Federal Reserve Bulletin, 1963-11

FEDERAL RESERVE B U LLETIN November 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 Recent Interest Rate Trends 1495 Law Department 1505 Announcements 1530 National Summary of Business Conditions 1532 Guide to Tabular Presentation 1534 Financial and Business Statistics, U.S. (Contents on p. 1535) 1536 International Financial Statistics (Contents on p. 1601) 1602 Board of Governors and Staff 1620 Open Market Committee and Staff; Federal Advisory Council 1621 Federal Reserve Banks and Branches 1622 Federal Reserve Board Publications 1623 Index to Statistical Tables 1625 Map of Federal Reserve System Inside back cover Volume 49 * Number n 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 Salrador, Uruguay and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Interest Rate Trends INTEREST RATES rose in most sectors of issues advanced more than yields on seathe U.S. money and capital markets during soned high-grade corporate bonds. Over the the first 10 months of 1963. This was in longer period from the fall of 1961 to the fall contrast to 1962 when long-term rates declined generally and short-term rates showed only small net advances. INTEREST RAtES t-a mortgages tst»A lower-grade bonds continued to cetline in 1963 Short-term rates fluctuated in a narrow range during the first 4 months of 1963, but from mid-May to mid-November they rose by around s/s of a percentage point. fMA MORTGAGE". Monetary and other policy actions taken to help reduce the deficit in the U.S. balance of payments contributed to the uptrend. Yields on State and local government, CORPORATE Baa Treasury, and high-grade corporate bonds turned up in late 1962 or early 1963, but their subsequent advances were characteris- STATE AND LOCAL Baa \ tically smaller than those of short-term rates. While rates on mortgages and yields on lower quality corporate bonds extended their 1962 while high-grade yields turned up declines during the first part of 1963, they subsequently tended to stabilize. fORPORAIfc NIA' I'.SUt". Since both the magnitude and in a few instances the direction of yield changes were different in different sectors of the money and capital markets, spreads within the to- U.S. GOVT. LONG-TERM tal structure of interest rates changed. The gap between short- and long-term rates nar- STATE AND LOCAL Aaa rowed, as is typical when money conditions firm and interest rates rise. And spreads between rates on mortgages and yields on U.S. Government and high-grade corporate bonds also narrowed. While yields on U.S. NOTII.—Yields on FHA mortgages are Federal Reserve com- Government and high-grade State and local pilations from average secondary market prices reported by FHA. Corporate Baa and State and local govt. issues, from government bonds followed roughly the Moody's Investors Service. Aaa corporate bonds, weighted averages of new publicly offered issues rated Aaa. Aa, and A same pattern of advance, those on Treasury by Moody's and adjusted to a Aaa basis. Monthly data; dots are averages in first half of November. 1495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1496 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 of 1963, yields on Treasury bonds rose rela- tion guidelines but also in reflection of a tive to those on all other capital market continued gradual expansion of earnings. instruments, as the preceding chart shows. Factors in the 1962 rate decline. Long-term interest rates turned down in 1962 because RATES IN CAPITAL MARKETS the flow of funds to capital markets tended to outstrip growth in demands for funds To a considerable extent both the general from long-term borrowers. The supply eledecline of long-term interest rates during ment that contributed most significantly to 1962 and the subsequent advance of most of the decline was the accelerated flow of funds these rates during 1963 were attributable to into time and savings deposits at commercial factors affecting the supply of funds. These banks. Flows to mutual savings banks, savfactors included changes in flows of funds ings and loan associations, and credit unions to financial intermediaries, changes in monealso continued to grow at a brisk pace. tary policy, and revisions in the interest rate Aggregate savings flows to all of these expectations of lenders, as their outlook on institutions rose sharply in the 1960-61 receslikely business and financial developments sion, as they had in the 1957-58 recession. changed. But contrary to previous cyclical experience, Although net new borrowing in mortgages they continued to grow rapidly in 1962, and State and local government bonds rose along with economic activity, as the upperto record highs during 1962 and the first 9 most section of the accompanying chart months of 1963, a significant part of the shows. For reasons that are developed below growth in both types of debt was probably this counter-cyclical growth in savings flows induced by the ample supply of funds seekto financial intermediaries added to the suping investment in these sectors. ply of funds in capital markets. Likewise, in the U.S. Government securi- The particular factor initiating the sharp ties market, additions to public holdings of increase in flows to financial intermediaries new issues maturing in more than 5 years in 1962 was the joint action of the Federal were unusually large in both 1962 and the Reserve System and the Federal Deposit first 3 quarters of 1963, due chiefly to the Insurance Corporation raising the maximum increased interest of lenders in long-term rates commercial banks may pay on time investments. More than half of the total and savings deposits. These higher ceilings growth in public holdings of such issues ocgave commercial banks leeway to pay rates curred in Treasury advance refundings. competitive with those available on direct Borrowing via long-term corporate securiinvestments in marketable securities. In parties in 1962 and the first 9 months of 1963 ticular, they made it possible for banks to was less than in 1961. This reduced demand offer rates on time deposits and certificates for funds from corporations reflected their that were competitive with yields on money increased ability to meet cash needs from market instruments. internal cash flows. In previous cycles corporate cash flows leveled off or declined after During 1961 several security dealers the early recovery period. In the present had established a secondary market for tradcycle, however, they have continued to rise, ing in time certificates of large city banks. partly because of the new investment tax As a result, investor interest in these negocredit and the Treasury's revised deprecia- tiable instruments had grown rapidly. After Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT INTEREST RATE TRENDS 1497 ceiling rates were raised at the beginning of 1962, growth in time CD's accelerated SAVINGS ACCOUNTS grow sharply in cirrent epswing further, accounting for nearly three-eighths Billions of do of the growth in total time and savings de- TOTAL PRIVATE posits at weekly reporting banks in 1962. LONG-TERM BORROWING As commercial banks took advantage of the higher rate ceilings, some other savings institutions responded with increases of | TOTAL NET INFLOW INTO SAVINGS ACCOUNTS | their own. The step-up of rates available aid COMMERCIAL BANKS invest sore in capital warket instruments on time and savings accounts greatly enhanced the attractiveness of such investments I MORTGAGES, MUNICIPALS, AND | I . U.S. GOVT. SECURITIES I and channeled a larger proportion of total » - OVER 5 YEARS - - "1 savings into this form. To some extent the appeal of these fixed interest returns was U.S. GOVT. SECURITIES further enhanced by the impact on investor 1 UNDER 5 YEARS sentiment of the sharp break in stock market 1953 1955 1957 1959 1961 1963 prices in 1962 and by the general tendency FACILITATING further growth in mortgages and government securities for investors to downgrade the inflation psy- I960 1961 1962 1963s chology that had been carried over from the Billions of dollars Not funds railed by - 1950's. Slate and lacal obligations 3.7 5.0 5.1 6.7 Corporato securities 5.3 7.3 4.8 6.6 The importance of commercial banks in Mortgages: the expanded flow of funds to capital mar- 1- to 4-family 10.4 11.7 15.4 17.5 Other 5.8 6.9 9.4 10.2 kets in 1962 is indicated by the middle panel Change in public holdings of the following chart. In addition to the of U.S. Govt. bonds due alter 5 years -5.1 +0.1 +7.9+7.2 sharp growth in time and savings deposits, the combination of stimulative monetary NOTE.—Chans: Flow of funds seasonally adjusted quarterly policy and a slower-than-usual cyclical data at annual rates. Long-term borrowing includes mortgages and net security isues by nonfinancial corporations, foreigners, growth in business loan demands also left and State and local govts., excluding short-term issues of the latter. Flows to savings accounts represent growth in time and banks with resources that could be allocated savings deposits at commercial and mutual savings banks and increase in shares at savings and loan associations and credit to longer-term investments. unions. Table: Net funds raised, from flow of funds series. Faced with the accelerated growth and Changes in public holdings of Govt. securities (figures for 1963 are estimates for period through October) are calcuhigher costs of their time and savings depos- lated from Treasury Survey of Ownership and represent new offerings of the Treasury to the public, less net purchases by Federal agencies and trust funds and Federal Reserve, its, commercial banks began early in 1962 less amount of outstanding debt that shortened to less than 5 years' maturity due to the passage of time. to place more emphasis on yield and less on liquidity in their investment policies. They continued, banks began to invest heavily in reduced their holdings of lower yielding mortgages as well and to lengthen their port- Treasury bills and invested actively in folios of U.S. Government securities. long-term capital markets. At first their Responding to this large bank appetite interest was centered in State and local for longer-term investments, the Treasury government securities in order to obtain in its 1962 financings offered nearly $13 high after-tax yields. This brought about billion of new issues with maturities of a sharp decline in yields in the State and more than 5 years to the public. While the local government market. As deposit growth relatively high coupon rates on these new Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1498 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 bonds attracted other investors as well as direct investment in money market instrubanks, banks took the lion's share of most ments. issues. In practice, therefore, the higher rates on Despite the accelerated flow of funds to time and savings balances established in commercial banks in 1962, savings accounts 1962 channeled a large volume of shortat other financial intermediaries also con- term funds that would otherwise have been tinued to grow at a rate about in line with invested in short-term assets into the capipast trends. Flows to all institutions accept- tal markets, where they helped to satisfy ing time and savings balances thus rose the demands of long-term borrowers. Other sharply in relation to total private long-term things being equal, this tended to depress borrowing, as the preceding chart shows. rates in the capital markets and to raise As is usual, funds available to these other rates in short-term markets. savings institutions went largely into the The general decline of long-term interest mortgage market. With commercial banks rates in 1962 was accentuated by lender also showing an increased interest in mort- expectations. In the face of the stock market gages, lenders generally found it difficult break and of uncertainties created by a slowto put available funds to work at the yield ing of the economic expansion, lenders levels which prevailed in early 1962. Ac- tended to view current rates on long-term cordingly, to keep fully invested they eased assets favorably in relation to those that mortgage rates and other lending terms. might be available in the near future. There- It is difficult to ascertain whether the fore, they bid actively to obtain such assets. funds that accounted for the rapid general Factors in the 1963 rate advance. By early rise in time and savings balances during 1963 it began to become apparent that the 1962 were funds that would otherwise have 1962 rate decline had gone too far. Better remained in idle demand deposits or would business news dissipated some of the earlier have gone directly into particular short- or uncertainty on the economic outlook, and long-term market instruments or into spend- psychology was further improved by the ing. To the extent the funds were merely rapid rise in stock prices starting in late diverted from direct investment in such in- 1962. Around the turn of the year the struments as State and local government posture of monetary policy shifted further bonds, the total flow of funds to capital toward less ease. At the same time, security markets was of course not changed, except offerings in capital markets by governmental perhaps in particular subsectors. units—Federal and State and local—re- However, a large share of the funds chan- mained unusually large. Later, the rate of neled into time and savings balances clearly growth in time and savings balances showed represented liquidity reserves which, in the signs of slackening. absence of these alternatives, would very In light of all these developments comlikely have been either invested in short-term mercial banks and other lenders began to debt instruments, such as Treasury bills, or adjust their outlook on interest rates and held in the form of money. The very large tended to hold back in the commitment of amounts of funds placed in marketable time funds until rates advanced to higher levels. certificates of deposit of commercial banks, As the year progressed these early rate infor example, were diverted chiefly from fluences were reinforced. A sharp deteriora- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT INTEREST RATE TRENDS 1499 tion in the U.S. balance of payments posi- SHORT-TERM INTEREST RATES tion during the second quarter led to further Interest rates on short-term debt instruments, Government measures for dealing with the as the uppermost section of the accompanydeficit—including an increase of V2 a pering chart shows, have advanced in three centage point in the Federal Reserve disstages since the recession: The initial adcount rate to 3 V2 per cent and some further vance, ranging from roughly % to V2 a perfirming of open market policy. With shortcentage point, occurred in the latter half of term interest rates rising generally in response to these monetary actions, yields on most bonds also rose, but only moderately. Finally, as economic activity continued to move up, business demands for bank credit gathered additional momentum, and business optimism became more widespread. In the face of all these developments lenders tended to view further interest rate advances as likely, which in itself tended to augment the rise. The volume of time certificates outstanding at city banks increased after the interest rate ceiling on deposits maturing in 3 months to 1 year was raised in July to 4 per cent. Still the annual rate of growth in commercial bank time and savings deposits was less in the first 10 months of this year than last, and flows of funds to savings and share accounts at other institutions in the first 9 months were below the advanced rates of late 1962. While banks continued to absorb about 90 per cent of the heavy volume of new State and local bond offerings during the first 9 months of 1963, several developments—including the further firming of monetary policy during the summer, rising rates on short-term money market instruments, and the general reduction in bank liquidity—raised questions among market k^r ^ participants as to whether banks would continue to absorb State and local government securities in such volume. These uncertain- NOTE.—Bill rates are market yields. Effective rate for Federal funds is rate for heaviest volume of purchases and sales ties led to some congestion in the municipal as reported to F.R. Bank of New York. For time deposits and certificates, all rates shown are ceilings, except for securities market and to a further rise in time CD's in late 1962 and 1963, which represent midpoints of the range of dealer offered quotations on 6-month maturyields. itites in the secondary market. Range between high and low quotations varied from 4 to 20 basis points in that period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1500 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 1961 as the domestic economy moved out the further firming of bank reserve policy, of the recession. Over the next 17 months and the mid-July action of the Federal Rethere were net increases, but they were small. serve and Federal Deposit Insurance Cor- Then in late May 1963 rates turned upward, poration raising maximum permissible rates and in less than 5 months rose about as much on time deposits at commercial banks. as in the previous 24 months. The further firming of money conditions Impact of discount rate change. Just before after May caused banks to liquidate some the mid-July increase in the Federal Reserve holdings of U.S. Government securities discount rate short-term interest rates re- and forced them to rely more on borrowings corded a sizable advance. During this at the Federal Reserve to meet their marperiod the press reported preliminary esti- ginal reserve needs. In the 6 months from mates indicating that the payments deficit mid-May through mid-November, borrowhad become much worse in the second quar- ings of all member banks at the Federal ter. At the same time money market data Reserve averaged more than $300 million, began to show some lessening of marginal about double the average for the preceding reserve availability in the banking system. 6 months; and their net free reserves aver- These developments, along with testimony aged $130 million compared with $325 by Treasury officials at congressional hear- million in the earlier period. ings on possible ways of dealing with the The increase in ceiling rates on time depayments deficit, led to market expectations posits made it possible for commercial banks that a change in monetary policy was immi- to offer more competitive rates on time cernent. Thus, by mid-July the 90-day Treasury tificates—particularly those with maturities bill rate had already risen about Vs of a per- of from 3 to 6 months, on which the ceiling centage point from its mid-May level of rate had previously been only 2Vi per cent. 2.90 per cent. Banks moved promptly to take advantage Because of this anticipatory advance, of this greater leeway, and the resulting Treasury bill rates at first showed little competition for short-term funds operated additional response to the increase in the to reinforce the general advance in shortdiscount rate. Within a short time, however, term rates. the higher costs of reserves borrowed at Seasonal deficit financing by the Treas- Reserve Banks were further reflected in other ury usually exerts upward pressure on money market rates, particularly in rates for short-term interest rates during the last half Federal funds, and in rates paid by Govern- of every year, but in the 4 months ending ment security dealers for financing their with October, the Treasury covered a large security inventories. Subsequently the 90- part of its cash needs out of existing balday bill rate also pushed higher and by early ances. Net cash borrowing thus amounted November exceeded the discount rate by a to under $2.5 billion, less than in the equivasmall margin. lent period of other recent years and less Other factors in the recent rate advance. than previously expected. Other factors that contributed to the rise in Nevertheless, gross Treasury cash borrowshort-term rates after May were the con- ing of $6 billion was spread over five suctinued expansion of economic activity and cessive special Treasury bill auctions of $1 the increased business optimism it created, to $2 billion each—running from late Aug- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT INTEREST RATE TRENDS 1501 ust to late October. Three of these repre- buying to include longer-term securities, sented the start of a new monthly cycle of provided the market supply of such issues 1-year Treasury bill auctions. The other was sufficient to permit buying without two were a bill strip auction and a tax pressing prices to unsustainable levels. anticipation bill auction. Since none of these As the economy moved out of the 1961 operations permitted commercial banks to recession and advanced to new high levels make payment by crediting Treasury tax of activity, the Federal Reserve gradually and loan deposits, Government security modified the posture of active ease it had dealers had to provide most of the under- adopted in the recession. Each of these writing. This operated to keep bill rates moves to less ease was intended to moderate under upward pressure. slightly the rate of expansion in bank re- Role of public policy. Looking more serves, and thus to exert some upward broadly at the economic upswing since pressure on short-term rates. Each was taken 1961, the movement of short-term rates in when unfavorable developments in the balthe period was particularly affected by three ance of payments were creating concern influences. One was the large transfer of about the possibility of an accelerated outfunds from short- to long-term markets, flow of short-term capital and when favoralready described. The other two were Fed- able developments in the domestic economy eral Reserve open market policy and Treas- indicated further expansion was likely. ury debt management policy. The rate on 90-day Treasury bills re- Policy actions of the latter two types were sponded to these policy modifications, as the directed at minimizing downward pressure preceding chart shows, although the reon short-term rates during the earlier part sponse in mid-1962 was distorted for a short of the period and later at exerting upward time by expectations of possible, more draspressure on these rates. Higher short-term tic policy moves prompted by the Canadian rates—particularly for Treasury bills— balance of payments crisis and by talk of a were considered desirable both to restrain possible "quickie" cut in U.S. income taxes. interest-sensitive outflows of short-term cap- For the period from mid-1961 to early 1963, ital and to bolster confidence in the dollar when the effective rate on Federal funds among participants in foreign exchange mar- remained generally below the Federal Rekets. While the Federal Reserve and the serve discount rate, the pattern of change in Treasury have pursued these objectives the funds rate provides a more striking injointly, the relative roles they have played dication of the relative impact of monetary changed somewhat as the economy moved policy on money market conditions. to higher levels of activity. Although successive System policy modifi- The Federal Reserve has consistently pur- cations thus contributed to the rise in shortsued a policy designed to encourage bank term rates, they did not keep bank credit credit expansion. Within the framework of from continuing to grow substantially. The this policy, it has conducted open market total expanded at the unusually rapid rate operations in a manner designed to mini- of nearly 9 per cent during 1962 and 7.4 mize the downward impact of its purchases per cent (annual rate) in the first 9 months on short-term rates. To this end, in February of 1963. Moreover, although average bor- 1961 the System extended its open market rowing at the Federal Reserve rose after Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1502 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 May 1963, member banks as a group continued to show net free reserves. This contrasts sharply with the cyclical expansions PUBLIC HOLDINGS OF SHORT-TERM U. S. GOVERNMENT SECURITIES of the 1950's when the banking system (In billions of dollars) showed a large net borrowed reserve position. Change in 12 months ending— Treasury debt management. During most Type of holder of the economic advance the Treasury has and issue Sept. Sept. Sept. used debt operations to exert upward pres- 1961 1962 1963 sure on short-term rates. Its principal means of achieving this objective has been to Commercial banks: Treasury bills . + 5.4 -3.1 + 1.0 finance the bulk of the continuing Federal Coupon issues..... + 7.1 - .9 -5.9 cash deficit in the Treasury bill market. In Total. . . . . +12.5 -4.0 -4.9 setting the terms and the timing of these bill Nonbank holders: auctions, the Treasury has sought to maxi- Treasury bills +4.0 +3.7 mize their upward impact on market rates. Coupon issues - .6 - .5 -2.5 Since 1961, however, the Treasury has Total - .7 +3.5 + 1.2 also stressed debt extension in its other All holders: financing operations. Its ability to do this Treasury bills . + 5.4 + .9 +4.7 Coupon issues . + 6.5 -1.4 -8.5 without compromising short-term rate objectives was due in large measure to the Total + 11.9 _ 5 -3.8 willingness of banks to hold a larger proportion of their Government security portfolio in longer-term issues. NOTE.—Changes are calculated from Treasury Survey of Prompted by a desire to rebuild secondary Ownership data. Public holdings exclude securities held by Federal agencies and trust funds and the Federal Reserve. reserves—depleted in the 1955-59 period of Survey data for commercial bank holdings were adjusted by Federal Reserve to obtain an estimate of total bank holdings. economic expansion and monetary restraint Short-term issues are those with maturities of less than 1 year; partially tax-exempt issue is to first call. —commercial banks had expanded their With banks reducing their bill holdings holdings of short-term Treasury issues durand the Treasury adding to the total supply, ing late 1960 and 1961 by more than the nonbank holdings of bills rose by $7.7 bilnet increase in such debt available to the lion, more than offsetting a $3 billion drop public, as the table shows. But when ecoin their holdings of short-term Treasury nomic expansion in 1962 failed to fulfill expectations—with monetary policy remain- coupon issues, resulting from Treasury efing easy, and with the large inflow of time forts at debt extension. and savings deposits—bank demands for Over the same period the supply of bank liquidity declined. In the 2 years ending with time certificates of deposit grew by well over September 1963, they reduced their holdings $5 billion, and that of commercial paper of short-dated Treasury debt by $8.9 billion. and bankers' acceptances by more than Some of this represented net liquidation of $2.5 billion. Thus despite the Treasury em- Treasury bills, but much of it reflected tak- phasis on lengthening of the debt in its reings of the longer-term issues offered in funding operations, the supply of short-term Treasury refinancings. money market instruments that were avail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT INTEREST RATE TRENDS 1503 able to meet demands for liquidity was sub- the current economic upswing, yield spreads stantially increased. also remained wider over a longer period. Treasury bill rates in the 1961 recession SHORT- VERSUS LONG-TERM RATES never reached the extreme lows of the two Since the 1961 recession, changes in the previous recessions, due in part to official spread between yields on short- and long- efforts to restrain declines. Nevertheless, the term Government securities have received spread between yields on bills and long-term considerable attention. This interest has bonds was about the same in both the recent been prompted largely by the efforts of eco- recession and the 1954 downswing. nomic policy to promote domestic economic In the first 5 months of 1961 and again growth, while at the same time exerting up- in 1962 the yield spread between Treasury ward pressure on short-term interest rates. bonds and Treasury bills narrowed as longterm rates declined. In earlier periods when The chart shows changing relationships long-term rates declined on any similarly within the term structure of Treasury yields sustained basis, short-term rates usually over the past three cycles. In all three cycles declined by more. Narrowing of the spread spreads within the yield structure were in the 1961 period reflected in part the fact widest when monetary conditions were easy. that bank and other demands for liquidity Because money remained easy longer during were met with a greatly expanded supply of short-term Treasury securities, chiefly as a result of Treasury financings. At the trough of the two earlier recessions, the supply of short-term debt had been substantially reduced by Treasury debt lengthening operations. The supply of short-term issues available to the public in the first 5 months of 1961 was also augmented by net sales of about $1.7 billion from the portfolios of the Federal Reserve System and of Federal agencies and trust funds. At the same time, these official accounts made offsetting purchases of longer-term securities, including over $1.1 billion of issues due in more than 5 years. These purchases, and the expectations of further purchases they created, contributed to the decline in yields on longer maturities and thus helped to reduce the yield spread between short- and long-term Treasury obligations. The tendency for spreads to narrow NOTE.—Three-month rate is market yield on bills. Rates for 20- and 5-year maturities are constant maturity yields within the Treasury yield structure in 1962 based on yield-curve data supplied by U.S. Treasury and Morgan-Guaranty Trust Company. Figures are plotted was due chiefly to the large transfer of monthly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1504 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 funds from short- to long-term markets by change is typical in periods of generally financial intermediaries. In addition, the rising rates. But, as the chart shows, the decline in long-term rates reflected changed relative magnitude of the advance in longexpectations, while the net advance of short- term rates through mid-November was less term rates in the face of these expectations than in some earlier periods of rising shortreflected System policy shifts to slightly less term rates, when money conditions were ease. tight. Although Treasury offerings to the During 1962 the Federal Reserve and public of new issues with maturities of more Federal agencies and trust funds made net than 5 years totaled about $15 billion in the market purchases of $0.6 billion of Treasury first 10 months of 1963, two-thirds of this bonds due in more than 5 years. To a limited increase occurred in advance refundings, extent this buying helped to cushion the which have the smallest immediate impact impact on rates of the large additions to on market rates per dollar of financing of public holdings of such issues in Treasury any type of Treasury operation. Moreover, financings. in this period, Federal agencies and trust The marked further narrowing of the spread between short and long rates during funds acquired $1.5 billion of such issues in 1963 has occurred as short-term rates have the market, and the Federal Reserve acrisen more than long-term. This pattern of quired about $0.6 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Margin and Retention Requirements change, shall be 30 per cent of its current market value, as determined by any reasonable method. The Board of Governors of the Federal Re- (b) Retention requirement. For the purpose of serve System, amended the Supplements to Regu- § 221.1, in the case of a loan which would exceed the lations T and U, effective November 6, 1963, so maximum loan value of the collateral following a withdrawal of collateral, the "retention requirement" as to increase the margin requirements from 50 of a stock, whether or not registered on a national per cent to 70 per cent for credit extended by securities exchange, shall be 70 per cent of its current market value, as determined by any reasonable brokers, dealers, and banks to finance purchases method. of securities registered on a national securities exchange. The increased margins also apply to Investment Securities Regulation short sales. In addition, the amendment increased, The Comptroller of the Currency has revised his from 50 per cent to 70 per cent, the amount that Investment Securities Regulation, issued pursuant must be retained in an under-margined account to authority contained in paragraph Seventh of with a brokerage firm or undermargined bank Section 5136 of the Revised Statutes (12 U.S.C. loan when there is a sale of part of the securities 24). The Regulation became effective upon pubserving as collateral. The text of the Supplements lication in the Federal Register on September 12, as thus amended are as follows: 1963 (28 Federal Register 9916). The applicability of the revised Regulation to State banks that are members of the Federal Reserve System SUPPLEMENT TO REGULATION T is discussed in a Statement of the Board of Gov- SECTION 220.8—SUPPLEMENT ernors. The texts of the Regulation and of the Effective November 6, 1963 Board's Statement are as follows: (a) Maximum loan value for general accounts. The maximum loan value of a registered security (other INVESTMENT SECURITIES REGULATION than an exempted security) in a general account, sub- (12CFRPart 1) ject to § 220.3, shall be 30 per cent of its current market value. § 1.1 AUTHORITY. (b) Margin required for short sales in general ac- This part is issued by the Comptroller of the counts. The amount to be included in the adjusted debit balance of a general account, pursuant to Currency under the general authority of the na- § 220.3(d)(3), as margin required for short sales of tional banking laws, 12 U.S.C. 1 et seq., and under securities (other than exempted securities) shall be 70 per cent of the current market value of each such specific authority contained in paragraph Seventh security. of 12 U.S.C. 24. The Comptroller of the Currency (c) Retention requirement for general accounts. In is charged by the national banking laws with the the case of a general account which would have an excess of the adjusted debit balance of the account over execution of all laws of the United States relating the maximum loan value of the securities in the ac- to the organization, operation, regulation and sucount following a withdrawal of cash or securities pervision of national banks and in particular with from the account, the "retention requirement" of a registered security (other than an exempted security), the execution of 12 U.S.C. 24 which sets forth pursuant to § 220.3(6)(2), shall be 70 per cent of its the corporate powers of national banks. This part current market value. interprets and applies paragraph Seventh of 12 U.S.C. 24 to provide for its due execution and for SUPPLEMENT TO REGULATION U the proper regulation and supervision of the opera- SECTION 221.4—SUPPLEMENT tions of national banks. Paragraph Seventh of 12 Effective November 6, 1963 U.S.C. 24 also specifically provides for the Comptroller of the Currency to prescribe by regulation (a) Maximum loan value of stocks. For the pur- (a) limitations and restrictions on the purchase pose of § 221.1, the maximum loan value of any stock, whether or not registered on a national securities ex- of investment securities by a national bank for its 1505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1506 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 own account and (b) further definition of the term (1) Obligations of the United States "investment securities." (2) General obligations of any State of the United States or of any political subdivision there- § 1.2 SCOPE AND APPLICATION of This part applies to the purchase, sale, dealing (3) Other obligations listed in paragraph Sevin, underwriting, and holding of investment se- enth of 12 U.S.C. 24. curities by national banks, banks located in the (d) The term "political subdivision of any District of Columbia, and by State banks which State" includes a county, city, town or other muare members of the Federal Reserve System. It nicipal corporation, a public authority, and genmay also apply to a limited extent to others en- erally any publicly owned entity which is an gaged in the banking business. The Comptroller instrumentality of the State or of a municipal of the Currency is charged by various provisions corporation. contained in Chapter 1 of Title 26 of the District (e) The phrase "general obligation of any State of Columbia Code with the supervision of banks or of any political subdivision thereof" means an located in the District of Columbia. State banks obligation supported by the full faith and credit which are members of the Federal Reserve Sys- of the obligor. It includes an obligation payable tem are, under 12 U.S.C. 335, subject to the same from a special fund when the full faith and credit limitations and conditions with respect to the pur- of a State or any political subdivision thereof is chasing, selling, underwriting, and holding of in- obligated for payments into the fund of amounts vestment securities and stock as are applicable in which will be sufficient to provide for all required the case of national banks under paragraph Sev- payments in connection with the obligation. It enth of 12 U.S.C. 24. Dealers in securities are implies an obligor possessing resources- sufficient prohibited by 12 U.S.C. 378 from engaging in to justify faith and credit. banking business. Section 378 specifically provides, however, that it does not prohibit national banks or State banks or trust companies (whether § 1.4 LIMITATIONS AND RESTRICTIONS ON PURor not members of the Federal Reserve System) CHASE AND SALE OF A PUBLIC SECURITY or other financial institutions or private bankers A bank may deal in, underwrite, purchase and from dealing in, underwriting, purchasing and sell- sell for its own account a public security subject ing investment securities to the extent permitted only to the exercise of prudent banking judgment. to national banking associations by the provisions Prudence will require such determinations as are of 12 U.S.C. 24. appropriate for the type of transaction involved. For the purpose of underwriting or investment, prudence will also require a consideration of the § 1.3 DEFINITIONS resources and obligations of the obligor and a de- (a) The term "bank" includes national banks, termination that the obligor possesses resources banks located in the District of Columbia, and sufficient to provide for all required payments in State banks which are members of the Federal connection with the obligation. Reserve System. (b) The term "investment security" means a § 1.5 LIMITATIONS AND RESTRICTIONS ON PURmarketable obligation in the form of a bond, note CHASE OF AN INVESTMENT SECURITY or debenture which is commonly regarded as an investment security. It does not include invest- (a) Evidence of obligor's ability to perform. ments which are predominantly speculative in A bank may purchase an investment security for nature. its own account when in its prudent banking judg- (c) The term "public security" means an obli- ment (which may be based in part upon estimates gation described in 12 U.S.C. 24 as not subject which it believes to be reliable), it determines that to the limitations and restrictions contained there- there is adequate evidence that the obligor will be in "as to dealing in, underwriting and purchasing able to perform all that it undertakes to perform for its own account, investment securities." Pub- in connection with the security, including all debt lic securities include: service requirements, and that the security may be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1507 sold with reasonable promptness at a price which the Currency provides that an investment securcorresponds reasonably to its fair value. ity is eligible for purchase subject to a specified (b) Judgment based predominantly upon reli- limitation, a bank may not at any time thereafter able estimates. A bank may, subject to limitations purchase such security, if, after such purchase, set forth in Section 1.6(b), purchase an invest- the bank's holdings of such security would be in ment security for its own account although its excess of the specified limitation. judgment with respect to the obligor's ability to (d) Public securities. Public securities are not perform is based predominantly upon estimates subject to the limitations contained in this section. which it believes to be reliable. Although the appraisal of the prospects of any obligor will usually § 1.7 LIMITATIONS AND RESTRICTIONS ON PURbe based in part upon estimates, it is the purpose CHASE, SALE AND HOLDING OF SPECIFIED of this paragraph to permit a bank to exercise a OBLIGATIONS somewhat broader range of judgment with respect to a more restricted portion of its investment A bank may deal in and underwrite the obliportfolio. It is expected that this authority may gations of the International Bank for Reconstrucbe exercised not only in the absence of a record tion and Development and the Inter-American of performance but also when there are prospects Development Bank and all bonds, notes and other for improved performance. It is also expected that obligations of the Tennessee Valley Authority, an investment security purchased pursuant to this but it may not hold at any one time the obligations paragraph may by the establishment of a satis- of any one of such obligors in a total amount in factory financial record become eligible for pur- excess of 10% of the bank's capital and surplus. chase under paragraph (a) of this section. (c) Securities ruled eligible by the Comptroller § 1.8 PRUDENT BANKING JUDGMENT; CREDIT of the Currency. A bank may consider as a factor INFORMATION REQUIRED in reaching its prudent banking judgment with Every bank shall maintain in its files credit respect to an investment security a ruling pubinformation adequate to demonstrate that it has lished by the Comptroller of the Currency on the exercised prudence in making the determinations eligibility of such security for purchase. Considand carrying out the transactions described in eration must also be given, however, to the possi- §§ 1.4 and 1.5. bility that circumstances on which the ruling was based may have changed since the time of the ruling. § 1.9 REQUESTS FOR RULINGS Any bank may request the Comptroller of the § 1.6 LIMITATIONS AND RESTRICTIONS ON HOLD- Currency to rule on the application of this part, ING INVESTMENT SECURITIES or paragraph Seventh of 12 U.S.C. 24, to any security which it holds, or desires to purchase for (a) Obligations of any one obligor. A bank its own account as an investment security; or may not hold at any time investment securities which it holds, or desires to deal in, underwrite, of any one obligor in a total amount in excess of purchase, hold or sell as a public security. Such 10% of the bank's capital and surplus. For this a request for a ruling should be supported by (1) purpose the amount of an investment security is information sufficient to enable the Comptroller to be determined on the basis of the par or face to make the necessary determination and (2) the value of the security. bank's appraisal of the information furnished. (b) Obligations purchased predominantly on the basis of reliable estimates. A bank may not § 1.10 CONVERTIBLE SECURITIES hold at any time investment securities which would not be eligible for purchase pursuant to When a bank purchases an investment security paragraph (a) of Section 1.5 in a total amount in convertible into stock or with stock purchase excess of 5% of the bank's capital and surplus. warrants attached, entries must be made by the (c) Limitations prescribed in eligibility rulings. bank at the time of purchase to write down the When a ruling published by the Comptroller of cost of such security to an amount which repre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1508 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 sents the investment value of the security con- ties or (2) investing more than 10 per cent of its sidered independently of the conversion feature capital and surplus in the securities of any one or attached stock purchase warrants. Purchase of obligor. In addition to this 10 per cent limitation, securities convertible into stock at the option of the power of national banks and member State the issuer is prohibited. banks to purchase securities for investment is subject to "such limitations and restrictions as the Comptroller of the Currency may by regulation § 1.11 AMORTIZATION OF PREMIUMS prescribe." The term "investment securities" is When an investment security is purchased at defined in paragraph Seventh and is subject to a price exceeding par or face value, the bank "such further definition ... as may by regulation shall: be prescribed by the Comptroller." (a) Charge off the entire premium at the time The statute also provides, however, that "The of purchase; or limitations and restrictions herein contained as to (b) Provide for a program to amortize the dealing in, underwriting and purchasing for [the premium paid or that portion of premium rebank's] own account, investment securities shall maining after the write-down required by § 1.10 not apply to obligations of the United States, or so that such premium or portion thereof shall be general obligations of any State or of any political entirely extinguished at or before the maturity of subdivision thereof," or certain other securities. the security. In other words, national banks and member State § 1.12 EXCEPTIONS banks are legally free (1) to underwrite such "exempt securities" and (2) to invest therein with- The restrictions and limitations of this part do out regard to the 10 per cent limitation mentioned not apply to securities acquired through foreabove. closure on collateral, or acquired in good faith by way of compromise of a doubtful claim or to The authority of the Comptroller of the Curavoid a loss in connection with a debt previously rency to issue investment regulations pursuant to contracted. R. S. 5136 does not include authority to exempt additional kinds of securities from the prohibition JAMES J. SAXON Comptroller of the Currency against underwriting or the prohibition against investing more than 10 per cent of capital and DATED: SEPTEMBER 10, 1963 surplus in securities of any one obligor. Despite this, § 1.3 of the Comptroller's recent revision of APPLICATION OF INVESTMENT the Investment Securities Regulation contains a SECURITIES REGULATION TO definition of "public security" and § 1.4 states that MEMBER STATE BANKS "A bank may deal in, underwrite, purchase and A revision of the Investment Securities Regula- sell for its own account a public security subject tion (Code of Federal Regulations, Title 12, Part only to the exercise of prudent banking judgment." 1) was issued recently by the Comptroller of the The term "public security" is so defined that, in Currency. Under Section 9 of the Federal Reserve effect, the Regulation purports to authorize na- Act (12 U.S.C. 335) the Regulation is applicable tional banks and member State banks to underto member State banks as well as to national write, and to purchase without limitation on banks, insofar as it conforms to paragraph Seventh amount, securities that are not exempted by law of Section 5136 of the Revised Statutes (R.S. from the statutory prohibition against underwrit- 5136; U.S. Code, Title 12, Section 24). ing and against investing in excess of the 10 per Provisions of Regulation with respect to "ex- cent limitation. For example, the terms of the Regempt securities/' Paragraph Seventh refers to two ulation would authorize such banks to underwrite areas of securities transactions by a bank: (1) securities of public corporations that are payable underwriting and dealing, which are grouped as solely out of revenues derived from the operation "underwriting" herein, and (2) investing (called of a tunnel, turnpike, bridge, or the like, despite "purchasing for its own account" in the statute). the fact that the applicable statute does not exempt such securities from the general prohibition against The statute contains a general prohibition underwriting by banks. against a member bank (1) underwriting securi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1509 Since the Comptroller is not authorized by law vestment security" to exclude securities "which are to expand the category of exempt securities estab- predominantly speculative in nature," so that, lished and described in paragraph Seventh of under R. S. 5136 and the Regulation, the purchase R. S. 5136, the current Regulation does not have of "predominantly speculative" securities is not the force and effect of law insofar as it attempts permissible. When the market price of a convertto do this. Accordingly, member State banks are ible debenture is far in excess of its face value informed that, in the opinion of the Board of because of the conversion feature, and its price Governors, the only securities that are exempt fluctuations parallel the fluctuations in the price from the limitations and restrictions of paragraph of the stock into which it is convertible, the deben- Seventh are those specified in R. S. 5136. Unless ture is necessarily speculative. Market conditions a particular issue of securities is exempt by virtue may induce price fluctuations that may have no of that provision of law, member State banks may relationship to the quality of the debenture or even not underwrite the issue, and the 10 per cent limit of the particular stock into which it can be conis applicable to investments therein. Since so-called verted. "revenue obligations" of the kinds mentioned Accordingly, it would appear that a bank is above, as well as other revenue obligations, are prohibited from purchasing convertible debennot exempt from the limitations and restrictions tures in the circumstances described. However, of R. S. 5136, it would be unlawful for a member uncertainty as to this matter could arise from the State bank to underwrite such securities or to terms of § 1.10 of the Comptroller's revised Reginvest in them in excess of the 10 per cent limit. ulation, which might be read as indicating that a Convertible securities. From time to time corpo- bank may purchase convertible securities genrations issue debentures or similar securities that erally provided that the cost of such a security constitute an obligation to pay a specified dollar is written down promptly "to an amount which amount of principal (as well as interest) and in represents the investment value of the security addition give the holder an option to convert the considered independently of the conversion security into a specified number of shares of the feature." corporation's stock. When the market value of Quite apart from questions of interpretations the stock into which such a debenture is con- of the revised Regulation, however, it is to be vertible is substantially less than the face value of noted that the law itself (paragraph Seventh of the debenture, the debenture ordinarily will sell R. S. 5136) in effect forbids national banks and at a price that reflects principally its value as a member State banks to purchase "any shares of corporate obligation, without regard to the con- stock of any corporation." When the market price version option. However, the market value of the of a convertible security reaches 200 per cent stock sometimes increases to such an extent that or 300 per cent of its face value due to a rise in the shares into which a debenture is convertible the price of the related stock, purchase of the have a market value that is much greater than convertible security is, for practical purposes, the face value of the debenture. For example, a equivalent to the purchase of the stock it repnumber of convertible debentures traded on the resents. New York Stock Exchange sell at prices of $2,000, In the light of these statutory and regulatory $3,000, or more, for securities with a face value provisions, it is the position of the Board of Govof $1,000. These prices approximate very closely ernors that a member State bank may not lawfully the current market value of the shares of stock for invest in a convertible security whose price exwhich the convertible may be exchanged at the ceeds, by more than an insignificant amount, holder's option. the investment value of the obligation, con- A question has arisen as to the circumstances sidered independently of the conversion feature. in which a member State bank may purchase con- Adherence to this principle will avoid violations vertible debentures for its investment portfolio of the statute and Regulation that would occur if under the provisions of the Investment Securities a bank were to purchase convertible securities in Regulation of the Comptroller of the Currency, such circumstances that the security necessarily as recently revised. would be "predominantly speculative in nature," for the reasons described, and the transaction Section 1.3 (b) of that Regulation defines "in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1510 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 would be tantamount to a purchase of corporate Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Shepardson. Voting stock. against this action: Governors Robertson and Mitchell. November 14, 1963. (Signed) MERRITT SHERMAN, Secretary. Orders Under Bank Merger Act [SEAL] The Board of Governors of the Federal Reserve System issued the following Orders and Statements STATEMENT with respect to applications for approval of the Peoples Trust Company of Bergen County, merger or the acquisition of assets of certain Hackensack, New Jersey ("Bergen County banks: Bank"), with deposits of $199 million,* has applied, pursuant to the Bank Merger Act of 1960 PEOPLES TRUST COMPANY OF BERGEN (12 U.S.C. 1828(c)), for the Board's prior ap- COUNTY, HACKENSACK, NEW JERSEY proval of the merger of that bank and the Pali- In the matter of the application of Peoples Trust sades Trust Company, Englewood, New Jersey ("Englewood Bank"), with deposits of $32 mil- Company of Bergen County for approval of lion,* under the charter and title of the applicant merger with Palisades Trust Company. bank. The proposal contemplates that the three existing offices of Englewood Bank would become ORDER APPROVING MERGER OF BANKS branches of the resulting bank, increasing the There has come before the Board of Governors, number of its offices from 13 to 16. pursuant to the Bank Merger Act of 1960 (12 Under the Act, the Board is required to con- U.S.C. 1828(c)), an application by Peoples Trust sider, as to each of the banks involved, (1) its Company of Bergen County, Hackensack, New financial history and condition, (2) the adequacy Jersey, a State member bank of the Federal Reof its capital structure, (3) its future earnings serve System, for the Board's prior approval of prospects, (4) the general character of its manthe merger of that bank and Palisades Trust Comagement, (5) whether its corporate powers are pany, Englewood, New Jersey, under the charter consistent with the purposes of 12 U.S.C, Ch. 16 and title of the former. As an incident to the (the Federal Deposit Insurance Act), (6) the merger, the three offices of Palisades Trust Comconvenience and needs of the community to be pany would become branches of Peoples Trust served, and (7) the effect of the transaction on Company of Bergen County. Notice of the procompetition (including any tendency toward moposed merger, in form approved by the Board, has nopoly). The Board may not approve the transbeen published pursuant to said Act. action unless, after considering all these factors, Upon consideration of all relevant material in it finds the transaction to be in the public interest. the light of the factors set forth in said Act, in- Banking factors. The financial histories of both cluding reports furnished by the Comptroller of banks are satisfactory. Englewood Bank's financial the Currency, the Federal Deposit Insurance Corcondition is good and its capital structure is conporation, and the Department of Justice on the sidered fairly adequate. However, low earnings competitive factors involved in the proposed have been a problem at Englewood Bank for sevmerger eral years. Net operating earnings have consist- IT IS HEREBY ORDERED, for the reasons set forth ently been below the average of member banks in the Board's Statement of this date, that said of comparable size in the Second Federal Reserve application be and hereby is approved, provided District, in which it is situated. Prospects for any that said merger shall not be consummated (a) marked improvement in earnings do not appear within seven calendar days after the date of this to be favorable. Order or (b) later than three months after said The management of Englewood Bank is redate. garded as satisfactory. A management succession Dated at Washington, D. C, this 23rd day of problem exists, as there is no apparent successor October, 1963. to the chief executive officer, who is two years By order of the Board of Governors. * Deposit figures as of March 31, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1511 LAW DEPARTMENT past the normal retirement age. Efforts to recruit abreast of the development and changing needs competent younger officers for eventual senior of the community. responsibility have not been successful. It appears With respect to the industrial needs, Englewood that the bank's low earnings record and marked Bank has a legal lending limit to any one bordifferences of opinion within the Board of Direc- rower of $197,000, while the resulting bank's tors as to the future course of the bank's policies lending limit would be $1,550,000. Several firms apparently have posed formidable barriers to its doing international business have their headquarsecuring successor management. ters in the Englewood area. The full line of indus- Bergen County Bank's financial condition is trial and commercial loans offered by Bergen satisfactory, management is now considering County Bank and use of their foreign department means to strengthen its capital position, and fu- would become conveniently available to these and ture earnings prospects are favorable. The man- other firms in the Englewood area. agement of Bergen County Bank is competent and The resulting bank would offer to the residents aggressive, and its training program for junior offi- of the area such services as revolving check credit, cers has provided management depth. college tuition loans, and investment advisory There is no evidence that the corporate powers service, none of which is presently available from of the banks are, or would be, inconsistent with Englewood Bank. Although a number of these 12 U.S.C., Ch. 16. services can be secured from other banks in Ber- Convenience and needs of the communities. gen County, their availability in Englewood would Bergen County, wherein both banks are located, be of convenience to its residents. is in the northeastern part of New Jersey across Competition. The main offices of Bergen County the Hudson River from New York City, with Bank and Englewood Bank are about 5.5 miles which it is connected by the George Washington apart. Branches of Englewood Bank are approxi- Bridge. The County has experienced a well-bal- mately 3 to 3.8 miles from the nearest offices of anced residential, industrial, and commercial ex- Bergen County Bank; however, offices of other pansion; its 1960 population of 780,255 reflected commercial banks are located between them, an increase of 44.7 per cent since 1950. The areas which tends to limit direct competition between in the general vicinity of Hackensack, where the these two banks. Although there is a slight overhead office and two branches of Bergen County lap of service areas, the competition between the Bank are,located, have participated in this inten- two institutions is not particularly significant. sive industrial and retail trade development. Ber- Bergen County Bank is the largest bank in the gen County Bank also operates 10 other branches County, holding about 20 per cent of the total in as many communities in the western and cen- individual, partnership, and corporate deposits and tral parts of the County. loans. The proposed merger would increase that Englewood Bank has its main office and one figure to about 23 per cent. branch in the city of Englewood, which is located The principal impact on competition would be in the eastern portion of Bergen County. Its other felt in Englewood. The chief competitors of Englebranch is located in the adjoining town of Engle- wood Bank are Citizens National Bank of Englewood Cliffs. Prior to World War II the Englewood wood, with its head office one block away, and area was a residential community occupied by County Trust Company in Tenafly, located 2.3 people of substantial means. The postwar years, miles north, which draws business from the northwhich brought industrial and commercial expan- ern part of Englewood. These well-established sion to the area, also resulted in a change in the banks, both of which are substantially larger than composition of the population, which now includes Englewood Bank and aggressive competitors, a much larger proportion of families in somewhat should be able to compete effectively with offices lower income brackets. of Bergen County Bank. These changes have created a need for larger The Bergen County banks lie in the competitive loans, specialized forms of personal credit, and shadow of the large New York City banks, which a broader range of other banking services. It compete vigorously not only for industrial acappears that Englewood Bank, which has followed counts but also for the banking and trust business quite conservative policies, has failed to keep of individual residents. An estimated 65,000 daily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1512 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 commuters from Bergen County to New York Upon consideration of all relevant material in City afford these banks an excellent opportunity the light of the factors set forth in said Act, into reach a substantial part of the latter category cluding reports furnished by the Comptroller of of business through branches located in or near the Currency, the Federal Deposit Insurance Cortransportation and employment centers. poration, and the Department of Justice on the Savings and loan associations, life insurance competitive factors involved in the proposed companies, and personal loan companies offer con- merger, and the information received at and in siderable competition in their specialized fields. connection with the public proceeding which was The slight increase in banking concentration ordered in this matter (28 Federal Register 9681) that would result from consummation of this pro- pursuant to the Board's Rules of Procedure (12 posal loses its prominence as an adverse factor CFR 262.2(f)(3)). when viewed in the light of competition provided IT IS HEREBY ORDERED, for the reasons set forth the Bergen County banks by banks in the adjoin- in the Board's Statement of this date, that said ing counties and New York City and by the nu- application be and hereby is approved, provided merous nonbanking financial institutions. that said merger shall not be consummated (a) Summary and conclusion. The merger will pro- within seven calendar days after the date of this vide the Englewood area with an aggressive alter- Order or (b) later than three months after said native source of banking more attuned to the needs date. of the community than is the Englewood Bank. Dated at Washington, D. C, this 23rd day of Utilization of Bergen County Bank's competent October, 1963. executive staff would provide a solution for Engle- By order of the Board of Governors. wood Bank's management succession problem. Voting for this action: Chairman Martin, and Gov- Numerous banking alternatives that provide ernors Balderston, Mills, Shepardson, and Mitchell. strong and effective competition would remain Voting against this action: Governor Robertson. easily accessible to the residents and commercial (Signed) MERRITT SHERMAN, firms of the Englewood area. Secretary. Accordingly, the Board finds that the proposed [SEAL] merger would be in the public interest. STATEMENT WEST BRANCH BANK AND TRUST COM- West Branch Bank and Trust Company, Wil- PANY, WILLIAMSPORT, PENNSYLVANIA liamsport, Pennsylvania ("West Branch Bank"), In the matter of the application of West Branch with deposits of $25 million,* has applied, pur- Bank and Trust Company for approval of merger suant to the Bank Merger Act of 1960 (12 U.S.C. with Bank of Newberry. 1828(c)), for the Board's approval of the merger of that bank and Bank of Newberry, also of Wil- ORDER APPROVING MERGER OF BANKS liamsport, Pennsylvania, with deposits of $11 million,* under the charter of the applicant bank There has come before the Board of Governors, and with the title Northern Central Bank and pursuant to the Bank Merger Act of 1960 (12 Trust Company. The proposal contemplates that U.S.C. 1828(c)), an application by West Branch the sole office of the Bank of Newberry would Bank and Trust Company, Williamsport, Pennbecome a branch of the resulting bank, increasing sylvania, a State member bank of the Federal the number of its offices to two. Reserve System, for the Board's approval of the To assist the Board in its consideration of the merger of that bank and Bank of Newberry, Wilmatter, a public oral presentation before members liamsport, Pennsylvania, under the charter of the of the Board, pursuant to Section 262.2(f)(3) former and with the title Northern Central Bank of its Rules of Procedure, was ordered (28 Fedand Trust Company. As an incident to the merger, eral Register 9681) and conducted, at which repthe office of Bank of Newberry would become a resentatives of West Branch Bank and Bank of branch of the resulting bank. Notice of the pro- Newberry presented views and other data in supposed merger, in form approved by the Board, has been published pursuant to said Act. * Deposit figures as of December 31, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1513 port of the application. There were no other ap- goods, textiles, and transportation equipment. pearances or requests to appear at the proceeding. Through efforts of local community groups the Under the Act, the Board is required to con- "Williamsport Industrial Park" was established, sider, as to each of the banks involved, (1) its and several new industrial plants have been located financial history and condition, (2) the adequacy in this development. of its capital structure, (3) its earnings prospects, The proposed merger would place the resulting (4) the general character of its management, (5) bank in a position to serve, better than either whether its corporate powers are consistent with existing bank, not only the credit needs generated the purposes of 12 U.S.C., Ch. 16 (the Federal by future industrial expansion but also those of Deposit Insurance Act), (6) the convenience and existing concerns. The legal lending limit for one needs of the community to be served, and (7) the borrower would be $250,000, as contrasted with effect of the transaction on competition (includ- the present lending limit of $150,000 for West ing any tendency toward monopoly). The Board Branch Bank. In a number of cases during the may not approve the transaction unless, after con- past few years both banks, due to their low lendsidering all these factors, it finds the transaction ing limits, have found it necessary to invite other to be in the public interest. banks to participate in making local loans. Banking factors. The financial history and con- West Branch Bank offers a wide range of bankdition of both banks are satisfactory. The capital ing services, including a trust department. Bank structure of West Branch Bank is adequate; how- of Newberry does not offer fiduciary services; ever, the capital structure of Bank of Newberry these services would now be more conveniently is regarded by the Board as somewhat below the available to residents of the Newberry section of desirable level. The resulting bank's capital posi- Williamsport through the proposed branch. tion would be reasonably satisfactory. No inconsistency with the purposes of 12 West Branch Bank has a good earnings record U.S.C., Ch. 16 is indicated. and its future earnings prospects are favorable. Competition. West Branch Bank holds approx- Although Bank of Newberry's earnings are re- imately 20 per cent of the individual, partnership, garded as only fair, efforts are being made by and corporate deposits in Lycoming County. The management to increase them. The resulting resulting bank would hold approximately 29 per bank's earnings prospects are favorable and would cent of such deposits and would become the appear to be enhanced by anticipated economies largest in the County. The sole offices of the banks of operation and the larger lending capacity that are located about 2 miles apart in the city of would result from the merger. Williamsport, and competition exists between Both banks are competently managed, and the them. union of their two staffs would provide a measure There are 13 other commercial banks with head of depth in experienced executives that neither offices in Lycoming County. Ten of these banks, presently enjoys. which are from 5 to 24 miles from the applicant Convenience and needs of the community. bank, would experience little or no competitive Williamsport, where both institutions are located, effect from the proposed merger. They are located is the seat of Lycoming County, in north-central in small towns and maintain single offices; their Pennsylvania. While the population of Williams- services are usually restricted to their communiport, 41,967 in 1960, decreased during the decade ties and the environs. preceding 1960, the population of the surrounding The principal competitors of the merging insuburbs showed a modest increase. A large part stitutions are three other commercial banks in the of the County is forested and mountainous. Most immediate Williamsport area. Williamsport Naof its approximately 110,000 residents are in the tional Bank, which recently was authorized by the southern section, where Williamsport serves as Comptroller of the Currency to establish a branch, the main trade center. has deposits about equal to that of West Branch The economy of the Williamsport area is based Bank; the remaining two, which operate a total of principally on diversified industrial activity, with three offices, are somewhat smaller, holding apapproximately 166 industrial establishments en- proximately 15 and 4 per cent of deposits in the gaged in the production of furniture, leather County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1514 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 Nonbanking financial institutions are extremely growth is not in itself sufficient to justify approval active in Lycoming County and provide a signifi- of a merger, under the Merger Act of 1960. cant amount of competition for real estate mortgage loans and instalment loans. Within the past SECURITY SAVINGS BANK, six years insurance and mortgage service com- MARSHALLTOWN, IOWA panies have purchased real estate mortgage loans In the matter of the application of Security in the Williamsport area in excess of $11 million. Savings Bank for approval of acquisition of assets Two local savings and loan associations have withof Peoples Savings Bank. drawable deposits of $15 million and loans of $14 million. ORDER APPROVING ACQUISITION OF BANK'S ASSETS As the character of credit services rendered by There has come before the Board of Governors, West Branch Bank and Bank of Newberry are pursuant to the Bank Merger Act of 1960 (12 complementary in such areas as commercial and U.S.C. 1828(c)), an application by Security industrial, real estate, and consumer instalment Savings Bank, Marshalltown, Iowa, a member credit, the banking institution resulting from the bank of the Federal Reserve System, for the proposed merger will be in a position to continue Board's prior approval of its acquisition of assets to offer the community a satisfactory range of of and assumption of deposit liabilities in Peoples credit facilities. Savings Bank, Laurel, Iowa. As an incident to Summary and conclusion. The merger will prosuch application, Security Savings Bank has apvide the resulting bank with aggregate resources plied, under Section 9 of the Federal Reserve Act, and expanded management facilities that should for the Board's prior approval of the establishenable it to meet the needs of its growing indusment of a branch by that bank at the present trial community better than can either constituent location of Peoples Savings Bank. Notice of the bank. Strong and effective competition will conproposed acquisition of assets and assumption of tinue to be maintained by a variety of banking deposit liabilities, in form approved by the Board and other financial institutions in the Williamsof Governors, has been published pursuant to said port area, which offer a wide range of services Bank Merger Act. to the residents and businesses of the community. Upon consideration of all relevant material, in- Accordingly, the Board finds the proposed merger cluding the reports furnished by the Comptroller to be in the public interest. of the Currency, the Federal Deposit Insurance DISSENTING STATEMENT OF GOVERNOR Corporation, and the Department of Justice on ROBERTSON the competitive factors involved in the proposed I would deny the application for the reasons transaction, given in my Dissenting Statements in the matter IT IS HEREBY ORDERED, for the reasons set forth of The Hackensack Trust Company (1963 Fed- in the Board's Statement of this date, that said eral Reserve BULLETIN 172) and in the matter of applications be and hereby are approved, provided Peoples Trust Company of Bergen County (1963 that said acquisition of assets and assumption of BULLETIN 324), where the fundamental facts as to deposit liabilities and establishment of a branch diminution of competition and the lack of any shall not be consummated (a) within seven calenproven community need for the increased services dar days following the date of this Order, or (b) later than three months after said date. expected to result from the proposed mergers were similar to those in the present case. Dated at Washington, D. C, this 6th day of November, 1963. The merger will not, contrary to the implication contained in the majority opinion, enable the bank By order of the Board of Governors. to meet the credit needs of the larger industrial Voting for this action: Vice Chiarman Balderston, and concerns. Participation of loans will still be neces- Governors Mills, Robertson, and Shepardson. Absent and not voting: Chairman Martin and Governor sary. Mitchell. In the face of a prospective reduction in com- (Signed) MERRITT SHERMAN, petition, the desire of a bank to become bigger Secretary. more quickly than can be accomplished by natural [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1515 STATEMENT who is near retirement age and desires to be relieved of his present banking responsibilities. This Security Savings Bank, Marshalltown, Iowa difficult problem would be solved by consumma- ("Security Bank"), with deposits of $16.5 miltion of the proposal. lion,* has applied, pursuant to the Bank Merger No inconsistency with the purposes of 12 U.S.C, Act of 1960 (12 U.S.C. 1828(c)), for the Board's Ch. 16 is indicated. prior approval of its acquisition of assets, and Convenience and needs of the communities. assumption of the deposit liabilities, of Peoples Marshalltown, Iowa, the seat of Marshall County, Savings Bank, Laurel, Iowa ("Peoples Bank"), is located in the central part of the State approxiwith deposits of around $900 thousand.* mately 47 miles northeast of Des Moines. The Incident to such application, Security Bank also city's 1960 population of over 22,500 reflects an has applied, under Section 9 of the Federal Reincrease of about 12 per cent since 1950. The serve Act (12 U.S.C. 321), for the Board's prior economy of Marshalltown is based principally on approval of the establishment of a branch at the diversified industrial activity. Agriculture also location of the sole office of Peoples Bank, increascontributes importantly to the economy of Maring the number of offices of Security Bank to two. shalltown, which is surrounded by some of the Under the Act, the Board is required to conmost productive farm land in the State. Including sider, as to each of the banks involved, (1) its Security Bank, there are three commercial banks financial history and condition, (2) the adequacy located in Marshalltown operating four offices of its capital structure, (3) its future earnings there. prospects, (4) the general character of its man- Laurel, Iowa, is suituated 12 miles south of agement, (5) whether its corporate powers are Marshalltown. The community is entirely dependconsistent with the purposes of 12 U.S.C, Ch. 16 ent upon agriculture for its economic support, (the Federal Deposit Insurance Act), (6) the except for a few Laurel residents who are emconvenience and needs of the community to be ployed in Marshalltown. From 1950 to 1960 the served, and (7) the effect of the transaction on population of Laurel dropped from almost 260 competition (including any tendency toward to less than 225, and any reversal of this trend monopoly). The Board may not approve the would seem doubtful. Peoples Bank is Laurel's transaction unless, after considering all these only banking office. factors, it finds the transaction to be in the public Under the statutes of Iowa, a branch of a bank interest. may exercise only limited banking functions, such Banking factors. The financial history of each as receiving deposits, paying checks, and performbank is satisfactory. Each has a satisfactory asset ing certain clerical and routine duties. Thus, while condition and an adequate capital structure, and consummation of the proposal would reduce somethis would be true also of the acquiring bank. what the range of banking services available in Security Bank has a good earnings record and Laurel, it does not appear that this would have its future earnings prospects are favorable. The significant adverse effects on banking convenience earnings of Peoples Bank have been satisfactory. and needs in the Laurel area. However, the bank's total deposits have shown At various points 8 to 16 miles distant from only relatively nominal variation in the past ten Laurel are 6 commercial banks, in addition to years, and its future earnings prospects cannot be Security Bank. To the residents of the Laurel regarded as favorable in view particularly of the area who would use the Laurel office of Security small size of the bank and the declining popula- Bank, there would be available at that bank's tion of the small community in which it is located. main office a lending limit of $160,000, as com- While the management of each bank is satisfacpared to the $10,000 lending limit of Peoples tory, matters such as those just mentioned— Bank. Accompanying the continuing trend in coupled with the fact that the chief executive Iowa of consolidating farms into larger units is officer of Peoples Bank owns a majority of the the growing need for larger lines of credit for bank's stock—present a formidable obstacle to the agricultural purposes. The application indicates attraction of a qualified successor to that officer, that the inability of Peoples Bank adequately to serve such needs is one of the impelling reasons * Deposit figures as of June 29, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1516 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 for the proposal. There is supporting evidence in to stimulation of competition for business in the the record. Laurel area. Competition. The service area * of Peoples Accordingly, the Board finds the proposed Bank lies within the service area of Security acquisition to be in the public interest. Bank. However, Peoples Bank, as evidenced by its lack of deposit growth, has not been a signifi- UNION TRUST COMPANY OF MARYLAND, cant competitor. Consummation of the proposal BALTIMORE, MARYLAND would eliminate only the nominal amount of competition that exists between the two institutions. In the matter of the application of Union Trust Security Bank's service area extends on a radius Company of Maryland for approval of merger of approximately 30 miles around Marshalltown with The Farmers National Bank of Annapolis. and includes 22 other banks operating 29 offices. ORDER DENYING APPLICATION FOR APPROVAL OF Security Bank is the largest of these institutions, MERGER OF BANKS holding about 14.8 per cent of the IPC deposits in its service area. The other 2 commercial banks There has come before the Board of Governors, in Marshalltown hold, respectively, over 11 per pursuant to the Bank Merger Act of 1960 (12 cent and 8 per cent of the area's IPC deposits. U.S.C. 1828(c)), an application by Union Trust Effectuation of the proposal would not have Company of Maryland, Baltimore, Maryland, a any important adverse effect upon the competi- member State bank of the Federal Reserve Systive situation in the area, since Security Bank's tem, for the Board's prior approval of the merger share of deposits would be increased by only 1.1 of that bank and The Farmers National Bank of per cent, and it would operate only 2 of the bank- Annapolis, Annapolis, Maryland, under the charing offices in its service area. There may well be ter and title of the former. As an incident to the some stimulation of competition among the banks merger, the three offices of The Farmers National Bank of Annapolis would be operated as branches in the area for accounts of present customers of of Union Trust Company of Maryland. Notice Peoples Bank because of the limited services that of the proposed merger, in form approved by the would be available at the Laurel office of Security Board, has been published pursuant to said Act. Bank. Other nonbanking financial institutions compete Upon consideration of all relevant material in for business in the areas served by the two banks, the light of the factors set forth in said Act, inincluding a savings and loan association in Mar- cluding reports furnished by the Comptroller of shalltown, with assets of approximately $14 mil- the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the lion, credit unions, personal loan companies, and competitive factors involved in the proposed lending institutions of the Federal Government. merger, Summary and conclusion. The acquisition of Peoples Bank, a small institution in a declining IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said community, by Security Bank would solve Peoples application be and hereby is denied. Bank's management succession problem. Such in- Dated at Washington, D. C, this 8th day of convenience as would result from the statutory November, 1963. restrictions on the operations of Security Bank's Laurel office would be minor in view of the rela- By order of the Board of Governors. tively short distances to Security Bank's main Voting for this action: Unanimous, with all members office and to other banks. The small increase in present. size of Security Bank would not have any im- (Signed) MERRITT SHERMAN, portant adverse competitive effect; rather, the Secretary. limited operations of the Laurel office may lead [SEAL] * That area from which a bank derives 75 per cent STATEMENT or more of its deposits, both demand and time, of individuals, partnerships, and corporations (IPC de- Union Trust Company of Maryland, Baltimore, posits). Maryland ("Union Trust"), with deposits of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1517 LAW DEPARTMENT $323,764,000,* has applied, pursuant to the Bank ties, a total of 39 offices.** The proposed merger, Merger Act of 1960 (12 U.S.C. 1828(c)), for if consummated, would have little or no effect the Board's prior approval of the merger of that on banking convenience and needs in Baltimore. bank with The Farmers National Bank of Annap- The head office of Farmers National is in olis, Annapolis, Maryland ("Farmers National"), Annapolis (population approximately 25,000; with deposits of $20,167,000,* under the charter trade area population approximately 80,000). and title of Union Trust Company of Maryland. Annapolis is the capital city of Maryland, the The proposal contemplates that the three existing home of the United States Naval Academy, and offices of Farmers National would become seat of Anne Arundel County. Farmers National branches of the resulting bank, increasing the operates a branch at Severna Park (population number of its offices from 39 to 42. Union Trust estimated at 5,700), seven miles north of Annaphas approval for 2 branches, not yet established, olis, and 1 branch in Annapolis. Annapolis is and has pending applications for 2 additional located 27 miles south of Baltimore and 33 miles branches. east of Washington, D. C The most important Under the Act, the Board is required to con- sources of employment in the trade area are the sider, as to each of the banks involved, (1) its Federal, State, and local governments. Annapolis financial history and condition, (2) the adequacy is not an industrial area, and the relatively few of its capital structure, (3) its future earnings firms that have located there are predominantly prospects, (4) the general character of its man- research or experimental. agement, (5) whether its corporate powers are The banking needs of Annapolis and Anne consistent with the purposes of 12 U.S.C, Ch. 16 Arundel County are now being served by over (the Federal Deposit Insurance Act), (6) the 20 commercial banking offices. These include, convenience and needs of the community to be among others, 2 offices of The Annapolis Banking served, and (7) the effect of the transaction on and Trust Company; 3 offices of Farmers Nacompetition (including any tendency toward tional; 3 offices of Equitable Trust Company of monopoly). The Board may not approve the Baltimore; 1 office of The First National Bank transaction unless, after considering all these fac- of Maryland; 8 offices of Maryland National tors, it finds the transaction to be in the public Bank, the largest bank in Maryland; 1 office of interest. Union Trust; and 1 office of American National Banking factors. Both banks have satisfactory Bank of Maryland, Silver Spring, Maryland, a financial histories. The asset condition, capital subsidiary of Financial General Corporation, a structure, and earnings record of each of the bank holding company. In Annapolis, itself, are banks are satisfactory, as are their earnings pros- the branch of American National Bank of Marypects. Both banks are capably managed. land just mentioned, 2 branches of Maryland Na- There is no indication that the corporate tional Bank, the 2 offices of The Annapolis Bankpowers of the banks are or would be inconsistent ing and Trust Company, and 2 of the offices of with the purposes of 12 U.S.C, Ch. 16. Farmers National. Convenience and needs of the communities. There is no indication that there exists any The head office of Union Trust is in Baltimore, significant demand for banking services in the Maryland (population approximately 940,000; Annapolis area that are not presently being suptrade area population approximately 1.6 million). plied. Baltimore is a commercial and industrial center, Competition. The proposed merger, if consuma large seaport, and is recognized as one of the mated, would have no significant effect on the largest insurance and financial centers in the East. competitive situation presently existing in the im- At the present time, Union Trust operates a main mediate Baltimore area. The 4 largest banks in office and 18 branches in Baltimore, 13 branches this area are also the 4 largest in the State of in Baltimore County, 2 branches each in Talbot Maryland. They hold 87 per cent of the total and Wicomico Counties, and 1 branch each in deposits in commercial banks in BMA and 55 Anne Arundel, Caroline, and Dorchester Coun- ** The City of Baltimore and the Counties of Baltimore and Anne Arundel will be referred to herein as * Deposit figures as of June 29, 1963. the Baltimore Metropolitan Area ("BMA"). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1518 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 per cent of the commercial bank deposits in the Order Under Section 3 of State of Maryland. Union Trust, the third largest Bank Holding Company Act bank in Baltimore, as well as in the State, holds The Board of Governors of the Federal Re- 18 per cent of the deposits of commercial banks serve System has issued the following Order and in BMA and 11 per cent of the commercial bank Statements with respect to an application for apdeposits in the State. Consummation of the pro- proval of the acquisition of voting shares of banks posed transaction would increase Union Trust's by a company requesting permission to become a percentage of the commercial bank deposits in bank holding company: BMA by 1.2 per cent and would increase its percentage of deposits of all commercial banks in the DENVER U. S. BANCORPORATION, INC., State by .7 per cent. DENVER, COLORADO Should the merger be effectuated, there would In the matter of the application of Denver U. S. be eliminated the largest independent bank in Bancorporation, Inc., for approval of action to be- Anne Arundel County, leaving only one indecome a bank holding company through acquisition pendent bank in Annapolis and 2 in the entire of stock of three banks in Colorado. BHC-68 county. It is recognized that approval of the proposed merger would enable Union Trust to com- ORDER APPROVING APPLICATION UNDER pete directly in Annapolis with Maryland National BANK HOLDING COMPANY ACT Bank, the largest bank in the State, as noted pre- There has come before the Board of Govviously. At the same time, however, the one reernors, pursuant to Section 3(a)(l) of the Bank maining independent bank in Annapolis, The Holding Company Act of 1956 (12 USC 1842) Annapolis Banking and Trust Company, would and Section 222.4(a)(l) of Federal Reserve Regbe competing with offices of 2 much larger banks ulation Y (12 CFR 222.4(a)(l)), an application and an office of a subsidiary of Financial General on behalf of Denver U.S. Bancorporation, Inc., Corporation. Denver, Colorado, for the Board's prior approval There exists a degree of competition, although of action whereby Applicant would become a not substantial, between Union Trust and Farmers bank holding company through acquisition of a National, arising principally from the fact that minimum of 67 per cent of the voting shares of many Annapolis people commute to Baltimore Denver United States National Bank, Denver, where they are employed, and many Baltimore Colorado, and Arapahoe County Bank, Littleton, people commute to Annapolis where they are Colorado, and a minimum of 75 per cent of the employed. Thus, the services of the 2 banks are voting shares of Bank of Aurora, Aurora, Colooffered to many of the same people. This comrado. petition would be eliminated by a merger of the As required by Section 3(b) of the Act, the 2 institutions. Board notified the Comptroller of the Currency Summary and conclusion. If consummated, the and the Colorado State Bank Commissioner of proposed merger of Union Trust and Farmers the receipt of the application and requested their National, both sound and well-managed banks, views. The Comptroller recommended approval of would eliminate present and potential competition the application. The State Bank Commissioner between them. In addition, the already high de- initially replied that no objection would be intergree of concentration of banking resources in the posed to the acquisition proposed, but subse- State, particularly in the local area, would be in- quently advised that the State Banking Board becreased, and there would remain only 1 independ- lieved that formation of the proposed holding ent bank in Annapolis and 2 independent banks company would be detrimental to the preservain Anne Arundel County. There exists no sig- tion of competition in the field of banking. nificant demand for banking services that are not Notice of receipt of the application was pubpresently available in the Annapolis area. lished in the Federal Register on December 6, Accordingly, the Board is unable to find that 1962 (27 Federal Register 12080), which prothe proposed merger would be in the public in- vided an opportunity for submission of comments terest. and views regarding the application. Thereafter, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1519 a public hearing, ordered by the Board pursuant corporation would become a bank holding comto Section 222.7(a) of the Board's Regulation Y pany. (12 CFR 222.7(a)), was held before a duly Background. Following the filing of the applicaselected Hearing Examiner; proposed findings of tion and pursuant to requirement of the Act, views fact and conclusions of law were submitted by on the application were requested of the Compthe parties; and the Hearing Examiner's Report troller of the Currency and the Colorado State and Recommended Decision was filed with the Bank Commissioner. Notice of receipt of the ap- Board wherein approval of the application was plication was transmitted in writing to the U.S. recommended. Exceptions to the Hearing Ex- Department of Justice and was published in the aminer's Report and Recommended Decision, Federal Register on December 6, 1962. By letter with supporting brief, were filed by Protesting dated January 30, 1963, the Comptroller recom- Banks, to which Applicant responded. Upon re- mended approval of the application. The State quest of Protesting Banks, opposed by Applicant, Bank Commissioner, in a letter of January 3, oral argument before the Board was held. All of 1963, stated that no objection was interposed to the aforementioned pleadings, together with a the acquisition proposed. In a subsequent letter, Statement of the Department of Justice in opthe Commissioner advised that on the basis of position to the application, were received as part further information that had come to the attention of the record and have been considered by the of the State Banking Board subsequent to the Board. Commissioner's earlier letter, the Banking Board IT IS HEREBY ORDERED, for the reasons set forth believed that formation of the proposed holding in the Board's Statement of this date, that said company "would be detrimental to the preservaapplication be and hereby is approved, provided tion of competition in the field of banking." By that the acquisition so approved shall not be conletter dated February 21, 1963, the Department summated (a) within seven calendar days after of Justice submitted a Statement wherein, for the date of this Order or (b) later than three reasons set forth, the Department expressed the months after said date. view that the application should not be approved. Dated at Washington, D. C, this 7th day of No- Following expiration of the period allowed in the vember, 1963. published notice for receipt of comments on Ap- By order of the Board of Governors. plicant's proposal, the Board ordered a public hearing to be conducted in Denver before a Hear- Voting for this action: Chairman Martin, and Goving Examiner selected for this purpose by the ernors Balderston, Mills, Shepardson, and Mitchell. Voting against this action: Governor Robertson. United States Civil Service Commission. This hearing was not required by law, but was ordered (Signed) MERRITT SHERMAN, pursuant to Section 222.7(a) of the Board's Reg- Secretary. ulation Y (CFR 222.7) promulgated under the [SEAL] Act, upon the Board's finding that such hearing would be in the public interest. STATEMENT Of 21 Colorado-based banks that had requested participation in the hearing as parties, ten x were Denver U. S. Bancorporation, Inc. ("Bancoradmitted as parties by the Hearing Examiner and poration" or "Applicant"), Denver, Colorado, has did participate thereafter in that capacity under applied pursuant to Section 3(a)(l) of the Bank the group designation of Protesting Banks. Appli- Holding Company Act of 1956 ("the Act") for cant, Protesting Banks, and other interested perthe Board's approval of the acquisition of a minisons including a representative of the Colorado mum of 67 per cent of the voting shares of Denver State Banking Board presented evidence. Appli- United States National Bank, Denver ("Denver U.S. Bank"), and of Arapahoe County Bank, 1 Bank of Denver, Central Bank and Trust Com- Littleton ("Arapahoe Bank"), and a minimum of pany, Colorado State Bank, Guaranty Bank and Trust Company, Mountain States Bank, National 75 per cent of the voting shares of Bank of Aurora, City Bank, North Denver Bank, and Southwest State Aurora ("Bank of Aurora"), all in the State of Bank, all Denver banks; Littleton National Bank, Colorado. If the proposal is consummated, Ban- Littleton, and The Peoples Bank, Aurora. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1520 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 cant and Protesting Banks were additionally af- banks as proposed, its investment in subsidiary forded the opportunity for cross-examination of banks, measured by the banks' net asset values persons appearing as witnesses. Subsequent to at June 30, 1962, would be approximately $20.5 the hearing, parties were afforded the opportunity million. to file, and did file, proposed findings of fact and Denver U.S. Bank was formed in 1959 by the conclusions of law, with supporting briefs and consolidation of two national banks which had reply briefs. been organized, respectively, in 1884 and 1904. On July 26, 1963, the Report and Recom- Denver U.S. Bank's financial statements reflecting mended Decision of the Hearing Examiner was increases in its total assets, deposits, loans, and filed with the Board wherein he recommended capital accounts, evidence a continuing and satisthat the application be approved. Exceptions to factory condition and growth. At December 28, the Hearing Examiner's Report and Recom- 1962,2 Denver U.S. Bank was the second largest mended Decision, with brief, were filed by Pro- bank in Colorado and in Denver, with total detesting Banks, to which Applicant filed a reply posits of $325.5 million. It offers a full line of brief. Upon request of Protesting Banks, opposed commercial banking and trust services, all of by Applicant, the Board held oral argument in which are appropriately considered to be regional this matter on September 20,1963. in scope. On the basis of the entire record, the formation Arapahoe Bank, located in Littleton, approxiof which has been outlined above, the matter mately lO1/^ miles south of downtown Denver, is now before the Board for decision. has been in operation since April 1958 and has Views and recommendations of supervisory total deposits of $5.8 million. authorities. As hereinbefore noted, the Comp- Bank of Aurora, organized in 1943, is located troller of the Currency recommended approval in Aurora, a suburb of Denver, approximately of the application; the Colorado State Bank Com- 5Vi miles east of downtown Denver and about 16 missioner, on behalf of the State Banking Board, miles from Arapahoe Bank. Bank of Aurora has opposed approval of the application. This op- total deposits of $8 million. Arapahoe Bank and position was expressed subsequent to the expira- Bank of Aurora offer general commercial banktion of the statutory period within which such ex- ing services, but neither bank operates a trust depression, if made, would have required the con- partment. duct of a hearing on the application. As it was, The Hearing Examiner concluded that the fia public hearing had been ordered prior to the nancial history and condition of the proposed Board's receipt of the Commissioner's opposition subsidiary banks are sound and their prospects to approval. under the proposed form of ownership satisfactory. Statutory factors. In acting upon this applica- Further, he concluded that—although "Applicant tion the Board is required under Section 3(a) of has no financial history . . . , because its assets the Act to take into consideration the following would consist primarily of the controlling shares five factors: (1) the financial history and condi- of the three banks . . . Applicant's financial contion of the Applicant and the banks concerned; dition and prospects [would] be satisfactory." The (2) their prospects; (3) the character of their record supports and the Board concurs in these management; (4) the convenience, needs, and findings. These findings, however, weigh but welfare of the communities and area concerned; slightly in favor of approval of the application. and (5) whether the effect of the proposed ac- Contrary to Applicant's stated belief, the Board quisition would be to expand the size or extent considers the prospects of the three banks, operatof the bank holding company system involved ing under present ownernship and control, to be beyond limits consistent with adequate and sound satisfactory; and does not concur in the apprebanking, the public interest, and the preservation hensions expressed as to the abilities of the two of competition in the field of banking. proposed suburban subsidiaries to accrue growth Financial history, condition, and prospects of capital and effect service expansion commensurate Applicant and Banks. Applicant has no financial with the economic growth of the areas concerned. history. Assuming that Bancorporation acquired 2 Unless otherwise indicated, all banking data noted the proportion of the stock of each of the three are as of this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1521 It is conceded by all parties to this proceeding, and from the several sources identified in the record found by the Hearing Examiner, that the Denver renders substantially less than insoluble the prob- Metropolitan Area, including Littleton and Au- lem of attracting and developing personnel caparora, has experienced sound economic growth in ble of assuming, when necessary, management rethe recent past; and there is indication that such sponsibilities. As to the fact found by the Hearing growth and prosperity will continue. The operat- Examiner regarding the failure of Bank of Aurora ing earnings of the proposed suburban bank sub- to keep abreast of the growth rate of competing sidiaries reflect that each has participated in and banks, to the extent this can be attributed to the benefited by this economic prosperity. presence of conservative operational policies on It is the Board's opinion that, even though the the part of management, there is evidence that the transaction here proposed is not consummated, the management succession now in process at that two suburban banks should experience no undue bank could produce policy liberalization that difficulty in maintaining, through continued re- would provide the catalyst necessary to bank's tention of earnings, a capital structure, considered growth and expansion. Accordingly, while Applipresently to be adequate, that would enable both cant's proposals in regard to management developinstitutions to satisfy the demands of economic ment and succession within the suburban banks expansion. are wholly consistent with approval of the appli- Management of Applicant and the Banks. Re- cation, the potential for similar development, albeit specting the character of Applicant's management less immediate, by the banks as presently constiand that of the proposed subsidiary banks, the tuted is such that Applicant's proposals in this Board concurs in the Hearing Examiner's finding respect offer but slight weight toward approval. that the successful history and operation of Denver Convenience, needs, and welfare of the com- U.S. Bank reflect the competency of that bank's munities and areas concerned. The convenience, management; that the same management—for the needs, and welfare most directly affected by Apmost part, the designated directors and principal plicant's proposal are those of the residents and officers of Applicant hold similar positions with businesses in the Denver Metropolitan Area and, Denver U.S. Bank—will also provide capable and more particularly, in Denver, Littleton, and Auexperienced direction and management to the rora, the areas primarily served by the banks inaffairs of Applicant; and that Arapahoe Bank and volved. Bank of Aurora have capable, experienced man- As noted by the Hearing Examiner, the Denver agement. Metropolitan Area has experienced substantial Applicant, while conceding the validity of the population and economic growth in recent years. foregoing conclusions, asserts the existence of a The population of the Metropolitan Area exceeds problem in both banks in respect to qualified man- 1,000,000. The City of Denver, encompassing an agement succession and, in regard to Bank of area of 82 square miles, has a population of ap- Aurora, alleges a failure by that bank to grow in proximately 500,000. Denver is the situs of 60 proportion to other banks in the area due to the per cent of Colorado's manufacturing industries, ultraconservative policies of the bank's present 400 new manufacturing establishments having lomanagement. These problems, Applicant asserts, cated therein since 1954. Among the industries would be readily solved through consummation found in Denver are the nation's largest luggage of Applicant's proposal. manufacturer, manufacturers of a wide variety of While Applicant's assistance would undoubtedly precision instruments and electronic products, a make considerably less onerous the solution of rubber plant, and an aircraft manufacturer. Denver the problems asserted, the Board is unable to is also a major meat-packing and livestock disconclude that solutions thereto are not otherwise tribution center. In sum, Denver is appropriately reasonably attainable. It appears to the Board from considered to be the business, financial, and comthe testimony of record that the problem of man- merical center of the Rocky Mountain Region. agement succession has been recently encountered Denver U.S. Bank's primary service area (the and is in process of resolution by one of the two area from which approximately 75 per cent of its suburban banks; that neither has at this time a IPC deposits ["individuals, partnerships, and corpressing need in this regard; and that assistance porations"] arise), corresponds closely to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1522 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 geographical limits of the City and County of approval of this application would not result in Denver. Its primary service area designation not- any measurable benefit or increase in convenience withstanding, Denver U.S. Bank, like its principal to the residents and businesses of that city. Denver competitor, First National Bank, is a Consideration must now be given to the probregional institution, competing for deposits, in- able effects on the suburban communities served, cluding those of other banks, and for loans respectively, by Arapahoe Bank and Bank of throughout the entire State and the Rocky Moun- Aurora from their proposed affiliation within the tain Region. Its competitive ability in the lending holding company system. The Hearing Examiner's field is asserted by Applicant to be substantially several findings in this regard constitute, essenimpeded by its present lending limits ($2,300,000 tially, the basis for his favorable recommendation. to a single customer). Its position would be meas- Littleton, the incorporated city within which urably aided, Applicant states, through Denver Arapahoe Bank is located, has a population of U.S. Bank's access to the additional $138,000 in 20,000, an increase of 17,000 over its 1950 poploanable funds that would be more assuredly avail- ulation. Applicant projects a population for Littleable from Arapahoe Bank and Bank of Aurora as ton in 1970 at 30,000. As earlier noted, Littleton subsidiaries of the bank holding company. has shared in the general economic growth of the The Hearing Examiner found established by Denver Metropolitan Area. Employment in Littlethe record, and the Board concurs in his finding, ton is higher than the national average, and the that the large loan requirements described by median family income of Littleton is one of the Applicant as being beyond the lending limit of highest in the country. Consistent with the gen- Denver U.S. Bank, or any other single Denver eral expansion of the area, $6.7 million was exbank, are being met in major respects by the pended for construction during 1961. Contribut- Denver banks in participation among themselves ing to the economic prosperity and continued and/or other banks within and outside of Colo- growth of the city are such companies as The rado. Even assuming the fact, not established in Martin Company, located a few miles southwest this record, that the credit needs of large bor- of Littleton, the largest private employer in the rowers are presently unserved, the extent to which State. In addition to several large industrial conthe affiliation proposed would enable Denver U.S. cerns located outside but near the City of Little- Bank to compete for a greater share of such loans ton, the city itself has approximately 50 retail is negligible. outlets and 80 service establishments. The city is In respect to banking service generally in the now served by two other banks in addition to the Denver area, at year-end 1962 there were 18 in- Arapahoe Bank. Arapahoe Bank's primary service sured banks located in the City and County of area encompasses an area of approximately 1-2Vi Denver. These banks held combined deposits of miles extending in all directions from Littleton. $1,282 million, and loans totaling $739 million. The incorporated City of Aurora has experi- The residents and businesses of Denver have avail- enced a population increase over the last decade able through these banks a complete spectrum of of some 47,000 to its present level of 58,000. A banking services. Nothing in the record suggests population of 66,000 is projected for 1970. Aurora that the Denver banks are presently unable or are presently has two manufacturing industries, a profailing to serve in major respects the banking re- ducer of fishing equipment employing about 300 quirements of the Denver area. people, and an aviation concern employing ap- The Hearing Examiner made no finding as to proximately 1100. In addition, Aurora has 230 a present lack or inadequacy of banking service retail outlets and some 1200 service outlets. There in the City of Denver. His conclusions as to are three commercial banks in Aurora including probable benefit to result from Applicant's pro- the Bank of Aurora. The primary service area of posal, as hereinafter discussed, relate to the com- Bank of Aurora consists principally of Aurora munities served by the two proposed suburban and a part of the eastern portion of Denver. subsidiaries. Similarly, on the basis of the record The Hearing Examiner concluded that approval before it, the Board concludes that the City of of the application would "have a substantial, Denver's banking needs are presently served in beneficial effect in enabling the Bank of Aurora, adequate measure and convenient form, and that and the Arapahoe County Bank, to more ade- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1523 LAW DEPARTMENT quately and better serve the banking needs of their local banks, forecloses, in the Board's opintheir respective communities." In sum, the find- ion, a finding that their banking needs are now ings of the Hearing Examiner in support of the or likely will be unserved, it does appear that aforestated conclusion were that participation in certain needs could be more certainly and conloans with Denver U.S. Bank could be more veniently served. Protesting Banks have demonquickly and more easily arranged through the strated the range of assistance offered by the large holding company system than through nonaffili- Denver banks to their smaller city and suburban ated correspondent banks; that Arapahoe Bank bank correspondents. Applicant's witnesses concould more adequately respond than it presently firmed in major respects the rendition of such can, because of asserted liquidity requirements, to assistance. However, Applicant asserted numerous the real estate loan demands arising within Little- practical limitations involved in the correspondent ton, and would be afforded generally a broader relationship which it endeavored to show would base for a more liberal loan and investment policy be eliminated by the subsidiary-correspondent rethan is presently deemed advisable by the bank's lationships proposed. management; that there will be made more certain The Board finds the existence of certain of these and immediately available a source of trust serv- limitations and the likelihood of their eliminaices for the two suburban communities; and that, tion through Applicant's ownership of the suburin respect to the Bank of Aurora, the proposed ban banks to be sufficiently established in the eviaffiliation would "induce a more progressive lend- dence of record as to warrant the conclusion that ing policy in keeping with the needs of the com- consummation of Applicant's proposal would munity, provide a more complete range of services, benefit the personal and business interests of the and serve as a magnet for attracting competent, Littleton and Aurora communities. The likelihood second-line management." Finally, the Hearing of this occurrence affords support for approval Examiner concluded that approval of the applica- of the application. tion would "provide a vehicle for substantially Effect of proposed acquisition on adequate and increasing, when needed, the capital accounts of sound banking, public interest, and banking comboth suburban banks which now find it difficult, petition. In determining the probable effects of opif not impossible, to individually achieve." erations of Applicant's holding company system, The Board has earlier expressed its view con- as proposed, upon the adequacy of banking, the cerning the abilities of the two suburban banks, public interest, and the preservation of competiapart from the relationship proposed to strengthen tion, there must be defined the relevant geographic their capital positions, if and when necessary, and market or markets and, in relation thereto, a findto meet successfully management succession prob- ing as to (1) the extent to which competition, if lems that may arise. Accordingly, contrary to the any, between and among the proposed subsidiary conclusions of the Hearing Examiner, the Board banks would be eliminated, and (2) whether the declines to assign significant weight to the assist- concentration in Applicant's system of control ance in these respects tendered by Applicant's over the three proposed subsidiary banks could proposal. have an effect significantly adverse to banking As to the remaining bases for the Hearing Ex- competition, present or potential, and thus inaminer's conclusion that consummation of Ap- consistent with the public interest. plicant's proposal would better enable the two Based upon the evidence showing (1) the areas suburban banks to serve their respective com- within which each of the proposed subsidiary munities, while unable to find that in any of the banks does business, with emphasis given to the respects mentioned by the Hearing Examiner a designated primary service area of each. (2) the presently unserved need exists, the Board con- geographic and economic characteristics of those cludes that the probability of more assured and areas, and (3) the banking alternatives reasonconvenient service through the holding company ably available to the residents of those areas, the system has been satisfactorily established. While Board concurs in the Hearing Examiner's finding the proven access by the residents and businesses that the Denver Metropolitan Area is the princiof Littleton and Aurora to the banking facilities pal geographic market within which the competiof downtown Denver, either directly or through tive effects of this proposal must be determined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1524 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 with appropriate collateral consideration to cer- dollar amount and 10 per cent of the number of tain aspects of the proposal having State-wide such accounts originated in Bank of Aurora's prieffect. mary service area. Approximately 1 per cent of The Board concurs also in the Hearing Exam- the dollar amount and 2 per cent of the number iner's rejection as being meaningful in determin- of such accounts at Denver U.S. Bank originated ing competitive effect of an area defined by Pro- in Arapahoe Bank's area. As to Aurora Bank, testing Banks and designated "Arapahoe County approximately 20 per cent of both the total num- Metropolitan Area." Use of that area as urged by ber and dollar volume of its IPC accounts origi- Protesting Banks would, in the Board's opinion, nated in Denver U.S. Bank's primary service ignore evidence in the record of this matter in area. The 20 per cent represented, respectively, respect to the economic structure of the two sub- 1,800 accounts and $1.4 million of deposits. Apurban areas involved, their proximity to down- proximately 6 per cent (400 in number) of Arapatown Denver, the availability to those suburban hoe Bank's number of IPC accounts and 11 per communities of convenient alternative sources of cent ($500,000) of its dollar volume thereof origibanking service beyond the patently artificial area nated in Denver U.S. Bank's designated area. urged by Protesting Banks, and the extent to which Viewing as a percentage of the suburban banks' the business of the suburban banks has been total number and dollar volume of IPC accounts, shown to originate outside their respective primary the number and dollar volume of similar accounts service areas. in Denver U.S. Bank originating in the suburban Considering first the extent to which competi- banks' areas, such totals are not insignificant. tion between and among Denver U.S. Bank, However, analysis of the entire record satisfies Arapahoe Bank, and Bank of Aurora would be the Board that the competition is not as signifieliminated following their acquisition by Appli- cant as it first appears. The deposit overlap data cant, the record establishes that Arapahoe Bank cited preceded the September 1962 opening of and Bank of Aurora, some 16 miles apart, do not the Colfax National Bank within the area where compete in any significant respect. There is no the primary service areas of Denver U.S. Bank overlap of their designated primary service areas and Bank of Aurora overlap. Also, anticipated and the number and dollar volume of deposit ac- openings of a new Aurora Bank and a new bank counts in each bank originating in the other's in Littleton were made a matter of record in this area is negligible. None of the commercial, in- case. Both of these banks are now in operation. dustrial, or agricultural loans made by either bank It must be assumed that in respect to a number originate in the primary service area of the other. of the accounts held by both Denver U.S. Bank Accordingly, consummation of Applicant's pro- and Bank of Aurora which originated in the area posal would have no measurable effect upon the now primarily served by the Colfax Bank, such minimal competition shown to exist between accounts are and will be carried at that bank. To Arapahoe Bank and Bank of Aurora. the extent this occurs, the suggestion of existing The Hearing Examiner reached a similar con- competition between Denver U.S. Bank and Bank clusion in respect to competition between Denver of Aurora presented by the earlier cited data be- U.S. Bank, and respectively, Arapahoe Bank and comes less meaningful. Bank of Aurora, premised upon his finding of no Denver U.S. Bank's deposits originating from overlap in the designated primary service area of the primary service areas of Bank of Aurora and Arapahoe Bank and that of Denver U.S. Bank, Arapahoe Bank averaged, respectively, $1,860 and and but "extremely slight overlap'* in the similar $2,150. Considering the fact that Bank of areas of Bank of Aurora and Denver U.S. Bank. Aurora's deposits from its primary service area His conclusion is at odds with that expressed both averaged $700, and those of Arapahoe Bank from by Protesting Banks and the U.S. Department of its similar area averaged about $575, it is ques- Justice, the latter's views contained in its State- tionable whether the more sizable accounts from ment made a part of the hearing record. those areas held by Denver U.S. Bank would be Of about $268 million of IPC deposits, involv- carried at the suburban banks in any event. Furing approximately 68,000 accounts, held by Den- ther, as Applicant has stated, a portion of the ver U.S. Bank, approximately 5 per cent of the accounts of Denver U.S. Bank originating in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1525 LAW DEPARTMENT primary service areas of the smaller banks repre- numerous downtown Denver banks without resents accounts of convenience, that is, accounts course to local outlets. of persons living in the suburban areas who work On the basis of the foregoing analysis, it is in downtown Denver and bank at Denver U.S. the Board's conclusion that the competition be- Bank. As to these accounts, the possibility exists tween and among the proposed subsidiary banks that the factor of convenience is sufficiently com- that would be eliminated by approval of this ap* pelling so as to remove such accounts from the plication would not be substantial, and that there sphere of suburban bank competition. will remain a sufficient number of convenient, Another aspect of the question as to competi- alternative banking sources as to assure an adetion between and among the proposed subsidiary quacy of banking service consistent with the public interest. banks is the extent, if any, to which they compete for loans. As earlier indicated, virtually no com- Turning to the effect that approval of the appetition for commercial, industrial, or agricultural plication would have on competition offered by loans exists between the two suburban banks. At banks outside the proposed holding company sys- June 30, 1962, of the dollar amount of commer- tem, the Hearing Examiner concluded that in respect to both the Denver Metropolitan Area cial and industrial loans derived by Denver U.S. and the entire State, approval would not be in- Bank from the primary service area of Arapaconsistent with the preservation of banking comhoe Bank and that of Bank of Aurora, the totals petition. The Hearing Examiner's conclusion was in each case are less than 1 per cent of Denver premised upon a finding that Applicant's control U.S. Bank's total loans and but 1.3 per cent and of the banks proposed would not present in any 1.8 per cent, respectively, of its total commercial relevant market an undue concentration of bankand industrial loans. Admittedly, the dollar ing resources. amount of the suburban banks' commercial and At present, Denver U.S. Bank and First Naindustrial loans originating in the primary service tional Bank nearly equally share 54 per cent of area of Denver U.S. Bank is greater when measthe total deposits and 53 per cent of the total ured as a percentage of their total of such loans loans of all banks 3 in the City and County of made than are those of Denver U.S. Bank cited Denver. The two next largest banks in Denver above. The latter fact, however, does not estabcontrol, respectively, 14 and 11 per cent, and 15 lish to the Board's satisfaction the existence of and 12 per cent of the total of such deposits and the "very substantial competition" asserted by the loans. Of the total deposits and loans of all banks Department of Justice. in the Denver Metropolitan Area, Denver U. S. The average commercial and industrial loan Bank now holds approximately 21 per cent of made by Denver U.S. Bank within the primary each. If the application is approved, the aggregate service areas of the two suburban banks was, deposits and loans of Applicant's banks would approximately, $23,000 in Aurora and $33,000 in represent, respectively, 21.8 per cent of the de- Littleton. The same type of loan made by Bank posits and loans of all banks in the Metropolitan of Aurora within its primary service area aver- Area—an increase of less than one per cent over aged about $10 thousand, while that of the Arap- Denver U.S. Bank's present holdings, and a ahoe Bank averaged about $11 thousand. Thus. lesser percentage of such deposits and loans than Denver U.S. Bank's average commercial and inis now held by First National Bank. The aggredustrial loan in the above areas was more than gate deposits of Applicant's proposed subsidiaries twice and three times the size of the average loans would exceed by only .5 per cent the 14 per cent made, respectively, by Bank of Aurora and Arapof the total deposits of all banks in the State repahoe Bank. The foregoing fact, viewed in relation resented by Denver U.S. Bank's deposits. to the relatively small size of the two suburban At present two bank holding companies—First banks and the proximity to downtown Denver of Colorado Bankshares, Inc. and Western Bancorthe communities they serve, makes reasonable poration—operate a total of six banks in Coloa finding that a substantial number of Denver rado, five of them in the Denver Metropolitan U.S. Bank's borrowers from the overlap areas would in any event seek funds directly from the aAs used herein, "all banks" refers to all insured banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1526 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 Area. The six banks hold combined deposits of of the application would result in a significant about $158 million, or approximately 7 per cent reduction in the number of correspondent bank of the deposits of all banks in the State. Approval alternatives available to suburban banks in Littleof the instant application would increase to 21 ton and Aurora. The Hearing Examiner found per cent the total of such deposits held by hold- this contention to be "unavailing, as a controlling ing company banks. In the Denver Metropolitan adverse factor." The Board concurs in the Hear- Area, where the five holding company subsidiaries ing Examiner's finding and, in so doing, also recombined control approximately 9 per cent of the jects the contention that Denver U.S. Bank's total deposits and loans of all banks in that Area, competitive position in this regard will be enif Applicant's proposal is consummated, 31 per hanced materially at the expense of its competicent of such total deposits and loans would be tors. At the present time Arapahoe Bank uses held by bank holding company subsidiaries. Denver U.S. Bank as its principal Denver corre- The foregoing data reflects that a sizable por- spondent. Admittedly, this relationship is of retion of the total deposits and loans of all banks cent origin and may be conceded to have arisen in the State is concentrated in relatively few banks, incident to the proposal under consideration. The the largest five of which are located in Denver. fact remains, however, that the correspondent re- At the same time, however, it does not appear lationship does now exist and that approval of that any single banking institution, Denver U.S. the application will not alter or affect the same. Bank included, is dominant either in the Denver Bank of Aurora presently uses First National Metropolitan Area or in the State as a whole, Bank of Denver as its principal city correspondor that approval of Applicant's proposal will so ent. The President of the First National Bank enhance the competitive position of Denver U.S. testified that loss of the Bank of Aurora account Bank in any pertinent respect as to be inimical would not be substantial or critical. An additional to the proven vigor of banking competition. fact found by the Hearing Examiner which the Consideration of essentially the foregoing data, Board adopts as supporting its position in this the Hearing Examiner found, "compels the con- matter is that the other banks in the two suburclusion that approval of the instant application ban communities, assuming that they choose not would have little effect on the concentration of to use Denver U. S. Bank as a correspondent bank, banking strength and power beyond that presently would still have available as city correspondents existing in the area involved, or in the State of four large Denver banks. The same alternatives Colorado, and pursuant to which phenomenal will be available to the smaller Denver banks. economic growth has been enjoyed". The Board Correspondent bank alternatives available to banks concurs in this conclusion and in so doing notes not competing with any of Applicant's proposed that within the Denver Metropolitan Area, be- subsidiaries would, of course, remain unchanged. tween 1956 and year-end 1962, 15 new banks The foregoing facts, as well as the evidence as were established, seven additional banks were to the scope of operation of and range of servchartered, and applications filed for four addi- ices offered by the four other large Denver banks tional bank charters. In July of this year, the —combined they have about 600 correspondent Valley National Bank opened in Littleton, the bank accounts representing total deposits of $93 situs of Arapahoe Bank, and the Aurora National million—satisfy the Board that any change that Bank was opened in Aurora, situs of the other may occur in existing correspondent relationships suburban bank involved in this application. Since will not measurably enhance Denver U.S. Bank's year-end 1962, six additional banks have opened competitive position nor deprive the suburban elsewhere in the Denver Metropolitan Area. banks of adequate sources of correspondent bank- The Board is unable on the facts presented in ing services. this record, to accept Protesting Banks' assertion A contention, asserted by all opponents of that holding company systems' concentration of Applicant's proposal, is that approval of the apcontrol of banks in the Denver Metropolitan Area lication would compel, as a competitive measure, has foreclosed or unduly impeded entry into that the formation of bank holding companies by other market. large Colorado banks. It is possible, of course, Protesting Banks further assert that approval that efforts toward this end might be initiated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1527 LAW DEPARTMENT by competing banks. The Board has previously cussed, the financial history and condition, prosmade known its position in this regard. (Board pects, and character of management of Applicant Statement in First Oklahoma Bancorp oration, Inc., and the banks concerned are consistent with ap- 48 Fed. Res. BULL. 1608, 1616). For the reasons proval of the application. The extent to which it set forth in the latter case, the Board affirms the has been found that the convenience and welfare Hearing Examiner's conclusion that the possibility of the two suburban communities principally conof future efforts toward holding company forma- cerned will be better served, and thus improved, tions in Colorado is not a controlling adverse weighs in favor of approval of Applicant's profactor in the instant case. posal. The size or extent of the bank holding com- A final point briefed and argued orally before pany system proposed would not, in the Board's the Board by Protesting Banks is that, on the judgment, be inconsistent with continued adebasis of the recent decision by the United States quate and sound banking and the public interest. Court of Appeals for the District of Columbia in Similarly, Applicant's formation is not foreseen James J. Saxon, Comptroller of the Currency v. as being in any significant respect inconsistent Bank of New Orleans and Trust Company, et ah, with the preservation of banking competition F. 2d , decided August 14, 1963, the within the Denver Metropolitan Area and the Board reconsider its position stated in the Matter State of Colorado. of the Application of Farmers and Mechanics To the extent that the findings and conclusions Trust Company, Childress, Texas, 46 Fed. Res. of the Hearing Examiner are consistent with those BULL. 14, 16, wherein the Board, in acting upon contained herein, they are adopted. Protesting an application by a bank holding company for Banks' exceptions to the Hearing Examiner's Reapproval of its acquisition of stock in a bank in port and Recommended Decision have been fully Texas, declined to weigh as a consideration ad- considered and the merit of certain of those exceptions is reflected in the Board's findings and verse to approval the existence of a State statute conclusions. To the extent not so reflected, Proprohibiting branch banking. In the Bank of New testing Banks' exceptions are denied. Orleans and Trust Company case, supra, the On the basis of all the relevant facts as con- Court of Appeals affirmed the action of a District tained in the record before the Board, and in the Court in enjoining the Comptroller of the Curlight of the factors set forth in Section 3(c) of rency from authorizing the opening of a new the Act, it is the Board's judgment that the pronational bank, acquisition of which by a bank posed acquisition would be consistent with the holding company had been approved by this public interest and that the application should Board. The Comptroller's action, the Court held, therefore be approved. was forbidden by a Louisiana statute prohibiting branch banking by State banks, and made appli- CONCURRING STATEMENT OF GOVERNOR cable to national banks by provisions of Federal MITCHELL law. The Court's ultimate decision was premised The basis for approval of the Denver U.S. Banupon a specific finding that the new national bank, corporation holding company application should, in its organization, financing, management, and in my view, recognize the effect of the resultant operation was, to all intents and purposes, a merging of control and management interests on branch of an existing national bank. the particular credit and banking service markets The Board finds inapplicable to its statutory most vulnerable to a diminution of bank competifunctions under Section 3 of the Bank Holding tion or a curtailment of banking service. Company Act both the reasoning and holding in There is little evidence of lack of competition the Bank of New Orleans case. Accordingly, it in most of the major credit and depositor markets believes its earlier position in the Farmers and in which Denver banks are involved—notably Mechanics Trust Company matter to be consistent Government securities, large issues of State and with controlling law, and precedent for the Board's local debt, loans to large business, residential present action in deciding the bank holding com- mortgages, correspondent bank services, credit to pany application now before it. consumers, and interest-bearing deposits. Other Summary and conclusion. As heretofore dis- financial intermediaries in Denver and elsewhere, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1528 FEDERAL RESERVE BULLETIN • NOVEMBER banks in other cities, manufacturing or retailing nesses who do not have the credit alternatives of credit affiliates in Denver, and the capital markets their large customers. Apparently their concern themselves all compete in one or more of these for large customers comes from the belief that markets with Denver banks. all small business needs are being adequately The markets where the maintenance of banking studied and met. There is nothing in the record competition is of major concern are in the pro- to suggest that a poorer job of meeting these local vision of demand deposit services and in the mak- needs will come about as a result of the formation ing of small business loans. In neither of these of the holding company. The majority opinion markets is there close or comparably priced non- implies such needs will be better met. bank substitutes. For depositors, convenience is Governor Robertson's dissent in this case exby far the most important single consideration; presses concern over an increase in the concenlocation, hours and days open for business, park- tration of deposits and loans in a few large Dening facilities, and the like are more important ver banks. Entirely apart from the fact that nonthan seldom-used special services. Small busi- bank competition and nonlocal bank competition nesses, as a result of their smallness, are typically insures adequate competition in most credit marrestricted in their credit sources to banks located kets, the statistical increase in concentration m the immediate vicinity unless they are prepared really tells very little about the competitive policy to rely on supplier or customer credit with the decisions in the Denver banking community. The implicit constraint on their product lines. record in this case does not show the detailed In regard to demand deposit service, Denver character and extent of banking affiliations in the appears to be significantly "underbanked." In the metropolitan area which have a bearing upon Denver metropolitan area in 1960 there were ap- competitive postures. Clearly correspondent relaproximately 17,000 people for each bank's office. tions inhibit some banking competition. Clearly In comparable metropolitan areas where legal loans by large banks to officers in small banks constraints on more convenient banking service collateralized by bank stock are hardly conducive are not encountered the number of persons per to vigorous competition between the two banks. banking office is much less. In 1960 it was be- The record does not show how many true banking tween 8,000 and 9,000 persons in Phoenix, Ari- competitors there are in Denver but it is certainly zona; San Bernardino, California; Indianapolis, far less than the number of banking offices. In Indiana; Louisville, Kentucky; and Syracuse, New this particular case, the increase in concentration York. It was between 9,000 and 10.000 in San appears to me to be largely fictitious; there will Jose, California; Paterson, New Jersey; Albany, be the same number of offices but with different New York; Cincinnati, Ohio; Portland, Oregon; connections. Providence, Rhode Island; and Seattle, Washing- Quite obviously a decision in this case involves ton. It was between 10,000 and 11,000 in both weighing a great many factors and frequent resort Sacramento and San Diego, California; Jersey to judgment. In the belief that bankers should have City, New Jersey; Buffalo, New York; and Nor- as much freedom to serve corporate purposes as folk, Virginia. I believe these figures indicate is consistent with the public interest, it is my that Denver banks are not providing the conveni- judgment that approval here will have that advanent service accorded depositors in other large, tage, will ultimately lead to convenience benefits growing metropolitan areas. The proposal in ques- to depositors, and is not likely to have harmful tion will not add to the number of offices servic- effects on small businesses in the outlying areas of ing the Denver community, but it is the type of Denver in need of bank credit. change in the banking status quo which may bring about a reappraisal of the adequacy of DISSENTING STATEMENT OF GOVERNOR banking facilities in the entire metropolitan area. ROBERTSON Bancorporation has in the record repeatedly ex- I am unable to concur in the Board's conclupressed the intention to cultivate its large business sion that approval of this application would be customers' needs more solicitously than in the in the public interest. On the contrary, it is my past. However, the record has not shown that they opinion that the record in this case has clearly propose to do this at the expense of smaller busi- established that the Board's action in permitting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1529 formation of this bank holding company system proval. A more immediate threat to the present will most assuredly produce substantially detri- banking structure of the State arises, in my mental effects without attending benefit to the judgment, from the probability, reflected in the public. record of this matter, that the Board's %Q&*a ia Principal among such detrimental effects will this case will set in motion efforts by other large be the elimination of competition between Den- Denver banks to form bank holding companies. ver U.S. Bank and each of the proposed subur- The Bank Holding Company Act was primarily ban subsidiaries for deposits and loans, which designed to control the "expansion" of bank holdcompetition the Board found is not insignificant. ing companies. True, the Act also contains a pro- Consummation of the proposal will simultaneously vision permitting the formation of new holding foreclose to the businesses and residents of the companies upon approval of the Board of Govtwo suburban areas an alternative source of bank- ernors. However, this provision was intended ing services. chiefly to close a "gap" that would have otherwise In view of the stress laid by Applicant on its existed since without this provision a company desire to better serve its larger, regional accounts, could have initially acquired control of two or I foresee yet another substantial adverse conse- more banks without the need for Board approval. quence flowing from consummation of Appli- That provision was never intended, in my judgcant's proposal. A major portion of the deposits ment, to be used as a vehicle for altering the derived by the two suburban banks from their banking structure of a State, particularly over the respective primary service areas now presumably expressed objection of the State. Yet that is what remains in and primarily serves those areas. Ap- is being done here. I repeat my earlier stated plicant's ownership of the suburban banks may conviction that approval of this application will be followed by a draining off of these suburban in all probability lead to like applications on bedeposits to serve the regional customers of Den- half of other large banks in Denver, different ver U.S. Bank. While Denver U.S. Bank's access treatment of which by the Board will be made to these additional deposits will afford but mini- difficult by the precedent here established. The mal competitive advantage, their removal could result may well be the rapid transformation of have an adverse effect on the medium and small Colorado's banking structure from one consisting size businesses seeking credit from within the two of many independent single unit banks to one of suburban communities. banks controlled by a few holding company sys- At the present time a major portion of the de- tems. posits and loans of all banks in the State is con- In seeking to restrain the expansion and decentrated in a few large Denver banks. Approval velopment of bank holding companies, Congress of this application will encourage and facilitate did not, in my opinion, expect the Board to confurther concentration in one of two ways, and tribute to a transformation of a State's banking perhaps both. It is not reasonable to assume that structure of the nature and scope foreseen in this Applicant has taken this initial step without fore- case. seeing, even at this date, the need for further ex- Accordingly, I would deny this application as pansion of its system if its stated goals are to be being a significant step in the direction of undue reached. While it is true that such future expan- concentration of financial power, and in conflict sion can be taken only with Board approval, the with the structure of banking ordained by the philosophy reflected in the Board's present action State of Colorado. constitutes an invitation to seek such further ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPOINTMENT OF DIRECTOR a sale of part of the collateral securing such an account or loan, the amount of the sale proceeds On October 22, 1963, the Board of Governors that can be withdrawn by the customer will be 30 announced the appointment of C. G. McClave of per cent. Since June 15, 1959, the amount that Great Falls, Montana, as a director of the Helena could be withdrawn had been 50 per cent. Branch of the Federal Reserve Bank of Minne- The Board's actions were taken pursuant to auapolis for the unexpired portion of a term ending thority granted it by Congress in the Securities December 31, 1964. Mr. McClave is President Exchange Act of 1934 for the purpose of preventand General Manager, Montana Flour Mills Coming excessive use of credit for the purchase or pany, Great Falls. As a director of the Helena carrying of securities. Branch he succeeds Dr. Harry K. Newburn, for- Since July 1962, when the margin requirements merly President, Montana State University, who were reduced to 50 per cent from the 70 per cent resigned September 1, 1963. that had previously prevailed, stock market credit, as reported by brokerage firms that are members RESIGNATION OF DIRECTOR of the New York Stock Exchange and by weekly Mr. Morgan J. Davis, Deputy Chairman of the reporting banks that are members of the Federal Federal Reserve Bank of Dallas and Class C di- Reserve System, has risen by $2.1 billion or 43 rector since January 1, 1961, resigned effective per cent. Of the increase, nearly $1.8 billion was November 1, 1963. Mr. Davis was formerly in customer net debits of the brokerage firms, Chairman of the Board, Humble Oil & Refining which rose by 49 per cent. Company, Houston, Texas. No other changes were made in the regulations. In response to inquires as to what loan value CHANGE IN MARGIN REQUIREMENTS applies to securities used to make the deposit required by Section 220.3(b)(l) of Regulation The Board of Governors of the Federal Reserve T in respect to transactions in general accounts System amended its Regulations T and U, rewhich occur before a change in margin requirelating to stock market credit, to increase margin ments, the Board indicated that in the case of requirements from 50 to 70 per cent, effective such deposits, the loan value (on the occasion November 6, 1963. of that deposit only) is that which was in effect The action covers extensions of credit by brokwhen the transaction in question was executed on ers (Regulation T) and loans by banks (Regulathe floor of the exchange. Thus where the custion U) for the purpose of purchasing or carrying tomer's order was executed before the increase securities registered on a national securities exfrom the 50 to the 70 per cent margin became change. Its effect will be to require persons buying effective, he would still make his deposit at the stock on credit to put up a minimum of 70 per lower margin, although the securities used to cent of the price at the time of the transaction. satisfy the deposit requirement were not delivered The Board also amended the regulation to inuntil after the new margin came into force. crease from 50 to 70 per cent, effective November 6, 1963, the amount that must be retained in an undermargined account with a brokerage firm or REVISION IN CONSUMER CREDIT STATISTICS bank when there is a sale of part of the securities The Federal Reserve series for consumer credit serving as collateral. An "undermargined" account have been revised for the period January 1960 or loan is one in which the customer has an equity to date. The revised figures are shown on pages amounting to less than the current margin require- 1576-1579 and 1596-1599 of this BULLETIN. ment; that is, beginning November 6, 1963, an Revisions for 1962 and 1963 reflect mainly equity of less than 70 per cent. Thus, in the case of the incorporation of new benchmark data. In ad- 1530 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1531 ANNOUNCEMENTS dition, the seasonal factors for extensions and on the basis of benchmark figures that have rerepayments of instalment credit were revised, and cently become available. the new seasonally adjusted data have been carried The revision in total instalment credit was relatively small. An upward revision in automobile back to January 1960. paper of $332 million as of June 1963, mainly at Figures for commercial and mutual savings commercial banks, was largely offset by a downbanks have been revised for the period July 1962 ward revision of $200 million in other consumer to date on the basis of call report figures for the goods paper, most of which was accounted for by end of December 1962 and June 1963. Revisions retail outlets, and small decreases in other types for certain other financial holders, for retail out- of instalment credit. Revisions in noninstalment lets, and for service credit have also been made credit were slight. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 15 Industrial production advanced in October and CONSTRUCTION retail sales rose to a new high while construction New construction activity in October—at a activity remained at a record level. Nonfarm emseasonally adjusted annual rate of $66Vi billion— ployment increased slightly further and the unremained at about the advanced August-Septememployment rate changed little. The money supber level. For the first 10 months of the year, ply and time and savings deposits at commercial the rate averaged 5 per cent above a year earlier. banks continued to expand. Between mid-October Private residential activity and public construction and mid-November yields on bonds and Treasury changed little in October while business construcbills increased. tion declined slightly after a substantial rise over the preceding 3 months. INDUSTRIAL PRODUCTION EMPLOYMENT Industrial production in October was 127 per cent of the 1957-59 average, 1 point above Sep- Employment in nonagricultural establishments tember and the same as the record level first increased slightly further in October, reflecting attained in July. Output of final products in- mainly gains in State and local government and creased further in October while production of service activities. In manufacturing, employment steel and other materials generally changed little. continued to change little while the average workweek remained at the advanced September level. Auto assemblies rose 9 per cent in October to The unemployment rate, at 5.5 per cent compared 157 per cent of the 1957-59 average; schedules with 5.6 per cent in September, remained within for November indicate that output will remain the narrow range through which it has fluctuated at about this high level. Production of most other for nearly 2 years. consumer goods increased slightly in October. Among business equipment, output of industrial DISTRIBUTION and farm machinery rose while production of freight and passenger equipment and commercial Retail sales, after declining 1 per cent in Sepmachinery changed little. tember, rose 2 per cent in October and were 5 per cent above a year earlier. Gains were widespread among the categories of retail stores, al- INDUSTRIAL PRODUCTION 1957-59 =^100 though sales at department stores declined. Dealer deliveries of new cars in October, the first month of the 1964 model-year, were up about 5 per cent from both a month earlier and a year earlier. COMMODITY PRICES The wholesale commodity price index remained stable in October and early November. Prices of sensitive industrial materials changed little on the average. Reflecting large supplies, prices of livestock and meats declined and were substantially below a year earlier. V/DURABLE MANUFACTURES BANK CREDIT, MONEY SUPPLY, AND RESERVES J__ .1 i L__ ^ i___ _J J L_ 1959 1961 1963 1959 1961 Seasonally adjusted commercial bank credit in- F. R. indexes, seasonally adjusted. Latest figures shown are creased only $300 million in October. Total loans for Oct. 1532 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1533 rose reflecting substantial increases in most cate- an outflow of currency and a reduction in Federal gories of loans offset in part by a reduction in Reserve float and were supplied by an increase loans to security dealers. Holdings of U.S. Gov- of about $300 million in System holdings of ernment securities continued to decline while U.S. Government securities. holdings of other securities increased somewhat SECURITY MARKETS further. The average money supply rose $1.1 billion and time and savings deposits at com- Yields on corporate and State and local governmercial banks $1.3 billion; both increases were ment bonds and on all maturities of U.S. Govlarger than in other recent months. U.S. Gov- ernment securities increased between mid-October ernment deposits at commercial banks declined and mid-November, in most cases to their highest sharply. levels of the year. In early November, the 3-month Required and total reserves of member banks Treasury bill rate was slightly above 7>Vi per cent. rose by less than the usual amounts in October. After reaching a new high in late October, Excess reserves and member bank borrowings common stock prices declined moderately. Effrom the Federal Reserve showed little further fective November 6, margin requirements were change. Reserves were absorbed principally by raised to 70 per cent from 50 per cent. RETAIL TRADE INTEREST RATES 1957-59-100 RETAIL SALES _ TOTAl^yv _ _ SALES J* TOTAL LESS _ AUTOMOTIVE GROUPyy STOCKS J l ^ 1 1 i 1 ^ ... I I 1 l .. Discount rate, range or level for all F. R. Banks. Weekly F. R. indexes; retail sales based on Dept. of Commerce data. average market yields for U.S. Govt. bonds maturing in 10 Seasonally adjusted figures; latest for department stores, Sept.; years or more and for 90-day Treasury bills. Latest figures retail sales, Oct. shown, week ending Nov. 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated IPC Individuals, partnerships, and corporations c Corrected A Assets p Preliminary L Liabilities r Revised rp Revised preliminary S Financial sources of funds net change in liabilities i, II, U Financial uses of funds: net acquisitions of in, rv Quarters assets n.a. Not available n.e.c. Not elsewhere classified Amounts insignificant in terms of the par- S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) N.S.A. Monthly (or quarterly) figures not adjusted (1) Zero, (2) no figure to be expected, or (3) for seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. 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: Analysis of changes in number of Aug. 1963 1162 State Apr. 1963 551-52 On, and not on, Federal Reserve Par List number of Aug. 1963 1163 Income and expenses: Federal Reserve Banks Feb. 1963 264-65 Member banks: Calendar year May 1963 710-18 Annually Operating ratios Apr. 1963 553-55 Insured 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 1534 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 1536 Reserve Bank discount rates; margin requirements; reserve requirements 1540 Federal Reserve Banks 1542 Bank debits; currency in circulation 1544 Money supply; banks and the monetary system 1546 Commercial and mutual savings banks, by classes 1548 Commercial banks, by classes. 1552 Weekly reporting member banks 1554 Business loans 1557 Interest rates 1558 Security prices; stock market credit; open market paper 1559 Savings institutions 1560 Federal finance 1562 Federally sponsored credit agencies. 1567 Security issues 1568 Business finance 1571 Real estate credit 1573 Consumer credit 1576 Industrial production 1580 Business activity 1584 Construction 1584 Employment and earnings 1586 Department stores 1588 Wholesale and consumer prices 1590 National product and income series. 1592 Flow of funds, saving and investment 1594 Revised estimates of consumer credit for 1962 1596 Guide to tabular presentation 1534 Index to statistical tables 1625 The data for F.R. Banks, member banks, and ties are obtained from Treasury statements; department stores, and consumer credit are the remaining data are obtained largely from derived from regular reports made to the other sources. For many of the banking and Board: production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see list of publieral finance, and Federal business-type activi- cations at end of the BULLETIN). 1535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1536 BANK RESERVES AND RELATED ITEMS NOVEMBER 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 Period ury Cur- Treas- reserves, 1reserves or U.S. Govt. securities cur- rency ury with F.R. Banks Other date Dis- Gold rency in cash F.R. Total Bo r o i u u g g h t- h t t R m c a e h g e p a r n u e s t e r e s - - c v o a a a u n n d n d c - e ts s Float 1 t T al o - 2 stock s o t i a u n n g t- d- c t c u i i o l r a n - - h in ol g d s - Tr u e r a y s- F ei o g r n - Other 1 co a u c n - ts B W F a . n R it k h . s c C oi u n r - 3 Total Averages of daily figures 1929 June ... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 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 ,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 ,?6? 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 ,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 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,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 I960—Dec 27,248 27,170 78 94 1,66*;29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 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—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 34,574 422 777 226 299 976 16,909 3,126 20,035 Feb 30,541 30,355 186 181 1,503 32,287 15,922 5,567 34,230 437 832 208 305 1,041 16,724 2,857 19,581 Mar 30,613 30,507 106 185 l,6?6 32,477 15,878 5,576 34,431 446 878 188 185 1,095 16,707 2,809 19,516 Apr 30,897 30,833 64 151 1,596 32,692 15,878 5,578 34,719 436 917 183 199 1,022 16,671 2,903 19,574 May 31,138 31,041 97 229 1,560 32,972 15,834 5,576 34,879 423 890 171 183 1,075 16,761 2,915 19,676 June 31,540 31,446 94 236 1,635 33,454 15,785 5,583 35,293 400 794 193 216 1,125 16,800 2,935 19,735 July 32,158 32,014 144 322 1,740 34,262 15,664 5,585 35,752 393 923 176 201 1,076 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 Sect 32.341 32.243 98 352 1,710 34,440 15,582 5,589 35,945 c401 866 149 196 1.163 16.8Q0 3,055 19,945 Oct 32,648 32,464 184 343 1.593 34,628 15,582 5,587 36,120 395 918 161 194 1,089 16,920*>3,084*>20,004 Week ending— 1962 Scot. 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 2,136 31,955 16,067 5,544 34,045 390 579 222 284 774 17,273 2,886 20,159 26 29,340 29,340 152 2,176 31,702 16,068 5,548 33,882 401 494 219 283 760 17,278 2,913 20,191 Oct. 3 29,959 29,946 13 74 1,747 31,816 16,067 5,552 33,914 400 476 217 323 754 17,352 2,822 20,174 10 .. 30 682 30,546 136 56 1,645 32,416 16,067 5,555 34,102 410 513 243 314 751 17,706 2 627 20,333 m 17 30,480 30,385 95 82 1,633 32,229 16,067 5,551 34,256 397 480 214 336 717 17,445 2,861 20,306 -* 24 29,931 29,931 67 2,083 32,116 16,052 5,551 34,115 398 519 211 315 684 17,476 2,882 20,358 "^ 31 29,888 29,853 ' *35 91 1,475 31,491 16,006 5,552 34,042 406 541 207 311 672 16,872 2,935 19,807 Nov 7 30,235 30,048 187 170 1,247 31,686 15,977 5,555 34,231 410 392 184 302 822 16,878 2 681 19 559 14 30,378 30,138 240 156 1,300 31,868 15,978 5,550 34,560 401 523 216 309 798 16,589 2,828 19,417 ^ 21 30,104 30,044 60 105 2,056 32,299 15,978 5,550 34,684 394 464 193 289 1,020 16,783 2,902 19,685 ••s 28 30,012 29,994 18 103 2,109 32,259 15,978 5,551 34,803 400 488 214 262 1,023 16,597 3,033 19,630 Dec. 5 30,411 30,223 188 93 1,832 32,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2,964 19,529 Pi 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 Pi 19 . 30 493 30 493 164 2,443 33,163 15,978 5,560 35,366 399 669 208 277 1 011 16 771 3 182 19 953 r^ 26 30,510 30,489 21 308 2,842 33,733 15,978 5,564 35,471 395 665 210 295 1,026 17,212 3,113 20,325 'Z 1963 Jan. 2 30,598 30,478 120 716 2,684 34,104 15,978 5,568 35,349 399 628 280 319 1,054 17,623 3 456 21 079 to 9 30,404 30,404 65 2,728 33,286 15,978 5,572 35,022 423 711 226 306 991 17,157 3,139 20,296 *** 16 30,227 30,227 80 2,392 32,784 15,963 5,563 34,694 412 767 232 298 980 16,927 3,173 20,100 " 23 29,898 29,898 172 2,307 32.464 15,928 5,567 34,361 429 823 225 281 960 16,881 3 034 19 915 ~" 30 30,123 29,975 148 101 1.615 3ll916 15,928 5,571 34,080 432 837 220 297 966 16,583 3,028 19,611 Feb. 6 , 30,540 30,235 305 225 1,358 32.194 15,928 5,569 34,107 421 783 206 297 971 16,907 2,777 19,684 30,786 30,447 339 165 1,319 32,330 15,928 5,563 34,263 427 838 212 298 959 16 825 2,799 19 624 peU MS) 30,392 30,337 55 157 1.702 32.312 15,928 5,566 34,293 444 901 187 310 1,086 16,586 2,926 19 512 ^P 27 30,405 30,361 44 159 1,596.32,219 15,913 5,570 34,228 454 801 230 314 1,125 16,550 2,927 19,477 For notes set opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 BANK RESERVES AND RELATED ITEMS 1537 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank P d e o r a i r t o e d T U o . t S a . l G B o o r v o i u t u g . g t h h - s t e t curities c v D o a a a i u n n d s n c d - - t e s s Float1 t T al o - 2 s G t o o l c d k s r o c t e u i a u n u n r n r g t c y - - d y - r c C t c e u i i i n u o n l r a c n r - y - - T h c i r u n o a e r l g s a d y h s s - - Tr u e w r a y s it - h F F e .R i o g r . n - Ba O n t k h s er* c O F o a t u . h c R n - e . t r s B W F a . n R it k h . s re r C s a e e n n u r c d r v y - es Total coin 3 Averages of tiily figures Week endiaf- 1963 Mar. 6 30,552 30,402 150 172 1,665 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 1,—527 "32,402 15,877 5,576 34,454 450 783 191 181 ,114 16,682 2,740 19,422 20 30,430 30,430 *ii6 87 872 32,441 15,878 5,577 34,511 448 845 180 191 ,073 16,648 2,857 19,505 27 30,635 30,519 271 598 32,555 15,878 5,576 34,415 451 1,014 186 174 ,078 16,690 2,908 19,598 Apr. 3 30,997 30,855 142 204 ,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 1 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 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 ,471 33,077 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 ,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 ,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 ,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 ,156 16,587 2,841 19,428 19 31,317 31,244 73 284 ,85333,498 15,798 5,582 35,331 404 781 202 237 ,111 16,813 2,983 19,796 26 31,583 31,430 153 234 ,854 33,714 15,779 5,582 35,279 402 892 185 217 ,099 17,001 3,051 20,052 July 3.. .. 32,249 32,078 171 329 ,65134,273 15,733 5,587 35,581 383 863 173 235 ,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 ,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 ,056 17,067 3,105 20,172 24 31,687 31,687 313 ,990 34,030 15,633 5,584 35,698 391 886 168 193 ,062 16,850 3,078 19,928 31 32,086 32,044 "42 143 ,344 33,611 15,633 5,586 35,564 393 891 179 202 ,069 16,530 3,118 19,648 Aug. 7 32,443 32,373 70 403 ,28834,174 15,633 5,587 35,703 402 742 170 250 ,071 17,055 2,858 19,913 32,286 32,253 33 382 ,367 34,075 15,618 5,581 35,879 382 870 167 188 ,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 ,217 16,655 2,999 19,654 32,142 32,074 68 305 ,418 33,901 15,583 5,586 35,728 400 918 162 181 ,219 16,461 3,093 19,554 28 32,438 32,264 174 355 348 34,180 15,582 5,587 35,889 391 806 170 192 ,214 16,689 2,995 19,684 Sept. 4 32,644 32,350 294 385 487 34,553 15,583 5,591 36,066 409 824 153 206 ,219 16,850 2,964 19,814 32,209 32,209 225 1,995 34,465 15,582 5,590 36,016 417 942 142 209 ,139 16,770 3,130 19,900 is;;;;;... 32 040 32,040 418 1,"9~37 3344,434 15,582 5,587 35,850 385 856 139 181 ,140 17,052 3,148 20,200 25 Oct. 2 32,511 32,449 62 373 1,545 34,467 15,582 5,589 35,858 393 901 153 192 ,114 17,027 3,150 20,177 9 33,036 32,617 419 422 1,527135,030 15,583 5,591 36,061 397 910 153 193 ,141 17,349 2,843 20,192 16 32,784 32,521 263 339 1,567 34,737 15,583 5,582 36,235 392 930 150 194 ,107 16,894 3,095 19,989 23 32,226 32,226 392 1,930 34,589 15,581 5,583 36,165 394 915 171 188 ,060 16,860^3,082 19,942 32,474 32,413 229 1,416 34,163 15,582 5,590 36,066 398 906 167 197 ,048 16,553^3,2022>19,755 30 End of month 1963 Aug 32,391 32,237 154 389 1,316 34,134 15,582 5,588 35,850 382 705 178 195 1,213 16,782 2,828 19,610 ns 1 5*7 15 5825 5Q1 35.891 384 948 174 too t 107 \f> 779 2,890 19,662 Oct...*;;;;;;;! 32,758 32,696 ' 62 332 1,439 34,587^15,58325)593 '36,170 P390 881 175 209 1,016 16,922*>3,523*>20,445 Wednesday 1963 Sept. 4 32,694 32,359 335 212 1,449 34,392 15,583 5,588 36,061 403 844 154 199 1,219 16,684 3,211 19,895 11 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 1,43534,073 15,583 5,588 35,841 388 940 141 172 ,141 16,621 3,484 20,105 Oct. 2 32,898 32,618 280 493 1,326 34,758 15,583 5,589 35,958 401 972 168 194 ,124 17,113 3,292 20,405 9 32,979 32,635 344 213 1,233 34,471 15,583 5,594 36,220 404 904 155 182 ,145 16,637 3,148 19,785 16 32,413 32,335 78 407 1,64534,511 15,583 5,581 36,244 404 918 147 213 ,062 16,687 3,400 20,087 23 32,273 32,273 305 1,398 34,017 15,583 5,587 36,145 401 823 196 183 ,059 16,380*33,429^19,809 30 32,779 32,686 "93 215 1,158 34,200 15,583 5,593 36,154 398 761 183 197 ,014 16,668 567*>20,235 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. %m also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1538 BANK RESERVES AND RELATED ITEMS NOVEMBER 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 R w 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 ir e e - 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 r F i o a n a . n w g R t k s . - s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec... 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec... 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945_Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1.353 3 64 -61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4.762 4,748 14 115 -101 1,295 1,295 1 37 —36 1954—Dec. 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,710 ,710 -1 15 — 16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 IJ66 1,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 —86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 g 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 — 31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 038 104 -104 I960 Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—June 19,924 19,433 491 100 391 3,781 3,774 7 19 -12 976 977 -1 2 -3 1962—Oct 20,205 19,721 484 65 419 3,774 3,736 38 4 34 1,036 1,032 5 6 -1 Nov 19,604 19,012 592 119 473 3,627 3,601 27 14 13 1,007 1,001 6 13 -7 Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Jan 20,035 19,552 483 99 384 3,857 3,840 18 5 13 1.038 1,037 1 7 -6 Feb 19,581 19,109 472 172 300 3,721 3,704 17 42 -25 1,016 1,012 4 15 -11 Mar 19,516 19,090 426 155 271 3,752 3,734 19 27 -8 1,009 1,008 1 38 —37 Apr 19,574 19,140 434 121 313 3,727 3,716 11 12 -1 1,003 998 5 14 -9 May 19,676 19,219 457 209 248 3,769 3,735 34 34 [,025 1,025 8 -8 June 19,735 19,358 377 236 141 3,722 3,742 —20 39 -59 1,029 1,032 _3 3 -6 July 20,017 19,537 480 322 158 3,796 3,740 55 40 15 ,038 1,026 11 24 -13 19,721 19,254 467 330 137 3,631 3,620 11 90 -79 1 009 1,007 2 29 -27 Sept 19,945 19,532 413 321 92 3,748 3,722 27 82 -55 1,029 1,030 — 1 40 -41 Oct ^20,004*>19,595 P409 313 *96 z>3,695 *>3,693 *>2 101 *-99 VI 036 *l,028 p$ 19 v-\\ Week ending— 1962—Oct. 3 20,174 19,728 446 63 383 3,810 3,785 25 6 19 1,037 1,032 5 1 4 10 20,333 19,854 479 44 435 3,779 3,764 15 15 1,042 1,040 2 9 — 7 17 20 306 19 821 485 71 414 3,721 3,729 — 8 14 -22 1,035 1,035 9 — 9 24 20,358 19,853 505 56 449 3,772 3,755 18 3 15 1,041 1,042 2 -2 31 19,807 19,353 454 79 375 3,735 3,674 61 61 1,014 1,009 5 5 1963—May 1 19,644 19,244 400 94 306 3,848 3,799 49 49 1.020 1,023 -3 3 — 6 8.... 19,715 19,354 361 110 251 3,839 3,822 17 17 1,032 1,027 5 26 -21 15.... 19,660 19,201 459 199 260 3,702 3,711 -9 53 -62 1,021 1,019 3 5 -3 22 19,683 19,230 453 281 172 3,753 3,729 24 81 -57 1,035 1,031 4 2 2 29.... 19,599 19,122 477 266 211 3,737 3,683 54 15 39 1,027 1,024 3 2 June 5.... 19,438 19,098 340 216 124 3,672 3,662 10 11 -1 1,028 1,025 2 3 ~1 12 19,428 19,009 419 248 171 3,632 3,621 12 18 -6 1,012 1,009 3 2 1 19.... 19,796 19,298 498 284 214 3,749 3,743 5 63 -58 1,016 1,021 -5 3 -8 26 20,052 19,673 379 234 145 3,848 3,828 20 73 -53 1,058 1,051 7 5 2 July 3.... 20,242 19,810 432 329 103 3,891 3,886 5 60 -55 1,055 1,056 -1 25 -26 10.... 20,093 19,630 463 323 140 3,797 3,758 39 36 3 1,036 1,029 7 8 17.... 20,172 19,577 595 400 195 3,719 3,706 13 81 -68 1,034 1,030 4 5 -1 24 19,928 19,457 471 312 159 3,797 3,720 77 77 1,025 1,013 11 66 -55 31 19,648 19,351 297 143 154 3,726 3,711 15 15 1,023 1,021 2 5 AU M:::: 19,913 19,431 482 398 84 3,722 3,720 2 82 -80 1,021 1,024 -2 73 -75 19,709 19,236 473 352 121 3,611 3,599 12 106 -94 1,002 997 5 45 -40 19,654 19,252 402 294 108 3,613 3,605 8 89 -81 1,012 1,009 3 12 -9 21.... 19,554 19,146 408 274 134 3,569 3,570 -1 81 -82 ,00? 1,001 2 2 28 Sept. 4.... 19,684 19,204 480 325 155 3,645 3,601 44 81 -37 ,014 1,010 5 5 11 19,814 19,313 501 354 147 3,615 3,605 10 135 -125 001 1,001 37 -38 18.... 19,900 19,552 348 193 155 3,710 3,713 -2 41 -43 1,033 1,028 5 27 -22 25 20,200 19,740 460 388 72 3,847 3,817 30 83 -53 1,046 1,051 -5 45 -50 Oct. 2.... 20,177 19,825 352 343 9 3,891 3,877 15 83 -68 1,065 1,060 5 72 -67 9 20,192 19,757 435 392 43 3,775 3,767 8 100 -92 1,044 1,043 51 -50 16.... 19,989 19,603 386 309 77 3,678 3,661 17 130 -113 1,033 1,025 8 18 -10 23 *>19,942*>19,513 P429 361 ^68 3,643 3,639 4 127 -123 1,034 1,028 6 4 2 30 *>19,755P19,407 *>348 199 *149 3,650 3,632 18 34 -16 1,009 1,007 2 4 -2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 BANK RESERVES AND RELATED ITEMS 1539 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (Averages of daily figures; in millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941 Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951 Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952 Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5 716 5,220 497 159 338 1956—Dec... 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Dec 7,950 7,851 100 20 80 6 689 6,066 623 40 583 1961 Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—June 8,270 8,209 61 45 16 6,896 6,473 423 34 389 1962—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 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 8,060 8,017 43 118 -75 7 021 6,611 411 93 318 Sent 8,119 8,095 24 130 -106 7,049 6,686 362 69 293 Oct "37 131 "-94 "6,757 "361 62 "299 Week ending— 1962—Oct 3 8,232 8,206 26 28 -2 7,095 6,705 391 28 363 10 8,299 8,268 31 11 20 7,213 6,782 431 24 407 17 8,287 8,267 20 16 4 7,263 6,791 473 32 441 24 8,281 8,244 37 26 11 7 264 6,812 452 25 427 31 . 7,943 7,905 38 30 8 7,115 6,766 349 44 305 1963—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 7,139 6,737 402 57 345 Oct 2 8,191 8,170 21 111 -90 7,030 6,719 311 77 234 9 8,221 8,185 36 185 -149 7,152 6,762 390 56 334 \6 8,173 8,135 38 119 -81 7 105 6,782 323 42 281 23 8,105 8,083 21 182 -161 "7,160 48 "350 30 . .. 8,064 8,038 25 66 -41 "7,033 "6,730 »302 95 i This total excludes, and that in the preceding table includes, $51 Nov. 1959; thereafter on closing figures for balances with F.R. Banks million in balances of unlicensed banks. and opening figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each NOTE.—Averages of daily figures. Beginning with Jan. 1963 reserves day. are estimated except for weekly averages. Borrowings at F.R. Banks: Based on closing figures. Total reserves held: Based on figures at close of business through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1540 DISCOUNT RATES NOVEMBER 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 ' Federal Reserve Bank Sees. 13 and 13a * Sec. 10(b) * Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Oct. 31 date rate Oct. 31 date rate Oct. 31 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 Aug. 19, 1960 Cleveland July 17,1963 July 17, 1963 July 17, 1963 R At i l c a h n m ta ond... J J u u l l y y 2 1 4 7 , ,1 1 9 9 6 6 3 3 J J u u l l y y 2 1 4 7 , , 1 1 9 9 6 6 3 3 4* J J u u l l y y 2 17 4 , , 1 1 9 9 6 6 3 3 Chicago July 19,1963 July 19, 1963 1 July 19, 1963 St. Louis July 17,1963 July 17, 1963 July 17, 1963 Minneapolis.. July 17,1963 July 17, 1963 Aug. 15, 1960 Kansas City.. July 26,1963 July 26, 1963 July 26. 1963 Dallas July 17,1963 July 17, 1963 Sept. 9, 1960 San Francisco July 19,1963 July 19, 1963 June 3, 1960 5 I * Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturities not over 6 months and 9 months, respectively, and advances maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 1953 1958 Jan. 16 4-2 Jan. 22 1933 23 24 Mar. 3 3% Mar. 7 243 Apr. 7 4 I* 1954 2 1 1 3 2V 2 A V -2 A YA May 26 Feb. 5 Apr. 18 WA-2VA Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Sept 12..... & Feb. 2 18 May 21 2 Mar. 16 Oct. 24 2 -2 Nov. 7 Jan. 11 1935 18 Apr-£:: 19 : 5 : 5 May 14 1959 May 2 Mar. 6 1937 Aug. 4 16 Aug. 27 1 -2 May 29 3 -3 Sept. 4 1 -1*4 Sept 1 , 2 ? ! : ' : .; : ; : ; : J S u e n p e t. 1 1 2 1 1942 18 Apr. 11 Nov. 18 Oct. 15 23 30 1960 1946 June 3 Apr. 25 1956 10 May 10 Apr. 13 14 20 2%-3 Aug. 12 1948 Aug. 24 Sept. 9 Jan. 12 1 -1% WA 19 WA WA ig 1957 1963 1950 Au8-2?::::: 3 -3% f July 2 1 6 7 3 58 Aug. 21 WA Nov. 15 WA Dec. 2 In effect Oct. 31 3*4 1 Preferential rate of % of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in I 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

NOVEMBER 1963 RESERVE REQUIREMENTS 1541 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 Ja 1 n 9 . 3 6 1, Ja 1 n 9 . 5 7 1, Ja 1 n 9 . 6 2 1, Effective date * b C re a e c s n n i e k t t r y r s v a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r re e c a s s i n e e t r r y d v v e e C ba o tr n u y k n s - Savings deposits held for: banks 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 m m In effect Dec. 31, 1948.. 26 22 16 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.. 20 1 1 4 3 6 5 6 Aug. 16,18 12 5 Other time deposits pay- Aug. 25 g* !S* able in: i Sept. 1 9 6 L 1 0 e m y s d e s o a a n t y r h t s h a o - s n 6 r - 1 m m 9 0 o y o r e d n e a a th r y s s 3 1 1 1 9 9 95 5 5 3 4 1 — — — J J J J J u a u u a l n l n n y y . . e 2 2 1 1 1 5 9 1 ,9 6 , , , F A , 1 2 e 6 u b 4 g . , . . . 1 . 1 , .. . 2 2 2 2 2 3 4 2 1 0 2 1 1 1 0 9 8 9 1 1 1 1 4 3 3 2 6 5 6 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. IS* 17* 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 it* 16% Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 a p n a y n ie ev s e o n n t e l x ik c e e e d d e p th o e s i m ts a u x n im de u r m t h r e a t l e a w pa s y o a f b l t e h e b y S t S a t t a e t e in b a w n h k ic s h o r t h t e ru m st e c m o b m e - r N De o c v . 24 1 \16m% 12 bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the 1962—Oct. 25, Nov. 1. 4 4 FDIC, have been the same as those in effect for member banks Maximum rate payable on all types of time and savings deposits: In effect Nov. 1,1963.. 16% 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 percent; Feb. 1, 1935-Dec. 31, 1935. 2% per cent. Present legal requirement: MARGIN REQUIREMENTS 10 7 3 Maximum 4 22 14 6 6 (Per cent of market value) 1 When two dates are shown, first-of-month or midmonth dates record Effective date changes at country banks, and other dates (usually Thurs.) record changes at central reserve or reserve city banks. Regulation 2 Demand deposits subject to reserve requirements are gross demand July 28, July 10, Nov. 6, deposits minus cash items in process of collection and demand balances 1960 1962 1963 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 70 50 70 the maximum for reserve city banks was 20 per cent. For short sales 70 50 70 Regulation U: NOTE.—All required reserves were held on deposit with F. R. Banks, June For loans by banks on stocks 70 50 70 21, 1917, until late 1959. Since then, member bank* have also been allowed to count vault cash as reserves, as follows: Country banks—in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 NOTE.—Regulations T and U, prescribed in accordance with Securities and Aug. 25, 1960, respectively. Central reserve city and reserve city Exchange Act of 1934, limit the amount of credit that may be extended on banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, a security by prescribing a maximum loan value, which is a specified 1960, respectively. Effective Nov. 24, 1960, all vault cash. percentage of its market value at the time of extension: margin requirements are the difference between the market value (100%) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Sept. 18, 1963 Four weeks ending Oct. 16, 1963 Gross demand: Gross demand: Total 129,712 24,139 6,210 50,072 '49,290 Total 132,836 25,212 6,452 50,885 50,288 Interbank 14,025 4,049 1,231 7,056 1,689 Interbank 14,471 4,150 1,266 7,282 1,773 U O . t S h . e r Govt 11 r5 0 , , 0 6 1 7 7 1 19,1 9 6 25 6 4,7 2 0 7 7 3 41 1 , ,9 0 8 3 6 0 P4 rl 5 58 ,7 3 6 3 8 O U. t S h . e r Govt 11 6 1 , , 7 6 1 5 3 2 1 1 9 , , 7 3 0 6 1 0 4,7 4 1 6 6 9 4 2 1 , , 4 1 9 1 0 3 4 2 6 , , 0 4 5 6 3 3 Net demand 1 106,906 19,292 5,255 40,399 r41,960 Net demand 1 109,594 20,240 5,461 41,091 42,802 Time '88,801 10,973 3,575 34,255 r39,999 Time 89,361 11,018 3,596 34,403 40,343 Demand balances due Demand balances due from domestic banks. 7,255 102 94 2,046 5,011 from domestic banks. 7,372 104 96 2,048 5,123 Currency and coin 3,046 231 44 942 1,829 Currency and coin 3,059 236 48 944 1,830 Balances with F.R. Balances with F.R. Banks 16,692 3,404 969 7,134 5,186 Banks 17,081 3,562 999 7,244 5,276 Total reserves held 19,738 3,635 1,013 8,076 7,015 Total reserves held 20,140 3,798 1,047 8,188 7,106 Required 19,304 3,622 1,010 8,036 r6,636 Required 19,731 3,780 1,045 8,156 6,750 Excess 434 13 3 40 r379 Excess 409 18 2 32 356 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

1542 FEDERAL RESERVE BANKS NOVEMBER 1963 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1963 1963 1962 Oct. 30 Oct. 23 Oct. 16 Oct. 9 Oct. 2 Oct. Sept. Oct. Assets 13,967 13,952 13,968 13,973 13,973 13,966 13,973 14,481 Redemption fund for F.R. notes 1,343 1,344 1,332 1,331 1,335 1,344 1,336 1,211 15,310 15,296 15,300 15,304 15,308 15,310 15,309 15,692 Cash 300 303 288 298 317 307 327 366 Discounts and advances: 185 275 377 183 463 302 108 207 Other 7 30 30 30 30 30 30 30 12 Acceptances: Bought outright . 43 41 40 38 36 44 34 34 Held under reoiirchase agreement 5 6 8 5 14 U.S. Govt. securities: Bought outright: Bills 7 3,443 3,030 3,092 3,392 3,375 3,453 3,320 2,378 Other 10,712 10,712 10,712 10,712 10,712 10,712 10,712 9,542 Notes 13,993 13,993 13,993 13,993 13,993 13,993 13,993 13,902 Bonds 4,538 4,538 4,538 4,538 4,538 4,538 4,538 4,131 32,686 32,273 32,335 32,635 32,618 32,696 32,563 29,953 Held under repurchase agreement 93 78 344 280 62 248 Total U.S. Govt. securities 32,779 32,273 32,413 32,979 32,898 32,758 32,563 30,201 33,042 32,619 32,866 33,238 33,432 33,148 32,735 30,454 5,227 5,540 6,618 5,165 5,542 5,079 4,865 5,064 104 104 104 103 103 104 103 105 Other assets: 117 67 67 67 81 115 96 214 All other 392 370 353 331 313 392 308 385 Total assets 54,492 54,299 55,596 54,506 55,096 54,455 53,743 52,280 Liabilities F.R. notes 30,987 30,975 31,072 31,050 30,812 31,001 30,738 29,031 Deposits: 16,668 16,380 16,687 16,637 17,113 16,922 16,772 16,821 761 823 918 904 972 881 948 513 183 196 147 155 168 175 174 182 Other .. 197 183 213 182 194 209 199 309 Total deposits 17,809 17,582 17,965 17,878 18,447 18,187 18,093 17,825 4,069 4,142 4,973 3,932 4,216 3,640 3,298 3,893 Other liabilities and accrued dividends 86 78 82 84 81 83 78 75 Total liabilities 52,951 52,777 54,092 52,944 53,556 52,911 52,207 50,824 Capital Accounts Capital paid in 489 488 487 486 486 489 487 463 934 934 934 934 934 934 934 888 Other capital accounts 118 100 83 142 120 121 115 105 Total liabilities and capital accounts 54,492 54,299 55,596 54,506 55,096 54,455 53,743 52,280 Contingent liability on acceptances purchased for foreign correspondents 105 104 105 105 104 105 104 U.S. Govt. securities held in custody for foreign account 8,219 8,138 7,944 8,029 7,943 8,241 7,945 7,137 Federal Reserve Notes—JFederal Reserve Agents* Accounts F R notes outstanding (issued to Bank). •. 32,964 32,932 32,911 32,904 32,820 32,937 32,873 30,815 Collateral held against notes outstanding: Gold certificate account 7,062 7,046 7,103 7,101 7,101 7,082 7,101 7,810 Eligible paper 48 59 79 50 50 60 32 20 26,909 26,934 26,929 26,875 26,875 26,894 26,862 24,159 Total collateral 34,019 34,039 34,111 34,026 34,026 34,036 33,995 31,989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 FEDERAL RESERVE BANKS 1543 STATEMENT OF CONDITION OF EACH BANK ON OCTOBER 31, 1963 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. i s M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets G Re o d ld e m ce p r t t i i o fi n c a f t u e n d a c f c o o r u n F t .R. notes 1 1 3 , . 3 9 4 6 4 6 73 7 1 5 1 1 3,2 3 8 20 5 1 ! 69 7 2 5 ; 1.0 1 4 1 5 8; 1.0 1 1 1 0 61 ! 80 7 8 8 2, 2 3 3 8 9 8 6 5 0 4 0 27 2 2 9 ; ! 60 5 7 1 ) j 6 4 4 3 0 1.8 1 8 4 8 6 Total gold certificate reserves.. 15.310, 806! 3,605 767! 1,163| 1,126 886 2,627 654 301 658! 683! 2.034 F.R. notes of other Banks. 471 120 63! 22! 22| 35 28 13 45 I31 23 45 Other cash 307 64 15! 26! 21! 24 45 17 9 12 45 Discounts and advances : Secured by U.S. Govt. securities... 286 168| 14 -> 27 12j 14 * I! 31 Other 46 2: 3; 1 18' 4 I 1! 1 Acceptances: Bought outright 44 44! Held under repurchase agreement. . 14 14!., i [ U.S.1 Govt. securities: H B e o l u d g h u t n d o e u r t ri r g ep ht urchase agreement.. 32,69 6 6 2 I ,682 8,33 6 0 2 ! ,662; 2.731 2.154 1.749;I • 5.541 1.269 663! 1,347 1.273 4,295 Total loans and securities 33,148 1,683 8,626 1,678 2,736 2,182 1,779 5,559 1,270 665 1,379 1,292 4,299 Cash items in process of collection... 6,489 490 1,176 399 522 474 476 1,076 313 224 357 289 693 Bank premises 104 3 3 7 5 16 23 6 4 7 12 10 Other assets: Denominated in foreign currencies. 115 6 129 7 11 5 6 16 4 5 16 All other 392 20 99 20 33 25 22 66 16 17 15 52 Total assets. 56,336 3,068 13,727 2,952 4,520 3,860 3,244 9,440 2,293 1,260 2,445 2,333 7,194 Liabilities F.R. notes 31,472 ,832 7,547 1,823 2,698 2,584 1,818 5,703 1,288 572 1,224 948 3,435 Deposits: Member bank reserves 16,922 672 4,496 699 1,216 734 900 2,536 635 422 827 995 2,790 U.S. Treasurer—General account.. 881 58 187 28 40 78 48 109 63 51 50 50 119 Foreign 175 2 56 9 15 8 9 23 5 4 7 9 22 Other 209 141 1 1 4 1 3 1 2 54 Total deposits 18,187 738 4,880 737 1,272 824 958 2,671 704 477 886 1,055 2,985 Deferred availability cash items. 5,050 421 868 301 403 370 376 831 245 173 264 240 558 Other liabilities 83 4 21 4 6 5 5 14 3 3 4 3 11 Total liabilities 54,792 2,995 13,316 2,865 4,379 3,783 3,157 9,219 2,240 ,225 2,378 2,246 6,989 Capital Accounts Capital paid in 489 130 69 21 28 65 Surplus 934 251 132 40 53 124 Other capital accounts. 121 30 20 6! 6 16 Total liabilities and capital accounts.. 56,336 3,068 13,727 2,952 4,520 3,860 3,244 9,440 2,293 1,260 2,445 2,333 7,194 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Oct. 31, 1963 30.8 31.4 29.0 30.0 29.3 33.0 31.9 31.4 32.8 28.7 31.2 34.1 31.7 Sept. 30, 1963 31.0 33.2 30.0 32.7 32.2 30.6 31.0 30.4 30.6 33.0 28.6 28.5 33.0 Oct. 31, 1962.. 33.2 35.4 33.2 29.8 31.4 35.7 33.9 33.7 35.3 33.4 31.8 32.1 32.5 Contingent liability on acceptances purchased for foreign correspondents 105 3 28 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 32,937 1,911 7,904 1,896 2,863 2,698 ,899 5,877 1,354 661 1,260 1,029 3,585 Collateral held against notes outstanding: Gold certificate account 7,082 433 1,600 425 580 625 400 1,300 310 119 285 205 800 Eligible paper 60 3 26 * 31 U.S. Govt. securities 26,894 1,514 6,400 1,600 2,400 2,105 ,550 4,800 1,100 550 1,000 875 3,000 Total collateral.... 34,036 1,947 8,000 2,028 2,980 2,756 1,950 6,100 1,410 669 1.316 1,080 3,800 ! 1 After deducting $86 million participations of other F.R. Banks. * After deducting $77 million participations of other F.R. Banks. 2 After deducting $119 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1544 FEDERAL RESERVE BANKS; BANK DEBITS NOVEMBER 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 Oct. 30 Oct. 23 Oct. 16 Oct. 9 Oct. 2 Oct. Sept. Oct. Discounts and advances—Total... 215 305 407 213 493 332 138 219 Within 15 days 182 273 375 181 460 300 106 203 16 days to 90 days 3 2 2 2 3 2 2 15 91 days to 1 year 30 30 30 30 30 30 30 1 Acceptances—Total 48 41 46 46 41 58 34 34 Within 15 days 12 6 11 13 14 21 8 7 16 days to 90 days 36 35 35 33 27 37 26 27 U.S. Government securities—Total 32,779 32,273 32,413 32,979 32,898 32,758 32,563 30,201 Within 15 days i 428 358 508 1,145 1,078 4,194 588 3,922 16 days to 90 days 6,047 5,877 5,684 5,636 5,650 2,183 5,805 1,491 91 days to 1 year 12,961 12,695 12,878 12,855 12,827 13,038 12,827 12,077 Over I year to 5 years 10,909 10,909 10,909 10,909 10,909 10,909 10,909 10,183 Over 5 years to 10 years 2,225 2,225 2,225 2,225 2,225 2,225 2,225 2,325 Over 10 years 209 209 209 209 209 209 209 203 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) Nether- End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d r ia s n F fr r a e n n c c s h G m er a m rk a s n It l a i l r i e an gu la il n d d e s rs f S r w an is c s s 1963—Jan 110 20 45 2 27 11 4 Feb 93 25 50 10 1 4 Mar 94 25 50 2 10 4 Apr 99 25 45 2 13 5 May 128 38 45 2 29 8 111 25 51 2 27 7 • July 63 * 51 2 6 2 * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts * Annual rate of turnover (billions of dollars) of demand deposits' Period All Leading centers 337 other Leading centers 337 other 343 re c p en or te ti r n s g New York 6 others * r c e e p n o te r r ti s n 3 g New York 6 others * r c e e p n o te r r ti s n 3 g centers4 N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. S.A. N.S.A. 1955 2.043.5 766.9 431.7 845.0 42.7 27.3 20.4 22.3 1956 2.200.6 815.9 ....... 462.9 ....... 921.9 ....... 45.8 28.8 ....... 21.8 ....... 23.7 1957 2,356.8 888.5 489.3 979.0 49.5 30.4 23.0 25.1 1958 2,439.8 958.7 487.4 ....... 993.6 53.6 30.0 22.9 ....... 24.9 1959 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 26.7 1960 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961 3,111.1 1,278.8 622.7 1,209.6 70.0 36.9 26.2 29.0 1962 3,436.4 1,415.8 701.7 1,318.9 ..!.... 77.8 41.2 27.7 31.3 1962—Oct 307.4 124.5 127.5 61.0 62.8 112.4 117.2 82.9 82.3 43.7 43.0 28.5 28.5 32.5 32.3 Nov.... 288.2 122.2 116.5 61.1 59.4 113.1 112.3 80.7 80.4 43.5 42.9 28.5 28.9 32.5 32.6 Dec... 320.9 134.2 141.6 60.9 63.7 111.3 115.6 88.9 93.7 43.4 44.4 27.7 28.5 31.3 32.6 1963—Jan 325.9 128.1 137.2 62.8 66.3 116.3 122.4 83.7 84.5 44.1 43.7 28.8 28.7 32.6 32.6 Feb.... 274.6 127.7 116.6 61.2 55.2 112.7 102.8 84.6 80.3 42.7 40.4 28.3 27.1 32.2 30.6 Mar.... 306.8 128.9 133.0 61.6 62.5 113.1 111.3 85.8 88.4 43.1 45.6 28.3 28.3 32.1 32.8 Apr.... 307.8 125.0 126.9 63.9 64.2 119.4 116. S 82.2 80.6 44.2 45.2 29.6 28.7 33.3 33.0 May... 318.1 129.8 133.1 62.1 64.4 117.2 120.6 85.0 85.2 43.1 43.9 29.1 29.5 33.2 33.3 June... 299.6 121.5 125.0 61.6 61.7 113.9 112.9 79.3 85.1 42.8 44.5 28.1 29.0 32.2 33.1 July.... 320.7 130.3 129.9 66.9 66.8 122.8 124.0 85.1 83.7 46.8 45.8 30.3 30.2 34.3 34.3 Aug.... 300.5 127.8 119.5 63.3 61.9 119.5 119.0 88.9 83.7 44.2 42.9 '29.5 '29.1 33.6 '32.7 Sept.... '310.4 140.1 130.3 67.0 63.1 '122.6 '116.9 96.9 95.6 46.7 46.1 29.9 '29.9 34.3 34.1 Oct 337.1 133.7 136.9 69.4 71.3 123.6 128.9 87.2 86.5 *48.4 *47.6 P30.1 *30.2 P34.9 »34.7 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 4 Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 U.S. CURRENCY 1545 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 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28 868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—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 1,542 94 2,228 6,819 11,031 9,669 2,882 6,254 237 289 3 5 Nov 34,782 24,991 2,756 1,570 94 2,294 7,009 11,268 9,791 2,924 6,333 237 289 3 4 Dec 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Jan 34,093 24,214 2,759 1,524 95 2,217 6,723 10,897 9,879 2,937 6,407 239 289 3 4 Feb 34,286 24,385 2,773 1,519 95 2,219 6,788 10,991 9,902 2,939 6,427 239 289 3 4 Mar 34,513 24,548 2,795 1,523 95 2,230 6.838 11,067 9,965 2.954 6,471 241 292 3 4 Apr 34,645 24,613 2,827 1,539 95 2,232 6,819 11,10210,032 2,975 6,516 242 291 3 4 May 35,067 24,953 2,850 1,562 96 2,266 6,932 11,246 10,114 3,001 6,572 243 292 3 4 June 35,470 25,266 2,878 1,566 97 2,279 7,004 11,44210,204 3,030 6,631 244 293 July 35,663 25,368 2,904 1,559 97 2,265 6,993 11,54910,295 3,060 6,691 244 293 3 4 35,850 25,487 2,926 1,558 98 2,271 7,026 11,609 10,363 3,075 6,743 244 293 3 4 Sept 35,891 25,468 2,947 1,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 »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.7-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 i Held by Total out- F.R. Kind of currency S st e a 1 p n 9 t d . 6 i 3 3 n 0 g , A g a s o s g l s i d a l e v i c n e a u r s n r t i d ty Tr c e a a s s h ury B F a F a . n o n R d r k . s A B a g a n e n d n k t s s Se 1 p 9 t. 6 3 30, Au 1 g 9 . 6 3 31, Se 1 p 9 t. 6 2 30, certificates Agents Gold 15,582 (15,309) 2 273 Gold certificates . ... (15 309) 312,492 2,816 F.R. notes 32,875 77 2,137 30,661 30,649 28,774 Treasury currency—Total 5,591 (2,060) 33 327 5,230 5,201 5,119 Standard silver dollars 486 20 26 8 432 428 370 Silver bullion 2 040 2 040 Silver certificates (2,060) 259 1,801 1,790 1,928 Subsidiary silver coin . .. 1 856 4 28 1,824 1,812 1,689 695 1 4 690 685 642 United States notes 347 2 29 316 317 316 In process of retirement * 167 * 167 167 174 Total—Sept 30, 1963 . .. 5 54,048 (17,368) 384 12,492 5,281 35,891 Aug. 31, 1963 5 53,758 (17,385) 382 12,475 5,052 35,850 Sept. 30, 1962 5 52,228 (18,037) 390 12,980 4,964 33,893 1 Outside Treasury and F.R. Banks. Includes any paper currency held for other items; gold certificates are secured by gold, and silver certificates outside the United States and currency and coin held by banks. Estimated by standard silver dollars and monetized silver bullion. Duplications totals for Wed. dates shown in table on p. 1537. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for Money issued by the Treasury. For explanation of currency reserves and F.R. notes. security features, see the Circulation Statement or the Aug. 1961 BULL., 4 Redeemable from the general fund of the Treasury. p. 936. 5 Does not include all items shown, as some items represent the security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1546 MONEY SUPPLY NOVEMBER 1963 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted 1Vf oney 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 co D d m e e m p p o o a s n n i e t d nt jus a t d e - d1 Total c C om ur p r o en n c e y ntco D d m e e m p po o a n s n i e t d nt ju a s d te - d1 d d e e p m o a si n t d s1 1955—Dec. 135.2 27.8 107.4 50 2 138.6 28.4 110.2 49.6 3.4 1956—Dec 136.9 28.2 108.7 52.1 140.3 28.8 111.5 51.4 3.4 1957—Dec 135.9 28.3 107.5 57.5 139.3 £8.9 110.4 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 I960—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 JO. 2 119.2 81.8 4.9 1962—Dec 147.9 30.6 117.3 97.5 151.6 11.2 120.4 96.6 5.6 1962—Oct 146.1 30.3 115.8 94 6 146.5 (0.4 116.1 94.9 7.3 Nov 146.9 30.5 116.4 96.0 148.2 *50.8 117.5 95.4 6.0 Dec 147.9 30.6 117.3 97.5 151.6 *U.2 120.4 96.6 5.6 1963—Jan 148.7 30.7 118.1 99.1 151.8 JO.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 7.0 149.8 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 '107.6 150.5 32.0 118.6 108.1 6.5 Oct.* 152.0 32.0 120.1 108.9 152.4 32.1 120.3 109.3 5.3 Half month 1963—July 1 150.6 31.7 118.9 105.2 148.8 32.0 116.8 105.7 9.1 150.9 31.6 119.3 105.7 149.9 31.6 118.3 106.2 6.4 Aug. 1 150.7 31.7 119.0 106.4 150.2 31.9 118.3 106.9 5.8 150.3 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 5.2 150.9 31.8 119.1 107.7 150.3 31.8 118.5 108.2 7.8 Oct 1 152.1 r31.9 120.2 108.5 151.8 32.2 119.6 108.9 6.9 152.0 32.0 120.0 109.4 153.0 32.0 121.0 109.6 3.8 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. ending— deposits Govt. ending— deposits Govt. Currency Demand ad- demand Currency Demand ad- demand Total compo- deposit justed 1 deposits 1 Total compo- deposit justed ! deposits * nent compo- nent component nent 1962—July 4 143.3 30.2 113.1 91.9 9.5 1963—July 3 148.0 31.6 116.4 105.6 10.8 143.9 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 "•M::::: 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 32.2 118.5 108.0 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. 2 150.1 31.7 118.3 108.5 8.7 10 145.4 30.6 114.8 94.6 8.9 9 151.3 32.3 119.0 108.9 7.6 17 146.8 30.5 116.3 94.9 7.4 16 152.8 32.2 120.7 109.1 5.3 24 146.7 30.4 116.3 95.1 6.9 23 152.7 32.2 120.5 109.4 4.1 31 147.7 30.2 117.5 95.3 5.8 30p.... 153.1 31.9 121.2 109.8 3.3 Nov. 7 148.2 30.7 117.5 95.5 6.1 Nov. 6 1 At all commercial banks. the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., Treasury, the 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

NOVEMBER 1963 BANKS AND THE MONETARY SYSTEM 1547 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Date T c r u u e r a r y - s- u. s. Government securities l T ia o b t i a l l - Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d i - al R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c ts y c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933_jUne 30 4,031 2,286 42,148 21 957 10,328 8 199 1 998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 4,339 167,381 30 387 128,417 101 288 24 262 2 867 8,577 191,785 180,806 10,979 1947_Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1960—Dec. 31 17,767 5,398 266,782 144,704 95,461 67,242 27 384 835 26,617 298,947 263,165 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—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 Oct 30p 15,600 5,600 323,500 182,200 101,200 67,800 32,800 700 40,100 344,600 312,600 32,000 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted Not seasonally adjusted Time U. S. Government Date At Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a d o e e n - d - s d i ts ! 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 i s Total m b C e a o r n m c k ia - s l b M sa a v n u i k t n u s g a s 2 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 - 3 T h c i r u o n a e r l g s a y d h s s - - sa c m a c v o n i e i m a n d r l - g - s B F A a .R n t k . s banks 1929 June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 jUne 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939—Dec. 30 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1941 Dec 31. .. 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945—Dec. 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—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—Oct. 31.... 145,100 29,400 115,700 146,800 29,700 117,100 136,500 95,100 40,800 600 1,200 400 6,600 500 Nov. 28.... 145,800 29,600 116,200 147,600 30,100 117,600 136,800 95,300 41,000 500 1,200 400 6,300 600 Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—Jan. 30.... 146,800 30,100 116,700 148,900 29,700 119,200 141,200 99,000 41,700 500 1,300 400 4,600 800 Feb. 27.... 147,100 30,200 116,900 146,400 29,800 116,500 142,900 100,500 41,900 500 1,200 500 6,700 800 Mar. 27.... 147,700 30,400 117,300 145,500 30,100 115,400 145,100 102,200 42,400 500 1,200 400 7,600 900 Apr. 24.... 148,300 30,500 117,800 148,400 30,200 118,200 146,000 103,000 42,500 500 1,200 400 4,000 1,100 May 29.... 146,400 30,500 115,900 144,900 30,700 114,200 147,700 104,500 42,800 500 1,200 400 7,100 600 June 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 31 P.. . 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. 28P. .. 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. 25?... 149,100 31,000 118,100 c148,100 31,100 cl 17,000 c152,300 c108,100 43,700 500 1,200 400 9,100 900 Oct. 30*>... 150,600 31,100 119,500 152,000 31,300 120,700 154,400 109,900 44,000 500 1,200 400 3,800 800 1 Other than interbank and U.S. Govt., less cash items in process of NOTE.—For back figures and descriptions of the consolidated condition collection. statement and the seasonally adjusted series on currency outside banks 2 Includes relatively small amounts of demand deposits. Beginning and demand deposits adjusted, see "Banks and the Monetary System," with June 1961, also includes certain accounts previously classified as Section 1 of Supplement to Banking and Monetary Statistics, 1962, and other liabilities. Jan. 1948 and Feb. 1960 BULLS. 3 Reclassification of deposits of foreign central banks in May 1961 Except on call dates, figures are partly estimated and are rounded to reduced this item by $1,900 million ($1,500 million to time deposits and the nearest $100 million. $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1548 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Totat assets— Cla a s n s d o d f a b t a e nk Securities a C ss a e s t h s1 b T i l l o i i a t t - i a e l s Interbank l Other r B o o w r- - c T a a o p c t i - a ta l l N b u o e m f r - Total Loans G U o .S vt . . Other c c o a a a u p n c n i - d t t a s l 2 Total i m D a e n - d Time U. D S. ema O n t d her Time 3 ings counts banks Govt. All banks: 1941—Dec. 31 61,126 26,615 25,511 8,.9.9 92277,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362 101,288 8,,557777 3355,415177,332165,612 14,065 105,935 45,613 227 10,54214,553 1947—Dec. 31 • 134,924 43,002 81,199 10,723 38,388175,091161,86512,793 240 1,346 94,.381 53,105 66 11,94814,714 1961—Dec. 30 256,700 15"4',318 72,715 2"9,,667 57,368 321;394 228877,17617,914 482 5,952 141,979 1220,0848 482 26,22713.946 1962—June 30...... 263,542 160,123 70,722 32,697 49J612 320 638 285,18614,400 526 9,559128,845 131,855 796 27,03613,934 1962—Oct. 31 272,,480 166,480 71,700 34,300 50,560 330380 292,35015,260 520 ,380 134^.,030136,160 2,780 27,\<450 13,925 Nov. 28 273,510 167,240 71,730 34,540 48,280 329070 290,70015,190 520 ,090 132,340 113366,560 2,500 27,,16301133,993388 Dec. 28 280,397 172,822 72,563 35i012 939 343 303,653 6,008 535 6 839141084139,188 3,635 28,046 13,940 1963—Jan. 30 276,950 169,410 72,350 35,190 46780 331500 293,03014,100 520 4 320 133110140,980 2,670 27, Feb. 27 278,850 171,800 71,450 35,600 48,410 335030 295,45014.140 520 6,440 131670 142,680 3,070 28, Mar. 27 280,650 173,090 71,280 36,280 46530 335010 295,46013,800 520 7 128 144,860 3,100 28,090 13,962 Apr. 24 280,760 173,570 70,250 36,940 47290 335990 296,040 3,910 560 3, 132 145,750 33,,277028,17013,967 May 29 282,640 176,120 69,220 37,300 47,720 338250 298,090 3,730 540 6,820129,540 147,460 33,006600 2838013,983 June 29 287,411 179,714 69,708 37,98952046 347896 309,428 5,042 55111,069 149,083 1,563 28612 13,993 July 31P 287,6"80 1'8"0"530 68,650 38,500 49,170 344990 304,96014,000 530 133,250 150,050 2,960 2855014,014 Aug. 28* 287,450 181,150 67,010 39;290 46,190 341620 300,86013,800 530 129,330 151,330 3,240 28,690 14.025 Sept. 25* 292, 200 184,470 67.970 39;760 48920 349 308.35014,510 550 132,380 152,060 2.93028.830 14,034 Oct. 30? 293,430185,590 67,750 40,090 48840 350,480 308,88014,790 550 135,760 154,170 3,690 29,030 14,050 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 124,019 26,083 90,606 7,33134,806160,312150,227 14,065 105,921 30.241 219 8,950 1144,011 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 66,57823,937 56,432278,561248,68917,914 481 5,946141,920 82,429 47122,45913,432 1962—June 30 220,670129,193 64,443 27,034 48,728276,2"2~0 "24 5,29814,400 525 9,554128,785 92,034 786 23,18313,422 1962—Oct. 31 228,560134,400 65,550 28,610 49,690284,890 251,47015,260 520 6,380 133,970 95,340 2,780 23560 13,414 Nov.28 229,260134,840 65,600 28,820 47,450283,310 249,68015,190 520 280 95,600 2,500 2368013,427 Dec. 28 235,839140,106 66,434 29,298 54,049 297116 262,12216,008 535 041 97,709 3,627 2409413,429 1963—Jan. 30 232,040136,340 66,200 29.500 45,970 285,050 251,27014,100 520 4^320 133,050 99,280 2,670 23,84013,440 Feb. 27 233,620138,410 65,270 29,940 47;540 288210 253,47014,140 520 6,440131610100,760 3,070 24,01013.443 Mar. 27 234,860139,360 64,840 30,660 45,640 287590 252,96013,800 520 330128;:890102,420 3,100 2407013,451 Apr. 24 234,920139,540 64,010 31,370 46460 288580 253,49013,910 560 760132,i000103,260 3,270 2418013,456 May 29 236,490141,750 63,010 31,730 46,880 290510 255,28013,730 540 6i820 129,480104,710 3,060 2436013,472 June 29 241,014 145,049 63,542 32,423 51156299,875266,17915,042 550 11,060133/624105,903 1,545 2458213,482 July 31* 240,980145,560 62,480 32.940 48;340 296,710 261,65014,000 530 130 133190 106.800 2,960 24,52013,503 Aug. 28* 240,380145,800 60,870 33.710 45;390293,,000 257,34013,800 530 870 129 107,870 3,240 2460013,515 Sept. 25* 244.840148.870 61.810 34,160 48;080 300250 264.56014,510 550 13_2... 108.330 2.930 24720 13,524 Oct. 30* 245,940149,720 61,770 34,450 47,970 301340 264,79014,790 550 135,700 110,140 3,690 24920 13,540 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,71710,385 140 ,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 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 54,05819,308 49,579 235,112 209,63017,195 303 5,381119,595 67,157 43818,638 6,113 1962—June 30 183,497109,212 52,06522,219 42,853 232,359 206,05713,796 351 8,734108,014 75,162 73519,179 6,070 1962—Oct. 31 189,420113,711 52.238 23,47143,686 239009 210,32814,577 339 112,045 77,667 2,72219,466 6,054 Nov. 28 189,619113,865 52,09723657 41,564 237050 208,25914,502 343 110,181 77,932 2,42319,546 6,056 Dec. 28 195,698118,637 52,968 24092 47427 249488 219,46815,309 358 117,999 79,716 3,55019,854 6,049 1963—Jan. 30 192,301115,289 52,749 24263 40,024 238565 209,58913,449 341 110,954 81,060 2,61419,697 6,046 Feb. 27 193,694 11~7,075 51,984 24635 41471241407 211,52513,501 347 109,730 82,280 3,03319,819 6,042 Mar. 27 194,884117,883 51,719 25282 39685 240835 211,14613,186 345 107,402 83,690 3,042 19,851 6,039 Apr. 24 194,589117,677 50,950 25962 40434 241409 211,27513,290 380 109,920 84,384 3,23519,925 6,041 May 29 195,892119,515 50,023 26354 41009 243246 213,10413,146 361 107,939 85,640 2,910 20,082 6,052 June 29 199,495122,088 50.399 27008 44929 251214 222,61914,388 373 111,548 86,550 1,440 20.238 6.058 July 31 199,412122,550 49.37127,491 388 248396 218,37613,370 349 110,997 87,311 2,849 20.213 6,072 Aug. 28 198,780122,763 47,876 28,141 627 244827 214,30313,172 355 107,350 88,278 3,076 20,273 6.080 Sept. 25 202,599125.458 48.633 28.508 42,211251,312 220,73013.837 371 936 109.959 88.627 2.836 20.377 6,092 Oct. 30* 203,343126,074 48,56828,70141,895 251,833 220,47514,083 377 154 112,702 90,159 3,553 20,555 6,097 Mutual sarings 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 14 17,745 1,889 533 1961—Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 60 38,420 3,768 514 1962—June 30 42,872 30,930 6,278 5,663 884 44,418 39,888 60 39,821 3,853 512 1962—Oct. 31 43,920 32,080 6,150 5,690 870 45,490 40,880 60 40,820 3,890 511 Nov. 28 44,250 32,400 6,130 5,720 830 45,760 41,020 60 40,960 3,950 511 Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 10 43 41,478 3,951 511 1963—Jan. 30 44,910 33,070 6,150 5,690 810 46,450 41,760 60 41,700 3,950 511 Feb. 27 45,230 33,390 6,180 5,660 870 46,820 41,980 60 41,920 3,990 511 Mar. 27 45,790 33,730 6,440 5,620 890 47,420 42,500 60 42,440 4,020 511 Apr. 24 45,840 34,030 6,240 5,570 830 47,410 42,550 60 42,490 3,990 511 May 29 46,150 34,370 6,210 5,570 840 47,740 42,810 60 42,750 4,020 511 June 26 46,397 34,665 6,166 5,566 890 48,020 43,248 58 43,180 19 4,031 511 July 31* 46,700 34,970 6,170 5,560 830 48,280 43,310 60 43,250 4.030 511 Aug. 28* 47,070 35,350 6,140 5,580 800 48,620 43,520 60 43,460 4,090 510 Sept. 25* 47.360 35.600 6.160 5.600 840 48.960 43.790 60 43.730 4.110 510 Oct. 30* 47,490 35,870 5,980 5,640 870 49,140 44,090 60 44,030 4,110 510 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 1549 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 s1 c b T a i a l l o p i i n a t t i d i a t - e a l s l TotaU I D n e te - rbank Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n a - t t a l : l b N a b u o n e m f k r s - Govt. Other co a u c n - ts 2 mand Time U.S. Other Time Govt. 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 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—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 Oct. 30*' 32,860 21,765 5,926 5,169 8,776 43,847 35.655 4,020 209 668 19,57111,187 1,438 3,966 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—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 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 Oct. 30*. . . . . 9,211 5,826 1,743 1.642 1,993 11,394 9,934 1,218 186 4,802 3,714 274 990 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 28,99011,423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6,438 20,216 90,815 81,883 8,350 62 2,103 44,986 2266,381 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—Oct. 31 71,007 45,155 17,947 7,905 17,046 90,244 80,217 7,235 71 2,063 40,78130,067 892 7,190 193 Nov. 28 71,264 45,211 18,088 7,965 16,881 90,307 79,777 7,139 69 1,918 40,61130,040 1,216 7,201 195 Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,609 3"'0,743 1,388 7,263 191 1963—Jan. 30 72,053 45,692 18,143 8,218 16,172 90,467 80,101 6,555 65 1,400 40,76531,316 1,178 7,263 190 Feb. 27 72,315 46,412 17,564 8,33916,884 91,380 81,023 6.660 75 2,276 40,298 3'1 ,714 994 7,298 190 Mar. 27 , 72,850 46,821 17,420 8,60916,603 91,622 81,320 6,561 72 2,605 39,69832.384 1,082 7,315 190 Apr. 24 72,921 46,791 17,329 8,80116,940 92,086 81,349 6,616 90 1,218 40,,822 32,603 1,429 7,330 192 May 29 73,497 47,300 17,187 9,010 1'6 ,603 92,362 81,610 6,275 91 2,387 39,706 33,151 1,131 7,413 192 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 9,29317,748 94,865 83,987 6,544 96 2,488 41,096 3"3,763 1,294 7,462 194 Aug. 28 74,716 48,897 16,440 9,379 16,665 93,658 82,704 6,612 98 2,022 39,867 34,105 1,213 7,490 195 Sept. 25 75,875 49,757 16,539 9,579 17,478 95,675 84,554 6,959 97 2,941 40,34134,216 1,250 7,557 196 Oct. 30^ 76,106 50,132 16,324 9,65017,185 95,705 84,266 7,062 94 1,141 41,,359 34,610 1,500 7,635 194 Country member banks: 6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,25$ 1,982 6,219 1945_Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 2,934 6,519 1961—Dec. 30...... 73,131 39,693 24,407 9,031 15,595 90,376 81,646 ,925 1,641 46,21131,832 7,088 5,885 1962—June 30 75,019 41.492 23,843 9,68513,806 90,555 81,577 ,529 2,601 42,596 3"'4,803 7,323 5,842 1962-Oct. 31 78,665 42,902 25,43210,331 94,316 84,965 ,711 1,984 44,937 36,285 230 7,479 5,833 Nov. 28 79,528 43,506 25,63810,384 94,801 85,286 ,739 2,194 45,085 36,220 206 7,555 5,833 Dec. 28 80,623 44,698 25,42510,501 97,008 87,342 ,773 1,931 46,895 36,692 172 7,744 5,828 1963—Jan. 30 79,758 43,847 25,38010,531 94,612 85,208 ,635 1,398 45,002 37,125 222 7,581 5,826 Feb. 27 80,176 44,441 25,06310,672 95,372 85,864 ,600 2,014 44,560 37,642 159 7,662 5,823 Mar. 27 80,363 44,736 24,76310,864 95,301 85,622 ,557 2,106 43,76538,146 247 7,675 5,820 Apr. 24 81,026 45,337 24,64811,041 95,997 86,366 ,573 1,253 45,038 3~~8,451 141 7,705 5,821 May 29 81,448 45,901 24,30811,239 96,117 86,276 ,471 2,087 43,830 38,837 322 7,751 5,832 June 29 82,952 46,934 24,496 11 99,361 89,470 ,641 3,332 45,066 39,371 127 7,894 839 July 31 83,055 47,048 24,404 11 98,490 88,603 ,581 2,002 45,289 39,680 286 7,827 853 Aug. 28 83,152 47,109 24,19311,850 98,283 88,152 ,591 1,900 44,727 39,883 407 7,864 860 Sept. 25 84,421 47,869 24,53712,015 99,829 89,779 ,678 2,334 45,596 40,111 228 7.892 871 Oct. 30*> 85,166 48,351 24,57512,240 100,887 90,620 ,783 1,159 46,970 40,648 341 7,964 5,878 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1550 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . t c . urit O ie t s her as C s a e s ts h i c c b o T a i a u a l o p n i n c t t i d - i t t a e s a l s l 2 Total i m I D n a e t n - e d rba T nk im 1 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta l ts l b N a b o u n e f m k r s - Govt. Other Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,,227766 29,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,975 34,882 61 9,734 "1,3398 1959—Dec. 31.. 188,790110,299 58,348 20,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 60219,206 13,107 1960—Dec. 31.. 198,011117,092 60,468 20,451 51,836 255,669 228,40116,921 1,667 5,932 '1"32513533 37 71,1348 149 20,62813,119 1961—Dec. 30.. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 ,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 63,03732,047 50,770 297,836 264,654 1•4,871 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 ,375 35 795 53,54119,278 5,409 5,005 1959—Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,01536,421 340 10,302 4,542 I960—Dec. 31.. 107,546 63,694 32,712 1111,140 28,675 139,261 124,911 9,829 611 3,265 71,660 "3,9546 11,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76, ,441 11,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 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 "5,8462 600 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 1 2,246 ,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 ,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 ,918 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,974 16,406 240 5,962 ,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 ,644 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 "2'1,716 213 6,763 ,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 ,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 ,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 19,73213,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,14014,095 3,232 6,948 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,45614,979 3,452 6,997 1962—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. 31* 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1959—Dec. 31.. ,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31.. ,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. ,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—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 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1959—Dec. 31.. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 34 3,294 7,244 1960—Dec. 31.. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 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 1212,192 1,252 194 1959—Dec. 31.. 30,580 20,942 5,016 4,622 686 31,743 28,577 28 288,544 2,654 268 1960—Dec. 31.. 33,794 23,852 4,787 5,155 766 35,092 31,502 29 311,468 2,998 325 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 333,137 3,191 330 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 267 35,827 3,343 331 1963—June 29.. 40,128 30,533 4,545 5,050 789 41,580 37,585 303 37,273 3,414 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 1551 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her a C ss a e s t h s1 c c b o T a i a u a l o p n i c n t t i d - i a t t e a s l s l 2 Total l m D I a n e n t - e d rba T n i k m 1 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - Other Govt. Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 1 6,404 1 705 249 I960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4 850 555 189 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 1 4 5,083 577 184 1962—Dec 28 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1963—June 29 6,269 4,132 1,621 516 101 6,440 5,663 1 18 5,645 2 617 180 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 in the 3 See note 2 on p. 1547. Virgin Islands that became a member in May 1957, 2 noninsured non- 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 deposit trust cos. and, before July 1962, mutual savings banks that noninsured nonmember commercial banks with total loans and invest- became members of the FRS during 1941 (3 before Jan. 1960, 2 until ments of about $110 million were added, and 8 banks with total loans June 1961, and 1 until July 1962; these banks were excluded from 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 reclassification of New York City and city of by changes in F.R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962, BULL., p. 993. Figures are partly estimated except on call dates. 6 Beginning with June 1963, 3 New York City banks with loans and For revisions in series before June 30, 1947, see July 1947 BULL., investments of $392 million and total deposits of $441 million were pp. 870-71. reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loans1 Total i Loans1 U.S. U.S. Govt. Other Govt. Other 1956 161.6 88.0 57.3 16.3 164.5 89.7 58.6 16.3 1957 166.4 91.4 57.0 17.9 169.3 93.2 58.2 17.9 1958 181.0 95.6 64.9 20.5 184.4 97.5 66.4 20.6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 1960 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—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 P. 237.8 142.4 62.4 33.0 237.8 142.4 62.5 32.9 Aug.?. 238.5 142.5 62.1 33.9 237.1 142.5 60.8 33.7 240.7 145.0 61.7 34.0 241 .9 146.0 61.8 34.2 241.0 146.3 60.2 34.5 242.4 146.2 61.8 34.5 1 Adjusted to exclude interbank loans. NOTE.—Data are for last Wed. of month (except for June 30 and 2 Data for Dec. are estimates for Dec. 31, 1962. Dec. 31 call dates). For description of seasonally adjusted series and back data, see July 1962 BULL., pp. 797-802. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1552 COMMERCIAL BANKS NOVEMBER 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - i Total 2 C m d t a c r i o u n i n i e a m s a d - r - l l - - A c tu u a g r l l r - - i- o p b k d a T s r r u e e n e o o r a r d c c - s c l a u - h r r a o r it y s t T i h i i e n n o e s g g rs b i a T n n f o s i k n ti s a tu nc t o i i o a T th n l o e s rs Real O u v i d t t a i n o h i d l - - e s - r Other Total B U il . l S s . se G c c C t o u a i e f v r t i e i r e - t - s i r e n s m N e o n t t es Bonds s r S g l a o i e o t t n c c a i v e d u a t t e s l - . O s r e i t t h c ie e u s r ers Total: 2 1947—Dec. 31..116,284 38,057 18.,1671,660 8301,220 115 9,393 5,723 947 69 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 22,113344 1,033 7,311 30,320 27^,8473,412 66 11,488 2,11426,336 26,64120~, 334455 3,592 1962—Dec. 28..235,839 140,106 48,673 7,097 5,144 2,131 2,578 8;459 34,25930,5533,909 66 11,674 3,93223,84126,987 24,755 4,543 1963—Mar. 18 «2.35,550 140,380 48,710 7,460 4,480 2,130 3.120 ,050 34,920 30;720 3,780 64'. 10,570 3,230 23;830 2277,190 26,070 4,280 June 29..241,014 145,049 49,8627,5414,645 2,233 1,934 ,649 36,72532,6613,81263 9,128 3.21623,821 27,378 27,817 4.606 All insured: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,4611,314 3,164 3,606 49 4,677 2,361 1,132 8888,912 2,455 19,071 16,045 5511.342 3,873 3.258 1947—Dec. 31.. 114,274 37,58318,0121,610 823 1,190 114 9,266 5,654 914 67,941 2,124 7,552 5,91852,347 5,129 3^21 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 5,119 2,103 2,551 8,434 34,12330,402 3,890 65,89111,514 3,916 23,715126.746 24,547 4,356 1963—Mar 18.. 233,975139,731 48.,499 7,417 4,459 2,105 3,098 8,02234,781 30,5683,763 64,29010,419 3,21523,703 26,95325,860 4,093 June 29.. 239,447144,363 49,660 7,513 4,6152,203 1,902 8,620 36,558 32i506 3J93 63 037 9,002 3.20323,741 27,092 27,573 4',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 3,1333,378 47 3,455 1,900 1,05778,338 2,27516,985 14,27144,807 3,254 ,815 1947_Dec. 31.. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 83957,914 1,987 5,816 4,815 45^,295 4,1993,105 1961—Dec. 30.. 179,599106,232 40,9313,934 3,8771,827 1,014 6,893 23,987 22,852 3,19854,058 9,229 1,842 21,390 21,598(16,691 2,617 1962—Dec. 28.. 195,698118,637 43843 4,419 4,9541,777 2,445 7,936 27,162 24,7993,65752,968 8,862 3,249 19,443 21,414 20,773 3,319 1963—Mar. 18.. 195,060118,490 43832 4,580 4,2831,790 2,994 7,52827,683 24,8693,53151,461 7,839 2,628 19,480 21,514 21,978 3,131 June 29.. 199,495122,088 44,7014,664 4,4361,880 1,844 8,134 29,127 26,366 3,55750,399 6,863 2.608 19,423 21,505 23,533 3,475 New York City:3 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311! ! 1,6235.331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,4331 3,32510,339! 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 6401 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 -11-7 AA^' 2,496 2,806 2,635 265 1962—Dec. 28.. 32,989 21,954 11,943 17 '2,766 425 572 2,087 1,329 2,1431,196 7.017 ,117| 442 2,488 2,023 3,585 432 1963—Mar. 18.. 32,941 21,501 ,839 132,138 409 1,020 2,040 1,425 2,1191,082 6,984 1,998I 508 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 1,799 247 2,508 2,118 4,451 444 1,639 240 City of Chicago:3 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 i 153 l,022| 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,4671 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:3 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 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 1,90115,563 1,3421,053 1961—Dec. 30..I 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 8,605 7,382 5,710 727 1962—Dec. 28.. 73,130 46,56717,6601,1791,053 752 1,020 3,58311,030 9,8601,266 1'8,398 2,343 7,257 7,395 7,252 913 1963—Mar. 18.. I 72,594 46,71017,5551,1791,159 767 1,128 3,40911,252 9,8941,28417,382 1,751 7,293 7,103 7,630 872 June 29..; 74,614 48,16417,8051,2451,090 786 751 3,886 11,68310,4641,38017.326 1,685 7,281 7,168 8,163 961 Country: 1941—Dec. 31..I 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 4,54416,722 1,342 ,067 1947—Dec. 31..I 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,10817,687 2,006 ,262 1961—Dec. 30. .173,131 39,69310,1652,811 591 438 116 1,251 13,24211,132 751 24,407 3,614 9,56010,667 7,530 ,500 1962—Dec. 28.. 80,623 44,69811,2993,187 728 447 764 1,563 14,44112,273 826 25,425 4,144 8,84911,209 8,694 ,807 1963—Mar. 18.. 80,447 44,80511,448 3,360 635 452 708 1,381 14,62712,319 796 24,820 3,718 8,76811,248 9,099 ,723 June 29.. 82,952 46,93412,2153,378 680 469 412 1,463 15,20613,186 85624,496 3,112 8,85111,427 9,692 .830 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,219 7,920 1,078 625 1961—Dec. 30.. 35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 21412,525 2,259 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 4,398 5,573 3,9821,224 1963—June 29.. 41,519 22,961 5,1612,877 209 354 90 515 7,598 6,295 25413,143 2,265 4,398 5,873 4,284 1,131 1 Beginning with June 30, 1948, figures for various loan items are 2•< •B orereaakKdouwownsn so f0 1lo laona,n ,i nivnevsetsmtmenetn, t,a nadim d eupcopsuits uc lwasassifsiicuactaiounusn sa raer en ontut 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 oonosite oaee. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 COMMERCIAL BANKS 1553 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 R t - h k 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 a n o i c s t l - t e k h - i s c s4 j p m u D o a d s a d e s e t n - e i - - t d d s 5 m D e I s o n t - t i e c r * ba e F n i k o g r n - 6 G U o .S v . t. S l g a o o t n c a v d a t t e l . c C h c o f a e e e i f n e c f r r i d d t s k - i ' - s, IPC I b n a t n er k - P G U S i o a n o a n s . g S v v t d s a . - t l . S g l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p n l - i t - s etc. Total-.2 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 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. 18«... 16,100 3,920 12,630118,930 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 1,545 24,582 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 i947_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 8,724 100,660 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 ;3 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 io 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 12 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 J237 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 1,190 44 265 288 118 4.458 14 7 49 3,161 267 954 June 29 974 40 154 3,941 1,155 47 584 373 112 4,355 16 6 130 3,363 111 974 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 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 1Q9 QO 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 no 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 ,199 8 5,465 2,004 435 21,797 17 219 12.224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 ,049 7 432 2,647 528 25,203 17 337 14,177 23 2,934 1961—Dec. 30.... 5,210 1,678 5,881 43,575 ,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 ,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 ,612 19 1.752 5,456 700 38.872 5* 97 2.504 35,446 222 7,750 June 29.... 4,933 1,599 5,182 42,524 ,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 S400 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

1554 WEEKLY REPORTING MEMBER BANKS NOVEMBER 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total Loans Wednesday m i l n o a e v n a n e n d t s s s t- 1 j i m u n a s a v e n t d e n e d - s d t t s * - j L u a o st d a e - n d s 2 i C n m t a c r o d n i i e a m u a d r l l s - - - A t c u g u r l r a - i l - G c a T U t s u o i n e o e . r v d S - s i- t b . . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G c U t s u T o i e e . r v o S - s i - t . . oth O c e t u t i r h e s r s i e - r F ei o g r n B - ank c m m D c o t i i e e o m a c s r - l - - - f P s C i a e O a n e N n t S l a r c . e d , s o n . s . n . ba O n t k her e R s e ta a t l e o A th l e l r V s t e a r i r o e l v u - n e a s - Total- Leading Cities 1962 Oct. 3 126,698 124,897 77,726 34,081 ,318 661 2,131 ,270 642 1,801 3,572 2,707 14,940 18,062 ,741 10 126,104 124,344 77,708 34,085 ,327 758 2,123 ,272 652 1,760 3,429 2,724 15,008 17,991 ,741 17 126,955 125,093 77,981 34,221 ,340 823 2,142 ,285 648 1,862 3,422 2,737 15,084 17,939 ,742 24 125,924 124,200 77,441 34,009 ,351 614 2,069 ,288 653 1,724 3,314 2,703 15,155 17,947 ,742 31 127,402 125,533 78,765 34,290 ,384 1,186 2,196 ,301 663 1,869 3,432 2,712 15,203 18,065 ,748 1963 Sept >?:::::::::::: 134,576 132,365 85,228 35,348 ,414 678 3,146 1,629 775 2,211 4,171 3,303 17,223 19,412 ,958 134,672 132,599 85,613 35,498 ,419 969 3,087 1,630 792 2,073 4,065 3,315 17,290 19,424 ,959 18 136,664 134,548 87,345 35,864 ,444 1,420 3,333 1,656 785 2,116 4,512 3,380 17,359 19,468 ,960 25 135,816 134,264 87,063 35,944 ,465 1,246 3,284 1,655 801 1,552 4,243 3,448 17,409 19,443 ,961 Oct. 2 136,864 134,984 87,366 36,145 ,477 1,152 3,319 1,673 803 1,880 4,262 3,469 17,455 19,487 ,961 9 135,528 133,423 86,193 36,121 ,499 497 3,176 1,666 827 2,105 3,895 3,465 17,485 19,438 ,961 16 135,695 134,115 86,827 36,282 ,521 745 3,244 1,680 833 1,580 3,820 3,489 17,570 19,521 ,961 23 135,398 133,183 86,188 36,310 ,540 368 3,083 1,681 823 2,215 3,664 3,474 17,612 19,501 ,957 135,894 133,754 86,598 36,296 ,554 452 3,183 1,685 838 2,140 3,759 3,484 17,651 19,565 ,956 30 New York City 1962 30,117 29,399 19,131 11,298 454 1,128 387 272 718 ,104 546 ,109 3,311 499 Oct. 3 29,852 29,157 19,045 11,270 512 1,073 385 274 695 ,052 545 ,123 3,290 499 10 30,175 29,393 19,151 11,345 549 1,091 390 267 782 ,066 549 ,146 3,227 499 17 29,771 29,051 18,903 11,234 470 1,039 385 280 720 ,018 547 ,173 3,235 500 24 30,568 30,065 19,747 11,357 961 1,125 384 297 503 ,118 557 179 3,244 502 31 1963 Sep\?:::::::::::: 32,195 31,255 20,47 11,296 271 1,801 530 365 940 ,281 605 ,741 3,134 571 32,051 31,598 20,804 11,361 572 1,725 532 370 453 ,282 598 ,747 3,165 571 18 32,956 32,38." 21,597 11,491 661 1,882 540 374 574 ,636 609 ,766 3,185 571 25 32,572 32,21: 21,487 11,538 744 1,874 537 381 360 ,395 647 ,767 3,145 569 Oct. 2 32,978 32,505 21,481 11,673 556 1,893 537 384 473 ,399 630 ,796 3,158 571 9 32,419 31,687 20,865 11,641 262 1,790 524 393 732 ,229 625 ,814 3,131 571 16 32,24f 31,821 20,951 11,671 321 1,794 528 388 421 ,212 627 ,825 3,130 571 23 32,28: 31,276 20,568 11,628 161 1,701 529 376 1,006 ,117 650 ,824 3,118 571 30 32,457 31,798 20,905 11,650 256 1,794 523 395 659 ,208 661 ,840 3,113 571 Outside New York City 1962 Oct. 3 96,581 95,498 58,595 22,783 207 1,003 370 2,468 2,161 13,831 14,751 ,242 10 96,252 95,187 58,663 22,815 246 1,050 378 ,06: 2,377 2,179 13,885 14,701 ,242 17 96,780 95,700 58,830 22,876 274 1,051 895 381 ,080 2,356 2,188 13,938 14,71" ,243 24 96,153 95,149 58,538 22,775 144 1,030 903 373 ,004 2,296 2,156 13,982 14,71 ,242 31 96,834 95,468 59,018 22,933 225 1,071 917 366 ,366 2,314 2,155 14,024 14,821 ,246 1963 102,381 101,110 64,751 24,05 ,399 407 1,345 1,099 410 1,271 2,890 2,698 15,48! 16,278 ,387 :::::::::::: 102,621 101,001 64,809 24,137 ,405 39 1,36: 1,098 422 ,620 2,783 2,717 15,543 16,259 ,388 18 103,708 102,166 65,748 24,373 ,430 759 ',451 1,116 411 ,542 2,876 2,771 15,593 16,283 ,389 25 103,244 102,05: 65,576 24,406 ,449 50: ,410 1,118 420 ,192 2,848 2,801 15,64: 16,298 ,392 Oct. 2 103,886 102,479 65,885 24,472 ,461 596 ,426 1,136 419 ,407 2,863 2,839 15,659 16,329 ,390 9 103,109 101,736 65,328 24,480 ,483 235 ,386 1,14: 434 ,373 2,666 2,840 15,671 16,307 ,390 16 103,453 102,294 65,876 24,611 ,505 424 ,450 1,15: 445 ,159 2,608 2,862 15,745 16,391 ,390 23 103,116 101,907 65,620 24,682 ,524 207 ,382 1,152 447 ,209 2,547 2,824 15,788 16,383 1,386 30 , 103,437 101,956 65,693 24,646 ,537 196 1,389 1,162 443 ,481 2,551 2,823 15,811 16,452 1,385 Forjiotes see p. 1556. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 WEEKLY REPORTING MEMBER BANKS 1555 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets U.S. Government securities as T s o et t s a — l Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m tes a t a u 1 n r i d t n o g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i a c c t l e k e h - s s s - b a w B e f a n o i n a i c g r t l e k n h - - s s Cu a rr n e d ncy B s F w e R a e r . - i n v R t k h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t o p i b o n e t i i u d s t a l a n i l - l ts 1 year 5 years 5 years Total- Leading Cities 1962 Oct. 3 31,995 4,310 2,102 5,925 13,989 5,669 15,176 18,025 3,004 147 ,506 13,368 4,560 162,241 10 31,513 3,972 2,096 5,884 13,925 5,636 15,123 17,171 2,762 144 ,609 12,656 4,569 160,490 17 31,846 4,356 2,096 5,863 13,916 5,615 15,266 17,712 2,979 144 ,591 12,998 4,510 164,094 24 31,444 4,019 2,105 5,819 13,871 5,630 15,315 17,211 2,790 146 ,610 12,665 4,520 160,500 31 31,432 4,017 2,098 5,758 13,897 5,662 15,336 17,390 2,975 245 ,585 12,585 4,710 164,676 1963 Sept. 4 28,066 2,833 1,479 3,517 14,517 5,720 19,071 17,441 3,225 207 ,632 12,377 5,146 171,113 11 27,863 2,888 1,439 3,409 14,418 5,709 19,123 17,426 3,286 210 ,770 12,160 5,191 171,807 18 28,019 3,281 1,097 2,950 13,447 7,244 19,184 17,552 3,172 218 ,732 12,430 5,124 174,751 25 28,066 3,435 963 2,881 13,466 7,321 19,135 17,601 3,063 206 ,765 12,567 5,155 172,306 Oct. 2 28,367 4,005 962 2,768 13,325 7,307 19,251 17,897 3,190 231 ,660 12,816 5,207 174,821 9 28,086 3,821 957 2,763 13,313 7,232 19,144 17,276 2,948 239 ,688 12,401 5,220 171,315 16 28,035 3,843 942 2,768 13,260 7,222 19,253 17,547 3,153 231 ,699 12,464 5.242 174,589 23 27,794 3,701 942 2,768 13,225 7,158 19,201 17,089 2,864 250 ,754 12,221 5,146 170,787 27,990 3,904 936 2,853 13,219 7,078 19,166 17,517 2,850 258 ,814 12,595 5.237 171,958 30 New York City 1962 6,435 1,222 477 1,235 2,321 1,180 3,833 4,235 90 79 229 3,837 40,491 Oct. 3 6,357 1,124 478 1,237 2,357 1,161 3,755 3,743 66 77 263 3,337 ,848 39,743 10 6,446 1,248 473 1,222 2,357 1,146 3,796 3,832 98 79 233 3,422 ,816 41,034 17 6,326 1,178 477 1,200 2,339 1,132 3,822 3,900 58 76 232 3,534 ,824 40,141 24 6,527 1,454 456 1,140 2,329 1,148 3,791 4,148 110 128 229 3,681 ,903 42,844 31 1963 Sept. 4 5,490 979 257 771 2,398 1,085 5,288 3,659 81 76 245 3,257 2,203 42,127 11 5,468 1,005 295 711 2,378 1,079 5,326 3,990 110 80 257 3,543 2,199 42,608 18 5,509 1,160 157 526 2,192 1,474 5,276 4,055 86 86 234 3,649 2,192 44,324 25 5,504 1,179 158 530 2,209 1,428 5,221 4,130 91 71 256 3,712 2,187 43,694 Oct. 2 5,757 1,522 158 490 2,189 1,398 5,267 4,175 93 89 243 ,750 2,183 44,223 9 5,633 1,427 160 497 2,172 1,377 5,189 3,596 94 90 252 160 2,199 42,396 16 5,668 1,449 156 502 2,170 1,391 5,202 3,793 89 84 243 3,377 2,215 43,497 23 5,571 1,371 160 489 2,174 1,377 5,137 3,659 88 98 252 3,221 2,181 42,261 30 5,790 1,542 157 569 2,184 1,338 5,103 4,164 83 102 257 3,722 2,167 43,351 Outside New York City 1962 Oct. 3 25,560 3,088 1,625 4,690 11,668 4,489 11,343 13,790 2,914 68 1,277 9,531 2,702 121,750 10 25,156 2,848 1,618 4,647 11,568 4,475 11,368 13,428 2,696 67 1,346 9,319 2,721 120,747 17 25,400 3,108 1,623 4,641 11,559 4,469 11,470 13,880 2,881 65 1,358 9,576 2,694 123,060 24 25,118 2,841 1,628 4,619 11,532 4,498 11,493 13,311 2,732 70 1,378 9,131 2,696 120,359 31 24,905 2,563 1,642 4,618 11,568 4,514 11,545 13,242 2,865 117 1,356 8,904 2,807 121,832 1963 Sept-,?::::::::: 22,576 1,854 1,222 2,746 12,119 4,635 13,783 13,782 3,144 131 1,387 9,120 2,943 128,986 22,395 1,883 1,144 2,698 12,040 4,630 13,797 13,436 3,176 130 1,513 8,617 2,992 129,199 18 22,510 2,121 940 2,424 11,255 5,770 13,908 13,497 3,086 132 1,498 8,781 2,932 130,427 25 22,562 2,256 805 2,351 11,257 5,893 13,914 13,471 2,972 135 1,509 8,855 2,968 128,612 Oct. 2 22,610 2,483 804 2,278 11,136 5,909 13,984 13,722 3,097 142 1,417 9,066 3,024 130,598 9 22,453 2,394 797 2,266 11,141 5,855 13,955 13,680 2,854 149 1,436 9,241 3,021 128,919 16 22,367 2,394 786 2,266 11,090 5,831 14,051 13,754 3,064 147 1,456 9,087 3,027 131,092 23 22,223 2,330 782 2,279 11,051 5,781 14,064 13,430 2,776 152 1,502 9,000 2,965 128,526 30 22,200 2,362 779 2,284 11,035 5,740 14,063 13,353 2,767 156 1,557 8,873 3,070 128,607 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1556 WEEKLY REPORTING MEMBER BANKS NOVEMBER 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other C it a a p l - Wednesday j u u T n s o t a t e d a d l - 4 j p m u o s a d a t d s e e n i - - t d d s 5 Total * IPC S l a o t n c a d a te l e F ig o n r- 7 G U o .S v . t. c m m D o ti e e o m c s r - - - - Total* Sav- Oth S a e t n r a d t t e ime For- F F B r . a o n R m k . s F ot r h o e m rs li t a i b e i s li- co a u c n - ts govt. cial IPC local eign7 banks govt. Total- Leading Cities 1962 Oct. 3 141,070 60,744 92,845 64,085 4,631 1,5337,02212,121 48,225 33,921 ,566 3,218 2,177 117 2,343 5,243 13,468 10 139,490 61,377 91,059 64,492 4,491 1,500 4,86812,168 48,431 34,058 ,647 3,188 2,185 54 2,247 5,231 13,468 17 142,578 61,511 94,071 67,053 4,350 1,534 4,82912,814 48,507 34,126 ,664 3,165 2,199 136 2,616 5,282 13,482 24 139,300 62,311 90,684 65,269 4,623 689 3,98611,542 48,616 34,185 ,696 3,148 2,232 122 2,311 5,281 13,486 31 143,170 63,025 94,512 66,996 5,017 ,6814,28312,030 48,658 34,246 ,688 3,144 2,231 160 2,433 5,352 13,561 1963 Sept. 4 148,065 61,547 91,673 65,551 4,899 690 4,04712,129 56,392 36,94912,153 3,902 3,017 119 2,949 5,908 14,072 11 148,386 62,717 91,780 67,586 4,478 660 2,34012,205 56,606 36,99612,285 3,915 3,037 290 3,017 6,029 14,085 18 151,309 63,190 94,994 68,697 4,405 628 4,16012,233 56,315 37,05511,913 3,911 3,063 297 3,031 6,033 14,081 25 149,433 61,609 92,967 65,640 4,427 649 6,31011,314 56,466 37,14711,951 3,933 3,057 430 2,290 6,046 14,107 Oct. 2 151,948 61,885 95,237 66,320 4,902 705 6,22912,270 56,711 37,34212,013 3,917 3,073 421 2,547 5,741 14,164 9... 148,193 61,752 91,333 65,605 4,433 617 4,06912,221 56,860 37,42512,062 3,914 3,096 160 2,937 5,848 14,177 16... 151,573 62,749 94,631 68,895 4,454 ,640 3,00112,776 56,942 37,46512,107 3,913 3,092 338 2,549 5,951 14,178 23... 146,989 63,041 89,731 66,837 4,458 ,,640 23,139 11,397 57,258 37,50312,384 3,897 3,102 236 3,407 5,960 14,195 30... 148,428 63,809 90,875 67,322 4,762 ,725 22.330044 11,452 57,553 37,53412,639 3,915 3,095 115 3,267 5,883 14,265 ,751 New York City 1962 Oct. 3... 32,976 15,369 24,740 16,151 297 1,110 2,082 3,008 ,236 3,788 2,562 197 1,517 1,123 2,604 3,788 10... 32,408 15,3441 24,109 15,962 312 1,114 1,441! 3,024 ,299 3,819 2,584 197 1,519 939 2,608 3,788 17... 33,382 15,189 25,084 16,797 295 1,112 1,409 3,275 ,298 3,840 2,563 191 1,524 1,255 2,567 3,790 24... 32,745 15,604 24,417 16,344 268 1,282 1,134 3,033 ,328 3,848 2,560 191 1,549 1,019 2,568 3,789 31... 35,064 15,953 26,749 17,290 486 1,269 1,280 3,291 ,315 3,860 2,549 193 1,538 1,333 2,640 3,807 1963 Sep.^4... 34,269 15,413 23,626 16,045 355 1,236 1,072 3,071 10,643 4,343 3,597 372 2,155 1,206 2,735 3,917 34,460 15,691 23,719 16,537 276 1,235 572 3,088 10,741 4,341 3,689 374 2,158 1,354 2,798 3,919 18... 36,177 16,502 25,595 17,740 315 1,204 902 3,070 10,582 4,360 3,501 373 2,169 115 1,330 2,792 3,910 25... 35,930 15,511 25,320 16,469 293 1,2132,075 2,929 10,610 4,373 3,516 377 2,165 69 965 2,818 3,912 Oct. 2 36,385 15,641 25,697 16,575 377 1,2722,065 3,104 10,688 4,391 3,568 385 2,170 214 973 2,718 3,933 9... 34,441 15,229 23,730 15,943 307 1,176 1,297 3,022 10,711 4,384 3,578 384 2,191 30 1,178 2,813 3,934 16... 35,634 15,591 24,911 16,919 320 1,204 895 3,178 10,723 4,382 3,599 381 2,185 1,129 2,795 3,934 23... 34,124 15,636 23,228 16,392 289 1,289 631 2,822 10,896 4,381 3,760 380 2,195 50 1,345 2,812 3,930 30... 35,235 15,980 24,169 16,907 401 1.311 663 2,963 11,066 4,380 3,935 380 2,19: 1,428 2,757 3,931 Outside New York City 1962 Oct. 3... 108,094 45,375 68,105 47,934 4,334 423 4,940 9,113 39,989 30,133 6,004 3,021 660 117 1,220 2,639 9,680 10 107,082 46,033 66,950 48,530 4,179 386 3,427 9,144 40,132 30,239 6,063 2,991 666 54 1,308 2,623 9,680 17... 109,196 46,322 68,987 50,256 4,055 422 3.420 9,539 40,209 30,286 6,101 2,974 675 96 1,361 2,715 9,692 24 106,555 46,707 66,267 48,925 4,355 407 2,852 8,509 40,288 30,337 6,136 2,957 683 102 1,292 2,713 9,697 31... 108,106 47,072 67.763 49,706 4,531 412 3,003 8,739 40,343 30,386 6,139 2,951 693 160 1,100 2,712 9,754 1963 Sept. 4... 113,796 46,134 68,047 49,506 4,544 454 22,975 9,058 45,749 32,606 8,556 3,530 86! 119 1,743 3,173 10,155 11... 113,926 47,026 68,061 51,049 4,202 4255 1,768 9,117 45,865 32,655 8,596 3,541 879 213 1,663 3,231 10,166 18... 115,132 46,688 69,399 50,957 4,090 424I 33,258 9,163 45,733 32,695 8,412 3,538 894 182 1,701 3,241 10,171 25... 113,503 46,098 67,647 49,171 4,134 436 4,235 8,385 45,856 32,774 8,435 3,556 89: 361 1,325 3,228 10,195 Oct. 2... 115,563 46.244 69.540 49.745 4,525 433 4.164 9.166 46.023 32,951 8.445 3.53: 903 207 1.574 3.023 10.231 9... 113,752 46;523 67:603 49;662 4; 126 441 2:772 9J99 46;149 8:484 3; 530 905 130 1.759 3.035 10,243 16... 115,939 47.158 69.720 51,976 4J34 43612.106 9:598 46:219 33!O83 8'.r~ 3.532 90' 333 i;420 3.156 10.244 23 112,865 47:405 66.503 50,445 4; 169 436j i:508 8.575 46:362 33.122 3.517 907 186 2,062 3.148 10;265 30... 113,193 47.829 66:706 50;415 4:361 44011.641 8,489 46.487 33.154 8.704 ; 903 115 1,839 3.126 10,334 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 deducti on 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

NOVEMBER 1963 BUSINESS LOANS OF BANKS 1557 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 Oct. Oct. Oct. Oct. Oct. Oct. Sept. Aug. III 1st 2nd 30 23 16 9 Durable goods manufacturing: Primary metals 1 -4 -1 -1 -4 5 -50 12 -38 -74 Machinery -67 -40 _2 11 4 -116 41 9 16 135 151 19 Transportation equipment -12 20 -28 20 -12 -52 -97 -90 -80 -11 -91 47 Other fabricated metal products. . . -11 -16 2 13 -23 -35 n -7 36 22 58 -91 Other durable goods -5 -22 -7 -3 -38 30 23 58 33 91 -18 Nondurable goods manufacturing: Food, liquor, and tobacco 48 25 84 25 86 269 152, 50 148 -222 -371 -593 528 Textiles, apparel, and leather -26 -63 -9 -3 -13 -114 -62! 89 71 80 207 288 -179 Petroleum refining -4 7 -7 -10 -9 -24 48 1 27 39 -32 7 43 Chemicals and rubber _7 _7 27 -42 -25 -54 10 43 -40 -24 90 66 -129 Other nondurable goods -14 — 27 -21 -2 -17 -81 17 36 60 47 46 92 -105 Mining, including crude petroleum and natural gas -18 -14 -17 20 26 32 13 30 -59 296 237 66 Trade: Commodity dealers 63 55 82 49 38 288 78 108 235 -195 -69 -263 220 Other wholesale 15 19 12 5 17 68 21 -27 -30 100 -77 23 123 Retail 23 45 69 2 136 37 -54 -67 71 -19 52 154 Transportation, communication, and other public utilities , 66 21 -27 74 161 152| -34 -16 -22 -233 -255 655 Construction -9 6 -20 2 -15 34| 24 67 175 -42 133| -17 All other types of business, mainly services -48 -11 -42 -13 19| -951 40! -19 147 33 18o| 290 Net change in classified loans -5 170 -42' 161 287 204 427! 116 21 137| 1533 Commercial and industrial change— all weekly reporting banks -14! 28 161 -24 201 352j 740 190| 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 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 19 large cities: New York City: 1962—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: 1960 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: 1 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 per cent): 1954—Mar. 17y 3; 1955—Aug. 4, 3*4; Oct. 14, 3Vi; 1956— NOTE.—Weighted averages. For description see Mar. 1949 BULL., Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4^; 1958—Jan. 22, 4; Apr. 21, pp. 228-37. Bank prime rate was 3V4 per cent Jan. 1, 1954-Mar. 16, 1954. 3Vi; Sept. 11,4; 1959—May 18, 4^; Sept. 1, 5; and 1960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1558 INTEREST RATES NOVEMBER 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 4 p - a t p o e e r, - d p ir l e a c ce tl d y, a a c n c c e e p s t , - 3- to 5months ! m 3 o - n to th s 6 - 2 90 days * 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 * iss y u e e a s r * I960 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1962 3.26 3.07 3.01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1962—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 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 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 Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.58 3.61 3.59 3 91 Week ending— 1963—Oct. 5 3.88 3.68 3.63 3.408 3.41 3.515 3.53 3.59 3.57 3.88 12 3.88 3.75 3.63 3.459 3.45 3.569 3.56 3.60 3.56 3 90 19 3.88 3.75 3.63 3.458 3.47 3.568 3.59 3.61 3.58 3.91 26 3.88 3 66 3.63 3.488 3.44 3.626 3.60 3 62 3 62 3 93 Nov. 2 3.88 3.75 3.63 3.452 3.47 3.586 3.59 3.60 3.61 3.94 1 Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Selected note and bond issues. ties in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio ( S l t o a n te g s - Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - I960 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.47 5.88 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.97 4.74 1962 3.95 3.30 3.03 3.67 4.61 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.05 1962 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 3.97 3.21 2.97 3.55 4.47 4.21 4.87 4.40 4.63 4.39 4.31 3.15 May 3.97 3.21 2.99 3.54 4.48 4.22 4.86 4.40 4.63 4.39 4.29 3.13 June • 4.00 3.31 3.09 3.62 4.47 4.23 4.84 4.40 4.61 4.40 4.29 3.16 *>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 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 Oct 4.07 3.33 3.15 3.59 4.52 4.32 4.83 4.47 4.66 4.44 4.26 3.05 Week ending— 1963 Oct 5 4.04 3.33 3.15 3.59 4.52 4.32 4.83 4.46 4.65 4 44 4 27 3 08 12 . . .. 4.06 3.31 3.14 3.58 4.53 4.31 4.84 4.46 4.67 4.44 4.24 3.08 19 4.07 3.31 3.14 3.58 4.52 4.31 4.84 4.46 4.67 4.44 4.27 3.04 26 4.07 3.34 3.16 3.60 4.53 4.32 4.83 4.47 4.66 4.45 4.26 3.05 Nov. 2 4.09 3.34 3.16 3.60 4.53 4.32 4.83 4.47 4.66 4.45 4.25 3.02 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 arc 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 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

NOVEMBER 1963 SECURITY MARKETS 1559 SECURITY PRICES Bonds Common stocks Vol- Standard Standard and Poor'sindex Securities and Exchange Commissiorl index ume and Poor's (1941-43= 10) (1957-59= 100) of trad- Period U.S. ing Govt. Manufacturing Trade, (thou- (long- Cor- Pub- Pub- fi- sands term) State po- In- Rail- lic Trans- lic nance, Min- of and rate Total dus- road util- Total Du- Non- porta- util- and ing shares) local AAA trial ity Total rable du- tion ity servrable ice I960 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 '96.2 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 Oct 87.73 114.4 '97.3 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 '97.4 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 '97.3 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 '97.6 65.06 68.00 34.06 63.35 132.6 123.6 119.2 127.7 107.3 173.0 155.8 106.8 4,573 Feb 87.33 112.1 97.8 65.92 68.91 34.59 64.07 135.0 125.5 121.0 129.7 110.3 177.5 158.4 109.3 4,168 Mar 87 15 113.3 97.8 65.67 68.71 34.60 63.35 133.7 124.5 118.7 129.9 109.3 174.5 158.6 111.5 '3,561 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 '4,528 July 86.16 110.3 96.7 69.07 72.45 38.75 64.47 140.7 131.8 126.6 136.7 125.8 176.6 168.5 127.3 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 Sect 85.77 110.7 96.0 '72.85 '76.63 '39.00 '67.09 148.2 139.4 135.5 143.2 128.0 182.9 179.7 132.9 '5,331 Oct 85 50 109.9 95.9 73.03 77.09 38.31 65.55 148.7 139.9 138.0 141.6 128.2 184.8 179.9 130.0 r5 316 Week ending— 1963—Oct. 5 85.82 110.2 96.0 72.38 76.25 38.37 66.13 148.2 139.2 136.1 142.1 127.7 184.3 180.4 131.0 4 299 Oct 12 85.63 110.5 95.8 72.39 76.31 38.17 65.63 147.0 137.9 136.0 139.9 127.2 183.6 178.2 130.2 4,740 Oct 19 .... 85 43 110.0 95.9 72.85 76.88 38.42 65.45 149.1 140.4 139.0 141.7 129.0 184.5 180.7 129.9 5,403 Oct. 26 85.41 109.4 95.9 73.33 77.46 38.58 65.42 150.6 141.9 141.0 142.8 128.7 186.9 180.2 129.0 6,071 Nov 2 85.21 109.4 96.0 74.12 78.45 38.00 65.25 150.2 141.5 141.4 141.7 128.8 186.4 178.7 128.4 5,733 NOTE.—Annual data are averages of monthly data. Monthly and Common stocks, Standard and Poor's index based on averages of daily weekly data are computed as follows: figures; Securities and Exchange Commission index on weekly closing U.S. Govt. bonds, derived from average market yields in preceding prices. table on basis of an assumed 3 per cent, 20-year bond, averages of daily Volume of trading, average daily trading in stocks on the N.Y. Stock figures. Exchange for a 5^-hour trading day. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Cue firms secured by— chasing and carrying— V_AJS- Months Total tomers' 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 ec a * b r n -e a rt c c l * - e Au s iit collateral collateral 1959—Dec 4,461 150 3,280 167 ,181 221 2,362 2,044 318 996 1960—Dec 4,415 95 3,222 138 ,193 142 2,133 1,806 327 1,135 1961—Dec 5,602 35 4,259 125 ,343 48 2,954 2,572 382 1,219 1962—Oct 5,165 25 3,864 81 ,301 29 2,596 2,271 325 1,126 Nov 5,285 24 3,951 82 ,334 28 2,558 2,269 289 1,151 Dec 5,494 24 4,125 97 ,369 35 2,785 2,434 351 1,216 1963—Jan 5,595 28 4,208 95 ,387 32 2,895 2,556 339 1,199 Feb 5,717 23 4,332 91 ,385 35 3,059 2,695 364 1,191 Mar 5,754 28 4,331 100 ,423 63 3,129 2,754 375 1,175 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 ,616 29 3,836 3,359 All 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 Oct 7,171 29 5,486 83 1,685 33 4,218 3,713 505 1,173 NOTE.—Data in the first three cols, and last col. are for end of month, Bank loans to others than brokers and dealers: figures are for weekly in the other cols., for last Wed. reporting member banks. Before July 1959, loans for purchasing or Net debit balances and broker and dealer credit: ledger balances of carrying U.S. Govt. securities were reported separately only by N.Y. member firms of the N.Y. Stock Exchange carrying margin accounts, as and Chicago banks. Accordingly, for that period the fifth col. includes reported to the Exchange. Customers' debit and free credit balances any loans for purchasing or carrying such securities at other reporting exclude balances maintained with the reporting firm by other member banks. Composition of series also changed beginning with July 1959; firms of national securities exchanges and balances of the reporting firm revised data for the new reporting series (but not for the breakdown of and of general partners of the reporting firm. Balances are net for each loans by purpose) are available back through July 1958 and have been customer—i.e., all accounts of one customer are consolidated. Money incorporated. borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1560 OPEN MARKET PAPER; SAVINGS INSTITUTIONS NOVEMBER 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Banks Im- Ex- shipped between Placed Placed ports ports Dollar points in— Total through direct- Others into from exdealers l ly2 Total O bi w lls n 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 16 878 278 456 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—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 L,153 865 288 110 86 1,301 541 m 186 171 974 1963 Jan 6,790 2,091 4,699 2,593 1,153 849 304 72 84 1,284 538 730 149 180 996 Feb . . .. 6,996 2,193 4,803 2,565 1,141 840 301 54 84 1,285 542 703 159 148 1,013 Mar 7,076 2,260 4,816 2,589 ,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 2,712 202 990 213 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 1,343 556 772 105 53 1,159 Sept 7,161 2.098 5,063 2,709 1,107 946 181 34 104 1.463 564 775 97 47 1,226 * 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): S 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 End of period M ga o g r e t- Other G U o . v S t . . g S l a o o t n c a v d a t t e l . C ot r o a h a n r e t p d r e o - i a C s a se sh ts O as t s h e e ts r a s l s a T u i s a a t c r o i e b n p c e t t i d t l s s a l s u — i l . - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N c M u o m m or b m t e g i r a tm ge A e n m lo ts o a n u 3 nt 1941 4 787 89 3 592 1 '86 829 689 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—Aug 31,000 560 6,311 568 5,149 808 677 45,073 40,029 1,127 3,917 83,803 2,088 Sept 31,243 563 6,314 563 5,151 852 702 45,388 40,458 996 3,934 88,882 2,122 Oct. 31,548 536 6,152 548 5,154 867 697 45,502 40,644 955 3,904 93,526 2,229 Nov 31,820 586 6,133 542 5,181 832 683 45,776 40,791 1,025 3,960 99,616 2,323 Dec 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—Jan 32,492 575 6,146 512 5,173 819 735 46,451 41,565 932 3,955 101,815 2,345 Feb 32,812 583 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 June 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 6,17C 455 5,103 828 753 48,282 43,109 1,138 4,035 108,914 2,419 Aug 34.690 662 6,137 455 5.129 809 745 48.626 43.282 1.248 4.096 107.108 2.366 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 3, p. 1547. 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. * 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

NOVEMBER 1963 SAVINGS INSTITUTIONS 1561 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 Foreignl 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: I960 Dec 119,576 11 699 6 428 3,606 1,665 51,053 46,967 4,086 41,815 3,796 5,233 5,980 1961—Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 196^ Au" r 130,661 12 435 6 ^79 4,072 1,984 55,941 50,921 5,020 45,546 4,103 6,086 6,550 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 132,50*5 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 June 136,698 12 389 5 757 3,981 2,651 •S8.294 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 Aug 138,361 12,452 5,810 3,935 2,707 58,764 53,268 5,496 48,964 4,313 6,548 7,320 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."^ *g SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n er d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i n e v d r 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 l m o e a m n n t i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 3£ 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1 484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 1962—Aug 75,527 5,437 2,949 5,158 89,071 76,149 6,032 3,065 1,998 1,827 2,518 Sept 76,371 5,479 3,036 5,236 90,122 77,019 6,047 3,160 2,006 1,890 2,472 Oct 77,333 5,509 3,135 5,276 91,253 77,854 6,067 3,196 1,993 2,143 2,438 Nov 78,137 5,556 3,234 5,448 92,375 78,728 6,081 3,173 1,941 2,452 2,436 Dec 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 1963—Jan 79,648 5,739 3,612 5,234 94,233 81,407 6,572 2,896 1,939 1,419 2,343 Feb 80,341 5,910 3,719 5,283 95,253 82,251 6,588 2,701 1,964 1,749 2,447 Mar 81,247 6,087 3,809 5,399 96,542 83,446 6,583 2,605 2,108 1,800 2,663 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 rl,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 Aug 87,043 6,220 3,371 5,856 102,490 87,142 6,834 3,915 2,505 2,094 3,112 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

1562 FEDERAL FINANCE NOVEMBER 1963 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Bu n d e g t et fu T P n r lu d u s s s : t r g I L o n v e t t s r . s a : - *r r E e T q c o u ts t a . a l l 2 s: f Budget fu T P n r l d u u s s s : t 3r m A L e d e n j s u t s s s : t- 4r E p T q a o u y t t a a s l l . s r : pa o y r ts.r & C (d d h a i i a e r n g n b e e t c g n t e .) a I L g n e v e b n s e y s . s : t & . L N c d e a e o s s b n s h t : - E N qu et a l r s: trusts r 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 24,099 4,418 97,774 84,463 25,144 5,017 104,590 -6,816 6,792 -440 470 6,762 1962 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 Fiscal year I960 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 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963?.... 86,357 27,685 4,266 109,731 92,590 26,530 5,267 113,853 -4,122 8,681 2,068 1,033 5,579 Half year: 1961—July-Dec 35,826 10,656 1,776 44,678 43,165 12,765 2,041 53,889 -9,219 8,098 -1,486 402 9,182 1962—Jan.-June 45,583 13,633 2,000 57,195 44,622 12,377 3,225 53,773 3,422 2,911 1,978 521 412 July-Dec 39,126 11,838 1,928 49,011 47,286 13,010 2,194 58,101 -9,090 6,142 -870 865 6,148 1963—Jan.-June 47,231 15,847 2,338 60,720 45,304 13,521 3,073 55,752 4,968 2,538 2,938 169 -569 Month: 1962 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 8,779 1,570 1,010 517 33 461 Mar 9,663 2,123 237 11,545 7,806 1,968 852 8,922 2,622 -1,949 120 -4 -2,066 Apr 5,735 1,752 236 7,248 7,590 2,242 163 9,669 -2,421 104 -829 87 846 May 6,953 4,656 283 11,323 7,470 2,302 -218 9,989 1,334 2,282 2,820 28 -567 June*5 12,042 2,966 1,031 13,972 7,663 2,984 1,072 9,574 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 Sept 10,095 1,830 274 11,652 7,815 2,515 781 9,549 2,102 366 -575 101 839 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 in ces T ( r e e n a d s u o r f e r p 's e r a io cc d o ) unt Period Agencies & trusts Change Operating bal. B s d u u e r o 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 r i M s s s e u a o c r a f . k n e 3 c t e i S I n G n e c v U o . e v . s 3 t S t . , . r p d g d u i r i r e b o n e b l s c i t s c t T o r H u e t a e s s l i d u d r e y a T u c r c r e e o a r u ' s s n - t Balance b F a . n R k . s a l T a c o n c a a d x t n s. O as n t s h e e t e t r s Fiscal year—1960 1,224 -870 -149 1,746 -925 1,625 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 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963* -6,233 1,153 -33 1,022 -2,068 7,659 -184 rl,686 12,116 806 10,324 986 Half year: 1961—July-Dec -7,339 -2,109 -137 900 1,486 7,198 199 -200 6,494 465 5,157 872 1962—Jan.-June 962 1,256 704 879 -1,978 2,032 -81 3,936 10,430 612 8,815 1,003 July-Dec -8,160 -1,172 -599 873 870 5,269 4 -2,922 7,509 597 6,092 820 1963—Jan.-June*.... 1,927 2,326 566 148 -2,938 2,390 -188 4,607 12,116 806 10,324 986 Month: 1962 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 -517 1,221 73 1,961 7,446 841 5,580 1,025 Mar 1,857 155 618 -304 -120 -1,645 -245 806 8,252 909 6,466 877 Apr -1,854 -490 -159 -69 829 173 100 -1,672 6,579 952 4,340 1,287 May -516 2,354 -528 244 -2,820 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 70 171 1,253 -1,025 39 -5,118 6,998 629 5,564 805 Aug -1,015 1,449 -874 328 -1,784 1,700 -43 -152 6,846 705 5,389 752 Sept 2,279 -685 411 265 575 100 9 2,938 9,783 948 7,958 877 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing lations to U.S. employee 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. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 FEDERAL FINANCE 1563 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total Individual Corp. Total a L n iq d u t o o r - H w ig ay h- Total O a A nd SI e U m n p - l. a g n if d t t C o u m s- s r m e a p e n a n d y ts - fu R n e d - s Other With- Other bacco R.R. held Fiscal year—1960... 95,07831,675 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... 97,24232,978 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... 101,86536,246 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.. '44,670 17,652 3,189 8,259 6,394 2,789 1,612 7,049 5,460 1,345 873 579 762 887 '800 1962—Jan.-June. r57,195 18,594 11,214 13,037 6,358 2,578 1,468 9,991 7,737 1,997 1,162 592 596 5,379 '1,030 July-Dec.. r49,011 18,958 3,319 8,810 6,808 2,845 1,756 7,937 6,111 1,579 914 639 1,179 805 '1,252 1963—Jan.- June*> 60,720 19,756 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—Sept 11,138 2,980 2,092 3,533 1,103 461 287 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 June*.... 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 ,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 ,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 ,165 n.a. 300 1,197 1,097 66 148 104 140 202 147 Cash payments to the public Period Total 5 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 e a r a - c t l - es t m C r a a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e el o a 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... 107,662 51,462 2,492 1,257 5,977 2,223 5,487 1,690 23,961 1,052 6,092 6,940 1,882 1963*.. 113,853 53,417 2,198 2,552 '7,388 2,455 5,749 -261 25,671 1,211 5,974 7,437 1,983 Half year: 1961—July-Dec... 53,889 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... 58,101 26,124 '875 1,024 '4,457 1,388 3,096 '1,029 r12,349 562 2,957 3,580 '985 1963—Jan.-June?. 55,752 27,292 1,323 1,528 2,931 1,066 2,653 -1,286 13,323 648 3,017 3,857 1,000 Month: 1962—Sept 8,640 '4,050 '206 141 '549 279 493 '102 '2,023 125 448 360 '152 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 8.779 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 9,665 4,572 284 271 508 166 386 -74 2,278 93 411 305 155 May 9,989 4,575 74 281 598 175 449 -161 2,117 93 476 1,314 201 June? 9,574 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 '295 643 274 2,099 126 481 1,474 171 Sept 9,549 4,246 186 287 621 265 650 274 2,129 476 285 183 1961 1962 1963 1961 1962 ~1963r Item IV II III IV II III IV III IV in Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.. 25.2 25.3 26.5 273 271 27.4 27.8 28.7 21.3 26.2 31.0 26.0 23.0 28.2 32.5 27.3 Payments. 26.9 27.6 27.0 28 292 28.2 28.3 30.4 27.2 26.0 27.8 28.5 29.6 26.5 29.2 30.9 Net -1.7 -2.2 -.5 - 7 -2 1 -.8 -.5 -5.9 .3 3.2 -2.5 -6.6 1.7 3.3 -3.6 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1564 U.S. GOVERNMENT SECURITIES NOVEMBER 1963 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t t s a s l i d d T g e i r o r b o e t t s a c s 2 l t Total Marketable C ve o r n t- - Nonmarketable i S ss p u e e c s ia 6 l Total Bills C c e a r t t e if s i- Notes Bonds 4 b i o b n l d e s Total 5 S in a g v s bonds 1941 Dec 64.3 57.9 50.5 41.6 2 0 6.0 33 6 8 9 6 1 7 0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56 9 48 2 20 0 1947 Dec 257.0 256.9 225.3 165 8 15 1 21.2 11 4 118 0 59 5 52 1 29 0 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59 2 57.9 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec . . 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53 4 52.5 45 8 1958 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960 Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5 7 47 8 47 2 44 3 1961 Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48 6 47 5 43 5 1962 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 Oct 307.1 306.4 259.2 205.3 49.7 15.5 53.7 86.5 3.3 50.6 48.7 43.3 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, foreign currency series, foreign to $366 million on Oct. 31, 1963), and fully guaranteed securities, not series, Rurai 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 $13,671 million on Sept. 30, 1963. acquired by Treasury for retirement on Dec. 15, 1962, in exchange for 4 Includes Treasury bonds and minor amounts of Panama Canal and various issues on Nov. 15, 1962. postal savings bonds. 5 Includes Series A investment bonds, depository bonds, armed forces NOTE.—Based on daily statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Heldby— Held bythe public Total U.S. Individuals E pe n r d i o 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 C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h 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 . Savings Other n F a i o t n a i r t n o e e d n i r g - a n l2 t O i m o n r t v i h s s e e c s r . 3 funds i bonds securities 1941 Dec 64 3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 5 1945 Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947 Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2 7 5 7 1955 Dec 280.8 51.7 24.8 204.3 62.0 8.5 14.6 23.5 15.4 50.2 14 5 7 5 8 1 1956 Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958 Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7 7 8 9 1959 Dec . .. 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 12.0 10 1 I960 Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13 0 11 2 1961 Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 19.7 18.7 46.4 18.5 13.4 11 6 1962 Sept 300.0 56.4 29.8 213.7 64.6 6.3 11.4 19.0 19.8 46.8 18.9 15.1 11 9 Oct 302.6 56.1 30.2 216.3 65.9 6.1 11.5 19.9 19.6 46.8 18.8 15.4 12.3 Nov 305.9 57.9 30.5 217.5 65.4 6.1 11.5 21.8 19.3 46.9 18.9 15.4 12.2 Dec 304 0 55.6 30.8 217.6 66.5 6.1 11.5 20.0 19.5 46.9 19.0 15 3 12 7 1963—Jan 303.9 54.5 30.3 219.1 66.0 6.1 11.5 21.0 19.9 47.1 19.4 15.3 12.9 Feb 305.2 55.1 30.6 219.5 65.1 6.1 11.4 21.6 19.9 47.2 19.4 15.2 13 8 Mar 303.5 55.1 31.0 217.4 63.9 6.3 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 6.1 11.1 21.0 20.6 47.3 19.2 15.6 13 0 May 305.8 57.1 31.3 217.4 63.0 6.1 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 6.1 10.8 20.2 20.8 47.5 18.8 15.8 12.5 July 305.5 57.1 32.5 215.9 62.4 6.1 10.9 20.7 21.0 47.6 18.9 15.7 12 6 Aug 307.2 58.9 32.4 215.9 60.8 6.1 10.9 21.6 21.3 47.7 19.0 r16.0 r12.7 Sept 307.3 58.3 32.6 216.4 62.1 6.0 11.0 20.1 21.0 47.7 19.2 16.0 13.5 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

NOVEMBER 1963 U.S. GOVERNMENT SECURITIES 1565 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 n 0 20 O y v e e a r rs Total Bills Other All holders: 1960—Dec. 31 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962—Dec. 31 203,011 87,284 48,250 39,034 61,640 33,983 4,565 15,539 1963—Aug. 31 203,233 85,976 47,219 38,757 60,856 33,622 8,359 14,420 Sept. 30 204,282 83,070 48,218 34,852 58,085 39,100 8,358 15,669 U.S. Govt. agencies and trust funds: 1960—Dec. 31 8,116 1,482 591 891 2,431 1,602 1,461 1,140 1961—Dec. 31 8,484 1,252 583 669 1,860 1,594 1,756 2,022 1962—Dec. 31 9,638 1,591 865 726 1,425 2,731 1,309 2,583 1963—Aug. 31 10,939 1,670 970 700 1,904 2,747 2,083 2,534 Sept. 30 11,214 1,555 923 632 1,752 3,032 2,175 2.701 Federal Reserve Banks: 1960—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—Aug. 31 32,391 19,145 3,175 15,970 10,871 2,176 86 113 Sept. 30 32,563 19,219 3,320 15,899 10,909 2,225 121 Held by public: 1960—Dec. 31 153,515 57,125 35,638 21,487 59,156 15,903 11,520 9,811 1961—Dec. 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—Aug. 31 159,903 65,161 43,074 22,087 48,081 28,699 6,190 11,773 Sept. 30 160,505 62,296 43,975 18,321 45.424 33,843 6,095 12,847 Commercial banks: 1960—Dec. 31 54,260 14,697 6,976 7,721 31,596 5,654 1,775 538 1961—Dec. 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—Dec. 31 58,004 19,885 9,838 10,047 26,348 11,163 191 417 1963—Aug. 31 52,833 15,080 5,977 9,103 26,345 10,501 533 373 Sept. 30 53,909 15,047 7,796 7,251 24,795 12,980 531 556 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—Aug. 31 5,806 939 407 532 1,241 2,023 402 1,201 Sept. 30 5,723 827 416 411 1,059 2,217 393 1,227 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—Aug. 31 9,079 1,067 426 641 1,990 2,290 946 2,787 Sept. 30 9,145 1,040 489 551 1,895 2,483 942 2,785 Nonfinancial corporations: 1960—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—Aug. 31 11,192 8,544 6,906 1,638 2,323 307 9 9 Sept. 30 9,566 6,860 5,545 1,315 2,233 379 10 84 Savings and loan associations: 1960—Dec. 31 2,454 322 163 159 858 473 396 406 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Dec. 31 2,862 437 254 183 817 1,030 105 473 1963—Aug. 31 3,178 428 196 232 921 1,138 257 435 Sept. 30 3,240 328 188 140 787 1,356 253 517 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—Aug. 31 12,807 5,244 4,306 938 995 1,371 1,669 3,528 Sept. 30 12,397 4,591 3,896 695 991 1,540 1,545 3,731 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—Aug. 31 65,008 33,858 24,856 9,002 14,266 11,069 2,375 3,440 Sept. 30 66,524 33,602 25,646 7,956 13,665 12,887 2,421 3.948 NOTE.—Direct public issues only. Based on Treasury Survey of cos. combined; (2) about 50 per cent by the 470 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. 6,099 commercial banks, 506 mutual savings banks, and 798 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1566 U.S. GOVERNMENT SECURITIES NOVEMBER 1963 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers atid brokers agency securities 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 Sept 1,913 1,432 293 147 40 571 42 766 534 105 Oct 1,967 1,517 263 159 28 682 40 744 501 115 Nov 1,770 1,266 262 210 32 550 32 722 466 70 Dec 2,071 1,446 366 222 38 610 38 881 543 88 1963 Jan 1,871 1,484 226 124 36 621 37 730 484 81 Feb 2,350 1,646 400 230 75 733 44 952 622 73 Mar 1,694 1,241 224 149 79 544 39 657 454 91 Apr 1.788 1,438 195 105 50 509 33 757 488 91 May 1,639 1,160 282 127 69 529 30 601 479 81 1,574 1,208 168 165 33 471 26 584 493 108 July 1,775 1,440 172 134 29 556 27 727 464 95 1,308 1,060 139 88 21 401 15 507 384 88 Sept 1,799 1,280 207 214 100 522 36 733 509 140 Week ending— 1963 Sept 4 ,270 1,068 111 73 18 438 16 All 339 80 >,420 1,680 339 253 148 696 56 999 669 232 18 ,976 1,340 212 298 126 584 37 790 566 146 25 ,274 888 135 174 77 391 30 527 327 94 Oct. 2 ,482 1,149 128 145 60 339 29 633 482 80 9 ,418 1,143 89 122 64 439 32 552 395 107 16 ,611 1,348 117 119 28 449 30 681 451 113 23 ,640 1,354 105 128 54 535 30 667 408 91 30 657 1,293 200 136 28 494 31 654 479 72 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 ll ities W 1 i y t e h a in r y 1 e — ar 5 s 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 i r t w y k w E h ls e e r - e C t o i r o p n o s r ! a- et A h l e l r 1962—Sept 3,177 2,643 323 211 190 Oct 3,569 2,991 383 195 248 1962—Sept 3,332 943 660 1,308 421 Nov 4,013 3,309 447 256 204 Oct 3,528 1,074 707 1,301 445 Dec 4,268 3,829 365 74 227 Nov 4,100 1,170 716 1,666 548 Dec 4,378 1,563 839 1,566 411 1963 Jan 4,021 3,622 368 30 185 Feb 3,410 2,863 473 74 128 1963—Jan 4,062 1,388 895 1,396 383 Mar 3.547 2,439 563 543 212 Feb 3,553 ,070 897 1,083 502 Apr 3,467 2,934 355 178 228 Mar 4,027 1,436 1,009 1,129 453 May 3,494 2,810 640 44 305 Apr 3,548 886 854 1,366 442 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 1,478 350 Sept 3,689 3,099 290 300 195 Aug 3.293 553 501 ,924 316 Sept 3,974 1,201 898 1,527 348 Week ending— Week ending— 1963—Aug. 7... 2,565 2,228 412 -75 272 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 Sept. 11 4 . . . . 3 3 , , 9 7 6 4 1 0 3 3 , , 8 7 8 8 2 2 2 3 7 8 6 5 -5 -9 2 7 7 2 2 3 2 2 7 SepS!::: 3,706 694 586 2,044 383 18 3,691 2,906 284 501 175 4,097 888 693 1,938 578 25.. 3,516 2,444 246 826 172 18... 4,729 ,671 1,244 1,489 326 25. .. 3,646 ,275 954 1,198 219 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Averages of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 OUTSTANDING SECURITIES 1567 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, OCTOBER 31, 1963 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Nov. 7, 1963 2,103 Apr. 23, 1964 800 Apr. 1, 1966 IVi 675 Aug. 15,1968 3% 3,747 Nov. 14, 1963 2,102 Apr. 30, 1964 800 Aug. 15, 1966 4 4,009 Nov. 15, 1968 Z}i 1,591 Nov. 21, 1963 2,101 July 15, 1964 1,998 Oct. 1,1966 IT 357 Feb. 15, 1969 4 1,844 Nov. 29, 1963 2,101 Aug. 31, 1964 1,001 Feb. 15, 1967 3= 3,475 Oct. 1,1969 4 2,538 Dec. 5,1963 2,101 Sept. 30, 1964 1,002 Apr. 1,1967 1' 270 Aug. 15, 1970 4 1,906 Dec. 12, 1963 2,101 Aug. 15, 1 9 6 73 4,433 Aug. 15, 1971 4 2,806 D J J J D a a a e e n n n c c . . . . . 2 1 1 6 9 2 9 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 4 3 3 4 4 2 2 2 2 2 , , , , , 1 1 1 4 1 0 0 9 0 0 1 1 6 0 2 Ce N F M r e t o i a b f v y . i c . a 1 1 1 te 5 5 5 s , , , 1 1 1 9 9 9 6 6 6 3 4 4 3 3 3 > ^ > 4 6 4 , , , 7 5 1 4 5 9 1 4 8 Tr A O O ea p c c s t t r u . . . r y 1 5 1 1 b , , , o 1 n 1 1 9 9 d 9 6 6 6 s 8 8 7 1 V 4 2 5 1 4 7 2 N F A A N e u u o o b v g g v . . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 1 2 4 3 2 3 3 % % 4 4 4 2 2 2 3 2 , , , , , 2 5 3 7 8 4 7 4 6 9 4 9 4 0 4 Jan. 16, 1964 ,101 June 15, 1962-67... 2 1,461 May 15, 1975-85... 4% 470 Jan. 23, 1964 2,103 Treasury notes Dec. 15, 1963-68...2 1,814 June 15, 1978-83... 3% 1,589 Jan. 30, 1964 2,100 Nov. 15, 1963 4 3,011 Feb. 15, 1964 1,634 Feb. 15, 1980 4 2,610 Feb. 6,1964 901 Apr. 1,1964 1' 457 June 15, 1964-69... 2 2,630 Nov. 15,1980 3V4 1,914 Feb. 13, 1964 900 May 15, 1964 A 4,400 Dec. 15, 1964-69...2 2,542 May 15, 1985 3% 1,130 Feb. 20, 1964 901 May 15, 1964 3^ 2,016 Feb. 15, 1965 2 4,682 Feb. 15, 1990 3<A 4,911 Feb. 27, 1964 900 Aug. 15, 1964 .5 2,316 Mar. 15, 1965-70...2 2,419 Aug. 15, 1987-92...4% 365 Mar. 5, 1964 902 Aug. 15, 1964 3" 5,019 May 15, 1966 3% 2,862 Feb. 15, 1988-93 4 250 Mar. 12, 1964 900 Oct. 1,1964 1 490 Aug. 15, 1966 3 1,024 May 15, 1989-94...4Vs 1,560 Mar. 19, 1964 901 Nov. 15, 1964 4 4,195 Nov. 15, 1966 V 1,851 Feb. 15,1995 3 2,521 Mar. 23, 1964 i 2,001 Nov. 15, 1964 3 6,398 Mar. 15, 1966-71... 2\ 1,407 Nov. 15, 1998 3Vi 4,451 Mar. 26, 1964 900 Apr. 1,1965 1 466 June 15, 1967-72... 2\ 1,311 Apr. 2,1964 898 May 15, 1965 4= 2,113 Sept. 15, 1967-72... 2\ 1,952 Apr. 9, 1964 900 Oct. 1,1965 1 315 Nov. 15, 1967 3- 3,604 Convertible bonds Apr. 15, 1964 2,501 Nov. 15, 1965 3 2,954 Dec. 15, 1967-72...21 2,762 Investment Series B Apr. 16, 1964 800 Feb. 15, 1966 3% 5,653 May 15, 1968 3' 2,460 Apr. 1, 1975-80... 2% 3,277 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 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 l u o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: 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 281 Sept. 16, 1963 3.85 Feb. 17, 1964 300 Mar. 4, 1963 3.15 Dec. 2, 1963 289 June 17, 1963 3.40 Mar. 16, 1964 275 Apr. 1,1963 3.20 Jan. 2,1964 268 Apr. 15, 1963 3.30 Apr. 15, 1964 435 May 1,1963 3% Feb. 3,1964 273 Aug. 15, 1963 3.70 May 15, 1964 330 June 3,1963 3.30 Mar. 2,1964 231 July 16. 1963 3V> June 15, 1964 326 July 1,1963 3.45 Ap. 1, 1964 228 Sept. 16, 1963 3.95 July 15, 1964 413 Aug. 1,1963 3.65 May 4. 1964 223 Sept. 3,1963 3% June 1, 1964 191 Bonds: June 17, 1963 3Vi Oct. 15, 1964 460 Federal land banks Sept. 17, 1962 3% Sept. 15, 1965 175 Bonds: Oct. 22, 1962 314 Oct. 22,1963 136 Apr. 20, 1963 4% Apr. 20,1964 147 Pede s r e a c l o N nd a a ti r o y n a m l a M rk o e r t t g o a p g e e r a A ti s o s n o s ciation— D O A e u ct c g . . . 2 20 8 0 , , , 1 1 1 9 9 9 6 6 6 0 0 3 3# 4 4 O O Au c c t t g . . . 2 2 2 0 0 0 , , , 1 1 1 9 9 9 6 6 6 5 4 4 2 1 9 1 6 0 5 0 De N D D S M D A S A S M A b e e e e e e p o u p e a a p p p c c c n v r r g y r . . . t t t . . t . . . . . . u 2 1 1 1 1 1 1 1 1 1 1 1 r 3 2 0 0 0 0 0 0 1 1 1 2 e , , , , , , , , s , , , , 1 1 1 1 : 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 5 6 5 6 6 5 6 6 6 6 5 6 8 1 7 0 0 9 1 1 0 0 8 2 3 3 4 4 3 4 4 4 4 3 4 V % % % f A t 4 D D J A S A N M A M S M u e e e e p u p o a a a p n p c c r r g v r r . y . t t e . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 2 2 0 0 0 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 7 6 6 6 7 6 6 7 6 6 6 6 1 9 3 5 0 8 6 0 4 6 4 4 1 1 1 1 1 9 9 9 1 9 8 6 1 4 4 1 8 2 8 3 9 6 8 3 1 6 7 5 8 J J J A M S F M O A M F F F a u u e e e e e p p c n a a a p b b b b l n t r r y . y y y . . . . t . e . . . 2 2 1 1 1 2 5 0 0 3 4 5 1 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 5 5 6 5 6 6 6 6 5 6 6 5 5 5 9 9 3 7 0 0 2 1 8 1 1 8 7 7 A A 5 3 5 3 3 4 A V * > % % V U \ A 4 4 i D J J J A J M O M F M F M F u u u u e e e e p c a a a a b b l b n l l c t r y y y r r y y . . . . . e . . . 2 2 2 2 2 2 2 2 1 1 2 1 0 0 2 0 2 0 0 5 0 1 5 1 0 , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 6 6 6 7 7 6 7 6 6 6 6 9 9 8 8 7 5 0 0 6 0 6 6 7 7 - - 7 7 0 2 1 1 1 1 1 1 1 7 7 8 6 8 8 0 1 8 5 8 0 8 9 2 5 6 0 2 5 0 5 3 0 6 8 0 3 Sept. 11, 1961 41 Sept.10, 1971 98 May 1,1956 3' May 1,1971 60 D J F F u e e e b n b c . . . e 1 1 1 1 1 0 3 2 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 0 1 1 4 5 4 4 1 J J F F u u e e b b n n . . e e 1 1 1 1 0 0 2 2 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 7 2 2 1 1 1 1 9 4 0 0 8 7 0 0 F F S e e e b b p . . t . 2 2 1 0 0 4 , , , 1 1 1 9 9 9 6 6 5 3 2 6 3 4 4 ^ S F F e e e b b p . . t . 2 2 1 0 0 5 , , ,1 1 1 9 9 9 7 7 7 2 4 3-78 1 1 1 4 0 5 8 9 5 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 4% 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 Nan to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1568 CREDIT AGENCIES; SECURITY ISSUES NOVEMBER 1963 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks tmu 01 period v m a b A t n e e o d m c rs - e - s I m nv e e n s ts t- p C a o d a n s e s d i - h ts 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 d e e ) s n s - c L a o t ( o o i t A v o 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 ,585 2,828 2,431 1962— Sept.. 3,046 1,363 75 2,257 984 1,118 2,752 2,481 690 475 2,007 1,930 3,021 2,596 Oct... 3,091 1,800 79 2,707 1,016 1,120 2,765 2,492 738 480 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 2,370 111 505 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 (,130 2,446 2,126 761 480 1,892 1,842 3,118 2,661 Apr... 2,635 1,702 87 1,908 1,250 1,133 2,285 2,043 745 491 2,108 1,935 3,147 2,661 May.. 2,740 1,720 75 2,035 1,236 1,134 2,126 1,984 702 489 2,210 2,037 3,176 2,725 June.. 3,270 1,937 159 2,770 1,325 1,137 2,072 1,960 701 459 2,293 2,133 3,198 2,725 July.. 3,548 1,525 94 2,816 1,069 1,146 2,038 1,950 711 459 2,352 2,203 3,218 2,725 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 Sept. . 4,024 1.484 96 3,299 1.014 1,153 2,028 1.899 735 473 2,318 2.233 3,259 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 amount Period deliv- Total g G a o e t b a n i l o l e i n - r- s R n e u v e e- PHA i G l U o o a . v S n t . s . State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other 2 ered 3 Total c E a d ti 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 d e s' 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 1,985 401 355 1,685 1960 . . 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1 891 1961 8,566 5,724 2,407 315 120 9?8 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—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 85 91 197 Mar 1.012 674 185 138 16 265 331 416 880 973 251 52 231 142 298 A.pr r948 691 242 16 156 r207 585 1.003 r867 r369 r70 r225 1 r202 May.... 947 435 497 15 168 423 '355 '899 856 214 69 345 56 172 June rl 082 r418 r636 r 28 134 525 r42? r902 r940 248 r39 r191 114 347 July r83O r436 r373 21 HI r382 r372 '1,094 r597 r216 r66 r116 26 r172 Aug.... 749 386 233 116 14 186 281 281 905 702 257 31 144 123 147 Sept 433 303 105 25' 91 65 277 665 422 192 31 67 31 101 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

NOVEMBER 1963 SECURITY ISSUES 1569 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 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 Re- Period Total U.S. U.S. Bonds Stock Total m tir e e n - t 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 « Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total 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 8,821 7 957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4,225 3,777 636 2,301 10 749 10,384 Q 663 721 364 1957 30,571 9,601 572 7 6,958 557 12,884 ,957 6,118 3,839 411 2,516 1?,661 12,447 11 784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 ,653 6,332 3,320 571 1,334 11,37? 10,823 Q 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9 9,392 8 578 814 135 I960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 Q CH4 9 653 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 11,979 10 8?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 10,572 9,814 8,323 1,491 75 7 r? 1962 N S O A e c o u p t v g t . . .. 4 2 1 1 , , , 8 5 0 1 2 6 5 5 1 8 6 0 2,4 3 3 3 0 5 2 0 8 9 7 0 1 17 5 5 0 4 6 5 5 2 4 5 9 6 6 9 5 1 1 3 6 1 1 4 9 5 7 9 6 9 7 7 8 2 3 6 4 2 2 4 7 8 8 7 3 4 5 2 2 0 3 4 2 5 1 7 8 3 7 7 6 9 6 2 4 3 3 9 4 6 1 5 6 3 4 2 4 5 2 4 9 1 4 1 7 2 5 1 4 8 8 0 9 9 7 6 6 0 7 1 1 7 6 8 7 5 7 8 0 7 3 4 3 9 5 9 7 4 4 6 9 4 ? 2 7 4 1 0 2 1 1 1 0 0 3 2 9 8 8 9 1 1 7 3 2 5 3 9 6 9 Dec ... 2,149 295 547 111 1,197 1,07? 264 808 59 65 1,184 1,103 <m 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 1,273 499 774 17 74 1,349 1,144 1056 88 205 Apr 2,927 716 186 915 62 1,049 83? 380 452 26 191 1,034 930 81? 118 104 May 2,783 409 902 131 1,340 ,244 550 694 17 78 1,323 904 830 74 419 June 5,054 2,252 459 1,072 25 1,246 1,133 459 675 38 75 1,230 1,013 783 230 217 July . . 2,119 413 789 72 845 746 279 466 35 64 833 702 614 88 131 Aug 1,983 398 726 100 758 659 336 323 38 61 747 641 568 72 106 ]Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e 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- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1955 2,397 533 769 51 544 338 ?,254 174 ,045 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 ,?94 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 707 * 1,801 I960 1,997 79 794 30 672 39 ,754 51 ,036 1 2,401 71 1961 3,708 306 1,095 46 680 ?6 ,892 104 477 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 1,281 10 1,773 39 1962 Aug 218 4 47 7 71 110 142 120 2 183 3 Sept 166 21 56 1 54 148 14 67 2 on Oct 153 10 40 6 20 141 108 222 2 Nov 271 3 40 1 35 15 175 50 4 * 178 4 Dec 345 31 104 4 90 13 252 25 54 3 257 5 1963 Jan 135 5 49 2 99 114 65 125 91 1 Feb 220 6 52 1 30 115 30 68 110 Mar 592 31 85 5 143 97 61 43 3 183 105 Apr 148 5 64 12 34 342 86 71 271 1 May 216 29 60 2 101 60 222 58 92 262 212 9 June 227 10 114 3 109 12 230 179 8 276 5 July 304 34 77 37 106 82 86 5 93 4 265 2 54 7 38 100 22 2C 11 164 3 ° 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. * Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of notation. 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

1570 SECURITY ISSUES NOVEMBER 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Deriration of chance, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I C n O ve S s .1 t. Other I c n o v s e . s i 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—11 4,097 1,633 2,463 2,606 793 1,813 811 680 320 520 491 160 m 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 tation 3 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 1,738 1,028 475 443 994 1,866 I960 399 451 261 -91 173 -42 1,689 635 901 356 1,572 1,749 1961 1,938 318 505 -431 63 1 1,655 700 148 1,472 825 2,584 1962 1,479 -403 313 -173 -61 -34 1,301 487 1,178 363 819 1,972 1962—II 605 -189 147 -25 -18 -9 698 233 191 85 191 558 m 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 * 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 • 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. 1569. actions only. As contrasted with data shown on p. 1569, 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 Redemp- Net Cash Redemp- Net Cash Sales tions sales Total position 2 Other Sales tions sales Total position : Other 1952 783 196 587 3,931 1962—Sept.. 134 83 51 19,088 1,334 17,754 1953 672 239 433 4,146 Oct... 157 92 65 19,215 ,298 17,917 1954 863 400 463 6,110 309 5,801 Nov.. 163 89 74 21,088 ,324 19,764 Dec. 191 105 87 21,271 ,315 19,956 1955 1,207 443 765 7,838 438 7,400 1956 1,347 433 914 9,046 492 8,554 1963—Jan.. 235 116 118 22,447 ,336 21,111 1957 1,391 406 984 8,714 523 8,191 Feb.. 166 115 51 22,015 ,401 20,614 1958 1.620 511 ,109 13,242 634 12,608 Mar.. 200 117 84 22,639 ,350 21,289 1959 2; 280 786 ,494 15,818 860 14,958 Apr.. 203 133 70 23,487 ,256 22,231 May. 194 132 61 24,038 ,286 22,752 1960 2,097 842 ,255 17,026 973 16,053 June. 195 115 79 23,692 ,166 22,526 1961 2,951 1,160 ,791 22,789 980 21,809 July.. 219 124 95 23,550 ,310 22,240 1962 2,699 1,123 ,576 21,271 1,315 19,956 Aug.. 193 123 69 24,925 1,287 23,638 Sept.. 206 142 64 24,496 1,300 23,196 1 Market value at end of period less current liabilities. NOTE.—Investment Co. Institute data based on reports of members, 2 Cash and deposits, receivables, all U.S. Govt. securi ties, 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

NOVEMBER 1963 BUSINESS FINANCE 1571 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961 1962 1963 Industry 1958 1959 1960 1961 1962 3 IV III IV Manufacturing Total (180 corps.): Sales 105,134 118,423 126122,849135,579 32,875 33,291 34,602 31,995 35,690 34,549 37,527 Profits before taxes 10,466 1'4 ,0"9"0 463 13,200 15,401 4,140 3,908 4,096 3,187 4,210 3,960 4,720 Profits after taxes 5,714 7,440 121 7,135 8,184 2,258 2,033 2,096 1,700 2,355 2,078 2,442 Dividends 4,078 4,342 464 4,714 5,022 1,380 1,154 1,158 1,163 1,548 1,164 1,315 Nondurable goods industries (79 corps.): 2 Sales 41,541 45,442 ,277 49,237 52,077 12,706 12,793 12,984 12,981 13,320 13,207 13,828 Profits before taxes 4,402 5,648 570 5,589 6,001 1,522 1,461 1,501 1,453 1,586 1,512 1,637 Profits after taxes 2,574 3,210 210 3,219 3,416 894 816 815 827 959 867 914 Dividends 1,785 1,912 953 2,037 2,153 577 512 513 517 611 539 539 Durable goods industries (101 corps.): 3 Sales 63,593 72,981 849 73,612 83,502 20,169 20,499 21,619 19,014 22,371 21,342 23,699 Profits before taxes 6,065 8,442 893 7,611 9,400 2,618 2,447 2,595 1,734 2,624 2,448 3,083 Profits after taxes 3,140 4,231 911 3,916 4,768 1,364 1,217 1,282 873 1,397 1,211 1,528 Dividends 2,294 2,430 510 2,677 2,870 803 642 644 647 936 626 776 Selected industries: Foods and kindred products (25 corps.): Sales 10,707 11,303 11,901 12,607 13,124 3,202 3,231 3,267 3,328 3,298 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 2,332 2,405 2,238 2,474 Profits before taxes 843 845 648 625 728 276 133 186 172 237 116 252 Profits after taxes 602 578 445 382 571 199 66 105 125 275 82 189 Dividends 419 406 385 359 367 113 85 92 67 123 89 103 Electric power: Operating revenue 10,195 11,129 11,906 12,478 13,252 3,268 3,399 3,206 3,255 3,392 3,830 3,378 Profits before taxes 2,704 2,983 3,163 3,349 3,591 840 1,051 835 887 818 1,100 848 Profits after taxes 1,519 1,655 1,793 1,883 2,053 475 585 472 488 508 626 498 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 2,300 2,355 2,365 2,440 Profits before taxes 1,860 2,153 2,326 2,478 2,639 657 648 678 683 630 672 711 Profits after taxes 921 1,073 1,155 1,233 1,327 326 320 335 337 335 336 357 Dividends 674 743 806 867 935 225 231 232 235 237 225 255 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

1572 BUSINESS FINANCE NOVEMBER 1963 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - co c a n a t l i l s p o o u i w n t m a - l p- Quarter P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s - d co c a n a t l s l i p o o u i w n t m a - l pances 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 ni.... 46.2 21.9 24.3 16.5 7.8 31.0 I960 44.3 22.3 22.0 14.5 7.5 25.6 IV.... 48.4 22.9 25.5 17.1 8.4 31.3 1961 43.8 22.0 21.8 15.3 6.5 26.8 1963_I 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 II 51.0 24.2 26.8 17.6 9.2 32.1 l Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . .i Other G U o . v S t . .i Other taxes 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 I 138.4 308.6 36.9 20.4 3.4 137.0 97.8 13.1 170.2 1.8 111.4 13.5 43.5 II 140.4 313.3 37.2 19.6 3.3 141.0 98.7 13.5 172.9 1.8 113.4 13.6 44.1 Ill 141.3 320.5 37.5 19.0 3.4 146.4 100.5 13.7 179.2 1.9 117.7 14.6 45.0 IV 144.0 325.9 41.0 20.1 3.6 146.5 100.9 13.7 181.9 2.0 119.8 14.9 45.1 1963—1 144.9 327.7 36.9 20.7 3.5 148.7 102.7 15.2 182.8 2.3 120.2 14.1 46.2 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 an billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P t u il b it l i i e c s n C i o c m ati m on u s - Other 1 a ( r n S a n . t u e A ) a . l 1955 28.70 5.44 6.00 .96 .92 1.60 4.31 1.98 7.49 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 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 1386 1%2 I 8.02 1.44 1.69 .26 .16 .47 1.06 .88 2 06 35 70 11 9.50 1.77 1.92 .27 .26 .60 1.37 .93 2.37 36.95 HI 9.62 1.79 1.93 .28 .24 .50 .54 .87 2.48 38.35 IV 10.18 2.03 2.10 .27 .20 .50 L.52 .95 2.60 37.95 1963—1 8.25 1.62 1.65 .24 .21 .39 1.04 .85 2.26 36.95 II 9.74 1.96 1.95 .26 .28 .54 1.40 95 2 41 38 05 Ill 2 10.09 3.92 1.98 .27 .28 .46 1.59 3 58 39.95 IV 2 11.00 2.25 2.24 .27 .31 .51 t 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

NOVEMBER 1963 REAL ESTATE CREDIT 1573 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfanri Farm ho O ld th e e rs r 2 1- to 4-family houses com M m u er lt c i i f a a l m p i r l o y p a e n rt d ies 3 End of period h A o er l l * d l - t F u i t i n c i n i s o a a t n l i n - s - 1 a U ge .S n . - v I id n u d a i- ls h A o er l l s d l - Total F in in s a ti n - . O ho th ld e - r Total F in in s a ti n - . O ho th ld e - r h A e o r l l s d l - tu F i t n i c i n s i o a a t n i l n - s - 1 ho O l t d h e e r r s* cies and tutions1 ers tutions1 ers others 1941 37.6 20 7 4.7 12 2 31 2 18.4 11.2 7.2 12.9 8.1 48 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—H 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 HI 220.3 168.4 11.4 40.4 206.3 149.6 125.8 23.8 56.7 37.7 19.0 14.0 4.9 9.1 IV 225.8 172.6 11.8 41.3 211.6 153.0 128.7 24.3 58.6 38.9 19.7 14.2 5.0 9.2 1962—I* 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 II» 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 Ill" 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 IVP 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 1%3 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 IT" 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 III" 271 0 211 0 j 1 Commercial banks (including nondeposit trust cos. but not trust 4 Derived figures; includes debt held by Federal land banks and <lepts.), 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 * 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 1,367 21,169 19,010 4,669 7 790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 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 Ill 29,920 20,953 5,905 2,676 12,372 7,227 740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV 30,442 21,225 5,975 2,627 12,623 7,470 ,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 ,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,049 6,195 2 593 13,260 f8,219 ,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 1963 T 35,243 23,846 6.627 2,651 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 1 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 basi* 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

1574 REAL ESTATE CREDIT NOVEMBER 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 1 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—Sept 560 523 102 43 378 37 45,724 42,378 10,023 6,405 25,950 3,346 Oct . . . 707 662 131 48 483 45 46,020 42,654 10,078 6,394 26,182 3,366 Nov 732 688 135 52 501 44 46,352 42,972 10,147 6,391 26,434 3,380 Dec 1,010 949 142 55 752 61 46,957 43,557 10,215 6,401 26,941 3,400 1963—Jan 647 581 122 48 411 66 47,203 43,805 10,309 6,397 27,099 3,398 Feb 518 447 98 44 305 71 47,348 43,928 10,343 6,390 27,195 3,420 Mar 705 608 125 63 420 97 47,618 44,156 10,388 6,399 27,369 3,462 Apr 705 624 126 68 430 81 47,910 44,407 10,444 6,418 27,545 3,503 May 713 635 129 73 433 78 48,165 44,616 10,483 6,428 27,705 3,549 June. . .. 725 657 117 54 486 68 48,421 44,831 10,501 6,432 27,898 3,590 July 821 737 140 57 540 84 48,665 45,028 10,510 6,428 28,090 3,637 Aug .. . . 766 704 140 50 514 62 48,964 45,294 10,564 6,419 28,311 3,670 Sept 716 653 142 48 463 63 49,233 45,522 10,604 6,402 28,516 3,711 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total By type of lender (N.S.A.) Period Total 2 s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Period S.A. N.S.A. i a n l S s o g s a s a n v n s - & . p I c a n a o n s n m u c ie e r - - s b C m a c o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941. 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945. 5,650 2,017 250 1,097 217 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1956. 27,088 9.532 1,799 5,458 ,824 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957. 24,244 9,217 1,472 4,264 ,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958. 27,388 10,516 1,460 5,204 ,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959. 32,235 13,094 1,523 5,832 ,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1960. 29,341 12,158 1.318 4,520 ,557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961. 31,157 13,662 1,160 4,997 ,741 1962 20,754 5,979 8,524 78,973 4,480 7,022 67,471 1962. 34,187 15,144 1,212 5,851 ,957 1962 1962 Sept 1,731 495 746 76,371 4,414 7,086 64,871 Aug.. 2,933 3,333 1,501 123 563 201 N Oc o t v 1 1 , , 9 7 5 5 3 0 5 50 4 5 3 7 8 0 2 8 3 7 7 7 8 5 ,1 3 3 3 7 3 4 4, , 4 4 5 2 9 5 7 7 , , 0 0 8 6 1 9 6 66 5 , , 6 8 0 2 9 7 S O e c p t. t . .. 2 2, , 9 9 2 2 5 9 2 3 , , 8 2 6 0 1 8 1 1, , 4 2 0 8 3 5 1 11 0 6 4 4 5 7 5 6 4 1 19 8 1 3 Dec 1,755 534 643 78,973 4,480 7,022 67,471 Nov.. 2,939 2,883 1,270 105 490 178 Dec. 2,916 2,682 1,168 103 444 168 1963 1963 Jan 1,573 434 616 79,648 4,507 7,026 68,115 Feb 1,503 429 576 80,341 4,529 7,057 68,755 Jan.. 2,876 2,658 1,143 100 457 141 Mar 1,834 573 666 81,247 4,542 7,055 69,650 Feb.. 2,869 2,424 1,086 88 408 123 Apr 2,058 622 760 82,311 4,555 7,078 70,678 Mar.. 2,907 2,751 1,261 99 467 126 May 2,199 651 854 83,489 4,588 7,102 71,799 Apr.. 2,986 3,065 1,412 112 539 145 June 2,242 638 936 84,720 4,594 7,057 73,069 May. 3,066 3,233 1,497 116 563 168 July 2,341 619 1,003 85,836 4,628 7,094 74,114 June. 3,121 3,177 1,468 119 551 181 Aug 2,428 623 1,071 87,043 4,642 7,095 75,306 July. 3,183 3,515 1,606 127 595 218 Sept.? 2,179 628 918 88,171 4,647 7,070 76,454 Aug.. 3,525 1,611 123 612 212 1 Includes loans for repairs, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 REAL ESTATE CREDIT 1575 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Mortgages Prop- Mortgages E pe n r d io o d f Total C ve o n n - - Proj- FHA- VA- tional Total h N om ew es h is o E t m i x n - e g s ects * m p e r n ov t e s - 2 Total 3 h N om ew es h is o E t m i x n - e g s Total su in re - d a g n u t a e r e - d 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961 153.0 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 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—11 146.3 57.8 28.0 29.8 88.6 1962—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—1* 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 Apr.. 540 120 273 86 62 245 114 130 1963—1* 171.6 62.8 33.0 29.8 108 » May. 562 123 292 72 75 260 108 151 II* 176.2 63.5 33.5 30.0 112.7 June. 590 118 301 86 85 188 82 106 July, 640 142 369 72 56 232 93 138 ^ug. 653 136 372 60 86 268 102 166 NOTE.—For total debt outstanding, figures are Sept. 617 138 367 46 66 256 101 154 FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank 1 Monthly figures do not reflect mortgage amendments included in annual totals. Board, Federal Housing Admin, and Veterans Admin. 2 Not ordinarily secured by mortgages. * Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a en n d ce o s f o p u e ts r t i a o n d d ) ing (during mit- Ad- Repay- Members Endof period) ments Period vances ments deposits period Total F su H in r - A ed - a g V n u t A a e r e - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total t S e h r o m r t J - t L e o rm ng - 2 1945 278 213 195 176 19 46 1956. 3,047 978 2,069 609 s 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 3V7 576 1960 1,943 2,097 1,981 ,089 892 938 1961. 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 ,447 1,216 ,180 1962. 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 ,005 1,474 ,213 1962 s«nt 5,951 3,552 2,399 32 12 429 1962—Oct.. 383 338 3,091 ,876 ,215 ,016 Oct 5,944 3,555 2,389 39 11 431 Nov. 252 275 3,068 ,821 ,246 ,028 Nov 5,949 3,575 2,374 57 19 366 Dec 611 200 3,479 ,005 ,474 ,213 Dec 5,923 3,571 2,353 26 18 355 1963—Jan.. 249 926 2,802 ,669 ,134 ,155 1963-_jan 5,853 3,552 2,300 34 66 336 Feb.. 178 370 2,611 ,534 ,077 ,213 Feb 5,697 3,469 2,227 17 1?9 323 Mar. 250 348 2,514 ,399 ,115 ,282 Mar 5,501 3,375 2,126 28 191 289 Apr. 451 329 2,635 ,516 ,119 ,250 Apr 5,227 3,269 1,958 28 ?68 281 May, 382 277 2,740 ,585 ,155 ,236 May 4,993 3,164 1,828 26 ?n 272 June, 696 166 3,270 ,876 ,393 ,325 June ........ 4,883 3,114 1,769 32 102 251 July. 709 432 3,548 2,139 ,409 ,069 July 4,795 3,069 1,727 19 74 183 Aug. 466 456 3,758 '2,296 ,462 ,011 Auff 4,752 3,050 1,703 23 ?Q 185 Sept. 517 251 4,024 2,493 ,531 ,014 Sept 4,720 3,034 1,686 21 10 183 Oct.. 610 408 4,226 2,588 1,638 986 NOTE.—Federal National Mortgage Assn. data excluding conventional * Secured or unsecured loans maturing in 1 year or less. mortgage loans acquired by FNMA from the RFC Mortgage Co., the 2 Secured loans, amortized quarterly, having maturities of more than Defense Homes Corp., the Public Housing Admin, and Community 1 year but not more than 10 years. Facilities Admin. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1576 CONSUMER CREDIT NOVEMBER 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g O p n o a s t o p h u d e e m r s r er e a r n l R n o d i e a z p m n a a s t o i i * r o d n - Pe lo rs a o n n s al Total p S a l i o y n m a g n l e s e n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2 593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3 691 1962' 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1962—Sept r 60 030 46,145 18,972 11,691 3,239 12 243 13,885 5,403 4 642 3 840 Oct.r 60,441 46,526 19,193 11,777 3,250 12,306 13,915 5,355 4,768 3,792 Nov r 61,203 47,052 19,416 11,960 3,259 12,417 14,151 5,420 4,884 3,847 Dec r 63 164 48 034 19,540 12,605 3,246 12 643 15,130 5 456 5 684 3 990 1963—Jan r. . . . 62 462 47 920 19,582 12,453 3,211 12,674 14,542 5 430 5 071 4 041 Feb.r 61,989 47,852 19,678 12,250 3,185 12,739 14,137 5,479 4,511 4,147 Mar r 62,149 48,075 19,930 12,149 3,177 12,819 14,074 5,539 4,374 4.161 Apr r. 63 167 48 806 20,376 12,197 3,200 13 033 14,361 5 562 4 581 4218 May1* 64,135 49,484 20,794 12,272 3,245 13,173 14,651 5,674 4,793 4,184 Juner 64,987 50,307 21,236 12,422 3,281 13,368 14,680 5,709 4,783 4,188 July7" 65,491 50,894 21,593 12,459 3,316 13,526 14,597 5,683 4,760 4,154 Aug. r 66,308 51,526 21,819 12,607 3,357 13,743 14,782 5,789 4,839 4,154 Sept 66,538 51,718 21,725 12,702 3,377 13,914 14,820 5,844 4,833 4,143 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 Apr. 1953 BULL. Back data are available upon request. household, family, and other personal expenditures, except real estate INSTALMENT CREDIT (In millions of dollars) Financial institution5 Retail outlets End of period Total Total m b C e a o r n m c k ia - s l fi S n c a o a l s n e . s ce u C n r i e o d n i s t fin s C u a o m n n c e - e r 1 Other 1 Total D st m e o p r e a e n s r t t 2 - F s t t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r o il s - e 3 Other 1939 4 503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1,129 4,743 1,408 1.187 377 502 1 2(& 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 ,210 361 478 ,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 ,128 292 506 1,175 1959 . . 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 ,225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 ,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 ,058 293 342 1,481 1962r . 48 034 41,782 19,005 12.194 4,902 4,131 1 550 6,252 3,013 073 294 345 527 1962—Sept. r 46,145 40,561 18,491 11,787 4,762 3,969 ,552 5,583 2,675 998 284 333 ,293 Oct r 46,526 40,864 18,680 11,860 4,814 3,974 ,536 5,662 2,737 ,002 285 338 ,300 Nov.'- 47,052 41,256 18,847 11,986 4,861 4,009 ,553 5,796 2,835 ,019 287 319 ,336 Dec r 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 ,073 294 345 ,527 1963—Jan.r 47,920 42,335 19,129 12,668 4,864 4,134 ,540 5,585 2,478 ,049 290 308 ,460 Feb r 47,852 42,371 19,256 12,556 4,876 4,138 1,545 5,481 2,480 .027 284 288 ,402 Mar/ 48,075 42,531 19,450 12,460 4,928 4,139 1,554 5,544 2,566 1,002 278 315 ,383 Apr.r 48.806 43,149 19,882 12.506 5,034 4,174 1,553 5,657 2,686 992 273 324 ,382 May r 49,484 43,723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 ,377 June r 50.307 44,373 20,602 12,693 5,251 4,241 1,586 5,934 2,925 997 274 331 ,407 July'" 50,894 44.878 20,874 12,807 5,330 4.276 ,591 6,016 2,999 994 274 343 ,406 Aug r 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 1,004 276 341 423 Sept 51,718 45,687 21,145 13,073 5,458 4,381 1,630 6,031 3,025 1,009 279 321 1,397 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. Sec also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 CONSUMER CREDIT 1577 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 Percon- 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 I960 11,472 7,528 2,739 139 1.066 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17.008 5,391 2,860 2,761 2,198 3,798 1962 12 194 7,449 3,123 170 1,452 1962r 19,005 6,184 3,451 2,824 2,261 4,285 1962—Sept . 11,787 7,296 2,957 172 ,362 1962—Sept. 18,491 6.012 3,287 2,738 2,247 4,208 Oct 11,860 7,350 2,952 172 1,386 Oct.' 18,680 6; 095 3,343 2,755 2,262 4,225 Nov . 11,986 7,440 2,967 171 ,408 Nov. 18.847 6,164 3,405 2,773 2,270 4,235 Dec . . 12,194 7,449 3,123 170 ,452 Dec. 19;005 6,184 3,451 2,824 2,261 4,285 1963 Jan 12,668 7,471 3,567 167 ,463 1963—Jan. * 19,129 6,216 3,492 2,861 2,239 4,321 Feb . . 12 556 1,411 3,446 165 ,468 Feb. 19,256 6,281 3,530 2.865 2,220 4,360 M^ar 12,460 7,514 3,307 164 ,475 Mar. 19,450 6,386 3,592 2; 866 2,209 4,397 Apr . 12 506 7 639 3 214 162 ,491 Apr. 19,882 6,549 3,699 2,895 2,229 4,510 May 12,583 7,778 3,136 162 ,507 May 20,229 6,695 3,794 2,930 2,258 4,552 June 12,693 7,934 3,069 162 June 20,602 6,849 3,869 2,973 2,286 4,625 July. 12,807 8,069 3,011 162 ,565 July' 20,874 6,976 3,922 2,986 2,312 4,678 Aug 12,906 8,153 2,986 161 ,606 Aug. 21,101 7,073 3,936 3,012 2,336 4,744 Sept 13,073 8,099 3,157 161 .656 Sept. 21,145 7,072 3,903 3,033 2,352 4,785 See NOTE to first table on previous page. Sec 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 Credit mer- cial part- retail 1939 789 81 24 15 669 cial insti- ment outlets caras 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 1 1 9 9 6 6 1 2r 1 9 0 , , 6 5 5 8 4 3 2 1 , , 1 81 1 9 1 7 7 4 5 3 1 8 81 3 5 2 6 6 ,9 2 0 5 6 7 1 1 9 9 5 5 8 9 1 1 1 2 , , 4 2 8 9 7 7 3 3, , 1 5 5 8 6 2 4 5 7 4 1 7 9 95 0 8 7 3 3 , , 8 7 0 5 8 3 3 3 9 4 3 5 2 3, , 0 8 6 0 4 0 1962—Sept.r 10,283 2,044 746 820 6,673 1960 13,196 3,884 623 941 3,952 436 3,360 Oct.r 10,324 2,067 746 816 6 695 1961 14,151 4,413 723 948 3,907 469 3,691 Nov r 10,423 2,088 743 818 6.774 1962r 15,130 4,690 766 927 4,252 505 3,990 Dec.r 10,583 2,111 751 815 6; 906 1962—Sept.r. 13,885 4,660 743 614 3,500 528 3,840 1963 Jan r 10,538 2,095 748 805 6,890 Oct.'". 13,915 4,653 702 638 3,619 511 3,792 Feb.r 10,559 2,102 746 800 6,911 Nov.r. 14,151 4,669 751 688 3,696 500 3,847 Mar r. 10,621 2,123 747 804 6,947 DeC\ 15,130 4,690 766 927 4,252 505 3,990 Apr.r 10,761 2,165 755 809 7,032 M!ay r 10,911 2,208 764 825 7,114 1963—Jan.'".. 14,542 4,685 745 775 3,802 494 3,041 Mune r 11,078 2,253 111 833 7,215 Feb.'". 14,137 4,713 766 646 3,376 489 4,147 Julyr 11,197 2,283 789 842 7,283 Mar.r. 14,074 4,727 812 587 3,308 479 4,161 Aug.r 11,368 2,316 799 860 7,393 Apr.r. 14,361 4,793 769 603 3,505 473 4,218 Sept 11,469 2,330 802 864 7,473 Mayr. 14,651 4,836 838 610 3,699 484 4,184 Juner. 14,680 4,893 816 599 3,689 495 4,188 July.. 14,597 4,874 809 555 3,682 523 4,154 NOTE.—Institutions represented are consumer finance cos., credit Aug.r. 14,782 4,879 910 579 3,713 547 4,154 unions, industrial loan cos., mutual savings banks, savings and loan Sept... 14,820 4,927 917 620 3,667 546 4,143 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

1578 CONSUMER CREDIT NOVEMBER 1963 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d 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.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962' 55,126 19,796 15,685 2,051 17,594 1962—Sept.r 4,543 4,107 1,566 1,328 1,306 1,250 165 169 ,506 ,359 Oct.' 4,639 4,871 1,700 1,848 1,280 1,370 169 188 ,490 ,465 Nov.' 4,855 4,915 1,776 1,737 1,364 1,454 167 170 ,548 ,553 Dec' 4,826 5,351 1,739 1,579 1,415 1,884 164 145 ,508 ,743 1963—Jan.'" 4,899 4,385 1,807 1,624 1,360 1,188 172 132 ,560 ,441 Feb.' 4,957 4,083 1,809 1,537 1,395 1,039 169 126 ,584 ,381 Mar.' 4,973 4,702 1,811 1,787 1,406 1,238 180 160 ,576 ,517 Apr.' 5,008 5,332 1,870 2,072 1,359 1,355 187 195 ,592 ,710 May' 4,985 5,294 1,847 2,067 1,357 1,386 188 218 ,593 ,623 June' 5,054 5,222 1,820 1,967 1,408 1,410 186 199 ,640 ,646 July' 5,100 5,365 1,854 2,055 1,409 1,393 191 214 ,646 ,703 Aug.' 5,100 5,242 1,802 1,839 1,441 1,456 185 213 ,672 ,734 Sept 5,093 4,755 1,730 1,524 1,425 1,384 181 193 ,757 ,654 Repayments 1956 37,054 14,555 10,756 1,370 10,373 1957 39,868 15,545 11,569 1,477 11,276 1958 40,344 15,415 11,563 1,626 11,741 1959 42,603 15,579 12,402 1,765 12,857 1960 45,972 16,384 13,574 1,883 14,130 1961 47,700 16,472 14,246 2,015 14,967 1962' 50,620 17,478 14,939 1,996 16,206 1962—Sept.' 4,293 3,983 ,467 1,374 1,276 ,196 164 157 1,386 ,256 Oct.' 4,271 4,489 ,494 1,627 1,238 ,284 163 177 1,376 ,401 Nov.' 4,372 4,389 ,523 1,514 1,268 ,271 165 162 ,416 ,442 Dec' 4,341 4,368 ,509 1,454 1,262 ,239 166 158 ,404 ,517 1963—Jan.' 4,414 4,499 ,564 1,582 1,277 ,340 167 167 ,406 ,410 Feb.' 4,462 4,151 ,566 1,441 1,289 ,242 165 152 ,442 ,316 Mar.' 4,496 4,479 ,546 1,535 1,324 ,339 170 168 ,456 ,437 Apr.' 4,487 4,601 ,585 1,626 1,276 ,307 170 172 ,456 1,496 May' 4,544 4,616 ,611 1,649 1,294 ,311 170 173 ,469 1,483 June' 4,568 4,399 ,588 1,525 1,317 ,260 167 163 ,496 1,451 July' 4,591 4,778 ,603 1,698 1,330 ,356 171 179 ,487 1,545 Aug.' 4,619 4,610 ,607 1,613 1,326 ,308 170 172 ,516 1,517 Sept 4,752 4,563 ,659 1,618 1,347 1,289 174 173 ,572 1,483 Net change in credit outstanding 2 1956.. 2,814 960 965 212 678 1957. 2,148 920 238 197 793 1958.. -225 -1,189 184 245 534 1959.. 5,601 2,268 1,602 463 1,269 1960. 3,588 1,270 896 330 1,093 1961. 696 -465 332 53 777 1962' 4,506 2,318 746 55 1,388 1962—Sept.'. 250 124 99 -46 30 54 1 12 120 103 Oct.'. . 368 382 206 221 42 86 6 11 114 64 Nov.r. 483 526 253 223 96 183 2 8 132 111 Dec.'. 485 983 230 125 153 645 -2 -13 104 226 1963—Jan.'".. 485 -114 243 42 83 -152 5 -35 154 31 Feb.'. 495 -68 243 96 106 -203 4 -26 142 65 Mar.'. 477 223 265 252 82 -101 10 -8 120 80 Apr.'. 521 731 285 446 83 48 17 23 136 214 May. 441 678 236 418 63 75 18 45 124 140 June '. 486 823 232 442 91 150 19 36 144 195 July.. 509 587 251 357 79 37 20 35 159 158 Aug.'. 481 632 195 226 115 148 15 41 156 217 Sept.. . 341 192 71 -94 78 95 7 20 185 171 1 Includes adjustment for differences 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

NOVEMBER 1963 CONSUMER CREDIT 1579 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 t it f u in ti a o n n c s ial Retail outlet* Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.I N.S.A. S.A.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 1962r 55,126 20 474 12 124 13 525 9,003 1962—Sept.r 4,543 4,107 1,680 1,504 966 863 1,139 1,010 758 730 Oct r 4,639 4,871 1,741 1,828 1,017 1,108 1,134 1,120 747 815 Nov r 4,855 4,915 1,802 1,721 1,071 1,070 1,184 1,219 798 905 Dec.' 4,826 5,351 1,803 1,704 1,149 1,189 1,133 1,316 741 1,142 1963 Jan r 4,899 4,385 1 JU3 1,754 1,074 978 1,180 1,044 802 609 Feb r 4,957 4,083 1,879 1,614 1,035 845 1,185 1,019 858 605 Mar r 4,973 4,702 1,902 1,022 957 1,191 1,151 858 754 Apr r 5,008 5,332 I 916 2 133 1 032 1 094 1 223 1 283 837 822 May r 4,985 5,294 1,887 2,074 1,042 1,107 1,224 1,276 832 837 June r, . 5,054 5,222 1,919 2,010 1,016 1,076 1,245 1,268 874 868 July 5,100 5,365 1,898 2,066 1,054 1,159 1,254 1,307 894 833 Aug r 5,100 5,242 ,878 1,920 1,051 1,094 1,274 1,328 897 900 Sept 5,093 4,755 1,878 1,744 1,021 955 1,322 1,218 872 838 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' 50,620 18,468 11,434 12,593 8,125 1962—Sept r 4,293 3,983 1,571 1.472 942 872 1.065 963 715 676 Oct r 4,271 4,489 1,542 [,639 950 1,035 1,067 1,079 712 736 Nov r 4,372 4,389 1,582 1,554 948 944 1,097 1,120 745 771 Dec.r 4,341 4,368 1,610 1,545 978 981 1,064 1,156 689 686 1963 Jan r 4,414 4,499 1,592 1,630 986 966 [,086 1,089 750 814 Feb r 4,462 4,151 1,594 1,487 1,035 957 ,096 998 737 709 Mar.r 4,496 4,479 1,664 1,646 1,026 1,053 1,104 1,089 702 691 Apr r 4,487 4,601 1,646 1,701 1,014 1,048 1,112 1,143 715 709 M[ay r 4,544 4,616 1,681 1,727 1,017 1,030 ,114 1,126 732 733 Juner 4,568 4,399 1,699 ,637 ,012 966 ,129 1,101 728 695 Julyr 4,591 4,778 1,690 ,794 ,007 1,045 1,144 1,188 750 751 Aug r 4,619 4,610 1,692 693 000 995 158 I 157 769 765 Sept.... 4,752 4,563 1,737 ,700 1,034 997 ,190 1,117 791 749 Net change in credit outstanding * 1956 2,814 1,176 670 733 235 1957 2,148 1 066 491 665 -75 1958 —225 — 63 —765 289 315 1959 5,601 2 447 1 475 986 693 1960 3,588 1,446 1,152 1,051 -61 1961 696 335 — 199 578 -20 1962r 4,506 1,997 921 932 656 1962 Sept r 250 124 109 32 24 -9 74 47 43 54 Oct.r 368 382 199 189 67 73 67 41 35 79 Nov r . .. 483 526 220 167 123 126 87 99 53 134 Dec r 485 983 193 159 171 208 69 160 52 456 1963_Jan r 485 -114 251 124 550 474 94 -45 -410 -667 Feb.r 495 -68 285 127 0 -112 89 21 121 -104 Mar r 477 223 238 194 -4 -96 87 62 156 63 Apr r 521 731 270 432 18 46 111 140 122 113 Mayr 441 678 206 347 25 77 110 150 100 104 Juner . 486 823 220 373 4 110 116 167 146 173 July*1 509 587 208 272 47 114 110 119 144 82 Aug.r 481 632 186 227 51 99 116 171 128 135 Sept 341 192 141 44 196 167 132 101 -128 -120 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay- particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not reflect the intro- Such transfers do not affect total instalment credit extended, repaid, or duction of outstanding balances for Alaska and Hawaii, and (2) in certain outstanding. months when data for extensions and repayments have been adjusted to See also NOTE to previous table. eli minate duplication resulting from large transfers of paper. In those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1580 INDUSTRIAL PRODUCTION: SUL NOVEMBER 1963 MARKET GROUPINGS (1957-59=100) 1957-59 1962 1962 1963 Grouping pro- averp ti o o r n - age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug.r Sept. Total index 100.00 118.3 119.8 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.8 125.9 Final products, total 47.35 119.7 121.7 121.4 121.3 121.7 122.3 122.6 122.4 122.1 123.5 125.2 125.9 126.5 126.8 Consumer goods 32.31 119.7 121.4 120.6 120 5 121.2 121 8 122.9 123.1 122.5 124.1 125.9 126.4 126.8 127.0 Equipment, including defense.... 15.04 119.6 123.0 123.3 123.1 122.4 122.0 121.5 120.7 120.4 122.1 123.8 124.8 125.8 126.6 Materials 52.65 117.0 118.2 117.2 117.8 116.9 116.8 118.0 120.2 122.9 125.7 126.6 126.7 125.2 125.2 Consumer goods Automotive products 3.21 131.1 135.3 135.6 135.2 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1 134.8 137.9 1.82 135.9 141.2 142.1 141.1 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1 139.6 144.2 Auto parts and allied products 1.39 124.9 127.4 127.1 127.5 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 128.5 129.5 Home goods and apparel. . . . 10.00 118.1 118.8 118.9 119.2 119.9 120.2 120.8 121.3 120.6 122.3 123.6 123.9 125.4 125.3 4.59 122.2 122.0 122.1 122.9 123.9 125.8 125.9 127.3 126.9 130.3 131.0 130.1 132.8 132.4 Appliances, TV, and radios 1.81 118.2 117.0 117.6 119.0 120.0 117.3 119.8 123.2 123.6 128.0 129.1 126.0 132.1 129.9 Appliances 1.33 121.4 122.6 123.9 126.0 127.2 121.9 123.7 126.7 125.6 131.9 133.7 130.6 138.1 136.3 TV and home radios .47 109.2 101.3 99.8 99.5 99.6 104.4 108.8 113.4 118.1 117.1 116.0 112.9 115.4 112.0 Furniture and rugs 1.26 123.9 125.5 125.8 125.8 125.4 130.0 126.0 127.4 127.0 130.7 132.8 133.8 133.6 131.9 Miscellaneous home goods 1.52 125.7 124.9 124.4 125.0 127.5 132.3 132.9 131.9 130.7 132.6 131.7 131.9 133.0 135.7 Apparel, knit goods, and shoes 5.41 114.5 116.1 116.1 116.1 116.4 115.7 116.6 116.2 115.3 115.5 117.4 118.7 119.2 119.3 Consumer staples 19.10 118.7 120.5 119.1 119.5 119.8 120.2 121.4 121.8 121.0 122.9 123.8 125.2 126.1 126.0 Processed foods • 8.43 113.7 115.6 114.0 114.3 114.4 113.8 114.5 115.2 114.9 115.9 116.1 116.3 117.8 117.8 Beverages and tobacco 2.43 111.7 112.0 110.0 112.6 112.5 115.1 114.3 114.0 112.7 116.2 115.2 117.1 117.4 Drugs soap and toiletries 2.97 129.9 132.7 132.4 131.6 132.9 134.2 135.2 137.7 137.1 138.7 139.7 143.8 144.0 * i 44!i Newspapers, magazines, and books.. 1.47 116.7 117.0 116.4 116.4 115.8 113.9 115.0 115.3 118.3 119.3 119.3 119.1 120.2 119.3 Consumer fuel and lighting 3.67 126.1 128.5 126.8 126.9 127.9 129.7 133.4 131.4 128.7 132.0 136.1 138.2 138.4 Fuel oil and gasoline 1.20 111.9 114.0 112.8 112.0 113.7 113.2 117.9 117.3 115.0 115.6 119.2 115.5 115.6 120.7 Residential utilities 2.46 133.0 135.6 133.7 134.2 134.9 137.7 140.9 138.2 135.4 140.0 144.3 149.2 149.6 Electricity 1.72 136.3 139.3 137.6 139.9 139.5 142.0 144.9 141.9 137.3 143.5 149.2 155.4 155.9 Gas 74 125 6 Equipment Business equipment 11.63 122.1 126.2 126.1 125.9 125.1 125.0 125.0 124.9 124.3 125.9 127.8 129.0 130.1 130.8 Industrial equipment 6.85 117.2 118.9 120.4 120.5 119.9 118.8 119.3 119.2 119.2 120.9 122.8 123.6 124.9 125.4 Commercial equipment 2.42 143.1 144.9 143.8 144.4 144.2 145.3 144.5 143.8 143.3 143.4 142.2 142.4 141.5 141.9 Freight and passenger equipment... 1.76 117.2 125.2 125.6 124.5 125.4 126.2 126.9 126.3 126.0 124.8 128.1 135.3 134.6 139.3 Farm equipment .61 107.7 116.7 117.3 118.4 119.1 118.8 123.2 119.7 115.2 112.2 122.0 116.6 118.8 122.5 Defense equipment 3.41 Materials Durable goods materials 26.73 114.1 114.9 114.0 114.1 113.2 113.3 114.4 118.0 121.2 124.5 125.8 125.2 121.9 122.0 Consumer durable 3.43 127.5 129.7 129.4 129.3 129.7 129.3 130.9 134.0 135.4 139.4 145.9 142.7 136.6 137.5 Equipment 7.84 118.9 121.3 121.0 120.4 120.3 121.4 121.2 122.2 123.1 125.1 128.0 126.4 126.3 128.7 Construction .. 9.17 110.4 113.3 111.3 111.3 108.6 108.6 109.2 112.4 115.1 116.7 118.0 119.4 119.2 118.6 Metal materials n.e.c 6.29 106.1 98.5 100.1 102.3 103.5 106.0 109.5 115.0 120.6 126.8 123.6 116.7 108.8 107.6 Nondurable materials 25.92 120.0 121.6 120.6 122 A 121.1 120.5 121.8 122.6 124.7 126.9 127.3 128.3 128.6 128.5 Business supplies 9.11 116.5 118.4 116.5 118.5 117.4 116.0 116.7 117.8 119.0 121.6 121.6 119.8 122.0 121.9 Containers 3 03 117 1 118.7 116 0 120 6 118 0 118.5 119.3 121.5 116.1 120.3 121.1 119.9 119.7 119 2 General business supplies 6.07 116.3 118.2 116.7 117.5 117.1 114.7 115.4 115.9 120.4 122.2 121.8 119.8 123.2 123.3 Nondurable materials nee. 7.40 134.7 136.9 135.4 137.8 137.1 137.3 138.0 140.2 143.2 145.0 145.3 147.6 147.0 147.9 Business fuel and power 9 41 111.7 112.7 112.8 113.9 112 0 111.7 113.9 113.3 115.6 117.9 118.8 121.2 120.4 119.6 Mineral fuels .. . 6.07 104.9 106.7 106.3 107.2 104.2 102.9 105.6 105.1 108.0 110.5 111.5 114.0 113.7 112.8 Nonresidential utilities 2.86 129.9 130.0 131.5 132.6 132.9 134.3 135.9 134.7 135.9 138.3 138.7 141.9 140.4 Electricity 2.32 130.7 130.4 132.3 133.4 133.6 135.0 136.9 135.3 136.5 139.0 139.2 143.0 141.0 General industrial 1.03 122.8 122.7 124.3 123.5 123.2 124.9 125.8 124.2 130.3 132.6 132.2 136.5 132.5 Commercial and other . . 1.21 139.9 139.5 141.7 144.5 145.1 146.5 149.2 147.5 144.6 147.6 148.3 151.8 151.4 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods 7.80 125.9 127.4 127.7 128.0 129.3 130.0 130.7 131.0 131.3 133.1 136.9 134.6 133.6 134.6 Apparel and staples 24.51 117.7 119.5 118.4 118.7 119.1 119.2 120.4 120.5 119.8 121.3 122.4 123.8 124.6 124.5 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 INDUSTRIAL PRODUCTION: S.A. 1581 INDUSTRY GROUPINGS (1957-39 - 100) 19 p 5 r 7 o - - 59 1962 1962 1963 Grouping por- avertion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug.r Sept. Total index. 100.00 118.3 119.8 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.8 125.9 Manufacturing, total., 86.45 775.7 120.4 779.7 779.9 779.7 779.5 720.6 727.9 723.7 725.2 126.4 726.5 726.7 726.3 Durable 48.07 117.9 119.2 118.8 119.2 118.9 119.0 120.0 121.5 122.8 125.6 127.4 127.0 125.2 125.4 Nondurable 38.38 119.8 121.8 121.0 120.9 120.8 120.7 121.4 122.5 123.4 124.8 125.2 126.4 127.2 127.5 Mining 8.23 105.0 105.7 105.2 105.7 103.2 103.0 104.7 105.4 107.4 108.5 109.4 111.3 111.2 110.7 Utilities 5.32 131.3 132.6 132.5 133.4 133.8 135.9 138.2 136.4 135.7 139. 141.3 145.3 144.6 144.0 Durable manufactures Primary and fabricated metals 12.32 770.0 108.3 707.7 705.2 707.3 707.5 777.0 775.7 720.7 725.6 725.5 724.0 7/6. 775.6 Primary metals 6.95 104.6 99.6 98.9 100.7 99.7 99.6 105.2 111.9 120.1 127.4 125.8 122.8 109.4 107.9 Iron and steel 5.45 100.6 92.8 91.0 95.3 95.8 96.0 102.2 111.5 121.8 129.3 126.1 117.1 102.6 100.5 Nonferrous metals and products. 1.50 119.1 118.4 120.1 121.2 120.6 121.7 121.0 123.7 121.0 124.2 125.5 123.5 126.3 128.5 Fabricated metal products 5.37 117.1 119.6 117.8 117.9 117.2 118.4 118.5 119.3 120.2 123.3 125.1 125.6 126.4 125.6 Structural metal parts 2.86 113.2 115.1 114.2 112.8 112.5 113.5 113.9 115.4 116.8 120.9 123.0 124.2 124.5 123.3 Machinery and related products 27.98 722.7 724.6 124.9 124.8 724.7 124.7 725.3 725.0 725.3 727.3 730.3 730.0 729.5 730.7 Machinery 14.80 123.5 125.7 126.1 125.9 125.5 125.2 126.4 126.2 125.9 128.4 129.4 129.6 130.8 131.0 Nonelectrical machinery 8.43 119.7 122.7 123.2 123.0 121.5 122.2 123.1 122.7 121.7 124.5 126.0 127.0 128.0 129.3 Electrical machinery 6.37 128.5 129.7 129.8 129.7 130.8 129.5 130.8 130.8 131.4 133.5 133.9 133.0 134.5 133.3 Transportation equipment 10.19 118.3 121.5 121.8 121.5 121.7 122.4 122.3 122. 123.7 124.5 130.4 129.3 126.8 128.8 Motor vehicles and parts 4.68 134.1 137.8 138.1 137.3 137.7 137.9 139.1 140.2 141.8 143.1 153.8 150.9 143.7 147.0 Aircraft and other equipment... 5.26 103.9 106.7 107.2 107.2 107.0 107.9 106.8 105.6 107.2 107.5 109.4 109.6 111.1 112.0 Instruments and related products.. 1.71 123.0 124.3 124.2 125.0 125.4 125.7 127.0 127.2 126.6 130.2 131.6 132.6 132.1 132.8 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 709.3 770.5 705.5 770.4 777.5 7/0.9 709.5 775.0 772.7 773.3 773.9 774.0 775.3 775.2 Clay, glass, and stone products. 2.99 111.1 112.3 112.4 112.9 113.1 113.9 110.7 114.6 115.5 115.9 117.9 119.7 118.1 118.7 Lumber and products 1.73 106.1 108.3 101.9 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.1 110.4 109.2 Furniture and miscellaneous.. 3.05 724.5 726.5 725.3 725.5 724.6 725.0 723.6 724.5 725.5 729.3 729.3 732.0 732.7 732.3 Furniture and fixtures 1.54 126.8 129.2 128.2 129.3 128.6 129.2 126.6 128.3 129.3 132.8 133.2 135.8 135.8 137.1 Miscellaneous manufactures. 1.51 122.2 124.4 122.3 121.7 120.5 120.7 120.6 121.3 122.3 125.7 125.4 128.1 128.4 127.4 Nondurable manufactures Textiles, apparel', and leather. 7.60 775.7 776.5 775.5 775.5 775.2 775.2 775.6 775.9 776.2 776.5 775.0 775.9 720.2 727.0 Textile mill products 2.90 115.2 116.1 114.6 112.7 112.7 113.4 112.6 114.3 115.9 116.3 116.7 117.6 119.1 120.0 Apparel products 3.59 118.9 120.5 121.4 122.3 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.2 126.9 126.4 Leather and products 1.11 102.3 106.6 100.8 100.7 99.4 96.4 98.7 98.8 95.4 97.5 99.2 98.9 101.3 Paper and printing 5.77 776.7 775.2 777.2 776.9 775.4 774.5 775.5 775.7 779.2 720.5 727.6 722.3 722.4 722.6 Paper and products 3.43 119.7 120.9 120.8 119.8 119.6 120.3 123.3 123.9 122.8 123.4 125.8 127.8 127.8 127.9 Printing and publishing. 4.74 114.6 116.2 114.6 114.8 112.3 110.2 110.5 109.7 116.5 118.4 118.6 118.4 118.5 118.8 Newspapers 1.53 108.5 111.3 108.2 109.7 100.5 94.0 93.9 90.8 109.7 111.4 112.5 111.6 112.8 113.7 Chemicals, petroleum, and rubber.. 77.54 737.2 734.5 734.7 733.6 734.2 734.2 735.3 735.2 739.7 747.3 747.3 743.3 744.7 745.0 Chemicals and products 7.58 136.1 139.8 139.2 138.7 138.7 140.0 141.4 143.6 146.1 147.8 148.5 151.3 151 152.1 Industrial chemicals 3.84 147.5 152.0 151.9 151.2 150.6 152.6 153.1 155.2 160.7 161.9 162.2 165.2 165 Petroleum products 1.97 112.9 115.8 113.6 113.0 114.2 114.3 114.3 115.5 115.8 116.9 118.2 119.5 117.6 i 18 * i Rubber and plastics products 1.99 130.6 134.5 135.1 134.5 136.8 131.4 132.8 140.3 138.8 140.7 137.0 136.5 144.7 Foods, beverages, and tobacco.... 77.07 773.4 774.3 773.6 774.2 774.5 775.0 775.0 775.6 774.7 776.4 776.7 776.9 777.3 116.8 Foods and beverages 10.25 113.5 114.2 114.0 114.2 114.8 115.2 115.0 115.7 114.8 116.2 116.3 116.8 117.4 116.8 Food manufactures 8.64 113.8 115.0 114.6 114.7 115.1 115.0 115.2 116.0 115.2 116.4 116.4 116.8 117.3 117.3 Beverages 1.61 111.5 110.0 110.7 111.5 113.1 116.1 114.2 113.9 112.7 115.2 115.6 116.7 117.7 Tobacco products .82 112.0 116.0 108.6 114.7 111.4 113.0 114.6 114.2 112.7 118.1 114.4 117.9 116.8 Mining Coal, oil, and gas 6.50 703.5 705.2 705.7 705.5 702.5 707.3 703.7 703.9 706.7 707.7 705.6 777.7 777.2 770.5 Coal 1.16 95.3 94.2 94.3 96.6 95.6 95.1 96.1 93.9 100.8 104.5 107.1 107.1 108.0 105.5 Crude oil and natural gas... 5.64 105.5 107.5 107.3 107.4 104.2 102.6 105.3 105.9 107.2 108.3 108.9 111.9 111.8 111.5 Oil and gas extraction 4.91 107.2 109.6 109.1 109.7 106.3 104.8 107.9 107.8 109.7 111.9 112.6 115.7 115.1 114.5 Crude oil 4.25 105.1 107.8 107.2 107.5 103.8 101.6 104.8 104.9 107.3 109.5 110.1 113.0 112.7 111.6 Gas and gas liquids .66 120.4 121.3 121.2 123.7 121.9 125.0 124.7 126.0 124.5 130.4 128.2 132.8 Oil and gas drilling .73 94.2 93.0 95.4 91.5 90.5 87.6 87.4 93.5 90.3 84.0 84.5 86.4 Metal, stone, and earth minerals. 7.43 770.9 707.5 705.9 706.5 705.7 777.7 709.7 772.6 773.9 772.5 773.0 772.7 777.6 112.0 Metal mining .61 112.6 101.1 96.8 99.1 104.1 110.1 114.3 115.7 114.5 116.4 112.8 110.3 112.8 112.3 Stone and earth minerals .82 109.7 112.7 112.6 112.5 105.8 111.9 106.2 110.2 113.4 110. 113.2 113.5 110.7 111.7 Utilities Electric 4.04 133.1 134.2 134.5 136.2 136.1 138.0 140.3 138.1 136.8 140.9 143.5 148.3 147.3 Gas 1.28 125.9 127.5 126.2 124.6 126.8 130.0 131.4 130.6 132.9 133.7 135.2 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

1582 INDUSTRIAL PRODUCTION: N.S.A. NOVEMBER 1963 MARKET GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 pro- Grouping por- avertion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.T Sept. Total index 100.00 118.3 122.3 122.5 120 6 117.2 117 9 120 5 122 5 123 1 125 1 127 9 120 5 123 9 128 5 Final products total 47.35 119.7 125.0 125.4 122.1 119.5 120.0 122.4 123.7 122.1 123.0 127.1 727.7 123.9 130.2 Consumer goods 32.31 119.7 126.4 126.7 122.1 117.7 119.0 122.4 123.9 122.1 123.1 128.1 121.3 124.3 131.9 Equipment, including defense.... 15.04 119.6 122.0 122.5 122.0 123.3 122.1 122.6 123.1 122.1 122.8 124.8 122.6 123.1 126.6 Materials . 52.65 117.0 119.8 120.0 119.2 115.2 115.9 118.7 121 5 124 0 126 9 128 6 119 4 123 9 127 0 Consumer Goods Automotive products 3.21 131.1 124.9 148.1 145.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134.9 75.5 127.3 Autos 1.82 135.9 120.0 160.6 159.4 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4 36.3 122.6 Auto parts and allied products 1.39 124.9 131.3 131.6 126.3 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1 127.1 133.5 Home goods and apparel 10.00 118.1 124.0 123.9 120.1 111.2 113.6 123.1 126.3 122.1 727.2 126.2 772.0 126.4 129.9 Home goods . . . 4.59 122.2 130.6 131.1 128.3 123.2 118.0 126.6 128 6 126 0 128 0 132 4 116.8 127 2 141 1 Appliances, TV and radios 1.81 118.2 127.5 128.1 124.8 115.6 108.3 127.3 129.6 123.6 127.3 133.5 104.0 114.4 139.7 Appliances 1.33 121.4 127.1 127.5 128.1 124.8 112.6 133.5 138.2 129.7 135.1 141.7 111.7 115.5 143.6 TV and home radios .. . .47 109.2 128.6 129.7 115.4 89.6 96.1 109.9 105 5 106 3 105.4 110 2 82.4 111 4 128.8 Furniture and rugs 1.26 123.9 131.4 131.6 129.6 130.4 126.1 126.0 127.1 125.7 124.8 130.3 125.8 134.9 138.1 Miscellaneous home goods 1.52 125.7 133.6 134.2 131.3 126.5 122.8 126.3 128.5 129.1 131.3 132.9 124.6 135.9 145.2 Apparel, knit goods, and shoes 5.41 114.5 118.4 117.8 113.2 100.9 109.9 120.1 124 3 118.8 115.5 120.9 108.0 125 8 120.5 Consumer staples 19.10 118.7 128.0 124.6 119.3 116.7 117.9 118.3 119 2 777 8 120.3 124 5 123.9 757 5 133 8 Processed foods 8.43 113.7 131.0 126.0 117.5 110.7 107.5 106.7 108.9 107.5 110.5 115.1 116.5 126.5 133.4 Beverages and tobacco 2.43 111.7 115 8 115.2 106 5 97.4 101 2 104 2 110 3 115 6 125 7 132 0 120 8 126 4 Drugs soap and toiletries 2.97 129.9 133.1 135.0 132.0 131.6 133.1 134.8 136.3 137 8 138.8 142.8 137.0 145 7 145.3 Newspapers, magazines, and books.. 1.47 116.7 119.9 118.1 116.4 115.8 113.9 114.4 116.5 117.8 118.7 117.5 116.5 120.2 122.3 Consumer fuel and lighting 3.67 126.1 128 5 121.5 122 2 131.5 141.9 142.2 135 5 126 2 124 7 129 3 135.3 139 2 Fuel oil and gasoline 1.20 111.9 113.5 110.1 111.5 116.6 117.9 120.4 115.4 109.4 111.7 117.6 118.1 119.9 120.2 Residential utilities 2.46 133.0 Electricity. . . . .. 1.72 136.3 139.7 128.1 130.1 145. i 164.7 162.0 152 1 135 9 130.6 135.8 147.3 154.5 Gas .74 125.6 Equipment Business equipment 11.63 122.1 124.9 125.3 124.3 126.1 125.1 126.3 127 3 126 4 126.8 729.3 126.5 127.0 130.8 Industrial equipment 6.85 117.2 120.0 119.7 118.8 120.6 119.0 118.7 119.3 119.2 121.0 123.9 122.4 124.5 126.5 Commercial equipment 2.42 143.1 147 1 146.2 146 1 146 7 145.4 143.5 142 5 140 6 141 7 142.6 139.6 141.8 144 0 Freight and passenger equipment. .. 1.76 117.2 118.2 124.3 122.0 122.6 123.7 128.4 134.0 132.3 130.3 133.2 131.5 126.4 134.3 Farm equipment .61 107.7 111.4 108.0 106.6 116.3 117.3 137.4 136.9 134.7 122.1 125.6 106.1 98.1 116.7 Defense equipment 3.41 Materials Durable goods materials 26.73 114.1 116.8 116.6 115.5 112.3 112.3 114.6 118.5 122.0 72<5.5 129.2 118.7 118.7 124.0 Consumer durable 3.43 127.5 130 5 134 1 136 0 138 8 135.5 135 5 137 4 135 8 139 5 144.9 128.4 112.4 138.3 Equipment 7.84 118.9 119.4 120.2 121.7 122.7 123.5 123.5 124.4 123.7 125.4 127.0 122.2 123.0 126.6 Construction 9.17 110.4 119.9 116.8 111.1 102.5 100.2 102.0 106.9 113.9 120.2 125.4 121.2 126.4 125.5 Metal materials nee 6.29 106.1 101.5 102.5 103 1 98.9 103.2 110 5 117 8 124.2 130.0 128.8 105.3 105.6 110.8 Nondurable materials 25.92 120.0 122.9 123.4 123.0 118.3 119.7 122.9 124.5 126.0 127.3 128.0 120.1 129.3 130.0 Business supplies 9.11 116.5 122.2 121.9 119.4 111.5 112.2 115.1 118.6 122.1 122.8 122.8 112.2 123.8 125.8 Containers . . ... 3.03 117.1 126 4 121.8 114 0 102 7 111 4 116 9 121 5 119 6 121 5 127.2 115.1 131.7 126.9 General business supplies 6.07 116.3 120.0 121.9 122.2 115.9 112.6 114.2 117.1 123.4 123.4 120.7 110.8 119.9 125.2 Nondurable materials n.e.c 7.40 134.7 135.5 138.1 139.2 133.7 137.3 142.1 144.4 144.6 147.2 146.0 136.2 145.5 147.2 Business fuel and power 9.41 111.7 113.6 113.4 113.6 112.7 113.1 115.2 114.6 115.2 115.9 118.9 115.2 121.7 120.7 Mineral fuels 6.07 104.9 104.9 106.4 107.8 106.4 105.8 109.6 108.4 109.4 109.3 111.3 103.4 111.8 111.0 Nonresidential utilities 2.86 129 9 Electricity 2.32 130.7 139 3 134.2 130 7 130 4 132 6 131 1 131 4 131 1 i34.7 141.0 147.0 152.0 General industrial 1.03 122.8 125.2 127.0 123.9 122.0 124.3 122.5 124.9 128.2 131.9 133.4 132.7 136.2 Commercial and other 1.21 139.9 154 3 143.1 139 0 140 0 142 3 141 0 139 5 136 1 139.8 150.7 162.7 169.4 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods 7.80 125.9 128.2 138.1 135.2 131.7 128.0 133.8 135.2 135.1 135.4 142.0 124.3 105.9 135.4 Apparel and staples 24.51 117.7 125.9 123.1 117.9 113.2 116.1 118.7 120.3 118.0 119.2 123.7 120.4 130.2 130.8 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 INDUSTRIAL PRODUCTION: N.S.A. 1583 INDUSTRY GROUPINGS (1957-59 - 100) 1957-59 1962 1962 1963 Grouping p p ti o r o o r n - - a a v g e e r- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Juiy- Aug.r Sept. Total index 100.00 118.3 122.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.9 128.5 86.45 118.7 122.9 123.5 121.4 117.5 117.8 120.7 123.3 124.0 126.1 128.8 120 5 123.5 128.9 Durable 48.07 117.9 120.4 121.8 121.0 119.4 118.3 120.7 123.2 124.4 126.9 129.8 121.0 118.3 126.7 Nondurable 38.38 119.8 125.9 125.8 121.9 115.1 117.2 120 6 123 4 123.7 125.1 127 6 119 8 130 1 131.7 Mining 8.23 105.0 106.6 106.9 106.3 103.3 102.6 104.9 104.5 106.9 108.9 111.3 105.3 112.2 111.8 Utilities 5.32 131.3 Durable manufactures 12.32 110.0 110.2 109.2 109.0 106.2 108.4 112.6 118.1 122.5 127.0 128 2 112.1 113.5 117.6 Primary metals 6.95 104.6 98.5 99.9 101.7 97.3 102.6 110.1 118.8 125.7 130.7 129.6 104.1 102.6 106.7 Iron and steel 5.45 100.6 92.8 93.7 96.3 93.4 97.9 106.6 117.1 125.5 130.6 128.6 102.5 96.4 100.5 Nonferrous metals and products.. 1.50 119.1 119.2 122.4 121.2 111.4 119.6 122.8 125.1 126.3 130.8 133.3 109.9 125.0 129.4 Fabricated metal products. 5.37 117.1 125.3 121.3 118.6 117.8 116.0 115.8 117.2 118.4 122.3 126.4 122.5 127.5 131.6 Structural metal parts 2.86 113.2 118.6 117.9 116.0 114.8 112.4 111.5 112.2 113.8 119.1 123.0 121.7 125.1 127.0 Machinery and related products 27.98 122.1 123.9 127.0 127.1 127.7 125.9 127.6 128.2 127.3 128.4 131.9 124.8 117.3 129.9 Machinery 14.80 123.5 127.6 127.0 126.2 127.0 124.9 128.1 128.5 126.9 128.3 131.3 123.2 125.8 133.0 8.43 119.7 121.2 120.7 120.5 122.5 122.2 125.3 126.1 125.3 126.4 129 0 123 6 123.3 128.4 Electrical machinery 6.37 128.5 136.1 135.3 133.7 132.9 128.5 132.0 131.6 129.0 130.9 134.3 122.6 129.0 139.2 Transportation equipment 10.19 118.3 116.6 126.3 127.2 127.6 126.2 126.0 127 4 127 7 127.5 132 2 124 9 100.1 123.6 4.68 134.1 128.8 148.3 149.1 149.1 145.6 145.9 148.5 149.3 149.4 158.9 144.2 88.9 137.3 Aircraft and other equipment.... 5.26 103.9 105.4 106.7 107.8 108.6 109.0 108.1 108.2 107.7 107.1 107.9 107.5 108.5 110.7 Instruments and related products... 1.71 123.0 125.2 125.6 127.2 127.0 125.2 126.2 126.9 126.5 128.2 131.6 129.7 132.1 133.7 Ordnance and accessories 1.28 4.72 109.3 119.5 116.5 110.4 99.9 97.2 100.5 106.1 112.5 118.3 122 7 117.7 125.7 124.2 Clay, glass, and stone products 2.99 111.1 119.6 119.1 114.0 102.9 99.7 99.1 105.4 115.5 122.2 126.1 126.3 128.7 126.4 1.73 106.1 119.3 112.1 104.1 94.6 93.0 102.8 107.3 107.4 111.4 116 9 102 7 120.4 120.3 3.05 124.5 131.9 132.1 129.6 126.5 120.9 121.8 123.3 122 8 125.2 128 7 126 7 134.6 137.5 1.54 126.8 133.1 133.3 131.4 131.2 126.9 126.3 126.8 126.2 127.6 132.5 132.0 139.2 141.2 Miscellaneous manufactures 1.51 122.2 130.6 130.9 127.9 121.7 114.8 117.2 119.7 119.4 122.7 124.8 121.3 129.9 133.8 Nondurable manufactures 7.60 115.1 117.4 117.0 114.5 104.7 112.1 120.8 124.7 119.3 118.4 121.7 106.9 124.1 121.0 Textile mill products 2.90 115.2 116.1 115.7 115.0 108.2 112.3 116.0 120.0 115.3 121.0 121.4 105.8 120.3 120.0 3.59 118.9 122.3 122.6 119.2 105.7 116.4 129.4 134.8 129.9 123 8 128 6 113 3 132.0 127.0 Leather and products 1.11 102.3 105.2 102.3 98.2 92.2 97.8 105.5 104.2 95.4 93.9 100.6 89.4 108.7 8.17 116.7 119.6 122.4 120.8 111.4 112.1 115.9 117.7 120.9 122.3 122.1 112.6 121.8 124.1 Paper and products 3.43 119.7 122.0 127.3 123.0 108.6 118.6 125.9 127.0 125.0 126.0 128.3 113.7 131.0 129.1 4.74 114.6 117.9 118.9 119.2 113.4 107.5 108.7 111.0 117.9 119 6 117 6 111 8 115.2 120.6 Newspapers 1.53 108.5 112.1 117.7 120.7 100.0 86.6 90.3 92.6 116.4 118.8 113.1 97.1 102.1 114.5 Chemicals, petroleum, and rubber.... 11.54 131.2 134.6 135.9 133.5 131.4 134.3 137.2 139.8 142.1 142.3 143.9 136.0 143.5 145.7 Chemicals and products 7.58 136.1 138.5 139.8 138.9 136.6 138.9 142.7 145.8 149.7 150.2 150.9 144,3 150.7 151.5 Industrial chemicals 3.84 147.5 149.4 151.9 153.6 150.6 152.6 156.5 159.4 162.Q 163.8 162.2 157.3 162.3 Petroleum products 1.97 112.9 118.1 114.2 111.3 112.5 112.6 112.6 111.5 112.3 115.1 121.7 123.1 123.5 i 22! 8 Rubber and plastics products 1.99 130.6 136.2 142.7 135.3 130.6 138.1 140.5 144.8 143.1 139.3 139.1 117.0 136.0 Foods, beverages, and tobacco 11.07 113.4 127.3 123.7 115.6 108.1 106.6 106.7 109.6 109.4 114.0 118.8 117.2 126.2 129.9 10.25 113.5 127.9 124.2 115.4 109.5 106.2 106.1 109.4 109.2 113 4 118 4 118 2 126.2 130.7 Food manufactures 8.64 113.8 130.5 126.1 118.1 111.1 108.1 107.4 109.4 107.7 110.7 115.1 116.2 126.2 133.0 Beverages 1.61 111.5 113.9 113.6 101.2 100.9 95.8 99.2 109.2 117.2 127.4 136.4 129.2 126.5 Tobacco products .82 112.0 119.4 118.3 117.0 90.7 111.8 114.0 112.5 112.5 122.4 123.5 104.3 126.4 Mining Coal, oil, and gas 6.80 103.8 103.9 105.3 106.2 105.0 104.3 107.0 105.9 705.7 106.4 108.5 101.8 109.8 109.1 Coal 1.16 95.3 99.7 102.8 100.6 93.9 93.2 97.3 94.7 101.5 105 5 116 6 72 5 113.6 111.6 Crude oil and natural gas 5.64 105.5 104.7 105.8 107.4 107.3 106.6 109.0 108.2 107.8 106.6 106.8 107.9 109.0 108.6 Oil and gas extraction 4.91 107.2 106.1 107.3 109.5 109.3 108.7 112.5 111.6 111.3 110.1 110 0 110 7 111.4 110.9 Crude oil 4.25 105 1 104.9 105.6 106.7 105.8 104.7 108 7 108 3 109 1 108 4 108 4 108 7 109.5 108.6 Gas and gas liquids .66 120 4 114 0 118 3 127 5 132 0 134 5 133 3 132 6 125 4 124 3 120 4 123 6 .73 94.2 95.1 95.9 93.3 93.2 92.0 85.4 85.1 84.1 82.4 85.3 88.6 92.8 93.2 Metal, stone, and earth minerals 1.43 110.9 119.7 114.5 106.4 95.6 94.3 94.7 98.0 107.9 120.9 125.0 122.0 123.8 124.4 Metal mining .61 112.6 113.2 105.5 96.1 94.7 96.9 102.9 101.8 104.2 123.4 127.5 118.0 121.8 125.8 Stone and earth minerals .82 109.7 124.5 121.2 114.2 96.2 92.4 88.6 95.1 110.6 119.0 123.1 125.0 125.3 123.4 Utilities Electric 4.04 133.1 139.5 131.6 130.4 136.7 146.3 144.3 140.2 133.1 133.0 138.8 147.1 153.1 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

1584 BUSINESS ACTIVITY NOVEMBER 1963 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n in u g - 2 Prices 3 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Depart Period groupings tion em- car- ment Total Tot F a i l na s l C u p o m r n o e - d r u E c m t q s e u n ip t - M ri a al te s - Mfg. M in i g n- Util- t c ra o c n t - s m T p o e l t n o a t y l — - p m E lo m en y - t - P ro a l y ls - l i o n a g d s - s s t a o le re s s C um on e - r W m c s o h o a d o m l i e l t e - y 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 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 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 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 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 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 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 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 1960 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—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 \ 06.0 100.7 Dec 119. 121.7 121.2 122.4 116.9 119.7 103.2 133.8 138 106.9 98.8 114.7 90.6 117 105.8 100.4 1963—Jan 119.2 122.3 121.8 122.0 116.8 119.8 103.0 135.9 121 107.1 98.9 115.2 89.9 113 106.0 100.5 Feb 120.2 122.6 122.9 121.5 118.0 120.6 104.7 138.2 130 107.4 98.9 115.8 93.9 114 106.1 100.2 Mar 121.3 122.4 123.1 120.7 120.2 121.9 105.4 136.4 118 107.9 99.4 116.7 94.3 119 106.2 99.9 Apr 122.5 122.1 122.5 120.4 122.9 123.1 107.4 135.7 125 108.2 100.1 116.6 95.7 115 106.2 99.7 May 124.5 123.5 124.1 122.1 125.7 125.2 108.5 139.1 144 108.5 100.4 117.9 96.9 117 106.2 100.0 June 125.8 125.2 125.9 123.8 126.6 126.4 109.4 141.3 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July 126.5 125.9 126.4 124.8 126.7 126.8 111.3 145.3 126 109.1 100.4 118.0 93.9 120 107.1 100.6 Aug 125.8 126.5 126.8 125.8 125.2 126.1 rlll.2 144.6 132 109.1 99.8 117.0 90.9 126 107.1 100.4 Sept 125.9 126.8 127.0 126.6 125.2 126.3 110.7 144.0 128 109.3 100.1 120.3 91.2 nil 107.1 100.3 Oct 126.6 127.9 •128. ^127.5 127-1 H09.4 ^145.0 109.4 '100.2 ^119.4 92.7 '113 100.5 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 1961 1962 type of construction Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 37,135 41,303 3,273 3,425 3,188 3,198 2,779 2,917 3,583 3,983 4,851 4,402 4,125 4,061 3,707 By type of ownership: Public 12,547 13,599 1,099 1,003 1,099 1,190 932 1,092 1,182 1,168 1,567 1,384 1,319 1,318 Private 24,588 27,705 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 1,519 1,610 1,361 1,166 1,250 1,215 1,642 1,986 2,061 1,966 1,934 1,883 1,789 Nonresidential 12,115 13,010 1.019 1,075 1,066 921 1,016 1,005 1,146 1,210 1,452 1,458 1,271 1,322 1,154 Public works and utilities 8,897 10,255 735 740 761 1,111 514 698 796 787 1,337 978 920 857 764 NOTE.—Dollar value of total contracts as reported by the F. W. Dodg e data exceed annual totals because adjustments—negative:—are made to Corp. does not include data for Alaska or Hawaii. Totals of monthl y accumulated monthly data after original figures have beenpublished. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 CONSTRUCTION 1585 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 r d t e o t e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other 1954 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11 678 J.003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 ,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 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 1959l 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 I960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 1,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 1,368 5,818 ,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—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 [,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 MOO 6,661 .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 Aus 66 657 47 486 27 800 14 093 3 056 5 233 5 804 5 593 19 171 7 038 2 028 Sept p 66,550 47,754 27,937 14,289 3,157 5,422 5,710 5,528 18,796 6,545 2,066 Oct p 66,419 47,504 27,994 14,180 3,217 5,263 5,700 5,330 18,915 2 121 i Beginning with 1959, includes data for Alaska and Hawaii. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. NOTE.—Monthly data are at seasonally adjusted annual rates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area 1 By type of ownership S.A. Government- (private only) underwritten Period Total Metro- Non- Private Total N fa o rm n- politan p m o e li t t r a o n - Total family family M fam ul i t l i y - Public Total FHA VA 1954. ,220 897 324 ,202 1,077 34 90 19 583 276 307 1955. ,329 976 353 ,310 1,190 33 87 19 670 277 393 1956. ,118 780 338 ,094 981 31 82 24 465 195 271 1957. ,042 700 342 993 840 33 120 49 322 193 128 1958. ,209 827 382 ,142 933 39 170 68 439 337 102 1959. ,379 946 432 ,343 1,079 49 215 36 458 349 109 1959. ,554 1,077 477 ,517 1,234 56 227 37 458 349 109 1960. ,296 889 407 ,252 995 44 214 44 336 261 75 1961. ,365 948 417 ,313 975 44 295 52 328 244 83 1962. ,492 1,054 439 ,463 992 49 422 30 339 261 78 1962—Sept.. 1,356 ,328 117 85 32 114 76 4 35 3 26 20 6 Oct... 1,537 ,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 ,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 ,554 157 109 48 153 100 5 49 4 27 20 7 July.. 1,599 ,575 153 106 48 151 101 5 45 2 29 21 8 Aug.. ^1,440 ,419 P\46 99 47 P143 96 5 42 25 19 7 Sept.. ,654 H44 102 42 25 19 6 I Beginning with 1959, based on revised definition of metropolitan areas. Statistics, for which annual totals are given including overlap for 1959. Data from Federal Housing Administration and Veterans Administration NOTE.—Beginning with 1959, Census Bureau series includes both represent units started, based on field office reports of first compliance farm and nonfarm series developed initially by the Bureau of Labor inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1586 EMPLOYMENT NOVEMBER 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 Employed * Not in the r m a e te n 2 t population force Total In nonagri- In U pl n o e y m ed - (pe S r .A ce . nt) Total cultural agriculture industries 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70 746 67,946 65 011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959. 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5 5 1960 3 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127 852 74 175 71,603 66 796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5,190 4,007 55,400 5.6 1962—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 5.9 132,036 77,901 75,165 70,319 64,365 5,954 4,846 54,135 5.7 Julv 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 AUE ........ 132 345 77 167 74,418 70 561 65,065 5,496 3,857 55,178 5.5 Sent 132.497 75,811 73.062 69.546 64,220 5,326 3,516 56,686 5.6 Oct 132,682 76,086 73.344 69,891 64,541 5.350 3,453 56,596 5.5 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) 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 ti li o r 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 i957 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959l 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 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 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 57,344 17,033 635 3,083 3,941 11,907 2,873 8,373 9,499 Sept.?3 57,452 17,071 632 3,059 3,947 11,933 2,873 8,373 9,564 Oct v 57,544 17,083 630 3,047 3,931 11,949 2,886 8,401 9,617 NOT SEASONALLY ADJUSTED 1962—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 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 Au£ 57,651 17,199 646 3,437 3,976 11,878 2,919 8,457 9,139 Sentp . ... 58,210 17,394 641 3,365 3,979 11,953 2,887 8,432 9,559 Oct.p 58,320 17,330 638 3,312 3,962 12,028 2,883 8,443 9,724 * 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

NOVEMBER 1963 EMPLOYMENT AND EARNINGS 1587 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 Aug. Sept.'' Oct. 2' Oct. Aug. Sept.?' Oct.? Total 12,509 12,575 12,614 12,621 ] 12,753 j 12,705 12,923 12,864 Durable goods 6.967 7,051 7,098 7,104 7,059 6,995 7,195 7,197 Ordnance and accessories 122 119 119 121 122 118 119 121 Lumber and wood products 523 517 525 526 540 547 551 543 Furniture and fixtures 319 326 326 327 328 331 334 336 Stone, clay, and glass products 483 496 492 494 496 516 512 507 Primary metal industries 899 953 939 930 897 946 942 928 Fabricated metal products 863 891 894 892 880 889 908 910 Machinery except electrical 1,057 1,058 1,061 1,072 1,040 1,044 1,055 1,055 Electrical machinery 1,064 1,051 1.049 1.047 1,088 1,048 1.067 1,070 Transportation equipment 1,091 1,079 1.136 1,139 1.096 984 1.125 1,145 Instruments and related products 231 240 237 238 234 240 240 241 Miscellaneous manufacturing industries 315 321 320 318 340 332 341 343 Nondurable goods 5,542 5,524 5,516 5,517 5,694 5,710 728 5,667 Food and kindred products 1,169 1,149 1,142 1,143 1.259 1,272 284 1.231 Tobacco manufactures 81 79 72 76 99 88 93 93 Textile-mill products 806 793 793 793 815 803 803 802 Apparel and other finished textiles 1,130 1,154 1,160 1.161 1.146 1 ,183 181 1,177 Paper and allied products 487 490 488 489 492 495 495 494 Printing, publishing and allied industries 596 594 594 592 603 592 598 600 Chemicals and allied products 519 527 527 527 518 528 528 526 Products of petroleum and coal 121 120 121 120 121 123 122 120 Rubber products 316 310 309 307 325 310 315 316 Leather and leather products 317 308 310 309 316 316 311 308 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 Oct. Aug. Sept.? Oct.p Oct. Aug. Sept.? Oct.^ Oct. Aug. Sept.'' Oct.^ Total 40.2 40.3 40.7 40.6 96.32 98.42 100.53 100.53 2.39 2.43 2.47 2.47 Durable goods 40.8 41.0 41.3 41.1 105.37 107.01 109.45 109.45 2.57 2.61 2.65 2.65 Ordnance and accessories 41.0 41.3 41.4 41.1 116.03 119.31 121.01 120.42 2.83 2.91 2.93 2.93 Lumber and wood products 39.5 40.0 40.1 40.0 79.60 84.45 86.28 85.05 1.99 2.08 2.12 2.10 Furniture and fixtures 40.6 40.9 40.8 40.6 81.76 83.20 84.23 83.83 1.97 2.00 2.02 2.02 Stone, clay, and glass products 41.1 41.2 41.3 41.6 100.67 104.33 104.50 105.25 2.42 2.49 2.50 2.50 Primary metal industries 39.7 40.9 40.7 40.7 116.92 123.02 123.73 122.31 2.96 3.03 3.04 3.02 Fabricated metal products 41.1 41.1 41.4 41.6 105.73 108.32 110.20 109.52 2.56 2.61 2.63 2.62 Machinery except electrical 41.6 41.7 42.1 41.9 112.88 115.23 117.32 117.04 2.72 2.77 2.80 2.80 Electrical machinery 40.4 40.3 40.2 40.1 98.49 98.74 100.69 100.19 2.42 2.45 2.48 2.48 Transportation equipment 42.2 41.5 42.0 42.0 126.10 121.58 127.38 130.17 2.96 2.98 3.04 3.07 Instruments and related products 40.7 40.7 41.1 40.8 99.96 101.34 102.75 102.25 2.45 2.49 2.50 2.50 Miscellaneous manufacturing industries.. 39.4 39.8 39.8 39.9 78.41 79.60 80.60 81.81 1.97 2.00 2.02 2.03 Nondurable goods 39.3 39.6 39.7 39.7 85.50 88.40 89.38 89.15 2.17 2.21 2.24 2.24 Food and kindred products 40.6 41.0 40.8 40.7 90.98 93.98 95.45 94.07 2.23 2.27 2.30 2.30 Tobacco manufactures 38.4 39.9 37.1 37.9 68.40 73.57 71.68 71.50 1.71 1.83 1.81 1.81 Textile-mill products 40.2 40.5 40.7 41.0 68.45 69.19 69.83 71.04 1.69 1.70 1.72 1.72 Apparel and other finished textiles 36.0 35.9 36.5 36.3 60.67 63.30 64.07 64.07 1.69 1.72 1.77 1.77 Paper and allied products 42.3 42.7 42.7 43.0 103.28 107.32 107.75 108.43 2.43 2.49 2.50 2.51 Printing, publishing and allied industries. 38.1 38.4 38.4 38.6 107.82 111.27 112.71 111.94 2.83 2.89 2.92 2.90 Chemicals and allied products 41.5 41.5 41.5 41.5 110.54 113.02 113.71 113.85 2.67 2.73 2.74 2.75 Products of petroleum and coal 41.6 41.6 41.8 41.7 127.19 130.21 135.58 132.51 3.05 3.13 3.19 3.17 Rubber products 40.8 40.8 41.1 41.0 100.21 100.86 102.42 101.93 2.45 2.46 2.48 2.48 Leather and leather products 37.2 37.8 38.3 38.8 62.63 67.41 67.13 67.48 1.73 1.76 1.79 1.79 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

1588 DEPARTMENT STORES NOVEMBER 1963 SALES AND STOCKS, BY DISTRICT (1957-59= 100) Federal Reserve district Period United States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t i . s M a i p n o n li e s - Ka C n i s t a y s Dallas F c S r i a a sc n n o - SALES 1955 88 91 80 93 92 89 81 95 90 85 88 84 82 1956 94 96 89 97 96 95 90 99 96 93 93 92 91 1957 96 96 95 98 98 97 94 100 97 97 94 96 93 1958 99 99 100 99 98 98 99 97 98 99 99 99 98 1959 105 104 105 104 104 105 107 104 104 104 107 105 109 I960 106 106 108 104 108 105 107 104 103 106 108 100 110 1961 109 112 112 107 110 108 110 105 104 108 111 102 115 1962 114 114 116 no 113 113 118 no 109 109 114 108 123 SEASONALLY ADJUSTED 1962—Sept 117 116 120 113 '115 118 121 115 113 no 118 113 '123 Oct 110 111 106 108 107 112 107 104 116 108 100 111 Nov 118 1n2o0 111 111 116 119 125 113 111 111 117 109 128 Dec 117 116 118 112 114 113 122 114 115 110 117 111 127 1963—Jan 113 115 113 103 111 116 123 107 104 110 108 107 127 Feb 114 111 115 108 109 112 119 108 108 114 117 109 128 Mar.... 119 121 119 112 118 123 135 116 114 117 122 113 130 Apr 115 112 119 105 111 111 118 110 114 103 118 110 118 May 117 118 119 111 113 116 123 111 in no 118 no 129 120 119 120 112 118 120 130 119 117 116 120 115 127 July 120 111 123 115 116 118 124 116 113 114 120 113 128 126 129 '129 116 125 125 '130 126 115 125 122 112 132 Sept nn 123 128 120 119 130 118 Pill 111 »116 111 NOT SEASONALLY ADJUSTED 1962—Sept 117 117 120 113 114 118 114 116 114 118 119 109 121 Oct 113 115 120 112 109 115 113 111 no 111 111 102 117 D N e o c v 2 1 1 41 2 2 1 2 4 5 7 2 1 1 52 6 2 1 0 45 2 2 1 1 41 1 2 1 1 42 0 2 1 1 39 9 2 1 0 3 1 6 210331 1 1 9 30 7 2 1 0 33 3 n 19 e 3 2 1 3 45 2 1963—Jan 86 87 90 75 83 82 94 79 79 76 82 83 97 Feb 85 79 88 78 79 79 92 79 78 80 84 80 101 Mar 101 95 101 98 97 102 116 97 97 96 101 98 105 Apr 112 112 111 104 111 112 121 109 107 105 114 108 116 May 112 114 114 108 109 111 116 110 no 105 114 106 118 114 113 116 104 109 no 117 115 109 113 114 103 121 July 100 91 94 87 98 99 111 96 95 91 108 103 117 Aug 113 106 96 113 111 120 113 109 111 122 in 127 Sept Pill 124 128 119 119 nis 122 119 nu 119 107 STOCKS 1955 85 88 78 87 86 90 86 89 93 88 90 79 81 1956 94 96 89 95 93 99 98 97 102 98 99 91 92 1957 99 97 97 99 102 100 102 100 103 102 100 99 96 1958 98 99 99 98 97 96 97 97 98 97 98 98 97 1959 103 104 104 103 101 104 101 103 99 101 103 104 107 I960 109 108 110 105 113 108 107 108 103 108 109 106 114 1961 no 111 109 105 112 no 108 109 111 108 111 103 115 1962 117 116 115 112 116 118 118 119 117 113 113 112 125 SEASONALLY ADJUSTED 1962—Sept 118 114 '117 112 117 117 119 122 115 115 111 no '126 Oct 120 116 118 114 118 119 125 124 117 115 111 113 129 Nov . 118 116 119 112 117 121 123 122 119 113 108 112 118 Dec 117 118 120 112 118 122 130 121 121 111 111 111 108 1963—Jan 120 119 116 113 125 121 129 120 117 111 111 113 128 Feb 119 119 116 109 111 119 126 119 120 112 114 113 127 Mar 120 119 115 108 119 119 123 121 118 113 117 113 129 Apr 120 120 118 110 122 121 122 119 121 114 118 114 128 May 121 120 119 109 120 117 125 124 119 115 120 118 132 June 121 118 118 109 119 118 127 lie 122 115 118 118 129 July 123 121 119 111 125 119 128 ne 122 115 121 120 131 122 119 118 '113 127 118 124 125 120 115 120 117 130 Sept ni4 119 120 115 118 126 129 121 NOT SEASONALLY ADJUSTED 1962 Sept 125 123 '122 119 125 126 '127 129 123 121 116 117 '131 Oct 135 134 134 131 135 135 140 135 133 130 123 127 143 Nov 135 137 138 132 138 138 144 136 135 131 126 128 129 Dec no no 112 102 109 112 115 108 108 104 103 103 118 1963—Jan 107 104 105 99 106 106 116 108 104 99 101 99 115 Feb 112 109 109 102 112 109 123 no 111 106 108 106 120 Mar 120 118 117 109 119 120 ne 121 119 112 117 114 130 A M p a r y 1 1 2 2 3 2 1 1 2 21 1 1 1 2 2 1 0 1 1 1 14 2 1 12 1 3 1 1 1 1 24 9 1 1 2 2 5 4 1 1 2 2 5 7 1 1 1 24 9 1 1 1 14 3 1 1 2 1 1 8 1 1 1 1 7 6 1 1 2 3 9 0 June 116 112 111 103 111 111 118 122 115 107 113 111 125 July 117 111 107 102 119 112 118 123 117 112 115 115 127 Aue 122 118 115 '109 125 119 124 124 121 116 118 119 Sept 129 126 122 P135 127 133 137 129 *>136 P125 #139 Kori.—Based on retail value figures; sales are average per trading day; For df scrirtion of series and for back data beginning with 1947. tea 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

NOVEMBER 1963 DEPARTMENT STORES 1589 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 - t* orders orders orders 1953 406 1,163 421 408 401 3.0 1.1 4.1 1-0 1954 409 1,140 388 410 412 3.0 1.0 4.0 0 1955 437 1,195 446 444 449 2.9 1-1 4.0 o 1956 454 1,286 470 459 458 3.0 .1 4.1 L.O 1957 459 1,338 461 461 458 3.1 .1 4.1 0 1958 462 1,323 437 462 464 3.0 .0 4.1 0 1959 488 1,391 510 495 498 3.0 L.I 4.1 L.I I960 494 1,474 518 496 493 3.1 L.I 4.3 L.O 1961 506 1,485 529 512 517 3.1 L.I 4.2 1.0 1962 526 1,593 571 535 533 3.2 1.2 4.4 > 0 1962—Sept 493 '1,702 >710 '624 '660 3.5 L.4 4.9 1.3 Oct .... 556 1,845 666 701 661 3.3 L.2 4.5 1.3 Nov 657 1,892 549 704 587 2.9 .8 3.7 l.l Dec 998 1,505 385 611 447 1.5 .4 1.9 .6 1963—Jan 407 1,466 498 368 481 3.6 1.2 4.8 Feb 366 1,508 555 408 465 4.1 L.5 5.6 .1 Mar 467 1,616 507 575 527 3.5 L.I 4.5 Apr 512 1,653 459 549 501 3.2 .9 4.1 l.l May 512 1,632 509 491 541 3.2 L.O 4.2 0 482 1,540 710 390 591 3.2 .5 4.7 .8 July. . .. . . . .. 435 1,553 769 448 507 3.6 .8 5.3 1.0 Aug 519 1,627 722 593 546 3.1 4 4.5 1.1 Sept.*3 509 1,768 738 650 666 3.5 .5 4.9 1.3 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

1590 PRICES NOVEMBER 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 c e a i c d t s - y p S l f e a e u o u n t e r l m i l d o s d - H n i f n o u is g u 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 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 98.4 110.0 103.7 107.4 116.4 107.8 110.7 106.0 106.6 105.0 105.9 106.7 108.1 102.1 98.5 110.2 103.9 107.4 116.8 107.8 110.9 107 6 July 107.1 106.2 106.0 106.7 108.1 102.3 98.5 110.3 103.9 107.8 116.9 108.0 111.5 108.0 Aug 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 Sept 107.1 105.4 106.2 107.0 108.0 103.7 98.6 110.7 104.8 107.9 117.2 108.2 112.3 108.0 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical-worker families. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o i o m e l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total T t e il e t e c x s . - , H e i t d c e . s, F e u tc el . , C ic e h a t e c l m s . , - R b e u e tc r b . , - L b e u e t m c r . , - P e a t p c e . r, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e 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 88.8 84.3 83.2 93.9 88.8 93.8 110 3 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98 1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960 100.7 96.9 100.0 101.3 101.5 105.2 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 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 99.4 102.4 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 98.1 101 2 105 8 108 1 July 100.6 96.8 102.2 100.8 100.4 104.3 100.4 96.0 93.0 101.6 99.0 100.0 102.1 98.0 100.9 107.5 110.4 Aug 100.4 96.3 100.9 100.8 100.4 103.6 »"98.9 96.0 '93.7 102.6 99.1 100.1 102.1 98.1 '101.0 107.5 '111.1 Sept 100.3 95.4 100.9 100.8 100.5 103.1 99.0 96.0 93.4 100.0 99.4 100.2 102.2 98.1 101.1 107.4 111.8 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 PRICES 1591 WHOLESALE PRICES: DETAIL (1957-59=100) 1962 1963 1962 1963 Group Group Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce. 94.9 97.0 '•92.5 88.0 Woodpulp 93.6 91.7 91.7 91.7 Grains 98.6 99.5 98.5 102.9 Wastepaper 96.4 91.4 91.2 90.9 Livestock and poultry 104.4 94.4 93.5 88.6 Paper 102.4 102.2 102.2 102.2 Plant and animal fibers.. 97.4 100.2 99.6 99.4 Paperboard 94.0 94.1 94.1 94.1 Fluid milk 101.6 99.8 100.6 101.7 Converted paper and paperboard... 100.0 99.6 r99.8 100.3 Eggs 110.7 87.5 96.0 107.8 Building paper and board 97.1 97.5 97.5 97.6 Hay and seeds 99.8 111.1 111.3 110.5 Other farm products 90.8 89.1 88.4 88.9 Metals and Metal Products: Processed Foods: Iron and steel , 99.0 99.0 '99.0 99.1 C D M e a e r i a r e t y a , l p p a r o n o u d d lt u b r c y a t , k s e a a r n n y d d p f r i i c s o e h d u cr c e t a s m 1 1 1 0 0 0 7 6 6 . . . 6 8 0 1 1 9 0 0 6 6 7 . . . 3 4 3 1 1 9 0 0 5 7 6 . . . 2 9 0 1 1 9 0 0 4 8 7 . . . 2 0 0 N H P M l o a u e n r t m d a fe w l b r i c a r n o r o g n e u t e s a q i m n u e i e p r t m a s l e s nt , 1 1 9 9 0 0 8 6 3 3 . . . . 9 8 7 7 1 1 1 9 0 0 0 9 0 5 4 . . . . 0 6 0 1 1 1 1 9 0 0 0 9 4 5 0 . . . . 4 1 0 6 1 1 1 9 0 0 0 9 4 0 4 . . . . 6 7 6 2 C S A P u a a n e g c n i t a k m n a r a b e a g d l a l e e n s d f a d a n t b s c d e o v a n e f n r f r d e o a c z g o t e i e i o n l s m n e f a r r t u y e i r t i s a , ls and veg- 1 9 9 8 0 6 1 2 2 . . . . 6 4 4 1 1 1 8 8 0 2 2 1 5 0 . . . . 7 1 7 3 1 1 8 8 1 0 0 4 1 4 . . . . 9 3 2 8 1 1 8 8 1 0 4 0 1 5 . . . . 1 9 6 4 H F Fa a e u b b a c r r t t i i i s n c c a a g t t e e e d d q u n s i t o p r n m u s c e t t r n u u t r c a t l u m ra e l t m al e p ta r l o p d r u o c d ts - , 1 9 9 0 2 8 3 . . . 6 2 9 1 9 9 0 8 3 5 . . . 3 3 0 1 9 9 0 8 3 5 . . . 4 1 0 1 9 9 0 8 3 5 . . . 6 2 0 Crude vegetable oils 76.7 83.6 r77.4 78.6 Refined vegetable oils 84.6 84.3 79.6 80.8 Machinery and Motive Products: Vegetable oil and products 92.6 87.0 86.1 85.8 Miscellaneous processed foods 102.8 104.5 '106.5 106.5 Agricultural machinery and equip.... 109.4 110.9 110.9 111.0 Construction machinery and equip.... 107.7 109.7 110.0 110.1 Textile Products and Apparel: Metalworking machinery and equip... 109.3 109.9 110.2 110.1 General purpose machinery and Cotton products 101.3 99.8 '99.7 99.8 equipment 103.6 103.9 103.9 104.3 Wool products 99.4 100.5 100.6 100.6 Miscellaneous machinery 103.2 103.4 103.4 103.4 Man-made fiber textile products 94.0 93.7 93.9 94.0 Special industry machinery and equip- Silk products 125.2 134.5 136.6 130.1 ment (Jan. 1961= 100) 102.0 104.1 104.2 104.5 Apparel 101.6 102.2 102.2 102.3 Electrical machinery and equip 98.4 97.2 r97.2 97.3 Other textile products 122.1 115.1 116.5 116.9 Motor vehicles 101.1 99.8 99.5 99.5 Transportation equip., R.R. rolling Hides, Skins, Leather, and Products: stock (Jan. 1961=100) 100.5 100.5 100.5 100.5 L H e id at e h s e a r nd skins 1 1 1 0 0 6 . . 8 6 1 8 0 3 2 . . 5 2 1 8 0 0 0 . . 5 1 9 7 9 7 . . 5 3 Furniture and Other Household Dura- Footwear 108.8 108.4 108.4 108.4 bles: Other leather products. 104.0 104.0 103.5 103.4 Household furniture 103.9 104.5 104.6 104.6 Commercial furniture 102.5 102.8 103.0 103.0 Fuels and Related Products, and Power: Floor coverings 96.7 96.6 96.6 96.6 C C G o o a k a s l e fuels (Jan. 1958 = 100) 1 1 9 2 0 6 0 3 . . . 6 1 6 1 1 9 2 0 5 1 3 . . . 8 2 6 1 1 '9 2 0 6 0 3 . . . 2 9 6 1 1 9 2 0 7 2 3 . . . 2 3 6 T H O e t o h l u e e v s r e i s h h i o o o l n u d , s e r a h a p o d p l i l d o ia 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 3 . . . 7 2 1 1 9 8 0 1 7 3 . . . 7 7 4 1 9 8 0 1 7 3 . . . 7 7 3 1 9 8 0 1 7 3 . . . 4 8 5 Electric power (Jan. 1958 = 100). 102.8 102.0 101.9 101.8 Petroleum products, refined 99.2 98.7 96.1 95.9 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 96.6 '98.9 100.0 Concrete ingredients 103.3 103.2 103.0 103.0 Industrial chemicals 95.9 94.7 94.6 94.5 Concrete products 102.6 101.2 101.2 101.3 Prepared paint 103.8 103.0 103.9 103.9 Structural clay products 103.6 103.5 103.6 103.4 Paint materials 94.5 89.2 89.0 89.2 Gypsum products 105.0 105.0 105.8 106.1 Drugs and Pharmaceuticals... 95.0 95.1 95.0 94.9 Prepared asphalt roofing 89.4 88.2 88.2 88.2 Fats and oils, inedible 72.3 81.4 '81.7 81.3 Other nonmetallic minerals 101.5 101.2 100.7 100.9 Mixed fertilizers 103.9 103.6 103.6 103.8 Fertilizer materials 98.6 99.8 96.9 97.2 Tobacco Products and Bottled Bev- Other chemicals and products. 99.5 98.7 98.9 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 92.0 91.6 90.7 88.9 Nonalcoholic beverages 117.1 127.7 127.7 127.7 Tires and tubes 86.4 89.1 '91.2 91.7 Miscellaneous rubber products. 99.4 97.5 97.5 97.2 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 101.1 101.0 101.2 101.2 Manufactured animal feeds 113.7 116.3 117.7 119.0 Lumber.. 97.2 102.1 102.7 100.8 Notions and accessories 98.7 98.7 98.7 99.1 Millwork. 102.3 104.2 104.9 105.6 Jewelry, watches, photo equipment.. 104.4 103.9 103.5 103.5 Plywood.. 92.2 100.9 104.1 92.9 Other miscellaneous products 101.2 100.9 101.1 101.1 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1592 NATIONAL PRODUCT AND INCOME NOVEMBER 1963 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1958 1959 1960 1961 1962 m rv I II III 104.4 56.0 125.8 284.6 444.5 482.7 502.6 518.2 554.9 556.8 565.2 571.8 579.6 588.7 Personal consumption expenditures 79.0 46.4 81.9 195.0 293.2 313.5 328.2 336.8 355.4 356.7 362.9 367.4 370.4 374.9 9.2 3.5 9.7 30.4 37.3 43.6 44.9 43.6 48.2 47.7 50 5 50 6 51 0 50 8 Nondurable goods 37.7 22.3 43.2 99.8 141.6 147.1 151.8 155.1 161.4 162.5 163.6 165.3 165.9 168.6 Services 32.1 20.7 29.0 64.9 114.3 122.8 131.5 138.0 145.7 146.6 148.9 151.4 153.5 155.5 Gross private domestic investment 16.2 1.4 18.1 50.0 56.6 72.7 71.8 69.0 78.8 78.9 78.8 77.8 80.7 83.7 8.7 1.4 6.6 24.2 35.5 40.2 40.7 41.6 44.4 46 0 45 0 43 7 45 8 47 9 Residential, nonfarm 3.6 .5 3.5 14.1 18.0 22.3 21.1 21.0 23.2 24.2 23.7 22.7 24.8 25.9 Other 5.1 1.0 3.1 10.1 17.4 17.9 19.7 20.5 21.2 21.7 21.2 21 0 21 0 22 0 5.9 1.6 6.9 18.9 23.1 25.9 27.6 25.5 28.8 29.3 29.9 29.0 30.7 31 6 Change in business inventories 1.7 -1.6 4.5 6.8 2.0 6.6 3.5 1.9 5.5 3.6 4.0 5.1 4.3 4.2 1.8 -1.4 4.0 6.0 -2.9 6.5 3,2 1.5 4.9 2.8 3.2 4.3 3.6 3.7 Net exports of goods and services .8 .2 1.1 .6 1.2 3.0 4.4 3.8 4.1 3.3 3.6 4.8 4.3 Exports . • . 7.0 2.4 6.0 13.1 22.7 22^9 26.3 27.5 28.9 29.4 28.8 28.6 30.7 31.4 Imports 6.3 2.3 4.8 12.5 21.5 23.6 23.3 23.1 25.1 25.3 25.5 24.9 25.9 27.1 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 93.5 97.2 99.6 107.9 117.0 117.0 120.2 123.0 123.8 125.7 Federal 1.3 2.0 16.9 19.3 52.6 53.6 53.1 57.4 62.4 62 4 63 6 65 5 66 5 66 4 N Ot a h ti e o r nal defense \ I L13 n 2.0 { ( 1 3 3 . .8 2 1 5 4 . . 2 3 4 8 4 . . 3 8 4 7 6 . . 9 2 4 8 5 . . 0 7 4 8 9 . . 9 0 5 1 3 0 . . 3 0 5 9 3 . . 7 5 5 1 4 0 . . 3 4 5 1 6 0 . . 4 1 5 1 6 0 . . 7 6 5 1 6 0 . . 7 8 .1 .5 .5 .6 .6 .8 .8 1.1 1.0 8 1 2 State and local 7.2 6.0 7.8 19.7 40.8 43.6 46.5 50.6 54.6 54.6 56.6 57.5 57.3 59.4 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 401.3 428.6 439.9 447.7 474.8 475.6 481.4 485.3 489.4 495.1 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 III IV I II III 87.8 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 455.5 462.2 466.7 474.6^481.9 Compensation of employees 51.1 29.5 64.8 154.2 257.1 278.5 293.6 302.1 322.9 325.3 327.7 332.0 338.7 342.8 50.4 29.0 62.1 146.4 239.8 258.5 271.3 278.8 297.1 299.4 301.5 304.5 310.8 314.6 45.5 23.9 51.9 124.1 196.6 213.1 222.9 227.0 241.6 243.7 244.7 246.7 252.2 255.1 Military .3 .3 1.9 5.0 9.8 9.9 9.9 10.2 10.8 10.7 10.5 10.7 10.8 10.8 4.6 4.9 8.3 17.3 33.5 35.4 38.5 41.6 44.7 45.0 46.3 47.1 47.8 48.7 .7 .5 2.7 7.8 17.3 20.1 22.3 23.3 25.7 25.9 26.2 27.5 27.9 28.2 Employer contributions for social in- .1 .1 2.0 4.0 8.0 9.7 11.3 11.9 13.7 13.8 13.8 15.0 15.3 15.5 .6 .4 .7 3.8 9.4 10.4 11.0 11.4 12.1 12.2 12.3 12.4 12.6 12.7 14.8 5.6 17.4 37.5 46.1 46.5 46.2 48.1 49.8 49.8 50.3 50.7 50.0 50.5 8.8 3.2 10.9 23.5 32.5 35.1 34.2 35.3 36.5 36.6 36.9 37.2 37.4 37.8 6.0 2.4 6.5 14.0 13.5 11.4 12.0 12.8 13.3 13.2 13.4 13.5 12.6 12.7 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 12.1 Corporate profits and inventory valuation 10.1 -2.0 14.5 35.7 37.2 47.2 44.5 43.8 47.0 46.1 49.3 48.8 50.1 ^52.0 9.6 .2 17.0 40.6 37.4 47.7 44.3 43.8 46.8 46.2 48.4 48.3 51 0 52.0 1.4 .5 7.6 17.9 18.6 23.2 22.3 22.0 22.2 21.9 22.9 22.9 24.2 24.7 8.3 — .4 9.4 22.8 18.8 24.5 22.0 21.8 24.6 24.3 25.5 25 4 26 8 27 4 Dividends 5.8 2.1 4.5 9.2 12.4 13.7 14.5 15.3 16.6 16.5 17.1 17.1 17.6 17 6 2.4 -2.4 4.9 13.6 6.4 10.8 7.5 6.5 8.1 7.8 8.4 8.3 9.2 9.7 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -.5 .2 .2 -.1 .9 .4 -.9 -.0 6.4 5.0 4.5 5.5 14.8 16.4 18.1 20.0 22.0 22.3 23.0 23.3 23.7 24.3 Nora.—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

NOVEMBER 1963 NATIONAL PRODUCT AND INCOME 1593 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 m IV I II III 104.4 56.0 125.8 284.6 444.5 482.7 502.6 518.2 554.9 556.8 565.2 571.8 579.6 588.7 8.6 7.2 9.0 19.1 38.6 41.0 43.0 44.3 49.4 49.7 50.1 50.6 51.3 52.1 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 39.3 42.6 46.4 49.1 53.0 53.3 54.1 55.2 56.0 57.2 Business transfer payments • .6 .7 .5 .8 1.8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Statistical discrepancy .3 .9 .4 -.7 -1.5 -3.0 -3.0 -1.9 -1.8 -2.6 -1.9 -2.3 -4.2 -4.3 Plus: Subsidies less current surplus of gov- -.1 .1 .2 1.1 .4 .5 1.7 1.7 1.4 1.6 .7 .4 .5 Equals: National income 87.8 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 455.5 462.2 466.7 474.6*481.9 Less: Corporate profits and inventory valu- 10.1 -2.0 14.5 35.7 37.2 47.2 44.5 43.8 47.0 46.1 49.3 48.8 50.1 P52.0 Contributions for social insurance .2 .3 2.8 6.9 14.8 17.6 20.6 21.4 23.9 24.0 24.2 26.5 27.0 27.4 .9 1.5 2.6 14.3 24.5 25.4 27.3 31.3 32.5 32.3 33.6 34.7 34.2 34.4 Net interest paid by government 1.0 1.2 1.3 4.8 6.2 7.1 7.8 7.7 8.0 8.1 8.2 8.3 8.4 8.5 5.8 2.1 4.5 9.2 12.4 13.7 14.5 15.3 16.6 16.5 17.1 17.1 17.6 17.6 Business transfer payments .6 .7 .5 .8 1.8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Equals: Personal income 85.8 47.2 96.3 228.5 360.3 383.9 401.3 417.4 442.1 444.5 449.9 453.9 459.9 465.2 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 42.3 46.8 51.4 52.9 57.7 58.1 58.5 59.4 59.9 60.8 Federal 1.3 .5 2.0 18 2 36.6 40.4 44.0 45.1 49.0 49.4 49.7 50.0 50.4 51.1 State and local 1.4 1.0 1.3 2.6 5.7 6.4 7.3 7.8 8.7 8.7 8.8 9.4 9.6 9.7 Equals: Disposable personal income 83.1 45.7 93.0 207.7 317.9 337.1 349.9 364.4 384.4 386.5 391.4 394.5 400.0 404.4 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 293.2 313.5 328.2 336.8 355.4 356.7 362.9 367.4 370.4 374.9 Equals: Personal saying 4.2 -.6 11.1 12.6 24.7 23.6 21.7 27.6 29.1 29.7 28.5 27.1 29.6 29.5 Disposable personal income in constant (1954) dollars 134.9 102 1 175.1 231.0 296.3 310.7 317.8 328.4 343.6 345.1 348.2 349.5 353.2 356.0 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1962 1963 Item 1961 1962 Sept. Oct. Nov. Dec. Jan. Feb. | Mar. Apr. May June July Aug. ^Sept Total personal income. 417.4 442.1 445.5 447.7 449.9 452.1 1454.0 452.9 454.8 457.4 460.1 462.6 464.2 465.1 466.4 Wage and salary disbursements , 278.8 297.1 299.8 300.1 301.5 302.9 302.8 304.7 306.1 308.7 311.2 312.9 314.1 314.4 315.4 Commodity-producing industries. 110.8 118.5 119.5 119.4 119.9 119.6 119.5 120.1 120.9 122.5 123.8 124.7 125.1 124.7 124.9 Manufacturing only 87.5 94.2 95.0 94.6 95.0 94.9 94.7 95.5 96.3 97.2 98.4 99.0 99.2 98.7 99.0 Distributive industries 72.9 76.6 77.6 11A 77.5 78.4 77.9 78.6 78.7 79.7 79.8 80.1 80.2 80.5 Service industries 43.4 46.4 46.8 47.1 47.3 47.7 47.8 48.3 48.5 49.1 49.4 49.8 50.0 50.1 Government 51.8 55.6 55.9 56.3 56.9 57.3 57.6 57.8 58.0 58.6 58.9 59.2 59.5 59.8 Other labor income. 11.4 12.1 12.2 12.3 12.3 12.4 12.3 12.5 12.5 12.5 12.6 12.6 12.7 12.7 12.7 Proprietors* income 48.1 49.8 49.9 50.1 50.4 50.5 50.7 50.7 50.5 50.7 50.0 50.0 50.4 50.6 50.6 Business and professional. 35.3 36.5 36.6 36.8 37.0 37.0 37.1 37.2 37.2 37.3 37.4 37.6 31.1 37.9 37.9 Farm 12.8 13.3 13.3 13.3 13.4 13.5 13.6 13.5 13.3 12.8 12.6 12.4 12.7 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 12.1 12.1 12.1 Dividends 15.3 16.6 16.6 16.8 16.9 17.7 17.0 17.2 17.2 17.3 17.3 18.2 17.5 17.6 17.7 Personal interest income. 27.7 30.0 30.6 30.9 31.1 31.3 31.5 31.7 31.8 31.9 32. 32.3 32.6 32.8 33.0 Transfer payments 33.6 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 36.8 Less: Personal contributions for social insurance 9.5 10.2 10.2 10.4 10.3 10.3 11.4 11.5 11.5 11.6 11.7 11.8 11.8 11.9 11.9 Nonagricultural income. 400.3 424.5 428.1 430.1 432.0 434.1 1435.9 434.9 437.0 440.5 443.1 445.8 447.0 448.0 449.4 Agricultural income 17.1 17.6 17.4 17.6 17.8 18.0 18.1 18.0 17.8 17.3 17.1 16.9 17.2 17.1 17.0 i Includes stepped-up rate of Govt. life insurance payments to veterans NOTE.—Dept. of Commerce estimates. Monthly data are seasonally and a special dividend to all W.W. II veterans holding NSLI policies; adjusted totals at annual rates. See also NOTE to table at top of previous disbursements amounted to $3.6 billion. page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1594 FLOW OF FUNDS/SAVING NOVEMBER 1963 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1958 1959 1960 1961 1962 II III IV II III IV Saving and investment 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 Consumer and nonprofit 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 Farm and noncorp. business 11.9 13.4 12.9 12.5 13. 12.5 12.4 12.4 12.9 13.1 13.2 13.3 13.2 13.3 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 U.S. Government -7. -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 State and local govt -5.2 -3.5 -3.0 -4.7 -3. -4.5 -4.7 -5.2 -4.5 -3.3 -3.4 -4.0 -3.4 -2.6 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 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. 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 46.0 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 .7 .7 .6 .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 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 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 U.S. 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 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 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 Foreign borrowers 2.3 .8 2.0 2.8 2.3 .3 3.5 4.3 3.7 2.0 3.3 3.3 4.8 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 Securities 1.3 .7 .7 .8 1.0 .8 .8 1.1 .6 1.1 .7 1.8 2.0 1.4 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 Loans 3.3 14.7 11.2 5.9 13.7 1.9 8.6 10.4 8. 17.2 12.5 17.1 10.0 15.5 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./ 6.2 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 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 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 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 Corporate securities 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 1- to 4-family mortgages 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 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 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 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.S. Govt. lending 1.7 3.8 2.4 2 3.5 -.5 4.9 4.5 4.0 4.5 1.9 3.6 1.2 1.5 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 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 Sources n.e.c 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 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 At 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. 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 AI 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 U.S. 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 F Banking system 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 I 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 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 Deposit claims 22 10.9 15.6 26.8 32.1 24.1 29.6 28.9 35.0 31 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 13.3 15.7 17.4 14.3 O P Life insurance reserves 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 o Pension fund reserves 4.4 5. 4.7 4.9 5.0 4.4 4.8 5.9 4.5 5.7 4.6 5. 4.6 5.5 O Credit market instruments 6. 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 R Investment co. shares 1.6 1.8 1.5 2.0 1.9 1.7 2. 2.7 3. 2.2 1.3 .8 .8 .6 S S Corporate bonds 1.1 1 .1 1. 2.0 T T Loans 3. .6 2.8 -.1 3. 2.0 1. 3.9 4.2 2.1 .9 4.7 U U Security credit .6 9 9 2. -1. 2. -2.0 1.6 2.7 -1.4 2.0 V V Other sources, net 4.7 3.1 4.9 3*.O f.3 1.4 7.4 1.0 r.2 5.0 3.8 -1.0 w w NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1963 BULL. p. 1464. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 FLOW OF FUNDS/SAVING 1595 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transaction category, 1958 1959 1960 1961 1962 or sector 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 .3 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 .7 .9 .3 1.0 -1.1 4.8 4.9 3.9 -6.5 1.5 7.8 3.4 B C Other 5.5 .7 5.1 2.5 4.7 4.6 10.5 -5.3 2.3 11.3 -3.5 9.4 C D Net increase in assets, by sector.... 6.2 .4 .5 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 3 1.1 -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 -.3 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 \'.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 J I S F t i a n t a e n c a i n a d l s lo e c c a to l r g s ovt 2 7 —2 2 j .6 2 c 1 1 . . 3 3 -2.1 .8 1 1 . . 8 1 5 1 1 . 6 5 2 5 1 . . 7 4 8 -5 2 1 . . 7 1 8 - - 4 1 . . 1 7 4 2 .47 * 2 2 1 . . 1 1 6 -6 — 1 .8 . 0 6 -2. . 2 1 4 H J I K. Rest of the world -.1 — .1 — .1 .1 — 6 — 1 3 .7 1.4 — .4 9 — 6 1 2 K L M Discrepancy—U O . t S h . e r Govt. cash * 9 * 1 1 * 0 - 1 .1 4 .9 1 -2 1 . 6 0 2 1 .5 8 2 1 A -.1 4 7 1 1. 7 6 - 1 .3 2 L M 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 — .4 .8 1.3 2.6 1.2 .8 — 2.4 4.8 2.6 .6 2.3 4 1 2 4 C ID 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 .3 .6 .3 .6 1.1 .5 * .1 2 1.3 1.2 .7 E F Consumer and nonprofit orgs.. . . 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 5.3 G At savings institutions 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 8.9 orgs —Total 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 14.0 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 -2.0 — .4 .7 .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 c .7 -4.0 3.3 H I Corp nonfin business * 3.8 -2.7 -.4 3 3.7 -4.0 -.5 1.9 .4 .7 1.8 14 I T State and local 2ovt A 1.8 .2 3 1 4 6 — 4 .2 3 9 1 4 .7 _ 3 g 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 2.2 .7 1.5 2.0 j j 2.8 5 4 2.5 5 2 2.1 M 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 P Insurance and pension funds .4 3 2 e - - . . 4 4 -.1 .5 . . 4 4 9 .2 o 1. . 0 6 . .3 8 .3 5 . . 8 5 . . 4 6 1 j .2 3 .5 2 O P Q Finance nee . 2 * 1.0 .6 .8 .2 3.5 -.5 -.1 .5 1.2 1.6 .5 .2 Q R Rest of the world .1 3.0 .6 .4 1.3 1.1 .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 Nonfinancial 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 i 7 1 8 2 0 14 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 .5 .7 -.2 .2 .2 -.2 -.1 .2 .2 -.2 -.1 I J Commercial banks 2.5 .4 .4 2.7 4.4 3.3 3.3 5.0 5.7 3.3 3.5 5.8 6.3 J K L M ^ I F n i s n S u a e r n a c c n u e r c i e n ty .e a b . n c r d o k p e en rs s i a o n n d f u d n e d a s lers - — 6 .8 . 5 .4 - 7 .4 . . 0 2 - - 7 . . 1 6 .0 - 7 .8 .7 2 7.4 A 7! . . 5 5 9 - - 1 1 8 . . . 7 0 4 - 8 .9 . . 1 1 - 6 .3 . .9 5 8 1 1 . . . 5 5 3 -1 6 . . 5 8 * 7.9 — - 8 .8 . 2 .5 - — 8 .4 . 0 2 L K M A e O A i ^ 1 C A *> "NT O Purchases 1.2 1.0 1.4 1.1 1.3 1.4 1.7 1.9 2.4 -.2 .4 .6 .4 O P Net issues 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 P O Rest of the world .4 .3 .4 — .1 6 3 4 — 6 — 1 3 1 i — 6 O • 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 US Govt .3 2.2 1.2 .6 .3 .1 g 1 4 1 2 .3 — l — 1 3— 15 F 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 -.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 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 * • -.4 -.1 .6 F G Financial sectors -1.1 1.7 -.3 .1 1.1 -.5 2.7 .5 -.2 1.7 .7 2.1 2.3 G NOTE.—Ouarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1963 BULL., p. 1464. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1596 CONSUMER CREDIT NOVEMBER 1963 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CREDIT, 1962 (Amounts outstanding at end of month, in millions of dollars) Type of credit or holder Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Consumer credit, by major parts: Total 56,689 56,084 56,210 57,215 58,173 58,959 59,205 59,837 60,030 60,441 61,203 63,164 Instalment credit, total 43,188 42,979 43,075 43,711 44,338 45,056 45,490 46,020 46,145 46,526 47,052 48,034 Automobile paper 17,128 17,157 17,339 17,710 18,075 18,479 18,770 19,018 18,972 19,193 19,416 19,540 Other consumer goods paper 11,681 11,456 11,308 11,373 11,450 11,567 11,574 11,637 11,691 11,777 11,960 12;605 Repair and modernization loans 3,148 3,112 3,099 3,106 3,143 3,171 3,193 3,226 3,239 3,250 3,259 3.246 Personal loans 11,231 11,254 11,329 11,522 11,670 11,839 11,953 12,139 12,243 12,306 12,417 12;643 Noninstalment credit, total 13,501 13,105 13,135 13,504 13,835 13,903 13,715 13,817 13,885 13,915 14,151 15,130 Single-payment loans 4,924 4,976 5,125 5,215 5,363 5,386 5,351 5,401 5,403 5,355 5,420 5,456 Charge accounts 4,846 4,292 4,168 4,375 4,596 4,644 4,511 4,580 4,642 4,768 4,884 5,684 Service credit 3,731 3,837 3,842 3,914 3,876 3,873 3,853 3,836 3,840 3,792 3,847 33990 Instalment credit, by holder: Total 43,188 42,979 43,075 43,711 44,338 45,056 45,490 46,020 46,145 46,526 47,052 48,034 Financial institutions, total 37,993 37,887 37,968 38,460 38,984 39,585 40,013 40,492 40,561 40,864 41,256 41,782 Commercial banks 16,964 16,967 17,062 17,366 17,686 18,024 18,251 18,460 18,491 18,680 18,847 19,005 Sales finance companies 11,468 11,361 11,283 11,359 11,440 11,570 11,682 11,796 11,787 11,860 11,986 12,194 Credit unions 4,277 4,277 4,315 4,402 4,488 4,581 4,639 4,734 4,762 4,814 4,861 4,902 Consumer finance companies 3,782 3,783 3,795 3,826 3,836 3,876 3,907 3,948 3,969 3,974 4,009 4,131 Other 1,502 1,499 1,513 1,507 1,534 1,534 1,534 1,554 1,552 1,536 1,553 1,550 Retail outlets, total 5,195 5,092 5,107 5,251 5,354 5,471 5,477 5,529 5,583 5,662 5,796 6,252 Department stores 1 2,158 2,153 2,227 2,339 2,430 2,522 2,545 2,609 2,675 2,737 2,835 3,013 Furniture stores 1,036 1,018 998 991 997 990 989 999 998 1,002 1,019 1,073 Household appliance stores 288 285 281 280 280 283 283 285 284 285 287 294 Automobile dealers 310 298 314 350 342 356 358 338 333 338 319 345 Other 1,403 1,338 1,287 1,291 1,305 1,320 1,302 1,298 1,293 1,300 1,336 1,527 Instalment credit held by commercial banks, by type of credit: Total 16,964 16,967 17,062 17,366 17,686 18,024 18,251 18,460 18,491 18,680 18,847 19,005 Automobile paper: Purchased 5,379 5,398 5,457 5,569 5,692 5,823 5,923 6,011 6,012 6,095 6,164 6,184 Direct 2,885 2,911 2,965 3,056 3,144 3,229 3,279 3,314 3,287 3,343 3,405 3,451 Other consumer goods paper 2', 718 2,690 2,656 2,653 2,682 2,716 2,736 2,730 2,738 2,755 2,773 2,824 Repair and modernization loans 2,170 2,147 2,132 2,143 2,165 2,188 2,210 2,231 2,247 2,262 2,270 2,261 Personal loans 3,812 3,821 3,852 3,945 4,003 4,068 4,103 4,174 4,208 4,225 4,235 4,285 Instalment credit held by sales finance companies, by type of credit: Total 11,468 11,361 11,283 11,359 11,440 11,570 11,682 11,796 11,787 11,860 11,986 12,194 Automobile paper 6,754 6,745 6,772 6,864 6,991 7,122 7,228 7,327 7,296 7,350 7,440 7,449 Other consumer goods paper 3,345 3,243 3,134 3,093 3,027 2,997 2,981 2,969 2,957 2,952 2,967 3,123 Repair and modernization loans 162 162 163 165 167 168 171 171 172 172 171 170 Personal loans 1,207 1,211 1,214 1,237 1,255 1,283 1,302 1,329 1,362 1,386 1,408 1,452 Instalment credit held by other financial institutions, by type of credit: 2 Total 9,561 9,559 9,623 9,735 9,858 9,991 10,080 10,236 10,283 10,324 10,423 10,583 Automobile paper 1,800 1,805 1,831 1,871 1,906 1,949 1,982 2,029 2,044 2,067 2,088 2,111 Other consumer goods paper 733 729 725 726 729 739 738 747 746 746 743 751 Repair and modernization loans 816 803 804 798 811 815 812 824 820 816 818 815 Personal loans 6,212 6,222 6,263 6,340 6,412 6,488 6,548 6,636 6,673 6,695 6,774 6,906 Noninstalment credit: Total 13,501 13,105 13,135 13,504 13,835 13,903 13,715 13,817 13,885 13,915 14,151 15,130 Single-payment loans: Commercial banks 4,240 4,294 4,391 4,544 4,614 4,671 4,659 4,653 4,660 4,653 4,669 4,690 Other financial institutions 684 682 734 671 749 715 692 748 743 702 751 766 Charge accounts: Department stores 1 804 635 594 620 636 612 569 570 614 638 688 92, Other retail outlets 3,563 3,185 3,119 3,305 3,496 3,553 3,442 3,483 3,500 3,619 3,696 4,252 Credit cards 479 472 455 450 464 479 500 527 528 511 500 505 Service credit 3,731 3,837 3,842 3,914 3,876 3,873 3,853 3,836 3,840 3,792 3,847 3,990 1 Includes mail-order houses. For other notes, see notes to tables on pp. 1576-1579 of this BULL. 2 Other than commercial banks and sales finance cos. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 CONSUMER CREDIT 1597 REVISED ESTIMATES OF INSTALMENT CREDIT EXTENDED AND REPAID, 1960 (In millions of dollars) By Type of Credit Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Period E s x io te n n s - m p R e a e n y - t - s s C i t c n a h r n a e o d n d u i i g t n t e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o n d d u g i i t n t e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o n d d u g i i t n t e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o n d d u g i i t n t e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o n d d u g i i t t n e - j g Seasonally adjusted Jan 4,147 3,765 382 ,471 1,351 120 ,249 1,119 130 183 151 32 ,244 ,144 100 Feb 4,185 3,700 485 1,548 1,335 213 1,206 1,084 122 197 151 46 1,234 ,130 104 Mar 4,183 3,754 429 1,565 1,356 209 1,193 1,104 89 189 154 35 1,236 ,140 96 Apr 4,330 3,858 472 1,596 1,365 231 [,245 1,135 110 192 153 39 1,297 ,205 92 May 4,148 3,837 311 1,519 1,384 135 1,190 1,141 49 193 153 40 1,246 ,159 87 June 4,176 3,851 325 1,504 1,378 126 1,233 1,147 86 193 161 32 :1,246 ,165 81 July 4,174 3,889 285 1,416 1,359 57 1,192 1,137 55 187 160 27 1,379 ,233 146 Aug 4,076 3,840 236 1,446 1,376 70 1,169 1,132 37 187 159 28 1,274 ,173 101 Sept 4,160 3,875 285 1,476 1,367 109 '1.,205 1,138 67 111 155 22 1,302 ,215 87 O N c o t v 4 3, , 9 0 9 2 1 5 3 3 , , 8 8 9 7 1 7 1 1 0 4 0 8 •1 1 , , 3 4 5 3 8 2 1 1, , 3 3 8 8 1 6 -2 5 8 1 1 1, , 1 2 7 0 1 7 1 1, , 1 1 4 5 1 4 5 3 3 0 1 1 7 7 6 0 1 1 6 6 5 1 15 5 1 1 , , 2 2 5 5 0 2 1 1 , , 1 1 9 9 0 0 6 6 2 0 Dec 3,967 3,864 103 1,315 1,356 -41 1,214 1,147 67 172 163 9 1.266 1,198 68 Not seasonally adjusted Jan 3,531 3,640 -109 ,260 1,291 -31 1,042 1,124 -82 136 144 -8 1,092 1,081 11 Feb 3,688 3,644 44 1,408 1,307 101 '975 1,100 -125 159 148 11 1,146 1,089 57 Mar 4,162 3,931 231 ,615 1,420 195 1,106 1,164 -58 177 159 18 1,264 1,188 76 Apr 4,415 3,811 604 1,678 1,339 339 1,206 1,134 72 190 150 40 1,340 1,189 151 May 4,290 3,821 469 1,639 1,386 253 1,192 1,128 64 217 154 63 1,242 1,153 89 June 4,519 3,900 619 1,711 1,396 315 1,281 1,149 132 213 163 50 1,314 :1,192 122 July 4,097 3,752 345 ,454 1,323 131 1,118 1,084 34 194 158 36 1,331 1,188 143 Aug 4,326 3,944 382 ,555 i;432 123 1,201 1,137 64 219 166 53 1,351 1,210 141 Sept 3,992 3,801 191 1,354 1,357 -3 1,206 1,119 87 192 157 35 1,240 1,167 73 Oct 3,957 3,873 84 1,381 1,424 -43 1,229 1,140 89 186 165 21 1,162 1,144 18 Nov 4,019 3,883 136 1,362 1,372 -10 1,238 1,143 95 176 162 14 1,244 1,206 38 Dec 4,563 3,971 592 1,236 1,337 -101 1.675 1,153 522 154 158 -4 1,497 1,322 175 By Holder Commercal Sales finance Other financial Retail Total banks companies institutions outlets Period Change Change Change Change Change Ex- Re- in out- Ex- Re- in out- Ex- Re- in out- Ex- Re- in out- Ex- Re- in outten- pay- stand- ten- pay- stand- ten- pay- stand- ten- pay- stand- ten- pay- standsions ments ing sions ments ing sions ments ing sions ments ing sions ments ing credit credit credit credit credit Seasonally adjusted Jan . 4,147 3,765 382 1,534 1 .401 254 954 850 104 982 885 97 677 629 — 73 Feb 4,185 3,700 485 1,579 1,357 222 1,005 831 214 982 886 96 619 626 -47 Mar 4,183 3,754 429 1,543 1,369 62 997 846 231 989 888 101 654 651 35 Apr 4 330 3,858 472 1,568 1,383 185 1,010 880 130 1,034 936 98 718 659 59 May 4,148 3,837 311 1,544 1,413 131 973 859 114 994 898 96 637 667 -30 June.. 4,176 3,851 325 1,542 1,408 134 964 861 103 993 915 78 677 667 10 July 4,174 3,889 285 1,483 1,409 74 928 869 77 1,117 966 151 646 645 -17 Aug 4,076 3,840 236 1,493 1,393 100 954 882 72 1,018 927 91 611 638 -27 Sept 4 160 3,875 285 1,534 1,406 128 979 895 84 1 018 942 76 629 632 — 3 Oct 3,991 3,891 100 1,469 1,446 23 901 884 17 981 926 55 640 635 5 Nov 4,025 3,877 148 1,527 1,433 94 923 906 17 969 926 43 606 612 -6 Dec 3,967 3,864 103 1,458 ,425 33 868 886 -18 992 940 52 649 613 36 3 Not seasonally adjusted Jan 3,531 3,640 -109 1.392 1.350 163 822 794 28 826 841 -15 491 655 -285 Feb 3,688 3,644 44 1,444 1,356 88 881 804 117 901 847 54 463 637 -214 Mar 4,162 3,931 231 1,565 ,424 29 995 903 172 1,009 922 87 593 682 -57 Apr 4,415 3,811 604 1,661 ,368 293 1,019 870 149 1,047 921 126 687 653 34 M»v 4,290 3,821 469 1,647 ,424 223 1,005 854 151 1,012 897 115 626 645 -19 June 4,519 3,900 619 1,693 ,434 259 1,076 866 210 1,057 936 121 693 664 29 July 4,097 3,752 345 1,494 ,375 119 963 836 145 1,089 932 157 551 609 -76 Aug 4,326 3,944 382 1,599 ,454 145 1,036 913 123 1,086 951 135 605 627 -22 Sept 3,992 3,801 191 .470 ,393 77 935 886 49 958 903 55 629 618 11 Oct 3,957 3,873 84 1,450 ,446 4 918 911 7 919 888 31 670 628 42 Nov 4,019 3,883 136 1,437 ,410 27 905 903 2 991 940 51 687 631 56 Dec 4,563 3,971 592 1,416 ,397 19 902 903 i 1,178 1,044 134 1,067 627 440 See notes to tables on pp. 1576-1579 of this BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1598 CONSUMER CREDIT NOVEMBER 1963 REVISED ESTIMATES OF INSTALMENT CREDIT EXTENDED AND REPAID, 1961 (In millions of dollars) By Type of Credit Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Pe lo rs a o n n s al Period Change Change Change Change Change Ex- Re- in out- Ex- Re- in out- Ex- Re- in out- Ex- Re- in out- Ex- Re- in outten- pay- stand- ten- pay- stand- ten- pay- stand- ten- pay- stand- ten- pay- standsions ments ing sions ments ing sions ments ing sions ments ing sions ments ing credit credit credit credit credit Seasonally adjusted Jan 3 879 3,909 -30 J.280 1,376 -96 1.181 1.166 15 170 168 2 1 248 1 199 49 Feb 3,840 3,914 -74 1,226 1,368 -142 1,167 1,149 18 165 164 1,282 ,233 49 Mar 3,928 3,922 6 :1,280 1,367 -87 ,187 1,169 18 172 162 10 1,289 ,224 65 Apr 3,770 3,944 -174 1,219 1,370 -151 1,135 1,198 -63 171 166 5 1,245 210 35 May 3,917 3,914 3 1,293 1,352 -59 1,170 1,165 5 170 167 3 1,284 ,230 54 June 4 012 3,987 25 1,343 1,379 -36 1,169 1,187 -18 176 170 6 1 324 I 251 73 July 3,960 3,952 8 1,326 1,376 -50 1,189 1,177 12 164 165 1,281 ,234 47 Aug 4 095 4 011 84 1,348 1,377 -29 1,227 1,199 28 182 167 15 1 338 268 70 Sept 4,052 3,987 65 1,330 1,375 -45 1,233 1,187 46 176 169 7 1,313 ,256 57 Oct 4,233 4,064 169 1,410 1,389 21 1,270 1,221 49 177 174 3 1,376 .280 96 Nov 4 268 4,047 221 1,480 1,378 102 1,244 1,201 43 174 169 5 1 370 1 299 71 Dec 4,404 4,072 332 1,470 1,377 93 1,380 1,234 146 171 170 1 1,383 1,291 92 Not seascmally adjusted Jan 3,427 3,915 -488 1.138 1.372 -234 1,018 1,191 -173 129 166 -37 1.144 1,186 —42 Feb 3,190 3,660 -470 ,054 ,266 -212 886 1,115 -229 127 152 -25 1,124 1,127 -3 Mar 3,920 4,126 -206 1,334 ,436 -102 1,104 1,239 -135 162 170 -8 1,320 1,281 39 Apr 3,737 3,784 -47 ,251 ,304 -53 1,073 1,164 -91 165 159 6 1,247 1,157 90 May 4,224 4,063 161 1,466 ,410 56 ,218 1,206 12 201 172 29 1,340 1,275 65 June 4 367 4 064 303 1,533 ,403 130 1,232 1,198 34 196 174 22 I 407 1 288 119 July 3,954 3,901 53 1,390 ,377 13 ,129 1,142 -13 174 165 9 1,261 1,217 44 Aug 4,294 4,079 215 1,422 ,414 8 1,256 1,200 56 210 174 36 1,407 1,291 116 Sept . 3 843 3 864 -21 1,186 ,345 -159 1,231 1,162 69 188 169 19 I 238 1 188 50 Oct 4,291 4,131 160 1,481 ,462 19 1,312 1,225 87 188 183 5 1,311 1,260 51 Nov 4,312 4,071 241 1,433 ,375 58 1,323 1,203 120 180 169 11 ,376 1,325 51 Dec . . 4,835 4,041 794 1,320 ,307 13 ,795 1,200 595 148 161 -13 I 572 1,373 199 By Holder Commercial Sales finance Other financial Retail Total banks companies institutions outlets Period E s x io te n n s - m p R e a e n y - - ts C s i t c n h a r n a e o n d d u g i i t t n e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o n d d u g i i t t n e - g E s x io te n n s - p R a e y - - C s i t c n h a r n a e o n d d u i g i t t n e - g E s x io te n n s - m p R e a e n y - t - s C s i c t n h a r n a e o n d d u i g i t t n e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o n d d u i g i t t n e - g m Seasonally adjusted Jan.... 3,879 3,909 -30 1,428 1,447 957 845 900 -15 969 925 44 637 637 -1,016 Feb.. . 3,840 3,914 -74 1,406 1,556 -150 835 868 -33 985 957 28 614 533 81 Mar.. . 3,928 3,922 6 1,438 1,533 -95 848 897 -49 1,000 965 35 642 527 115 Apr.. . 3,770 3,944 -174 1,397 1,578 -181 835 900 -65 950 938 12 588 528 60 May. . 3,917 3,914 3 1,440 1,522 -82 843 899 -56 1,000 963 37 634 530 104 June.. 4,012 3,987 25 1,450 1,535 -85 891 926 -35 1,041 988 53 630 538 92 July... 3,960 3,952 8 1,464 1,523 -59 839 907 -68 1,002 972 30 655 550 105 Aug.. . 4,095 4,011 84 1,511 1,521 -10 885 936 -62 1,039 989 61 660 565 95 Sept.. . 4,052 3,987 65 1,491 1,523 -73 872 906 15 1,033 987 46 656 571 77 Oct.... 4,233 4,064 169 1,550 1,536 14 925 937 -12 1,078 1,006 72 680 585 95 Nov.. . 4,268 4,047 221 1,568 1,507 44 945 932 13 1,086 1,024 62 669 584 102 Dec.. . 4,404 4,072 332 1,575 1,518 57 1,084 943 141 1,087 1,015 72 658 596 62 Not seasonally adjusted Jan.. 3,427 3,915 -488 1,350 1,460 866 765 872 -67 845 916 -71 467 668 -1,217 Feb. 3,190 3,660 -470 1,217 1,471 -254 683 800 -117 855 871 -16 436 519 -83 Mar. 3,920 4,126 -206 1,465 1,602 -137 844 970 -126 1,026 1,006 20 585 548 37 Apr. 3,737 3,784 -47 1,435 1,511 -76 815 866 -51 932 900 32 555 507 48 May 4,224 4,063 161 1,608 1,600 8 909 934 -25 1,064 994 70 644 535 109 June 4,367 4,064 303 1,603 1,569 34 995 938 57 1,119 1,019 100 651 538 113 July. 3,954 3,901 53 1,510 1,529 -19 878 891 -13 990 956 34 576 525 51 Aug. 4,294 4,079 215 1,590 1,563 27 944 951 -18 1,101 1,004 108 659 561 98 Sept. 3,843 3,864 -21 1,403 1,490 -128 822 879 o 959 933 26 659 562 89 Oct.. 4,291 4,131 160 1,571 1,575 -4 970 986 -16 1,033 986 47 718 584 134 Nov. 4,312 4,071 241 1,491 1,488 -14 941 9?9 12 1,118 1,046 72 762 608 170 Dec. 4,835 4,041 794 1,469 1,435 34 1,101 928 173 1,241 1,084 157 1,024 594 430 See notes to tables on pp. 1576-1579 of this BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 CONSUMER CREDIT 1599 REVISED ESTIMATES OF INSTALMENT CREDIT EXTENDED AND REPAID, 1962 (In millions of dollars) By Type of Credit Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Pe lo rs a o n n s al Period E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o n d d u i g i t t n e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o d n d u i g i t n t e - g E s x io te n n s - m p R e a e n y - t - s C s i c t n h a r n e a o d d n u i i g t t n e - g E s x io te n n s - m p R e a e n y - t - s C s i t c n h a r n a e o d d n u i i g t t n e - g E s x io te n n s - m p R e a e n y - t - s s C i t c n a h r n e a o d d n u i i g t t n e - g Seasonally adjusted Jan 4,278 4,092 186 ,511 1,436 75 ,229 ,195 34 160 166 -6 ,378 1,295 83 Feb 4,357 4,097 260 ,553 1,408 145 ,279 ,238 41 157 167 -10 ,368 1,284 84 Mar 4,418 4,106 312 ,592 1,405 187 ,238 ,220 18 170 167 3 ,418 1,314 104 Apr 4,604 4,119 485 ,645 1,397 248 ,335 ,232 103 170 166 4 ,454 1,324 130 May 4,644 4,224 420 ,667 1,460 207 ,314 ,248 66 182 171 11 ,481 1,345 136 June 4,579 4,190 389 ,638 1,435 203 ,299 ,246 53 179 168 11 ,463 1,341 122 July 4,640 4,266 374 ,671 1,464 207 ,309 ,271 38 177 169 8 ,483 1,362 121 Aug 4,651 4,263 388 ,691 1,480 211 ,292 ,258 34 179 168 11 ,489 1,357 132 Sept 4,543 4,293 250 ,566 1,467 99 ,306 ,276 30 165 164 1 ,506 1,386 120 Oct 4,639 4,271 368 ,700 1,494 206 ,280 ,238 42 169 163 6 ,490 1,376 114 Nov 4,855 4,372 483 ,776 1,523 253 ,364 ,268 96 167 165 2 ,548 1,416 132 Dec 4,826 4,341 485 ,739 1,509 230 ,415 ,262 153 164 166 _2 ,508 1,404 104 Not seas<onally adjusted Jan 3,837 4,176 -339 ,359 1,454 -95 1,079 ,255 -176 123 166 -43 ,276 1,301 -25 Feb 3,606 3,815 -209 ,325 1,296 29 '969 ,194 -225 118 154 -36 1,194 1,171 23 Mar 4,340 4,244 96 ,630 1,448 182 1,133 ,281 -148 157 170 -13 ,420 1,345 75 Apr 4,711 4,075 636 ,753 1,382 371 1,282 ,217 65 172 165 7 ,504 ,311 193 May 4,923 4,296 627 ,860 1,495 365 1,343 ,266 77 211 174 37 ,509 ,361 148 June 4,910 4,193 717 ,835 1,431 404 1,355 ,239 116 197 169 28 ,523 1,354 169 July 4,706 4,272 434 ,783 1,492 291 1,251 ,243 8 193 172 21 ,479 1,365 114 Aug 4,851 4,320 531 ,760 1,512 248 ,316 ,253 63 207 174 33 ,568 1,382 186 Sept 4,107 3,983 124 ,328 1,374 -46 1,250 ,196 54 169 157 12 ,359 ,256 103 Oct 4,871 4,489 382 ,848 1,627 221 1,370 ,284 86 188 177 11 1,465 1,401 64 Nov 4,915 4,389 526 ,737 1,514 223 1,454 ,271 183 170 162 8 1,553 1,442 111 Dec 5,351 4,368 983 ,579 1,454 125 1,884 ,239 645 145 158 -13 ,743 1,517 226 By Holder Total Commercial Sales finance Other financial Retail banks companies institutions outlets Period Change Change Change Change Change Ex- Re- in out- Ex- Re- in out- Ex- Re- in out- Ex- Re- in out- Ex- Re- in outten- pay- stand- ten- pay- stand- ten- pay- stand- ten- pay- stand- ten- pay- standsions ments ing sions ments ing sions ments ing sions ments ing sions ments ing credit credit credit credit credit Seasonally adjusted Jan 4,278 4,092 186 1,574 1,504 70 965 926 261 ,059 ,021 38 680 641 -183 Feb 4,357 4,097 260 1,647 1,511 136 964 970 -6 1,056 ,002 54 690 614 76 Mar 4,418 4,106 312 1,641 1,514 127 961 954 7 1,110 ,026 84 706 612 94 Apr 4,604 4,119 485 1,700 1,509 182 991 944 56 ,130 ,041 89 783 625 158 May 4,644 4,224 420 1,715 1,518 197 997 963 34 ,149 ,060 89 783 683 100 June 4,579 4,190 389 1,713 1,522 191 984 958 26 ,128 ,044 84 754 666 88 July 4,640 4,266 374 1,724 ,544 180 1,010 960 50 1,137 ,053 84 769 709 60 Aug 4,651 4,263 388 1,715 1,551 164 1,011 942 69 1,156 ,048 108 769 722 47 Sept 4,543 4,293 250 1,680 1,571 109 966 942 24 ,139 ,065 74 758 715 43 Oct 4,639 4,271 368 1,741 1,542 199 1,017 950 67 ,134 ,067 67 747 712 35 Nov 4,855 4,372 483 1,802 1,582 220 1,071 948 123 1,184 ,097 87 798 745 53 Dec 4,826 4,341 485 1,803 1,610 193 1,149 978 171 1,133 ,064 69 741 689 52 Not seasonally adjusted Jan 3,837 4,176 -339 ,498 ,542 -44 884 911 195 938 1,028 -90 517 695 -400 Feb 3,606 3,815 -209 ,418 ,415 3 788 895 -107 910 912 -2 490 593 -103 Mar 4,340 4,244 96 ,648 ,553 95 937 1,015 -78 ,112 1,048 64 643 628 15 Apr 4,711 4,075 636 ,816 ,503 304 1,008 941 76 ,147 ,035 112 740 596 144 May 4,923 4,296 627 ,881 ,561 320 1,059 978 81 ,196 ,073 123 787 684 103 June 4,910 4,193 717 1,862 ,524 338 1,081 951 130 ,190 ,057 133 111 661 116 July 4,706 4,272 434 1,805 ,578 227 U069 957 112 ,145 ,056 89 687 681 6 Aug 4,851 4,320 531 ,791 ,582 209 1,068 954 114 ,222 1,066 156 770 718 52 Sept 4,107 3,983 124 1,504 ,472 32 863 872 g ,010 963 47 730 676 54 Oct 4,871 4,489 382 1,828 ,639 189 1,108 1,035 73 ,120 1,079 41 815 736 79 Nov 4,915 4,389 526 1,721 ,554 167 1,070 944 126 1,219 1,120 99 905 111 134 Dec 5,351 4,368 983 1,704 ,545 159 1,189 981 208 1,316 1,156 160 1,142 686 456 See notes to tables on pp. 1576-1579 of this BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1602 Gold production 1603 Net gold purchases and gold stock of the United States 1604 Estimated foreign gold reserves and dollar holdings 1605 International capital transactions of the United States 1606 U.S. balance of payments 1615 Foreign trade 1616 Money rates in foreign countries 1617 Foreign exchange rates 1618 Guide to tabular presentation 1534 Index to statistical tables 1625 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- 1601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1602 GOLD RESERVES NOVEMBER 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 * M F ta u o r n n y e d - U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1956 38,075 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 91S 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 I960 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 Sept 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 [,340 286 702 43 64 Dec 41,435 2,194 16,057 23,185 61 190 454 ,365 708 43 57 1963 Jan 2,199 15,974 58 192 454 ,362 714 43 58 Feb 2,225 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 52 198 494 372 739 42 59 May . 2,235 15,854 51 199 504 1,372 746 43 60 June 4i,730 2,244 15,830 ^23,660 51 200 504 373 755 43 60 July 2,268 15,677 51 201 504 1,354 762 43 61 Aug 2,276 15,633 49 202 504 365 768 43 61 Sept 2,304 15,634 202 504 ,367 775 43 Domin- Ger- E pe n r d i o o d f Cuba m De a n rk - R i e c p a u n b- E d c o u r a- E v l a d S o al r - l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d s o ia - Iran lic Rep. of 1956 136 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 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 Mar 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 May 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 77 23 247 142 Sept 31 3 19 61 3,031 3,761 23 247 142 E pe n r d i o o d f Iraq R l e a Ir p n e . d - o , f Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A So fr u ic th a 1956 14 18 338 77 167 844 33 50 49 35 22 448 224 1957 20 18 452 91 180 744 33 45 49 28 6 461 217 1958 34 18 1,086 91 143 ,050 33 43 49 19 10 493 211 1959 84 18 1,749 102 142 ,132 34 30 50 28 9 548 238 1960 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961 84 18 2,225 140 112 1,581 1 30 53 47 27 443 298 1962—Sept 98 18 2,241 172 97 L ,581 1 30 53 47 37 469 488 Oct 98 18 2,239 172 95 1,581 I 30 53 47 38 469 501 Nov 98 18 2,237 172 95 1,581 1 30 53 47 39 471 509 Dec 98 18 2,243 172 95 1,581 1 30 53 47 41 471 499 1963—Jan 98 18 2,254 172 95 1,581 1 30 53 47 42 471 486 Feb 98 18 2,284 172 94 1,581 1 30 53 47 43 476 505 Mar. 98 18 2,286 172 94 1,581 1 30 53 47 45 478 551 Apr 98 18 2,286 172 95 1,581 1 30 53 47 45 478 571 98 18 2,287 172 93 1,581 1 30 53 47 46 478 591 June... 98 18 2,289 172 92 1,581 1 30 53 47 21 478 598 July 18 2,292 172 95 1,581 1 31 53 52 22 482 611 Aus 18 2 291 172 I 581 1 31 53 57 496 639 Sept 18 2,291 172 1 581 1 31 53 57 497 643 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 GOLD RESERVES AND PRODUCTION 1603 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) End of Switzer- period Spain Sweden land Syria 1956 132 266 1,664 19 1957 101 219 1,706 24 1958 . . . 57 204 1,925 24 1959 68 191 1,934 19 I960 178 170 2,185 19 1961. . . 316 180 2,560 1962 Sept 428 181 2,453 Oct 438 181 2 452 Nov 437 181 2 421 Dec 446 181 2,667 1963 Jan 475 181 2 455 Feb 495 181 2,460 Mar 514 181 2,461 Apr 533 181 2 453 May 552 182 2,453 June 574 182 2,530 July . . 574 182 2 444 Aug 574 182 2,451 Sept 574 182 2,501 ON ONO Bank 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 2 112 144 188 1,772 186 603 18 59 268 112 144 188 1,554 180 719 14 24 254 112 144 174 2,808 180 719 17 -42 126 104 133 174 2,514 180 652 10 -134 40 104 134 174 2,800 180 401 4 -19 55 104 139 174 2,268 180 401 6 115 56 104 140 174 2,517 180 401 3 200 62 104 140 174 180 401 3 172 19 104 140 174 180 401 4 151 19 104 140 174 2,582 180 401 4 -50 56 19 104 140 174 180 401 4 116 19 104 120 174 180 401 4 88 19 104 140 174 2,447 180 401 4 107 41 19 104 140 174 180 401 4 132 19 104 140 174 172 401 5 137 19 104 140 174 2,447 171 401 5 78 43 19 104 140 174 171 401 155 19 104 138 174 171 401 150 137 174 2,736 401 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 n l e l d e o 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 1957 1,015.0 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 62.2 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 69.8 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 64.8 I960 1,175.0 748.4 19.6 31.3 11.1 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 64.2 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.7 4.4 14.0 37.5 5 7 64 4 1962 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 Aug 76.6 1.6 2.6 4.6 12.0 .8 .4 1.2 3.4 .5 Sept 76.1 1.7 2.6 31.8 4.8 11.7 .7 .3 1.1 3.4 .5 Oct 78.1 1.6 2.7 4.3 12.5 .5 .4 1.2 3 2 4 Nov 78.5 1.6 2.7 3.8 12.1 .3 .4 1 0 3 0 5 Dec 74 7 1 7 2 9 3 1 4 3 7 11 7 4 3 8 3 3 4 1963 Jan 78.0 1.6 11.7 8 4 1 2 2 9 4 Feb 76.5 1.6 11.0 .6 .4 1.0 2 9 4 Mar 79.4 1.6 11.6 .7 4 1 l 3 1 5 Apr 79 1 1 6 11 8 8 4 1 1 2 8 5 May 80.6 1.6 12.4 .7 3 1 l 2 8 June 80.1 1.6 11.6 .9 3.3 July 81.6 10.9 3 4 Aug 81.7 11.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on reports of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual countries 2 Gold exports. and of the Bureau of Mines except Brazil, data for which are from 3 Quarterly data. American Bureau of Metal Statistics. For the United States, annual figures are from the Bureau of the Mint and monthly figures are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1604 U.S. GOLD NOVEMBER 1963 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1962 1963 Area and country 1955 1956 1957 1958 1959 1960 1961 1962 II III IV I II Western Europe: Austria -84 -83 -143 -17 -56 -30 -30 -20 Belsium 3 3 — 329 — 39 — 141 — 144 — 63 — 35 France -68 -34 -266 -173 -456 -96 -214 -101 -101 -101 Germany Fed Reo of — 10 — 34 — 23 Italy — 349 100 Netherlands . 25 -261 -30 -249 -25 Portusal — 5 — 20 — 10 Spain 31 32 — i i4 -156 -146 -59 -20 -20 -70 -60 S U w ni i t tz ed e rl K an i d nsdom 1 -8 00 — -2 9 15 00 — 3 2 5 0 0 —— 535204 — -1 3 2 0 5 6 — 1 3 0 8 2 7 — 1 3 5 5 0 - — 4 5 64 50 8 107 is Bank for Intl Settlements -178 -32 -36 -23 Other 4 18 8 -21 -38 -96 -53 -12 -15 * 15 -9 14 Total -78 80 68 -2,326 -827 -1,718 -754 -1,105 -337 -399 -79 -104 -149 Canada . 15 5 190 190 Latin American republics: 115 75 61 -50 -90 85 60 Brazil — 1 -11 57 -1 -1 59 17 28 Colombia ... . 28 -6 38 10 27 Mexico -30 -20 Venezuela — 200 65 Other 14 29 6 2 -5 -22 -17 -5 -1 -4 * 6 Total 14 -28 81 69 19 -100 -109 175 59 9 83 16 34 Asia: Japan -30 -157 -15 Other -5 * 18 -4 -28 -97 i -101 2 -93 -16 -41 -11 -8 25 Total -5 * 18 -34 -186 -101 -93 -16 -41 -11 -8 25 All other 1 14 -3 -5 -38 -6 -1 2 -2 1 -1 -10 Total foreign countries -68 80 172 -2,294 -998 -1,969 -970 -833 -102 -434 -6 -96 -100 Intl. Monetary Fund 3 200 600 4 -44 3 300 150 Grand total . -68 280 772 -2,294 -1,041 -1,669 -820 -833 -102 -434 -6 -96 -100 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 3 Proceeds from this sale invested by the IMF in U.S. Goyt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 4 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Gold stock i Foreign Month Gold stock i Foreign Total currency Total Total Total currency Total Total holdings gold holdings3 gold Total2 Treasury Total2 Treasury 1951 22,873 22,873 22,695 53 53 1962—Oct.. . . 16,364 16,026 15,978 338 -167 -55 1952 23,252 23,252 23,187 379 379 Nov.... 16,216 16,014 15,977 202 -148 -12 1953 22,091 22,091 22,030 -1,161 -1,161 Dec... 16,156 16,057 15,978 99 -60 43 1954 21,793 21,793 21,713 -298 -298 1963—Jan.... 16,102 15,974 15,928 128 -54 -83 1955 21,753 21,753 21,690 -40 -40 Feb.... 16,023 15,891 15,878 132 -79 -83 1956 22,058 22,058 21,949 305 305 Mar.... 16,078 15,946 15,878 132 55 55 1957 22,857 22,857 22,781 799 799 Apr 16,046 15,914 15,877 132 -32 -32 1958 20,582 20,582 20,534 -2,275 -2,275 May... 16,009 15,854 15,797 155 -37 -60 1959 19,507 19,507 19,456 -1,075 4-1,075 June... 15,956 15,830 15,733 126 -53 -24 July.... 15,764 15,677 15,633 87 -192 -153 1960 17,804 17,804 17,767 -1,703 -1,703 Aug.... 15,725 15,633 15,582 92 -39 -44 1961 17,063 16,947 16,889 ii6 -741 -857 Sept.... 15,788 15,634 15,582 154 63 1962 16,156 16,057 15,978 99 -907 -890 Oct.P. . 15,910 15,640 15,583 270 122 6 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 Oct. 31, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1613 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1542 and 1544. 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

NOVEMBER 1963 GOLD RESERVES AND DOLLAR HOLDINGS 1605 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3I, 1961 June 30, 1962 Sept. 30, 1962 Dec. 3I, 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 & notes1 dollars & notes1 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 1,606 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 Greece .. ». .......... 6,5 1 0 5 6 4 3* 6,2 2 8 0 9 6 3 * 6,4 1 6 8 7 7 3 * 6,4 1 0 9 9 6 3 * 6,2 2 2 4 4 3 3 6,4 2 6 5 2 1 3 * Italy 3,459 * 3,429 * 3,533 * 3,627 * 3,385 1 3,434 1 Netherlands •. . 1,797 3 1,888 2 1,857 2 1,829 1 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 1 469 1 568 1 588 1 623 1 705 1 736 1 Sweden 586 93 607 123 639 102 671 93 673 73 699 73 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 3,871 528 3,928 644 Latin American republics: 425 1 310 301 1 271 1 318 1 393 1 Brazil . . . . .. 513 1 511 1 499 1 430 1 400 348 1 Chile 153 * 176 * 147 * 178 * 167 * 172 * Cuba 2 4 3 4 5 *1 25 3 2 8 * 1 22 3 8 7 *1 20 1 5 6 *1 22 1 6 6 * 1 24 1 3 5 * Mexico 607 5 609 6 528 6 626 4 690 4 688 4 87 1 87 85 1 98 1 97 111 P U e r r u u guay 2 1 3 3 7 1 1 1 2 1 5 3 9 7 * 1 2 1 7 5 2 4 * 1 2 1 8 5 1 2 * 2 1 7 5 6 5 * 2 1 6 6 3 8 * I 819 1 765 1 780 1 806 837 1 905 1 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 77 1 72 1 74 1 76 3 1,976 3 2,210 3 2,344 3 2,499 3 2,558 3 2,613 3 Philippines 212 1 213 198 1 215 * 225 * 223 * Thailand 368 * 431 * 430 * 437 * 471 * 480 • 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 * 540 * 597 * 636 * U A R (EevDt) 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 1612. 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 BIS 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

1606 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional1 Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. E p r u e e a r - o n - L r . e A - . Total c O i f a fi l - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t i u h e n e s - r 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—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.. . . '25,416 '4,862 4,697 20 '145 '20,554 '12,070 '8,484 '10,256 3,244 '2,883 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 July 25,451 4,950 4,783 18 150 20,501 11,907 8,594 10,299 3,073 2,943 3,737 286 162 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 Sept.*>... 25,858 4,790 4,630 18 142 21,068 12,359 8,709 10,754 3,102 3,008 3,779 264 160 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—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 ,384 248 125 161 177 490 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 10,086 276 208 69 70 1,433 2,456 171 [,121 286 131 159 169 480 May'.'..'.' '10,256 288 224 74 68 1,573 2,670 174 [,062 324 130 153 163 483 June 10,741 310 233 80 70 1,718 2,709 174 1,145 316 135 147 162 517 July 10,299 354 208 99 76 1,435 2,771 181 1,180 237 136 151 184 470 Aug.*>... 10,652 392 271 101 75 1,477 2,842 176 1,304 225 133 147 201 432 Sept.P... 10,754 399 300 116 73 1,466 2,873 181 1,249 328 127 149 111 434 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e r t s h o te e p r r e n « U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1958 852 20 873 9 671 2 12 2,403 150 138 100 169 286 418 1959 . ... 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962—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 1,923 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 '152 2 19 '2,883 335 167 124 165 15 627 June.... 897 16 1,907 12 172 3 20 2,879 342 169 129 183 14 596 July.... 809 16 1,800 12 157 2 20 2,943 383 151 114 157 13 658 Aug. *.. 797 27 1,856 15 159 3 20 2,977 399 160 117 168 12 675 Sept.P... 826 21 1,747 15 252 2 18 3,008 404 181 133 155 13 665 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1607 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 R L t . e h A p e . . r B B e a r h m & a u m d a a s s A S n N u t r i e l i l n t e h a s . m & Am O L e a th r t i i e c n r a » Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - - ia Israel 1958 146 77 82 494 222 97 79 35 2,205 36 62 77 108 56 1959 129 82 62 277 227 9 14 88 33 2 780 36 60 114 139 87 I960 123 72 51 398 235 69 72 12 3 115 35 57 54 178 75 1961 87 84 57 418 226 111 89 15 52 974 35 56 78 76 63 1962—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 ^133 95 ^52 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 93 559 326 129 93 3^ 3,737 39 61 49 34 91 Atm.p... 113 129 91 541 322 126 89 35 3.741 35 62 48 33 96 Sept.-"... 117 141 92 532 309 132 96 40 3,779 35 65 55 23 93 lc. Asia—Continued Id. Africa le. Other countries E p n e d ri 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 r s 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 I960 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—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 44 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 M^ay 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 Julv 2,315 87 204 114 379 365 286 30 88 45 15 109 162 147 15 Aus;.7'. 2,309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 Sept.^.. . 2,385 86 197 126 382 332 264 24 77 40 12 111 160 146 14 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corporation, Interna- !o 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 • 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" * 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

1608 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data 10 (end of period) Area or country 1960 1961 1962 A 19 p 6 r 3 . Area or country 1960 1961 1962 A 19 p 6 r 3 . Other Western Europe: Other Asia (Cont.): Iceland 5.1 3.1 5.6 5.2 Iran L22.4 H31.3 11 18.7 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 El Salvador H24.3 H21.9 H22.5 48.6 Singapore 1.9 3.2 5.8 5.3 Guatemala H43.9 H45.8 H40.9 74.8 Syria 4.2 2.6 4.9 3.4 Haiti 10.7 9.9 10.5 11.9 Viet-Nam 14.6 7.9 10.1 11.6 Honduras 15.0 14.8 13.8 23.7 Jamaica (12) 1.8 3.3 5.8 Other Africa: Nicaragua 11.9 17.3 14.8 42.5 Algeria .4 .5 1.6 .5 Paraguay 4.6 4.9 5.7 6.8 Ethiopia, incl. Eritrea 9.3 11.1 17.0 20.8 Trinidad & Tobago (12) (12) 3.1 4.1 Ghana .9 1.1 4.1 n.a. Liberia 16.8 21.9 17.6 13.4 Other Latin America: Libya 5.6 5.4 5.5 10.5 British West Indies 12 11.3 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 8.8 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 p os 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 e y s n S o p U t e e . c S s i . a 2 l Other 3 Total Dema D n e d p os T it i s me 1 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 1,951 306 174 59 1959 419,389 416,913 6,341 7,180 4 2,065 1,328 2,398 1,833 295 270 77 1960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 s 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962—Sept 24,524 21,739 8,206 9,080 3,002 1,451 2,531 2,057 100 374 254 Oct 25,211 22,409 8,495 9,461 3,002 1,451 2,520 2,050 108 362 282 Nov 25,196 22,425 8,437 9,453 3,012 1,523 2,559 2,049 130 380 212 Dec 25,017 22,309 8,528 9,214 3,012 1,555 2,565 2,096 116 352 143 1963—Jan 24,949 22,222 8,858 8,765 2,995 1,604 2,563 2,077 123 363 164 Feb 24,989 22,185 8,957 8,617 2,980 1,631 2,655 2,110 144 401 150 Mar 25,154 22,339 8,936 8,766 2,965 1,672 2,671 2,116 143 412 143 Apr 25,328 22,453 8,924 8,875 2,981 1,674 2,759 2,197 146 416 116 May '25,416 r22,524 5,471 '3,480 '8,963 2,976 1,634 r2.762 1,405 806 128 '423 130 June 25,830 '22,883 5,714 '3,561 9,024 2,922 '1,662 r2,821 1,441 832 109 '439 127 July 25,451 22,546 5,638 3,561 8,796 2,961 1,590 2,797 1,401 858 117 421 108 Aug.p 25,776 22,794 5,485 3,672 8,933 3,028 1,676 2,870 1,404 886 111 469 112 Sept.? 25,858 22,827 5,567 3,659 8,859 3,028 1,714 2,923 1,443 902 109 469 108 1 Excludes negotiable time certificates of deposit which are included 3 Principally bankers' acceptances, commercial paper, and negotiable in "Other." time certificates of deposit. 2 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 Sept. 30, 1963. s 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

NOVEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1609 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa i co O un th t e r r ies 1958. 2,542 696 243 ,099 435 69 1959. 2,624 534 272 ,176 586 56 1960. 3,614 717 421 ,356 1,052 69 1961. 2 4,804 767 539 ,522 2 1,891 85 1962—Sept.. 4,811 726 443 ,521 1,982 138 Oct... 4,955 765 547 ,524 1,985 135 Nov.. 4,866 741 489 ,563 1,940 132 Dec. 5,113 877 467 ,606 2,017 146 1963—Jan... 4,901 751 474 ,575 1,970 131 Feb.. 5,017 794 499 ,605 1,978 140 Mar.. 5,064 825 486 ,563 2,048 142 Apr.. 5,257 850 521 ,587 2,158 141 May. 5,284 865 510 ,592 2,176 92 48 June. 5,473 985 593 ,612 2,138 96 47 July.. 5,402 875 599 1,668 2,124 87 47 AP 5,376 952 535 1,697 2,050 92 50 5,379 918 496 1,698 2,119 96 51 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 Ger- 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 65 102 77 36 56 22 30 24 1959 534 56 57 54 30 38 7 19 1960 717 65 32 82 34 33 17 28 1961 767 20 23 42 165 35 54 27 35 1962—Sept.. 726 15 28 43 135 41 60 28 22 16 Oct... 765 16 31 48 144 45 49 27 24 15 Nov.. 741 21 32 62 139 43 24 28 23 18 Dec... 877 32 30 186 54 27 35 19 18 i 1963—Jan.. . 751 21 35 56 134 51 26 34 19 Feb... 794 30 39 56 144 69 36 35 23 Mar.. 825 25 39 58 160 58 29 32 25 Apr... 850 29 41 67 144 67 32 33 33 May.. 865 34 44 72 143 60 37 34 40 23 June.. 985 29 51 67 256 57 34 31 44 26 July.. 875 28 51 63 132 69 37 34 44 24 Aug.P 952 26 49 65 159 83 37 35 52 25 S» 918 28 51 69 146 68 37 35 45 33 323 3a. Europe—Continued 3b. Latin America End of period S l w a e n r i - t d z- T k u ey r- U K d n i o 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 i o a - - Cuba M ic e o x- 1958 42 72 124 5 1,099 40 148 52 51 166 293 1959 38 47 121 13 ,176 60 117 59 68 115 291 1960 60 49 245 11 ,356 121 225 73 80 26 343 1961 105 16 181 9 ,522 192 186 127 125 19 425 1962—Sept.. 68 41 163 12 ,521 183 196 161 137 17 369 Oct... 75 24 202 15 ,524 169 188 174 151 17 376 Nov.. 64 12 211 15 ,563 182 180 174 138 17 400 Dec. 75 42 221 19 1,606 181 171 186 131 17 408 1963—Jan.. . 72 42 180 19 1,575 156 187 168 129 17 417 Feb... 67 36 172 19 1,605 161 179 160 149 17 420 Mar.. 71 32 197 21 1,563 161 178 151 145 17 409 Apr... 65 40 190 21 1,587 170 196 151 137 17 405 May.. 66 44 175 20 1,592 180 196 161 136 17 ''406 June.. 65 49 188 21 1,612 180 197 166 153 17 409 July. . 69 47 185 21 1,668 200 192 171 146 17 448 Aug.? 72 45 204 21 1,697 198 199 170 176 17 448 Sept.? 75 47 197 19 1,698 187 210 179 169 17 454 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1610 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1963 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia Other Baha- Neth. Other 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 l L e ic p .A s u 5 . b- m B m u & e d a r s a - 1 A S n n u a ti m r l i l - es A L ic m a a t e i 6 n r- Total C M la h a n i i n d n a - K H o o n n g g India I n n e d s o ia - 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 1,052 9 24 1961 32 74 55 144 56 13 74 21,891 9 36 1962—Sept.. . 36 86 115 44 11 75 1,982 13 18 36 Oct.... 32 87 99 94 47 10 81 1,985 13 18 37 Nov.. . 32 84 107 104 54 7 82 1,940 13 18 34 Dec... 30 85 122 102 66 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 34 91 121 100 60 10 96 2,158 14 22 33 M?y!i 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 July. . . 29 106 96 96 113 29 14 11 2,124 12 16 29 Aug.3*.. 31 103 93 99 112 31 10 10 2,050 11 19 28 Sept.P. 30 103 86 102 109 33 9 10 2,119 11 20 28 3c. Asia—Continued 3d. Africa 3e. Other countries 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 C ( p L o o e n i o d g - - o M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t . )A O f t r h i e c r a iTotal 7 A t l u r i a s a - - ot A h l e l r s ville) 1958....... 179 67 13 134 21 3 69 13 28 1959 324 24 15 180 12 2 56 18 21 1960 806 19 24 150 11 3 69 28 24 1961 21,528 114 34 145 10 13 85 29 27 1962—Sept.. ,711 69 30 87 12 25 138 46 51 Oct... ,710 70 32 88 11 23 135 45 54 Nov.. ,662 77 33 89 12 25 132 44 49 Dec. ,740 70 41 80 10 26 146 41 67 1963—Jan... ,697 75 43 73 9 21 131 38 61 Feb.. ,691 80 43 70 12 21 140 39 66 Mar.. ,751 81 40 69 13 19 142 44 64 Apr.. ,876 73 40 70 13 17 141 44 64 May. ,896 69 38 75 92 13 18 57 48 42 6 June. ,869 66 40 73 96 14 25 53 47 41 6 July.. ,872 52 38 69 87 14 20 50 47 41 6 Aug.P ,797 51 40 73 92 13 26 50 50 43 6 Sept.* ,862 56 43 69 96 14 29 50 51 44 7 1 Not reported separately until May 1963. s Until May 1963 includes also African countries other than Congo 2 Includes $58 million reported by banks initially included as of Dec. 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; « 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

NOVEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1611 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 Loans to— C t o io ll n e s c- Acceptances Deposits Fo s r e e c i u g r n i ti g e o s, vt. Total O i t n i f o s f t n i i c s t i u a J - l Banks Others st o i a n u n g t d - - f m o a r a c e d c ig t e . n o f e o f r r s Other 2 Total fore w ig it n h ers com f p in m a a p l n e . c r a e nd 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 I960 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—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 L 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 5,402 4,781 136 842 696 745 2,035 326 620 401 176 43 Aug.p 5,376 4,754 163 891 711 733 1,956 299 622 408 170 45 Sept.*' 5,379 4,782 175 848 721 757 2,024 258 596 404 148 44 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 Payable in lia T b o il t i a ti l es Total foreign currencies Total Loans All other 1958 1,362 2 1959 1,545 1 I960 1,698 7 1961 2,034 2 1962 Sept 2,184 5 Oct 2,131 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 12,370 12,337 33 1 29 June 2,388 2,388 2,353 35 * 35 July 2,422 2,422 2,387 36 * 45 Aug.p 2,463 2,463 2,424 39 * 48 Sept.P 2,501 2,501 2,459 42 47 i 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

1612 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1963 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes l U. s S e . cu 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 e le p s s u o r r - c P ha u s r- es 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 t s l e e 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 1960 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 i962 Sent — 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 * 1963 Jan 127 21 106 215 202 12 56 314 -258 58 59 Feb —44 -6 -38 183 190 n 61 214 — 153 50 59 —9 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 May 206 101 105 127 -21 310 239 71 144 409 -265 67 86 -19 June 22 -8 30 31 -1 354 342 12 52 155 -103 58 60 — 1 July -10 -3 n 5 -12 208 192 16 75 116 -42 55 79 -24 Aug *> 142 105 37 43 6 225 206 19 44 110 -66 42 42 * Sept.** 84 -3 87 82 5 239 235 4 222 232 -9 44 23 21 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 AuC 705 25 30 275 200 175 163 125 13 25 Sept 705 25 30 275 200 175 163 125 13 25 Oct 705 25 30 275 200 175 163 125 13 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1613 NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d t - - U K d n i o i n t m g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia Africa* O c t o r t u h ie n e s r - re I g a n i n o t d l n . al 1959 435 363 73 40 254 15 71 379 -30 40 25 22 1960 252 202 50 38 171 -48 72 234 -45 36 13 [ 14 1961 223 323 -99 21 166 -17 61 232 -112 44 44 \ 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 I 17 1962—Sept... -15 Q -6 -1 * -5 -4 -10 -4 1 -2 1 Oct.. . -5 -4 -2 * -16 9 -1 -7 2 * -1 1 D No ec v . . . . . . -1 1 6 2 -4 21 - - 1 8 2 - - 1 3 -11 8 -3 2 * -15 6 2 * - - 3 5 7 * 2 2 1963—Jan... 12 3 9 -1 -2 4 4 4 1 1 4 2 Feb... -7 -9 2 -1 -10 3 7 -2 -7 • * 1 J A M M J u u p a a n l r y r y e . . . . . . . . . . . . 7 3 1 1 1 • 8 2 6 2 6 3 1 * 0 8 7 1 * g 8 1 0 - - - 1 4 1 • * - - - 4 2 7 2 * 4 2 3 3 1 3 0 9 2 1 - - 5 3 4 c 1 4 2 3 1 5 1 3 3 9 - - - 1 3 4 1 2 2 * 3 6 3 * -4 4 6 * 1 * • * 2 2 3 1 1 S A e u p g t. . * p. . 1 4 9 1 1 8 0 -7 -2 i 9 2 9 2 4 1 1 1 3 1 -6 1 -4 1 2 1 * 1 i 2 2 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securities. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Assets in custody Period Total g I i a r o n n e n t - d l a . l c t e f o r o i u g i r e n n - s - r E o u p - e C a a d n a - A L i m a c t a e in r- Asia Africa* O c t o r t u i h e n e s r - E pe n r d io o d f Deposits U se . c S u . r G iti o es v t 1 . Ear g m o a 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—Sept -52 9 -61 8 -14 2 -57 * 1962—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 -5 -125 -3 -34 * Mar... 201 7,277 12,789 Mar -114 -29 -85 -42 -27 1 -19 2 Apr... 160 7,478 12,815 Apr -66 -62 -5 37 1 1 -13 -30 May.. 171 7,886 12,878 May -283 3 -286 -23 -207 * -57 * * June.. 175 7,957 12,917 June -104 2 -107 -25 -41 j -41 1 July. . 182 7,733 13,086 July -66 8 -74 1 -6 -36 -36 1 1 Aug... 177 7,856 13,129 Aug.** -66 1 -67 -6 -29 1 -34 2 Sept... 174 7,945 13,132 Sept.p. . . 11 2 10 -14 -16 15 20 * 1 Oct.. . 175 8,241 13,025 4 2 1 Not reported separately until May 1963. i 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, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1614 INTL. CAPITAL TRANSACTIONS OF THE U. S. NOVEMBER 1963 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities Area and country 1962 III IV IV i Europe: Austria 3 2 2 Belgium 24 21 21 Denmark 5 3 3 Finland 1 1 1 France 34 32 32 Germany, Fed. Rep. of 38 33 33 j Italy 27 28 28 Netherlands 27 33 33 9 10 10 Portugal 1 1 1 Spain 11 9 9 7 7 7 Switzerland 25 24 24 4 4 4 United Kinsdom 115 93 94 Yugoslavia 4 4 4 Othpr Western Eurooe ^ 1 1 1 USSR Other Eastern Europe 3 1 1 1 Total 341 308 309 67 80 81 Latin America: Argentina 9 9 9 Brazil 23 17 17 Chile 5 4 4 Colombia 3 4 4 Cuba 1 * Mexico 7 6 6 Panama 18 25 25 3 8 8 Uruguay 5 1 1 19 23 24 Other L A Reoublics 4 5 6 6 Bahamas and Bermuda 5 Neth. Antilles & Surinam 5 5 5 Other Latin America 6 16 20 20 Total 118 128 129 Asia: China Mainland 2 2 2 2 2 2 10 11 11 Indonesia. 2 2 2 Israel 1 2 2 Japan 66 48 52 Korea 1 3 3 Philiooines 5 3 3 Taiwan Thailand 3 4 4 Other Asia 19 16 16 Total 111 92 97 Africa: Congo (Leopold ville) * * * South Africa. 12 12 U A R (EevDt) 1 1 Other Africa 5 Total 5 Other countries: Australia 14 11 All other 7 12 13 Total 8 40 37 International and regional 1 Grand total 678 646 ot— • to foreigners I 2 18 2 1 31 36 29 46 12 1 7 8 26 4 109 4 1 1 339 63 6 17 3 3 1 6 5 9 1 23 3 8 15 101 11 13 37 * 653 ot ot oo 1963 I i 2 1 46 3 4 * 4 16 90 1 6 1 10 13 30 * 624 ot ooot 1 31 36 29 46 12 1 7 8 26 4 110 4 1 1 341 64 6 18 3 3 1 6 5 9 1 23 3 8 15 101 ot ot oo 2 1 46 3 4 * 4 16 90 1 -NO— • 1962 11^ III IV 2 4 6 20 27 24 3 6 8 1 4 3 32 49 51 33 106 116 2 c 30 62 75 50 37 31 13 13 15 1 6 6 7 15 20 8 25 15 27 34 29 4 6 4 118 245 227 3 2 3 2 4 5 1 * 1 2 356 654 645 59 824 732 6 32 33 18 90 106 4 25 25 5 17 15 * 6 6 10 53 56 11 10 13 4 23 20 3 5 6 27 38 33 11 18 20 3 9 2 6 2 43 44 113 362 383 2 * * 2 4 4 16 34 38 2 3 3 2 12 10 43 112 119 3 3 4 5 10 11 * 3 3 4 4 5 22 36 33 101 220 231 1 3 3 * 11 io 9 14 13 35 13 24 13 4 26 30 17 76 * 1 626 682 2,137 oo • Claims on foreigners IV i 24 8 51 117 78 31 15 6 20 15 29 4 238 3 5 1 2 661 753 34 106 25 15 6 57 13 20 6 33 20 6 45 387 * 4 39 3 10 123 4 11 3 5 33 236 3 24 25 73 1 2,064 •oo • 1963 I I i 5 5 24 24 27 6 6 8 4 4 3 59 59 50 114 114 106 6 6 6 82 82 83 24 24 34 15 15 15 8 8 7 25 25 23 17 17 20 29 29 36 6 6 5 192 196 201 3 3 3 4 4 3 1 1 * •-> 2 3 626 630 640 789 830 918 31 31 30 108 108 105 25 25 26 17 18 20 6 6 6 58 58 56 13 13 14 14 14 19 7 7 5 33 33 37 22 22 38 11 7 7 9 41 41 11 382 382 386 * * * 4 4 3 50 50 49 3 3 4 7 7 7 124 127 141 4 4 5 10 10 11 5 6 5 5 39 39 44 251 255 276 3 3 2 1 9 9 8 12 12 15 15 42 24 26 26 28 26 27 27 8 74 77 77 35 1 1 1 3 2,111 2,126 2,176 2,300 1 Includes data for a number of firms reporting for the first time on 7 Until June 1963 includes also African countries other than Congo Dec. 31, 1962 (6th revised series) and on Mar. 31, 1963 (7th revised series). (Leopoldville), South Africa, and U.A.R. (Egypt). 2 Until June 1963 includes Eastern European countries other than 8 Includes Africa until June 1963. U.S.S.R., Czechoslovakia, Poland, and Rumania. NOTE.—Reported by exporters, importers, and industrial and com- 3 Czechoslovakia, Poland, and Rumania only until June 1963. mercial concerns in the United States. Data exclude claims held through 4 Bolivia, Dominican Republic, El Salvador, and Guatemala only U.S. banks, and intercompany accounts between U.S. companies and until June 1963. their foreign affiliates. 5 Not reported separately until June 1963. See also NOTE to Table 1. 6 Until June 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 U.S. BALANCE OF PAYMENTS 1615 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 Item 1960 1961 1962 III IV IIP 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 l. 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 -4,796 -1,183 -1,199 -1,178 -1,236 -1,222 -1,275 Balance on goods and services l 3,769 5,444 4,826 1,087 1,388 1,268 1,083 1,211 1,498 Remittances and pensions -672 -705 -736 -191 -182 -176 -187 -212 -207 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, * ... -527 -261 -248 -48 -154 -74 28 -50 -252 Seasonal adjustment on three preceding items combined -10 46 -50 14 -9 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. Prirate capital flows, net, excluding foreign liquid assets in U.S -3,552 -3,507 -3,118 -689 -819 -708 -902 956 1,439 U.S. direct investments abroad -1,694 -1,598 -1,557 -199 -506 -359 -493 501 -462 U.S. long-term capital, other -850 -1,011 -1,209 -357 -329 -335 512 -619 Foreign long-term investments in U.S 430 466 271 195 66 -10 20 186 U.S. short-term capital -1,348 -1,541 -507 -305 1 -164 -39 84 -60! Foreign short-term capital5. -90 177 -116 -23 -51 13 -55 -38 57 4. Errors and unrecorded transactions. -683 -905 -1,025 -27 -37 -469 -122 68 -492 Balance of A (= 1+2+3+4) -3,913 -3,043 -3,573 -727 -503 -934 959 -1,281 Less: Net seasonal adjustments -113 -129 337 -1,409 -162 -80 Balance of A before seasonal adjustment. -3J043 -614 -374 -1,271 -95 -797 1,201 -1,314 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 * 48 668 666 53 471 142 25 34 -16 5 470 142 2 107 223 20 -5 Sales of nonconvertible nonmarketable securities,1 net 251 251 63 -10 Dollar securities... 58 8 19 Foreign currency securities 251 251 5 -29 Sales of convertible nonmarketable securities 1 net 550 Dollar securities 125 152 Foreign currency securities 225 152 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 -2 -107 109 -60 -59 Foreign private holders excluding banks 11 -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. 11 Including undetermined holders. 5 Other than foreign liquid assets in U.S. «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

1616 FOREIGN TRADE; MONEY RATES NOVEMBER 1963 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1960 1961 1962 1963 1960 1961 1962 1963 1960 1961 1962 1963 Month: Jan 1,561 1,623 1.655 3 982 1,213 1,161 1,327 3 1,093 348 462 328 3 -111 Feb 1,566 1,712 1,812 32,131 1,307 1,150 1,315 3 1,493 259 562 497 3 638 Mar 1,518 1,751 1,674 3 1,991 1,261 1,163 1,339 3 1,484 257 588 335 3 507 1,622 1,662 1,803 3 1,918 1,315 1,152 1,364 1,423 308 510 439 3 495 1,659 1,585 1,782 1,901 1,242 1,153 1,386 1,406 417 432 396 495 June 1,634 3 1,582 1,838 1,814 1,252 3 1,174 1,342 1,410 382 3 408 496 404 July 1,707 31,689 1,729 1,779 1,235 3 1,379 1,362 1,469 471 3 310 367 310 1,625 1,689 1,687 1,897 1,227 1,254 1,364 1,533 398 435 323 364 Sect 1,647 1,678 3 1,943 1,992 1,188 1,262 3 1,476 l|453 459 416 3 467 539 Oct 1,668 1,780 3 1,493 1,178 1,300 3 1,319 490 480 3 174 Nov. 1,681 1 733 I 695 126 1,309 1 432 555 424 263 Dec 1,645 1,725 3 .839 1,109 1,315 3 1,372 537 410 3 467 Quarter: 4,645 5,086 5,141 3 5,104 3,781 3,474 3,981 3 4,070 864 1,612 1,160 31,034 II 4,915 3 4,829 5.423 5,633 3,809 3 3,479 4,092 4,239 1,107 31,350 cl,331 1,394 HI 4,979 3 5,056 3 5,359 5,668 3,650 3 3,895 3 4,202 4,455 1,328 3 1,161 3 1,157 1,213 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 Sw la i n tz d er- Month 3 T m r b e o i a l s n ls u t , h ry sl m Da o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s s ' T 3 r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - 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 - y e t y o s - 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 - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 t.32 1.11 2.00 1962—Sept 5.03 4.99 3.93 3.69 3.36 2.50 3.48 2.50 3.06 1.57 1.10 2.00 Oct 4.46 4.64 3.92 3.71 3.16 2.50 3.51 2.63 2.50 L.96 1.50 2.00 Nov 3.81 3.82 4.03 3.77 3.31 2.50 3.50 2.63 2.56 .85 1.47 2.00 Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 .98 1.24 2.00 1963—Jan 3.82 3.68 3.69 3.51 2.85 2.04 3.39 2.63 2.50 .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 .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 .67 2.00 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 .14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 >.O7 2.09 2.00 Aug 3.64 3.12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 .78 .06 2.00 Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 .89 .29 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. * Rate in effect at end of month. 3 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1963 MONEY RATES 1617 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Oct. 31, 1962 Rate Country 1962 1963 O a c s t . o 3 f 1, 1963 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina . • .... 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 4.5 4.5 Belgium 3.75 Aug. 1962 3.5 4.0 4.25 4.25 Brazil .. . . 10.0 Apr. 1958 10.0 Burma 4.0 Feb. 1962 4.0 Canada * 5.0 Sept. 1962 4.0 3.5 4.0 4.0 Ceylon 4.0 Aug. 1960 4.0 Chile 2 14.62 July 1962 14.20 i4.ii 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 India 4 4.0 May 1957 4.5 4.5 Indonesia 3.0 Apr. 1946 9 0 9.0 Iran 6.0 Nov. 1960 '4!6'" 4.0 Ireland 3.94 Sept. 1962 4.06 3.86 3.69 4.03 3.88 3.95 3.94 3.94 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 6 94 Oct. 1962 6.57 6.21 5 84 5.84 4.5 June 1942 4.5 Netherlands 4.0 Apr. 1962 3 5 3.5 New Zealand 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan . .. 4.0 Jan. 1959 4 0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 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 Feb. 1959 2.0 Thailand 7.0 Feb 1945 7.0 Turkey 7.5 May 1961 7.5 United Kingdom 4.5 Apr. 1962 4.0 4.0 Venezuela. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks the largest proportion of its credit operations. Other rates for some of was fixed at 6 per cent. Rates on loans to money market dealers will these countries follow: continue to be .25 of 1 per cent above latest weekly Treasury bill tender Argentina—3 and 5 per cent for certain rural and industrial paper, deaverage rate but will not be more than the bank rate. pending on type of transaction ; 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at 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; occ 3 u R r. ate shown is for advances only. ( C ra o t s e ta s h R o i w ca n — is 5 f o p r e r a g c ri e c n u t ltu fo r r a l p a a n p d e r i nd re u l s a t t r e i d al t p o a p c e o r m ); mercial transactions 4 Rate applies to advances against commercial paper as well as against govt. securities and other eligible paper. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by 5 Beginning with June 1, 1962, the rediscount rate for commercial national public securities; bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for 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

1618 FOREIGN EXCHANGE RATES NOVEMBER 1963 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Aus- (peso) tralia Austria Belgium Canada Ceylon Denmark Finland France Period (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 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 i .9080 223.73 3.8685 2.0093 293.561 21.034 14.490 .3107 20.405 1962—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 AUK ... . . 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 Oct .6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31.057 20.400 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—Oct 24.963 20.963 280.13 .16106 .27902 32.745 8.0056 27.748 277.36 Nov . 24.947 20.970 280.19 .16104 .27901 32.751 8.0056 27.748 277.42 Dec. 25.031 20.989 280.33 .16105 .27897 32.790 8.0056 27.779 277.56 1963—Jan 24.966 20.996 280.48 .16104 .27894 32.817 8.0056 27.772 277.71 Feb 24.985 20.984 280.34 .16102 .27892 32.717 8.0056 27.773 277.56 Mar 25.023 20.963 280.06 .16102 .27886 32.633 8.0056 27.808 277.29 25.045 20.964 280.07 .16100 .27716 32.594 8.0056 27.828 277.30 May 25.090 20.962 279.96 .16097 .27582 32.586 8.0056 27.815 277.19 June 25.121 20.965 280.02 .16081 .27563 32.595 8.0056 27.780 277.25 July 25.109 20.968 280.08 .16086 .27550 32.648 8.0056 27.755 277.31 Aug 25.101 20.962 279.96 .16102 .27554 32.647 8.0056 27.712 277.19 Sept 25.121 20.951 279.77 .16078 .27589 32.645 8.0056 27.721 277.00 Oct 25.137 20.961 279.78 .16062 .27603 32.698 8.0056 27.749 277.01 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p ) l - ic (e P s o c g r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr 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 .6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 .6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 .6654 19.397 23.124 280.78 1962—Oct 13.983 3.4899 139.54 1.6661 19.409 23.139 280.13 Nov 13.989 3.4900 139.57 1.6662 19.363 23.170 280.19 Dec 14.000 3.4902 139.64 1.6664 19.278 23.167 280.33 1963—Jan 14.000 :::::::::: 3.4900 139.72 1.6665 19.313 23.120 280.48 Feb 13 995 3.4900 139.64 L.6664 19.290 23 123 280 34 Mar. 13.995 3.4901 139.51 1.6661 19.264 23.102 280.06 Apr 13.999 3.4901 139.51 1.6663 19.251 23.099 280.07 May 13.995 3.4900 139.46 1.6663 19.267 23.127 279 96 June. 13.997 3.4900 139.49 1.6663 19.286 23.125 280.02 July 13.993 3.4900 139.52 t.6663 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 Oct 13.971 3.4863 139.37 1.6664 19.250 23.171 279.78 1 Quotations not available Mar. 20-Apr. 3, 1962. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 2 Effective May 2,1962, the par value of the Canadian dollar was set at 92.5 U.S. cents. NOTE.—Averages of certified noon buying rates in New York for 3 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, cable transfers. For description of rates and back data, see "International 1963. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 4 Effective Jan. 1, 1963, the franc again became the French monetary 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON 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 1620 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1621 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON WATROUS H. IRONS J. L. ROBERTSON KARL R. BOPP A. L. MILLS, JR. CHARLES J. SCANLON GEORGE H. CLAY GEORGE W. MITCHELL CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary MERRITT SHERMAN, Assistant Secretary DAVID P. EASTBURN, Associate Economist KENNETH A. KENYON, Assistant Secretary J. HERBERT FURTH, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE GARVY, Associate Economist DAVID B. HEXTER, Assistant General Counsel RALPH T. GREEN, Associate Economist GUY E. NOYES, Economist ROBERT C. HOLLAND, Associate Economist ERNEST T. BAUGHMAN, Associate Economist ALBERT R. KOCH, Associate Economist DANIEL H. BRILL, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A. MURPHY, NEW YORK, President SIDNEY MAESTRE, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS L. A. STONER, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND, Vice President JAMES W. ASTON, DALLAS J. FlNLEY MCRAE, ATLANTA ELLIOTT MCALLISTER, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1622 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Boston Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York Philip D. Reed Alfred Hayes James DeCamp Wise William F. Treiber Buffalo Thomas E. LaMont Insley B. Smith Philadelphia Walter E. Hoadley Karl R. Bopp David C. Bevan Robert N. Hilkert Cleveland Joseph B. Hall W. Braddock Hickman Logan T. Johnston Donald S. Thompson Cincinnati Howard E. Whitaker Fred O. Kiel Pittsburgh William A. Steele Clyde E. Harrell Richmond Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore Harry B. Cummings Donald F. Hagner Charlotte George H. Aull Edmund F. MacDonald Atlanta. Jack Tarver Malcolm Bryan Henry G. Chalkley, Jr. Harold T. Patterson Birmingham Selden Sheffield Edward C. Rainey Jacksonville Harry T. Vaughn Thomas A. Lanford Nashville W. N. Krauth Robert E. Moody, Jr. New Orleans Kenneth R. Giddens Morgan L. Shaw Chicago Robert P. Briggs Charles J. Scanlon James H. Hilton Hugh J. Hclmer 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 Memphis Edward B. LeMaster E. Francis DeVos Minneapolis Atherton Bean Frederick L. Deming Judson Bemis Albert W. Mills Helena John M. Otten Clement A. Van Nice Kansas City Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver Robert T. Person Cecil Puckett Oklahoma City...... James E. Allison Howard W. Pritz Omaha Clifford Morris Hardin George C. Rankin Dallas Robert O. Anderson Watrous H. Irons Philip E. Coldwell El Paso William R. Mathcws Roy E. Bonne 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 Salt Lake City Thomas B. Rowland Arthur L. Price Seattle Henry N. Anderson Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, 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. HI. 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. 1623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1624 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 REPRINTS CHANGES IN STRUCTURE OF THE FEDERAL DEBT. May 1963. 10 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) FINANCING THE U.S. PAYMENTS DEFICIT. Apr. 1963. 8 pp. THE MONETARY SYSTEM OF THE UNITED STATES. Feb. 1953. 16 pp. FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. Nov. 1958. 15 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- BANKING AND MONETARY STATISTICS, 1962. Sescription of revised statistics for all banks in lected series of banking and monetary statistics the United States, by class of bank, together for 1962 only. Feb., Mar., and May 1963. 16 with revised statistics. Apr. 1959. 94 pp. pp. CONSUMER BUYING INTENTIONS AND QUARTERLY RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. SURVEY OF CONSUMER BUYING INTENTIONS. INTEREST RATES ON TIME DEPOSITS, Mid-Febru- Combined reprint. Sept. 1960. 31 pp. ary 1963. June 1963. 7 pp. STATISTICS ON THE GOVERNMENT SECURITIES SURVEY OF COMMON TRUST FUNDS, 1962. June MARKET. Apr. 1961. 8 pp. 1963. 6 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. MONETARY DEVELOPMENTS, FIRST HALF '63. July 1961. 15 pp. 1963. 7 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. MEASURES OF MEMBER BANK RESERVES. July 1961. 3 pp. 1963. 14 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. BANK LOANS SECURED BY STOCKS AND BONDS. July July 1962. 6 pp. 1963. 19 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- A BANK EXAMINER LOOKS AT AGRICULTURAL DEXES. July 1962. 6 pp. LENDING. July 1963. 8 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. MEASURING AND ANALYZING ECONOMIC GROWTH. 11 PP. 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. 11pp. 14 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. 11pp. FARM DEBT AS RELATED TO VALUE OF SALES. RECENT INTEREST RATE TRENDS. NOV. 1963. Feb. 1963. 9 pp. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1558, 1560 Deposits—continued Agricultural loans of commercial banks, 1552, 1554 Federal Reserve Banks, 1542, 1613 Assets and liabilities (See also Foreign liabilities and Postal savings, 1541, 1547 claims): Discount rates, 1540, 1617 Banks and the monetary system, consoli- Discounts and advances by Federal Reserve dated, 1547 Banks, 1536, 1542, 1544 Corporate, current, 1572 Dividends, corporate, 1571, 1572 Domestic banks, by classes, 1548, 1552, Dollar assets, foreign, 1605, 1613 1554, 1560 Federal Reserve Banks, 1542 Earnings and hours, manufacturing industries, 1587 Automobiles: Employment, 1584, 1586, 1587 Consumer instalment credit, 1576, 1577, Farm mortgage loans, 1573, 1574 1578, 1596 Federal finance: Production index, 1580, 1581 Cash transactions, 1562 Bankers'balances, 1553, 1555 Receipts and expenditures, 1563 (See also Foreign liabilities and claims) Treasurer's balance, 1562 Banks and the monetary system, consolidated state- Federal home loan banks, 1567, 1568, 1575 ment, 1547 Federal Housing Administration, 1567, 1568, Banks for cooperatives, 1567, 1568 1573, 1574, 1575 Bonds (See also U.S. Govt. securities): Federal intermediate credit banks, 1567, 1568 New issues, 1568, 1569, 1570 Federal land banks, 1567, 1568 Prices and yields, 1558, 1559 Federal National Mortgage Assn., 1567, 1568, 1575 Brokers and dealers in securities, bank Federal Reserve Banks: loans to, 1552, 1554 Condition statement, 1542 Business expenditures on new plant and equip- U.S. Govt. securities held by, 1536, 1542, ment, 1572 1544, 1564, 1565 Business indexes, 1584 Federal Reserve credit, 1536, 1542, 1544 Business loans (See Commercial and industrial loans) Federal Reserve notes, 1542, 1545 Federally sponsored credit agencies, 1567, 1568 Capital accounts: Finance company paper, 1558, 1560 Banks, by classes, 1548, 1553, 1556 Financial institutions, loans to, 1552, 1554 Federal Reserve Banks, 1542 Float, 1536 Carloadings, 1584 Flow of funds/saving, 1594 Central banks, foreign, 1602, 1617 Foreign central banks, 1602, 1617 Coins, circulation of, 1545 Foreign currency operations, 1542, 1544, 1604, 1612 Commercial banks: Foreign deposits in U.S. banks, 1536. 1542, 1547, Assets and liabilities, 1548, 1551, 1552 1553,1556,1613 Consumer loans held, by type, 1577 Foreign exchange rates, 1618 Number, by classes, 1548 Foreign liabilities and claims: Real estate mortgages held, by type, 1573 Banks, 1606, 1608, 1609, 1611, 1613 Commercial and industrial loans: Nonfinancial concerns, 1614 Commercial banks, 1552 Foreign trade, 1616 Weekly reporting member banks, 1554, 1557 Gold: Commercial paper, 1558, 1560 Certificates, 1542, 1545 Condition statements (See Assets and liabilities) Earmarked, 1613 Construction, 1584, 1585 Net purchases by U.S., 1604 Consumer credit: Production, 1603 Instalment credit, 1576, 1577, 1578, 1579, 1596 Reserves of central banks and govts., 1602 Noninstalment credit, by holder, 1577 Reserves of foreign countries and international Consumer price indexes, 1584, 1590 organizations, 1605 Consumption expenditures, 1592, 1593 Stock, 1536, 1547, 1604 Corporations: Govt. debt. (See U.S. Govt. securities) Sales, profits, taxes, and dividends, 1571, 1572 Gross national product, 1592, 1593 Security issues, 1569, 1570 Security prices and yields, 1558, 1559 Hours and earnings, manufacturing industries, 1587 Cost of living (See Consumer price indexes) Housing starts, 1585 Currency in circulation, 1536, 1545, 1546 Industrial production index, 1580, 1584 Customer credit, stock market, 1559 Instalment loans, 1576, 1577, 1578, 1579, 1596 Debits to deposit accounts, 1544 Insurance companies, 1561, 1564, 1565, 1574 Demand deposits: Insured commercial banks, 1550, 1552 Adjusted, banks and the monetary system, 1547 Interbank deposits, 1541, 1548, 1553 Adjusted, commercial banks, 1544, 1546, 1553 Interest rates: Banks, by classes, 1541, 1548, 1556 Bond yields, 1558 Turnover of, 1544 Business loans by banks, 1557 Type of holder, at commercial banks, 1553 Federal Reserve Bank discount rates, 1540 Department stores, 1584, 1588, 1589 Foreign countries, 1616, 1617 Deposits (See also specific types of deposits): Open market, 1558, 1616 Adjusted, and currency, 1547 Stock yields, 1558 Banks, by classes, 1541, 1548, 1553, 1556, 1560 Time deposits, maximum rates, 1541 1625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1626 FEDERAL RESERVE BULLETIN • NOVEMBER 1963 International capital transactions of the U.S., 1606 Sales finance companies, consumer loans of. 1576, International institutions, 1602, 1604, 1605 1577, 1579 Inventories, 1592 Saving: Investment companies, new issues, 1570 Flow-of-funds series, 1594 Investments (See also specific types of investments): National income series, 1593 Banks, by classes, 1548, 1552, 1555, 1560 Savings deposits (See Time deposits) Commercial banks, 1551 Savings institutions, principal assets, 1560, 1561 Federal Reserve Banks, 1542, 1544 Savings and loan assns., 1561, 1565, 1574 Life insurance companies, 1561 Securities (See also U.S. Govt. securities): Savings and loan assns., 1561 Federally sponsored agencies, 1567 International transactions, 1612, 1613 Labor force, 1586 New issues, 1568, 1569, 1570 Loans (See also specific types of loans): Silver coin and silver certificates, 1545 Banks, by classes, 1548, 1552, 1554, 1560 State member banks, 1550 Commercial banks, 1551 State and local govts.: Federal Reserve Banks, 1536, 1542, 1544 Deposits of, 1553, 1556 Insurance companies, 1561, 1574 Holdings of U.S. Govt. securities, 1564, 1565 Insured or guaranteed by U.S., 1573, 1574, 1575 New security issues, 1568, 1569 Savings and loan assns., 1561, 1574 Ownership of obligations of, 1552, 1560, 1561 Prices and yields of securities, 1558, 1559 Manufactures, production index, 1581, 1584 Stock market credit, 1559 Margin requirements, 1541 Stocks: Member banks: New issues, 1569, 1570 Assets and liabilities, by classes, 1548, 1552 Prices and yields, 1558, 1559 Borrowings at Federal Reserve Banks, 1538, 1542, 1556 Deposits, by classes, 1541 Tax receipts, Federal, 1563 Number, by classes, 1549 Time deposits, 1541, 1546, 1547, 1548, 1553, 1556 Reserve requirements, 1541 Treasurer's account balance, 1562 Reserves and related items, 1536 Treasury cash, 1536, 1545, 1547 Weekly reporting series, 1554 Treasury currency, 1536, 1545, 1547 Mining, production index, 1581, 1584 Treasury deposits, 1536, 1542, 1562 Money rates (See Interest rates) Money supply and related data, 1546 Unemployment, 1586 Mortgages (See Real estate loans) U.S. balance of payments, 1615 Mutual savings banks, 1547, 1548, 1550, 1560, U.S. Govt. balances: 1564, 1565, 1573 Commercial bank holdings, by classes, 1553, 1556 National banks, 1550 Consolidated monetary statement, 1547 National income, 1592, 1593 Treasury deposits at Federal Reserve National security expenditures, 1563, 1592 Banks, 1536, 1542, 1562 Nonmember banks, 1550, 1552, 1553 U.S. Govt. securities: Bank holdings, 1547, 1548, 1552, 1555, 1560, Payrolls, manufacturing, index, 1584 1564, 1565 Personal income, 1593 Dealer transactions, positions, and financing, 1566 Postal Savings System, 1541, 1547 Federal Reserve Bank holdings, 1536, 1542, 1544, Prices: 1564, 1565 Consumer, 1584, 1590 Foreign and international holdings, 1542, Security, 1559 1605, 1613 Wholesale commodity, 1584, 1590 International transactions, 1612 Production, 1580, 1584 New issues, gross proceeds, 1569 Profits, corporate, 1571, 1572 Outstanding, by type of security, 1564. 1565, 1567 Real estate loans: Ownership of, 1564, 1565 Banks, by classes, 1552, 1560, 1573 Prices and yields, 1558, 1559 Type of holder, 1573, 1574, 1575 United States notes, outstanding and in circula- Type of property mortgaged, 1573, 1574, 1575 tion, 1545 Reserve requirements, member banks, 1541 Utilities, production index, 1581, 1584 Reserves: Central banks and govts., 1602 Vault cash, 1536, 1541, 1553 Commercial banks, 1553 Federal Reserve Banks, 1542 Veterans Administration, 1573, 1574, 1575 Foreign countries and international organizations, 1605 Member banks, 1536, 1538, 1541, 1553, 1555 Weekly reporting member banks, 1554 Residential mortgage loans, 1573, 1574, 1575 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 W«^WV f (o THE FEDERAL RESERVE SYSTEM o) O HAWAII 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