ,009 ,008 1 38 -37 Apr 19,574 19,140 434 121 313 3,727 3,716 11 12 -1 ,003 998 5 14 -9 May 19,676 19,219 457 209 248 3,769 3,735 34 34 ,025 ,025 8 -8 June 19,735 19,358 377 236 141 3,722 3,742 -20 39 '-59 ,029 ,032 "-3 3 -6 July 20,017 19,537 480 322 158 3,796 3,740 55 40 15 ,038 ,026 11 24 -13 Aug 19,721 19,254 467 330 137 3,631 3,620 11 90 -79 ,009 ,007 2 29 -27 Sept ^19,939*>19,528 321 "3,748 *3722 82 ,029 ,030 v-\ 40 Week ending— 1962—Sept. 5 19,839 19,418 421 94 327 3,697 3,689 ,024 ,021 3 10 -7 12.... 19,952 19.427 525 77 448 3,676 3,664 15 -3 ,015 ,009 6 9 3 19.... 20,159 19,643 516 25 491 3,777 3,749 28 ,024 ,026 -2 3 -5 26 20,191 19,687 504 141 363 3,751 3,744 -29 ,031 ,025 6 18 -12 1963—Apr. 3 19,608 19,154 454 174 280 3,787 3,767 20 -11 ,003 994 29 -21 10.... 19,371 18,997 374 87 287 3,668 3,669 -1 -8 982 981 1 6 -5 17 19,690 19,157 533 157 376 3,736 3,701 36 12 995 994 1 36 -35 24 19,729 19,216 513 157 356 3,719 3,715 5 -13 ,006 1,003 4 15 -11 May 1 19,644 19,244 400 94 306 3,848 3,799 49 49 ,020 ,023 -3 3 -6 8.... 19,715 19,354 361 110 251 3,839 3,822 17 17 ,032 ,027 5 26 -21 15 19,660 19,201 459 199 260 3,702 3,711 -9 -62 ,021 ,019 3 5 -3 22 19,683 19,230 453 281 172 3,753 3,729 24 -57 ,035 ,031 4 2 2 29.... 19,599 19,122 477 266 211 3,737 3,683 54 39 ,027 ,024 3 2 1 June 5.... 19,438 19,098 340 216 124 3,672 3,662 10 -1 ,028 ,025 2 3 -1 12 19,428 19,009 419 248 171 3,632 3,621 12 -6 ,012 ,009 3 2 1 19 19,796 19,298 498 284 214 3,749 3,743 5 -58 ,016 ,021 -5 3 26.... 20,052 19,673 379 234 145 3,848 3,828 20 -53 ,058 ,051 7 5 July 3.... 20,242 19,810 432 329 103 3,891 3,886 5 -55 ,055 ,056 -1 25 -26 10.... 20,093 19,630 463 323 140 3,797 3,758 39 3 ,036 ,029 7 8 -1 17.... 20,172 19,577 595 400 195 3,719 3,706 13 -68 ,034 ,030 5 -1 24.... 19,928 19,457 471 312 159 3,797 3,720 77 77 ,025 ,013 11 66 -55 31.... 19,648 19,351 297 143 154 3,726 3,711 15 15 ,023 ,021 2 5 -3 19,913 19,431 482 398 84 3,722 3,720 2 82 -80 ,021 ,024 -2 73 -75 19,709 19,236 473 352 121 3,611 3,599 12 106 -94 ,002 997 5 45 -40 21... 19,654 19,252 402 294 108 3,613 8 89 -81 ,012 ,009 3 12 -9 28... 19,554 19,146 408 274 134 3,569 81 -82 ,003 ,001 2 2 Sept. 4 19,684 19,204 480 325 155 3,645 3,601 44 81 -37 ,014 ,010 5 11 19,814 19,313 501 354 14' 3,615 3,605 10 135 -125 ,001 ,001 -38 18 19,900 19.552 348 193 155 3,710 3,713 -2 41 -43 ,033 1,028 -22 25... 20200 *>462 388 P74 3,84^ 3,817 30 83 -53 ,046 1,051 -50 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 BANK RESERVES AND RELATED ITEMS 1405 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 Total F.R. reserves Total F.R. reserves held Required Excess Banks held Required Excess Banks 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933__june 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941__Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945_Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952 Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956 Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec 8 367 8,308 59 39 20 6 931 6,429 502 31 471 1962—June 8,270 8,209 61 45 16 6,896 6,473 423 34 389 1962—Sept 8,189 8,166 23 26 3 7,106 6,668 438 30 408 Oct 8,203 8,175 29 24 5 7,192 6,779 413 31 382 Nov 7,995 7,951 44 60 -16 6,975 6,459 515 32 483 Dec 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Jan 8,115 8,104 10 60 -50 7,025 6,572 453 27 426 Feb 7 945 7,919 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 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 8,060 8,017 43 118 -75 7,021 6,611 411 93 318 Sept *8,117 *>8,092 130 ^7,045 P361 69 Week ending— 1962—Sept. 5 8,154 8,126 29 20 9 6,964 6,582 382 56 326 8,157 8,120 37 24 13 7,104 6,633 470 29 441 19 8,211 8,181 30 3 27 7,147 6,687 460 19 441 26 8,223 8,200 22 62 -39 7,186 6,717 469 24 445 1963—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 6,971 6,594 376 96 280 Sept. 4 8,082 8,006 76 135 -59 6,943 6,587 356 109 247 8,092 8,047 45 112 -67 7,106 6,660 446 70 376 18 8,118 8,111 7 74 -67 7,039 6,701 338 51 287 25 8,168 8,135 34 203 -169 ^6,735 57 1 This total excludes, and that in the preceding table includes, $51 Nov. 1959; thereafter on closing figures for balances with F.R. Banks million in balances of unlicensed banks. and opening figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each NOTE.—Averages of daily figures. Beginning with Jan. 1963 reserves day. are estimated except for weekly averages. Borrowings at F.R. Banks: Based on closing figures. Total reserves held: Based on figures at close of business through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1406 DISCOUNT RATES OCTOBER 1963 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Sept. 30 date rate Sept. 30 date rate Sept. 30 date rate Boston July 17,1963 July 17, 1963 July 17, 1963 4 New York... July 17,1963 July 17, 1963 June 10, 1960 5 Philadelphia.. July 19,1963 July 19, 1963 r Aug. 19, 1960 Cleveland July 17,1963 July 17, 1963 July 17, 1963 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 r 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 5 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturities not over 6 months and 9 months, respectively, and advances maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective or level)— Bank Effective 'or level)— Bank Effective or level)— Bank date ' all F.R. of date k all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 21/2-3^ 1953 1958 Jan. 16 134-2 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 3 % 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Sept. ...... Feb. 2 May 21 Mar. 16 Oct. 24 Nov. 7 Jan. 11 1935 Apr- £: 1 : 95 : 5 : May 14 1959 May 2 Mar. 6 3 1937 Aug. 4 16 3 Aug. 27 1 -2 1VA-2VA May 29 3% Sept. 4 1942 1 -1% Sept 1 . 2 ? .' : .' : .' : .' : . : 2 2 7 -2V f A J S u e n p e t. 1 1 1 2 1 8 I* Apr. 11 Nov. 18 4 Oct. 15 23 30 1960 1946 June 3 Apr. 25 1956 10 May 10 21/2-3 234 14 1948 *Au*g- • £ & :: : : : : : : : 2 2 3 3 4 4 - - 3 3 f A Se u p g t . . 1 9 2 Jan. 12 19 Aug. 13 23 1950 AuS?:: 1 : 9 : 5 : 7 3 3i?" f July 2 1 6 7 1963 3 3% -3 Aug. 21 Nov. 15 25 1% l Dec. 2 In effect Sept. 30 3% 1 Preferential rate of V2 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

OCTOBER 1963 RESERVE REQUIREMENTS 1407 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 * Central Reserve Coun- reserve Coun- 1936 1957 1962 1963 b re a c s n i e k t r y s v e 3 b c a i n ty ks ba tr n y ks re a c s i n e t r d y ve ba tr n y ks Savings deposits held for: banks 3 {k 4 Less than 1 year 3% In effect Dec. 31, 1948.. 26 22 16 7% 7% Postal savings deposits held for: 1949—May 1,5 24 21 15 7 7 L 1 e y s e s a t r h a o n r m 1 o y r e e ar }« 3 ik 4 3% J A u u n g e . 30 1 , , 1 J 1 uly 1.. 2 g 0 * 1 1 4 3 6 5 6 Aug. 16, 18 4 12 5 Other time deposits pay- Aug. 25 I? able in: i Sept. 1 9 L 1 0 e y s d e s a a t y r h s a o - n 6 r m m 90 o o r n d e t a h y s s } * 1 » 3 { k 1 1 1 9 9 9 5 5 5 3 1 4 — — _j J J J u a u a n n l n y e . . 2 1 1 1 5 6 , 1 9 , , , 2 1 F 4 6 eb. 1.. 2 2 2 2 3 4 2 1 2 1 1 0 9 9 1 1 1 3 4 3 6 5 6 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. i£ 11" BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 lished by the Board of Governors under provisions of Regulation Q. Apr. 24 16% Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 18 any event exceed the maximum rate payable by State banks or trust com- Nov 24 12 panies on like deposits under the laws of the State in which the member Dec. 1 16% 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 FPIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits: In effect Oct. 1,1963... 16% 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 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 datesrrecord 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 I960, 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 l b 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 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 August 21, 1963 Four weeks ending Sept. 18, 1963 Gross demand: Gross demand: Total 128,729 24,026 6,208 49,586 48,909 Total 129,717 24,139 6,210 50,072 49,295 Interbank 13,618 4,024 1,196 6,750 1,649 Interbank 14,025 4,049 1,231 7,056 1,689 U.S. Govt 5,449 1,134 325 2,122 1,868 U.S. Govt 5,018 925 273 1,986 1,834 Other 109,662 18,868 4,687 40,715 45,392 Other 110,675 19,166 4,707 41,030 45,772 Net demand * 107,164 19,596 5,281 40,424 41,863 Net demand 1 106,910 19,292 5,255 40,399 41,963 Time 87,934 10,636 3,531 33,952 39,815 Time 88,794 10,973 3,575 34,255 39,991 Demand balances due Demand balances due from domestic banks. . 6,930 107 101 1,932 4,789 from domestic banks. 7,255 102 94 2,046 5,011 Currency and coin 2,983 223 42 911 1,808 Currency and coin 3,046 231 44 942 1,829 Balances with F.R. Balances with F.R. Banks 16,748 3,445 973 7,145 5,185 Banks 16,692 3,404 969 7,134 5,186 Total reserves held 19,731 3,668 1,015 8,056 6,993 Total reserves held 19,738 3,635 1,013 8,076 7,015 Required 19,315 3,659 1,013 8,028 6,616 Required 19,304 3,622 1,010 8,036 6,635 Excess 416 9 2 28 377 Excess 434 13 3 40 380 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1408 FEDERAL RESERVE BANKS OCTOBER 1963 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1963 1963 1962 Sept. 25 Sept. 18 Sept. 11 Sept. 4 Aug. 28 Sept. Aug. Sept. Assets Gold certificate account 13,974 13,944 13,950 13,971 13,974 13,973 13,972 14,596 Redemption fund for F.R. notes. 1,335 1,339 1,337 1,320 1,317 1,336 1,319 1,200 Total gold certificate reserves. 15,309 15,283 15,287 15,291 15,291 15,309 15,291 15,796 Cash. 328 326 319 342 359 327 372 397 Discounts and advances: Member bank borrowings 465 323 305 182 308 108 359 37 Other 30 30 30 30 30 30 30 11 Acceptances: Bought outright 36 36 36 37 37 34 38 36 Held under repurchase agreement. Govt. U.S. securities: Bought outright: Bills 2,967 2,834 3,144 3,179 3,003 3,320 3,057 2,373 Certificates—Special Other 10,712 10,712 10,732 10,732 10,732 10,712 10,732 9,538 Notes 13,990 13,990 14,010 14,010 14,010 13,993 14,010 13,837 Bonds 4,438 4,438 4,438 4,438 4,438 4,538 4,438 4,077 Total bought outright 32,107 31,974 32,324 32,359 32,183 32,563 32,237 29,825 Held under repurchase agreement. 200 335 54 154 Total U.S. Govt. securities. 32,107 31,974 32,524 32,694 32,237 32,563 32,391 29,825 Total loans and securities.. 32,638 32,363 32,895 32,943 32,612 32,735 32,818 29,909 Cash items in process of collection... 5.646 7,446 5,455 4.991 4,780 4,865 4,567 5,041 Bank premises 103 103 103 102 102 103 102 107 Other assets: Denominated in foreign currencies. 66 66 66 66 66 96 66 350 All other 289 274 266 241 222 308 228 307 Total assets. 54,379 55,861 54,391 53,976 53,432 53,743 53,444 51,907 Liabilities F.R. notes 30,695 30,847 30,963 30,925 30,659 30,738 30,724 28,859 Deposits: Member bank reserves 16,621 16,580 16,419 16,684 16,172 16,772 16,782 17,321 U.S. Treasurer—General account. 940 1,329 1,007 844 1,015 948 705 400 Foreign 141 152 141 154 147 174 178 229 Other 172 191 212 199 188 199 195 318 Total deposits. 17,874 18,252 17,779 17,881 17,522 18,093 17,860 18,268 Deferred availability cash items 4,211 5,178 4,007 3,542 3,648 3,298 3,251 3,260 Other liabilities and accrued dividends. 77 78 79 85 78 78 76 70 Total liabilities 52.857 54,355 52,828 52,433 51.907 52,207 51,911 50,457 Capital Accounts Capital paid in 487 i 486 486 486 486 487 486 462 Surplus 934 934 934 934 934 934 934 888 Other capital accounts 101 143 123 105 115 113 100 Total liabilities and capital accounts 54,379 55,861 54.391 53,976 53.432 53,743 53,444 51,907 Contingent liability on acceptances purchased for foreign correspondents 103 102 100 93 104 89 68 U.S. Govt. securities held in custody for foreign account 7.874 7,927 7,895 7,853 7,945 7,856 6,767 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 32.884 32,909 32,886 32.688 32.568 32,873 32,587 30,609 Collateral held against notes outstanding: Gold certificate account 7.101 7.123 7,198 7.173 7.183 7,101 7,183 7,795 Eligible t?at)er 125 43 50 ^0 32 27 12 U.S. Govt. securities 26,848 26.844 26,544 26.294 26.214 26,862 26,224 23,839 Total collateral 34,074 34,010 33,792 33,497 33,465 33,995 33,434 31,646 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 FEDERAL RESERVE BANKS 1409 STATEMENT OF CONDITION OF EACH BANK ON SEPTEMBER 30, 1963 (In millions of dollars) I Item Total Boston Y N o e r w k P p d h h e il i l a - a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 13,973 802 3,371 782 1,157 925 j 773 2,3001 5401 300! 509| 1,972 Redemption fund for F.R. notes.... 1,336 76 319 76 119 1091 79 235; 55| 29! 42: 146 Total gold certificate reserves 15,309 878 3,690 1,276 1,034 852 2,535 595 329 593 551 2,118 F.R. notes of other Banks. 527 115 29i 24; 15 45 13 60 Other cash 327 63 29 27 18 11 10 47 Di S sc e o c u u n re t d s a b n y d U a . d S v . a G n o c v e t s . : securities. 25 * 1 28 Other 8 1 1 1 Acceptances: Bought outright 34 . Held under repurchase agreement. U.S. Govt. securities: Bought outright 32,563 1,694 8,368 1,687 2,694 2,116 l,813j 5,429; 1,262; 62l| 1,330; 1,289; 4,260 Held under repurchase agreement. Total loans and securities 32,735 1,700 8,435 1,691 2,700 2,120 1,833 5,450! 1.263 623 1,359| 1,297! 4,264 Cash items in process of collection.. 6,210 475 1,128 396 504 509 450| 1.025; 263! 192 317 662 Bank premises 103 3 3 7 5 15i ' 23 6' 4 7 10 Other assets: Denominated in foreign currencies 96 4 6 3 4 9 All other 308 16 17 26 14 12 40 Total assets. 55,615 3,157 13,564 3,062 4,577| | 3,741 3,234 9,173 2,175J 1,211 22,,331166 2,195 7,210 Liabilities F.R. notes 31,265 1,826 7,521 1,822 2,685 2,553 1.797J 5,670! 1,270; 553 l,220| 944; 3,404 Deposits: Member bank reserves 16,772 746 4,423 740 1,184 723; 872 2,559| 5921 393 j 792! 933 2,815 U.S. Treasurer—General account. 948 64 152 52 80 93 67 91: 76| 47! 56! 44 126 Foreign 174 6 2 76 12 6i 7 '5 3 6| 8 18 Other 199 3 132 2 4 1 1 1 49 Total deposits 18,093 819 4,783 800 1,278 826 947 2,6741 673 j 444 855! 986 3,008 Deferred availability cash items 4,643 435 830 349 468 281 400 597 175 177 175| 585 Other liabilities 78 4 19 4 6 5 5 13 4 2 10 Total liabilities. 54,079 3,084 13,153 2,975 4,437 3,665 3,149 8,954 2,122 1,176 2,249 2,108 j 7,007 Capital Accounts C Su a r p p i l t u a s l paid in 4 9 8 3 7 4 2 1 5 3 1 0 1 6 32 9| ! 3 1 2 7 | 2 1 2 1 1 4 2 0 1 ! 1 5 2 3 8 ! S 12 6 4 4 Other capital accounts. 115 30 18! 4j 2 6 6| 15 Total liabilities and capital accounts. 55,615 3,157 13,564 3,062 4,577| 3,741 3,234 9,173 2,175 1,211 2,316 2,195 7,210 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Sept. 30, 1963 31.0 33.2 30.0 32.7 32.2 30.6 31.0 30.4j 30.6 33.0! 28.6 28.5J 33.0 Aug. 31, 1963 31. 33.9 29.1 29.7 31.41 31.5 29.6 32.6! 30.9 32.6 31.3 32.8 32.6 Sept. 30, 1962 33.2 30.6 32.4 31.0 31.91 34.7 34.8 34.0 35.5 34.4 34.7; 32.1 33.5 Contingent liability on acceptances purchased for foreign correspondents 104 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 1 ,915 7,905 1,910 2,872 2,694 1,872 5,861 1,341 648 1,260 1,016 3,579 Collateral held against notes outstanding: Gold certificate account 7,101 433 1,600 425 580 648 1,300 310 115 285 205 800 Eligible paper 32 2 2 * 28 . U.S. Govt. securities 26,862 1,514 6,400 1,600 2,400 2,073 4,800 1,100 550 1,ooo| "875 3 "666 Total collateral. 33,995 1,947 8,000, 2,027j 2,980 2,723i 1,950 6,100 1,410! 665 1,313| 1,080 3,8 CO 1 After deducting $48 million participations of other F.R. Banks. 3 After deducting $76 million participations of other F.R. Banks. 2 After deducting $98 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1410 FEDERAL RESERVE BANKS; BANK DEBITS OCTOBER 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 Sept. 25 Sept. 18 Sept. 11 Sept. 4 Aug. 28 Sept. Aug. Sept. Discounts and advances—Total. 495 353 335 212 338 138 389 48 Within 15 days 463 322 303 180 304 106 354 33 16 days to 90 days 2 1 2 2 4 2 5 15 91 days to 1 year 30 30 30 30 30 30 30 Acceptances—Total.. 36 36 36 37 37 34 38 36 Within 15 days.... 14 16 13 9 10 8 10 11 16 days to 90 days. 22 20 23 28 27 26 28 25 U.S. Government securities—Total. . . 32,107 31,974 32,524 32,694 32,237 32,563 32,391 29,825 Within 15 days i 449 560 111 1,073 594 588 565 290 16 days to 90 days 5,599 5,315 5,411 5,239 5,313 5,805 5,450 4,949 91 days to 1 year 12,818 12,858 13,099 13,141 13,089 12,827 13,135 11,960 Over 1 year to 5 years 10,866 10,866 10,866 10,866 10,866 10,909 10,866 10,127 Over 5 years to 10 years 2,176 2,176 2,176 2,176 2,176 2,225 2,176 2,300 Over 10 years 199 199 199 199 199 209 199 199 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalents) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an g N u l e a i t n l h d d e e s r r - s f S ra w n i c ss s 1962—Dec 81 * 36 2 1 27 1 11 4 1963—Jan 110 20 45 27 11 4 Feb. 93 25 50 2 10 1 4 ]Mar 94 25 50 2 10 1 4 Apr 99 25 45 2 7 13 5 May 128 38 45 2 29 8 5 June 113 25 51 2 27 7 * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts l Annual rate of turnover (billions of dollars) of demand deposits * Period All Leading centers 337 other Leading centers 337 other 343 reporting centers New York 6others 2 centers 3 New York 6others 2 centers 3 N.S.A. S.A N.S.A. S.A N.S.A. S.A N.S.A. S.A N.S.A. S.A. N.S.A. S.A. N.S.A. S.A N.S.A. 1955 2,043.5 766 9 431.7 845 0 42.7 27.3 20.4 22.3 1956 2,200.6 815 9 462.9 921.9 45.8 28.8 21.8 23.7 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 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—Sect 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 307.4 174 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 274.6 177 7 116 6 61.2 55.2 112.7 102.8 84.6 80.3 42.7 40.4 28 3 27.1 32.7 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 8 133 1 62.1 64.4 117.2 12C.6 85.0 85.2 43.1 43.9 29 1 29.5 33.? 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 44.2 42.9 29 6 29.2 33.6 32.8 Sept 310.8 140.1 130 3 67.0 63.1 123.0 117.3 96.9 95.6 H6.7 *46.1 P30 0 *30.0 3 »34.1 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 4 Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 U.S. CURRENCY 1411 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 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960...... 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—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 11,24610,114 3,001 6,572 243 292 3 4 June. 35,470 25,266 2,878 ,566 97 2,279 7,004 11,44210,204 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 Aug.. 35.850 25,487 2,926 .558 98 2,271 7,026 11,60910,363 3,075 6,743 244 293 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation * Held by Kind of currency T s A o ta u t 1 a n g 9 l d . 6 i o 3 3 n u 1 g t , - A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s A B F a g a . n e n R d n k . t s s Au 1 g 9 . 6 3 31, Ju 1 ly 96 3 3 1, Au 1 g 9 . 6 2 31, certificates Agents Gold 15,582 (15,291) 2 290 Gold certificates (15,291) 312,475 2,8i6 F.R. notes 32,588 74* 1,864 30,649 30,466 28,824 Treasury currency—Total 5,588 (2,093) 17 371 5,201 5,198 5,108 Standard silver dollars 486 41 7 9 428 420 367 Silver bullion 2 053 ^ 053 Silver certificates (2 093) 303 1,790 1,808 1,930 Subsidiary silver coin. 1>46 6 27 1,812 1,803 1,680 Minor coin 690 2 3 685 682 639 United States notes 347 2 28 317 318 318 In process of retirement 4 168 * * 167 168 174 Total—Aug. 31, 1963 5 53,758 (17,385) 382 12,475 5,052 35,850 July 31 1963 . . 5 53,678 (17,452) 389 12,530 5,096 35 663 Aug. 31, 1962 552,152 (18,070) 394 13,001 4,825 33,932 1 Outside Treasury and F.R. Banks. Includes any paper currency held outside the United States and currency and coin held by banks. Estimated totals for Wed. dates shown in table on p. 1403. 2 Includes $156 million reserve against United States notes. 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

1412 MONEY SUPPLY OCTOBER 1963 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p r o en n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a te d d - i Total c C om ur p r o en n c e y nt co D d m e e m p p o o a s n n i e t d nt ju a st d e - d i d d e e p m o a s n it d s] 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—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 Aug.. . . 150.5 31.8 118.8 106.7 149.1 31.9 117.2 107.3 6.2 Sept 150.9 31.8 119.1 107.5 150.5 32.0 118.6 108.1 6.5 Half month j 963—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 2. 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 5.8 150.3 31.8 118.5 107.1 148.1 31.8 116.3 107.6 6.6 Sept. 1. 150.9 31.8 119.1 107.4 150.8 32.1 118.7 108.0 5.2 2, 150.9 31.9 119.1 107.7 150.3 31.8 118.5 108.2 7.8 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. ending— Total C c u o n r m e r n e p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e s p a t d o ed - si t * 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 r n e p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e s p a t d o e - d si t i s d d e G e p m o o a s v i n t t . s d ' 1962—June 6.. 143.5 30.0 113.5 90.7 7.1 1963—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 July 4. 143.3 30.2 113.1 91.9 9.5 July 3.. 148.0 31.6 116.4 105.6 10.8 11. 143.9 30.6 113.4 92.1 8.2 10.. 148.5 32.1 116.4 105.6 9.3 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 28.. 147.8 31.7 116.1 107.7 6.5 143.9 30.4 113.5 93.5 7.8 Sept. 4.. 149.3 31.9 117.4 107.8 6.0 145.5 30.5 115.0 93.6 6.1 11.. 150.7 32.2 118. 108.0 5.1 19.. 146.0 30.3 115.7 93.8 6.3 18.. 152.1 31.9 120.2 108.1 5.0 26.. 144.1 30.1 114.0 94.1 8.1 25.. 149.9 31.8 118.1 108,0 8.0 Oct. 3.. 144.9 30.2 114.7 94.3 8.2 Oct. 150.1 31.7 118.3 108.5 8.7 10.. 145.4 30.6 114.8 94.6 8.9 17.. 146.8 30.5 i 116.3 94.9 7.4 i At all commercial banks. the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data sec 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

OCTOBER 1963 BANKS AND THE MONETARY SYSTEM 1413 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit a T s o se ta ts l , Treas- net- Date Gold s r t o c e u i a u n n u r n g r y c t d - - y - Total Lo n a e n t s, Tota U l . S. G m C o a e o v r n c m e d i r a - n l men R F t e e d s s e e e r c r v u a e l rities Other O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t t d t i a s a l l - l, c d u e T r a p r o 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 I960—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—Sept. 26 16,100 5,600 297,100 162,800 100,300 70,600 29,100 700 33,900 318,700 289,200 29,500 Oct. 31 16,000 5,600 300,800 164,200 102,300 71,700 30,000 700 34,300 322,400 292,000 30,300 Nov. 28 16,000 5,600 301,900 164,900 102,400 71,700 30,100 700 34,500 323,400 293,000 30,400 Dec. 28 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Jan. 30 15,900 5,600 305,500 167,000 103,300 72,400 30,300 600 35,200 327,000 297,100 29,800 Feb. 27 15,900 5,600 307,100 168,900 102,600 71,500 30,500 600 35,600 328,500 298,500 30,100 Mar. 27 15,900 5,600 309,100 170,300 102,500 71,300 30,600 600 36,300 330,500 300,600 29,900 Apr. 24 15,900 5,600 309,600 171,200 101,500 70,300 30,500 700 36,900 331,100 301,100 29,900 May 29 15,800 5,600 311,600 173,300 101,000 69,200 31,100 700 37,300 332,900 301,900 31,000 June 29 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 July 31 15,600 5,600 318,200 177,900 101,800 68,700 32,500 700 38,500 339,400 308,700 30,700 Aug. 28 15,600 5,600 317,500 178,300 99,900 67,000 32,200 700 39,300 338,700 307,200 31,400 Sept. 25 15,600 5,600 322,600 182,100 100,700 68,000 32,100 700 39,800 343,700 312,000 31,700 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 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 d o e e n d - - s d i t 2 s Total o b r u C e a t n u n si c r k d y - s e d ju m e s D p a t a d o e e n d - s - d i t 2 s Total m b C e a o r n c m k ia s - l b M sa a v u n i t k n u s g a * s l S P a S t o e v y s m i s t n - a g l s n F e e i o g t r n 5 - T h c i r u n o 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 r d 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 1960—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—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 ,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 ,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 ,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 Mav 29.... 146,400 30,500 115,900 144,900 30,700 114,200 147,700 104,500 42,800 500 ,200 400 7,100 600 June 29 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 July 31rP.. 148,900 30,900 118.000 148,800 31,000 117,800 150,300 106,600 43,300 500 1,300 400 7,400 600 Aug. 28 rP.. 148,200 30,900 117,300 146,900 31,100 115,800 151,600 107,600 43,500 500 1,200 400 6,100 1,000 Sept. 25P... 149,100 31,000 118,100 149,100 31,100 118,000 151,300 107,100 43,700 500 1,200 400 9,100 900 1 Series began in 1946; data are available only for last Wed. of the month. NOTE.—Includes all commercial and mutual savings banks, F.R. Banks, For description of series and back data see Feb. 1960 BULL., pp. 133-36. Postal Savings System, and Treasury currency funds (the gold account. 2 Other than interbank and U.S. Govt., less cash items in process of Treasury currency account, and Exchange Stabilization Fund). collection. For description of statement and back figures (except for seasonally 3 Other than interbank, Treasurer's open account, and those of Postal adjusted money supply), see Jan. 1948 BULL., pp. 24-43, except that Savings System in banks. stock of F.R. Banks held by member banks is included in other securities 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

1414 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans U S .S e . curities a C ss a e s t h s! c b T a i a l l o p i n i a t t i d i - a t e a l s l Total i I D n e te - rbank * Dema O nd ther r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r k - s Govt. Other co a u c n - ts2 mand Time U.S. Time 3 Govt. Other All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31.. 140,227 30,362101,288 8,557777 3355,415 177,332 165,612 14,065 105,935 45,613 22710,542 14,553 1947—Dec. 31 •. 134,924 43,002 81,19910,,772 338,388 175,091 161,86512,793 240 1,346 94,381 53,105 6611,94814,714 1961—Dec. 30.. 256,700154,318 72,771155 2299,666677 57,368 321,394 287,17617,914 482 5,952141,979120,848 482 26,22713,946 1962—June 30.. 263,542160,123 70,722 32697 49,612 320,638 285,18614,400 526 9,559128,845131,855 796 27,036 1133,934 1962—Sept. 26.. 269,080164,640 70,560 33.880 47,480 323,770 286, 14,530 510 8,090 134,880 2,610 27,25013,928 Oct. 31.. 272,480166,480 71,700 34,300 50,560 330,380 292, 15,260 520 6,380 136,160 2,780 27,450 13,925 Nov. 28.. 273,510167,240 71,730 34!540 48,280 329.070 290,70015,190 520 6,090 136,560 2,500 27630 13,938 Dec. 28.. 280,397172,822 72,563 35!012 54,939 343;201303,65316,008 535 6,839 139,188 3,635 2804613,940 1963—Jan. 30.. 276,950169,410 72,350 35.190 46,78O33L500 293 14,100 520 4,320 140,980 2,670 2779013,951 Feb. 27.. 278,850171,800 71,450 35!600 48,410 335.030 295 14,140 520 ;440 131 142,680 3,070 28000 13; 954 Mar. 27.. 280,650173,090 71,280 36,280 46,530 335.010 295. 13,800 520 144,860 3,100 2809013,962 Apr. 24.. 280,760173,570 70,250 36!940 47,290 335.990 296 13,910 560 3; 145,750 3,270 28,17013,967 May 29.. 282,640176,120 69,220 37;300 47.720 338,250 298, 13,730 540 6; 820 129 147,460 3,060 28380 13,983 June 29.. 287,411179,714 69,708 37;989 52.046 347.896 309 15,042 55111,069 149,083 1,563 28 13,993 July 31'? 287,680180,530 68,650 38500 49170 344990 304 14,000 530 130 150,050 2,960 28 14,014 Aug. 28 TP 287,450181,150 67,010 39290 46190 341620 300 13,800 530 870 129 151,330 3,240 28 14,025 Sept. 25*. 292,200184,470 67,970 39760 48,920 349,210 308,35014,510 550 8,850132 152,060 2,930 28 14,034 Commercial banks: 1941—Dec. 31.. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31.. 124,019 26,083 90,606 7,331 33441,880066 160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 4 116,284 38,057 69,221 9,006 37,502155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30.. 215,441124,925 66,578 23,937 56,432 278,561248,68917,914 481 5,946141,920 82,429 47122,45913,432 1962—June 30.. 220,670129,193 64,443 27,034 48728 276,220 2"4'"5,29814,400 525 9,554128,785 92,034 786 23,18313,422 1962—Sept. 26.. 225,270132,840 64,250 28 180 46.630 278,400 24548014,530 510 8,090 128,100 94,250 2,610 23,330 13,417 Oct. 31.. 228,560134,400 65,550 28610 49.690 284,890 251;47015,260 520 380 ,970 95,340 2,780 23,560 13,414 Nov. 28.. 229,260134,840 65,600 28820 47;450 283,310 249,68015,190 520 s090 ,280 95,600 2,500 23,680 13,427 Dec. 28.. 235,839140,106 66,434 29298 54.049 297,116 262,12216,008 535 ,829 ,041 97,709 3,62724,094 13,429 1963—Jan. 30.. 232,040136,340 66,200 29 500 45.970 285,050 25127014,100 520 ,320 ,050 99,280 2,670 23,840 13,440 Feb. 27.. .33,620138,410 65,270 29,940 47,540 288,210 253,47014,140 520 ,440 610100,760 3,070 2401013,443 Mar. 27.. 234,860139,360 64,840 30;660 45.640 287,590 252,96013,800 520 ,330 890102,420 3,100 2407013,451 Apr. 24.. 234,920139,540 64,010 31 370 46.460 288,580 253,49013,910 560 3,760 000103,260 3,270 24,18013,456 May 29.. 236,490141,750 63,010 31 730 46.880 290,510 25528013,730 540 6,820 129480104,710 3,06024,36013,472 June 29.. 241,014145,049 63,542 32,42351156 299,875 266,;17915,042 55011,060133,624105,903 1,545 2458213,482 July 31 rP 240,980145,560 62,480 32940 48340 296,710 26165014,000 530 130 133190106,800 2,960 2452013,503 Aug. 28 r* 240,380145,800 60,870 33710 45390 293,000 25734013,800 530 870 129270107,870 3,240 24,60013,515 Sept. 25^. 244,840148,870 61,810 34 160 48,080 300,250 264,56014,510 550 8,850 132320108,330 2,930 2472013,524 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,070 29,845 138,304 129,67013,576 64 2.22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32,628 57,914 7,304 32,845 132,060 122,52812,353 50 1,176 80,609 28.340 54 8,464 6,923 1961—Dec. 30.. 179,599106,232 54,058 19,308 49,579 235,112 209,63017,195 303 5,381119,595 67,157 43818,638 6,113 1962—June 30.. 183,497109,212 52,065 22,219 42,853 232,359 206,05713,796 351 8,734108,014 75,162 73519,179 6,070 1962—Sept. 26.. 186,641112,240 51,27123,130 40,877233279 204,99513,878 337 106,702 76,794 2,58519,281 6,053 Oct. 31.. 189,420113,711 52.238 2347143.686 239009 210.32814,577 339 112,045 77,667 2,72219,466 6,054 Nov. 28.. 189,619113,865 52,097 23657 41564 237050 20825914,502 343 110,181 77,932 2,42319,546 6,056 Dec. 28.. 195,698118,637 52,968 24,092 47427 249488 21946815,309 358 117,999 79,716 3,55019,854 6,049 1963—Jan. 30.. 192,301115,289 52,749 24.263 40024 238565209,58913,449 341 110,954 81,060 2,614 19,697 6,046 Feb. 27.. 193,69'117,075 51,984 24,635 41471241,407211,52513,501 347 109,730 82,280 3,03319,819 6,042 Mar. 27. . 194,884 111177,883 51,719 25.28239,685 240, 211,14613,186 345 107,402 83,690 3,04219,851 6,039 Apr. 24.. 194,589117,677 50,950 25.962 40,'434 241 211,27513,290 380 109,920 84,384 3,23519,925 6,041 May 29.. 195,89! 119,515 50,023 26.354 41,009 243246 213 13,146 361 107,939 85,640 2,910 20,082 6,052 June 29.. 199.495122,088 50,399 27008 44,929 251214 222, 14,388 373 111,548 86,550 1,440 20,238 6,058 July 31.. 199,41 122,550 49,37127,491 388 248396 218 13,370 349 110,997 87,311 2,849 20,213 6,072 Aug. 28.. 198,780122,763 47,876 28.141 627 244827 214 13,172 355 107,350 88,278 3,076 20,273 6,080 Sept. 25 v. 202,599125,458 48,633 28,508 42,211251,312 220,73013,837 371 936 109,959 88,627 2,836 20,377 6,092 Mutual savings banks 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31.. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31 * 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1961—Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768 514 1962—June 30.. 42,872 30,930 6,278 5,663 884 44,418 39,888 39,821 3,853 512 1962—Sept. 26.. 43,810 31,800 6,310 5,700 850 45,370 40,690 40,630 3,920 511 Oct. 31.. 43,920 32,080 6,150 5,690 870 45,490 40,880 40,820 3,890 511 Nov. 28.. 44,250 32,400 6,130 5,720 830 45,760 41,020 40,960 3,950 511 Dec. 28.. 44,558 32,716 6,129 5,714 890 46,086 41,531 10 41,478 3,951 511 1963—Jan. 30.. 44,910 33,070 6,150 5,690 810 46.450 41,760 41,700 3,950 511 Feb. 27.. 45,230 33,390 6,180 5,660 870 46.820 41,980 41,920 3,990 511 Mar. 27. . 45,790 33,730 6,440 5,620 890 47,420 42,500 42,440 4,020 511 Apr. 24.. 45,840 34,030 6,240 830 47,410 42,550 42,490 3,990 511 May 29.. 46,150 34,370 6,210 840 47,740 42,810 42,750 4,020 511 June 26.. 46,397 34,665 6,166 890 48,020 43,248 43,180 19 4,031 511 July 31 P. 46.700 34,970 6,170 830 48,280 43,310 43,250 4,030 511 Aug. 28 r* 47,070 35,350 6,140 800 48,620 43,520 43,460 4,090 510 Sept. 25*. 47,360 35,600 6,160 5,600 840 48,960 43,790 43,730 4,110 510 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 1415 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans U S .S ec . urities a C ss a e s t h sl b c T a i a l l o p i i n a t t i d i a - t e a l s l Total i I D n e te - rbank l Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c i t n - t a a t l s l N ba b u o n e m f r ks - Govt. Other co a u c n - ts2 mand Time U.S. Time 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—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 11,050 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 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 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 Sept. 25" 32,957 22,036 5,642 5,279 8,995 44,185 36,361 3,991 202 2,078 19,35310,737 1,031 3,945 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—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 29 9,082 5,545 2,071 1,466 2,136 11,440 10,141 1,202 584 4,840 3,499 111 974 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 Sept. 25^ 9,346 5,796 1,915 1,635 2,094 11,623 10,036 1,209 583 4.669 3,563 327 983 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 7,69417,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 7,201 206 1962—Sept. 26 69,932 44,389 17,809 7,73416,897 88,950 78,946 7,010 66 2,839 39,259 29,772 938 7,148 193 Oct. 31 71,007 45,155 17,947 7,90517,046 90,244 80,217 7,235 71 2,063 40,78130,067 892 7,190 193 Nov. 28 71,264 45,211 18,088 7,965 16,881 90,307 79,777 7,139 69 1,918 40,61130,040 ,216 7,201 195 Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,609 30,743 ,388 7,263 191 1963—Jan. 30 72,053 45,692 18,143 8,218 16,172 90,467 80,101 6,555 65 1,400 40,76531,316 ,178 7,263 c190 Feb. 27 72,315 46,412 17,564 8,33916,884 91,380 81,023 6,660 75 2,276 40,298 31,714 994 7,298 c190 Mar. 27 72.850 46,821 17,420 8,609 16,603 91,622 81,320 6,561 72 2,605 39,698 32.384 ,082 7,315 c190 Apr. 24 72,921 46,791 17,329 8,801 16,940 92,086 81,349 6,616 90 1,218 40, ,603 ,429 7,330 C192 May 29 73,497 47,300 17,187 9,010 16,603 92,362 81,610 6,275 91 2,387 39,706 33,151 ,131 7,413 C192 June 29 74,614 48,164 17,326 9,124 18,526 95,433 85,555 6,811 110 3,793 41,29133,549 407 7,440 194 July 31 74,735 48,512 16,930 9,293 17,748 94,865 83,987 6,544 96 2,488 41.096 3"3",763 ,294 7,462 C194 Aug. 28 74,716 48,897 16,440 9,379 16,665 93,658 82,704 6,612 98 2,022 39,86734,105 ,213 7,490 C195 Sept. 25^ 75,875 49,757 16,539 9,579 17,478 95,675 84,554 6,959 97 2,941 40,34134,216 ,250 7,557 196 Country member banks: 6 1941—Dec 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—r 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. 1 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 1,641 46,21131,832 40 7,088 5,885 1962—June 30 75,019 41,492 23,843 9,68513,806 90,555 81,577 1,529 2,601 42,596 34',803 80 7,323 5,842 1962—Sept. 26 77,919 42,738 25,01310,16813,495 92,992 83,929 1,635 2,546 43,820 35,880 100 7,394 5,832 Oct. 31 78,665 42,902 25,43210,33114,076 94,316 84,965 1,711 1,984 44,9^7 36,285 230 7,479 5,833 Nov. 28 79,528 43,506 25,63810,38413,718 94,801 85,286 1,739 2,194 45,08536,220 206 7,555 5,833 Dec. 28 80.623 44.698 25,42510,50114,559 97,008 87,342 1,773 1,931 46,89536,692 172 7,744 5,828 1963—Jan. 30 79,758 43,847 25,38010,53113,152 94,612 85,208 1,635 1,398 45.002 37,125 222 7,581 C5,826 Feb. 27 80,176 44,441 25,06310,67213,480 95,372 85,864 1,600 2,014 44,560 37,642 159 7,662 C5,823 Mar. 27 80,363 44,736 24,76310,86413.196 95,301 85,622 1,557 2,106 43,76538,146 247 7,675 c5,820 Apr. 24 81,026 45,337 24,64811,04113,249 95.997 86,366 1,573 1,253 45,03838,451 141 7,705 821 May 29 81,448 45,901 24,30811,23912.999 96,117 86,276 1,471 2,087 43.8"3"0 3"8,837 322 7,751 832 June 29 82,952 46,934 24,496 11,52214,465 99,361 89,470 1,641 3,332 45,066 39,371 127 7,894 839 July 31 83,055 47,048 24,40411,60313.745 98,490 88,603 1,581 2,002 45,289 39,680 286 7.827 853 Aug. 28 83,152 47,109 24,19311,85013,420 98,283 88,152 1,591 1,900 44,727 39,883 407 7,864 860 Sept. 25P 84,421 47,869 24,53712,01513,644 99,829 89,779 1,678 2,334 45,596 40,111 228 7,892 5,871 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1416 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total Cla a s n s d o d f a b t a e nk Total Loans Securities as C s a et s s h 1 c b T a i a l l p o i n i a t t i - d i t a e a l s l Total i Interbank * Dema O n t d her 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 ] b N a b u o n e m f r k - s G U. o S v . t Other cou a n c- ts 2 m D a e n - d Time U.S. Time Govt. Other Insured commercial banks: 1941_Dec. 31. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 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 8,671 13,297 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. 188,790110,299 58,348 20,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 602 19,20613,107 1960—Dec. 31. 198,011117,092 60,468 20,451 51,836 255,669 228,40116,921 1,667 5,932132,533 71,348 149 20,62813,119 1961—Dec. 30. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934 114411,,050 82,122 462 22,08913,108 1962—Dec. 28. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815140,169 97,380 584 23,71213,119 1963—June 29. 239,447144,363 63,037 3322,047 50,770 297,836 264,65414,871 43011,005132,788105,559 498 24,19113,189 National member banks: 1941—Dec. 31. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1959—Dec. 31. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,015 36,421 340 10,302 4,542 1960—Dec. 31. 107,546 63,694 32,712 1111,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,546 11111,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,292 45,441 22511,875 4,513 1962—Dec. 28. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,636 12,750 4,505 1963—June 29.. 130,146 78,383 34,01117,751 28,641 162,748 145,513 8,468 159 6,038 72,387 58,462 660000 13,008 4,537 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 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 2211,716 213 6,763 1,600 1962—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 1963—June 29.. 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 1,521 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 19,732 13,059 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 21,456 1144,979 3,452 6,997 1962—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 1963—June 29.. 39,963 22,274 12,647 5,042 5,841 46,635 42,035 483 1,245 21,24119,010 3,964 7,133 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 I960—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—Dec. 28.. ,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—June 29.. ,555 686 496 373 386 2,026 1,525 171 120 835 343 379 291 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 18 1,288 7,662 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 H .. 1 1 6 8 , , 8 4 4 5 9 4 5 3, , 3 4 1 3 0 2 1 11 2 , , 3 2 1 7 8 7 1 1, , 7 2 0 6 3 2 4 4, . 6 9 5 6 9 2 j 2 2 2 3 , , 0 3 2 3 4 4 2 2 1 0 , , 5 5 9 7 1 1 439 425 190 1 1 6 4 7 . 10 1 1 3,758 7 6 , . 0 0 3 4 6 5 1 1 1 2 1 1, , 5 3 9 6 6 2 7 7, , 2 1 6 3 1 0 1959—Dec. 31.. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 34 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 33 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 33 3,822 7,320 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23.04217,994 77 4,240 7,380 1963—June 29.. 41,519 22,961 13,143 5,415 6 227 48,661 43,560 654 177 1,300 22,07619,353 105 4,343 7,424 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1959—Dec. 31.. 30,580 20,942 5,016 4,622 686 31,743 28,577 28,544 2,654 268 I960—Dec. 31.. 33,794 23,852 4,787 5,155 766 35,092 31,502 29 31,468 2,998 325 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 33,137 3,191 330 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 26735,827 3,343 331 1963—June 29.. 40,128 30,533 4,545 5,050 789 41,580 37,585 30337,273 17 3,414 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 1417 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) 1 Loans and investments Deposits Total assets- Cla a s n s d o d f a b te ank Total Loans U S .S ec . urities a C ss a e s t h s! c b T a i a l l o p i i n a t t i d i t a - e a l s l Total i D In e t - erbank1 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - Govt. Other cou ac n - ts 2 mand Time U.S. Other Time Govt. Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3M 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 6,404 705 249 1960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555 189 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 5,083 577 184 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 5,420 608 180 1963—June 29 6,269 4,132 1,621 516 101 6,440 5,663 5,645 617 180 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 ingthe 3 See note 4 on p. 1413. Virgin Islands that became a member in May 1957, 2 noninsured non- * Beginning with Dec. 31, 1947, the series was revised. A net of 115 deposit trust cos. and, before July 1962, mutual savings banks that noninsured nonmember commercial banks with total loans and invest- became members of the 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 comand investments of $34 million were transferred from noninsured mutual mercial banks). savings to nonmember commercial banks. Comparability of figures for classes of banks is affected somewhat 5 These data reflect the ^classification of New York City and city of by changes in F.R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULL., p. 993. Figures are partly estimated except on call dates. * 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* Loans1 Total i Loansl U.S. Other U.S. Other Govt. Govt. 1956 161.6 88.0 57.3 16.3 164.5 89.7 58.6 16.3 1957 166.4 91.4 57.0 17.9 169.3 93.2 58.2 17.9 1958 181.0 95.6 64.9 20.5 184.4 97.5 66.4 20.6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 I960 194.5 114.2 59.6 20.7 198.5 116.7 61.0 20.9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962 2 228.1 134.7 64.3 29.1 233.6 137.9 66.4 29.3 1962 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 Apr 232.5 137.4 63.9 31.2 232.3 136.9 64.0 31.4 May 234.8 138 9 64.2 31 7 233 6 138 9 63.0 31.7 June 240.3 141.8 66.0 32.5 239.1 143.1 63.5 32.4 JUly 237.8 142.4 62.4 33.0 237.8 142.4 62.5 32.9 238.5 142 5 62 1 33.9 237 1 142.5 60.8 33.7 Sept p 240.7 145.0 61.7 34.0 241.9 146.0 61.8 34.2 i Adjusted to exclude interbank loans. NOTE.—Data are for last Wed. of month (except for June 30 and * 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

1418 COMMERCIAL BANKS OCTOBER 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans * Investments For To purchasing financial U.S. Government Class of lo T a o n t s a l l C m o e m r- - o s r e c c a u r r r i y ti i e n s g institutions Other securities State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - Total 2 d t a c i r u n n i i a a s d - l - l A c tu a u g r l l r - - i- b k d a T r e n e o o r a d s - l- ot T h o ers ba T n o ks ot T h o ers R t e a e s t a - e l u v d i t a i n o i d l - - s - Other Total Bills c C t a i e f t i e r - - s Notes Bonds s g r l a o i e o t n c c i v e d u a t s l - . O s ri e t t h c i e e u r s ers Total: 2 1947_Dec. 31.. 116,284 38,057 18.,1671,660 830 ,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5.276:3,729 1961—Dec. 30.. 215,441 124,925 45,172 6.248 4,056 2; 134 1,033 7,31130,320 2"7,847 3,412 66,57811,488 2,114 26,336 26,64120^345 33.;592 1962—Dec. 28.. 235,839140,106 48673 7,097 5,144 2,131 2,578 8,445599 34,25930,5533,90966,43411,674 3,932 23,841 2266,,998877 24,755 4,543 1963—Mar. I8« 235,550140,380 48710 7,460 4,4802,130 3,120 8.05034,920 3,780 64,82010,570 3,230 23,830 27,190 26,'O7O 4,280 June 29.. 241,014145,049 49,862 7,5414,645 2,233 1,934 8,64936,72532,6613,812 63,542 9,128 3,216 27,378 27,8174,606 AH insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 • 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,912 2,45519,071 ,045 51,342 3,887733 33,258 1947—Dec. 31.. 114,274 37,58318,0121,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 ,918 52,347 5,129 3,621 1961—Dec. 30. 213,904124,348 44,965 6,2114,030 2,107 1,027 7,296 30,21127,7083.396 66,02611,356 2,098 26,.145 26.426 20.0683.462 1962—Dec. 28. 234,243139,449 48,458 7,060 5; 1192,103 2,551 8,434 34,12330,402 890 65,89111,514 3,916 23,715 26,746 24,547 4,356 1963—Mar. 18. 233,975139,731 . 2,105 3,098 8,02234,78130,568 763 64,29010,419 3,215 23,703 26,95325,860 4,093 June 29. 239,447144,363 49,660 7,5134,615 2,203 1,902 8,620 3366,55832,506 3 793 63,037 9,002 3,203 23,741 27,092 27,5734,475 Member, total: 1941_Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 7788,338 2,27516,98514,27144,807 3,254 ,815 1947—Dec. 31. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4455,295 4,1993,105 1961—Dec. 30.,179,599106,232 40,931 3,934 3,8771,827 1,014 6,893 23,.987 22,852 3,198 54,058 9,229 1,84221,390 21.59816,6912,617 1962—Dec. 28.,195,698118,637 43,843 4,419 4,9541,777 2,445 7,936 "27 ,162 24,799 3,657 5522j968 8,862 3,249 19,443 21,414 20,7733,319 1963—Mar. 18. 195,060118,490 43,832 4,580 4,2831,790 2,994 7, 7,68324,869 3,53151,461 7,839 2,628 19,480 21,514 21,9783,131 June 29.,199,495122.088 44,701 4,664 4,4361,8 1,844 8,134 299,12726,366 3,557 50,399 6,863 2,608 19,42321,50523,5333,475 New York City:* 1941—Dec. 31..12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31..26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31..20,393 7,179 5,361 545 j 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—Dec. 28.,32,989 21,95411,943 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 21,50111,839 132,138 409 1,020 2,040 1,425 2,1191,082 6,984 1,799 247 2,640 2,299 4,082 374 June 29..32,847 21,44611,630 132,308 448 546 2,044 1,845 2,1611,034 6,506 1,639 240 2,508 2,118 4,451 444 City of Chicago:* 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—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 June 29.. 9,082 5,545 3,051 358 176 135 741 393 555 288 2,071 426 71 782 791 1,226 240 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 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,342 ,053 1961—Dec. 30.. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec .28.. 73,130 46,56717,6601,179 1,053 752 1,020 3,583 11,030 9,860 ,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—Mar. 18.. 72,594 46,7" 1~0 17,5551,179 1,159 767 1,128 3,409 11,252 9,894 1,28417,382 1,751 1,236 7,293 7,103 7,630 872 June 29.. 74,614 48,16417,8051,245 1,090 786 751 3,886 11,68310,464 1,38017,326 1,685 1,191 7,281 7,168 8,163 961 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 1,028 1945—Dec. 31..35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,544 166,722 1,342 1,067 1947—Dec. 31..36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1961—Dec. 30..73,131 39,69310,,165 2,811 591 438 116 1,251 13,242 11,132 75124,407 3,614 566 9,560 10,667 7,530 1,500 1962—Dec. 28..80,623 44,69811,2993,187 728 447 764 1,563 14,44112,273 826 255,425 4,144 1,223 8,84911,209 8,694 ,807 1963—Mar. 18..80,447 44,80511,448 33,360 635 452 708 1,381 14,62712,319 796 24,820 3,718 1,085 8,76811,248 9.099 1,723 June 29..82,952 46,93412,2153,378 680 469 412 1,463 15,20613,186 856 24,496 3,112 1,106 8,85111,427 9,692 1,830 Nonmember: 1947—Dec. 31..18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30..35,856 18.700 4,2412,314 179 306 19 418 6,341 4,995 221144 12,525 2,259 272 4,947 5,046 3,655 976 1962—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 3.982 1,224 1963—June 29..41,519 22,961 5,1612,877 209 354 90 515 7,598 6,295 254 13,143 2,265 608 4,398 5,873 4,284 1,131 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 the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 3 New York City and city of Chicago were central reserve city banks before July 28, 1962; reserve city banks thereafter. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 COMMERCIAL BANKS 1419 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 e v t R - 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 o i a c s t - l e t k h - i s c s4 j m p u D o d a s a s e d e t n - i - e - t d s d5 m D e I s o n t - t i e c r * ba e F n ig o k 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 f a e e e e i f t n e c f r c r d i d t s . k - i ' s - , IPC I b n a t n e k r- P G U S i o a n o a . n s g S v v t d s a . - t l . g S l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p l - n i t - s Total: 2 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30.... 16,918 3,689 14,169 122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—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 90,9913,62724,094 1963—Mar. 18e... 16,100 3,920 12.630 118,930 14,120 1,150 5,400 11,720 4,340 117.480 460 270 7,150 94,6102,99024,140 June 29.... 16,529 3,483 12,579 117,419 13,749 1,294 11,060 12,396 4,502 116,726 550 254 7,466 98,183 1,54524,582 All insured: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.... 16,918 3,670 13,871 121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.... 17,680 4,232 12,795 123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Mar. 18.... 16,098 3,906 12,162 118.014 14.021 1,138 5,391 11,636 4,284 116,825 422 267 7,091 94,3202,95323,784 June 29 16,529 3,468 12,237 116,471 13,607 1,264 11,005 12,300 4,421 116,067 430 254 7,412 97,893 1,498 24,191 Member, total: 1941 —Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.... 17,680 3,263 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—Mar. 18.... 16,098 3,005 7,689 96,903 13,558 1,117 4,760 8,874 3,950 98,481 374 241 5.745 77,3522,883 19,919 June 29 16,529 2,644 7,690 95,637 13,146 1,242 9,761 9,535 4,060 97,953 373 228 5,999 80,322 1,440 20,238 New York City:* 1941_Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1961—Dec. 30.... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 38 162 6,735 283 3,683 1962—Dec. 28.... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,937 1,728 3,898 1963—Mar. 18.... 3,341 254 126 16,103 3,926 818 880 309 2,231 17,953 215 55 318 9,541 1,357 3,920 June 29 3,439 191 121 15,669 3,802 932 2,052 357 2,172 17,822 187 59 326 9,746 794 3,931 City of Chicago: 3 1941_Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1961—Dec. 30.... 889 37 158 3,809 1,578 45 369 315 124 4,830 14 5 8 1,996 35 870 1962—Dec. 28.... 1,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 1963—Mar. 18.... 856 42 157 4,146 ,190 44 265 288 118 4,458 14 7 49 3,161 267 954 June 29.... 974 40 154 3,941 ,155 47 584 373 112 4,355 16 6 130 3,363 111 974 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—Dec. 28.... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 1,388 7,263 1963—Mar. 18 7,130 935 2,301 33,917 6,829 237 1,863 2,822 901 37,199 90 82 2,873 29,205 1,038 7,294 June 29.... 7,183 815 2,234 33,502 6,572 239 3,793 3,195 1,021 37,075 110 70 2,913 30,567 407 7,440 Country: 1941_Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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—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 June 29.... 4,933 1,599 5,182 42,524 1,617 25 3,332 5,610 755 38,700 60 94 2,631 36,647 127 7,894 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 Dec 28 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4,240 1963 June 29 840 4,889 21,782 603 51 1,300 2,861 442 18,773 177 26 1,467 17,861 105 4,343 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

1420 WEEKLY REPORTING MEMBER BANKS OCTOBER 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total Loans Wednesday m i l n o a e v a n n e n d t s s s t - ! j i m u n a s a v e n t d e n e d - s t d t s - 2 j L us a o t d a e - n d s 2 i C n m a c d o n i e a u m d r l s - - - A t c u u g r l r a - i l - a T n o d b d r e o a k l e e r r s s To others Bank Do- Pe N rs o . nbank e R s e ta a t l e o A th l e l r V se t a r i r e o l v - u n e a s trial U.S. Other U.S. Other mes- and G c t u o ie r v s i t - . c t s u i e e r - s i- G c t s u o i e e r v - s i t - . c t s u i e e r - s i- F ei o g r n - c m c o t i i e m a c r l - - f s C i e O a n S t . l , c a e . n s . Other Total— Leading Cities 1962 Sept. 5 124,449 122,592 76,211 33,392 1,243 304 1.976 1,298 704 1,857 3,684 2,631 14,728 17,905 1,734 12 124,909 123,149 76,957 33,590 1,263 827 2,040 1,295 681 1,760 3,525 2,648 14,810 17,931 1,735 19 126,065 124,252 78,259 33,881 1,286 1,440 2,180 1,290 666 1,813 3,637 2,683 14,877 17,970 1,733 26 125,344 124,140 78,178 34,063 1,296 1,178 2,188 1,269 650 1,204 3,530 2,696 14,927 18,034 1,734 1963 Aug-J:::::::::::: 132,976 131,347 84,191 35,159 1,390 358 3,124 1,604 770 1,629 4,159 3,243 17,083 19,169 1,953 133,375 131,255 84,467 35,198 1,395 364 3,104 1,617 774 2,120 4,206 3,293 17,153 19,232 1,956 21 132,906 131,440 84,632 35,264 1,408 367 3,063 1,622 777 1,466 4,241 3,302 17,203 19,255 1,956 28 133,128 131,126 84,502 35,204 1,420 291 3,040 1,626 764 2,002 4,126 3,321 17,269 19,310 1,956 Sept. 4 134,576 132,365 85,228 35,348 1,414 678 3,146 1,629 775 2,211 4,171 3,303 17,223 19,412 1,958 11 134,672 132,599 85,613 35,498 1,419 969 3,087 1,630 792 2,073 4,065 3,315 17,290 19,424 1,959 18 136,664 134,548 87,345 35,864 1,444 ,420 3,333 1,656 785 2,116 4,512 3,380 17,359 19,468 1,960 135,816 134,264 87,063 35,944 1,465 ,246 3,284 1,655 801 1,552 4,243 3,448 17,409 19,443 1,961 25 New York City 1962 29,791 29,159 18,540 11,006 115 ,035 399 331 632 1,261 563 ,055 3,251 498 Sept. 5 29,943 29,490 19,031 11,075 601 ,089 400 302 453 1,128 573 ,082 3,257 498 12 30,363 29,919 19,697 11,203 979 ,186 396 292 444 1,200 573 ,092 3,253 498 19 29,872 29,669 19,590 11,300 834 ,186 387 274 203 1,083 570 ,107 3,326 497 26 1963 Aug-J:::::::::::: 31,484 31,001 20,271 11,233 182 ,711 515 365 483 1,342 592 ,778 3,096 568 31,781 30,918 20,368 11,182 239 ,727 529 364 863 1,379 597 ,785 3,109 568 21 31,371 31,037 20,414 11,205 240 ,715 529 362 334 1,403 596 ,792 3,115 568 28 31,577 30,876 20,299 11,201 183 ,698 530 360 701 1,340 601 ,806 3,123 568 32,195 31,255 20,477 11,296 271 ,801 530 365 940 1,281 605 ,741 3,134 571 32,051 31,598 20,804 11,361 572 ,725 532 370 453 1,282 598 ,747 3,165 571 18 32,956 32,382 21,597 11,491 661 ,882 540 374 574 1,636 609 ,766 3,185 571 25 32,572 32,212 21,487 11,538 744 ,874 537 381 360 1,395 647 ,767 3,145 569 Outside New York City 1962 Sept. 5 94,658 93,433 57,671 22,386 ,235 189 941 899 373 ,225 2,423 2,068 13,673 14,654 ,236 12 94,966 93,659 57,926 22,515 ,255 226 951 895 379 ,307 2,397 2,075 13,728 14,674 ,237 19 95,702 94,333 58,562 22,678 ,278 461 994 894 374 ,369 2,437 2,110 13,785 14,717 ,235 26 95,472 94,471 58,588 22,763 ,289 344 1,002 882 376 ,001 2,447 2,126 13,820 14,708 ,237 1963 101,492 100,346 63,920 23,926 ,374 176 ,413 ,089 405 ,146 2,817 2,651 15,305 16,073 ,385 Aug-.!:::::::::::: 101,594 100,337 64,099 24,016 ,379 125 ,377 ,088 410 ,257 2,827 2,696 15,368 16,123 ,388 21 101,535 100,403 64,218 24,059 ,392 127 ,348 ,093 415 ,132 2,838 2,706 15,411 16,140 ,388 28 101,551 100,250 64,203 24,003 ,404 108 ,342 ,096 404 ,301 2,786 2,720 15.463 16,187 ,388 Sept. 4 102,381 101,110 64,751 24,052 ,399 407 ,345 ,099 410 ,271 2,890 2,698 15,482 16,278 ,387 11 102,621 101,001 64,809 24,137 ,405 397 ,362 ,098 422 ,620 2,783 2,717 15,543 16,259 ,388 18 103,708 102,166 65,748 24,373 ,430 759 ,451 ,116 411 ,542 2,876 2,771 15,593 16,283 ,389 25 103,244 102,052 65,576 24,406 ,449 502 1,410 ,118 420 ,192 2,848 2,801 15,642 16,298 ,392 Por notes see p. 1422. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 WEEKLY REPORTING MEMBER BANKS 1421 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 Total Bills C ti e fi r - - W i i N n th o - t m es a t a u 1 n r i d t n o g b — on A d f s ter O s r e i t t c h ie u e s - r Total d b a o w a n t m n i i c c t e k e h s s s - b a w e f a n o i n i c g r t e k n - h s s Cu c a r o r n e i d n ncy B F w a . i n t R k h . s a o s t s h e e t r s a c l c i a c a a t p i b o n e i i d u s t l a n i- l ts 1 year 5 years 5 years Total- Leading Cities 1962 Sept. 5 31,370 3,194 2,939 7,530 12,466 5,241 15,011 17,329 2,901 157 1,525 12,746 4,628 158,747 12 30,917 3,034 2,921 7,432 12,366 5,164 15,275 17,576 2,964 159 1,670 12,783 4,589 161,224 19... 30,944 3,081 2,885 7,431 12,357 5,190 15,049 17,622 2,971 152 1,628 12,871 4,568 161,527 26 30,818 2,963 2,116 5,938 14,092 5,709 15,144 17,464 2,822 141 1,654 12,847 4,544 159,833 1963 Aug. 7 28,346 2,732 ,836 2,638 14,245 6,895 18,810 17,618 2,874 205 1,595 12,944 5,371 168,134 14 28,118 2,569 ,846 2,655 14,207 6,841 18,670 16,911 3,040 214 1,691 11,966 5,327 170,112 21 27,957 2,635 ,481 3,480 14,533 5,828 18,851 17,446 2,926 207 1,689 12,624 5,059 168,556 28 27,683 2,464 ,495 3,509 14,484 5,731 18,941 16,916 2,874 217 1,759 12,066 5,115 167,174 Sept. 4 28,066 2,833 ,479 3,517 14,517 5,720 19,071 17,441 3,225 207 1,632 12,377 5,146 171,113 11 27,863 2,888 ,439 3,409 14,418 5,709 19,123 17,426 3,286 210 1,770 12,160 5,191 171,807 18 28,019 3,281 ,097 2,950 13,447 7,244 19,184 17,552 3,172 218 1,732 12,430 5,124 174,751 28,066 3,435 963 2,881 13,466 7,321 19,135 17,601 3,063 206 1,765 12,567 5,155 172,306 25 New York City 1962 6,885 1,410 664 1,528 2,151 ,132 3,734 3,682 230 3,302 1,904 39,074 Sept. 5 6,538 1,205 659 1,507 2,088 ,079 3,921 4,094 240 3,706 1,887 40,410 12 6,429 1,095 676 1,506 2,084 ,068 3,793 3,915 230 3,535 1,887 40,403 19 6,266 969 476 1,239 2,392 ,190 3,813 4,050 242 3,675 1,844 40,091 26 1963 Aug. 7 5,420 785 299 416 2,486 ,434 5,310 3,962 83 239 3,559 2,343 41,465 14 5,368 744 328 429 2,460 ,407 5,182 3,314 96 244 2,883 2,288 41,931 21 5,387 891 251 775 2,389 ,081 5,236 3,934 87 240 3,528 2,167 41,805 28 5,291 789 262 771 2,400 ,069 5,286 3,653 87 248 3,236 2,208 41,319 Sept. 4 5,490 979 257 771 2,398 ,085 5,288 3,659 81 245 3,257 2,203 42,127 11 5,468 1,005 295 711 2,378 ,079 5,326 3,990 110 257 3,543 2,199 42,608 18 5,509 1,160 157 526 2,192 ,474 5,276 4,055 86 234 3,649 2,192 44,324 25 5,504 1.179 158 530 2,209 ,428 5,221 4,130 91 256 3,712 2,187 43,694 Outside New York City 1962 Sept. 5 24,485 1,784 2,275 6,002 10,315 4,109 11,277 13,647 2,834 ,295 9,444 2,724 119,673 12 24,379 1,829 2,262 5,925 10,278 4,085 11,354 13,482 2,903 ,430 9,077 2 702 120,814 19 24,515 1,986 2,209 5,925 10,273 4,122 11,256 13,707 2,904 ,398 9,336 2,681 121,124 26.... 24,552 1,994 1,640 4,699 11,700 4,519 11,331 13,414 2,761 ,412 9,172 2,700 119,742 1963 Aug. 7 22,926 1,947 1,537 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 1,230 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 1,233 2,738 12,084 4,662 13,655 13,263 2,787 135 ,511 8,830 2,907 125,855 Sept. 4 22,576 1,854 1,222 2,746 12,119 4,635 13,783 13,782 3,144 131 ,387 9,120 2.943 11 22,395 1.883 1,144 2,698 12,040 4,630 13,797 13,436 3,176 130 ,513 8,617 2,992 18 2.2,510 2,121 940 2.424 11.255 5,770 13,908 13,497 3,086 132 ,498 8,781 2.932 22.562 2,256 805 2,351 11,257 5,893 13,914 13,471 2,972 135 ,509 8,855 2,968 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 WEEKLY REPORTING MEMBER BANKS OCTOBER 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Wednesday j u u T n s o t a t e d a d l - 4 ju p m D s o a d a t d s e e e n i - - - d t d s 5 Total 6 IPC S l a o t n c a d a te l e F ig o n r- 7 G U o . v S t . . c m m D o ti e e o m c s r - - - - Totals S in a g v s - Oth S a e t n r a d t t e ime For- F B F r . a o n R m k . s F ot r h o e m rs l O i t a t i b h e i s e l r i- c C o i a u t a c a n p - l - ts govt. cial IPC local eign7 banks govt. Total— Leading Cities 1962 Sep.. £..... 137,348 60,899 89,625 63,769 4,819 1,571 4,451 11,934 47,723 33,481 !,402 3,222 2,264 58 2,435 5,483 13,423 139,636 62,094 91,735 66,878 4,389 1,557755 33,24712,244 47,901 33,552 i,548 3,216 2,230 147 2,579 5,448 13,414 19 140,077 61,758 92,174 65,687 4,426 1,593 5,05212,092 47,903 33,631 ,457 3,238 2,224 40 2,588 5,424 13,398 138,524 61,073 90,421 64,190 4,528 1,554 55,418 11,449 48,103 33,735 1,544 3,253 2,216 741 1,795 5,344 13,429 26 1963 144,801 61,833 89,076 64,342 4,919 1,644 3,57911,495 55,725 36,821 11,756 3,803 2,969 924 2,540 5,844 14,025 Aug. 7 146,991 61,249 91,064 66,047 4,662 ',685 3,788 11,528 55,927 36,850 11,876 3,831 2,992 90 3,096 5,920 14,015 14 145,799 60,828 89,657 64,302 4,611 ,716 4,55811,126 56,142 36,887 12,064 3,837 2,980 531 2,392 5,817 14,017 21 144,338 61,528 88,012 64,024 4,715 682 31,759 10,710 56,326 36,896 1'"2,181 3,894 2,984 258 2,678 5,859 14,041 28 Sept->?:::::: 1 1 4 4 8 8 , , 0 3 6 8 5 6 6 6 1 2 , , 5 7 4 1 7 7 9 9 1 1 , , 6 7 7 8 3 0 6 6 5 7 , , 5 5 5 8 1 6 4 4 , , 8 4 9 7 9 8 1 1 , , 6 6 9 6 0 0 4 2 , , 0 3 4 4 7 0 1 1 2 2 , , 1 2 2 0 9 5 5 5 6 6 , , 6 3 0 9 6 2 3 3 6 6 , , 9 9 4 9 9 6 1 1 2 2 , , 1 2 5 8 3 5 3 3, , 9 9 1 0 5 2 3 3 , , 0 0 1 3 7 7 2 1 9 1 0 9 2 3, , 0 9 1 4 7 9 6 5 , , 0 9 2 0 9 8 1 14 4 , , 0 0 8 7 5 2 151,309 63,190 94,994 68,697 4,405 1,628 4,16012,233 56,315 37,05511,913 3,911 3,063 297 3,031 6,033 14,081 18 149,433 61,609 92,967 65,640 4,427 1,649 6,31011,314 56,466 37,147 11,951 3,933 3,057 430 2,290 6,046 14,107 25 New York City 1962 31,299 15,432 23,182 15,943 320 ,167 ,231 2,822 ,117 3,705 2,437 201 1,595 1,270 2,723 3,774 Sept. 5 32,406 15,867 24,219 16,888 255 ,147 834 3,032 ,187 3,727 2,519 193 1,569 59 1,487 2,683 3,775 12... 32,402 15,806 24,277 16,669 260 ,1771,269 2,964 ,125 3,745 2,442 196 1,561 1,571 2,660 3,770 19... 32,337 15,372 24,121 16,281 233 ,1551,446 2,978 ,216 3,771 2,503 208 1,551 245 1,143 2,602 3,764 26... 1963 Aug. 7..., 33,390 15,403 23,085 15,847 285 ,2181,036 2,970 10,305 4,336 3,349 336 2,107 130 ,171 2,852 3,922 14..., 34,014 15,180 23,612 16,266 244 ,231 ,017 2,867 10,402 4,344 3,415 336 2,129 3 ,170 2,821 3,923 21.... 34,009 15,057 23,448 15,851 256 ,2651,181 2,877 10,561 4,355 3,564 336 2,128 47 ,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 ,089 2,803 3,910 Sept.f::: 34,269 15,413 23,626 16,045 355 ,236 ,072 3,071 10,643 4,343 3,597 372 2,155 ,206 2,735 3,917 34,460 15,691 23,719 16,537 276 ,235 572 3,088 10,741 4,341 3,689 374 2,158 77 ,354 2,798 3,919 18... 36,177 16,502 25,595 17,740 315 ,204 902 3,070 10,582 4,360 3,501 373 2,169 115 ,330 2,792 3,910 25... 35,930 15,511 25,320 16,469 293 ,2132,075 2,929 10,610 4,373 3,516 377 2,165 69 965 2,818 3,912 Outside New York City 1962 Sep, £..... 106,049 45,467 66,443 47,826 4,499 404 3,220 9,112 39,606 29,776 5,965 3,021 669 50 1,165 2,760 9,649 107,230 46,227 67,516 49,990 4,134 4282,413 9,212 39,714 29,825 6.029 3,023 661 88 1,092 2,765 9,639 19 107,675 45,952 67,897 49,018 4,166 441166 33,783 9,128 39,778 29,886 6,015 3,042 663 40 1,017 2,764 9,628 26 106,187 45,701 66,300 47,909 4,295 3993,972 8,471 39,887 29,964 6,041 3,045 665 496 652 2,742 9,665 1963 111,411 46,430 65,991 48,495 4,634 426 2,543 8,525 45,420 32,485 1,407 3,467 862 794 1,369 2,992 10,103 Aug-.!:::::: 112,977 46,069 67,452 49,781 4,418 454 2,771 8,661 45,525 32,506 1,461 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 1,500 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 1,572 3,537 857 154 ,589 3,056 10,131 Sept-,?:::::: 113,796 46,134 68,047 49,506 4,544 454 2,975 9,058 45,749 32,606 i,556 3,530 862 119 ,743 3,173 10,155 113,926 47,026 68,061 51,049 4,202 425 1,768 9,117 45,865 32,655 1,596 3,541 879 213 ,663 3,231 10,166 18 115,132 46,688 69,399 50,957 4,090 424 3,258 9,163 45,733 32,695 1,412 3,538 894 182 ,701 3,241 10,171 25 113,503 46,098 67,647i 49,171 4,134 436|4,235 8,385 45,856 32,774 :,435 3,556 892 361 ,325 3,228 10,195 1 After deduction of valuation reserves. 6 Includes certified and officers' checks and deposits of mutual savings 2 Exclusive of loans to domestic commercial banks and after deduction banks, not shown separately. of valuation reserves: individual loans items are shown gross. 7 Deposits of foreign governments and official institutions, central 3 Excludes cash items in process of collection. banks, international institutions, banks in foreign countries, and foreign 4 Total demand and total time deposits. branches of U.S. banks other than reporting bank. 5 Demand deposits other than domestic commercial interbank and 8 Includes U.S. Govt., postal savings, domestic commercial interbank, U.S. Govt., less cash items in process of collection. and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 BUSINESS LOANS OF BANKS 1423 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (Net change in millions of dollars) Week Month Quarter Half year Industry 1963 1963 1963 1963 1962 Sept. Sept. Sept. Sept. Aug. Sept. Aug. July in II I 1st 2nd 11 28 Durable goods manufacturing: Primary metals ... 3 22 9 -22 6 11 7 -13 5 -50 12 -38 -74 Machinery 9 38 3 -14 11 34 41 -66 9 16 135 151 19 Transportation equipment 15 63 -7 -72 70 -97 -64 -90 -80 -11 -91 47 Other fabricated metal products. . . -12 21 11 -8 -7 12 -9 -11 -7 36 22 58 -91 Other durable goods 21 -4 A 14 13 28 30 -35 23 58 33 91 -18 Nondurable goods manufacturing: Food, liquor, and tobacco 44 46 4 59 e 152 50 -54 148 -222 -371 -593 528 Textiles, apparel, and leather -59 -23 -12 32 17 -62 89 44 71 80 207 288 -179 Petroleum refining . ... <2 23 19 8 -3 48 1 -22 27 39 -32 7 43 Chemicals and rubber 10 6 1 -7 4 10 43 -94 -40 -24 90 66 -129 Other nondurable goods 1 2 8 6 11 17 36 7 60 47 46 92 -105 Mining, including crude petroleum and natural gas -7 c 31 13 -21 32 13 -15 30 -59 296 237 66 Trade: Commodity dealers 21 44 12 2 50 78 108 49 235 -195 -69 -263 220 Other wholesale 9 9 4 j -8 21 -27 -25 -30 100 -77 23 123 Retail -1 11 2 25 -29 37 -54 -49 -67 71 -19 52 154 Transportation, communication, and other public utilities 76 68 -14 22 9 152 -34 -134 -16 -22 -233 -255 655 Construction .... -11 27 5 13 -12 34 24 10 67 175 -42 133 -17 All other types of business, mainly services. -33 18 47 8 -3 40 -19 -18 3 147 33 180 290 Net change in classified loans 82 365 125 142 -40 714 204 -491 427 116 21 137 1533 Commercial and industrial change— all weekly reporting banks 80 366 150 144 -60 740 190 -545 385 351 42 393 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 n r i e d o a d lo A a l n l s (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e o d 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.: 1 19 large cities: New York City: 1962—Sept 4.77 5.60 5.35 5.14 4.65 1954 3.6 5.0 4.3 3.9 3.4 Dec 4.78 5.61 5.33 5.12 4.68 1955.... 3.7 5.0 4.4 4.0 3.5 1963—Mar 4.80 5.62 5.36 5.06 4.70 1956 4.2 5.2 4.8 4.4 4.0 June 4.78 5.61 5.37 5.05 4.68 1957 4.6 5.5 5.1 4.8 4.5 Sept 4.81 5.64 5.36 5.04 4.71 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—Sept 5.00 5.87 5.51 5.20 4.87 1961 5.0 5.9 5.5 5.2 4.8 Dec 5.05 5.85 5.55 5.23 4.92 1962... ...,. 5.0 5.9 5.5 5.2 4.8 1963—Mar 4.98 5.85 5.53 5.18 4.84 June 5.01 5.84 5.54 5.27 4.87 Sept 5.01 5.85 5.56 5.19 4.88 Quarter: i 19 large cities; 11 southern and western cities: 1962—Sept......... 4.99 5.86 5.53 5.21 4.82 1962—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 Sept 5.01 5.86 5.54 5.21 4.85 Sept 5.30 5.96 5.64 5.33 5.09 i Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown, in NOTE.—Weighted averages. For description see Mar. 1949 BULL., p A e p r r . c e 1 n 3 t , ) 3 : M 19 ; 5 A 4— ug M . 2 a 1 r. , 4 17 ; V 1 9 3 5 ; 7 — 195 A 5 u — g. A 6 u , g A . V 4 i , \ 3 19 ^ 5 ; 8 — Oc J t a . n 1 . 4 2 , 2 , 3 4 ^ ; ; A 19 p 5 r 6 . 2 — 1, pp. 228-37. Bank prime rate was 3*4 per cent Jan. 1, 1954-Mar. 16, 1954. 3^; Sept. 11, 4; 1959—May 18, 4i/2; Sept. 1, 5; and 1960—Aug. 23, Aft. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1424 INTEREST RATES OCTOBER 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 , - * m d 3 p i o - r l n e a to c c th t e l 6 s d y - , 2 90 a a c n d c c a e e y p s s t , - * on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d 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—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 AUK . 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Sept. 3.88 3.63 3.63 3.379 3.38 3.494 3.50 3.57 3.54 3.88 Week ending— 1963—Aug. 31 3.78 3.63 3.63 3.396 3.39 3.494 3.49 3.54 3.54 3.85 Sent 7 3.88 3.63 3.63 3.384 3.36 3.487 3.47 3.56 3.54 3.88 14 :::::*:::::: 3 88 3 63 3 63 3.343 3.36 3.460 3.48 3.57 3.54 3.88 21 3.88 3.63 3.63 3.409 3.41 3.52 ' 3.51 3.58 3.54 3.89 28 3.88 3.63 3.63 3.379 3.38 3.507 3.51 3.56 3.53 3.88 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 Stock> 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—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 M!ay 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 *5.66 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 Sept 4.04 3.31 3.13 3.58 4.52 4.31 4.84 4.46 4.65 4.44 4.30 3.06 Week ending— 1963—Aug 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 Sept. 7 4.03 3.30 3.12 3.58 4.51 4.30 4.84 4.45 4.64 4.44 4.30 3.07 14 4.05 3.31 3.12 3.58 4.51 4.31 4.84 4.46 4.64 4.45 4.30 3.04 21 4.05 3.32 3.13 3.58 4.52 4.32 4.84 4.46 4.65 4.45 4.30 3.06 28 4.04 3.33 3.15 3.59 4.52 4.32 4.84 4.46 4.65 4.45 4.29 3.05 Number of issues 4-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- figures. Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number 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

OCTOBER 1963 SECURITY MARKETS 1425 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 c y 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 c y 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 es s ) 1960... 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 1961.... 87.55 107.8 95.2 66.27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1962.... 86.94 112.0 95.6 62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820 1962—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 4,161 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 66.57 144.6 135.6 130.4 140.5 128.8 180.9 173.1 132.3 4,154 Sept.. 85.77 110.7 96.0 72.91 76.69 39.05 67.16 148.2 139.4 135.5 143.2 128.0 182.9 179.7 132.9 5,416 Week ending— 1963—Aug. 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 •135.7 c4,700 Sept. 7...... 85.92 111.4 96.0 72.79 76.43 39.49 67.77 148. 139.3 135.4 143.1 129.6 182.9 179.8 133.6 6,126 Sept. 14...... 85.65 110.8 96.0 73.02 76.77 39.02 67.53 148.8 140.1 136.1 143.9 128.1 183.1 180.9 135.0 5,559 Sept. 21...... 85.72 110.2 95.9 73.10 76.93 39.09 67.09 149.0 140.7 136.9 144.3 128.4 182.4 179.9 133.5 4.831 Sept. 28...... 85.82 110.2 95.9 72.71 76.57 38.69 66.39 146.7 137.6 133.6 141.4 126.0 183.2 178.3 129.6 5,289 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 5Vi-hour trading day. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Cusfirms secured by— chasing andcarrying— tomers' Months Total securities net other than Other securities free U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Total Customer Other c a b r n e a c d l e - it s collateral collateral 1959—Dec 4,461 150 3,280 167 1,181 221 2,362 2,044 318 996 1960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 1,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—Sept..... 5,156 27 3,887 81 ,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 •1,334 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 1,385 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 ,452 33 3,239 2,889 350 1,201 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 ,626 23 '3,933 '3,467 466 1,093 Sept 6,971 41 5,316 86 ,655 69 4,100 3,592 508 1,180 NOTE.—Data in the first three cols, and last col. are for end of month, in the other cols., for last Wed. Net debit balances and broker and dealer credit: ledger balances of member firms of the N.Y. Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances _.iy loans tor purchasing or carrying such securities at other'1 . rlUeWpUoUrVt^ing exclude balances maintained with the reporting firm by other member banks. Composition of series also changed beginning with July 1959; firms of national securities exchanges and balances of the reporting firm revised data for the new reporting series (but not for the breakdown of and of general partners of the reporting firm. Balances are net for each loans by purpose) are available back through July 1958 and have been customer—i.e., all accounts of one customer are consolidated. Money incorporated. borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1426 OPEN MARKET PAPER; SAVINGS INSTITUTIONS OCTOBER 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and 1finance company paper Held by- ]Based on— End of period Accepting banks F. R. Goods stored in or Total Baiiks Im- Ex- shipped between Total th P r la o c u e g d h P di l r a e c c e t d - Others p i o n r to ts p fr o o r m ts Do ex ll - ar points in— dealers 1 ly2 Total O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1957 2 672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 . 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960 4 497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962—Aug 6 576 2,119 4,457 2,277 937 721 216 35 71 1,234 488 667 138 72 912 Sept 6,577 2,228 4,349 2,281 952 748 204 36 68 1,225 520 674 144 73 870 Oct 6,986 2,417 4,569 2,367 1,025 824 201 34 69 1,239 502 679 160 110 917 Nov 7,091 2,501 4,590 2,476 1,086 841 245 38 88 1,264 525 719 173 145 914 Dec 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963—Jan 6,790 2,091 4,699 2,593 1.153 849 304 72 84 1,284 538 730 149 180 996 Feb 6,996 2,193 4,803 2,565 ,141 840 301 54 84 1,285 542 703 159 148 1,013 Mar . . 7 076 2 260 4,816 2 589 ,167 886 280 52 83 1,288 554 730 142 122 1,041 Apr 7,382 2,204 5,178 2,658 ,251 977 274 44 83 1,280 523 750 146 108 1,130 May 7,542 2,084 5,458 2,696 1,148 923 225 42 83 1,422 525 808 149 72 1,142 June. . 7 239 2 049 5,190 2,697 ,227 953 274 43 83 1,344 536 807 130 66 1,158 July 7,522 2,059 5,463 2,712 1,202 990 213 39 85 1,386 555 791 128 64 1,174 Aug 7,808 2,062 5,746 2,644 1,174 938 236 38 89 1,343 556 111 105 53 1,159 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— End of period M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se s t h s O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s D i e ts p o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s c M om or m tg i a tments 3 govt. other i accts. Number Amount 1941 4 787 89 3 592 1 1 829 689 11 772 10 503 38 1 231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1955 17 279 211 8 464 646 3 366 966 414 31 346 28 182 310 2 854 1956 19 559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20 971 253 7 583 685 4 344 889 490 35 215 31 683 427 3 105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 * 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 . 26 702 416 6 243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1 200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1962—July 30,688 506 6,285 577 5,135 837 678 44,706 39,814 1,021 3,871 84,357 1,994 31,000 560 6,311 568 5,149 808 677 45,073 40,029 1,127 3,917 83,803 2,088 Sept . 31,243 563 6,314 563 5,151 852 702 45,388 40,458 996 3,934 88,882 2,122 Oct 31,548 536 6,152 548 5,154 867 697 45,502 40,644 955 3,904 93,526 2,229 Nov 31,820 586 6,133 542 5,181 832 683 45,776 40,791 1,025 3,960 99,616 2,323 Dec 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—Jan 32,492 575 6,146 512 5,173 819 735 46,451 41,565 932 3,955 101,815 2,345 Feb 32 812 583 6,177 501 5,162 870 722 46,826 41,780 1,052 3,993 108,060 2 398 Mar 33,125 611 6,437 475 5,153 891 743 47,436 42,306 1,106 4,023 103,534 2,379 Apr 33,452 568 6,195 470 5,081 830 728 47,325 42,318 1,034 3,973 107,672 2,409 May 33,809 614 6,170 462 5,076 852 734 47,717 42,549 1,148 4,019 107,429 2,390 34,075 588 6,189 458 5,090 890 737 48,028 42,972 1,023 4,033 110,518 2,447 July 34,389 583 6,170 455 5,103 828 753 48,282 43,109 1,138 4,035 108,914 2,419 1 Includes securities of foreign governments and international organiza- NOTE.—National Assn. of Mutual Savings Banks data; figures are tions and U.S. Govt. agencies not guaranteed, as well as corporate estimates for all savings banks in the United States and differ somewhat securities. from those shown elsewhere in BULLETIN; the latter are for call dates and 2 See note 4, p. 1413. are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Association of the State of New York. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 SAVINGS INSTITUTIONS 1427 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign1 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 I960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 Book value: 1960 Dec 119,576 11,699 6,428 3,606 1,665 51,053 46,967 4,086 41,815 3,796 5,233 5,980 1961 Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962 Julyr 130,058 12,397 6 400 4,047 1,950 55,715 50,717 4 998 45 309 4,095 6,040 6,502 AUK 130,596 12,459 6 385 4,090 1,984 55,927 50,908 5,019 45 576 4,106 6,079 6,449 Sept 131,069 12,451 6,337 4,104 2,010 56,165 51,099 5,066 45,758 4,110 6,114 6,471 Oct . 131,735 12,609 6,368 4,080 2,161 56,359 51,246 5,113 46,051 4,124 6,151 6,441 Nov 132,505 12,720 6,405 4,062 2,253 56,509 51,352 5,157 46 380 4,134 6,185 6,577 Dec 133,169 12,510 6,189 4,060 2,261 56,555 51,374 5,181 46,980 4,124 6,214 6,786 t963—Jan 134,011 12,852 6,312 4,088 2,452 56,829 51,592 5,237 47,203 4,154 6,245 6,728 Feb 134,500 12,877 6,243 4,080 2,554 57 059 51,784 5,275 47 348 4,171 6,279 6,766 Mar 134,977 12,687 6,032 4,063 2,592 57,381 52,038 5,343 47,618 4,179 6,320 6,792 Apr 135,610 12,660 6,013 4,036 2,611 57,664 52,289 5,375 47,910 4,200 6,364 6,812 May 136,236 12,497 5,851 4,000 2,646 58,054 52,673 5,381 48,165 4,211 6,399 6,910 136,698 12,389 5,757 3,981 2,651 58,294 52,841 5,453 48,421 4,239 6,438 6,917 JUly 137,670 12,456 5,843 3,954 2,659 58,578 53,129 5,449 48,665 4,260 6,511 7,200 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage End of assets2— loan period M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i lia T b o il t i a ti l es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other co m m e m nt i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1411 833 19S6 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1430 843 40 007 3,173 2,146 2 770 48,138 41 912 3,363 1 379 1484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70 885 5,708 2,856 1,550 1,136 1,908 1962 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 !%?-—July 74,511 5,448 2,987 5,054 88,000 75 501 6,029 2 972 2,010 1,488 2 551 Aug 75,527 5,437 2,949 5,158 89,071 76,149 6,032 3,065 1,998 1,827 2,518 Sept 76,371 5,479 3,036 5,236 90,122 77,019 6,047 3,160 2,006 1,890 2,472 Oct 77,333 5,509 3,135 5,276 91,253 77,854 6,067 3,196 1,993 2,143 2,438 Nov 78,137 5,556 3,234 5,448 92,375 78,728 6,081 3,173 1,941 2,452 2,436 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 1963—Jan 79,648 5,739 3,612 5,234 94,233 81,407 6,572 2,896 1,939 1,419 2,343 Feb 80,341 5,910 3,719 5,283 95,253 82,251 6,588 2,701 1,964 1,749 2,447 Mar 81,247 6,087 3,809 5,399 96,542 83,446 6,583 2,605 2,108 1,800 2 663 Apr 82,311 6,122 3,670 5,488 97,591 83,924 6,595 2,728 2,265 2,079 2,845 May 83,489 6,099 3.632 5,883 99,103 84,893 6,606 2,843 2,363 2,398 3,021 June 84,720 6,188 3,869 '5,866 100,643 86,535 6,812 3,437 2,473 1,386 3.094 July 85,836 6,258 3,418 5,706 101,218 86,499 6,821 3,692 2,497 1,709 3,099 1 Includes other loans, stock in the Federal home loan banks, other 3 Consists of advances from FHLB and other borrowing. investments, real estate owned and sold on contract, and office buildings and fixtures. NOTE.—Federal Savings and Loan Insurance Corp. data; figures are 2 Before 1958 mortgages are net of mortgage pledged shares. Asset estimates for all savings and loan assns. in the United States. Data items will not add to total assets, which include gross mortgages with no beginning with 1954 are based on monthly reports of insured assns. and deductions for mortgage pledged shares. Beginning with Jan. 1958, no annual reports of noninsured assns. Data before 1954 are based entirely deduction is made for mortgage pledged shares. These have declined on annual reports. Data for current and preceding year are preliminary consistently in recent years and amounted to $42 million at the end of even when revised. 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1428 FEDERAL FINANCE OCTOBER 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: Bu n d e g t et T f P u r l n u u d s s : s t g I L o n e v t s r t s a . : - i E r T e q c o u t a t s a . l l s 2 : Budget fu T P n r lu d u s s s : t 3 A m L d e e j n s u t s s s : t - 4 E p T q a o u y a t t a l s l s . : payts. & (d d a i i e r n g b e e c t n t .) a I t g n r e v b u y n e s . s t s t &. . L N c d e a e o s s b n s h t - : Eq N u e a t ls: Cal. year—1960.... 79,518 21,773 2,946 98,287 77,565 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 1,056 386 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 1963*.. 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 2,538 2,933 169 -564 Month: 1962—Aug 7,089 3,444 203 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 -4 -2,067 Apr 5,735 1,752 236 7,248 7,590 2,244 163 9,671 -2,423 104 -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* 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 Aug 7,290 3,887 213 10,960 8,305 2,438 -544 11,287 -328 2,028 1,784 116 128 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. s B d u u e r o f d p i r g c lu i e t s t fu T n r d u s s t 3 a C c l c e o a u ri n n t g s i M s s s e u a o c r a f . k n 3 e c t e i I n G s n e v U o c e . v . s t 3 S t . . . p d g d u i r i e r b o n e b l s c i t s c t T o r H u e t a e s s l i 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 t x n s. O as n t s h e e t e ts r 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 1963*.. -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.-June*. 1,927 2,321 566 148 -2,933 2,390 -188 4,607 12,116 806 10,324 986 Month: 1962—Aug -1,452 1,152 -356 300 -1,511 3,966 -52 2,151 8,530 478 7,210 842 Sept 2,727 -784 541 35 624 -2,344 60 738 9,268 400 7,919 949 Oct -5,494 -772 151 405 353 2,569 -39 -2,750 6,518 513 5,131 874 Nov -1,042 619 -1,852 -65 -449 3,323 -57 591 7,109 585 5,728 796 Dec 788 -414 1,080 -64 936 -1,920 6 400 7,509 597 6,092 820 1963—Jan -2,480 -805 692 -319 998 -53 57 -2,024 5,485 821 3,678 986 Feb 542 1,131 -133 -211 -516 1,221 73 1,961 7,446 841 5,580 1,025 Mar 1,857 155 619 -304 -120 -1,645 -245 806 8,252 909 6,466 877 Apr -1,854 -492 -160 -69 830 173 100 -1,672 6,579 952 4,340 1,287 May -516 2,352 -529 244 -2,818 2,038 -208 978 7,558 651 5,992 915 June* , 4,379 -18 77 807 -1,305 656 36 4,558 12,116 806 10,324 986 July , -4,316 -1,232 69 171 1,253 -1,025 39 -5,118 6,998 629 5,564 805 Aug -1,015 1,449 -873 328 -1,784 1,700 -43 -152 6,846 705 5,389 752 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing lations torU.S. employees trust funds. accounts. 2 Includes small adjustments not shown separately. 5 Includes technical adjustments not allocated by functions. 3 Includes net expenditures of Govt. sponsored enterprises. NOTE.—Based on Treasury Dept. & Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 FEDERAL FINANCE 1429 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W he I i n t ld h d - ivid O ua th l er Corp. Total a L b n i a d q c u c t o o o r - H w ig ay h- Total O R a A n .R d S . I e U m n p - l. E a g s n t if a d t te t C o u m s- s r m e a I p e n n a n t d . y ts - fu R n e d - s Other Fiscal year—1960... 95,078 31,675 13,271 22,179 11,865 5,126 2,642 14,678 11,526 2,670 1,626 1,123 1,820 5,238 2,079 1961... 97, ,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962... 101,865 36,246 14,403 21,296 12,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963*\. 109,73138,714 14,268 22,336 13,410 5,521 3,405 19,737 15,127 4,114 2,185 1,241 1,903 6,571 2,508 Half year: 1961—July-Dec... 44,68017,652 3,189 8,259 6,394 2,789 1,612 7,049 5,460 1,345 873 579 762 887 810 1962—Jan.-June.. 57,20718,594 11,214 13,037 6,358 2,578 1,468 9,991 7,737 1,997 1,162 592 596 5,379 1,042 July-Dec... 49,02318,958 3,319 8,810 6,808 2,845 1,756 7,937 6,111 1,579 914 639 1,179 805 1,264 1963—Jan.-June*. 60,720 '1"9,756 10,949 13,526 6,602 2,676 1,649 11,800 9,016 2,535 1,271 602 724 5,766 1,256 Month: 1962—Aug 10,326 5,298 169 431 ,188 486 337 2,850 2,070 737 166 107 106 193 204 Sept 11,138 2,980 2,092 3,533 ,103 461 287 1,053 964 52 124 102 97 111 165 Oct 4,148 1,156 235 460 ,150 553 276 718 555 118 178 120 119 200 212 Nov 9,287 5,195 117 412 ,125 521 298 1,894 1,416 438 139 114 98 73 266 Dec 9,546 3,131 407 3,450 ,136 419 277 735 652 47 132 94 258 64 267 1963—Jan 6,283 1,269 2,367 517 ,099 409 261 552 330 173 191 80 122 109 195 Feb 10,350 5,422 783 422 ,038 379 272 3,119 2,025 1,055 145 103 91 838 65 Mar 11,545 3,182 745 6,081 ,081 438 279 1,526 1,361 123 216 107 147 1,720 180 Apr 7,248 973 4,371 551 ,022 446 258 1,177 936 200 303 110 129 1,603 215 May 11,323 5,642 651 443 ,192 499 311 3,998 3,026 933 229 106 109 1,204 157 Junep 13,972 3,267 2,032 5,511 ,171 507 267 1,424 1,337 48 186 95 128 292 450 July 4,693 1,295 381 574 ,179 n.a. 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 ,207 n.a. 345 3,199 2,424 730 175 108 103 229 225 Cash payments to the public Period Total t f i N e d o n e n a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r a e r a - c t l - es t m C r a a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e e a l 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 94,328 45,915 1,574 401 4,877 1,824 4,819 1,440 19,107 867 5,907 7,233 1,559 1961 99,542 47,685 2,153 744 5,183 2,103 5,107 -103 22,364 945 6,187 7,257 1,724 1962 107,661 51,462 2,492 1,257 5,977 2,223 5,487 1,690 23,961 1,052 6,092 6,940 1,882 1963P.... 113,857 53,417 2,198 2,552 7,390 2,455 5,749 -261 25,671 1,211 5,974 7,437 1,983 Half year: 1961—July-Dec 53,888 24,129 1,637 482 3,417 1,207 2,896 1,477 11,452 450 3,073 3,346 942 1962—Jan.-June 53,773 27,332 854 775 2,561 1,016 2,591 213 12,509 602 3,019 3,595 939 July-Dec 58,099 26,125 876 1,024 4,460 1,388 3,096 1,028 12,348 562 2,957 3,580 984 1963—Jan.-June**... 55,757 27,292 1,323 1,528 2,931 1,066 2,653 -1,286 13,323 648 3,017 3,857 ,000 Month: 1962—Aug 10,575 4,467 -56 187 1,244 255 601 158 1,987 130 527 1,153 196 Sept 8,637 4,051 207 141 552 279 493 101 2,022 125 448 360 151 Oct 10,147 4,632 330 187 926 239 574 33 2,070 61 496 286 179 Nov 10,019 4,591 247 187 466 228 507 3 2,112 79 492 1,277 158 Dec 9,434 4,431 53 187 536 189 524 445 2,082 98 490 320 161 1963—Jan 8,818 4,580 270 233 516 195 398 -723 2,309 132 784 225 169 Feb 8,780 4,135 225 194 324 164 401 -406 2,232 125 467 1,358 150 Mar 8,922 4,609 225 250 535 153 406 -307 2,227 110 452 325 158 Apr 9,671 4,572 284 271 508 166 386 -74 2,278 93 411 305 155 May 9.992 4,575 74 281 598 175 449 -161 2,117 93 476 1,314 201 June*5 9,575 4.821 245 299 450 213 613 385 2,160 95 427 330 167 July 10,045 4,263 -7 270 818 215 502 464 2,217 109 513 227 204 Aug 11,287 4,456 152 285 915 297 643 274 2,099 126 481 1,474 171 1961 1962 1963 1961 1962 1963 Item III IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 24.6 25.2 25.3 26.5 27.3 27.1 27.4 27.8 23.4 21.3 26.2 31.0 26.0 23.0 28 2 32.5 Payments 26.3 26.9 27.6 27.0 28.1 29.2 28.2 28.3 26.7 27.2 26.0 27.8 28.5 29.6 26.5 C29.2 Net -1. 7 -1 .7 — 2 2 -•5 -.7 -2. 1 -. 8 -.5 2.3 -5 .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

1430 U.S. GOVERNMENT SECURITIES OCTOBER 1963 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period To o t t s al d d T g e i r o r b o e t t s a c s 2 l t Total Marketable C v ib e o r l n e t- - Nonmarket S a a b v l - e i S ss p u e e c s ia l • Total Bills C c e a r t t e if s i- Notes Bonds 4 bonds Total 5 b i o n n g 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 1960—Dec... 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—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 Sept... 307.3 306.6 258.0 204.3 48.2 15.5 54.1 86.5 3.4 50.4 48.6 44.7 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, foreign currency series, foreign to $366 million on Sept. 30, 1963), and fully guaranteed securities, not series, Rural Electrification Administration bonds, and before 1956, shown separately. tax and savings notes, not shown separately. 2 Includes non-interest-bearing debt, not shown separately. 6 Held only by U.S. Govt. agencies and trust funds. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 7 Includes $1.4 billion of 2% per cent partially tax-exempt bonds, totaled $13,396 million on Aug. 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) Held by— Held by the public Total U.S. E pe n r d io o d f g d r e o b s t s ag G t e a r o n u n v c s d i t t e . s b F a . n R k . s 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 o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r t n o e e d n i r g - a n l2 i O t m n o t v r i 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.'J 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec 278.7 27.0 24.3 227.4 90.8 10."J 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.() 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.!> 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.() 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.< 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.:i 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.S) 12.5 22.6 18.0 45.9 22.3 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.:) 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.I 11.4 19.7 18.7 46.4 18.5 13.4 11.6 1962—Aug 302.3 57.1 30.4 214.9 64.5 6.:J 11.5 21.1 19.9 46.8 18.7 14.6 11.5 Sept 300.0 56.4 29.8 213.7 64.6 6.:I 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. 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. 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. 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. 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. 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 6.: 11.2 20.7 20.1 47.3 19.9 15.4 12.7 Apr 303.7 54.3 31.2 218.2 64.2 6. 11.1 r21.0 20.6 47.3 '19.2 15.6 13.0 May 305.8 57.1 31.3 217.4 63.0 6. 11.0 '22.2 20.6 47.4 '18.8 15.9 12.5 June 306.5 58.4 32.0 216.1 63.5 6. 10.8 '20.2 20.8 47.5 r18.8 15.8 12.5 July 305.5 57.1 32.5 215.9 62.4 6. 10.9 '20.7 21.0 47.6 r18.9 15.7 12.6 Aug 307.2 58.9 32.4 215.9 60.8 6. 10.9 21.6 21.3 47.7 19.0 15.9 12.6 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

OCTOBER 1963 U.S. GOVERNMENT SECURITIES 1431 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 July 31 203,491 85,286 47,222 38,064 58,035 37,376 8,359 14,435 Aug 31 203,233 85,976 47,219 38,757 60,856 33,622 8,359 14,420 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 July 31 10,921 1,632 946 686 1,646 3,029 2,083 2,531 Aug 31 10,939 1,670 970 700 1,904 2,747 2,083 2,534 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 Julv 31 32,468 21,777 3,600 18,177 8,389 2,120 81 101 Aug ^ 1 32,391 19,145 3,175 15,970 10,871 2,176 86 113 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 July 31 160,102 61,877 42,676 19,201 48,000 32,227 6,195 11,803 Aug. 31 159,903 65,161 43,074 22,087 48,081 28,699 6,190 11.773 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 July 31 54,353 14,868 6,890 7,978 25,605 12,961 540 379 Aug "* 1 52,833 15,080 5,977 9,103 26,345 10,501 533 373 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—July 31 5,839 801 399 402 1,256 2,155 411 1,215 Aug 31 5,806 939 407 532 L241 2,023 402 1,201 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 July 31 9,105 1,016 456 560 1,983 2,375 942 2,789 Aug 31 9,079 1,067 426 641 1,990 2,290 946 2.787 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—July 31 10,448 7,969 6,377 1,592 2,077 383 9 10 Aug 31 11,192 8,544 6,906 1,638 2,323 307 9 9 Savings and loan associations: I960—Dec. 31 2,454 322 163 159 858 473 396 406 1961—Dec 31 2,760 446 155 291 895 617 371 431 1962 Dec 31 . 2,862 437 254 183 817 1,030 105 473 1963 July 31 3,228 413 240 173 819 1,296 263 436 Aug 31 3,178 428 196 232 921 1,138 257 435 State and local governments: 1960—Dec. 31 10,957 3,933 2,643 1,290 1,785 828 1,382 3,029 1961—Dec 31 10,893 3,974 2,710 1,264 1,320 842 1,250 3,507 1962 Dec 31 11,716 4,447 3,282 1,165 1,059 1,505 688 4,017 1963 July 31 12,647 5,055 4,125 930 1,058 1,374 1,662 3,498 Aug 31 . 12,807 5,244 4,306 938 995 1,371 1,669 3,528 All others: 1960—Dec. 31 60,158 28,413 19,772 8,641 18,596 4,965 5,598 2,587 1961—Dec 31 60,440 29,346 20,596 8,750 17,314 6,054 4,713 3,012 1962 Dec 31 64,162 32,227 23,935 8,292 16,121 10,877 1,175 3,761 1963—July 31 64,482 31,753 24,189 7,564 15,202 11,683 2,368 3,476 Aug. 31 65,008 33,858 24,856 9,002 14,266 11,069 2,375 3,440 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. 6,106 commercial banks, 507 mutual savings banks, and 806 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1432 U.S. GOVERNMENT SECURITIES OCTOBER 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 W 1 i y t e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs G U o .S vt . . Other m b C e a o r n m c k ia - s l o A th l e l r securities 1962—Aug 1,603 ,318 158 94 33 542 27 600 435 78 Sept 1,913 ,432 293 147 40 571 42 766 534 105 Oct 1,967 ,517 263 159 28 682 40 744 501 115 Nov 1,770 ,266 262 210 32 550 32 722 466 70 Dec 2,071 ,446 366 222 38 610 38 881 543 1963—Jan 1,871 ,484 226 124 36 621 37 730 484 81 Feb 2,350 ,646 400 230 75 733 44 952 622 73 Mar ,694 ,241 224 149 79 544 39 657 454 91 Apr ,788 ,438 195 105 50 509 33 757 488 91 May ,639 ,160 282 127 69 529 30 601 479 81 June ,574 ,208 168 165 33 471 26 584 493 108 July ,775 ,440 172 134 29 556 27 727 464 95 Aug ,308 ,060 139 21 401 15 507 384 88 Week ending— 1963—Aug. 7 ,548 ,246 163 116 22 508 15 587 438 108 14 ,410 ,152 148 80 31 464 17 524 406 85 21 ,165 903 143 101 17 320 13 489 342 87 28 ,182 985 120 62 15 323 17 466 376 71 Sept. 4 ,270 1,068 111 73 18 438 16 477 339 80 11 2,420 1,680 339 253 148 696 56 999 669 232 18 ,976 1,340 212 298 126 584 37 790 566 146 25 ,274 135 174 77 391 30 527 327 94 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 t e h a in r y 1 ea -5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i y . es Period sou A r 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 1 a- O A th ll er 1962—Aug 2,648 2,484 72 91 165 Sept 3,177 2,643 323 211 190 1962—Aug 2,597 460 405 ,438 294 Oct ... 3,569 2,991 383 195 248 Sept 3,332 943 660 ,308 421 Nov. 4,013 3,309 447 256 204 Oct 3,528 1,074 707 ,301 445 Dec 4,268 3,829 365 74 227 Nov 4,100 1,170 716 ,666 548 Dec 4,378 1,563 839 ,566 411 1963—Jan 4,021 3,622 368 30 185 Feb 3,410 2,863 473 74 128 1963—Jan 4,062 1,388 895 ,396 383 Mar 3,547 2,439 563 543 212 Feb 3,553 1,070 897 ,083 502 3,467 2,934 355 178 228 Mar 4,027 1,436 1,009 ,129 453 M^y!;".' 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 1,536 403 July 2,881 2,505 357 21 267 June 3,361 866 650 1,543 303 Aug 3,096 2,871 307 -82 275 July 3,020 659 533 ,478 350 Aug 3,293 553 501 ,924 316 Week ending— Week ending— 1963—July 3.. 2,910 2,448 364 98 323 10.. 2,974 2,632 350 j 309 July 3... 3,182 931 643 1,299 307 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 [,336 319 31.. 2,875 2,487 329 59 252 24... 2,878 483 553 1,623 218 31... 3,101 571 492 1,741 298 Aug. 7... 2,565 2,228 412 -75 272 14.. 2,917 2,659 355 -97 299 1963—Aug. 7... 2,859 469 444 1,601 345 21.. 3,331 3,191 221 -81 279 14... 3,168 455 550 1,842 322 28.. 3,301 3,128 254 -80 259 21... 3,588 742 526 2,022 298 28... 3,403 518 457 2,125 304 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 day* 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

OCTOBER 1963 OUTSTANDING SECURITIES 1433 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, SEPTEMBER 30, 1963 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Oct. 3, 1963. 2,101 Mar. 19, 1964 801 Feb. 15, 1966 3% 5,653 May 15, 1968 3% 2,460 Oct. 10, 1963. 2,102 Mar. 26, 1964 800 Apr. 1,1966 lVi 675 Aug. 15, 1968 3% 3,747 Oct. 15, 1963. 2,500 Apr. 15, 1964 2,501 Aug. 15, 1966 4 4,009 Nov. 15, 1968 3H 1,591 Oct. 17, 1963. 2,101 July 15, 1964 1,998 Oct. 1,1966 li/i 357 Feb. 15, 1969 4 1,844 Oct. 24, 1963. 2,101 Aug. 31, 1964 1,001 Feb. 15, 1967 3% 3,474 Oct. 1,1969 4 2,538 Oct. 31, 1963. 2,102 Apr. 1,1967 1V4 270 Aug. 15, 1970 4 1,906 N N o o v v . . 1 7 4 , , 1 1 9 9 6 6 3 3 . , 2 2, , 1 1 0 0 2 3 Ce N rt o if v ic . a 1 te 5 s , 1963 3i/s 4,554 A O u c g t. . 1 1 5 , , 1 1 9 9 6 6 7 7 3 \ V % 4 4,4 4 3 5 3 7 A N u o g v . . 1 1 5 5 , , 1 1 9 9 7 7 1 1 3% 4 2 2, , 7 8 6 0 0 6 Nov. 21, 1963. 2,101 Feb. 15, 1964 3% 6,741 Apr. 15, 1968 11A 130 Feb. 15, 1972 4 2,344 Nov. 29, 1963, 2,101 May 15, 1964 3% 4,198 Aug. 15, 1972 4 2,579 Dec. 5, 1963, 2,101 Treasury bonds Aug. 15, 1973 4 3,892 D De e c c . . 1 1 2 9 , , 1 1 9 9 6 6 3 3 , , 2 2 , , 1 1 0 0 1 1 Tre O a c s t u . ry n 1 o ,1 te 9 s 63... 506 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 - - 6 6 8 7 . . . . . . 2 2 i V /2i 1 1 , ,4 8 6 1 1 4 N M o a v y . 1 1 5 5 , , 1 1 9 9 7 7 4 5 -85.. .4 3 V % 4 2,2 4 4 7 4 0 D Ja e n c . . 2 2 6 , , 1 1 9 9 6 6 4 3, 2,1 8 0 0 0 0 N A o p v r. . 1 1 5 , , 1 1 9 9 6 6 4 3 . ... 3,0 4 1 5 1 7 J F u e n b. e 1 1 5 5 , , 1 1 9 9 6 6 4 4 -69... 2V 3 i 2 1 , ,6 6 3 3 4 1 J F u e n b e . 1 1 5 5 , , 1 1 9 9 8 7 0 8 -83... 3l/4 4 2 1 , ,5 6 8 1 9 0 Jan. 9, 1964 800 May 15, 1964. 4,400 Dec. 15, 1964-69...2V2 2,542 Nov. 15, 1980 3Vz 1,915 J J a a n n . . 1 1 5 6 , , 1 1 9 9 6 6 4 4 2,4 8 9 0 6 0 A M u a g y . 1 15 5 , , 1 1 9 9 6 6 4 4 . . 2 2, , 3 0 1 1 6 6 F M e a b r . . 1 1 5 5 , , 1 1 9 9 6 6 5 5 -70.. .2 2 V % i 4 2 , , 6 4 8 1 2 9 F M e a b y . 1 1 5 5 , , 1 1 9 9 9 8 0 5 3 3 V V 4 i 4 1 , ,1 9 3 1 0 1 J J a a n n . . 2 3 3 0 , , 1 1 9 9 6 6 4 4 8 8 0 0 0 0 A O u c g t. . 1 1 5 , , 1 1 9 9 6 6 4 4 . . 5,0 4 1 9 9 0 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3*/ 3 4 2 1 , , 8 02 6 4 5 A Fe u b g . . 1 15 5 , , 1 1 9 9 8 8 8 7 - - 9 9 3 2 ... AV 4 A 2 3 5 6 0 5 Feb. 6, 1964 801 Nov. 15, 1964. 4,195 Nov. 15,1966 33/g 1,851 May 15, 1989-94... 4V& 1,559 Feb. 13, 1964 800 Nov. 15, 1964. 6,398 Mar. 15, 1966-71... 2 V4 1,407 Feb. 15, 1995 3 2,531 Feb. 20, 1964 801 Apr. 1, 1965. 466 June 15, 1967-72... 2Vi 1,311 Nov. 15, 1998 3V£ 4,453 Feb. 27, 1964 800 May 15, 1965. 2,113 Sept. 15, 1967-72... 2^ 1,952 Convertible bonds Mar. 5, 1964 802 Oct. 1, 1965. 315 Nov. 15, 1967 3% 3,604 Investment Series B Mar. 12, 1964 800 Nov. 15, 1965. 2,954 Dec. 15, 1967-72... 2Vi 2,765 Apr. 1, 1975-80...2% 3,437 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, AUGUST 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: 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 3VA Feb. 17, 1964 265 Feb. 4,1963 3.15 Nov. 4, 1963 280 June 17, 1963 3.40 Mar. 16, 1964 275 Mar. 4, 1963 3.15 Dec. 2, 1963 284 Apr. 15, 1963 3.30 Apr. 15, 1964 435 Apr. 1,1963 3.20 Jan. 2, 1964 263 J A u u l g y . 1 16 5 , , 1 19 9 6 6 3 3 3. 3 7 f 0 t J M u a n y e 1 1 5 5 , , 1 1 9 9 6 6 4 4 3 32 3 6 0 J M un ay e 3 1 , , 1 1 9 9 6 6 3 3 3 3 .3 V 0 4 F M e a b r . . 2 3 , , 1 1 9 96 6 4 4 2 2 6 3 9 1 July 1,1963 3.45 Ap . 1, 1964 228 Bonds: Aug. 1,1963 3.65 May 4, 1964 223 June 17, 1963 3V£ Oct. 15, 1964 460 Sept. 17, 1962 3*/4 Sept. 15, 1965 175 Federal land banks Bonds: Oct. 22, 1962 3V4 Oct. 22,1963 136 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 A A O e u c p c g t r . . . . 2 2 2 0 0 0 8 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 0 0 3 3 4 H % 4 4 A O O A u c c p g t t r . . . . 2 2 2 2 0 0 0 0 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 4 4 4 2 1 1 9 1 6 4 0 5 0 7 De D D J D S N S S S D M F A A A F M b u e e e e e e e e e e o e p p u a n a b p p p p b c c c c n r v g r y e r . . . . . t . t t t . . . . . t . . . . u 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r 3 0 0 3 0 0 0 2 0 1 1 1 1 2 1 0 2 e , , , , , , , , , , , , , , s , , , : 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 9 9 9 6 6 6 6 6 6 6 6 5 6 5 5 5 6 6 6 6 1 0 1 2 1 1 1 0 8 0 9 8 7 1 0 2 0 4 3 3 4 4 4 4 4 4 4 3 4 4 4 5 3 V - - ^ 3 1 % * 3 1 ; : i ' ' % r ' & 4 J J D J F D A A S A S F N S M M M u u u e e e e e e e u p p o n a n a a n b b p p p c c g r r v y e e . e r r . . . t t t . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 2 0 2 0 0 0 0 0 0 0 1 0 1 1 2 2 , , , , , , , , , , , , , , , , , 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 9 9 9 7 7 6 6 6 7 7 7 6 7 7 6 7 6 6 6 6 1 1 6 9 3 3 7 2 5 0 2 6 0 8 4 4 4 1 1 1 1 1 1 1 1 1 9 9 9 9 9 6 9 9 8 4 0 4 1 0 1 4 1 8 8 2 6 5 7 8 0 8 7 0 6 9 0 3 7 6 J J F J S F O F F M A M S F M A F M u a u e e e e e e e e c p p n l a n b b a a a b b b b p p y t r r y . . y y . y . . . e . . t t . . . . 2 2 2 2 1 1 1 1 0 0 2 5 0 3 0 4 1 4 1 1 1 1 1 5 1 5 , , , , , , , , , , , , , , , , , , 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 9 9 9 9 6 5 6 5 5 6 5 5 6 5 6 6 6 5 6 5 5 6 0 9 1 7 9 0 6 8 2 7 3 2 3 8 1 7 6 1 A 3 3 3 3 3 4 4 4 5 A 4 4 4 5 V > 5 i V 1 ^ % 1 % ' % % ' Y / A ^ g 4 4 4 4 4 J O J J D J A S F F M F M F M M M F u u u u e e e e e e e c p l l l a a n b a a b a b b b p c y y y t r y y . y . . . r r e . . . t . . . . 2 2 2 2 2 2 2 2 1 2 2 1 1 2 0 0 1 0 0 0 5 2 0 2 0 0 5 5 1 1 1 0 , , , , , , , , , , , , , , , , , , 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 9 9 9 9 7 6 6 6 7 7 6 7 7 6 7 6 6 6 6 6 7 6 3 1 5 9 9 7 4 7 6 0 0 8 2 6 6 8 7 0 - - - 7 7 7 8 2 0 1 1 1 1 1 1 1 1 1 1 7 7 6 8 8 8 8 6 1 9 5 0 0 4 8 0 8 5 5 2 0 2 3 6 5 0 5 3 5 9 8 8 6 0 0 0 Tennessee Valley Authority Short-term notes 25 Banks for cooperatives Debentures: Bonds: Apr. 1,1963 3.15 Oct. 1, 1963 160 Nov. 15,1960 4.40 Nov.15,1985 50 June 3,1963 3.20 Dec. 2, 1963 145 July 1,1961 A% July 1,1986 50 Aug. 1,1963 3H Feb. 3, 1964 168 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

1434 CREDIT AGENCIES; SECURITY ISSUES OCTOBER 1963 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k i s es and capital (s F M e e c d o o o e r p n r t d e g a r a l a a r g N t y e i o a m A n ti s a o s ) r s n k n a e . l t coo B p f e a o r n a r k t s ives i c n r t e F e d r e i m t d e e b r d a a i n l a k te s F b e l a a d r c ti L Q r k a S l period v m b a A t e n e o d m r c s - e - s I m nv e e n s t t s - p C a o d a n e s s - d it 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 L n r t e e d e ) s n s - c L a o t ( o o i t A o v a 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 1 454 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—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 Sopt.. 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 1,896 1,842 3,031 2,628 Nov.. 3,068 1,848 75 2,707 1,028 1,121 2,768 2,479 746 480 1,822 1,774 3,037 2,628 Dec... 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Jan... 2,802 1,876 87 2,348 1,155 1,128 2,708 2,370 777 505 1,858 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 1,892 1,842 3,118 2,661 Apr... 2,635 1,702 87 1,908 ,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 [,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 Aug.. 3,758 1,511 70 3,036 1,011 1,148 2,030 1,916 706 473 2,360 2,233 3,240 2,796 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 Period Total g G o a e t b a i n l o l e i n - r s - R n e u v e e- PHA l G l U o o a .S v n . t s . State S d a i s p a s u t e n t a t c r d h t i i . c . a t l Other 2 a e d m r e e o l d i u v n 3 - t Total c E at d i u o - n b R r 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 s d 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 7,526 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 ,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 ,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 ,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 .668 521 125 2,177 1962—July 650 404 237 9 34 179 437 839 612 190 62 146 213 Aug.... 563 251 200 106 6 62 184 317 639 544 127 33 151 106 126 Sept 440 343 74 23 60 58 323 559 427 175 31 85 7 128 Oct 666 378 273 15 150 236 280 416 650 211 14 136 290 Nov 610 403 194 12 121 200 289 650 578 213 97 150 2 116 Dec 572 277 173 117 6 54 242 276 544 550 163 14 93 117 163 1963—Jan 978 527 429 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 16 265 331 416 880 973 251 52 231 142 298 Apr 949 691 242 16 156 208 585 1,003 868 373 69 223 1 201 May 947 435 497 15 168 423 356 900 856 214 69 345 56 172 June.... 1,081 417 527 109 28 134 525 421 901 939 248 38 192 114 347 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

OCTOBER 1963 SECURITY ISSUES 1435 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues x Propo a s ll e d c o u r s p e o s r a o t f e n i e ss t u p e r s o 5 ceeds, Noncorporate Corporate New capital Period Re- Bonds Stock tire- Total U.S. U.S. total ment G U o . v S t . .2 G a c g o y e v n 3 t - . S l a o t n c a d a te l Other 4 Total Total o P f l f i u e c b r l e y - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total m N on ew ey6 O p p o t u h s r e e - s r s ri e o t c i f e u s - 1955 26,772 9,628 746 5,977 182 10,240 7 4?0 4,119 3,301 635 2,185 10,049 1,821 7 957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4,225 3,777 636 2,301 10 749 1f) 384 Q663 721 364 1957 30,571 9,601 572 7 6,958 557 12,884 9.957 6,118 3,839 411 2,516 1? 661 r£,447 11784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 K),823 9 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9 527 c) 392 8 578 814 135 1960 . . . 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 Q924 c) 653 8 758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 9 4,706 4,720 449 3,273 1 874 1 ,979 108^9 1,150 895 1962 29,975 8,590 1,188 8,558 869 10,770 9,016 4,487 4,529 436 1,318 10,57? c),814 8 3?3 1,491 75s7 1962—July 1,663 358 641 34 630 565 200 366 32 32 621 582 504 78 A Se u p e t 4 1 , ,5 0 6 5 8 6 2,4 3 0 0 8 0 1 17 5 5 0 4 55 26 9 3 1 4 7 9 6 2 3 2 2 4 8 7 4 ? 0 4 1 7 7 7 6 3 29 6 5 3 2 51 4 1 5 10 8 9 6 0 18 7 7 5 4 7 9 9 4 6 4 ^ 1 0 1 13 2 8 9 1 3 5 9 9 Oct 2,150 359 646 169 976 853 539 314 49 74 961 835 727 108 126 Nov 1,821 327 595 115 784 73? 286 446 24 28 776 703 494 209 73 Dec 2,149 295 547 111 1,197 j,07? 264 808 59 65 1,184 1,103 180 81 1963—Jan 2,708 774 999 240 695 350 243 30 71 684 613 563 50 72 Feb . .. 2,166 425 148 810 141 642 548 259 289 17 77 631 594 448 146 37 Mar 2,830 396 989 82 1,363 1,?73 499 774 17 74 1,349 1,144 1056 88 205 Apr 2,927 716 186 915 62 1,049 83? 380 452 26 191 ,034 930 8P 118 104 May . 2,783 409 902 131 1,340 1 550 694 17 78 323 904 830 74 419 J J u ul n y e 5 2, , 1 0 1 5 9 4 2,2 4 5 1 2 3 459 1,0 7 7 8 2 9 2 7 5 2 1,2 8 4 4 6 5 1,1 7 3 4 3 6 4 2 5 7 9 9 6 4 7 6 5 6 3 3 8 5 7 6 5 4 1 ,2 8 3 3 0 3 1,0 7 1 0 3 2 7 6 8 1 3 4 23 8 0 8 2 1 1 3 7 1 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 Publicutility Communication a R nd e al f in e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- aipital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1955 2,397 533 769 51 544 338 ?,254 174 04< 77 1,812 56 1956 3,336 243 682 51 694 20 ?,474 14 ,384 21 1 815 17 1957 4,104 49 579 29 802 14 3,821 51 ,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 I960 1,997 79 794 30 672 39 ,754 51 ,036 { 2,401 71 1961 3,708 306 1,095 46 680 ?6 ,892 104 ,4?-J 378 2,176 36 1962 3,020 204 832 29 551 30 ,357 445 10 1 773 39 1962 July .. 217 31 28 24 118 4 88 4 107 Aug 218 4 47 7 71 110 142 12C) 2 183 3 Sept 166 21 56 54 148 14 6" 2 88 1 Oct 153 10 40 6 20 141 108 26C) 222 2 Nov 271 3 40 35 15 175 50 A[ 178 4 Dec 345 31 104 4 90 13 252 25 54\ 3 257 5 1963 Jan 135 5 49 2 99 114 65 p« 91 Feb 220 6 52 30 115 30 6£ 110 r * Mar 592 31 85 5 143 97 61 4" 3 183 105 Apr 148 5 64 12 34 342 86 71 271 1 May 216 29 60 2 101 60 222 58 9: 262 212 9 June 227 10 114 109 12 230 179 " 8 276 July 304 34 77 5 37 106 82 5 93 4 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. __ 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Corrrrission 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

1436 SECURITY ISSUES OCTOBER 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Deriration of change, all iss•tiers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other 1957 14,350 3,609 10,741 9,638 2,584 7,053 1,391 3,321 406 618 985 2,703 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 I960 13,084 5,033 8,051 8,072 3,078 4,994 2 288 2,724 869 1,086 1,419 1,638 1961 16,745 6,967 9,778 9,225 4,090 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 II 4,097 1,633 2,463 2,606 793 1,813 811 680 320 520 491 160 HI 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 3 II 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other2 tation3 utility cation and financial4 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—11 605 -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—1 391 -102 58 -18 100 -3 190 25 197 87 73 273 II 460 -224 112 -14 131 -31 250 167 99 101 422 254 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. 1435. actions only. As contrasted with data shown on p. 1435, 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 Total1 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 Total1 po C si a t s i h on2 Other 1952 783 196 587 3,931 1962—Aug... 155 79 76 20,124 1,382 18,742 1953 672 239 433 4,146 Sept... 134 83 51 19,088 1,334 17,754 1954 863 400 463 6,110 309 5,801 Oct.... 157 92 65 19,215 1.298 17,917 Nov... 163 89 74 21,088 1,324 19,764 1955 1,207 443 765 7,838 438 7,400 Dec... 191 105 87 21,271 1,315 19,956 1956 1,347 433 914 9,046 492 8,554 1957 1,391 406 984 8,714 523 8,191 1963—Jan.... 235 116 118 22,447 1,336 21,111 1958 1,620 511 1,109 13,242 634 12,608 Feb... 166 115 51 22,015 1,401 20,614 1959 2,280 786 1,494 15,818 860 14,958 Mar... 200 117 84 22,639 1,350 21,289 Apr... 203 133 70 23,487 1,256 22,231 I960 2,097 842 1,255 17,026 973 16,053 May.. 194 132 61 24,038 1,286 22,752 1961 2,951 1,160 1,791 22,789 980 21,809 June.. 195 115 79 23,692 1,166 22,526 1962 2,699 1,123 1,576 21,271 1,315 19,956 July... 219 124 95 23,550 1,310 22,240 Aug... 193 123 69 24,925 1,287 23,638 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, and 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

OCTOBER 1963 BUSINESS FINANCE 1437 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961 1962 1963 Industry 1958 1959 1960 1961 1962 1 IV Ill IV Manufacturing Total (180 corps.): Sales 105,134118,423123,126 122,849135,579 32,875 33,291 34,602 31,995 35,690 34,549 37,527 Profits before taxes 10,466 14,090 13,463 200 15,401 4,140 3,908 4,096 3,187 4,210 3,960 4,720 Profits after taxes 5,714 7,440 7,121 135 8,184 2,258 2,033 2,096 1,700 2,355 2,078 2,442 Dividends 4,078 4,342 4,464 714 5,022 1,380 1,154 1,158 1,163 1,548 1,164 1,315 Nondurable goods industries (79 corps.): 2 Sales 41,541 45,442 47,277 237 52,077 12,706 12,793 12,984 12,981 13,320 13,207 13,828 Profits before taxes 4,402 5,648 5,570 589 6,001 1,522 1,461 1,501 1,453 1,586 1,512 1,637 Profits after taxes 2,574 3,210 3,210 219 3,416 894 816 815 827 959 867 914 Dividends 1,785 1,912 1,953 037 2,153 577 512 513 517 611 539 539 Durable goods industries (101 corps.): 3 Sales 63,593 72,981 75,849 612 83,502 20,169 20,499 21,619 19,014 22,371 21,342 23,699 Profits before taxes 6,065 8,442 7,893 611 9,400 2,618 2,447 2,595 1,734 2,624 2,448 3,083 Profits after taxes 3,140 4,231 3,911 916 4,768 1,364 1,217 1,282 873 1,397 1,211 1,528 Dividends 2,294 2,430 2,510 677 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 3,268 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, 88 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 1,084 280 262 227 255 341 304 276 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 Railroad: Operating revenue 9,565 9,825 9,514 9,189 9,440 2,415 2,296 2,408 1,332 2,405 2,238 Profits before taxes 843 845 648 625 728 276 133 186 172 237 116 Profits after taxes 602 578 445 382 571 199 66 105 125 275 82 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 ,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 2,053 475 585 472 488 508 626 498 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 1,300 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 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

1438 BUSINESS FINANCE OCTOBER 1963 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i 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 p- Quarter P b t r e a o f x o f e i r t s e s c ta o In x 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 n b o u d fi t i t e s s - d co c a n a t l s p l i o o u i w t n m a - l pances i ances 1 1955 44.9 21.8 23.0 11.2 11.8 18.4 1961—IV.... 48.9 24.6 24.3 15.8 8.5 27.5 1956 44.7 21.2 23.5 12.1 11.3 20.0 1957 43.2 20.9 22.3 12.6 9.7 21.8 1962—1 45.9 21.7 24.2 16.2 8.0 30.3 1958 37.4 18.6 18.8 12.4 6.4 22.7 II 46.7 22.1 24.6 16.4 8.2 30.7 1959 47.7 23.2 24.5 13.7 10.8 24.3 III.... 46.2 21.9 24.3 16.5 7.8 31.0 IV.... 48.4 22.9 25.5 17.1 8.4 31.3 I960 44.3 22.3 22.0 14.5 7.5 25.6 1961 43.8 22.0 21.8 15.3 6.5 26.8 1963—1 48.3 22.9 25.4 17.1 8.3 31.7 1962 46.8 22.2 24.6 16.6 8.1 30.8 11 51.0 24.2 26.8 17.6 9.2 32.1 i Includes depreciation, capita loutlays 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 r e ie n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . . i Other G U o . v S t . .1 Other taxes 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 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—1 138.4 308.6 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—i 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 II 147.1 334.7 38.0 20.2 3.3 153.1 104.0 16.0 187.6 2.5 123.8 14.2 47.1 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 t u il b it l i i e c s n C i o c m at m ion u s - Other i a ( r n S a n . t A u e a ) l 1955 28.70 5.44 6.00 .96 .92 1.60 4.31 1.98 7.49 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7.30 99 1.03 1 94 5 68 3 13 8 44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 2 39.09 7.76 7-83 1.04 1.07 1.90 5.64 13.86 1962—1 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 L.37 .93 2.37 36.95 in 9.62 1.79 1.93 .28 .24 .50 1.54 .87 2.48 38.35 IV 10.18 2.03 2.10 .27 .20 .50 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 9.74 1.96 [ .95 .26 .28 .54 1.40 95 2 41 38.05 HI 2 10.09 3.92 I 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

OCTOBER 1963 REAL ESTATE CREDIT 1439 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm Farm ho O ld th e e r r s 2 1- to 4-family houses com M me u r l c ti i f a a l m p i r ly o p a e n r d ties 3 End of period h A e o r l l d s l - t F u i i n t c n i i s o a a t n l i n - s - 1 a U c g i e . e S n s . - v o I i t a d n 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 . i O h e o t r h ld s e - r Total tu F i t n i i n o s a t n i n - s . 1 O h e o t r h ld s e - r h A e o r l l d s l - tu F i t i n c i n i o s a a t n i l n - s - * 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 1962* 250.5 192.7 12.2 45.7 235.0 168.4 142.9 25.5 66.6 44.3 22.3 15.5 5.5 10.0 1961—11 215.3 164.4 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 rv 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 UP 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 HI? 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 I* 255.7 197.4 11.8 46.5 239.9 171.6 146.3 25.3 68.2 45.5 22.8 15.9 5.6 10.2 II" 263.2 204.3 11 .2 47.7 246.8 176.2 151 .3 24.9 70.6 47.1 23.5 16.4 5.9 10.5 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 l 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 1.336 19,746 17,703 4,409 7,139 6 155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ;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 5«; 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 >, 027, 32,320 29,181 9,238 9,787 10 156 3,088 5t 1961 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 HI 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 32,194 22,049 6,195 2,593 13,260 8,218 ,927 30,638 27,632 8,662 9,502 9,469 2,954 51 HI 33,430 22,824 6,376 2,617 13,831 8,628 .978 31,484 28,464 8 984 9 633 9 847 2 968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 2'022 32,320 29.181 9 238 9 787 10 156 3 088 51 196} I r35.243 r23.846 6.627 r2,651 14.568 '9,270 --2,127 33.368 30,143 9.724 10.046 10,373 3,174 51 II .... 36.939 24,958 6.861 2.837 15,260 9.740 2,241 34,309 30,969 10.023 10.218 10,728 3,290 50 * Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions; first and third quarters, estimates based on FDIC data * 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

1440 REAL ESTATE CREDIT OCTOBER 1963 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Tota Total FHA- g V u A ar - - Other i Farm * 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 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1962 Aug r 645 605 111 40 454 40 45,546 42,217 9,985 6,414 25,818 3,329 Sent r 560 523 102 43 378 37 45,724 42,378 10,023 6,405 25,950 3,346 Oct.r 707 662 131 48 483 45 46,020 42,654 10,078 6,394 26,182 3,366 Nov r . . 732 688 135 52 501 44 46.352 42,972 10,147 6,391 26,434 3,380 Dec.r 1,010 949 142 55 752 61 46,957 43,557 10,215 6,401 26,941 3,400 1%3—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 3,549 725 657 117 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 Aug 766 704 140 50 514 62 48,964 45,294 10,564 6,419 28,311 3,670 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other'* nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i By type of lender (N.S.A.) Period New Home FHA- VA- Con- Period Sav- Insur- Com- Mutual Total 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 s a 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, 181 1,358 5,376 1945. 5,650 2,017 250 1,097 217 1956 10j 3,699 4 620 35,729 1,486 6,643 27,600 1956. 27,088 9,532 1,799 5,458 ,824 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957. 24,244 9,217 1,472 4,264 ,429 1 1 9 9 5 5 8 9 1 i ? s J . 1 15 8 1 7 4 5 , , 0 2 5 0 0 1 6 ,1 6H 72 4 5 5 3 , , 6 1 2 4 7 1 2 2 , , 2 9 0 9 6 5 7 7 , , 0 1 7 8 7 6 4 3 2 6 , , 9 3 6 4 0 4 1 1 9 9 5 5 8 9 . . 2 3 7 2 , , 3 2 8 3 8 5 1 1 0 3 , , 5 0 1 9 6 4 1 1 , , 4 5 6 2 0 3 5 5 , , 2 8 0 3 4 2 , , 6 7 4 8 0 0 1960 14j304 4,678 6,132 60,070 3,524 7,222 49,324 1960. 29,341 12,158 1,318 4,520 ,557 1961 17164 5,081 7,207 68,834 4,167 7,152 57,515 1961. 31,157 13,662 1,160 4,997 ,741 1962 70, 5,979 8 574 78,973 4,480 7,022 67,471 1962. 34,187 15,144 1,212 5,851 ,957 1962 1962 Aue 036 540 920 75,527 4,399 7,097 64,031 July.. 2,973 3,134 ,382 107 549 201 Sept 1731 495 746 76,371 4,414 7,086 64,871 Aug.. 2,933 3,333 ,501 123 563 201 Oct 1,953 543 823 77,333 4,425 7,081 65,827 Sept.. 2,929 2,861 ,285 104 476 183 Nov 750 505 708 78,137 4,459 7,069 66,609 Oct... 2,925 3,208 ,403 116 554 191 Dec 175S 534 643 78,973 4,480 7,022 67,471 Nov.. 2,939 2,883 ,270 105 490 178 Dec... 2,916 2,682 ,168 103 444 168 1963 1963 jan 1, 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 ,143 100 457 141 Mar 1,834 573 666 81,247 4,542 7,055 69 650 Feb... 2,869 2,424 ,086 88 408 123 Apr 058 622 760 82,311 4,555 7,078 70 678 Mar.. 2,907 2,751 ,261 99 467 126 May 2 199 651 854 83,489 4,588 7,102 71 799 Apr.. 2,986 3.065 ,412 112 539 145 74? 638 936 84,720 4,594 7,057 73 069 May. 3,066 3,233 ,497 116 563 168 July 7 341 619 1,003 85,836 4,628 7,094 74 114 June.. 3,121 3,177 ,468 119 551 181 Aug p 2,424 616 1,072 87,040 4,649 7,091 75 300 July.. 3,515 ,606 127 595 218 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 1953 includes shares pledged against mortgage loans. serve. Nora.—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

OCTOBER 1963 REAL ESTATE CREDIT 1441 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMELY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s e P c r t o s j - 1 m p P r e i e r o m r o n t v y t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g o s E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 I960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961 153.0 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1962* 168.4 62.0 32.3 29.7 106.4 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1961—1 143.2 57.1 27.4 29.7 86.1 1962—Aug 670 157 308 130 75 247 120 127 II 146.3 57.8 28.0 29.8 88.6 Sept 576 144 287 62 83 231 114 117 Ill 149.6 58.7 28.8 29.9 90.9 Oct 673 193 353 54 72 285 136 149 IV 153.0 59.1 29.5 29.6 93.9 Nov . . 649 172 321 86 70 254 124 129 Dec 589 145 284 95 65 236 115 121 1962—IP 155.7 59.9 30.3 29.6 95.8 II* 159.9 60.4 30.9 29.5 99.4 1963—Jan 618 179 324 60 54 254 123 131 Ill* 164.2 61.0 31.5 29.5 103.2 Feb 536 141 259 82 54 202 100 101 IV* 168.4 62.0 32.3 29.7 106.4 Mar .. . 546 137 279 73 57 219 106 113 540 120 273 86 62 245 114 130 1963—1* 171.6 62.8 33.0 29.8 108.8 562 123 292 72 75 260 108 151 II* 176.2 63.5 33.5 30.0 112.9 June ...... 590 118 301 86 85 188 82 106 July 640 142 369 72 56 232 93 138 Aug 653 136 372 60 86 268 102 166 NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. 1 Monthly figures do not reflect mortgage amendments included in annual totals. Based on data from Federal Home Loan Bank 2 Not ordinarily secured by mortgages. Board, Federal Housing Administration, and Veterans 3 Includes a small amount of alteration and repair loans, not shown separately; only such Administration. loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Administration and Veterans Administration data. FHAinsured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings tr M an o s r a t c g t a i g on e s Com- Adv ( a en n d ce s o f o p u e ts r t i a o n d d ) ing End of ( 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 r A e - d - a g V n u t A a e r e - - d Pur- Saks bu d u r i n s s - - ed Total t S e h r o m r t 1 - t L er o m ng - 2 chases 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 3 764 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 1,089 892 938 1961. 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 ,180 1962. 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 ,213 1962 Ana 5,969 3,556 2,413 35 442 1962—Sept 279 180 3,046 1,835 1,211 984 Sept 5,951 3,552 2,399 32 n 429 Oct 383 338 3,091 1,876 1,215 ,016 Oct 5,944 3,555 2,389 39 11 431 Nov 252 275 3,068 1,821 1,246 ,028 Nov 5,949 3,575 2,374 57 19 366 Dec 611 200 3,479 2,005 1,474 ,213 Dec 5,923 3,571 2,353 26 18 355 1963—Jan 249 926 2,802 1,669 1,134 ,155 1963 Tan 5,853 3,552 2,300 34 66 336 Feb 178 370 2,611 1,534 1,077 ,213 Feb 5,697 3,469 2,227 17 1?,9 323 Mar 250 348 2,514 1,399 1,115 ,282 Mar 5,501 3,375 2,126 28 191 289 Apr 451 329 2,635 1,516 1,119 ,250 Apr 5,227 3,269 1,958 28 ?68 281 May 382 277 2,740 1,585 1,155 ,236 May 4,993 3,164 1,828 26 ?n 272 June 696 166 3,270 1,876 1,393 ,325 4,883 3,114 1,769 32 10? 251 July 709 432 3,548 2,139 ,409 .069 July 4,795 3,069 1,727 19 74 183 Aug 466 456 3,758 r2,296 r1,462 ,011 Aug 4,752 3,050 1,703 23 29 185 Sept 517 251 4,024 2,493 1,531 ,014 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 thatu 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

1442 CONSUMER CREDIT OCTOBER 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Total m A pa o u p b t e o il r - e co g p n o a s o p u d e m r s er e a r n l n o d i a z m n a s t o i o 1 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—Aug. 60,003 46,204 18,933 11,824 3,260 12,187 13,799 5,469 4,491 3,839 Sept. 60,126 46,310 18,881 11,861 3,277 12,291 13,816 5,481 4,495 3,840 Oct.. 60,626 46,722 19,083 11,986 3,289 12,364 13,904 5,442 4,663 3,799 Nov. 61,473 47,274 19,307 12,186 3,302 12,479 14,199 5,526 4,825 3,848 Dec. 63,458 48,243 19,384 12,855 3,290 12,714 15,215 5,579 5,642 3,994 1963—Jan.. 62,728 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 Aug. 66,137 51,421 21,468 12,804 3,383 13,766 14,716 5,799 4,770 4,147 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 Com- Sales Credit Con- Depart- Furni- Appli- Auto- Total m b e a r n c k ia s l fin c a o n s. ce unions fin su a m nc e e r i Other i Total st m or e e n s t 2 s t t u o r r e es s a to n r c e e s d m ea o l b er 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 1,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1,058 293 342 1,481 1962 48,243 41,807 18,909 12,194 4,973 4,131 1,600 6,436 3,013 1,073 279 284 1,787 1962 Aug 46,204 40,537 18,427 11,796 4,783 3,948 1,583 5,667 2,609 999 275 296 1,488 Sept 46,310 40,597 18,443 11,787 4,814 3,969 1,584 5,713 2,675 998 273 299 1,468 Oct 46,722 40,896 18,613 11,860 4,874 3,974 1,575 5,826 2,737 1,002 273 298 1.516 Nov 47,274 41,285 18,765 11,986 4,928 4,009 1,597 5,989 2,835 1,019 274 292 ,569 Dec 48,243 41,807 18,909 12,194 4,973 4,131 1,600 6,436 3,013 1,073 279 284 ,787 1963 Jan 48,118 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 1,657 Mar .. . 48,153 42,398 19,203 12,460 5,007 4,139 1,589 5,755 2,566 1,002 264 277 [,646 Apr 48,836 42,959 19,581 12,506 5,117 4,174 1,581 5,877 2,686 992 259 269 1,671 May 49,494 43,482 19,874 12,583 5,228 4,191 1,606 6,012 2,797 994 260 263 1,698 June 50,220 44,077 20,190 12,693 5,345 4,241 1,608 6,143 2,925 997 260 258 1,703 July 50,792 44,581 20,459 12,807 5,427 4,276 1,612 6,211 2,999 994 260 254 ,704 Aug 51,421 45,078 20,683 12,906 5,514 4,329 1,646 6,343 3,107 1,004 262 253 1,717 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

OCTOBER 1963 CONSUMER CREDIT 1443 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 Total mobile sumer modern- sonal End of period Total sumer erniza- sonal paper goods ization loans 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 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 ,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 ,452 1962 18,909 6,181 3,393 2,811 2,238 4,286 1962—Aug. 11,796 7,327 2,969 171 ,329 1962—Aug 18,427 6,008 3,295 2,726 2,224 4,174 Sept. 11,787 7,296 2,957 172 ,362 Sept 18,443 6,009 3,259 2,732 2,235 4,208 Oct.. 11,860 7,350 2,952 172 ,386 Oct 18,613 6,091 3,305 2,746 2,246 4,225 Nov. 11,986 7,440 2,967 171 ,408 Nov 18,765 6,160 3,357 2,762 2,250 4,236 Dec. 12,194 7,449 3,123 170 ,452 Dec 18,909 6,181 3,393 2,811 2,238 4,286 1963—Jan.. 12,668 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 19,874 6,596 3,699 2,843 2,221 4,515 June 12,693 7,934 3,069 162 ,528 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 Aug. 12,906 8,153 2,986 161 ,606 Aug 20,683 6,949 3,832 2,909 2,295 4,698 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans Service paper loans End of period Total Other credit Com- finan- De- Other mer- cial part- retail Oredit 1939 789 81 24 15 669 cial insti- ment outlets cards 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—Aug 10,314 2,007 758 865 6,684 I960 13,196 3,884 623 941 3,952 436 3,360 Sept 10,367 2,018 758 870 6,721 1961 14,151 4,413 723 948 3,907 469 3 691 Oct 10,423 2,039 760 871 6,753 1962 15,215 4,704 875 927 4,203 512 3,994 Nov . 10,534 2,058 760 881 6,835 Dec 10,704 2,077 769 882 6,976 1962—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 M^ar . 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 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 Aug 11,489 2,281 819 927 7,462 Apr... 14,394 4,774 822 603 3,466 498 4,231 May.. 14,671 4,813 883 610 3,675 506 4,184 June.. 14,672 4,865 850 599 3,665 519 4,174 NOTE.—Institutions represented are consumer finance cos., credit July... 14,572 4,846 842 555 3,628 544 4,157 unions, industrial loan cos., mutual savings banks, savings and loan Aug... 14,716 4,851 948 579 3,620 571 4,147 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

1444 CONSUMER CREDIT OCTOBER 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.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 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—Aug. 4,619 4,862 1.602 1.731 1.325 1.345 179 209 1.513 1.577 Sent 4,491 4,098 1,505 1,309 1,308 1,255 170 176 1,508 1,358 Oct 4,682 4,913 1,685 1,816 1,335 1,432 169 191 1,493 1,474 Nov 4,961 4,932 1,797 1,701 1,425 1,499 168 177 1,571 1,555 Dec 4,829 5,379 1,684 1,539 1,469 1,937 172 151 1,504 1,752 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 ,488 1,394 1,045 165 125 1,580 1,377 Mar 4,933 4,663 1,760 ,731 1,423 1,258 178 159 1,572 1,515 5,033 5,291 1,863 £,000 1,396 1,394 187 193 1,587 1,704 May 4,950 5,263 1,797 ,995 1,390 1,434 186 216 1,577 1,618 June 5,011 5,134 1,763 KQ4 1,417 1,401 189 199 1,642 ,640 July 5,106 5,348 1,796 2,004 1,473 1,424 195 215 1,642 ,705 Aug 5,049 5,230 ,695 1,799 ,469 ,480 189 216 ,696 ,735 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—Aug 4,261 4,308 1.446 1.478 1,281 1.275 172 175 1,362 1.380 Sept 4,289 3,992 1,440 1,361 1,298 1,218 169 159 1,382 1,254 Oct 4,298 4,501 1,491 1,614 1,261 1,307 165 179 1,381 1,401 Nov 4 380 4,380 1,490 1,477 1,302 1 299 163 164 1 425 1,440 Dec 4,371 4,410 1,462 1,293 1,268 171 163 1,394 1,517 196^—Jan 4,382 4,487 1,505 1,529 1,299 1,371 169 170 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 1,367 173 170 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 t 606 1,316 1,341 171 173 1,456 1,485 Tune . 4 578 4,408 1,561 I 499 1 345 1 291 173 166 1,499 1,452 fuly 4,605 4,776 1,576 ,666 1,371 1,385 171 180 1,487 1,545 Aug 4,624 4,601 1,568 ,573 1,355 1,337 172 173 1,529 t ,518 Net change in credit outstanding 2 1956 2 814 960 965 212 678 1957 2 148 920 238 197 793 1958 -225 -1,189 184 245 534 1959 . . .. 5,601 2 268 1,602 463 1 269 I960 3 588 1 270 896 330 1 093 1961 . . 696 -465 332 53 111 1962 4,716 2,161 998 99 1 458 1962— Aug 358 554 156 253 44 70 7 34 151 197 Sent 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 —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 Aug 425 629 127 226 114 143 17 43 167 217 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

OCTOBER 1963 CONSUMER CREDIT 1445 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u in ti a o n n c s ial j Retail outlets Period S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 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 I960 49 560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962.. 55,395 20,360 12,124 13,623 9,288 1962—Aug 4,619 4,862 1,679 1,773 971 1,068 1,177 1.233 792 788 Sept 4,491 4,098 1,643 1.486 944 863 1,138 1,015 766 734 Oct 4,682 4,913 1 722 ,806 ,021 1,108 1,144 1,136 795 863 Nov 4,961 4,932 ,813 ,701 ,104 1,070 1,208 1,231 836 930 Dec 4,829 5,379 ,772 ,682 ,189 1,189 1,143 1,332 725 1,176 1963—Jan. 4,869 4,362 ,782 ,698 ,085 978 1,174 1,050 828 636 Feb 4,884 4,035 ,794 ,552 ,023 845 1,186 1,025 881 613 Mar 4,933 4,663 ,829 .774 .015 957 1,199 1,162 890 770 Aor 5,033 5,291 ,880 2,057 1,055 1,094 1,237 1,289 861 851 May 4,950 5,263 ,810 1,993 1,055 1,107 1,232 1,287 853 876 June 5,011 5,134 ,849 1,924 1,026 1,076 1,264 1,280 872 854 July , 5,106 5,348 ,861 2,026 1,029 1,159 1,262 1,317 954 846 Aug 5,049 5,230 ,818 1,883 1,014 1,094 1,301 1,341 916 912 Repayments 1956, 37,054 13,362 8,949 8 415 6,328 1957 39,868 14,360 9,759 9,250 6,499 1958. 40,344 14,647 9,842 9,365 6,490 1959 42,603 15,560 9,742 10,020 7,281 I960., 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,679 18,450 11,434 12,570 8,225 1962 Aug 4,261 4,308 1,555 1,581 932 954 1,054 1,064 720 709 Sept 4,289 3,992 1,562 1,470 936 872 1,062 962 729 688 Oct 4,298 4,501 1,546 1,636 949 1,035 1,071 1,080 732 750 4,380 4,380 1,579 1,549 937 944 1,105 1,120 759 767 Dec 4,371 4,410 1,594 1,538 978 981 1,060 1,162 739 729 1961 -Jan . 4,382 4 487 1 .586 1.626 977 966 1,090 1,099 729 796 Feb 4,459 4,149 1,564 1,476 1,048 957 1,113 1,007 734 709 Mar 4,544 4,514 1,657 1,628 1,044 1,053 1,113 1,100 730 733 Apr ... 4,502 4,608 1,628 1,679 1,021 1,048 1,126 1,152 727 729 May 4,516 4,605 1,662 1,700 1,016 1,030 1,108 1,134 730 741 June • .. 4,578 4 408 1,677 1,608 1.017 966 1,136 1,111 748 723 July 4,605 4,776 1,657 1.757 1,003 1,045 1,159 1,196 786 778 Aug ..... 4,624 4,601 1.663 1,659 990 995 1,179 1,167 792 780 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 -A I960 3,588 1,446 1,152 1,051 -61 1961 696 335 -199 578 -20 1962 4,716 1,901 921 1,053 841 1962 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 Aug 425 629 155 224 24 99 122 174 124 132 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

1446 INDUSTRIAL PRODUCTION: &A. OCTOBER 1963 MARKET GROUPINGS (1957-59=100) 1957-59 1962 1962 1963 Grouping p po ro r - - avertion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July Aug. Total index. 100.00 118.3 119.4 119.8 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.6 Final products, total 47.35 119.7 121.4 121.7 121.4 121.3 121.7 122.3 122.6 122.4 122 J 123.5 125.2 125.9 126.4 Consumer goods 32.31 119.7 121.0 121.4 120.6 120.5 121.2 121.8 122.9 123.1 122.5 124.1 125.9 126.4 126.5 Equipment, including defense... 15.04 119.6 122.8 123.0 123.3 123.1 122.4 122.0 121.5 120.7 120.4 122.1 123.8 124.8 126.0 Materials 52.65 117.0 117.4 118.2 117.2 117.8 116.9 116.8 118.0 120.2 122.9 125.7 126.6 126.7 124.6 Consumer goods Automotive products 3.21 131.1 134.6 135.3 135.6 135.2 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1 134.9 Autos 1.82 135.9 140.0 141.2 142.1 141.1 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1 139.6 Auto parts and allied products. 1.39 124.9 127.5 127.4 127.1 127.5 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 128.6 Home goods and apparel 10.00 118.1 118.2 118.8 118.9 119.2 119.9 120.2 120.8 121.3 120.6 122.3 123.6 124.0 124.8 Home goods 4.59 122.2 122.0 122.0 122.1 122.9 123.9 r125.8 125.9 127.3 126.9 130.3 131.0 130.2 131.7 Appliances, TV, and radios 1.81 118.2 117.5 117.0 117.6 119.0 120.0 r117.3 119.8 123.2 123.6 128.0 129.1 126.0 Appliances 1.33 121.4 121.7 122.6 123.9 126.0 127.2 121.9 123.7 126.7 125.6 131.9 133.7 130.6 TV and home radios .47 109.2 105.7 101.3 99.8 99.5 99.6 104.4 108.8 113.4 118.1 117.1 116.0 112.9 115.4 Furniture and rugs 1.26 123.9 125.4 125.5 125.8 125.8 125.4 130.0 126.0 127.4 127.0 130.7 132.8 133.8 133.7 Miscellaneous home goods 1.52 125.7 124.6 124.9 124.4 125.0 127.5 132.3 132.9 131.9 130.7 132.6 131.7 132.1 133.0 Apparel, knit goods, and shoes.... 5.41 114.5 114.9 116.1 116.1 116.1 116.4 115.7 116.6 116.2 115.3 115.5 117.4 118.7 119,5 Consumer staples 19.10 118.7 120.2 120.5 119.1 119.5 119.8 120.2 121.4 121.8 121.0 122.9 123.8 125.1 125.9 Processed foods 8.43 113.7 115.6 115.6 114.0 114.3 114.4 113.8 114.5 115.2 114.9 115.9 116.1 116.3 117.6 Beverages and tobacco 2.43 111.7 111.9 112.0 110.0 112.6 112.5 115.1 114.3 114.0 112.7 116.2 115.2 117.1 Drugs, soap, and toiletries 2.97 129.9 131.7 132.7 132.4 131.6 132.9 134.2 135.2 137.7 137. 138.7 139.7 143.8 Newspapers, magazines, and books. 1.47 116.7 117.6 117.0 116.4 116.4 115.8 113.9 115.0 115.3 118.3 119.3 119.3 119.1 121.5 Consumer fuel and lighting 3.67 126. 127.7 128.5 126.8 126.9 127.9 129.7 133.4 131.4 128.7 132.0 136.1 137.8 Fuel oil and gasoline 1.20 111.9 108.4 114.0 112.8 112.0 113.7 113.2 117.9 117.3 115.0 115.6 119.2 115.5 Residential utilities 2.46 133.0 137. 135.6 133.7 134.2 134.9 137.7 140.9 138.2 135.4 140.0 144.3 148.6 Electricity 1.72 136.3 140.4 139.3 137.6 139.9 139.5 142.0 144.9 141.9 137.3 143.5 149.2 155.4 Gas .74 125.6 Equipment Business equipment 11.63 122.1 125.6 126.2 126.1 125.9 125.1 125.0 125.0 124.9 124.3 125.9 127.8 129.0 130.3 Industrial equipment 6.85 117.2 119.2 118.9 120.4 120.5 119.9 118.8 119.3 119.2 119.2 120.9 122.8 123.6 125.2 Commercial equipment 2.42 143.1 144.7 144.9 143.8 144.4 144.2 145.3 144.5 143.8 143.3 143.4 142.2 142.4 141.3 Freight and passenger equipment. 1.76 117.2 124.2 125.2 125.6 124.5 125.4 126.2 126.9 126.3 126.0 124.8 128.1 135.3 135.0 Farm equipment .61 107.7 115.5 116.7 117.3 118.4 119.1 118.8 123.2 119.7 115.2 112.2 122.0 116.6 119.2 Defense equipment 3.41 Materials Durable goods materials. 26.73 114.1 114.3 114.9 114.0 114.1 113.2 113.3 114.4 118.0 121.2 124.5 125.8 125.4 121.6 Consumer durable 3.43 127.5 130.6 129.7 129.4 129.3 129.7 129.3 130.9 134.0 135.4 139.4 145.9 142.7 134.5 Equipment 7.84 118.9 119.2 121.3 121.0 120.4 120.3 121.4 121.2 122.2 123.1 125.1 128.0 126.4 126.1 Construction 9.17 110.4 112.7 113.3 111.3 111.3 108.6 108.6 109.2 112.4 115.1 116.7 118.0 119.4 119.2 Metal materials n.e.c.. . . 6.29 106.1 98.6 98.5 100.1 102.3 103.5 106.0 109.5 115.0 120.6 126.8 123.6 117.5 108.7 Nondurable materials 25.92 120.0 120.6 121.6 120.6 122.4 121.1 120.5 121.8 122.6 124.7 126.9 127.3 128.1 127.8 Business supplies 9.11 116.5 117.0 118.4 116.5 118.5 117.4 116.0 116.7 117.8 119.0 121.6 121.6 119.8 121.1 Containers 3.03 117.1 116.5 118.7 116.0 120.6 118.0 118.5 119.3 121.5 116.1 120.3 121.1 119.9 116.4 General business supplies. 6.07 116.3 117.3 118.2 116.7 117.5 117.1 114.7 115.4 115.9 120.4 122.2 121.8 119.8 123.4 Nondurable materials n.e.c.. 7.40 134.7 136.3 136.9 135.4 137.8 137.1 137.3 138.0 140.2 143.2 145.0 145.3 146.9 145.5 Business fuel and power 9.41 111.7 111.8 112.7 112.8 113.9 112.0 111.7 113.9 113.3 115.6 117.9 118.8 121.3 120.3 Mineral fuels 6.07 104.9 105.6 106.7 106.3 107.2 104.2 102.9 105.6 105.1 108.0 110.5 111.5 114.0 113.6 Nonresidential utilities. . . 2.86 129.9 129.5 130.0 131.5 132.6 132.9 134.3 135.9 134.7 135.9 138.3 138.7 141. Electricity 2.32 130.7 130.1 130.4 132.3 133.4 133.6 135.0 136.9 135.3 136.5 139.0 139.2 143.0 General industrial 1.03 122.8 122.0 122.7 124.3 123.5 123.2 124.9 125.8 124.2 130.3 132.6 132.2 136.5 Commercial and other.. 1.21 139.9 139.5 139.5 141.7 144.5 145. 146.5 149.2 147.5 144.6 147.6 148.3 151.8 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods. 7.80 125.9 127.2 127.4 127.7 128.0 129.3 130.0 130.7 131.0 131.3 133. 136. 134.7 133.8 Apparel and staples 24.51 117.7 119.0 119.5 118.4 118.7 119.1 119.2 120.4 120.5 119.8 121.3 122.4 123.7 124.5 See Nan on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 INDUSTRIAL PRODUCTION: S.A. 1447 INDUSTRY GROUPINGS (1957-59 - 100) 1957-59 1962 1962 1963 Grouping p p r o o r - - avertion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July Aug. Total index 100.00 118.3 119.4 119.8 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.6 Manufacturing total 86.45 118.7 119.9 120.4 119.7 119.9 119.7 119.8 120.6 121.9 123 A 125.2 126.4 126.8 125.9 Durable 48.07 117.9 118.9 119.2 118.8 119.2 118.9 119.0 120.0 121.5 122.8 125.6 127.4 127 2 125 2 38.38 119.8 121.1 121.8 121.0 120.9 120.8 120.7 121.4 122.5 123.4 124.8 125.2 126.3 126 7 Mining 8.23 105.0 105.4 105.7 105.2 105.7 103.2 103.0 104.7 105.4 107.4 108.5 109.4 111.3 111.0 Utilities 5.32 131.3 133.1 132.6 132.5 133.4 133.8 135.9 138.2 136.4 135.7 139.1 141.3 145 0 143 5 Durable manufactures Primary and fabricated metals...... 12.32 110.0 107.5 108.3 107.1 108.2 107.3 107.8 111.0 115.1 120.1 125.6 125.5 124.5 117.3 6.95 104.6 98.1 99.6 98.9 100.7 99.7 99.6 105.2 111.9 120.1 127.4 125.8 123 6 109 5 5.45 100.6 92.1 92.8 91.0 95.3 95.8 96.0 102.2 111.5 121.8 129.3 126.1 117.1 102 4 Nonferrous metals and products.. 1.50 119.1 112.9 118.4 120.1 121.2 120.6 121.7 121.0 123.7 121.0 124.2 125.5 126.9 127.1 Fabricated metal products 5.37 117.1 119.6 119.6 117.8 117.9 117.2 118.4 118.5 119.3 120.2 123.3 125.1 125.7 127.4 Structural metal parts 2.86 113.2 115.2 115.1 114.2 112.8 112.5 113.5 113.9 115.4 116.8 120.9 123.0 124.2 124.8 Machinery and related products 27.98 122.1 124.6 124.6 124.9 124.8 124.7 124.7 125.3 125.0 125.3 127.3 130.3 130.0 129.6 Machinery 14.80 123.5 125.5 125.7 126.1 125.9 125.5 125.2 126.4 126.2 125.9 128.4 129 4 129 6 130 4 Nonelectrical machinery 8.43 119.7 122.5 122.7 123.2 123.0 121.5 122.2 123.1 122.7 121.7 124.5 126.0 127.0 128 0 Electrical machinery 6.37 128.5 129.6 129.7 129.8 129.7 130.8 '129.5 130.8 130.8 131.4 133.5 133.9 133.0 133.5 Transportation equipment 10.19 118.3 121.4 121.5 121.8 121.5 121.7 122.4 122.3 122.1 123.7 124.5 130 4 129 3 126 5 4.68 134.1 136.8 137.8 138.1 137.3 137.7 137.9 139.1 140.2 141.8 143.1 153.8 150.9 142 9 Aircraft and other equipment.... 5.26 103.9 107.3 106.7 107.2 107.2 107.0 107.9 106.8 105.6 107.2 107.5 109.4 109.6 111.3 Instruments and related products... 1.71 123.0 125.0 124.3 124.2 125.0 125.4 125.7 127.0 127.2 126.6 130.2 131.6 132.6 133.4 1.28 4.72 109.3 110.4 110.8 108.5 110.4 111.5 110.9 709.5 115.0 112.7 113.3 113.9 113.8 115 1 Clay, glass, and stone products 2.99 111.1 111.9 112.3 112.4 112.9 113.1 113.9 110.7 114.6 115.5 115.9 117.9 119.5 117.9 Lumber and products 1.73 106.1 107.8 108.3 101.9 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.1 110.3 Furniture and miscellaneous 3.05 124.5 126.1 126.8 125.3 125.5 124.6 125.0 123.6 124.8 125.8 129.3 129.3 132.0 132.2 1.54 126.8 128.9 129.2 128.2 129.3 128.6 129.2 126.6 128.3 129.3 132.8 133 2 135 8 136 0 Miscellaneous manufactures . 1.51 122.2 123.3 124.4 122.3 121.7 120.5 120.7 120.6 121.3 122.3 125.7 125.4 128.1 128.3 Nondurable manufactures Textiles apparel, and leather 7.60 115.1 115.7 116.8 115.8 115.5 115.2 115.2 115.6 115.9 116.2 116.5 118.0 118.7 120.2 2.90 115.2 117.2 116.1 114.6 112.7 112.7 113.4 112.6 114.3 115.9 116.3 116.7 117.1 118 5 ADD are 1 products .. . .. 3.59 118.9 119.2 120.5 121.4 122.3 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.2 127.4 Leather and products 1.11 102.3 100.6 106.6 100.8 100.7 99.4 96.4 98.7 98.8 95.4 97.5 99.2 98.9 Paper and printing . .. 8.17 116.7 117.9 118.2 117.2 116.9 115.4 114.5 115.8 115.7 119.2 120.5 121.6 122.3 120.4 Paper and products 3.43 119.7 120.5 120.9 120.8 119.8 119.6 120.3 123.3 123.9 122.8 123.4 125 8 127 8 122 4 4.74 114.6 116.0 116.2 114.6 114.8 112.3 110.2 110.5 109.7 116.5 118.4 118.6 118.4 118 9 Newspapers . 1.53 108.5 112.4 111.3 108.2 109.7 100.5 94.0 93.9 90.8 109.7 111.4 112.5 111.6 112.8 Chemicals, petroleum, and rubber.... 11.54 131.2 133.2 134.8 134.1 133.6 134.2 134.2 135.3 138.2 139.7 141.3 141.3 143.1 144.2 Chemicals and products 7.58 136.1 138.6 139.8 139.2 138.7 138.7 140.0 141.4 143.6 146.1 147.8 148 5 150 9 150 8 Industrial chemicals 3.84 147.5 150.8 152.0 151.9 151.2 150.6 152.6 153.1 155.2 160.7 161.9 162 2 164 4 Petroleum products 1.97 112.9 111.0 115.8 113.6 113.0 114.2 114.3 114.3 115.5 115.8 116.9 118.2 119.5 118.3 1.99 130.6 134.5 134.5 135.1 134.5 136.8 131.4 132.8 140.3 138.8 140.7 137.0 136.5 Foods beverages, and tobacco 11.07 113.4 114.4 114.3 113.6 114.2 114.5 115.0 115.0 115.6 114.7 116.4 116 1 116 9 117 5 Foods and beverages 10.25 113.5 114.6 114.2 114.0 114.2 114.8 115.2 115.0 115.7 114.8 116.2 116.3 116.8 117.4 Food manufactures 8.64 113.8 115.1 115.0 114.6 114.7 115.1 115.0 115.2 116.0 115.2 116.4 116 4 116 8 117 1 1.61 111.5 111.9 110.0 110.7 111.5 113.1 116.1 114.2 113.9 112.7 115.2 115.6 116 7 Tobacco products .82 112.0 112.0 116.0 108.6 114.7 111.4 113.0 114.6 114.2 112.7 118.1 114.4 117.9 Mining Coal oil and sas 6.80 103.8 104.2 105.2 105.1 105.5 102.8 101.3 103.7 103.9 106.1 107.7 108.6 111.1 111.1 Coal 1.16 95.3 93.8 94.2 94.3 96.6 95.6 95.1 96.1 93.9 100.8 104.5 107.1 107 1 108 0 Crude oil and natural gas 5.64 105.5 106.3 107.5 107.3 107.4 104.2 102.6 105.3 105.9 107.2 108.3 108 9 111 9 111 7 Oil and gas extraction 4.91 107.2 108.4 109.6 109.1 109.7 106.3 104.8 107.9 107.8 109.7 111.9 112.6 115 7 115 0 Crude oil 4.25 105.1 106.7 107.8 107.2 107.5 103.8 101.6 104.8 104.9 107.3 109.5 110 1 113 0 112 8 .66 120.4 119.2 121.3 121.2 123.7 121.9 Oil and gas drilling .73 94.2 92.3 93.0 95.4 91.5 90.5 87.6 87.4 93.5 90.3 84.0 84.5 86.4 89.5 Metal, stone, and earth minerals 1.43 110.9 111.3 107.8 105.9 106.8 105.1 111.1 109.7 112.6 113.9 112.8 113.0 112.1 110.5 M^etal mining .61 112.6 110.7 101.1 96.8 99.1 104.1 110.1 114.3 115.7 114.5 116.4 112 8 110 3 110 5 Stone and earth minerals .82 109.7 111.7 112.7 112.6 112.5 105.8 111.9 106.2 110.2 113.4 110.1 113.2 113.5 110.5 Utilities Electric 4.04 133.1 134.5 134.2 134.5 136.2 136.1 138.0 140.3 138.1 136.8 140.9 143.5 148 3 Gas 1.28 125.9 128.6 127.5 126.2 124.6 126.8 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

1448 INDUSTRIAL PRODUCTION: N.S.A. OCTOBER 1963 MARKET GROUPINGS (1957-59 -100) 19 p 5 r 7 o - - 59 1962 1962 1963 Grouping por- avertion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July Aug. Total index 100.00 118.3 117.8 122.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.6 Final products total. •• 47.35 119.7 119.5 125.0 125.4 122.1 119.5 120.0 122.4 123.7 122.1 123.0 127.1 121.7 123.9 32.31 119.7 119.2 126.4 126.7 122.1 117.7 119.0 122.4 123.9 122.1 123.1 128.1 121.3 124.2 Equipment, including defense.... 15.04 119.6 120.2 122.0 122.5 122.0 123.3 122.1 122.6 123.1 122.1 122.8 124.8 122.6 123.4 Materials 52.65 117.0 116.2 119.8 120.0 119.2 115.2 115.9 118.7 121.5 124.0 126.9 128.6 119.4 123.3 Consumer Goods 3.21 131.1 79.4 124.9 148.1 145.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134 9 75.5 Autos 1.82 135.9 43.4 120.0 160.6 159.4 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4 36.3 Auto parts and allied products 1.39 124.9 126.8 131.3 131.6 126.3 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1 127.1 Home goods and apparel 10.00 118.1 119.6 124.0 123.9 120.1 111.2 113.6 123.1 126.3 122.1 121.2 126.2 112.1 126.5 4.59 122.2 117.8 130.6 131.1 128.3 123.2 118.0 126.6 128.6 126.0 128.0 132 4 116 9 127.1 Appliances, TV, and radios 1.81 118.2 103.6 127.5 128.1 124.8 115.6 108.3 127.3 129.6 123.6 127.3 133.5 104.0 Appliances 1.33 121.4 101.7 127.1 127.5 128.1 124.8 112.6 133.5 138.2 129.7 135.1 141.7 111.6 TV and home radios .47 109.2 108.9 128.6 129.7 115.4 89.6 96.1 109.9 105.5 106.3 105.4 110.2 82 4 Furniture and rugs 1.26 123.9 126.7 131.4 131.6 129.6 130.4 126.1 126.0 127.1 125.7 124.8 130.3 125.8 135.0 1.52 125.7 127.3 133.6 134.2 131.3 126.5 122.8 126.3 128.5 129.1 131.3 132.9 124.8 135.9 Apparel, knit goods, and shoes.... 5.41 114.5 121.2 118.4 117.8 113.2 100.9 109.9 120.1 124.3 118.8 115.5 120.9 108.0 126.1 19.10 118.7 125.6 128.0 124.6 119.3 116.7 117.9 118.3 119.2 117.8 120.3 124.5 123 8 131.2 Processed foods 8.43 113.7 124.2 131.0 126.0 117.5 110.7 107.5 106.7 108.9 107.5 110.5 115.1 116.5 126.3 Beverages and tobacco 2.43 111.7 120.6 115.8 115.2 106.5 97.4 101.2 104.2 110.3 115.6 125.7 132.0 120.8 Drugs soap and toiletries •. • 2.97 129.9 134.6 133.1 135.0 132.0 131.6 133.1 134.8 136.3 137.8 138.8 142.8 137.0 Newspapers, magazines, and books.. 1.47 116.7 117.6 119.9 118.1 116.4 115.8 113.9 114.4 116.5 117.8 118.7 117.5 116.5 121.5 Consumer fuel and lighting 3.67 126.1 128.4 128.5 121.5 122.2 131.5 141.9 142.2 135.5 126.2 124.7 129.3 134.8 Fuel oil and gasoline 1.20 111.9 112.3 113.5 110.1 111.5 116.6 117.9 120.4 115.4 109.4 111.7 117.6 118.1 Residential utilities 2.46 133.0 Electricity 1.72 136.3 139.1 139.7 128.1 130.1 145.1 164.7 162.0 152.1 135.9 130.6 135.8 147.3 Gas 74 125.6 Equipment Business equipment 11.63 122.1 122.6 124.9 125.3 124.3 126.1 125.1 126.3 127.3 126.4 126.8 129.3 126.5 127.2 6.85 117.2 118.8 120.0 119.7 118.8 120.6 119.0 118.7 119.3 119.2 121.0 123 9 122 4 124.8 Commercial equipment 2.42 143.1 145.0 147.1 146.2 146.1 146.7 145.4 143.5 142.5 140.6 141.7 142.6 139.6 141.6 Freight and passenger equipment... 1.76 117.2 116.6 118.2 124.3 122.0 122.6 123.7 128.4 134.0 132.3 130.3 133.2 131.5 126.8 .61 107.7 94.1 111.4 108.0 106.6 116.3 117.3 137.4 136.9 134.7 122.1 125.6 106.1 98.4 3.41 Materials Durable goods materials* 26.73 114.1 111.4 116.8 116.6 115.5 112.3 112.3 114.6 118.5 122.0 126.5 129.2 118.8 118.4 3.43 127.5 107.5 130.5 134.1 136.0 138.8 135.5 135.5 137.4 135.8 139.5 144 9 128.4 110.7 Equipment 7.84 118.9 116.1 119.4 120.2 121.7 122.7 123.5 123.5 124.4 123.7 125.4 127.0 122.2 122.8 9.17 110.4 119.5 119.9 116.8 111.1 102.5 100.2 102.0 106 9 113.9 120.2 125 4 121 2 126.4 Metal materials n.e.c 6.29 106.1 95.7 101.5 102.5 103.1 98.9 103.2 110.5 117.8 124.2 130.0 128.8 106.0 105.5 25.92 120.0 121.3 122.9 123.4 123.0 118.3 119.7 122.9 124.5 126.0 127.3 128.0 120.0 128.4 9.11 116.5 118.7 122.2 121.9 119.4 111.5 112.2 115.1 118.6 122.1 122.8 122.8 112.2 122.8 Containers 3.03 117.1 128.1 126.4 121.8 114.0 102.7 111.4 116.9 121.5 119.6 121.5 127 2 115 1 128.0 General business supplies 6.07 116.3 114.1 120.0 121.9 122.2 115.9 112.6 114.2 117.1 123.4 123.4 120.7 110.8 120.1 Nondurable materials n.e.c 7.40 134.7 134.9 135.5 138.1 139.2 133.7 137.3 142.1 144.4 144.6 147.2 146.0 135.6 144.0 9.41 111.7 113.0 113.6 113.4 113.6 112.7 113.1 115.2 114.6 115.2 115.9 118.9 115.2 121.6 Mineral fuels 6.07 104.9 103.7 104.9 106.4 107.8 106.4 105.8 109.6 108.4 109.4 109.3 111.3 103.4 111.7 2.86 129.9 Electricity 2.32 130.7 140.3 139.3 134.2 130.7 130.4 132.6 ni.i ni.4 iii.i 134.7 141.0 H7.6 Ga C G s o e m ne m ra e l r c in ia d l u a st n r d ia o l ther 1 1. . . 2 0 5 1 3 4 1 1 1 3 2 2 9 2 6 . . . 9 8 4 1 15 2 6 5 . . 1 4 1 15 2 4 5 . . 3 2 1 14 2 3 7 . . 1 0 1 1 3 2 9 3. . 9 0 1 1 2 4 2 0 . . 0 0 1 1 2 4 4 2 . . 3 3 1 1 2 4 2 1 . . 5 0 1 13 2 9 4 . . 5 9 1 1 3 2 6 8 . . 1 2 1 13 3 9 1 . . 8 9 1 15 3 0 3 . . 7 4 1 16 3 2 2 . . 7 7 Supplementary groups of consumer goods Automotive and home goods 7.80 125.9 102.0 128.2 138.1 135.2 131.7 128.0 133.8 135.2 135.1 135.4 142.0 124.3 105.8 Apparel and staples 24.51 117.7 124.6 125.9 123.1 117.9 113.2 116.1 118.7 120.3 118.0 119.2 123.7 120.3 130.1 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 INDUSTRIAL PRODUCTION: N.S.A. 1449 INDUSTRY GROUPINGS (1957-59 - 100) 1957-59 1962 1962 1963 pro- aver- Grouping p ti o o r n - age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June1" Julyr Aug. Total index 100.00 118.3 117.8 122.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.6 Manufacturing total .............. 86.45 118.7 117.7 122.9 123.5 121.4 117.5 117.8 120.7 123.3 124.0 126.1 128.8 120.4 123.3 Durable 48.07 117.9 112.7 120.4 121.8 121.0 119.4 118.3 120.7 123.2 124.4 126.9 129 8 121 1 118 3 Nondurable 38.38 119.8 123.9 125.9 125.8 121.9 115.1 117.2 120.6 123.4 123.7 125.1 127.6 119 7 129 5 Mining 8.23 105.0 106.5 106.6 106.9 106.3 103.3 102.6 104.9 104.5 106.9 108.9 111.3 105.3 111.9 Utilities 5.32 131.3 Durable manufactures Primary and fabricated metals 12.32 110.0 104.5 110.2 109.2 109.0 106.2 108.4 112.6 118.1 122.5 127.0 128.2 112.5 113.9 6.95 104.6 92.0 98.5 99.9 101.7 97.3 102.6 110.1 118.8 125.7 130.7 129 6 104 8 102 7 Iron and steel. 5.45 100.6 86.6 92.8 93.7 96.3 93.4 97.9 106.6 117.1 125.5 130.6 128.6 102.5 96.3 Nonferrous metals and products.. 1.50 119.1 111.8 119.2 122.4 121.2 111.4 119.6 122.8 125.1 126.3 130.8 133.3 112.9 125.8 5.37 117.1 120.7 125.3 121.3 118.6 117.8 116.0 115.8 117.2 118.4 122.3 126 4 122 6 128 5 Structural metal parts 2.86 113.2 115.8 118.6 117.9 116.0 114.8 112.4 111.5 112.2 113.8 119.1 123.0 121.7 125.4 Machinery and related products 27.98 122.1 113.2 123.9 127.0 127.1 127.7 125.9 127.6 128.2 127.3 128.4 131.9 124.8 117.2 Machinery ... . . .. 14.80 123.5 121.1 127.6 127.0 126.2 127.0 124.9 128.1 128.5 126.9 128.3 131.3 123.2 125.8 Nonelectrical machinery 8.43 119.7 118.0 121.2 120.7 120.5 122.5 122.2 125.3 126.1 125.3 126.4 129.0 123.6 123.3 6.37 128.5 125.2 136.1 135.3 133.7 132.9 128.5 132.0 131.6 129.0 130.9 134.3 122 6 129 0 Transportation equipment 10.19 118.3 97.1 116.6 126.3 127.2 127.6 126.2 126.0 127.4 127.7 127.5 132.2 124.9 99.6 Motor vehicles and parts 4.68 134.1 87.0 128.8 148.3 149.1 149.1 145.6 145.9 148.5 149.3 149.4 158.9 144.2 87.7 Aircraft and other equipment.... 5.26 103.9 104.8 105.4 106.7 107.8 108.6 109.0 108.1 108.2 107.7 107.1 107.9 107.5 108.7 Instruments and related products... 1.71 123.0 125.0 125.2 125.6 127.2 127.0 125.2 126.2 126.9 126.5 128.2 131.6 129.7 133.4 1.28 Clay glass and lumber... .. . 4.72 109.3 120.4 119.5 116.5 110.4 99.9 97.2 100.5 106.1 112.5 118.3 122.7 117.5 125.5 Clay, glass, and stone products 2.99 111.1 122.0 119.6 119.1 114.0 102.9 99.7 99.1 105.4 115.5 122.2 126.1 126.1 128.5 1.73 106.1 117.6 119.3 112.1 104.1 94.6 93.0 102.8 107.3 107.4 111.4 116.9 102 7 120.3 5.05 124.5 129.1 131.9 132.1 129.6 126.5 120.9 121.8 123.3 122.8 125.2 128 7 126 7 134 7 1.54 126.8 132.1 133.1 133.3 131.4 131.2 126.9 126.3 126.8 126.2 127.6 132.5 132.0 139.4 Miscellaneous manufactures 1.51 122.2 126.0 130.6 130.9 127.9 121.7 114.8 117.2 119.7 119.4 122.7 124 8 121 3 129 8 Nondurable manufactures Textiles apparel and leather .. • 7.60 115.1 119.5 117.4 117.0 114.5 104.7 112.1 120.8 124.7 119.3 118.4 121.7 106.8 124.2 Textile mill products 2.90 115.2 118.4 116.1 115.7 115.0 108.2 112.3 116.0 120.0 115.3 121.0 121 4 105 4 119 7 3.59 118.9 124.0 122.3 122.6 119.2 105.7 116.4 129.4 134.8 129.9 123.8 128 6 113 3 132 5 Leather and products 1.11 102.3 107.9 105.2 102.3 98.2 92.2 97.8 105.5 104.2 95.4 93.9 100.6 89.4 Paper and printing 8.17 116.7 117.2 119.6 122.4 120.8 111.4 112.1 115.9 117.7 120.9 122.3 122.1 112.6 119.7 Paper and products 3.43 119.7 123.5 122.0 127.3 123.0 108.6 118.6 125.9 127.0 125.0 126.0 128 3 113 7 125 5 4.74 114.6 112.7 117.9 118.9 119.2 113.4 107.5 108.7 111.0 117.9 119.6 117 6 111 8 115 6 1.53 108.5 101.7 112.1 117.7 120.7 100.0 86.6 90.3 92.6 116.4 118.8 113 1 97 1 102.1 Chemicals, petroleum, and rubber.... 11.54 131.2 132.5 134.6 135.9 133.5 131.4 134.3 137.2 139.8 142.1 142.3 143.9 135.7 143.0 Chemicals and products .. . 7.58 136.1 138.2 138.5 139.8 138.9 136.6 138.9 142.7 145.8 149.7 150.2 150.9 143.8 149.8 3.84 147.5 148.1 149.4 151.9 153.6 150.6 152.6 156.5 159.4 162.9 163.8 162 2 156 5 Petroleum products. ... 1.97 112.9 116.6 118.1 114.2 111.3 112.5 112.6 112.6 111.5 112.3 115.1 121.7 123.1 124.2 Rubber and plastics products 1.99 130.6 126.4 136.2 142.7 135.3 130.6 138.1 140.5 144.8 143.1 139.3 139.1 117.0 Foods beverages, and tobacco....... 11.07 113.4 123.0 127.3 123.7 115.6 108.1 106.6 106.7 109.6 109.4 114.0 118.8 117.2 126.4 Foods and beverages 10.25 113.5 123.1 127.9 124.2 115.4 109.5 106.2 106.1 109.4 109.2 113.4 118.4 118.2 126.3 Food manufactures 8.64 113.8 123.7 130.5 126.1 118.1 111.1 108.1 107.4 109.4 107.7 110.7 115.1 116.2 125.9 1.61 111.5 120.3 113.9 113.6 101.2 100.9 95.8 99.2 109.2 117.2 127.4 136 4 129 2 Tobacco products .82 112.0 121.2 119.4 118.3 117.0 90.7 111.8 114.0 112.5 112.5 122.4 123 5 104 3 Mining 6.80 103.8 102.9 103.9 105.3 106.2 105.0 104.3 107.0 105.9 106.7 106.4 108 5 101.8 109.7 Coal 1.16 95.3 98.7 99.7 102.8 100.6 93.9 93.2 97.3 94.7 101.5 105.5 116 6 72 5 113 6 Crude oil and natural gas 5.64 105.5 103.7 104.7 105.8 107.4 107.3 106.6 109.0 108.2 107.8 106.6 106.8 107.9 108.9 Oil and gas extraction 4.91 107.2 104.9 106.1 107.3 109.5 109.3 108.7 112.5 111.6 111.3 110.1 110 0 110 7 111 3 Crude oil 4.25 105.1 103.7 104.9 105.6 106.7 105.8 104.7 108.7 108.3 109.1 108.4 108.4 108.7 109.6 Gas and gas liquids .66 120.4 112.9 114.0 118.3 127.5 132.0 Oil and gas drilling .73 94.2 95.7 95.1 95.9 93.3 93.2 92.0 85.4 85.1 84.1 82.4 85.3 88.6 92.8 Metal, stone, and earth minerals 1.43 110.9 123.5 119.7 114.5 106.4 95.6 94.3 94.7 98.0 107.9 120.9 125.0 122.0 122.6 Metal mining . .. .61 112.6 119.6 113.2 105.5 96.1 94.7 96.9 102.9 101.8 104.2 123.4 127.5 118.0 119.3 Stone and earth minerals .82 109.7 126.4 124.5 121.2 114.2 96.2 92.4 88.6 95.1 110.6 119.0 123.1 125.0 125.1 Utilities Electric 4.04 133.1 139.8 139.5 131.6 130.4 136.7 146.3 144.3 140.2 133.1 133.0 138 8 147 1 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

1450 BUSINESS ACTIVITY OCTOBER 1963 SELECTED BUSINESS INDEXES (1957-59- 100) Industrial production fa M ctu a r n in u g - 2 Prices 3 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Depart- Period Total Final C p o r n o - du E ct q s uip- M ri a a t l e s - Igr M ou i p n i - ng.> Util- t c r t o i a o n c n t - s m p t e T l a n o o l t y - i — - 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 r s e 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 sumer ment Mfg. ing ities goods 1949 64.7 64.5 68.8 52.0 64.8 65.1 74.5 43.4 44 83.3 93.6 60.0 108.2 67 83.0 83.5 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.2 121.5 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 95.5 111.6 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 99.9 106.7 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 95.9 105.4 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 99.2 113.7 92.4 114 105.4 100.6 1962—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 89.9 113 106.0 100.3 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 99.9 122.5 122.1 122.5 120.4 122.9 123.1 107.4 135.7 125 108.2 100.1 116.6 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 '125.8 '125.2 '125.9 '123.8 '126.6 126.4 '109.4 141.3 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July 126.5 '125.9 '126.4 '124.8 '126.7 '126.8 '111.3 '145.0 126 109.1 '100.4 118.0 93.9 120 107.1 100.6 Aug . 125.6 126 4 126.5 126.0 124.6 125.9 111.0 143.5 132 109 0 99 8 116 9 90 9 107 1 100 4 Sept ^125.7 P127.0 ^126.8 P127.4P124.2 P126A P110.4 ^143.5 *>1O9.2 ^99.9 91.2 «119 1C0.3 1 Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Prices are not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. Construction contracts: F.W. Dodge Corp. monthly index of dollar Freight carloadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1962 1963 Type of ownership and type of construction 1961 1962 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 37,135 41,303 3,631 3,273 3,425 3,188 3,198 2,779 2,917 3,583 3,983 4,851 4,402 4,125 4,061 By P t u y b p l e ic of ownership: 12,547 n 1,039 1,099 1,003 1,190 932 1,092 1,18? 1,168 1,567 1,384 1,318 Private 24,588 27,705 2,591 2,174 2,422 2,089 2,009 1,847 1,825 2,401 2,814 3,283 3,019 2,805 2,744 By type of construction: Residential 16,123 18,039 1,651 1,519 1,610 1,361 1,166 1,250 1,215 1,642 1,986 2,061 1,966 1,934 N Pu o b n l r i e c s w id o e r n k ti s a a l nd utilities 1 8 2 , , 8 1 9 15 7 n10 , ,2 0 5 1 5 0 1,1 8 7 0 7 2 1,0 7 1 3 9 5 1,0 7 7 4 5 0 1,0 7 6 6 6 1 1,1 9 1 2 1 1 1,0 5 1 1 6 4 1,0 6 0 9 5 8 1 7 1 9 4 6 6 1,7 7 1 8 0 7 1 1 , ,3 4 3 5 7 2 1,4 9 5 7 8 8 1 9 97 20 1 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

OCTOBER 1963 CONSTRUCTION 1451 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 rc m ia - l P u u ti b li l t i y c O n d r t e t o 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 .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—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 1,804 8,471 Apr 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 July 64,535 46,271 27,423 13,356 2,948 4,792 5,616 5,492 18,264 6,315 2,000 Aug P 66,479 47.223 27,735 13,895 3,056 5,233 5.606 5,593 19,256 7,073 2,028 Sept.*3 66,576 47,380 27,657 14,195 3,157 5,422 5,616 5,528 19,196 2,074 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) By iirea l By type of ownership Annual rate, Government- (private only) Private underwritten Period Total Non- Total N fa o rm n- p M o e li t t r a o n - p m o e li t t r a o n - Total fam 1 i - ly fam 2- ily M fam ul i t l i y - Public Total FHA VA 1954 1.220 897 324 1.202 1,077 34 90 19 583 276 307 1955 ,329 976 353 ,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 [,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960 ,296 889 407 1,252 995 44 214 44 336 261 75 1961 ,365 948 417 1,313 975 44 295 52 328 244 83 1962 492 1,054 439 .463 992 49 422 30 339 261 78 1962 Aug 1,486 1,459 150 101 48 148 102 4 42 2 36 28 g Sept 1,356 1,328 117 85 32 114 76 4 35 3 26 20 6 Oct 1,537 J 491 138 95 43 135 92 4 39 3 30 23 7 Nov 1,579 ,564 123 84 39 121 79 4 39 2 25 19 6 Dec 1,562 ,541 95 68 27 94 56 4 34 1 20 16 5 1963—Jan 1,344 [,317 83 62 22 81 47 3 31 3 18 14 4 Feb 1,380 ,353 88 65 23 87 52 4 31 1 17 13 4 Mar 1,575 1,549 128 89 39 124 81 4 40 4 22 17 5 Apr 1,618 ,590 160 112 49 158 106 6 47 2 29 22 7 May 1,618 ,590 170 116 53 166 107 6 54 3 30 22 7 June 1,571 1,554 157 109 48 153 100 5 49 4 27 20 7 July ^1,563 V1,548 103 47 98 5 45 29 21 8 Aug V[ 491 101 52 25 19 7 i Beginning with 1959, based on revised definition of metropolitan areas. Statistics, for which annual totals are given including overlap for 1959. Data from Federal Housing Administration and Veterans Administration NOTE.—Beginning with 1959, Census Bureau series includes both represent units started, based on field office reports of first compliance f arm and nonfarm series developed initially by the Bureau of Labor inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1452 EMPLOYMENT OCTOBER 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 * t population force Total Total In c n u o lt n u a ra g l ri- agric I u n lture U pl n o e y m ed - (pe S r .A ce . nt) 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 I960 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 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 Sept 132,497 75,811 73,062 69,546 64,220 5,326 3,516 56,686 5.6 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r n r a u c c t - T t l i i r o c a n n u s & ti p l o i p t r u ie t b a s - - Trade Finance Service G m ov e e n r t n- 1956 52,408 17,243 822 2,999 4,244 10,858 2,429 6 536 7 277 1957 52,904 17,174 828 2,923 4,241 10 886 2 477 6 749 7 626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6811 7 893 19591 53,404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 I960 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—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 2 834 8 110 9 414 Feb 56,458 16,872 631 2,920 3,899 11,729 2,839 8,144 9,424 Mar 56,706 16,948 631 2,928 3,894 11 795 2 848 8 207 9 455 Apr 56,873 17,037 639 3,005 3,890 11,784 2,853 8 199 9 466 May 57,060 17,095 640 3,019 3,909 11,825 2,864 8,228 9,480 June 57,194 17,075 639 3,046 3,919 11 864 2 865 8 282 9 504 July 57,340 17,103 640 3,069 3,936 11,884 2,870 8 349 9 489 Aug p 57,325 17,017 635 3,076 3,939 11,897 2,874 8,377 9,510 Sept.* 57,427 17,046 633 3,059 3,951 11,910 2,874 8,377 9.577 NOT SEASONALLY ADJUSTED 1962—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 July 57,422 17,050 641 3,364 3,975 11,832 2 916 8 474 9 170 Aus p 57,632 17,184 646 3,430 3,974 11,868 2,920 8,461 9,149 Sept p 58,186 17,370 642 3,365 3,983 11,930 2,888 8,436 9,572 1 Data includes Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for, the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 EMPLOYMENT AND EARNINGS 1453 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 Sept. July Aug.? Sept.P Sept. July Sept.* Total 12,524 12,650 12,570 12,584 12,840 12,571 12,701 12,893 Durable goods 6,969 7,103 7,046 7,065 7,064 7,056 6,992 7,160 Ordnance and accessories 122 119 119 119 123 118 118 119 Lumber and wood products 523 503 518 526 549 528 549 552 Furniture and fixtures 319 326 326 326 327 321 331 334 Stone, clay, and glass products 481 498 496 494 500 512 516 514 Primary metal industries 907 984 952 938 910 970 945 941 Fabricated metal products 867 891 893 889 881 879 891 903 Machinery except electrical 1,048 1,045 1,059 1,057 1,042 1,041 1,045 1,051 Electrical machinery 1,066 1,061 1,051 1,050 1,085 1,040 1,048 1,068 Transportation equipment 1,091 1,118 1,070 1,107 1,080 1,099 976 1,096 Instruments and related products 230 241 241 239 233 237 241 242 Miscellaneous manufacturing industries. 315 317 321 320 336 312 332 341 Nondurable goods 5,555 5,547 5,524 5,519 5,776 5,515 5,709 5,733 Food and kindred products 1,176 1,148 146 1,140 ,322 1,188 1,269 1,281 Tobacco manufactures 81 75 77 78 105 63 86 101 Textile-mill products 808 798 794 792 817 792 804 802 Apparel and other finished textiles 1,134 1,169 ,154 1,161 ,154 1,133 1,183 1,182 Paper and allied products 486 490 490 489 494 487 495 496 Printing, publishing and allied industries 596 594 594 594 600 589 592 598 Chemicals and allied products 520 527 529 528 521 525 530 529 Products of petroleum and coal 121 120 120 120 122 122 123 121 Rubber products 316 315 311 306 323 307 311 312 Leather and leather products 317 311 309 311 319 309 317 312 NOTE.—Bureau of Labor Statistics; data cover production and related for. the pay period ending nearest the 15th of the month. workers only (full- and part-time) who worked during, or received pay HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1962 1963 1962 1963 1962 1963 Sept. July Aug.? Sept. July Aug.? Sept.? Sept. July Aug.p Sept.* Total 40.7 40.4 40.3 40.6 97.27 99.23 98.42 99.88 2.39 2.45 2.43 2.46 Durable goods 41.2 41.2 41.0 41.2 105.88 108.09 107.01 108.36 2.57 2.63 2.61 2.63 Ordnance and accessories 41.2 41.0 41.3 41.1 116.72 117.74 119.31 119.31 2.84 2.90 2.91 2.91 Lumber and wood products 40.2 40.4 40.0 40.2 82.42 82.42 84.04 84.86 2.02 2.03 2.07 2.08 Furniture and fixtures 40.7 41.2 40.9 41.1 81.54 81.19 83.62 84.84 1.96 1.99 2.01 2.02 Stone, clay, and glass products 41.2 41.4 41.2 41.1 101.33 104.33 104.33 104.00 2.43 2.49 2.49 2.50 Primary metal industries 40.1 41.1 40.8 40.5 119.10 125.77 122.72 122.31 2.97 3.06 3.03 3.02 Fabricated metal products 41.0 41.2 41.1 41.0 106.66 107.53 108.32 108.73 2.57 2.61 2.61 2.62 Machinery except electrical 41.8 41.7 41.7 41.9 112.74 115.51 115.23 115.93 2.71 2.77 2.77 2.78 Electrical machinery 40.6 40.6 40.2 40.2 99.22 98.89 98.49 100.28 2.42 2.46 2.45 2.47 Transportation equipment 42.3 42.1 41.6 41.8 124.07 125.58 121.88 125.10 2.94 2.99 2.98 3.00 Instruments and related products 40.9 40.8 40.8 40.8 100.21 100.94 101.59 102.00 2.45 2.48 2.49 2.50 Miscellaneous manufacturing industries.. 40.0 39.7 39.8 39.9 78.60 79.18 80.00 80.80 1.96 2.02 2.01 2.02 Nondurable goods 39.8 39.5 39.5 39.6 86.80 88.36 88.18 89.15 2.17 2.22 2.21 2.24 Food and kindred products 41.0 40.8 40.9 40.7 92.57 95.63 93.75 95.22 2.22 2.31 2.27 2.30 Tobacco manufactures 38.9 39.4 39.7 36.5 70.97 78.76 73.60 67.86 1.71 2.03 1.84 1.74 Textile-mill products 40.4 40.4 40.5 40.8 68.11 68.68 69.19 70.00 1.69 1.70 1.70 1.72 Apparel and other finished textiles 36.8 36.0 35.7 36.6 62.05 61.71 62.95 64.25 1.70 1.70 1.72 1.77 Paper and allied products 42.6 42.7 42.6 42.5 104.49 106.82 107.07 107.25 2.43 2.49 2.49 2.50 Printing, publishing and allied industries. 38.4 38.3 38.4 38.4 109.24 110.02 111.27 112.71 2.83 2.88 2.89 2.92 Chemicals and allied products 41.5 41.6 41.4 41.5 110.81 113.98 112.75 113.71 2.67 2.74 2.73 2.74 Products of petroleum and coal 42.0 41.7 41.6 41.6 131.09 133.98 130.21 133.67 3.07 3.16 3.13 3.16 Rubber products 41.1 40.2 40.8 41.0 101.19 100.04 100.86 102.59 2.45 2.47 2.46 2.49 Leather and leather products 38.0 37.0 37.6 38.1 64.36 66.12 67.06 67.14 1.73 1.74 1.76 1.80 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1454 DEPARTMENT STORES OCTOBER 1963 SALES AND STOCKS, BY DISTRICT (1957-59= 100) Federal Reserve district United Period States Boston Y N o e r w k a P d h e il l - - 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 phia SALES 1955 88 91 80 93 92 89 81 95 90 85 88 84 1956 94 96 89 97 96 95 90 99 96 93 93 92 1957 96 96 95 98 98 97 94 100 97 97 94 96 1958 99 99 100 99 98 98 99 97 98 99 99 99 1959 105 104 105 104 104 105 107 104 104 104 107 105 I960 106 106 108 104 108 105 107 104 103 106 108 100 1961 109 112 112 107 110 108 110 105 104 108 111 102 1962 114 114 116 110 113 113 118 110 109 109 114 108 SEASONALLY ADJUSTED 1962—Aug 115 117 '114 nil 118 113 108 111 113 107 SeDt 117 116 120 113 116 118 121 115 113 no 118 113 Oct no 110 112 106 108 107 112 107 104 116 108 100 Nov 118 120 121 111 116 119 125 113 111 in 117 109 Dec 117 116 118 112 114 113 122 114 115 no 117 111 1963—Jan 113 115 113 103 111 116 123 107 104 no 108 107 Feb 114 111 115 108 109 112 119 108 108 114 117 109 Mar 119 121 119 112 118 123 135 116 114 117 122 113 Apr 115 112 119 105 111 111 118 110 114 103 118 no May 117 118 119 111 113 116 123 111 111 no 118 no June 120 119 120 112 118 120 130 119 117 116 120 115 Julv 120 121 123 115 116 118 124 116 113 r114 120 113 *>125 129 127 116 125 v\2S 129 126 11^ 125 ^122 112 NOT SEASONALLY ADJUSTED 1962—Aug 104 r97 94 no\ M02 '•110 101 103 '107 r113 108 Sect 117 117 120 113 114 118 114 116 114 118 119 109 Oct 113 115 120 112 109 115 113 111 no 111 111 102 Nov 141 147 152 145 141 142 139 136 133 130 133 126 Dec 212 225 216 202 211 210 219 201 201 197 203 193 1963—Jan 86 87 90 75 83 82 94 79 79 76 82 83 Feb 85 79 88 78 79 79 92 79 78 80 84 80 Mar . 101 95 101 98 97 102 116 97 97 96 101 98 Apr 112 112 111 104 111 112 121 109 107 105 114 108 May 112 114 114 108 109 111 116 no no 105 114 106 June 114 113 116 104 109 no 117 115 109 113 114 103 July . 100 91 94 87 98 99 111 96 95 r91 108 103 Aug 106 102 96 113 120 113 109 121 P122 113 STOCKS 1955 85 88 78 87 86 90 86 89 93 88 90 79 1956 94 96 89 95 93 99 98 97 102 98 99 91 1957 99 97 97 99 102 100 102 100 103 102 100 99 1958 98 99 99 98 97 96 97 97 98 97 98 98 1959 .. .. .. 103 104 104 103 101 104 101 103 99 101 103 104 I960 109 108 110 105 113 108 107 108 103 108 109 106 1961 no 111 109 105 112 110 108 109 111 108 111 103 1962 117 116 115 112 116 118 118 119 117 113 113 112 SEASONALLY ADJUSTED 1962—Aug 118 M16 116 M14 116 117 116 123 116 115 115 112 Sept 118 114 116 112 117 117 119 122 115 115 111 110 Oct 120 116 118 114 118 119 125 124 117 115 111 113 Nov . 118 116 119 112 117 121 123 122 119 113 108 112 Dec 117 118 120 112 118 122 130 121 121 111 111 1963—Jan 120 119 116 113 125 121 129 120 117 111 111 113 Feb.. 119 119 116 109 121 119 126 119 120 112 114 113 Mar 120 119 115 108 119 119 123 121 118 113 117 113 Apr 120 120 118 110 122 121 122 119 121 114 118 114 May . 121 120 119 109 120 117 125 124 119 115 120 June 121 118 118 109 119 118 127 126 122 115 118 Tulv 123 121 119 r112 125 119 r128 126 122 r115 121 Aug Pi 23 119 118 114 Pi 27 Pi 17 P1 24 125 120 P1 20 NOT SEASONALLY ADJUSTED 1962—Aug 118 r115 113 r110 115 r118 116 122 117 115 112 Sept 125 123 121 119 125 126 126 129 123 121 116 Oct 135 134 134 131 135 135 140 135 133 130 123 Nov 135 137 138 132 138 138 144 136 135 131 126 Dec 110 no 112 102 109 112 115 108 108 104 103 1963 J F a e n b 1 1 1 0 2 7 1 1 0 0 9 4 1 1 0 0 9 5 1 9 0 9 2 1 11 0 2 6 1 1 0 0 9 6 1 12 1 3 6 n 10 o 8 1 11 0 1 4 1 9 0 9 6 1 1 0 0 8 1 Mar 120 118 117 109 119 120 126 121 119 112 117 Apr 123 121 121 114 123 124 125 125 124 114 121 May 122 121 120 112 121 119 124 127 119 113 118 June 116 112 111 103 121 111 118 122 115 107 113 July 117 111 107 r102 119 112 118 123 117 M12 115 Aug 118 115 110 ^125 P124 124 121 P119 OOOOD San Fran- cisco 82 91 93 98 109 110 115 123 124 122 121 128 127 127 128 130 118 129 127 128 119 121 117 145 232 97 101 105 116 118 121 117 81 92 96 97 107 114 115 125 n25 127 129 118 108 128 127 129 128 132 129 ni Pi 30 r114 126 117 132 127 143 128 129 103 118 99 115 106 120 114 130 117 129 116 130 111 125 115 127 P119 P131 NOTE.—Based on retail value figures; sales are average per trading day; For description of series and for back data beginning with 1947, sc« 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

OCTOBER 1963 DEPARTMENT STORES 1455 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 .0 4.0 1.0 1955 437 1,195 446 444 449 2.9 l.l 4.0 1.0 1956. 454 K286 470 459 458 3.0 LI 4.1 1.0 1957 459 1,338 461 461 458 3.1 l.l 4.1 1.0 1958 462 1,323 437 462 464 3.0 1.0 4.1 1.0 1959 488 1,391 510 495 498 3.0 .1 4.1 1.1 I960 494 1,474 518 496 493 3.1 l.l 4.3 1.0 1961 506 1,485 529 512 517 3.1 l.l 4.2 1.0 1962 526 1,593 571 535 533 3.2 .2 4.4 1.0 1962 Aug . . '483 1,571 r674 r568 '519 3.3 .4 H.6 1.2 Sept 493 1,700 706 622 653 3.4 .4 4.9 1.3 Oct . 556 1,845 666 701 661 3.3 .2 4.5 1.3 Nov 657 1,892 549 704 587 2.9 .8 3.7 1.1 Dec 998 1,505 385 611 447 1.5 .4 1.9 .6 1963 Jan 407 1,466 498 368 481 3.6 .2 4.8 .9 Feb 366 1,508 555 408 465 4.1 1.5 5.6 1.1 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 1.1 May 512 1,632 509 491 541 3.2 0 4.2 1.0 J une 482 1,540 710 390 591 3.2 .5 4.7 .8 July 435 [,553 769 448 507 3.6 1.8 5.3 1.0 Aug p 519 1.626 721 592 544 3.1 1.4 4.5 1.1 NOTE.—Sales, stocks, and outstanding orders; actual dollar amounts Receipts and new orders: monthly totals derived from reported figures reported by a selected group of department stores whose 1962 sales on sales, stocks, and outstanding orders. were more than 40 per cent of estimated total department store sales. Sales For further description see Oct. 1952 BULL., pp. 1098-1102. Back are total for month, stocks and outstanding orders are as of end of month figures may be obtained upon request. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1456 PRICES OCTOBER 1963 CONSUMER PRICES (1957-59= 100) Housing Read- Other Period it A em ll s Food Total Rent t e r G a l i n e c a c i d t s - y p S l f e a e u o u n t e l r m i d l o d s - H n i f n o u is u g r h - s s - e- H o h p t o i o e o u l r n d s a e - - p A a p re - l T p t o r i a r o t n n a s - - M c ic a e a r d l e - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 1929 59 7 55 6 85 4 56 6 56 2 1933 45.1 35.3 60 8 42.7 42 8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1954 93.6 95.4 93.4 93.5 92.5 90.6 101.9 89.5 97.3 90.8 86.6 88.5 92.4 94.3 1955 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 95.9 95.9 98.9 93.7 98.4 91.3 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 96.9 100.8 100.5 97.3 99.7 96.5 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.3 99.0 99.8 100.2 99.8 99.7 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 102.8 100.2 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 107.9 101.6 99.5 105.9 102.8 105.0 111.3 104.6 107.2 104.6 1962 105.4 103.6 104.8 105.7 107.9 102.1 98.9 107.4 103.2 107.2 114.2 106.5 109.6 105.3 1962—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 10* 7 108 1 102 3 98.5 110.3 103.9 107.8 116.9 108.0 111.5 108.0 107.1 106.0 106.0 106.8 107.2 102.6 98.3 110.6 104.0 108.3 117.1 108.0 112.1 108.0 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 o A o i m e d l s l - i- F p 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 t e e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c. er,Metals c M e h r i a n y - - F t e u u t r r c e n . , i- N t m m a o i l e n l n i - - - c b T ac o c - o n c M e e l o 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 88.8 93.8 110.5 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91. 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. 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—Aug. 100.5 97.6 101.5 100.6 100.8 107.0 99.5 97.0 92.7 97.4 99.7 99.8 102.3 98.7 101.6 104.2 107.2 Sept. 101.2 100.6 103.3 100.8 100.6 107.5 100.8 96.9 92.8 97.0 99.5 99.7 102.3 98.6 101.5 104.2 109.1 Oct.. 100.6 98.7 101.5 100.7 100.5 107.4 100.8 97.1 93.1 96.6 99.3 99.4 102.2 98.5 101.6 104.5 108.7 Nov. 100.7 99.3 101.3 100.7 100.5 107.3 100.7 97.0 93.7 96.3 99.1 99.3 102.2 98.6 101.6 104.5 109.8 Dec. 100.4 97.3 100.9 100.7 100.6 106.9 100.8 96.8 94.4 95.8 99.0 99.3 102.3 98.4 101.5 104.3 110.2 1963—Jan.. 100.5 98.5 100.8 100.7 100.4 106.0 100.4 96.9 94.3 95.9 99.0 99.5 102.3 98.3 101.4 104.3 111.6 Feb., 100.2 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 99.3 100.4 100.1 104.5 100.3 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 94.9 102.4 100.7 100.3 104.5 100.9 96.3 93.1 98.3 99.4 100.0 102.0 98. 101.2 105.8 108.1 July. 100.6 96.8 102.2 100.8 100.4 104.3 r100.4 r96.0 93.0 r101.6 r99.0 100.0 '102. r98.0 100.9 r107.5 110.4 Aug. 100.4 96.3 100.9 100.8 100.4 103.6 99.0 96.0 93.6 102.6 99. 100.1 102. 98.1 101.2 107.5 111.2 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 PRICES 1457 WHOLESALE PRICES: DETAIL (1957-59—100) 1962 1963 1962 1963 Group Group Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 90.9 97.1 97.0 92.6 Woodpulp 93.6 91.3 91.7 91.7 Grains 98.1 101.4 99.5 98.5 Wastepaper 95.1 90.8 91.4 91.2 Livestock and poultry 98.5 89.3 94.4 93.5 Paper , 102.6 102.2 102.2 102.2 Plant and animal fibers 98.4 101.4 100.2 99.6 Paperboard 94.0 94.1 94.1 94.1 Fluid milk 100.8 97.9 99.8 100.6 Converted paper and paperboard 100.4 100.3 '99.6 99.7 Eggs 98.0 79.2 87.5 96.0 Building paper and board , 97.1 97.5 97.5 97.5 Hay and seeds 105.2 113.8 111.1 111.3 Other farm products 89.9 89.3 89.1 88.4 Metals and Metal Products: Processed Foods: Iron and steel , 99.1 99.0 99.0 99.1 C C D S M u e a a e e g r n i a t e r a n a y t a r , b e l d l p a p e a n r o s n o a d u d d n l c t u d b r o c y a n t f , k s r f e o a e a r n c z y n e t d i d n o p f n r i i s c f e o h r e r d u y u c it c r s e t , s a m and veg- 1 1 1 1 9 0 0 0 0 7 7 1 6 2 . . . . . 1 8 1 0 7 1 1 1 1 9 0 0 0 3 4 6 7 4 2 . . . . . 1 6 0 6 1 '1 1 1 1 '9 0 0 0 2 6 5 7 6 0 . . . . . 3 7 4 3 3 1 1 1 1 9 0 0 0 1 5 7 6 4 1 . . . . . 2 9 0 7 2 N P H H M F l a o e a u e b a r n m t d r t a f i i w e l b c n r i a c g a r n t o o r g e e e n u d q t s e a u q s i i m t n u p r e i m u e p r t c s m a e t l n u s e t r n a t l metal products, , , 1 1 9 9 9 9 0 0 2 6 8 9 3 3 . . . . . . 9 8 3 0 7 7 1 1 1 9 9 9 0 0 0 8 3 8 0 4 4 . . . . . . 3 7 2 9 6 0 p 1 1 1 9 9 9 0 0 0 8 3 9 4 5 0 . . . . . . 3 3 0 1 0 6 1 1 1 9 9 9 0 0 0 3 8 9 4 0 5 . . . . . . 1 4 4 1 6 0 Packaged beverage materials 82.6 81.1 81.1 80.9 Fabricated nonstructural metal prod- Animal fats and oils 89.5 79.2 '82.7 84.3 ucts , 103.9 104.9 105.0 104.9 Crude vegetable oils 77.9 83.3 83.6 77.3 Refined vegetable oils 85.2 84.4 84.3 79.6 Machinery and Motive Products: Vegetable oil and products 92.9 87.0 87.0 86.1 Miscellaneous processed foods 101.1 103.9 104.5 105.5 Agricultural machinery and equip 109.4 111.0 '110.9 110.9 Construction machinery and equip..., 107.7 109.6 109.7 110.0 ! Textile Products and Apparel: Metalworking machinery and equip.., 109.5 109.6 109.9 110.2 i General purpose machinery and Cotton products 101.7 99.7 99.8 99.8 equipment 103.3 103.5 103.9 104.0 Wool products 99.3 r100.8 '100.5 100.6 Miscellaneous machinery 103.5 103.4 103.4 103.4 Man-made fiber textile products 94.3 93.8 r93.7 93.9 Special industry machinery and equip- Silk products 132.4 148.0 134.5 136.6 ment (Jan. 1961 = 100) 102.0 103.9 '104.1 104.2 1 Apparel 101.8 102.0 102.2 102.2 Electrical machinery and equip 98.0 97.7 '97.2 97.1 ! Other textile products 119.4 117.4 115.1 116.5 Motor vehicles 101.2 99.3 99.8 99.5 Transportation equip., R.R. rolling Hides, Skins, Leather, and Products: stock (Jan. 1961=100) 100.5 100.5 100.5 100.5 H Le id at e h s e a r nd skins 1 1 0 0 6 5 . . 9 1 1 8 0 5 2 . . 8 5 1 8 0 3 2 . . 5 2 1 8 0 0 0 . . 5 1 Furniture and Other Household Dura- Footwear 108.8 108.2 108.4 108.4 bles: Other leather products 103.9 104.3 p104.0 103.7 Household furniture 104.0 104.5 104.5 104.6 Fuels and Related Products, and Power, C Fl o o m or m c e o rc v i e a r l i n f g u s rniture 1 9 0 6 2 . . 7 5 1 9 0 5 2 . . 9 8 1 9 0 6 2 . . 6 8 1 9 0 6 3 . . 6 0 C C G o o a k a s l e fuels (Jan. 1958 = 100) 1 1 9 0 1 5 3 7 . . . 6 6 8 1 1 9 2 0 4 0 3 . . . 9 3 6 P 1 ' 1 9 0 2 5 3 1 . . . 8 6 2 1 1 9 2 0 5 1 3 . . . 9 8 6 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 0 3 2 . . . 8 4 9 1 9 8 0 1 8 3 . . . 9 9 2 '1 ' r8 9 0 7 1 3 . . . 7 7 4 1 9 8 0 1 7 3 . . . 7 7 3 Electric power (Jan. 1958 = 100) 102.8 102.2 102.0 101.9 Petroleum products, refined 97.2 99.9 98.7 96.1 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 96.6 96.6 100.1 Concrete ingredients , 103.3 103.2 103.2 103.0 Industrial chemicals 95.9 95.0 94.7 94.6 Concrete products 102.6 101.9 '101.5 101.5 Prepared paint 103.8 103.0 103.0 103.9 Structural clay products 103.6 104.0 103.5 103.6 Paint materials 95.3 91.1 '89.2 89.0 Gypsum products 105.0 105.0 105.0 105.8 Drugs and Pharmaceuticals 95.0 95.2 '95.1 95.0 Prepared asphalt roofing 89.4 89.1 88.2 88.2 Fats and oils, inedible 73.0 80.6 r81.4 81.6 Other nonmetallic minerals , 101.7 101.3 101.2 100.7 Mixed fertilizers 103.9 103.6 103.6 103.6 Fertilizer materials 98.4 100.8 r99.8 96.9 Tobacco Products and Bottled Bev- Other chemicals and products 99.4 98.6 98.7 98.9 erages : Rubber and Products: Tobacco products 102.0 105.7 105.7 105.7 Alcoholic beverages 101.1 101.0 101.0 101.0 Crude rubber 92.3 92.5 91.6 90.7 Nonalcoholic beverages 117.1 118.2 '127.7 127.7 Tires and tubes 86.4 89.1 89.1 90.9 Miscellaneous rubber products 99.1 97.5 97.5 97.5 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms 101.0 100.7 101.0 101.2 Manufactured animal feeds 110.2 112.1 116.3 117.7 Lumber 97.7 99.2 '102.1 102.7 Notions and accessories 98.7 98.7 98.7 98.7 Millwork 102.7 '103.0 '104.2 104.9 Jewelry, watches, photo equipment.. 104.4 103.8 103.9 103.9 Plywood 92.1 92.6 100.9 104.1 Other miscellaneous products 101.0 101.3 100.9 101.1 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1458 NATIONAL PRODUCT AND INCOME OCTOBER 1963 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 n m IV I II 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 99.8 141.6 147.1 151.8 155.1 161.4 160.6 162.5 163.6 165.3 165.9 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 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 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 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 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 53.6 55.7 57.4 62.4 61.9 62.4 63.6 65.5 66.5 O N t a h ti e o r nal defense . }1.S 2.0 { i 1 3 3. . 8 2 1 5 4 . . 2 3 4 8 4 . . 3 8 4 7 6 . . 9 2 4 8 5 . . 0 7 4 8 9 . . 9 0 5 1 3 0 . . 3 0 5 9 2 . . 8 9 5 9 3 . . 7 5 5 1 4 0 . . 3 4 5 1 6 0 . . 4 1 5 1 6 0 . . 7 6 .5 .5 .6 .6 .8 .8 .8 1.1 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 56.6 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 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 452.4 455.5 462.2 466.7 474.6 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 45.5 23.9 51.9 124.1 196.6 213.1 222.9 221.0 241.6 241.7 243.7 244.7 246.7 252 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 2.0 4.0 8.0 9.7 11.3 11.9 13.7 13.7 13.8 13.8 15.0 15.3 .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 ProDrietors' income . . 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 50.1 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 51 0 Profits tax liability 1.4 .5 7.6 17.9 18.6 23.2 22.3 22.0 22.2 22.1 21.9 22.9 22.9 24 2 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 26.8 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 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 9 9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -.5 .2 .2 -.2 -.1 .9 .4 -.9 Net'interest 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

OCTOBER 1963 NATIONAL PRODUCT AND INCOME 1459 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 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 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 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y m ents , . . 3 6 . . 7 9 . . 5 4 .8 1.8 2.1 2.2 2.3 -1 2 . .3 2.3 2.3 2.3 2.3 -4 2 . . 2 3 -.7 -1.5 -3.0 -3.0 -1.9 -2.5 -2.6 -1.9 -2.3 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 1.1 .4 .5 1.7 1.7 1.7 1.4 1.6 .7 .4 Equals: National income , 87.8 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 452.4 455.5 462.2 466.7 474.6 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.7 37.2 47.2 44.5 43.8 47.0 46.5 46.1 49.3 48.8 50.1 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 27.0 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 .8 1.8 2.1 2.3 2.3 2.3 2.3 .7 .5 2.2 2.3 2.3 2.3 Equals: Personal income 85.8 228.5 360.3 383.9 440.7 444.5 453.9 459.9 47.2 96.3 401.3 417.4 442.1 449.9 Less: Personal tax and nontax payments.... 2.6 20.8 42.3 46.8 57.9 58.1 59.4 59.9 7.5 3.3 51.4 52.9 57.7 58.5 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.( 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: Personal saving 4.2 — .t 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. Se« also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1962 1963 Item 1961 1962 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.*7 Total personal income 417.4 442.1 444.6 445.5 447.7 449.9 452.1 1454.0 452.9 454.8 457.4 460.1 462.6 464.2 464 9 Wage and salary disbursements 278.8 297.1 299.4 299.8 300.1 301.5 302.9 302.8 304.7 306.1 308.7 311.2 312.9 314.1 314.2 Commodity-producing industries... 110.8 118.5 119.6 119.5 119.4 119.9 119.6 119.5 120.1 120.9 122.5 123.8 124.1 125.1 124.6 Manufacturing only 87.5 94.2 95.1 95.0 94.6 95.0 94.9 94.7 95.5 96.3 97.2 98.4 99.0 99.2 98.7 Distributive industries 72.9 76.6 77.1 77.6 11A 77.5 78.4 77.9 78.6 78.7 79.2 79.7 79.8 80.1 80.1 Service industries 43.4 46.4 47.1 46.8 47.1 47.3 47.7 47.8 48.3 48.5 48.7 49.1 49.4 49.8 50.0 Government 51 8 55 6 55 6 55 9 56 3 56 9 57 3 57 6 57.8 58 0 58 3 58 6 58 9 59 2 59 5 Other labor income 11 4 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 12 7 Proprietors' income 48.1 49.8 49.8 49.9 50./ 50.4 50.5 50.7 50.7 50.5 50.1 50.0 50.0 50.4 50.6 Business and professional 35.3 36.5 36.6 36.6 36.8 37.0 37.0 37.1 37.2 37.2 37.3 37.4 37.6 31.1 37.9 Farm 12.8 13.3 13.2 13.3 13.3 13.4 13.5 13.6 13.5 13.3 12.8 12.6 12.4 12.7 12 7 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 1 12 1 Dividends . 15 3 16 6 16 4 16 6 16 8 16 9 17 7 17 0 17.2 17 2 17 3 17 3 18 2 17 5 17 5 Personal interest income 27.7 30.0 30.3 30.6 30.9 31.1 31.3 31.5 31.7 31.8 31.9 32.1 32.3 32 6 32 8 Transfer payments 33.6 34.8 34.8 34.7 35.8 36.0 35.7 139.1 35.7 36.2 36.4 36.6 36.4 36.5 36.7 Less: Personal contributions for 9.5 10.2 10.3 10.2 10.4 10.3 10.3 11.4 11.5 11.5 11.6 11.7 11.8 11 8 11 8 Nonagricultural income 400 3 424.5 427.2 428 1 430 1 432 0 434.1 *435.9 434.9 437.0 440.5 443.1 445 8 447 0 447 8 Agricultural income 17.1 17.6 17.4 17.4 17.6 17.8 18.0 18.1 18.0 17.8 17.3 17.1 16.9 17.2 17.1 1 Includes stepped-up rate of Govt. life insurance payments to veterans NOTE.'—Dept. of Corrrrerce estimates. Monthly data are seasonally and a special dividend to all W.W. II veterans holding NSLI polities; adjusted totals at annual rates. See also NOTE to table at top of previous disbursements amounted to $3.6 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1A. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1963—Not seasonally adjusted 4 (In billions of dollars) ON O Consumer Nonfinancial business sectors Government sectors Financial sectors and non- Rest of All Natl. Sector orga p n r i o z f a i t t ions Farm co N rp o o n ra - te Corporate G U o .S vt . . an S d t a lo te cal B sy an st k e i m ng in S st a i v tu in ti g o s ns Insurance F n in .e a . n c c . e the world sectors c a D r n e i c s p y - - i s n a a v v n e i d n st g ment Transaction category U S U S u s U S U S u s U S U S U S V S U S U S 20.7 .2 2.0 10.1 2.8 -.7 .3 -.2 .3 -.1 -.9 34.4 .5 35.2 A C B C N a e p t i s ta a l v i c n o g n s (A um — p B ti ) on 1 8 2 . . 1 5 - 1 .9 .1 2.3 3 2 7 . . 2 9 ..... '"2.% '.'.'.'.' "-'.7 '.'.'.'.. ".3 -.1 -.9 2 1 3 0 .6 7 2 1 3 1 . . 7 5 C B D Gross investment (E-f J) 19.9 .2 2.0 9.7 4.4 Q .5 —.2 .6 — .9 35.2 -1.3 34.8 D E Private capital expenditures, F Consumer durables 1172..99 1.6 3.9 10.4 .1 .1 3 1 3 2 . . 8 9 3 1 3 2 . . 8 9 E F G Residential construction. .. 4 0 1 4 1 4 6.7 6.7 G H Plant and equipment 1.0 1.5 2.7 8 1 13.5 .. 13.5 H 2 — 1 9 .9 .9 I J Net financial invest. (K - L)... 2.1 . -1.5 -1.9 4.4 -.8. .. .4 0 .6 . -.1 -.9 1.3 -1.3 • » J 9.9 .2 4.2 5.3 2.2 10.2 4.6 2.8 2.0 1.4 42.9 2.3 K L Financial sources 7.8 2.2 4.9 .9 3.0 9.8 4.8 2.3 2.1 2.3 41.6 1.4 L M Gold and official U.S. for- * * -.1 .1 * * * -.1 M N O Demand deposits and curr. 1.1 .6 3.9 .3 7.2 * 6.3 7.2 .8 -.3 O P Private domestic 1.1 .6 .3 3.0 * * .3 2.1 3.0 .8 P O TI ^J CTOVI 3 9 3 9 3.9 3.9 .3 .3 .3 S Time and svgs. accounts... 2 6 .0 1.. .. .6 6 * * .3 3 3 3 .1 1 * 40 . . 2 2 3 7 . . 1 1 3 7 . . 1 1 - - . . 2 2 T S U At svgs. institutions 4 0 4^0 4.0 4.0 U V Life insurance reserves 1.0 1.0 1.0 1.0 V W Pension fund reserves 2.7 10 6 1.2 2.7 2.7 w X Credit market instr -.1 7.1 1.5 .2 2.3 .6 3.8 1.0 .1 1.5 2.3 8.8 * 4.5 .8 2.7 .... 1.4 1.4 .5 1.2 21.2 20.6 .7 X A Y 7 A S C U t o . a S r f p f . . G a a n o n d v d t . l f o o s c r e a e c l i g u o n r b i l b t if i o f e n s d .. s . . . - - 1 . . 1 0 7 -.4 1.1 6 - 1 .1 .0 6 . 2 . .2 1 1 . . 6 3 1 — 0 1 - 1 .3 .2 4 . -.2 * * ""A .5 * ""A 2 1 1 . . . 9 2 1 2 1 . . . 2 6 9 5 -.5 .4 A Y A Z A A A C D D O C 1- o t h t r o n e r 4 m s -f to a o m c rt k i g s l a y g e m s tgs -.1 .9 4. . 1 1::::::-"i 1.0 3 1.1 3 -.5 * .8 9 ... * 37 .7 * . . 5 5 4 .2 2 * -.1 * 4 2 . . . 7 9 1 4 2 . . . 7 9 1 .1 A A A D C B 2 7 2 6 1 l 3 3 2.7 2.7 AE AF Bank loans n.e.c 1 6 8 1.2 3.5 1 6 2 3.5 3.5 .2 AF AG Other loans .1 3 .2 .4 .2 "i.5 '-'.5 1 — 6 * 8 * .7 .3 .1 .7 2.1 2.1 .6 AG AH Open market paper. . . .4 -.2 -.1 -.1 .3 .1 .2 .3 .3 1 AH AI Federal loans '.'.'. .3'.'.' ' -'. 1 '.'. ".8 .5 1.5 1.5 .5 AI AJ Security credit -.2 .7 .9 .6 .6 * * 1.4 1.4 AJ AK To brokers and dealers.. -.2 g * .6 .6 .6 AK .7 .1 ... . .6 * .7 .7 AL A \f Trade credit . . . 5 1 19 11 2 — 2 * * 2.2 1.5 -.7 AM AN Equity in noncorp. business -.8 -.5 1 — 8 — 8 . AN AO Misc. financial trans * * .5 * .3 * 7 — 5 1 . . 1 1 .3 1.1 1.8 .8 -1.0 .8 AO 7 .. 5 —1 6 1 — 2 4 * .1 -.8 -.8 .5 AP Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IB. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1963—Seasonally adjusted annual rates (In billions of dollars) Consumer Nonfinancial business sectors Government sectors Financial sectors and non- Rest of All Natl. profit the sectors Dis- saving Sector organization! Farm co N rp o o n ra - te Corporate G U o .S vt . . an S d t a lo te cal B s a y n st k e i m ng in S st a i v tu in ti g o s ns Insurance F n in .e a . n c c . e world c a r n e c p y - in a v n e d st- Transaction ment category Gross saving 91.5 4.2 9.1 39.4 -5.9 -2.6 1.2 1.8 1.6 -.6 -3.1 136.7 5.0 139.8 Capital consumption. 50.1 4.2 9.1 31.5 94.9 94.9 Net saving (A—B) ... 41.4 7.9 5.9 -2.6 1.2 1 -3.1 41 44.9 D Gross investment (E-}~ J) 92.1 4.2 9.1 35.6 -1.6 -4.2 2.3 1.8 . 2.8 138.0 -6.3 134.8 D Private capital expenditures, net 71.0 5.7 14.0 40.5 .3 .3 131.7 .. 131.7 Consumer durables 51.0 . 51.0 ... 51.0 Residential construction. . 16.1 . 4.4 ... 4.4 .. 24.8 ... 24.8 Plant and equipment 3.9 . 5.0 .. 10.2 31.9 .. 51.6 .. 51.6 Inventory change -.6 ... 4.2 4.3 4.3 Net financial invest. (K-L)... 21.1 -1.5 -4.9 -4.8 .... -1.6 -4.2 2.0 1.8 . 2.5 . -.8 . -3.1 . 6.3 -6.3 3.1 K Financial uses, net. 48.0 14.1 7.1 7.9 25.5 16.8 12.0 7.4 6.3 145.5 9.4 L Financial sources.. 26.9 1.5 5.3 18.9 8.7 12.1 23.5 15.1 9.6 8.2 9.4 139.2 6.3 M Gold and official U.S. foreign exchange -.5 -.5 M N Treasury currency N O Demand deposits and curr.. -2.2 . 3.7 12.8 -.1 1.2 11.9 12.8 -1.2 O P Private domestic -2.2 . 8.2 -.1 7.0 8.2 1.2 P Q U.S. Govt 3.4 3.7 3.4 -.3 Q R Foreign 1.2 1.2 1.2 -1.2 R S Time and svgs. accounts... 20.8 . 2.4 10.5 14.3 24.8 24.8 n S T At coml. banks 6.5 . 2.4 . 10.5 10.5 10.5 -.1 T U At svgs. institutions 14.3 . 14^3 14.3 14.3 U V Life insurance reserves .1 3.7 3.8 3. V W Pension fund reserves 2.0 2.5 5.5 9.9 9.9 W ! X Credit market instr 24.5 3.3 5.1 12.8 1.5 8. 6.7 9.5 20.1 17.0 11.8 5.5 6.3 3.0 4 77.8 75.7 -2.1 1.8 X Y U.S. Govt. securities.... 4.5 . 1.4 4.6 . -2.3 . .5 .2 . .2 3.0 12.0 9.9 -2.1 -3.0 Y Z State and local oblig 3.2 . -.1 -.2 9.4 6.0 . -.1 -.2 9.4 9.4 AA Corp. and foreign bonds, -1.3 . 2.6 2.2 . -.4 . 5.3 . 2.0 1,5 6.0 6.0 "i.5 AA AB Corp. stocks -2.2 . .... -1.0 .2 . 1.8 .4 -.4 -.4 5 AB AC 1- to 4-family mtgs 16.9 .3 .3 3.3 . 13.3 . 1.8 . 1.2 17.5 17.5 AC AD Other mortgages , 3.3 .4 2.0 4.1 4.3 2.9 . 2.7 . 1.9 10.9 10.8 AD AE Consumer credit 6.2 1.6 2.6 . 6.2 6.2 AE AF Bank loans n.e.c -1.1 5.1 8.3 . 2.0 8.3 8.3 .6 AF AG Other loans 1.5 2.2 1.4 3.0 -1.1 -.1 . 3.1 1.8 6 2.8 7.9 7. 2.2 AG AH Open market paper.., 2.2 -.1 -.5 . 1.8 6 .8 2.6 2.6 .2 AH AI Federal loans 3.0 2.0 3.0 3.0 2.0 AI i AJ Security credit -.3 2.4 1.8 2.0 4.4 4.4 AJ AK To brokers and dealers.. -.3 2.5 .. -.2 2.0 2.0 2.0 AK AL To others 2.4 .4 .. 2.0 . 2.4 2.4 AL AM Trade credit .2 6.9 6.0 7.9 5.6 -2.3 AM AN Equity in noncorp. business -1.7 . -2.0 -1.7 -1.7 AN AO Misc. financial trans 1.8 ' .1 1.1 -1.3 3.0 -.2 . - 1 4.6 6.7 3.9 -2^8 3 7 AO AP Sector discrepancies (A—D).. -.5 . -4.3 -1.0 -1.1 -1.3 5.0 AP Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1462 FLOW OF FUNDS/SAVING OCTOBER 1963 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961' 1962 r 1963 Transaction category, or sector 1958 1959 I960' 1961 r 1962 r II III IV I II III IV I' II I. Saving and investment j\ Gross national saving 94.5 115.6 119.5 116.1 130.2 113.7 119.1 125.7 124.2 131.7 131.9 132.8 131.2 139.8 A 68.9 74.5 73.4 80.0 86.6 79.2 82.7 85.3 85.2 87.1 86.5 87.7 87.2 91.5 B C Farm and noncorp. business 11.9 13.4 12.9 12.5 13.1 12.5 12.4 12.4 12.9 13.1 13.2 13.3 13.2 13.3 C D Corporate nonfin. business 25.2 35.2 29.7 32.1 36.6 32.1 32.3 37.3 36.2 36.7 35.1 38.6 37.1 39.4 D E US Government -7.8 -4.5 4.3 -5.5 -4.7 -7.2 -5.3 -5.7 -7.0 -4.4 -2.0 -5.7 -4.8 -5.9 E F State and local govt -5.2 -3.5 -3.0 -4.7 -3.8 -4.5 -4.7 -5.2 -4.5 -3.3 -3.4 -4.0 -3.4 -2.6 F G Financial sectors 1.5 1.5 2.2 1.7 2.3 1.5 1.6 1.6 1.4 2.5 2.6 2.8 2.0 4.0 G H Gross national investment 94.3 114.6 117.4 114.5 127.2 110.9 117.6 125.2 126.6 128.9 126.0 127.3 130.0 134.8 H I Consumer durable goods 37.3 43.6 44.9 43.6 48.2 43.1 43.9 46.4 47.3 47.5 47.7 50.5 50.2 51.0 I J Business inventories -2.0 6.6 3.5 1.8 4.9 1.1 3.4 7.0 7.7 5.9 2.8 3.3 4.8 4.3 J K Gross pvt. fixed investment 58.6 66.2 68.3 67.1 73.2 65.6 68.5 70.4 69.3 73.2 75.4 75.0 72.0 76.4 K L Consumer and nonprofit ... 18.1 22.1 21.6 20.1 21.3 19.0 19.3 21.5 21.7 19.9 21.2 22.3 22.8 19.9 L M Nonfin. business 39.9 43.4 46. C 46.4 51.3 46.0 48.5 48.2 46.8 52.6 53.5 52.1 48.4 55.9 M N Financial sectors .6 7 .6 7 7 6 .7 .8 8 .7 .7 .6 .8 6 N O Net financial investment .4 -1.7 .7 2.0 .8 1.2 1.8 1.4 2.4 2.3 -1.5 3.1 3.1 O P Discrepancy (A — H) .2 2.0 2.2 1.5 3.0 2.7 1.5 .6 -2.4 2.8 5.9 5.5 1.2 5.0 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors. .. 42.9 53.2 36.2 47.2 58.1 42.6 58.3 53.8 61.8 63.0 40.1 67.7 60.1 68.5 A B Loans and short-term securities.... 3.5 19.7 8.0 19.5 17.6 16.2 11.7 25.9 29.7 19.9 -1.9 22.7 1.5 28.1 B C Long-term securities and mtgs 39.5 33.4 28.3 27.7 40.5 26.4 46.5 28.0 32.1 43.1 42.0 45.0 58.7 40.4 C By sector D US Government 8.6 8.7 -2.1 7.5 7.6 7.9 14.6 5.7 16.1 8.4 -5.6 11.4 12.8 8.8 D E Short-term securities -1.2 5.5 -5.1 11.3 2.4 15.1 .9 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3 E F Other securities 9.5 3.8 2.5 -4.1 4.9 -7.0 14.2 -6.6 -2.4 6.6 8.3 7.3 22.6 -.4 F G Foreign borrowers . 2.3 .8 2.0 2.8 2.3 .3 3.5 4.3 3.7 2.0 .2 3.3 3.3 4.8 G H Loans 1.1 .2 1.4 1.9 1.3 — 5 2.7 3.2 3.1 .8 -.5 1.5 1.2 3.4 H I Securities 1.3 .7 .7 .8 1 0 .8 .8 1.1 .6 1.1 .7 1.8 2.0 1.4 I 3 Pvt domestic nonfin sectors . ... 32.0 43.6 36.3 36.9 48.2 34.4 40.1 43.8 41.9 52.6 45.5 53.0 44.1 54.9 J K Loans 3.3 14.7 11.2 5.9 13.7 1.9 8.6 10.4 8.1 17.2 12.5 17.1 10.0 15.5 K L Consumer credit .2 6.4 4.5 1.7 5 8 - .2 1.6 4.9 4.3 7.0 4.3 7.6 5.1 6 2 L M Bank loans n.e c 1.8 5.6 2.8 1.9 4 5 _ 2 2.1 4.0 2.2 6.3 3.5 5.8 4.2 5.3 M N Other loans 1.3 2.7 3.9 2.4 3.5 2.2 4.9 1.5 1.6 4.0 4.7 3.7 .7 4.0 N O Securities and mortgages .. 28.7 29.0 25.2 31.0 34.5 32.5 31.6 33.4 33.8 35.4 33.1 35.9 34.0 39.4 O P State and local obligations 5.5 4.7 3.7 5.0 5.1 3.8 5.9 6.3 6.4 5.9 3.6 4.3 4.2 9.4 P 0 Corporate securities 8.0 5.3 7.3 4.8 10.8 6.4 5.5 6.0 4.9 4.0 4.1 5.8 1.6 Q R /- to 4-family mortgages 10.1 /!:! 10.4 11.7 15.4 11.3 11.9 13.5 13.2 15.5 16.3 16.5 15.5 17.5 R S Other mortgages 5.2 5.8 5.8 6.9 9.4 6.6 7.3 8.0 8.3 9.1 9.2 10.9 8.6 10.8 S T Net sources of credit (= A) 42.9 53.2 36.2 47.2 58.1 42.6 58.3 53.8 61.8 63.0 40.1 67.7 60.1 68.5 T U Chg. in U.S. Govt. cash balance.. .1 .7 .9 .3 1.0 -1.1 4.8 .2 4.9 3.9 -6.5 1.5 7.8 3.4 U V U.S. Govt. lending 1.7 3.8 2.4 2.8 3.5 -.5 4.9 4.5 4.0 4.5 1.9 3.6 1.2 1.5 V W Foreign funds 3.1 3.6 3.3 2.2 2 5 — .4 2.2 4.0 2.7 2.8 1.9 2.7 1.6 5.3 W X Pvt. insur. and pension reserves. . 7.8 8.8 8.1 8.7 9.0 8.0 8.7 9.4 8.6 9.3 9.0 9.4 8.6 9.2 X Y Sources nee 5.0 5.7 6.3 5.1 5.6 4.5 11.0 4.4 3.3 4.3 8.4 6.3 4.3 4.9 Y Z Pvt. domestic nonfin. sectors. . 25.3 30.5 15.3 28.2 36.5 32.0 26.6 31.3 38.4 38.2 25.4 44.1 36.7 44.2 Z AA Deposits and U.S. Govt. secur.... 17.7 23.8 8.3 23.5 32.2 26.0 21.6 28.3 31.6 33.4 24.9 39.1 33.2 42.6 AA AB Deposits 20.6 11.0 14.0 24.6 29.8 23.9 23.4 25.5 27.7 27.7 26.1 37.9 33.7 32.1 AB AC Demand dep. and currency. . 4.9 .5 -1.0 4.5 1.6 4.5 4.4 8.3 -7.7 2.9 2.3 8.9 -2.2 8.1 AC AD Time and svgs. accounts 15.7 10.5 15.0 20.0 28.3 19.4 19.0 17.1 35.4 24.8 23.9 29.0 35.9 24.0 AD AE A t commercial banks 7.0 2.1 5.4 8.7 15.1 8.4 8.0 4.9 22.7 13.4 10.6 13.7 18.5 9.7 AE AF At savings instit •. 8.7 8.4 9.6 11.4 13 2 11.0 11.0 12.2 12.7 11.5 13.3 15.3 17.4 14.3 AF AG U.S. Govt. securities -2.9 12.9 -5.7 -1.1 2.4 2.1 -1.8 2.9 3.9 5.7 -1.3 1.3 -.5 10.5 AG AH Other securities and mtgs 8.5 6.8 6.8 6.0 4.1 8.5 5.7 4.8 6.7 .2 3.3 6.2 2.6 4.4 AH AI Less security debt .9 .2 -.3 1.3 -.2 2.5 .6 1.8 -4.5 2.8 1.2 -.9 2.7 AT III. Financial institutions A Net funds advanced—Total 37.5 30.6 34.6 44.4 51.4 39.7 51.7 48.5 52.5 48.3 43.0 61.9 56.4 59.1 A B US Govt securities 11.3 -7.2 2.9 8.4 3 9 8.4 15.9 1.3 10.6 1.0 -3.9 7.8 12.0 -1.5 B C Other securities and mtgs 22.9 23.2 20.7 27.4 34.0 26.6 27.8 31.4 30.9 39.3 32.1 33.8 36.1 41.1 C D Loans. 3.3 14.6 11.1 8.5 13.5 4.7 8.0 15.8 11.0 8.0 14.8 20.4 8.4 19.4 D By sector 17.4 5.0 9.9 17.5 20.4 13.4 22.5 17.3 25.1 19.5 9.3 27.7 27.9 23.0 F G Savings institutions 9.3 10.6 9.3 12.0 14.5 11.2 11.9 13.5 13.6 13.3 15.7 15.4 16.8 17.0 G H Insurance and pension funds .... 9.0 10.1 10.2 10.7 11.5 9.9 10.8 11.8 10.7 11.7 11.3 12.5 11.4 11.8 H I Finance n.e.c 1.8 4.9 5.3 4.2 5.0 5.2 6.5 5.9 3.2 3.8 6.7 6.2 .4 7.3 T J Net sources of funds—Total 37.5 30.6 34.6 44.4 51.4 39.7 51.7 48.5 52.5 48.3 43.0 61.9 56.4 59.1 J K Gross saving . 1.5 1.5 2.2 1.7 2.3 1.5 1.6 1.6 1.4 2.5 2.6 2.8 2.0 4.0 K L Denosit claims . .... 22.5 10.9 15.6 26.8 32.1 24.1 29.6 28.9 35.0 31.3 18.8 43.4 41.4 37.6 L M Demand deposits and currency... 5.6 1.4 .3 5.9 3.5 3.6 9.4 10.7 -.4 6.3 -4.7 12.8 4.3 12.8 M N Time dep. at coml. banks 8.0 1.1 5.8 9.4 15.3 9.3 9.2 5.5 22.7 13.3 10.2 15.0 19.6 10.5 N O Other savings accounts . 8.9 8.4 9.5 11.5 13.3 11.2 11.0 12.7 12.7 11.7 13.3 15.7 17.4 14.3 O P Life insurance reserves 3.3 3.6 3.4 3.7 4.1 3.7 3.9 3.5 4.1 3.6 4.4 4.2 4.0 3.7 P 0 Pension fund reserves 4.4 5.2 4.7 4.9 5.0 4.4 4.8 5.9 4.5 5.7 4.6 5.2 4.6 5.5 0 R Credit market instruments . . . .5 6.2 3.4 3.3 5.6 2.4 5.5 5.5 4.9 7.2 6.1 4.4 2.0 7.3 R S Investment co. shares 1.6 1.8 1.5 2.0 1.9 1.7 2.1 2.7 3.2 2.2 1.3 .8 .8 .6 S T Corporate bonds .2 1.1 1.5 .5 .8 .8 .1 .2 .3 1.1 .5 1.4 .3 2.0 T U Loans . . .. -1.3 3.1 .2 .6 2.8 -.1 3.2 2.0 1.2 3.9 4.2 2.1 .9 4.7 U V Security credit .. .6 * .5 .9 9 2.2 -1.2 2.2 1.5 -2.0 1.6 2.7 -1.4 2.0 V W Other sources net 4.7 3.1 4.9 3.0 1.3 1.4 7.4 1.0 1.2 * 5.0 3.8 -1.0 W -7 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. facing page from those shown in Aug. 1963 BULL. Data for financial flows for 1960-62 are revised on this page and the For other notes see pp. 1463-68. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 FLOW OF FUNDS/SAVING 1463 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 ' 1962' 1963 Transa o c r t i s o e n c t c o a r tegory, 1958 1959 I960' 1961 ' 1962' II III IV I II III IV I' II I. Demand deposits and currency A Net incr. in banking system liability 5.6 1.4 5.9 3.5 3.6 9.4 10.7 — 4 6.3 — 4.7 12.8 4.3 12.8 A B U.S. Govt. deposits .1 .9 1.0 — 1.1 4.8 4.9 3.9 -6.5 1.5 7.8 3.4 B C Other 5 5 6 5 7 2 5 4 7 4 6 10 5 5 3 2 3 1 7 11 3 3 5 9.4 C D Net increase in assets, by sector.... 6.2 •4 4.9 5.0 2.8 11.1 6.4 2.1 5.2 -5.1 17.6 1.0 11.9 D E US Govt 1 '9 — 2 1 7 4 — 1 3 5 3 3 6 — 6 3 1 7 6.1 3.7 E F Other domestic sectors . 6.1 _ 2 4.8 3.8 5 4 4.9 7.0 -4.6 2.0 2.1 15.7 -4.4 7.0 F G Consumer and nonprofit 2.5 1.2 -.6 1.6 5.1 3.1 3.8 -2.9 3.0 5.5 -1.0 13.1 1.9 8.6 G 2 7 -> i -2.1 .1 1.1 5.7 -5.7 -4.7 * 2.1 -6.8 -2.2 H I State and local govt c 2 .6 1.5 -1.6 2.8 -2.8 1 .A -1.6 1.0 .4 I J Financial sectors n .1 .6 1.3 .8 1.5 1.4 1.1 2.7 2.1 -.6 .1 J K Rest of the world -.1 * — 1 — 1 3 1 4 — 4 — 6 1.2 K L M Discrepancy—U O . t S h . e r Govt. cash * c 9 * -.1 * 1.0 — 1 4 •9 -2 1 . 6 0 2 1 . . 8 5 -2 — 1 .4 —-.1 9 c -~4*7 1 1. . 6 7 - 1 .3 .2 M L II. Time and savings accounts A Net increase—Total 16.9 9.5 15.3 20.9 28.6 20.5 20.2 18.2 35.4 25.0 23.5 30.6 37.1 24.8 A B At commercial banks—Total 8.0 1.1 5.8 9.4 15.3 9.3 9.2 5.5 22.7 13.3 10.2 15.0 19.6 10.5 B C Corporate business 9 .8 1.3 2.6 1.2 .8 -2.4 4.8 2.6 .6 2.3 4.1 2.4 C D State and local govt .8 — 4 1.4 .9 1.0 1.1 1.0 .8 2.0 .6 .4 1.0 2.4 .8 D E Foreign depositors .9 9 2 .6 .6 c .1 1.3 1.2 .7 E F Consumer and nonprofit orgs.. . . 5.3 3.0 3.3 6.5 11.5 6.1 6.2 6.6 15.9 10.1 9^6 10.5 12.0 6.5 F G At savings institutions 8 9 8.4 9 5 11.5 13.3 11.2 11.0 12.7 12.7 11.7 13.3 15.7 17.4 14.3 G H Memo—Consumer and nonprofit orgs.—Total 14.0 11.3 12.8 17.8 24.7 17.1 17.2 18.8 28.6 21.6 22.9 25.7 29.4 20.8 H III. U.S. Govt. securities A Total net issues . 8.2 9.3 -2.6 7.3 7.4 8.1 15.0 4.7 15.4 8.6 -4.1 9.7 12.2 9.9 A B Short-term direct — 1.2 5.5 —5.1 11.3 2.4 15.1 9 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3 B C Other 9.5 3.8 2.5 -4.1 4.9 -7.0 14.2 -6.6 -2.4 6.6 8.3 7.3 22.6 -.4 C D Net acquisitions, by sector 8.5 8.7 -2.3 7.8 7.6 9.8 15.1 5.0 15.2 9.3 —3.9 9.8 12.4 12.0 D E Pvt. domestic nonfin. sectors -2.9 12.9 -5.7 -1.1 2.4 2.1 -1.8 2.9 3.9 5.7 -1.3 1.3 < 10.5 E F Consumers and nonprofit -2.5 7.3 -3.3 -.9 .7 -2.3 2.6 3.2 -1.9 3.9 .1 .9 4.5 F G Svgs. bonds and postal svgs dep —. 7 -2.0 — 4 7 3 9 1 4 6 9 1 2 G H Securities -1.7 9.2 -2.8 -1.6 .4 -2.9 1.9 2 4 -2 0 3.5 — .5 . 7 -4.0 3.3 H I Corp. nonfin. business * 3.8 -2.7 -.4 2 3.7 -4.0 — .5 1.9 A -2.0 .7 1.8 1.4 I J State and local govt. — .4 1.8 .2 3 \A .6 — .4 '.2 3.9 1.4 .7 — .3 .8 4.6 J K Financial sectors 11.3 -7.2 2.9 8.4 3.9 8.4 15.9 1.3 10.6 1.0 -3.9 7'.8 12.0 -1.5 K L Banking system 10.4 -7.9 2.7 7.4 2.2 8.9 12.2 9.6 .7 -6.4 5.1 11.6 -2.3 L M! Monetary authorities 2 2 / 5 2 0 1.1 2.8 5.4 .3 2.5 5.2 2.1 M N Commercial banks 8.2 -8.2 2.0 5.9 .3 8.7 11.1 -2.7 4.2 .4 -6.2 2.6 6.4 -4.4 N O Savings institutions .4 — 4 4 1 0 8 c .8 A 1.2 .5 O P Insurance and pension funds 2 2 A — .1 .4 — .9 2 6 3 3 c .6 -1.3 .2 P Q Finance n.e.c . 2 * 1.0 .6 .8 3.5 -.5 — .1 1.2 1.6 .2 Q R Rest of the world . .1 3.0 .6 .4 1.3 — 6 1 l 8 7 2.6 1.2 7 .9 3.0 R IV. Other securities A Total net issues, by sector 14.9 11.8 11.1 13.6 11.7 16.3 13.3 13.2 13.3 13.0 8.8 11.6 12.3 14.4 A B State and local govt 5.5 4.7 3.7 5.0 5.1 3.8 5.9 6.3 6.4 5.9 3.6 4.3 4.2 9.4 B C NonfinanciaJ corporations 8.0 5.3 5.3 7.3 4.8 10.8 6.4 5.5 6.0 4.9 4.0 4.1 5.8 1.6 C D Finance companies .2 1.1 1 5 5 8 8 1 2 3 1.1 5 1 4 .3 2.0 D E Rest of the world 1.3 .7 .7 .8 1.0 .8 .8 1.1 .6 1.1 .7 1.8 2.0 1.4 E F Net purchases, by sector 14.9 11.8 11.1 13.6 11.7 16.3 13.3 13.2 13.3 13.0 8.8 11.6 12.3 14.4 F G Consumers and nonprofit orgs 3.4 2.7 2.1 2.0 -.8 4.5 1.2 1.3 2.4 -3.4 -2.0 -.2 -2.0 -.3 G H State and local govt 2.1 1.3 2.2 1.9 1.4 2.0 1.8 1.5 .9 1.3 1.5 1.7 1.8 2.0 H I Corp. business .5 .7 — .2 i .2 .2 -.2 -.1 .2 .2 -.2 -.1 I J Commercial banks. 2.5 .4 .4 2.7 4.4 r.3 3.3 3.3 5.0 5.7 3.3 3.5 5.8 6.3 J K Insurance and pension funds 6.5 g 7.0 4 7.0 7.7 g 7.4 4 7.5 8 1 . 4 7 8.1 6.5 3 8 1 . 5 5 6 i .8 < 7 1 . 9 3 8.2 g 8.0 4 K L M Security brokers and dealers -.4 .2 -.2 .3 .9 -1.0 .1 .9 1.3 g -.5 -.2 M N Investment cos.—Net... -.4 -.7 -.6 -.8 -.4 n -.9 -1.3 .2 -1.5 -.3 -.2 N O Purchases 1.1 1.2 i!o 1.4 1.1 1.3 1.4 1.7 1.9 2.4 -.2 A .6 .4 O P Q Rest N o e f t th is e s u w e o s rld 1.6 1. . 8 4 1.5 3 2.0 4 1.9 1.7 6 2.1 3 2.7 4 — 3. 2 6 2.2 1.3 3 .8 1 — .8 l — .6 6 Q P V. Mortgages A Total net borrowing 15.3 19.0 16.2 18.7 24.7 17.9 19.3 21.6 21.4 24.6 25.5 27.4 24.1 28.3 A B 1- to 4-family 10.1 13.2 10.4 11.7 15.4 11.3 11.9 13.5 13.2 15.5 16.3 16.5 15.5 17.5 B C Other 5.2 5.8 5.8 6.9 9.4 6.6 7.3 8.0 8.3 9.1 9.2 10.9 8.6 10.8 C D Net acquisitions 15.3 19.0 16.2 18.7 24.7 17.9 19.3 21.6 21.4 24.6 25.5 27.4 24.1 28.3 D E Consumer and nonprofit orgs 2.4 2.0 2.4 1.6 3.3 1.6 2.0 1.2 3.1 2.0 3.5 4.4 2.9 2.7 E F U.S. Govt .3 2.2 1.2 .6 .3 .1 .8 1.4 1.2 .3 — .1 -1.3 -1.5 F G Commercial banks 2.1 2.5 .7 1.6 4.0 1.4 1.8 2.2 2.4 4.7 4.6 4.3 3.8 6.1 G H Savings institutions 7.8 9.5 8.8 11.0 13.3 10.8 11.0 12.1 12.3 13.4 13.4 14.2 15.4 16.0 H I Insurance sector 2.0 2.4 2.8 2.7 3.0 2.8 2.2 3.0 2.2 2.4 3.0 4.5 3.2 3.6 I J Mortgage companies .5 .2 * .6 .4 .6 .8 1.1 -.3 1.3 .7 1.2 J VI. Bank loans n.e.c. A Total net borrowing 1.2 7.5 2.7 2.7 6.0 .1 5.0 5.7 3.9 8.2 4.3 7.6 3.9 8.3 A B Nonfinancial business . 1.4 5.3 2.7 1.6 4.0 -.4 1.9 3.3 1.9 6.1 2.9 5.0 3.9 4.9 B C Corporate .4 3.7 2.6 1.6 2.6 .5 .4 3.1 1.3 1.7 3.0 4.5 .1 5.1 C D Nonfarm noncorporate .5 1.0 -.1 -.3 .7 -.9 1.2 -.2 .3 3.9 -.9 3 3.5 -1.1 D E Farm .6 .7 .2 .3 .7 .1 .3 .3 .4 .6 .8 '.9 .3 .8 E F Rest of the world .5 .2 .1 .7 .4 .8 .2 1.3 2.1 * -A -.1 .6 F -1.1 1.7 -.3 .1 1.1 -.5 2.7 .5 2 1.7 .7 2.1 -.1 2.3 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1464 FLOW OF FUNDS/SAVING OCTOBER 1963 Notes to Table 2. of lines H through L in Table 4 (1). I. Saving and investment. Derived statistically from Commerce Dept. Sources n.e.c. (line Y) is mainly consumer credit advanced by nonincome and product accounts. Tables presenting the relation to those financial business and financial sector net sources of funds other than accounts are available on request. Gross national saving (line A) is the deposits and insurance and pension reserves. The series is net of financialsum for domestic sectors of gross-saving entries in Table 4. It is before sector discrepancies shown in Table 4 (G) and (H). deduction of capital consumption allowances. Govt. saving is net of Private domestic nonfinancial sectors (line Z) is the sum of lines AA public outlays for capital goods as well as current operations. Gross through AI. Private sectors consist of consumer and nonprofit, nonnational investment (line H) is gross private domestic investment in financial business, and State and local govts. Line AI is borrowing income-and-product accounts plus consumer durables plus net foreign by consumers to carry securities less net free credit balances with security investment. Net foreign investment differs from corresponding income- brokers; the borrowing is secured by U.S. Govt. as well as private secuand-product series by amount of errors and omissions in balance of rities. payments statement. III. Financial institutions. An unconsolidated grouping for all financial Relation of saving-investment discrepancy to flow of funds matrix is sectors; e.g., bank loans to finance companies are included both as described in Aug. 1959 BULL., p. 859. assets and as liabilities. Line R includes bank stock issues not shown II. Financial flows—Summary. Structure of this table is described separately. "Other sources, net" reflects mainly (with negative sign) in Nov. 1962 BULL., p. 1405. Total net funds raised (line A) consists financial sector account discrepancies but also net gold purchases and of borrowing through credit market instruments (line X of matrix, Table plant and equipment spending. IB) by consumer and nonprofit, nonfinancial business, govt., and rest- Notes to Table 3. of-world sectors. Credit-market funds raised by all sectors consist of For descriptions of transactions included in accounts see Aug. 1959 Line A plus financial sector borrowing shown in line R of Sec. III. BULL., p. 851 ff. Short-term securities included in line B are those shown on line E for III. U.S. Govt. securities. Consumer-held savings bonds and Postal U.S. Govt. U.S. Govt. "other" securities (line F) include savings bonds. Savings System deposits are now included in U.S. Govt. securities rather Total U.S. Govt. borrowing (line D) includes CCG-guaranteed bank than the former group, fixed-value redeemable claims. loans not shown separately. IV. Other securities. Total shown for issues of "other securities" Demand deposits are included here on bank-record basis, for both the excludes open-end investment co. shares; these are shown as a deduction U.S. Govt. (line U) and private sectors (line AC) rather than as they on line P, offsetting net purchases of such shares included in the other appear on the books of depositors and in Table 3, Part I. Difference is lines (mainly consumer) under "net purchases." Net purchases includes described in Aug. 1959 BULL., p. 852 ff. Foreign funds (line W) consists small amounts for mutual savings banks not shown separately. 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1962 r 1963 Category 1958 1959 I960' 1961 1962' III IV III IV (A) Consumer and nonprofit organizations A Current receipts 357.7 381.4 399.2 415.0 440.8 412.5 418.0 426.2 431.8 439.5 443.4 448.7 453.0 461.0 B Income receipts i 330.9 353.2 368.8 380.5 404.6 377.7 383.3 390.7 396.0 403.7 407.4 411.4 415.2 422.7 C Transfer receipts 2 26.8 28.1 30.4 34.5 36.2 34.8 34.7 35.5 35.8 35.8 36.0 37.3 37.8 38.3 D Income taxes and other deductions 52.9 58.7 64.7 66.6 72.3 65.7 66.5 69.4 69.9 73.1 72.4 73.7 75.0 76.4 E Taxes less tax refunds 3 42.1 46.4 51.0 52.6 57.3 52.2 52.4 54.5 55.8 57.5 57.7 58.1 58.8 59.4 F Pension and OASI deductions 4. 10.8 12.2 13.6 14.1 15.0 13.5 14.1 14.9 14.1 15.6 14.8 15.6 16.2 17.1 G Cur. receipts after deduct. (A —D). 304.8 322.7 334.6 348.4 368.5 346.8 351.5 356.8 361.9 366.4 370.9 374.9 378.0 384.6 H Cur. expend, for goods and serv. 5. 243.3 256.1 268.5 277.7 291.1 276.3 278.5 281.8 285.8 289.5 292.9 296.1 299.4 302.8 I Net life insurance premiums 6 3.2 3.7 3.6 3.2 3.6 3.7 2.9 3.3 3.5 3.7 3.5 3.6 3.1 4.0 J Current surplus (G—H —I) 58.3 63.0 62.5 67.5 73.9 66.8 70.1 71.7 72.6 73.1 74.5 75.2 75.5 77.8 K Insurance and retirement credits ~>. 10.6 11.5 10.9 12.6 12.7 12.4 12.6 13.6 12.6 14.0 11.9 12.5 11.7 13.7 L Capital consumption 8 41.6 43.5 45.5 46.9 48.5 46.9 46.9 47.0 47.5 48.2 48.9 49.6 49.9 50.1 M Net saving (J+K-L) 27.3 31.0 27.9 33.1 38.0 32.3 35.8 38.3 37.7 38.9 37.6 38.1 37.3 41.4 N Gross saving (L+M) 68.9 74.5 73.4 80.0 86.6 79.2 82.7 85.3 85.2 87.1 86.5 87.7 87.2 91.5 O Gross investment (P+T) 73.5 78.0 73.6 83.1 91.0 83.9 89.4 82.8 96.4 89.7 77.2 100.7 87.2 92.1 O P Capital expend, (jte.t of sales) . . 55.4 65.7 66.5 63.7 69.5 62.0 63.2 67.9 69.0 67.4 68.9 72.8 73.0 71.0 P Q Residential construction 15.3 19.2 18.4 16.7 17.7 15.6 15.9 18.1 18.3 16.3 17.6 18.5 19.0 16.1 Q R Consumer durable goods 37.3 43.6 44.9 43.6 48.2 43.1 43.9 46.4 47.3 47.5 47.7 50.5 50.2 51.0 R S Plant and equipment (nonprofit). 2.7 2.9 3.2 3.4 3.6 3.4 3.4 3.4 3.5 3.6 3.7 3.8 3.8 3.9 S T Netfinan. investment (U—AJ)18.2 12.3 7.0 19.4 21.5 21.9 26.2 15.0 27.4 22.3 8.2 28.0 14.2 21.1 T U Net acquis. offinan. assets 9 30.3 33.0 23.4 35.1 43.4 36.2 40.3 36.3 46.0 42.4 31.7 53.4 37.9 48.0 U V Demand deposits and currency 2.5 1.2 -.6 1.6 5.1 3.1 3.8 -2.9 3.0 5.5 -1.0 13.1 1.9 8.6 V W Savings accounts 14.0 11.3 12.8 17.8 24.7 17.1 17.2 18.8 28.6 21.6 22.9 25.7 29.4 20.8 W X At commercial banks 5.3 3.0 3.3 6.5 11.5 6.1 6.2 6.6 15.9 10.1 9.6 10.5 12.0 6.5 X Y At savings institutions 8.7 8.4 9.6 11.4 13.2 11.0 11.0 12.2 12.7 11.5 13.3 15.3 17.4 14.3 Y AA Life insurance reserves i ° 3.3 3.8 3.5 3.8 4.2 3.7 4.0 3.6 4.3 3.8 4.5 4.3 4.1 3.8 AA AB Pension fund reserves * ° 7.2 7.7 7.4 8.8 8.5 8.8 8.7 9.9 8.3 10.2 7.4 8.2 7.6 9.9 AB AC Cr. and equity mkt. instr 3.4 11.9 1.2 2.6 3.2 3.9 5.7 5.7 3.6 2.6 1.5 5.1 -2.2 6.9 AC AD U.S. Govt. securities 11 -2.5 7.3 -3.3 -.9 .7 -2.3 2.6 3.2 -1.9 3.9 .1 .9 -3.1 4.5 AD AE State and local obligations.. .9 1.7 1.7 1.0 -.5 1.5 1.0 2.1 .4 -.8 -.7 -.9 -2.3 3.2 AE AF Corporate and foreign bonds .5 * .1 * .5 1.4 -.8 -.4 1.1 1.4 -.7 .3 2.2 -1.3 AF AG Corporate stock 2.1 1.0 .3 .9 q 1.7 1.0 -.4 .9 -4.0 -.6 .3 -1.9 -2.2 AG AH Mortgages 2.4 2.0 2.4 1.6 3!3 1.6 2.0 1.2 3.1 2.0 3.5 4.4 2.9 2.7 AH AI Net invest, in noncorp. bus -.6 -3.1 -1.4 .2 -2.6 .1 .7 1.0 -1.7 -2.8 -2.5 -3.5 -5.0 -1.7 AI AJ Net increase in liabilities 12.1 20.7 16.4 15.8 21.9 14.3 14.1 21.3 18.6 20.1 23.4 25.4 23.7 26.9 AJ AK Consumers 11.3 20.0 15.9 15.1 20.8 13.8 13.5 20.2 17.9 19.4 22.1 24.1 22.8 26.0 AK AL Credit market instruments.. 10.2 20.0 16.0 13.8 21.0 12.0 13.1 18.6 18.5 22.5 20.5 22.4 21.7 23.6 AL AM 1- to 4-family mortgages.. 9.6 13.1 10.8 11.5 14.7 11.5 11.0 13.3 13.7 15.0 15.6 14.3 16.0 16.9 AM AN Consumer credit .2 6.4 4.5 1.7 5.8 -.2 1.6 4.9 4.3 7.0 4.3 7.6 5.1 6.2 AN AO Other loans 12 .4 .5 .7 .6 .5 .7 .4 .4 .5 .5 .6 .5 .5 .5 AO AP Security credit 1.2 * -.1 1.3 -.1 1.8 .4 1.6 -.6 -3.1 1.5 1.7 1.2 2.4 AP AQ Nonprofit organizations *3 .8 .7 .5 .7 1.1 .5 .7 1.1 .8 .8 1.4 1.4 .8 .9 AQ AR Discrepancy (N-O) -4.6 -3.5 -.2 -3.0 -4.4 -4.7 -6.7 2.5 -11.3 -2.6 9.3 -13.0 * -.5 AR NOTE.—Quarterly data are seasonally adjusted totals at annual rates. facing page from those shown in Aug. 1963 BULL. Data for financial flows for 1960-62 are revised on this page and the For other notes see end of table, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 FLOW OF FUNDS/SAVING 1465 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961 r 1962 r 1963 Category 1958 1959 I960' 1961' 1962' II III IV II III IV (B) Farm business A Net income 13.5 11.4 12.0 12.8 13.3 12.8 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 B Proprietors' income withdrawals iA. 13.5 11.4 12.0 12.8 13.3 12.8 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 C Net saving (A-B) is D Capital consumption 4.0 4.2 4.2 4.1 4.2 4.1 4.1 4.2 4.2 4.2 4.2 4.2 4.2 4.2 E Current surp. = gross saving (C+D). 4.0 4.2 4.2 4.1 4.2 4.1 4.1 4.2 4.2 4.2 4.2 4.2 4.2 4.2 F Gross investment (G-fJ) 4.0 4.2 4.2 4.1 4.2 4.1 4.1 4.2 4.2 4.2 4.2 4.2 4.2 4.2 F G Capital expenditures 5.4 4.7 4.5 4.9 4.8 5.3 4.9 4.6 4.6 4.7 4.8 5.0 5.1 5.7 G H Construction and equipment 16... 4.4 4.7 4.2 4.7 4.7 4.9 4.7 4.5 4.5 4.6 4.8 4.9 5.1 5.0 H I Change in inventories .9 .1 .3 .2 .3 .2 .1 .1 .1 .6 I J Net financial investment (K—L) -1.4 -.6 -.4 -.6 -1.2 -.4 -.9 -1.5 J K Net acquis. offinan. assets ll .3 - .4 - .2 -.1 -.1 i » K L Net increase in liabilities 1.7 .2 .2 .7 1.1 .4 .6 .7 .9 1.5 L M Credit market instruments 1.5 1.8 1.2 1.7 2.2 1.4 1.8 1. 2.4 2.3 2.5 1.9 3.3 M N Mortgages .7 .9 .9 1.1 1.3 1.1 1.2 1.2 1.5 1.3 1.4 1.1 2.0 N O Bank loans n.e.c. 1S .6 .7 .2 .3 .7 .1 .3 .3 .6 .8 .9 .3 .8 O P Other loans *» .2 .2 .1 .2 .3 .2 .3 .3 .3 .2 .2 .5 .5 P § T Pr r o ad p e r ie d t e o b r t s' net investment.... .2 -1.7 .2 -1.2 .1 -1.0 .1 -1.9 .3 _ . 7 4 -1. . 1 1 -1.4 .1 -2^0 -f.9 -1.8 .2 -2.0 .3 -2 1 . . 0 1 -2.0 .2 Q R (C) Noncorporate nonfinancial business A Net income 2 o 38.3 40.8 40.1 40.9 42 1 40.7 41.3 41.9 41.6 42.1 42.2 42.5 42.8 43.0 B Proprietors' income withdrawals 21 38.3 40.8 40.1 40.9 42 1 40.7 41.3 41.9 41.6 42.) 42.2 42.5 42.8 43.0 C Net saving (A-B) 15 D Capital consumption 8.0 8.3 8.7 8.4 9.0 8.5 8.3 8.2 8.8 8.9 9.1 9.2 9.0 9.1 E Current surp.= gross saving (C+D) 8.0 8.2 8.7 8.4 9 0 8.4 8.3 8.3 8.8 8.9 9.1 9.2 9.0 9.1 F Gross investment (G-f J). . . 8.0 8.2 8.7 8.4 9 0 8.4 8.3 8.3 8.8 8.9 9.1 9.2 9.0 9.1 F G Capital expenditures 8.7 11.1 11.4 12.1 13.9 11.7 15.5 12.5 12.6 15.2 14.0 13.9 12.6 14.0 G H Plant and equipment 22. . 9.0 10.7 10.9 11.3 13 1 11.1 12.2 12.3 10.9 13.7 13.9 13.7 11.6 14.6 H I Change in inventories 2 °. -.2 .4 .5 .8 9 .6 3.3 .2 1.7 1.5 .1 .2 1.0 -.6 I J Net financial investment (K—N -.8 -2.9 -2.6 -3.7 —5.0 -3 -4.3 -3.8 -6.3 -4.9 -4.7 -3.6 -4.9 J K Net acquis. offinan. assets 1.0 4 .1 .5 .5 .5 .6 .1 .9 .3 .4 K L Demand deposits and currency 9 -.8 -.3 .1 L M Consumer credit * .2 .3 .2 .4 .1 .3 A .2 .3 M N Net increase in liabilities 1.8 2.5 2.8 4.2 5.5 3.6 7.7 4.4 6.9 5.1 5.6 3.9 5.3 N O Credit market instruments 2.9 4.1 3.1 3.0 5.6 1.8 6.3 3.1 3.2 8.4 4.7 5.9 6.3 4.8 O P Mortgages 2.3 2.3 2.1 2.8 4.0 2.5 3.5 3.1 2.9 3.6 4.0 5.3 3.1 4.4 P Q Bank loans n.e.c .5 1.0 \ -.3 .7 -.9 1.2 2 .3 3.9 -.9 -.3 3.5 -1.1 Q R S Tr O ad t e h e d r e l b o t a , n n s e t 2 ( 3 debt less asset) -.5 .2 -.3 .9 1.1 .5 1. . 0 3 _ 1 .7 5 - ' . . 5 2 .1 -.6 .9 1 1 . . 1 6 1. . 3 9 -.2 .6 1. . 5 1 R S T Proprietors' net investment. . . -.6 -1.3 -.2 1.2 — 7 2.4 Q n -1.5 -3.0 .3 T (D) Corporate nonfinancial business A Profits 2» 31.4 40.8 37.5 36.9 39.5 36.8 37.1 41.9 39.1 39.2 38.6 41.3 40.9 42.6 A B Profits tax payments (net) 24 18.9 18.7 21.4 19.6 20.6 19.2 19.8 20.3 20.2 20.1 21.3 20.9 21.6 21.0 B C Net dividend payments 2 5 9.3 10.4 11.2 11.4 12.4 11.5 11.4 11.3 12.4 12.5 12.5 12.2 13.3 13.7 C D Net saving (A-B-C) 3.1 11.6 5.0 6.0 6.5 6.2 6.0 10.4 6.5 6.6 4.8 8.1 6.0 7.9 D E Capital consumption 22.1 23.6 24.8 26.1 30.1 25.9 26.3 26.9 29.7 30.0 30.3 30.5 31.1 31.5 E F Current surp.= gross saving (D-j-E). 25.2 35.2 29.7 32.1 36.6 32.1 32.3 37.3 36.2 36.7 35.1 38.6 37.1 39.4 F G Gross investment (H+M) 21.2 32.1 26.5 28.3 34.0 29.6 26.1 37.1 35.5 32.5 33.1 35.0 31.7 35.6 G H Capital expenditures 23.9 34.1 33.6 31.1 37.5 30.1 31.3 38.0 37.3 38.6 37.5 36.5 35.5 40.5 H I Fixed investment 26.5 28.0 30.9 30.4 33.5 29.9 31.5 31.4 31.3 34.3 34.8 33.5 31.7 36.3 I J Plant and equipment 25.2 26.4 29.6 28.2 30.7 27.6 28.5 28.9 29.8 30.8 31.4 30.8 30.0 31.9 J K Residential construction 26. . 1.4 1.6 1.3 2.2 2.8 2.3 3.0 2.4 1.5 3.5 3.4 2.7 1.6 4.4 K L Change in inventories 2 ° -2.6 6.1 2.7 .7 4.0 .1 -.2 6.7 6.0 4.3 2.7 3.0 3.8 4.2 L M Net financial investment (N—V, -2.7 -2.0 -7.1 -2.9 -3.5 -.4 -5.2 -.9 -1.7 -6.1 -4.4 -1.5 -3.7 -4.8 M N Net acquis. offinan. assets 11.0 12.3 5.1 12.0 9.6 16.3 8.2 17.0 7.7 6.6 15.0 9.2 9.0 14.1 N O Liquid assets , 2.4 2.4 -1.9 2.2 .8 5.0 -2.1 2.8 1.0 -1.7 -1.3 5.1 -.9 1.7 O P Demand dep. and curr 1.5 -1.0 1.3 -2.1 .1 1.1 5.6 -5.7 -4.7 2.1 -6.8 -2.2 P Q R U Ti . m S. e G d o e v po t. s s it e s curities .9 * - 3 .4 .8 -2.7 .8 - 1 .4 .3 2. . 6 3 3 1 . . 7 2 -4.0 .8 - - 2 . . 5 4 4 1 . . 8 9 2. A 6 -2.0 .6 2. . 3 7 4 1 . . 1 8 2 1 . . 4 4 § S Consumer credit .5 .8 .2 .1 \ \ 1.0 1.4 1.2 .6 1.6 1.0 1.0 -.5 1.6 s T Other loans (finance paper) .5 .6 .1 '.S .3 -.2 .7 1.1 2.0 .2 .3 2.2 U Trade credit 6.1 6.1 4.2 7.7 5.1 8.5 6.8 10.4 5A 3.8 10.8 .8 7.6 6.9 T V Other financial assets 2 7 1.5 1.9 2.2 2.0 1.9 1.5 2.1 1.7 1.3 1.9 2.4 1.9 2.7 1.8 U V W Net increase in liabilities 2 8 , 13.7 14.3 12.2 14.9 13.1 16.7 13.4 17.9 9.4 12.8 19.4 10.8 12.7 18.9 W X Credit and equity market instr., 11.0 12.1 11.7 12.6 12.8 14.6 12.3 12.6 10.8 12.1 12.9 15.5 8.7 12.8 X Y Corporate bonds 5.7 3.0 3.5 4.6 4.2 6.5 3.9 4.5 5.1 5.2 3.4 3.1 5.7 2.6 Y Z Corporate stock 2.3 2.3 1.8 2.7 .5 4.3 2.4 1.1 .9 -.3 .5 1.1 .1 -1.0 Z AA Mortgages 2.5 2.5 2.2 3.0 4.4 2.7 3.4 3.7 3.4 4.0 4.1 6.0 3.5 4.6 AA AB Bank loans n.e.c .4 3.7 2.6 1.6 2.6 .5 .4 3.1 1.3 1.7 3.0 4.5 .1 5.1 AB AC Other loans 29 .2 .7 1.5 .7 1.1 .6 2.1 .2 .1 1.5 1.8 .9 -.6 1.4 AC AD Trade debt 2.7 2.1 .4 2.2 .1 2.0 1.1 5.3 -1.5 .3 6.5 -4.8 4.1 6.0 AD AE Discrepancy (F — G) 4.0 3.1 3.3 3.8 2.6 2.4 6.2 .2 .7 4.2 2.1 3.7 5.4 3.8 AE AF Memo: Profits tax accruals 24 16.2 20.7 19.2 19.2 19.5 18.9 19.6 22.2 19.3 19.5 19.1 20.0 20.1 21.4 AF NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1466 FLOW OF FUNDS/SAVING OCTOBER 1963 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961r 1962 r 1963 Category 1958 1959 1960 r 1961' 1962' III IV III IV (E) U.S. Government 3 o A Tax receipts (net of refunds) 68.7 73.1 80.0 85.8 78.9 80.1 83.0 83.4 85.3 86.9 87.4 87.7 88.1 A B Individual income 36.4 40.0 43.7 44.8 48.6 44.4 44.5 46.6 47.3 48.9 49.0 49.3 49.3 50.0 B C Corporate profits 20.4 20.0 23.2 21.0 21.9 20.8 21.1 21.3 21.2 21.3 22.7 22.4 22.9 22.1 C D Other 31 11.9 13.0 14.0 14.2 15.2 13.7 14.5 15.1 14.9 15.1 15.3 15.7 15.5 16.0 D Social insurance programs 3 2. . . . E Premiums received 10.6 13.0 15.7 16.3 18.4 16.2 16.4 16.7 18.1 18.4 18.5 18.5 20.8 21.2 E F Benefits paid 12.6 12.9 14.1 16.9 17.3 17.2 17.0 17.5 17.1 17.1 17.2 18.0 18.1 18.1 F Life insur. & retirement programs G Premiums received 1. 1. 1.9 2.0 2.0 1.9 2.0 1.9 2.0 2.0 2.0 2.0 2.1 2.1 G H Benefits paid 2.2 2.4 2.6 2.9 2.9 2.6 3.3 2.7 2.9 2.8 2.9 2.9 3.7 2.9 H I J N N e e t t i g n r t a e n r t e s s t a p n a d i d d o 3 n a 5 tions paid 34.. # 1 5 1 . . 6 9 1 6 3 . . 4 6 1 7 3 . . 1 4 1 6 4 . . 9 6 1 7 5 . . 2 7 1 6 4 . . 9 4 1 6 4 . . 8 5 1 6 4 . . 9 9 1 7 5 . . 0 6 1 7 5 . . 1 5 1 7 5 . . 2 4 1 7 6 . . 3 3 1 7 6 . . 4 4 1 7 7 . . 5 2 J I K Net purchases of goods & services 3 6 55.6 56.1 55.9 61.4 66.7 61.6 61.4 64.3 66.9 65.7 66.0 68.0 68.9 69.6 K L Construction expenditures 3.4 3.7 3.7 3.8 3.8 3.9 3.5 3.6 3.6 4.1 3.6 4.0 4.0 4.0 L M Other 52.2 52.4 52.2 57.6 62.8 57.7 57.9 60.7 63.3 61.6 62.4 64.0 64.9 65.6 M N Current surplus (A, E, and G, less -6.9 -3.5 5.3 -4.6 -3.6 -5.7 -4.5 -4.8 -6.0 -2.5 -1.3 -4.6 -3.9 -3.9 N F and H through K) O Credits imputed to consumers 3 7.. 1.0 1.0 1.0 1.1 1.5 .7 .9 1.0 1.9 .6 1.1 .9 2.0 O P Gross and net saving (N —O) -7.8 -4.5| 4.3 -5.5 -4.7 -7.2 -5.3 -5.7 -7.0 -4.4 -2.0 -5.7 -4.8 -5.9 P Q Net finan. investment (R-X) -8.1 -5.1 3.7 -5.8 -5.0 -10.6 -1.2 -6.7 -10.2 .1 -2.4 -7.6 -6.3 -1.6 Q R Net acquis. of finan. assets 1.6 4.8 3.4 3.3 4.2 -1.8 13.7 2.0 8.7 8.2 -5.5 5.3 8.7 7.1 R S Demand deposits & currency... .1 .7 .9 .3 -2.1 7.4 -1.3 5.3 3.6 -6.3 1.7 6.1 3.7 S T Credit market instruments 1.7 3.8 2.4 2.8 3^5 -.5 4.9 4.5 4.0 4.5 1.9 3.6 1.2 1.5 T U Mortgages 3 8 .3 2.2 1.2 .6 .3 .1 .8 1.4 1.2 .3 -.1 -.1 -1.3 -1.5 U V Other loans 39 1.4 1.6 1.1 2.2 3.2 -.6 4.1 3.1 2.9 4.2 2.0 3.8 2.5 3.0 V W Other financial assets 4 0 -.2 .3 .1 .2 -.4 .8 1.4 -1.2 -.6 .1 -1.0 * 1.5 1.9 W X Net increase in liabilities 9.7 10.0 -.3 9.1 9.2 8.9 14.9 8.7 19.0 8.1 -3.0 12.9 15.0 8.7 X Y Life insurance and retirement reserves .9 1.0 1.0 1.0 1.1 1.5 .7 .9 1.0 1.9 .6 1.1 .9 2.0 Y Z U.S. Govt. securities 41 8.2 9.3 -2.6 7.3 7.4 8.1 15.0 4.7 15.4 8.6 -4.1 9.7 12.2 9.9 Z AA Short-term direct 42 -1.2 5.5 -5.1 11.3 2.4 15.1 .9 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3 AA AB Other securities 10.2 5.8 2.9 -4.7 4.6 -7.6 13.5 -7.5 -2.4 6.3 7.7 7.2 21.7 -1.6 AB AC Svgs. bonds 43 -.7 -2.0 -.4 .7 .3 .7 .7 .9 .1 .4 .6 .2 .9 1.2 AC AD Other loans 44 .4 -.6 .5 .2 .2 -.3 -.4 1.1 .7 _ 2 -1.5 1.7 .6 -1.1 AD AE Other liabilities 4 5 .2 .2 .6 .5 -.5 -.5 2.1 1.9 -2i2 2.0 .4 1.3 -2.1 AE AF Discrepancy (P-Q) .3 .6 .3 .3 3.4 -4.1 1.1 3.2 -4.5 .5 2.0 1.4 -4.3 AF (F) State and local governments A Tax receipts 4 6 34.1 37.2 41.1 44.1 47.9 43.6 44.5 45.5 46.8 47.6 48.2 48.9 50.4 51.0 A B Net insurance and grants receipts 4 7. 3.4 4.6 4.2 4.8 5.4 4.5 4.8 5.0 5.1 5.4 5.3 5.8 5.8 6.0 B C Net interest paid .6 .7 .7 .8 .8 .8 .8 .8 .8 .8 .8 o Q .9 C D Net purchases of goods & services 3 6 40.2 43.0 45.8 49.8 53.7 48.9 50.0 51.6 52.4 52.7 53.8 55.9 56.5 56.3 D E Construction and land 13.4 13.9 13.9 14.8 15.5 14.4 14.6 15.5 15.4 15.0 15.3 16.5 16.3 15.2 E F Other by govt. enterprises -1.9 -2.1 -2.2 -2.4 -2.5 -2.4 -2.4 -2.4 -2.5 -2.5 -2.5 -2.6 -2.6 -2.7 F G Other by general government.... 28.7 31.2 34.2 37.3 40.7 36.9 37.8 38.5 39.5 40.2 41.0 42.0 42.8 43.7 G H Current surplus (A-f B - C - D) -3.3 -1.9 -1.2 -1.7 -1.3 -1.6 -1.5 -1.9 -1.4 -.6 -1.1 -2.0 -1.3 -.1 H I Credits imputed to consumers 48. .. 1.9 1.6 1.8 3.0 2.5 2.9 3.2 3.3 3.1 2.7 2.3 2.0 2.2 2.5 I J Gross and net saving (H —I) -5.2 -3.5 -3.0 -4.7 -3.8 -4.5 -4.7 -5.2 -4.5 -3.3 -3.4 -4.0 -3.4 -2.6 J K Net financial investment (L-S) -5.0 -3.3 -1.5 -4.2 -4.3 -1.4 -8.1 -4.2 -5.7 -4.1 n -6.7 -.8 -4.2 K L Net acquis. of finan. assets 2.8 3.4 4.3 4.1 4.0 5.6 1.3 5.8 4.4 5.1 5'.5\ .8 6.1 7.9 L M Demand deposits and currency. .2 .5 .2 .6 -.1 1.5 -1.6 2.8 -2.8 1.4 2.7 -1.6 1.0 .4 M N Time deposits .8 -.4 1.4 .9 1.0 1.1 1.0 .8 2.0 .6 .4 1.0 2.4 .8 N O Credit market instruments 1.8 3.3 2.7 2.7 3.1 3.1 1.9 2.3 5.3 3.1 2.4 1.5 2.7 6.7 O P U.S. Govt. securities — 4 1.8 .2 .3 1.4 .6 -.4 .2 3.9 1.4 .7 4.6 P Q State and local obligations... '.5 .4 .1 * -.1 * * * -.2 -.1 -.1 * -.2 _ 2 Q R Other 49 1.7 1.2 2.4 2.4 1.8 2.5 2.3 2.1 1.6 1.8 1.8 1.9 2.1 2.1 R S Net increase in liabilities 7.8 6.7 5.8 8.4 8.3 7.1 9.5 10.0 10.1 9.2 6.4 7.5 6.9 12.1 S T State and local obligations 5.5 4.7 3.7 5.0 5.1 3.8 5.9 6.3 6.4 5.9 3.6 4.3 4.2 9.4 T U Short-term .4 .3 * .4 .4 -.5 .8 .9 .6 .6 -1.2 1.4 -.8 1.9 U V Other 5.1 4.4 3.6 4.6 4.7 4.3 5.2 5.5 5.8 5.3 4.8 2.9 5.0 7.5 V W Employee retirement reserves.. 1.9 1.6 1.8 3.0 2.5 2.9 3.2 3.3 3.1 2.7 2.3 2.0 2.2 2.5 w X Other liabilities so .4 .3 .4 .4 .7 .4 .4 .4 .6 .7 .4 1.1 .5 .2 X Y Discrepancy (J-K) -.2 -.3 -1.5 -.5 .5 -3.0 3.5 -1.0 1.2 .9 -2.5 2.7 -2.6 1.6 Y NOTE.—Quarterly data are seasonally adjusted totals at annual rates. facing page from those shown in Aug. 1963 BULL. Data for financial flows for 1960-62 are revised on this page and the For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 FLOW OF FUNDS/SAVING 1467 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961' 1962 r 1963 Category 1958 1959 I960' 1961 1962' II III IV II III IV (G) Banking system A Net operating surplus 3.3 3.8 4.3 3.8 4.0 3.9 3.7 3.6 3.7 3.9 4.1 4.3 4.2 4.1 A B Profits tax and net div. pymts. 51. 2.5 2.6 3.1 2.9 2.8 3.0 2.7 2.5 2.6 2.7 2.8 3.0 2.8 2.8 B C Current surp.= gross svg. (A —B). .8 1.2 1.1 .9 1.2 .9 1.0 1.1 1.1 1.2 1.3 1.3 1.4 1.2 C D Gross investment (E+F). 1.5 .9 1.1 1.1 .8 2.4 _ 3 .5 3.5 1.7 -1.7 -.4 3.4 2.3 E Capital expenditures.. .2 .3 .2 .3 .3 .2 .3 A A .3 .3 .2 .5 .3 F Net financial invest. (G- W). 1.2 .5 .9 .9 .5 2.1 -.6 .1 3.2 1.4 -2.0 -.6 3.0 2.0 G Net acquis. offinan. assets 52.. 15.2 5.1 8.7 17.8 19.3 16.2 23.0 16.1 22.2 21.7 3.5 29.7 25.1 25.5 H Gold -2.3 -1.0 -2.1 -.6 -1.5 1.3 .9 -1.7 .1 -3.5 -1.6 j -.5 I Credit market instruments.. 17.0 4.8 9.6 16.4 19.3 10.8 22.6 15.1 22.9 22.2 6.8 25.3 28i7 20.1 J U.S. Govt. securities 10.4 -7.9 2.7 7.4 2.2 8.9 12.2 .1 9.6 .7 -6.4 5.1 11.6 -2.3 K Monetary authorities 2.2 .3 .7 1.5 2.0 .2 1.1 2.8 5.4 .3 - .2 2.5 5.2 2.1 L Commercial banks 8.2 -8.2 2.0 5.9 .3 8.7 11.1 -2.7 4.2 .4 -6.2 2.6 6.4 -4.4 M Short-term direct 42. . .9 -3.1 3.5 7.1 -1.0 20.0 6.6 -9.0 9.5 -11.5 -1.6 -8.0 -3.2 N Other 7.3 -5.1 -1.5 -1.2 1.3 -11.3 4.5 6.3 -5.3 5.3 4.2 14.4 -1.2 P State and local obligations.. 2.6 .4 .6 2.8 4.5 1.3 3.5 3.2 5.0 6.2 3.5 3.3 6.0 6.0 Q R C M o o r r p t . g a a g n e d s foreign bonds. . . — 2. 1 1 2.5 * -.2 .7 - 1 .1 .6 — 4. 0 # 1 1.4 * - 1 .2 .8 2. . 2 1 2. . 4 1 A.I 5 - 4 .2 .6 1 : 4. . 3 2 - 3 .2 .8 6. . 1 3 S Consumer credit .2 2.9 1.7 .9 2.2 -1.1 * 1.4 1.4 3.1 1.6 2.7 2.6 2.6 T Bank loans n.e.c 1.2 7.5 2.7 2.7 6.0 .1 5.0 5.7 3.9 8.2 4.3 7.6 3.9 8.3 U Other loans 53 .6 -.6 1.4 1.1 .5 .3 .3 2.2 .3 -.5! 2.2 .9 -.8 V Security loans .4 .2 .2 1.1 1.1 2.6 1 2.2 2.2 -2. 2.51 2.4 -.8 2.9 W Other assets 54 -.1 1.1 .8 .8 .4 1.4 -!8 1. -1.2 1.6 3.5 -2.7 3.0 X Net increase in liabilities 13.9 4.6 7.8 16.9 18.8 14.1 23.6 16.0 19.1\ 20.3 5.5 30.3 22.1 23.5 X Y Demand dep. net & curr. 5 5. 5.6 1.4 .3 5.9 3.5 3.6 9.4 10.7 -.4 6.3 -A.I 12.8 4.3 12.8 Y Z AA D D u u e e t t o o r U e . s S t . o G f o th v e t . w 5 o 6 rld... -.1 .1 .7 * -.1 .9 .3 i 1 . . 1 0 — -. 6 1 1 -1 4 . . 3 8 . . 2 7 4 1 . . 9 4 - 3 .4 .9 -6.5 o 1. .3 5 - 7 .6 .8 3 1 . . 4 2 AA Z AB Due to others 5 6 5.6 .6 -.5 5^8 2.4 5.3 5.9 9.7 -6.7 2.7 2'.6 11.0 -2.8 8.2 AB AC Demand deposits, net 5 5 . 5.1 A 5.7 1.6 4.7 5.6 9.2 -8.5 1.0 3.4 10.3 -6.9 6.3 AC AD Currency .4 .6 -\l .7 .9 .6 .3 .6 1.8 1.7 - .8 .7 4.1 1.9 AD AE Time deposits 8.0 1.1 5.8 9.4 15.3 9.3 9.2 5.5 22.7 13.3 10.2 15.0 19.6 10.5 AE AF Due to consumers 5.3 3.0 3.3 6.5 11.5 6.1 6.2 6.6 15.9 10.1 9.6 10.5 12.0 6.5 AF AG Due to others 2.7 -1.8 2.5 2.9 3.8 3.2 2.9 -1.1 6.8 3.2 .61 4.5 7.6 4.0 AG AH Other liabilities 5 7 .2 1.9 1.5 1.5 -.1 1 2 5.0 -.7 -3.5 .7 | 2.5 -1.8 .2 AH AI Discrepancy (C—D). -•7 .3 * — 2 •5 -1.5 1.2 1.7 -2.0 -1.0 AI (H) Nonbank financial institutions A Current surplus 5 8 8.5 9.2 9.4 10. 8.7 9.9 8.8 10.6 10.2 10.9 9.2 11.9 A B Credits imputed to consumers 5 9. .. 7.8 8.1 8.7 9.0 8.0 9.4 8.6 9.3 9.0 9.4 8.6 9.2 B .7 1.1 .7 .6 .5 .3 1.3 1.3 1.5 .6 2.8 C C Gross saving (A-B) 52 D Gross investment (E+F) 2.8 3.1 3.2 3.2 2.9 3.4 3.4 2.2 2.6 4.5 3.6 2.5 3.7 D E Capital expend, (insur. sector). .3 A A A A A A A A A A .3 .3 E F Net financial invest. (G-Z) 2.4 1.3 2.7 2.8 2.8 2.5 3.0 3.0 1.8 2.2 4.1 3.2 2.2 3.4 F G Net acquis. offinan. assets 21.4 25. 25.9 28.9 32.3 28.0 30.9 33.2 29.0 29.6 34.1 36.7 29.1 36.3 G By subsector: H Mutual savings banks 2.6 1.4 1.6 2.2 3.2 1 2.2 2.3 3.0 2.7 3.8 3.4 3.8 3.2 H I S. & L. assns. & cr. unions. , 7.5 8.9 8.3 10.8 12.0 10.2 10.7 12.7 10.8 10.9 12.3 14.3 13.0 13.7 I J Life insurance companies 5.2 5.2 5.4 5.8 6.5 5.7 5. 6.0 6.1 5.9 7.0 7.0 6.1 6.0 J K Other insurance companies. , 1.2 1.9 1.5 1.6 1.8 1.8 1.5 1.4 2.1 2.0 1.7 1.5 2.4 2.0 K L Noninsured pension funds. .. 2.9 3.2 3.4 3.5 3.6 3.1 3.6 4.1 3.3 4.3 3.2 3.7 3.5 4.0 L M Finance n.e.c 2.0 5.3 5.6 4.8 5.1 5.5 7.1 6.7 3.7 3.7 6.2 6.9 .2 7.4 M By type: N Demand dep. and curr .7 .1 .6 1.3 1.5 1.4 1.1 -.1 .4 2.1 -.6 .1 N O Cr. and equity mkt. instr 19.0 25.6 24.8 25.8 31.3 24.1 29.6 29.5 28.3 32.6 31.8 32.6 30.0 34.3 O P U.S. Govt. securities .9 .7 .2 1.1 1.6 -.5 3.6 1.2 1.0 .3 2.5 2.6 .4 .8 P Q State and local obligations, 1.1 1.6 1.5 1.2 1.2 1.2 1.3 .8 1.5 .8 .8 1.7 .9 .6 Q R Corp. and foreign bonds. . 4.7 3.5 3.5 3.6 4.0 4.3 3.7 3.9 3.3 4.9 3.8 4.0 3.9 4.9 R S Corporate stock 2.2 3.1 3.0 4.0 3.6 4.2 3.7 5.0 4.4 6.1 2.3 1.6 3.0 2.4 S T 1- to 4-family mortgages.., 8.0 9.7 8.8 10.9 12.9 10.9 10.8 12.2 10.6 13.7 13.8 13.4 14.6 16.3 T U Other mortgages 2.2 2.4 2.8 3.4 4.0 3.4 3.3 4.1 3.7 3.5 3.5 5.4 4.1 4.5 U V Consumer credit -.4 2.5 2.3 .5 2.1 .2 1.9 1.9 1.9 1.7 3.0 2.9 1.8 V W Other loans 60 .3 2.0 2.7 1.1 1.9 3.1 .5 1.8 1.5 3.4 1.0 .2 2.9 W Y X O Se t c h u e r r i t f y in c a r n e c d i i a t l assets 61 1. .6 0 .6 * 1. .7 1 -.3 .5 2 1 . . 2 0 -.4 .2 1. . 7 6 -.8 .5 -3.8 .9 1. .1 9 1. .4 6 -1 1 .5 .1 1.8 Y X Z Net increase in liabilities 18.8 24.5 23.1 25.9 29.5 25.3 27. 30.2 27.2 27.3 30.0 33.5 26.8 32.8 Z AA Dep. in mutual savings banks.. 2.3 1.2 1.4 2.1 3.1 2.4 1.9 2.2 2.7 2.6 3.5 3.7 3.3 3.2 AA AB Savings shares 6.6 7.2 8.1 9.4 10.2 8.9 9.1 10.5 10.1 9.1 9.8 12.0 14.2 11.1 AB AC Life insurance reserves 3.3 3.6 3.4 3.7 4.1 3.7 3.9 3.5 4.1 3.6 4.4 4.2 4.0 3.7 AC AD Pension fund reserves 4.4 5.2 4.7 4.9 5.0 4.4 4.8 5.9 4.5 5.7 4.6 5.2 4.6 5.5 AD AE Credit & equity market instr. 6 2. .5 6.0 3.5 3.3 5.7 2.5 5.7 5.1 4.8 7.4 6.4 4.3 2.1 7.1 AE AF Corporate bonds .2 1.1 1 .5 .8 .8 .1 .2 .3 1.1 .5 1.4 .3 2.0 AF AG Corporate stock 1.6 1 2.0 1.9 1.7 2.1 2.7 3.2 2.2 1.3 .8 .8 .6 AG A A J I Ba O nk p e l n o a m ns a r n k . e e t . c paper 6 3 -1 -. . 1 1 1 .1 * - 2 .2 .7 . . 5 5 - 1 .2 .2 1 1 . . 7 2 2. . 7 7 - 2 .8 .1 _ 1 # 3 i 2 1 . . 3 8 A A I J AK FHLB loans to S. & L. assns. 6 3 * .7 .4 .9 1.2 .3 1.2 1.1 .8 -'.2 .5 AK AL Security credit .6 .9 2.2 -1.2 2.2 1.5 -2.0 1.6 2.7 -1.4 2.0 AL AM Miscellaneous 64 1.1 1.2 1.6 1.4 3.5 -.3 .9 -.2 1.5 * .3 AM AN Discrepancy (C-D). -2.1 -1.4 -2.1 -2.5 -2.1 -2.3 -2.8 -2.91 -1.9 -1.3 -3.2 -2.1 -1.9 -.9 AN NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1468 FLOW OF FUNDS/SAVING OCTOBER 1963 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961 1962 1963 Category 1958 1959 1960 1961 1962 II III IV I II III IV I II (I) Rest of the world A Net purch. of goods and serv. (B —C) 1 2 o 3 0 4 5 3 8 4 3 4 1 4.0 3.3 4 4 4 1 3 2 3 7 4 8 A B Purch of goods and services 6 5... 22.7 22.9 26.3 27.5 28.9 26.5 27.8 28.2 27.9 29.5 29.4 28.8 28.4 30.7 B C Sales of goods and services 65.... 21.5 23.6 23.3 23.1 25.1 22.2 23.7 24.2 24.6 25.0 25.3 25.5 24.7 25.9 C D Net unilateral receipts from Govt 6 5 1.3 1.5 1 6 1 6 1 6 1 5 1.5 1.6 1.8 1.5 1 5 1 5 1 5 1 8 D E Current surplus (D —A) 66 .1 2.3 -1.4 -2.9 -2.2 -2.7 -2.6 -2.4 -1.5 -3.0 -2.6 -1.7 -2.2 -3.1 E F Net financial investment (G-N). . . . -.4 1.7 -.7 -2.0 -.8 -1.2 -1.8 -1.4 -2.4 -2.3 1.5 -3.1 -3.1 F G Net acquis. of finan. assets 3.4 4.5 3.8 3.3 2.6 7.5 4.9 4.3 2.9 3.3 1.4 2.7 3.2 6.3 G H I U Go .S ld . dem. dep. and currency... 2.3 1.1 * - 1 .1 .7 -.1 .9 . .1 9 _ - .6 7 -1.3 .6 2. . 0 7 1 1 . . 2 4 -.4 .5 - 1 .9 .8 .3 1 -.6 A 1.2 5 H I J Time deposits .9 -.9 .3 .6 .3 .6 1.1 .5 * -.3 1.3 1.2 .7 J K L O U t . h S e . r G c o r v ed t. i t s e m cu a r r i k ti e e t s instr 6 7 — .1 1 3.0 4 .6 8 .4 5 1.3 * -.6 9 1.1 7 — .8 l — .7 6 2^6 1 1.2 .7 3 — .9 3 3.0 * K L M Misc. financial assets 6 8 .3 9 6 1 1 .1 2.1 2.8 .2 .2 .6 c 1.5 .9 M N Net increase in liabilities 3.8 2.8 4.6 5.4 3.4 3.0 6.8 5.7 5.2 5.6 7.5 1.2 6.3 9.4 N O Official U.S. foreign exchange 69 * * -A .3 -.6 .6 1.4 -1.0 -.5 -1.7 -1.5 .3 * O P Securities 1 3 7 7 8 1 0 8 8 1 1 6 11 7 1 8 2 0 1 4 P Q Loans 7o 1.1 2 1 4 1.9 1.3 -.5 2.7 3.2 3.1 .8 — 5 1 5 1.2 3 4 Q R Miscellaneous 71 1.5 1.9 3.0 2.3 1.7 2.0 1.8 2.4 2.0 2.6 3.0 -.6 2.7 4.6 R S Discrepancy (E — F) 72 . . .4 6 - 7 -.9 -1.4 -1.5 -.8 -1.0 .9 -.7 -2 6 -3 2 .9 .1 S Quarterly data are seasonally adjusted totals at annual rates. 35 Includes net accruals on savings bonds and Treasury bills. 36 Purchases less sales for general govt. and govt. enterprises, in- 1 Payrolls, interest, dividends, and income withdrawals from unincor- cluding outlays for tangible capital and (for U.S. Govt.) net disburseporated business. ments to farmers in form of CCC-direct and guaranteed loans. 2 Grant and donation receipts of consumers and nonprofit organiza- 37 Govt. life ins., employee retirement, and R.R. retirement protions (net of transfers within the sector), social insurance benefits, and grams. Excludes social security, which is treated as nonfinancial operation. benefits from private pension and govt. retirement funds. 38 Mainly on 1- to 4-family and farm properties. 3 U.S. Govt., State, and local income and estate and gift taxes. 39 Mainly loans to business sectors, to foreign and State and local 4 Mainly employee contributions to OASI and to private pension and govts. and to savings and loan assns. (by FHLB). Excludes CCCgovt. retirement funds. guaranteed loans other than those on tobacco. 5 Figures include net operating outlays of nonprofit organizations 40 Mainly nonconvertible foreign currencies and imputed claims on and net transfer payments abroad. monetary authorities connected with net IMF position; see note 69. 6 Net of dividends on and benefits from private life insurance and 41 Includes U.S. Govt. agency debt and accrued interest on Treasury individual annuity policies and Govt. life insurance. bills and savings bonds. Excludes debt held by U.S. Govt. agencies, 7 In connection with consumer saving through life insurance, private TMF notes, and currency items in public debt. pension funds, railroad retirement, and govt. employee retirement. 42 Direct marketable issues due within 1 year. 8 On consumer durables, owner-occupied houses, and nonprofit plant 43 Consumer-held only. Other holdings in line AB. and equipment. 44 CCC-guaranteed bank loans and CCC certificates of interest. 9 Includes net free credit balances with security brokers not shown 4 5 Mainly misc. deposits. separately. 46 Excludes employment taxes. 10 Includes govt. as well as private. 47 Receipts of U.S. Govt. grants; payments of direct relief & other 11 Includes savings bonds and PSS deposits in line AD. transfers; & receipts & payments in connection with govt. employee 12 Policy loans and hypothecated deposits. retirement, unemployment insurance, & cash sickness comp. programs. 13 Consists of commercial mortgages, bank loans, loans from Govt., 48 Arising from employee pension programs. and trade debt. 49 Corporate bonds and mortgages. 14 Estimated as equal to seasonally adjusted net farm income. 5 0 Trade debt and loans from U.S. Govt. 15 Zero by definition; see note 14. 51 Includes payment to Treasury on F.R. notes outstanding. 16 Includes farm residential construction. 52 Foreign-exchange components are described in note 69. 17 Mainly demand deposits and currency. 53 Includes misc. and Treasury currency assets not shown separately. is Excludes CCC-guaranteed loans. See Aug. 1959, BULL., p. 840. 54 Mainly unidentified assets. 19 Govt.; excludes CCC nonrecourse loans. 5 5 Net of F.R. float and cash items in process of collection as reported 2 ° After inventory valuation adjustment. by commercial banks. 21 Estimated as equal to seasonally adjusted business net income. 5 6 Bank-record basis, net of bank float; differs from sector demand 22 Includes residential construction equal in amount to line K in deposits and currency assets (shown in Table 3 and in nonbank sector accorporate business table. counts in Table 4) principally because of mail float. 23 Mainly REA and other loans from U.S. Govt. and loans from 57 Mainly floats on interbank deposits and loans and unidentified finance cos. liabilities. Includes bank stock issues. 24 U.S. Govt., State, and local taxes on profits. 55 Includes premiums on life insurance and private pension plans, less 25 Includes profits paid by U.S. branches to foreign parent corps, less benefit payments and policy dividends. profits paid by foreign branches to U.S. parent corps. 59 In connection with consumer saving through life insurance and pen- 2 6 Includes change in work in place in 1-4 family construction. sion funds. 27 Direct investments abroad and foreign-currency holdings. State and 6 0 Mainly finance co. loans to business and insurance policy loans. local securities are included in line N but not shown separately. 61 Trade credit, time deposits, savings shares, and misc. assets. 28 Includes direct investments from abroad not shown separately. 62 Lines AF, AI, and AJ are finance co. liabilities; line AG is open-end 29 Mainly commercial paper and loans from finance cos. investment co. shares. 3 o Lines A through P of Table 4 (E) are derived mainly from national- 63 Part of "other loans" category. income data, while lines Q through AE are based on data behind Treasury 64 Deposits at banks in U.S. possessions and agencies of foreign banks. cash budget; discrepancy (line AF reflects differences in treatment be- 65 Lines B, C, and D are exports, imports, and net transfers from Govt. tween these two sources of information. Since line C is profit-tax pay- in national income accounts. ments rather than accruals, line N is surplus in national-income accounts 66 Net foreign investment in national income accounts with opposite plus excess of profit-tax receipts over accruals. sign. Net cash borrowing in Treasury cash budget corresponds closely to 67 Corporate securities and acceptances. line Z less accrual of interest on savings bonds and Treasury bills included 68 Direct investments, unidentified assets, and misc. deposits. in that line. Cash surplus is closely indicated by line S less net cash ^9 Official foreign currency holdings and net IMF position of U.S. borrowing. Lines T, W, AD, and AE are reflected in cash outgo in cash IMF position consists of U.S. capital subscription less IMF holdings of budget except for small amounts included in receipts. Lines O and AB special U.S. Govt. notes and deposits with Federal Reserve. are imputations reflected in neither national-income accounts nor cash 70 Security credit, bank loans n.e.c, and other loans (consisting of budget. loans from U.S. Govt. and acceptances). 31 Mainly excise taxes and customs receipts; also includes estate and 71 Direct investments, foreign currency and deposits held by U.S. gift taxes. domestic sectors, and other liabilities. 32 OASI, disability insurance, and unemployment programs. Line E 72 "Errors and omissions" in U.S. balance of payments statements. includes U.S. Govt. employment taxes; line F, U.S. Govt. benefit payments to consumers. NOTE.—"Liabilities" covers equity as well as debt claims. 3 3 Veterans' life insurance and Govt. employee and R.R. retirement For descriptions of sectors, of capital expenditures, and of financial funds. Line G excludes Govt. contributions to these funds. transaction categories, see "Technical Notes," Aug. 1959 BULL., pp. 34 Transfer payments (other than insurance benefits) to individuals, 846-59; for discussion of saving and investment concepts, see p. 834. plus net cash unilateral transfers to foreign countries, grants-in-aid to State and local govts. and subsidies to business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1470 Gold production 1471 Net gold purchases and gold stock of the United States 1472 Estimated foreign gold reserves and dollar holdings 1473 International capital transactions of the United States 1474 U.S. balance of payments 1483 Foreign trade 1484 Money rates in foreign countries 1485 Foreign exchange rates 1486 Guide to tabular presentation 1400 Index to statistical tables 1493 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- 1469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1470 GOLD RESERVES OCTOBER 1963 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f w m t o o a r t t l a e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B 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 14,325 224 107 71 925 324 1,103 46 57 122 1957 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 40 62 81 1958 39,445 1,332 20,582 17,530 60 162 194 1,270 325 1,078 40 72 83 1959 40,195 2,407 19,507 18,280 56 154 292 1 134 327 960 43 71 42 1960 40,505 2,439 17,804 20,260 104 147 293 1,170 287 885 45 78 30 1961 41,105 2,077 16,947 22,080 190 162 303 1,248 285 946 48 88 1962 Aug 2,155 16,139 74 182 419 1,342 286 683 44 94 Sect 41,250 2,175 16,081 22,995 71 184 419 1,341 286 689 43 83 Oct 2,179 16,026 68 186 429 1,341 286 695 43 84 Nov 2,190 16,014 64 187 439 1,340 286 702 43 64 Dec 41,435 2,194 16,057 23,185 61 190 454 J 36S 708 43 57 1963—Jan . 2,199 15,974 58 192 454 ,362 714 43 58 Feb 2,225 15,891 53 195 469 1,364 725 42 58 Mar '41,575 2,226 15,946 '23,405 52 198 484 ,372 732 42 59 Apr 2,228 15.914 52 198 494 1,372 739 42 59 M!ay 2,235 15,854 51 199 504 ,372 746 43 60 June *>41,730 2,244 15,830 ^23,660 51 200 504 1,373 755 43 July 2,268 15,677 201 504 1,354 762 43 Aug 2,276 15,633 504 ,365 768 43 Domin- Ger- E pe n r d i o o d f Cuba m De a n rk - R i e c p a u n b- E d c o u r a- E v l a d S o a r l- l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d s o ia - Iran lic Rep. of 1956 136 31 11 22 28 35 924 1,494 10 27 247 45 138 1957 . . 136 31 11 22 31 35 581 2 542 13 27 247 39 138 1958 80 31 11 22 31 35 750 2,639 17 27 247 37 141 1959 50 31 10 20 30 38 1,290 2,637 26 24 247 33 140 1960. 1 31 10 20 30 41 1,641 2 971 76 24 247 58 130 1961 31 3 19 18 47 2,121 3,664 87 24 247 43 130 1962—Aug 31 3 19 18 62 2,450 3,667 86 24 247 44 129 Sept 31 3 19 18 61 2,481 3,668 86 24 247 44 129 Oct 31 3 19 18 61 2,513 3 669 81 24 247 44 129 Nov 31 3 19 18 61 2,545 3,669 77 24 247 44 129 Dec 31 3 19 18 61 2,587 3,679 77 24 247 44 129 1963 Jan 31 3 19 18 61 2,626 3,694 77 24 247 129 Feb 31 3 19 18 61 2,673 3,727 77 24 247 129 M!ar 31 3 19 18 61 2.709 3,749 77 24 247 129 Apr . .. 31 3 19 18 61 2^743 3 749 77 23 247 129 Mi ay 31 3 19 18 61 2,777 3,749 77 23 247 129 June 31 3 19 18 61 2,814 3 753 77 23 247 129 July 31 3 19 18 61 2,963 3,761 77 23 247 142 Aug 31 3 19 18 61 2,997 3,761 23 247 142 E pe n r d i o o d f Iraq R l e I a p r n e . d - , of Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A So fr u ic th a 1956 14 18 338 77 167 844 33 50 49 35 22 448 224 1957 20 18 452 91 180 744 33 45 49 28 6 461 217 1958 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 I960 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961 84 18 2,225 140 112 1,581 30 53 47 27 443 298 1962—Aug 98 18 2,244 172 98 1,581 1 30 53 47 36 467 468 Sept 98 18 2,241 172 97 1,581 1 30 53 47 37 469 488 Oct 98 18 2,239 172 95 1,581 1 30 53 47 38 469 501 Nov 98 18 2,237 172 95 1,581 30 53 47 39 471 509 Dec 98 18 2,243 172 95 1,581 30 53 47 41 471 499 1963 Jan 98 18 2,254 172 95 1,581 30 53 47 42 All 486 Feb . . .. 98 18 2,284 172 94 1,581 30 53 47 43 476 505 Mar 98 18 2,286 172 94 1,581 30 53 47 45 478 551 Apr 18 2,286 172 95 1,581 30 53 47 45 478 571 May 18 2,287 172 93 1,581 1 30 53 47 46 478 591 June 18 2,289 172 92 1,581 1 30 53 47 21 478 598 July 18 2,292 172 1,581 1 31 53 52 22 482 611 Aus 18 172 1,581 1 31 53 57 496 639 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 GOLD RESERVES AND PRODUCTION 1471 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 i n t 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—Aug 429 181 2,459 19 104 140 174 180 401 3 210 Sept 428 181 2,453 19 104 140 11A 2,517 180 401 3 200 62 Oct . .. 438 181 2,452 19 104 140 174 180 401 3 172 Nov 437 181 2,421 19 104 140 174 180 401 4 151 Dec 446 181 2,667 19 104 140 174 2,582 180 401 4 -50 56 1963 Jan 475 181 2 455 19 104 140 174 180 401 4 116 Feb . 495 181 2,460 19 104 120 174 180 401 4 88 Mar 514 181 2,461 19 104 140 174 2,447 180 401 4 107 41 Apr 533 181 2,453 19 104 140 174 180 401 4 132 May 552 182 2,453 19 104 140 174 172 401 5 137 June 574 182 2,530 19 104 140 174 2,447 401 5 78 43 July 182 2,444 19 104 140 174 401 155 Aug 182 2,451 138 174 401 150 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 Period p W t r i o o o d n r u ld i c- A So fr u ic th a R de h s o ia - Ghana C p ( v L o o il e n l l d o e g - - ) o U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India ot A he ll r i 1956 975.0 556.2 18.8 22.3 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7 3 63 0 i957 1,015.0 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 62.2 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6 0 69 8 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 64 8 1960 . ... 1,175.0 748.4 19.6 31.3 11.1 58.8 161.1 10.5 7 0 4 1 15 2 38 0 5 7 64 2 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.7 4.4 14.0 37.5 5.7 64.4 1962 1,290.0 892.7 19.4 31.1 7.1 54.5 145.5 8.3 7.8 4.5 13.7 37.4 5.7 62 3 1962 July 76.3 1.6 2.6 4.0 11.9 .6 .4 .2 3.3 .5 Aug 76 6 6 2 6 4.6 12 0 8 4 3 4 5 Sept . .... 76.1 7 2.6 3 1.8 4.8 11.7 .7 3 1 3 4 5 Oct 78.1 6 2.7 4.3 12.5 .5 .4 ? 3.2 .4 Nov 78.5 6 2.7 3.8 12.1 .3 4 0 3.0 5 Dec 74.7 7 2 9 3 1 4 3.7 11.7 .4 3 R 3 3 4 1963 Jan . .. 78.0 6 11.7 .8 4 ? 2 9 4 Feb 76.5 6 11.0 6 4 0 2 9 4 M^ar 79.4 6 11.6 .7 4 3 1 5 Apr 79.1 6 11.8 8 4 1 2 8 5 May 80 6 6 12 4 7 3 1 2 8 June .. 80.1 6 11.6 9 July ... . 10.9 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimaed 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

1472 U.S. GOLD OCTOBER 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 in IV I II Western Europe: -84 -83 -1 -143 -17 -56 -30 -30 -20 Belgium 3 3 -329 -39 -141 -144 -63 -35 -68 34 -266 -173 -456 -96 -214 -ioi -ioi -101 Germany, Fed. Rep. of -10 -34 -23 Italy — 349 100 25 -261 -30 -249 -5 -20 -10 -25 Spain • . ... 31 32 -114 -156 — 146 — 59 —20 —20 — 70 —60 -8 -215 20 -324 -125 102 35 —45 50 United FCin&dom 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 15 5 190 190 Latin American republics: Brazil • • 115 1 75 67 -11 -50 2 - — 90 2 8 5 5 7 _ 6 1 0 — 1 59 17 28 28 -6 38 10 27 -30 -20 -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: -30 -157 -15 Other -5 • 18 -4 -28 -97 i -101 2 -93 -16 -41 -11 o 25 Total -5 * 18 -34 -186 -113 -101 -93 -16 -41 -11 -8 25 All other 1 14 -3 -5 -38 -6 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 the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. * Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (se« 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 a o l l 2 d st T o r c e k a s i ury c h F u o o r l r d r e e i i n n g g c 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—Sept. 16,531 16,081 16,067 450 -31 -58 1952 23,252 23,252 23,187 379 379 Oct.. 16,364 16,026 15,978 338 -167 -55 1953 22,091 22,091 22,030 -1,161 -1,161 Nov.. 16,216 16,014 15,977 202 -148 -12 1954 21,793 21,793 21,713 -298 -298 Dec. 16,156 16,057 15,978 99 -60 43 1955 21,753 21,753 21,690 -40 -40 1963—Jan.. 16,102 15,974 15,928 128 -54 -83 1956 22,058 22,058 21,949 305 305 Feb.. 16.023 15,891 15,878 132 -79 -83 1957 22.857 22,857 22,781 799 799 Mar.. 16.078 15,946 15,878 132 55 55 1958 20.582 20,582 20,534 -2,275 -2,275 Apr.. 16,046 15,914 15,877 132 -32 -32 1959 19,507 19,507 19,456 -1,075 4-l,075 May. 16,009 15.854 15,797 155 -37 -60 June. 15,956 15,830 15,733 126 -53 -24 1960 17,804 17,804 17,767 -1,703 -1,703 July. 15,764 15,677 15,633 87 -192 -153 1961 17,063 16,947 16,889 116 -741 -857 Aug.. 15,725 15,633 15,582 92 -39 -44 1962 16,156 16,057 15,978 99 -907 -890 Sept.P 15,789 15,635 15,582 154 64 2 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 Sept. 30, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1481 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1408 and 1410. 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

OCTOBER 1963 GOLD RESERVES AND DOLLAR HOLDINGS 1473 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3 , 1961 June 30, 1962 Sept. 30, 1962 Dec. 3 , 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 & notes1 dollars & notes*• dollars & notesl Western Europe: Austria 558 3 640 * 744 * 783 * 789 2 814 2 Belgium. 1,574 8 1,593 2 1,511 * 1,539 * 1,555 1,606 1 Denmark .. 83 30 83 29 78 30 98 16 96 16 111 15 Finland 138 2 133 2 135 2 134 2 140 2 131 * France 3,110 4 3,664 3 3,643 3 3,744 3 4,123 3 4,532 3 Germany, Fed. Rep. of 6,506 3 6,289 3 6,467 3 6,409 3 6,224 3 6,462 3 Greece . . 154 * 206 * 187 * 196 * 243 * 251 * Italy 3,459 * 3,429 * 3,533 * 3,627 * 3,385 1 3,434 Netherlands 1,797 3 1,888 2 1,857 2 1,829 1 1,809 2 1,897 2 Norway. 135 126 131 85 142 91 155 87 160 111 165 137 Portugal 542 1 584 1 610 1 632 1 635 1 625 1 Spain 469 1 568 1 588 1 623 705 1 736 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 3,427 83 Turkey . 165 * 163 * 162 * 165 * 162 * 156 * United Kingdom 4,495 435 4,882 440 4,319 418 '4,191 370 '4,630 297 4,354 298 Other2 681 48 671 46 665 47 540 48 562 46 478 48 Total... 27,887 840 28,891 820 28,570 786 '28,911 708 '29,164 644 29,878 668 Canada ... 3,704 459 3,566 253 4,169 266 4,057 389 r3,87l 528 3,928 644 Latin American republics: Argentina 425 1 310 1 301 271 1 318 1 393 Brazil 513 1 511 1 499 430 1 400 1 348 Chile 153 * 176 * 147 * 178 * 167 * 172 * Colombia 235 1 252 I 228 205 1 226 1 243 Cuba . 44 * 38 37 16 * 16 * 15 * P M a e n x a i m co a Republic of 60 8 7 7 51 60 8 9 7 6 1 52 8 8 5 6 9 2 8 6 41 69 9 0 7 41 6 1 8 1 8 1 4 1 Peru. . 131 1 137 * 154 152 * 155 * 168 * Uruguay 237 1 259 272 281 276 263 1 Venezuela 819 765 1 1 780 806 11 837 11 905 Other 293 405 354 336 3 421 3 399 2 Total... 3,544 12 3,549 12 3,385 12 3,399 13 3,603 13 3.705 12 Asia: India. ... 325 6 296 6 293 6 288 6 296 5 295 5 Indonesia 119 1 126 1 77 1 72 1 74 1 76 1 P J T a h h p i a l a i i l p n a p . n . i d nes 3 1, 2 3 9 1 6 7 2 8 6 3 • 1 2,2 4 2 1 3 1 0 1 3 3 * 1 2,3 4 1 4 3 9 4 0 8 3 * 1 2, ' 4 2 4 9 1 3 9 5 7 3 ** 2, ' 5 2 4 5 2 7 8 5 1 3 4 * c 2,6 4 2 1 8 2 3 0 3 3 * * Other.. 1,329 45 1,359 41 1,420 41 '1,444 40 '1,516 40 1,546 40 Total 3 4,329 56 4,635 52 4,762 52 4,955 50 5,140 49 5,233 49 Africa: South Africa 330 • 471 * 535 r540 * '597 * 636 * U A R CERVDO 189 * 193 * 186 * 188 • 193 191 * Other 343 12 352 10 368 10 '372 10 '377 10 354 10 Total. . . . 862 12 1,016 10 1,089 10 '1,100 10 '1,167 10 1.181 10 Other countries: Australia 260 281 * 315 * 337 * 340 * 360 * All other . 275 27 272 29 279 30 288 29 281 28 356 30 Total. 535 27 553 29 594 30 625 29 621 28 716 30 Total foreign countries 4.... 340,861 1,406 42,210 1,176 42,569 1,156 '43,047 1,199 '43,566 1,272 44,641 1,413 International and regional5. 5,829 1,432 6,620 1,165 7,127 993 '7,351 911 7,218 966 7,091 1,065 Grand total 4 346,690 2,838 48,830 2,341 49,696 2,149 '50,398 2,110 '50,784 2,238 51,732 2,478 1 Excludes nonmarketable U.S. Treasury bonds and notes held by 5 International Bank for Reconstruction and Development, Interofficial institutions of foreign countries as shown in Table 7 on page 1480. 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

1474 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regionall Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. E p u r e e a r - o n - L r . e A - . Total c O ia ff l i - 3 Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t u i h e n e s r gional 2 gional 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—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 '25,017 '5,148 '4,938 34 176 '19,869 11,958 '7,911 '10,157 3,349 2,448 3,444 '319 152 1963—Jan '24,949 5,100 4,895 30 175 '19,849 11,564 '8,285 '10,009 3,295 2,561 3,518 '319 147 Feb '24,989 5,059 4,856 26 177 '19,930 11,482 '8,448 '10,098 3,261 2,576 3,523 '329 142 Mar '25,154 4,983 '4,797 28 158 '20,171 11,767 '8,404 '10,259 '3,139 2,678 3,621 '326 147 Apr '25,328 '5,029 4,847 '19 162 '20,300 '11,887 '8,413 '10,086 3,227 2,862 3,644 321 160 May.. .. 25,413 '4,865 '4,697 '20 148 '20,548 '12,066 8,482 '10,253 3,244 2,880 3,704 303 165 June.... 25,830 4,838 4,671 26 141 20,992 12,358 8.635 10,741 3,173 2,879 3,733 291 175 JulyP. .. 25,482 4,950 4,783 18 150 20,532 11,926 8,606 10,320 3,073 2,951 3,740 286 162 Aug.p... 25,776 4,819 4,658 18 144 20,957 12,196 8,761 10,652 3,129 2,977 3,741 293 164 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—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 1,296 243 115 154 165 483 Dec '10,157 329 174 67 73 1,157 2,730 119 ,384 248 125 161 111 490 1963—jan . '10 009 320 177 56 75 1,272 2,495 142 1,182 232 120 167 184 476 Feb '10,098 317 189 44 75 1,359 2,413 162 1,123 216 134 161 209 507 Mar '10,259 305 183 65 79 1,414 2,475 166 1,099 228 130 157 191 492 Apr '10,086 276 208 69 70 1,433 2,456 171 1,121 '286 131 159 169 480 May.... '10,253 288 224 74 68 1,573 2,670 174 1.062 '324 130 153 163 483 June.... 10,741 310 233 80 70 1,718 2,709 174 i;i45 316 135 147 162 517 July?. .. 10,320 354 208 99 76 1,435 2,771 181 1,192 237 136 151 184 470 Aug.27... 10,652 392 271 101 75 1,477 2,842 176 1,304 225 133 147 201 432 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o i n 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 <5 U.S.S.R. E E O a u s t r h t o e e p r r e n 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—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 '1,609 11 349 3 19 2,448 210 204 135 148 15 531 1963—Jan 861 30 >i,923 14 261 3 19 2,561 211 188 131 183 14 558 Feb 813 36 '2,041 13 264 3 19 2,576 235 173 118 177 14 589 Mar 812 22 '2,183 10 230 2 16 2,678 266 192 125 167 15 596 Apr 751 21 '2,056 11 197 3 18 2,862 309 198 120 163 15 639 May.... 719 20 '1,948 11 149 2 19 2,880 335 167 124 165 15 627 June 897 16 1,907 12 172 3 20 2,879 342 169 129 183 14 596 July*5. .. 815 16 1,802 13 157 2 20 2,951 383 153 114 157 13 658 Aug.p .. 797 27 1,856 15 159 3 20 2,977 399 160 117 168 12 675 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1475 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 A S n u N t r i e l i l n t e h a s . m & Am O La t e h t r i e i n c r as Total M C 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 9H 88 33 2,780 36 60 114 139 87 1960 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—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 91 504 331 138 98 52 3,733 35 64 48 32 106 July?. .. 109 126 93 559 329 114 92 51 3,740 39 61 52 34 91 Aug.?5... 113 129 91 541 322 126 89 35 3,741 35 62 48 33 96 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 r8 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—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 '319 35 68 '41 14 161 152 147 5 1963—Jan 2,204 129 174 79 348 324 '319 36 68 '43 13 159 147 142 5 Feb 2,191 120 181 81 361 325 '329 36 68 16 '165 142 137 5 Mar, 2,254 116 180 88 367 344 '326 32 68 '46 19 '161 147 142 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 92 202 108 376 361 291 30 101 38 17 105 175 160 15 2,315 87 204 114 379 365 286 30 88 45 15 109 162 147 15 Aug.? 2,309 86 210 121 384 356 293 30 85 48 13 117 164 149 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

1476 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 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 io (Cnd 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 '8.9 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 (incl. 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 Bl Salvador 124.3 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 Vict-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 End of period Total for i e n ign Total Dem D an e d pos T it i s me * c T b er i r l t U e l i s f a . i s S c a u a . n r t d y es n S o p U t e e . c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me i c T b er i r l t U e l i s f a . i s S c a u a . n r t d y es Other 3 currencies 1958 16,159 13,669 6,772 5,066 757 1.075 2,430 1,<51 306 174 59 1959 419,389 416 913 6 341 7 180 4 2,065 ,328 2,398 1 833 295 270 77 I960 21,272 18,929 7,568 7,491 2,469 ,401 2,230 1,849 148 233 113 1961 22,450 19 944 8,644 7 363 2,388 ,549 2,356 1.976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 ,567 2,358 1,977 149 232 150 1962—Aug 24,158 21,371 8,289 8,643 3,002 ,437 2,541 2,066 109 366 246 Sept 24,524 21,739 8,206 9,080 3,002 ,451 2,531 2,057 100 374 254 Oct 25,211 22,409 8,495 9,461 3,002 ,451 2,520 2,050 108 362 282 Nov 25 196 22 425 8,4^7 9 453 3,012 1,523 2,559 2 049 130 380 212 Dec '25,017 22,309 8,528 9.214 3,012 ",555 '2,565 '2,096 116 '352 143 1963—Jan r24,949 22,222 8,858 8,765 2,995 ,604 '2,563 '2,077 123 '363 164 Feb '24,989 22,185 8,957 8,617 2,980 ,631 '2,655 '2,110 144 '401 150 Mar ''25,154 '22,339 '8,936 8,766 2,965 ,672 '2,671 '2,116 143 '412 143 Apr r25,328 r22 453 8,924 8 875 2,981 1,674 '2,759 2,197 146 '416 116 May 25,413 22,522 5,471 3,479 8,962 2,976 1,634 2,760 1,405 806 128 421 130 June 25 830 22 887 5 714 3 562 9,024 2,922 1,665 2,816 1,441 832 109 434 127 JulyP 25,482 22,576 5,640 3,564 8,811 2,961 1,600 2,797 1,401 860 117 419 108 Aug.p 25,776 22,794 5,485 3,672 8,933 3,028 1,676 2,870 1,404 886 111 469 112 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 Nonnegotiable, non-interest-bearing special U.S. notes held by the 4 Includes $1,031 million of nonnegotiable, non-interest-bearing International Monetary Fund; excludes such notes held by the Inter- special U.S. notes representing increase in U.S. dollar subscription to national Development Association and the Inter-American Development the IMF paid in June 1959. Bank, which amounted to $254 million on Aug. 31, 1963. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1477 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 in ica Asia Africa i 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 I960 3 614 717 421 1,356 1,052 69 1961 2 4,804 767 539 1,522 2 1,891 85 1962—Aug 4,833 709 430 1,522 2,046 127 Sent 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 May 5,284 865 510 1,592 2,176 92 48 June 5,473 1 985 593 1,612 2,138 96 47 Julyp 5 396 1 874 594 1 668 2,124 87 47 Aug p 5,376 1 952 535 1,697 2,050 92 50 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 I960 717 ? 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 20 11 23 42 165 6 35 54 27 5 11 35 1962—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 June 985 Q 29 10 51 67 256 8 57 34 31 11 44 24 JulyP 874 Q 28 10 51 63 132 10 68 37 34 12 44 25 Aug.P 952 12 26 9 49 65 159 9 83 37 35 12 52 33 3a. Europe—Continued 3b. Latin America End of period S l w a e n r i - t d z- T k u e r y - U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t r 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- 1958 42 72 124 1 5 • 4 1.099 40 148 52 51 166 293 1959 ... 38 47 121 13 5 1,176 60 117 59 68 115 291 I960 60 49 245 11 11 i 8 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 t 8 1,522 192 186 127 125 19 425 1962—Aug 69 31 166 6 10 12 1,522 164 191 158 138 17 397 Sept 68 41 163 6 12 t 13 1,521 183 196 161 137 17 369 Oct 75 24 202 15 i 13 1,524 169 188 174 151 17 376 Nov 64 12 211 5 15 4 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 t 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 1? 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 A JU u ly g P v 6 7 9 2 4 4 7 5 2 1 0 8 4 4 1 1 7 6 2 2 1 1 1 1 3 3 1 , 6 6 6 9 8 7 2 1 0 9 0 8 1 19 9 9 2 1 1 7 7 1 0 1 17 4 6 6 1 1 7 7 4 44 4 8 8 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1478 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 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 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 - R O l L e ic t p . h A s u e 5 . b r - m B B m u a & e d h a r a s a - - l A N S n n u e a t & i m t r l h i l - e . s A O L ic m a t a h t e i e 6 n r r - Total C M l h a a i i n n n d a - K H o o n n g g India I n n e d si o a - Israel 1958 23 31 52 142 44 6 53 435 6 23 1959 18 36 47 247 57 4 57 586 10 14 1960 23 44 57 234 55 8 66 ,052 9 24 1961 32 74 55 144 56 13 74 21,891 9 36 1962—Aug... 36 86 80 122 49 10 74 2,046 11 14 37 Sept.. 36 86 89 115 44 11 75 ,982 13 18 36 Oct... 32 87 99 94 47 10 81 ,985 13 18 37 Nov.. 32 84 107 104 54 7 82 ,940 13 18 34 Dec... 30 85 122 102 66 9 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 JulyP. 29 106 96 96 113 29 14 11 2,124 12 16 29 Aug.2'. 31 103 93 99 112 31 10 10 2,050 11 19 28 3c. Asia—Continued 3d. Africa 3e. Other countries Congo End of period 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 i ( p v L o il e l l o d e - ) - Moroc- 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 Total7 A t l r u i a a s - - ot A he ll rs 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—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 48 42 6 June... 1,869 66 40 73 96 14 25 47 41 6 July*5... 1,872 52 38 69 87 14 20 47 41 6 Aug.**. . 1,797 51 40 73 92 13 26 50 43 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

OCTOBER 1963 INTL. CAPITAL TRANS ACTIONS OF THE U.S. 1479 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 i t n i f o s f t n i i c s t i u a l - 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 g e t . a n o f n e o f r c 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 c p i i n u m a g a r p n n l i e . t c i r g e e a o s n , v d t. Other 3 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—Aug 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 1963—Jan 4,901 4,385 322 845 658 652 1,908 516 347 169 Feb 5,017 4,479 293 853 672 684 977 538 359 179 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 5,473 4,795 142 884 689 733 2,028 319 678 464 176 38 July? 5,396 4,775 136 835 696 745 2,035 328 620 401 176 43 Aug.p 5,376 4,754 163 891 711 733 1,956 299 622 408 170 45 1 Includes central banks. 4 These figures reflect the inclusion of data 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 Allother currencies 1958 1,362 2 1959 1,545 1 1960 1,698 7 1961 2,034 2 1962—Aug . . .. 2,200 6 Sept 2,184 5 Oct 2,131 1 Nov . . .... ... 2,144 Dec 2,151 4 1963 Jan 2,139 4 Feb 2,112 4 Mar 2,124 6 Apr 2,176 11 May i 2,370 i 2,370 12,337 33 1 29 June 2,388 2,388 2,353 35 * 35 JulyP 2,424 2,424 2,388 36 * 45 Aug ^ 2,463 2,463 2,424 39 * 48 1 Includes $86 million of long-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

1480 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1963 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govi. bonds and notes l U. s S e . c u c r o it r i p e o s r 2 ate 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 s t l e e p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t l e e p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r regional 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 Aug -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 — 5 251 419 — 168 58 41 17 Nov -67 -74 7 210 198 12 70 201 -131 69 48 22 Dec 62 —23 85 195 211 — 16 60 216 — 157 61 61 * 196-J Tan 127 21 106 215 202 12 56 314 —258 58 59 Feb —44 -6 -38 183 190 —7 61 214 — 153 50 59 .. Q Mar 45 40 5 177 176 * 84 186 — 102 60 72 — 12 Anr 12 7 5 273 235 38 120 179 — 59 66 73 7 M^ay 206 101 105 127 -21 310 239 71 144 409 -265 67 86 — 19 June 22 -8 30 31 354 342 12 52 155 -103 58 60 -1 JulyP -10 -3 -7 5 -12 209 193 17 75 116 -41 54 78 — 24 Aug.*1 142 105 37 43 -6 225 206 19 44 110 -66 42 42 * 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 in 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 Aue 705 25 30 275 200 175 163 125 13 25 Sept 705 25 30 275 200 175 163 125 13 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1481 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 n i 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 i m 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 1 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 * 17 1962—Aug... 3 4 * -2 13 -13 i 2 -2 6 2 D S O N e e o c p t c v . t . . . . . . . . . . . - - 1 - 1 5 1 5 6 2 -4 2 q 1 A - - - - 1 2 6 8 2 - - 1 3 * i - -1 1 1 6 * 8 - - 1 3 9 ^ - - 4 1 2 - - 1 - 1 7 5 0 6 -4 2 * -5 * 2 1 - - 2 1 7 * X i 2 2 1 1 2 1963—Jan.. . 12 3 9 i ~2 4 4 4 1 1 4 2 J J A F M A M u u e u p a n l a b g y r r y e . . . . * . . . . . P . . . . . . . -7 7 3 1 1 1 1 * 8 7 2 9 -9 2 6 3 1 8 * 1 0 7 8 1 2 9 * o 1 1 0 - - - _ 1 1 1 2 * * A -1 - - 2 4 0 2 9 n * 4 2 3 3 1 0 3 3 2 2 9 1 - - 5 3 7 4 4 c 1 - 4 2 2 3 1 1 1 5 3 3 9 3 - - - - 1 7 5 3 1 2 4 1 2 6 • * 3 3 * 1 -4 4 6 2 * 1 * * 1 i| 1 c : 2 2 2 3 1 1 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) Period Total g I i a r n o n e t n d - l a . l c T t e f o r o o i i u g t e r n a n - s l - 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 se . c S u . A r i G s ti s e o e s v t s t l . in c E u a st r o g m d o a y ld rked 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—Aug -31 4 -35 -32 2 * -5 1 1962—Sept... 229 6,767 12,687 Sept -52 9 -61 8 -14 2 -57 * Oct.. . 182 7,137 12,706 Oct -151 -4 -147 29 -126 -19 -6 -24 Nov... 202 7,132 12,680 Nov -109 -10 -99 4 -95 * -10 2 Dec.. . 247 6,990 12,700 Dec -156 -78 -78 2 -45 -7 -36 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 e -125 -3 -34 * Mar... 201 7,277 12,789 Mar -114 -29 -85 -42 -27 1 -19 2 Apr... 160 7,478 12,815 M J J A u u u l n ^ y g e y * .P !.... - - 2 1 - - - 6 6 6 8 0 6 6 6 3 4 -62 3 2 8 1 - - 2 1 - - 7 6 8 0 3 7 6 7 c - - 2 2 - 3 6 3 5 7 1 -2 - - 4 2 0 1 9 7 c 1 . -36 * 1 1 - - - - 5 1 4 3 3 7 3 1 6 4 * * 1 1 -30 2 * 1 1 J J A S M u u e u n l a p y g e y t . . . . . . . . . . . . 1 1 1 1 1 7 7 7 8 7 5 1 7 2 4 7 7 7 7 7 , , , , , 9 8 7 8 9 5 8 3 5 4 7 6 3 6 5 1 1 1 1 1 2 2 3 3 3 , , , , , 9 8 0 1 1 1 7 2 8 3 7 8 9 6 2 1 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

1482 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1963 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilitiesto foreigners Area and country 1962 II III IV IV 1 Europe: 2 3 2 2 Belgium 24 24 21 21 5 5 3 3 1 1 30 34 32 32 Germanv Fed Reo of .... 34 38 33 33 Greece 2 3 1 Italy 25 27 28 28 Netherlands 41 27 26 26 8 9 10 10 Portugal 1 1 1 1 8 11 9 9 7 7 7 7 18 25 24 24 Turkey 4 4 4 4 United Kingdom 122 115 93 94 Yugoslavia 6 4 4 4 Other 3 2 2 2 Total... 341 341 301 302 Canada 58 67 80 81 Latin America: Argentina .... 9 9 9 9 Bolivia 1 2 2 2 Brazil 26 23 17 17 Chile 5 5 4 4 Colombia 3 3 4 4 Cuba 2 1 * * Dominican Reoublic 1 2 4 4 El Salvador * * Guatemala * 1 1 Mexico 6 7 6 6 Neth. Antilles and Surinam... 8 5 5 5 Panama, Rep. of 15 18 25 25 Peru 5 3 8 8 Uruguay 2 5 1 1 Venezuela 21 19 23 24 Other 9 16 20 20 Total 112 118 128 129 Asia: TTons Kona • • 2 2 2 2 India 8 10 11 11 Indonesia 2 2 2 2 Iran 7 6 7 7 Israel 1 2 Japan 59 66 48 Korea Ret? of .... 1 3 Philippines 5 5 3 Taiwan * * * Thailand 5 3 4 Other 17 15 11 Total... 107 111 92 All other: Australia 13 14 11 Crvnso Reo of the * South Africa 14 12 12 U A R (EevDt) 1 1 1 Other 18 12 13 Total.... 46 40 37 International 1 Grand total 665 678 638 i ot otCOCO * Claims on foreigners 1963 1962 1963 IP JP1 II III IV IV 1 I- in 2 2 5 4 6 6 5 5 18 18 25 27 24 24 24 24 2 2 8 6 8 8 6 6 1 1 3 4 3 3 4 4 31 31 43 49 51 51 58 59 36 36 130 106 116 117 114 114 1 1 4 6 5 5 6 6 39 39 67 62 75 78 82 82 39 39 47 37 31 31 24 24 12 12 12 13 15 15 15 15 1 1 7 6 6 6 8 8 7 7 16 15 20 20 25 25 8 8 23 25 15 15 17 17 26 26 27 34 29 29 29 29 4 4 5 6 4 4 6 6 109 110 178 245 227 238 192 196 4 4 2 2 3 3 3 2 2 7 6 7 7 7 6 342 344 609 654 645 661 625 629 64 64 725 824 732 753 789 830 6 6 36 32 33 34 31 31 1 1 4 4 4 4 5 5 18 18 68 90 106 106 108 108 3 3 24 25 25 25 25 25 3 3 16 17 15 15 17 18 1 1 6 6 6 6 6 6 2 2 4 4 6 6 7 7 3 3 4 4 4 4 * 6 6 6 6 6 6 6 6 52 53 56 57 59 59 8 3 2 6 6 7 7 5 5 11 10 13 13 13 13 9 9 14 23 20 20 14 14 1 1 5 5 6 6 7 7 23 23 44 38 33 33 33 33 15 15 39 43 44 45 41 41 101 102 336 362 383 387 383 383 2 2 3 4 4 4 4 4 8 8 44 34 38 39 50 50 2 2 3 3 3 3 3 3 6 6 7 6 7 7 6 6 2 2 14 12 10 10 8 8 46 46 101 112 119 123 124 128 3 3 3 3 4 4 4 4 4 4 11 10 11 11 10 10 * * 5 3 3 3 5 5 4 4 4 3 4 5 5 5 5 11 12 12 33 30 26 26 33 33 97 91 91 228 220 231 236 253 256 11 10 10 25 24 24 24 26 26 * 1 1 3 3 3 3 3 3 12 8 8 10 10 10 10 9 9 1 1 1 17 13 10 10 12 12 13 10 10 22 27 25 26 27 27 37 30 30 77 76 73 74 77 78 * * * * 1 1 1 1 1 645 628 630 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. barks, ard 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

OCTOBER 1963 U.S. BALANCE OF PAYMENTS 1483 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 1960 1961 1962 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 i. 26,974 28,311 29,790 7,206 7,610 7,550 7,424 7,428 7,907 Merchandise 19,459 19,913 20,479 5,022 5,262 5,270 4,925 4,988 5,466 Military sales 335 402 660 113 190 141 216 181 205 Investment income receipts, private.. 2,873 3,464 3,850 904 940 946 1,060 1,052 953 Investment income receipts, Govt 349 380 472 109 144 105 114 123 128 Other services 3,958 4,152 4,329 1,058 1,074 1,088 1,109 1,084 1,155 Imports of goods and services—Total. -23,205 -22,867 -24,964 -6,119 -6,222 -6,282 -6,341 -6,217 -6,409 Merchandise -14,723 -14,497 -16,145 -3,942 -4,030 -4,127 -4,046 -3,970 -4,135 Military expenditures -3,048 -2,934 -3,028 -754 -748 -732 -794 -748 -717 Investment income payments -939 -882 -995 -240 -245 -245 -265 -277 -282 Other services -4,495 -4,554 -1,183 -1,199 -1,178 -1,236 -1,222 -1,275 -4,796 Balance on goods and services ] 3,769 5,444 1,087 1,388 1,268 1,083 1,211 1,498 . 4,826 Remittances and pensions -672 -705 -191 -182 -176 -187 -212 -207 -736 1. Balance on goods, services, remittances and pensions 3,097 4,739 4,090 896 1,206 1,092 896 999 1,291 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments 2 , 2,775 -3,370 3,520 -907 -853 -849 -911 -880 -1,201 Grants 3,4 1,664 -1,854 1,903 -537 -466 -434 -466 -440 -525 Long-term loans and subscriptions 4 1,213 -1,941 -2,133 -480 -507 -486 -660 -563 -623 Change in foreign currency holdings and short-term claims, net (increase, —) 2, 4 -527 -261 -248 -48 -154 -74 28 -50 -252 Seasonal adjustment on three preceding items combined -10 46 -50 14 n 45 Change in associated liabilities , 41 80 147 13 44 65 25 31 -1 Scheduled loan repayments 588 606 617 155 184 130 148 151 155 3. Private capital flows, net, excluding foreign liquid assets in U.S , -3,552 -3,507 -3,118 -689 -819 -708 -902 -956 -1,439 U F U o . . S S re . . i l d g o i n n r e g l c o - t t n e g i r n m - v te e r c s m t a m p i i e n t n a v l t e , s s o a tm t b h r e e o n r a t d s in U.S -1 - , 8 6 4 5 9 3 0 4 0 - -1 1 , , 0 5 4 1 9 6 1 8 6 - -1 1 , , 2 5 2 0 5 7 9 7 1 - - 1 3 1 9 5 9 9 7 5 - -3 5 2 0 6 9 6 6 - - 3 1 -1 5 8 0 9 8 - - 4 3 9 3 2 3 5 0 - - 5 5 - 0 1 9 1 2 - -6 4 1 1 6 8 9 2 6 U.S. short-term capital -1,348 -1,541 -507 -305 1 -164 -39 84 -601 Foreign short-term capital 5. -90 177 -116 -23 -51 13 -18 -55 57 4. Errors and unrecorded transactions -683 -905 -1,025 -27 -37 -469 -122 -492 68 Balance of A (= 1+2+3+4) -3,913 -3,043 -3,573 -727 -503 -934 -959 Less: Net seasonal adjustments -113 -129 337 -1,409 -162 -1,281 Balance of A before seasonal adjustment. -3^3 -3,043 -3^573 -614 -374 -1,271 -95 -797 -80 -1,314 -1.201 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,913 3,043 3,573 614 374 1,271 1,314 797 1,201 Advance repayments on U.S. Govt. loans 6... 48 668 666 53 471 142 25 34 Advances on U.S. military exports, net -16 5 470 "l42 -2 107 223 20 -5 Sales of nonconvertible nonmarketable securities,1 net 251 251 63 -10 Dollar securities 8 19 Foreign currency securities , *25i 251 -29 Sales of convertible nonmarketable securities,1 net. 350 152 Dollar securities 125 Foreign currency securities 225 ' J52 Change in U.S. short-term liabilities reported by U.S. banks 9 and foreign holdings of marketable U.S. Govt. bonds and notes 1,738 1,764 653 46 486 -188 309 307 906 International and regional organizations 10 637 407 213 213 -1 -107 109 -60 -59 Foreign private holders excluding banks 1 * -152 81 134 44 269 -137 -42 70 123 Foreign commercial banks 104 595 -147 442 -243 -214 -132 384 80 Foreign official holders 1,149 681 453 -653 462 270 374 -87 762 Change in U.S. monetary reserve assets (increase, —) 2,143 606 1,533 426 -163 881 389 32 124 IMF position 441 -135 626 237 44 331 14 -46 2 Convertible currencies -116 17 -114 -324 104 351 -33 6 Gold 1,702 857 890 303 117 446 24 111 116 1 Excludes military transfers under grants. 8 Certificates sold abroad by Export-Import Bank. 2 Includes also very small amounts of changes in "misc. Govt. non- 9 Includes official liabilities. liquid liabilities." 10 Includes, for International Monetary Fund, only changes in its 3 Excludes military grants. holdings of income-earning U.S. Govt. securities. * Not seasonally adjusted separately, 1! Including undetermined holders. s Other than foreign liquid assets in U.S. 6 Includes sell-offs. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 7 With maturities over 12 months. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1484 FOREIGN TRADE; MONEY RATES OCTOBER 1963 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1960 1961 1962 1963 1960 1961 1962 1963 1960 1961 1962 1963 Month: Jan 1 561 1 623 1 655 3 982 1 213 I 161 1,327 31,093 348 462 328 3 —111 Feb 1,566 1,712 ,812 32,131 1,307 ,150 1,315 31,493 259 562 497 C3 638 Mar 1,518 1,751 ,674 3 1,991 1,261 ,163 1,339 31,484 257 588 335 3 507 Apr 1,622 1,662 ,803 3 1,918 1,315 ,152 1,364 1,423 308 510 439 3 495 May 1,659 1,585 ,782 1,901 1,242 ,153 1,386 1,406 417 432 396 r495 June 1,634 3 1,582 ,838 1,814 ,252 3 ],174 1,342 1,410 382 3 408 496 404 July 1,707 3 1,689 ,729 1,779 1,235 3 1,379 1,362 1,469 471 3 310 367 310 Aug 1,625 1,689 ,687 1,897 1,227 ,254 1,364 1,533 398 435 323 364 Sept 1,647 1,678 3 ,943 1,188 ,262 3 1,476 459 416 3 467 Oct . 1,668 1,780 3 1,493 ,178 .300 3 1,319 490 480 3 174 Nov 1,681 1,733 ,695 ,126 1,309 1,432 555 424 263 Dec 1,645 725 3 1839 109 1,315 3 1,372 537 410 3 467 Quarter: I 4 645 5 086 5,141 3 5,104 3,781 3,474 3,981 3 4,070 864 1,612 1,160 C31 034 II 4,915 3 4,829 5,423 5,633 3,809 3 3,479 4,092 4,239 1,107 3 1,350 1,131 cl,394 Ill 4,979 3 5,056 3 5,359 3,650 . 3 3,895 3 4,202 1,328 3 1 161 3 1 157 IV 4,994 5,238 3 5,027 3,413 3,924 3 4,123 1,582 1,314 3 904 Year 4 19,609 20,152 20,901 14,654 14,713 16,397 4,955 5,439 4,504 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h r s y * D m a o d y n a - y e t y o 2 - 3 B a a m a c n n c o c 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 a s 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 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 - 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 .51 1.13 2.00 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 .32 1.11 2.00 1962—Aug 5.15 5.03 4.02 3.79 3.32 2.50 3.46 2.50 2.50 .53 1.03 2.00 Sept 5.03 4.99 3.93 3.69 3.36 2.50 3.48 2.50 3.06 .57 L10 2.00 Oct 4.46 4.64 3.92 3.71 3.16 2.50 3.51 2.63 2.50 .96 L.50 2.00 Nov 3.81 3.82 4.03 3.77 3.31 2.50 3.50 2.63 2.56 .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 L24 2.00 1963—Jan 3.82 3.68 3.69 3.51 2.85 2.04 3.39 2.63 2.50 .93 1.66 2.00 Feb 3.68 3.52 3.63 3.45 2.82 2.00 3.45 2.63 2.94 .67 1.00 2.00 Mar 3.63 3.55 3.70 3.55 2.82 2.00 3.43 2.63 3.50 .88 1.79 2.00 Apr 3.58 3.60 3.88 3.71 2.84 2.00 3.92 2.63 3.06 .91 L67 2.00 May 3.33 3.33 3.88 3.67 2.92 2.00 3.91 2.63 2.94 .96 1.58 2.00 June 3.23 2.89 3.84 3.69 2.88 2.00 4.76 2.63 3.88 .87 1.14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 >.O7 1.09 2.00 Aug 3.64 3.12 3.85 3.71 2.97 2.00 2.63 2.69 L.78 1.06 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

OCTOBER 1963 MONEY RATES 1485 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Sept. 30, 1962 Rate Country 1962 1963 as of Sept. 30, Per Month 1963 cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Argentina. 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 4.5 4.5 3.75 Aug. 1962 3 5 4 0 4.0 Brazil 10.0 Apr. 1958 10.0 Burma 4.0 Feb. 1962 4.0 Canada * 5.5 Sept. 1962 5.0 4.0 3.5 4.0 4.0 Ceylon 4.0 Aug. 1960 4.0 Chile 2 14.62 July 1962 14.20 14.21 14.21 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 Germany 3.0 May 1961 3.0 Greece 6.0 Nov. 1960 5.5 5.5 Honduras ^ 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India4 4.0 May 1957 4.5 4.5 Indonesia 3.0 Apr. 1946 9 0 9.0 Iran 6.0 Nov. 1960 6.0 Ireland 3.94 Sept. 1962 4.06 '3!86* '3.'69' 4.03 3.88 3.95 3.95 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 Norway 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 Portugal 2.0 Jan. 1944 2.0 South Africa 4.0 June 1962 3.5 3.5 Spain ... ... 4.0 June 1961 4.0 Sweden 4.0 June 1962 3 5 4 0 4.0 Switzerland 2 0 Feh 1959 2.0 Thailand 7.0 ! Feb. 1945 7.0 Turkey 7.5 i May 1961 7.5 United Kingdom 4.5 i Apr 1962 4.0 4.0 Venezuela. . . 4.5 r>ec. 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, deave 2 r B ag e e g i r n a n te in g b u w t i w th il l A n p o r t . b 1 e , m 19 o 5 r 9 e , t n h e a w n t r h e e d i b sc a o n u k n r ts a te h . ave been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—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 percent for agricultural bonds; occur. Costa Rica—5 per cent for paper related to commercial transactions 3 4 R R a a t t e e a s p h p o l w ie n s t i o s f a o d r v a a n d c v e a s n c a e g s a i o n n s l t y c . ommercial paper as well as against ( C ra u t b e a — sho 5 w .5 n p e is r f c o e r n a t g f r o i r c u s l u tu g r a a r l l a o n a d n s i n a d n u d s tr 5 i a p l e p r a c p e e n r t ) ; for loans secured by govt. securities and other eligible paper. 5 Beginning with June 1, 1962, the rediscount rate for commercial national public securities; bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for 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

1486 FOREIGN EXCHANGE RATES OCTOBER 1963 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Aus- Period tralia Austria Belgium Canada Ceylon Denmark Finland France (pound) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) Official Free 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 14.482 3995 2376 1958 5 556 2 907 223.88 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 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 Sept .7034 222.92 3.8706 2.0037 92.590 21.019 14.485 31.057 20.404 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a si l l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) ( Z p e N o a u e la w n n d d ) 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276 56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26 418 278 19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26 492 278 10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27 755 278 00 1962 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 27.719 277.56 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 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 Sept 25.121 20.951 279.77 .16078 .27589 32.645 8.0056 27.721 277.00 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - ) d ( U p K d o n i o u n i m t n g e d - d ) 1957 14 008 49.693 3.4900 278.28 19.331 23 330 279 32 1958 14 008 49 695 3.4900 279.93 2 3810 19 328 23 328 280 98 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23 142 280 88 I960 14 018 49.770 3.4937 279.71 1 6635 19 349 23 152 280 76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23 151 280 22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280 78 1962—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 .6664 19.278 23.167 280.33 1963 Jan 14.000 3.4900 139.72 1.6665 19.313 23.120 280.48 Feb 13.995 3.4900 139.64 1.6664 19.290 23.123 280.34 Mar 13.995 3.4901 139.51 1.6661 19.264 23.102 280.06 Apr 13.999 3.4901 139.51 1.6663 19.251 23.099 280.07 May 13.995 3.4900 139.46 1.6663 19.267 23.127 279.96 13.997 3.4900 139.49 .6663 19.286 23.125 280 02 JUly 13.993 3.4900 139 52 19 302 23 129 280 08 Aug 13.985 3.4893 139.46 1.6664 19.266 23.164 279.96 Sept 13 971 3.4881 139.36 1.6664 19.268 23.171 279.77 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 1488 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1489 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 RAPLH A. YOUNG, Secretary MERRITT SHERMAN, Assistant Secretary DAVID P. EASTBURN, Associate Economist KENNETH A. KENYON, Assistant Secretary J. HERBERT FURTH, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE GARVY, Associate Economist DAVID B. HEXTER, Assistant General Counsel RALPH T. GREEN, Associate Economist GUY E. NOYES, Economist ROBERT C. HOLLAND, Associate Economist ERNEST T. BAUGHMAN, Associate Economist ALBERT R. KOCH, Associate Economist DANIEL H. BRILL, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A. MURPHY, NEW YORK, President SIDNEY MAESTRE, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS L. A. STONER, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND, Vice President JAMES W. ASTON, DALLAS J. FlNLEY McRAE, ATLANTA ELLIOTT MCALLISTER, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1490 FEDERAL RESERVE BULLETIN • OCTOBER 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. Stcele 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 Raymond Rebsamen Harry A. Shuford J. H. Longwell Darryl R. Francis Little Rock Frederick P. Blanks Fred Burton Louisville Philip Davidson Donald L. Henry Menphis 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. Coldwell El Paso William R. Mathews Roy E. Bohne Houston Max Levine J. Lee Cook San Antonio G. C. Hagelstein Carl H. Moore San Francisco F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles Robert J. Cannon Clifford H. Watkins Portland Raymond R. Reter James A. Randall Salt Lake City Thomas B. Rowland Arthur L. Price Seattle Henry N. Anderson Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 ALL-BANK STATISTICS, 1896-1955. Pt. I, U.S. the United States, $5.00 per annum or $.50 per Summary. Pt. II, Summaries by States and other copy per month. areas. 1959. 1,229 pp. $4.00. FEDERAL RESERVE CHART BOOK ON FINANCIAL THE FEDERAL RESERVE ACT, as amended through AND BUSINESS STATISTICS. Monthly. Annual October 1, 1961, with an Appendix containing subscription includes one issue of Historical provisions of certain other statutes affecting the Chart Book. Subscription prices: (1) $6.00 per Reserve System. 386 pp. $1.25. annum or $.60 per copy in the United States 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 TEM. 1962. 40 pp. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; set of 3 books PUBLISHED INTERPRETATIONS of the Board, as of $2.50. December 31, 1962. $2.50. 1491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1492 FEDERAL RESERVE BULLETIN • OCTOBER 1963 REPRINTS FARM DEBT AS RELATED TO VALUE OF SALES. Feb. 1963. 9 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) CHANGES IN STRUCTURE OF THE FEDERAL DEBT. May 1963. 10 pp. THE MONETARY SYSTEM OF THE UNITED STATES. Feb. 1953. 16 pp. FINANCING THE U.S. PAYMENTS DEFICIT. Apr. 1963. 8 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pp. FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. Nov. 1958. 15 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. scription of revised statistics for all banks in May 1963. 13 pp. the United States, by class of bank, together BANKING AND MONETARY STATISTICS, 1962. Sewith revised statistics. Apr. 1959. 94 pp. lected series of banking and monetary statistics CONSUMER BUYING INTENTIONS AND QUARTERLY for 1962 only. Feb., Mar., and May 1963. 16 SURVEY OF CONSUMER BUYING INTENTIONS. pp. Combined reprint. Sept. 1960. 31 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. STATISTICS ON THE GOVERNMENT SECURITIES INTEREST RATES ON TIME DEPOSITS, Mid-Febru- MARKET. Apr. 1961. 8 pp. ary 1963. June 1963. 7 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. SURVEY OF COMMON TRUST FUNDS, 1962. June 1961. 15 pp. 1963. 6 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. MONETARY DEVELOPMENTS, FIRST HALF '63. July 1961. 3 pp. 1963. 7 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. MEASURES OF MEMBER BANK RESERVES. July July 1962. 6 pp. 1963. 14 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- BANK LOANS SECURED BY STOCKS AND BONDS. July DEXES. July 1962. 6 pp. 1963. 19 pp. ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. A BANK EXAMINER LOOKS AT AGRICULTURAL 5 pp. LENDING. July 1963. 8 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. MEASURING AND ANALYZING ECONOMIC GROWTH. 11pp. Aug. 1963. 14 pp. REVISION OF WEEKLY DEPARTMENT STORE SALES CHANGES IN BANKING STRUCTURE, 1953-62. Sept. INDEX. Aug. 1962. 3 pp. 1963. 8 pp. INTEREST RATES AND MONETARY POLICY. Sept. 1962. 28 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. similar reprint from Mar. 1963 Bull.) 1962. 15 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. 11 PP. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. 1962. 18 pp. 1963.8 pp. MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8 THE OPEN MARKET POLICY PROCESS. Oct. 1963. pp. 12 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Table Acceptances, bankers', 1424, 1426 Discount rates, 1406, 1485 Agricultural loans of commercial banks, 1418, 1420 Discounts and advances by Federal Reserve Assets and liabilities (See also Foreign liabilities and Banks, 1402, 1408, 1410 claims): Dividends, corporate, 1437, 1438 Banks and the monetary system, consoli- Dollar assets, foreign, 1473, 1481 dated, 1413 Corporate, current, 1438 Earnings and hours, manufacturing industries, 1453 Domestic banks, by classes, 1414, Employment, 1450, 1452, 1453 1418, 1420, 1426 Federal Reserve Banks, 1408 Farm mortgage loans, 1439, 1440 Automobiles: Federal finance: Consumer instalment credit, 1442, 1443, 1444 Cash transactions, 1428 Production index, 1446, 1447 Receipts and expenditures, 1429 Bankers' balances, 1419, 1421 Treasurer's balance, 1428 (See also Foreign liabilities and claims) Federal home loan banks, 1433, 1434, 1441 Banks and the monetary system, consolidated state- Federal Housing Administration, 1433, 1434, ment, 1413 1439, 1440, 1441 Banks for cooperatives, 1433, 1434 Federal intermediate credit banks, 1433, 1434 Bonds (See also U.S. Govt. securities) : Federal land banks, 1433, 1434 New issues, 1434, 1435, 1436 Federal National Mortgage Assn., 1433, 1434, 1441 Prices and yields, 1424, 1425 Federal Reserve Banks: Brokers and dealers in securities, bank Condition statement, 1408 loans to, 1418, 1420 U.S. Govt. securities held by, 1402, 1408, Business expenditures on new plant and equip- 1410, 1430, 1431 ment, 1438 Federal Reserve credit, 1402, 1408, 1410 Business indexes, 1450 Federal Reserve notes, 1408, 1411 Business loans (See Commercial and industrial loans) Federally sponsored credit agencies, 1433, 1434 Finance company paper, 1424, 1426 Capital accounts: Financial institutions, loans to, 1418, 1420 Banks, by classes, 1414, 1419, 1422 Float, 1402 Federal Reserve Banks, 1408 Flow of funds/saving, 1460 Carloadings, 1450 Foreign central banks, 1470, 1485 Central banks, foreign, 1470, 1485 Foreign currency operations, 1408, 1410, 1472, 1480 Coins, circulation of, 1411 Foreign deposits in U.S. banks, 1402, 1408. Commercial banks: 1413, 1419, 1422, 1481 Assets and liabilities, 1414, 1417, 1418 Foreign exchange rates, 1486 Consumer loans held, by type, 1443 Foreign liabilities and claims: Number, by classes, 1414 Banks, 1474, 1476, 1477, 1479, 1481 Real estate mortgages held, by type, 1439 Nonfinancial concerns, 1482 Commercial and industrial loans: Foreign trade, 1484 Commercial banks, 1418 Weekly reporting member banks, 1420, 1423 Gold: Commercial paper, 1424, 1426 Certificates, 1408, 1411 Condition statements (See Assets and liabilities) Earmarked, 1481 Construction, 1450, 1451 Net purchases by U.S., 1472 Consumer credit: Production, 1471 Instalment credit, 1442, 1443, 1444, 1445 Reserves of central banks and govts., 1470 Noninstalment credit, by holder, 1443 Reserves of foreign countries and international Consumer price indexes, 1450, 1456 organizations, 1473 Consumption expenditures, 1458, 1459 Stock, 1402, 1413, 1472 Corporations: Govt. debt (See U.S. Govt. securities) Sales, profits, taxes, and dividends, 1437, 1438 Gross national product, 1458, 1459 Security issues, 1435, 1436 Security prices and yields, 1424, 1425 Hours and earnings, manufacturing industries, 1453 Cost of living (See Consumer price indexes) Housing starts, 1451 Currency in circulation, 1402, 1411, 1412 Customer credit, stock market, 1425 Industrial production index, 1446, 1450 Debits to deposit accounts, 1410 Instalment loans, 1442, 1443, 1444, 1445 Demand deposits: Insurance companies, 1427, 1430, 1431, 1440 Adjusted, banks and the monetary system, 1413 Insured commercial banks, 1416, 1418 Adjusted, commercial banks, 1410, 1412, 1419 Interbank deposits, 1407, 1414, 1419 Banks, by classes, 1407, 1414, 1422 Interest rates: Turnover of, 1410 Bond yields, 1424 Type of holder, at commercial banks, 1419 Business loans by banks, 1423 Department stores, 1450, 1454, 1455 Federal Reserve Bank discount rates, 1406 Deposits (See also specific types of deposits): Foreign countries, 1484, 1485 Adjusted, and currency, 1413 Open market, 1424, 1484 Banks, by classes, 1407, 1414, 1419, 1422, 1426 Stock yields, 1424 Federal Reserve Banks, 1408, 1481 Time deposits, maximum rates, 1407 Postal savings, 1407, 1413 International capital transactions of the U.S., 1474 1493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1494 FEDERAL RESERVE BULLETIN • OCTOBER 1963 International institutions, 1470, 1472, 1473 Sales finance companies, consumer Inventories, 1458 loans of, 1442, 1443, 1445 Investment companies, new issues, 1436 Saving: Investments (See also specific types of investments): Flow-of-funds series, 1460 Banks, by classes, 1414, 1418, 1421, 1426 National income series, 1459 Commercial banks, 1417 Savings deposits (See Time deposits) Federal Reserve Banks, 1408, 1410 Savings institutions, principal assets, 1426, 1427 Life insurance companies, 1427 Savings and loan assns., 1427, 1431, 1440 Savings and loan assns., 1427 Securities (See also U.S. Govt. securities): Federally sponsored agencies, 1433 Labor force, 1452 International transactions, 1480, 1481 Loans (See also specific types of loans): New issues, 1434, 1435, 1436 Banks, by classes, 1414, 1418, 1420, 1426 Silver coin and silver certificates, 1411 Commercial banks, 1417 State member banks, 1416 Federal Reserve Banks, 1402, 1408, 1410 State and local govts.: Insurance companies, 1427, 1440 Deposits of, 1419, 1422 Insured or guaranteed by U.S., 1439, 1440, 1441 Holdings of U.S. Govt. securities, 1430, 1431 Savings and loan assns., 1427, 1440 New security issues, 1434, 1435 Ownership of obligations of, 1418, 1426, 1427 Manufactures, production index, 1447, 1450 Prices and yields of securities, 1424, 1425 Margin requirements, 1407 Stock market credit, 1425 Member banks: Stocks: Assets and liabilities, by classes, 1414, 1418 New issues, 1435, 1436 Borrowings at Federal Reserve Prices and yields, 1424, 1425 Banks, 1404, 1408, 1422 Deposits, by classes, 1407 Tax receipts, Federal, 1429 Number, by classes, 1415 Time deposits, 1407, 1412, 1413, 1414, 1419, 1422 Reserve requirements, 1407 Treasurer's account balance, 1428 Reserves and related items, 1402 Treasury cash, 1402, 1411, 1413 Weekly reporting series, 1420 Treasury currency, 1402, 1411, 1413 Mining, production index, 1447, 1450 Treasury deposits, 1402, 1408, 1428 Money rates (See Interest rates) Money supply and related data, 1412 Mortgages (See Real estate loans) Unemployment, 1452 Mutual savings banks, 1413, 1414, 1416, U.S. balance of payments, 1483 1426, 1430,1431, 1439 U.S. Govt. balances: Commercial bank holdings, by classes, 1419, 1422 National banks, 1416 Consolidated monetary statement, 1413 National income, 1458, 1459 Treasury deposits at Federal Reserve National security expenditures, 1429, 1458 Banks, 1402, 1408, 1428 Nonmember banks, 1416, 1418, 1419 U.S. Govt. securities: Bank holdings, 1413, 1414, 1418, 1421, Payrolls, manufacturing, index, 1450 1426, 1430, 1431 Personal income, 1459 Dealer transactions, positions, and Postal Savings System, 1407, 1413 financing, 1432 Prices: Federal Reserve Bank holdings, 1402, 1408, Consumer, 1450, 1456 1410, 1430, 1431 Security, 1425 Foreign and international holdings, 1408, Wholesale commodity, 1450, 1456 1473, 1481 Production, 1446, 1450 International transactions, 1480 Profits, corporate, 1437, 1438 New issues, gross proceeds, 1435 Outstanding, by type of security, 1430, 1431, 1433 Real estate loans: Ownership of, 1430, 1431 Banks, by classes, 1418, 1426, 1439 Prices and yields, 1424, 1425 Type of holder, 1439, 1440, 1441 United States notes, outstanding and in circula- Type of property mortgaged, 1439, 1440, 1441 tion, 1411 Reserve requirements, member banks, 1407 Utilities, production index, 1447, 1450 Reserves: Central banks and govts., 1470 Vault cash, 1402, 1407, 1419 Commercial banks, 1419 Federal Reserve Banks, 1408 Veterans Administration, 1439, 1440, 1441 Foreign countries and international organizations, 1473 Member banks, 1402, 1404, 1407, 1419, 1421 Weekly reporting member banks, 1420 Residential mortgage loans, 1439, 1440, 1441 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES (o THE FEDERAL RESERVE SYSTEM Q) HAWAII Legend 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