Federal Reserve Bulletin, 1963-12

FEDERAL RESERVE B U LLETIN December 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 Capital Goods in Economic Expansion 1627 Statement on Proposed Authority To Underwrite Revenue Bonds 1634 Law Department 1636 Announcements 1653 National Summary of Business Conditions 1657 Guide to Tabular Presentation 1660 Financial and Business Statistics, U.S. (Contents on p. 1661) 1662 International Financial Statistics (Contents on p. 1723) 1724 Board of Governors and Staff 1742 Open Market Committee and Staff; Federal Advisory Council 1743 Federal Reserve Banks and Branches 1744 Federal Reserve Board Publications 1745 Index to Statistical Tables 1749 Map of Federal Reserve System Inside back cover Volume 49 it Number 12 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 fct a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IN A RENEWED RISE since last winter equipment and for new production methbusiness capital outlays have attained rec- ods have been stimulated by strong comord levels. The increase in these outlays petitive pressures to cut costs—even in has contributed appreciably to a substantial some industries in which productive capacrise in the Board's index of industrial pro- ity is not being fully utilized. Meanwhile, duction this year. in other industries, growth in demand has For the whole period since early 1961, been sufficient to cause a need for additional when the current business expansion began, capacity. Such spending for modernization the increase in capital outlays has been and expansion, in combination with outlays larger than that in the preceding cyclical for replacement, has been facilitated and enexpansion in 1958-60, but smaller than in couraged by a step-up in depreciation allow- 1954-57 or 1949-53. Until 1957 outlays ances stemming from the new tax guidelines were mainly for enlargement of capacity, that became effective during 1962, by the inwhereas since then they have been directed ducement of the new investment tax credit, to a greater extent toward modernization. and by a sustained rise in corporate profits. For the past 6 years business capital spend- The rise in profits, which has persisted ing as a proportion of gross national prod- longer than in earlier postwar periods of uct has changed little around a level sig- expansion, has reflected increased producnificantly below the high of late 1956. tion and sales and maintenance of profit Larger expenditures for more efficient margins. Labor costs per unit of output have NOTE.—Seasonally adjusted data. Dept. of Commerce series trial commodity prices based on Bureau of Labor Statistics for investment (producers' durable equipment and nonresi- data for commodities other than food and food-stuffs. Investdential construction) and for profits, net of tax liability. Indus- ment and profits are annual rates. Latest monthly figures, Nov. 1627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1628 FEDERAL RESERVE BULLETIN • DECEMBER 1963 continued to show little change, and pro- commercial equipment, which includes a ductivity in manufacturing has advanced variety of telephone, computing, and other further. The wholesale price index for in- office and service equipment, has remained dustrial commodities has remained relatively near the high level reached in early 1962. stable since 1959. Renewed expansion in production of capital goods in 1963 has helped to sustain a steady rise in disposable personal PRODUCTION DEVELOPMENTS income. In the fourth quarter such income Reflecting expansion in outlays for fixed in- was 5 per cent above a year earlier. Convestment, the physical output of business sumer demands increased, and output of equipment increased by 7 per cent from consumer goods rose substantially above the April to November this year. At the same late 1962 level. time there was a considerable change in the With production of both business equipcomposition of the business equipment total, ment and consumer goods rising, total outas shown in the chart. put of final products rose 5 per cent from Large increases in capital spending by April to November. Reflecting mainly fluctumanufacturing, utility, and transportation ations in inventory demands, output of inindustries have contributed to the wide- dustrial materials increased more than outspread gains in output of equipment for put of final products in the first half of the these industries. Output of industrial equip- year and then showed little net change to ment—a group that includes many kinds of November. In particular, inventories of machinery used in manufacturing and utility steel were increased in the early part of industries—has increased sharply. Output of the year because of the possibility of a trucks and railroad cars, reflected in produc- steel strike; then later these stocks were tion of freight and passenger equipment, also drawn down. has increased considerably. Production of Combined production of materials and INDUSTRIAL PRODUCTION advoacas, paced by oatpit of basiaess eqaipaeiit Ratio seal* Ratio 1957-59-100 1957-59=100 130 TYPES OF BUSINESS EQUIPMENT COMMERCIAL FINAL PRODUCTS T~" CONSUMER L~^S Jr~ GOODS J^ / ; ' ' ifC^V I' /r 1 \ } \% 1 MATERIALS FREIGHT X AND PASSENGER y f BUSINESS r V — \ / EQUIPMENT 'My INDUSTRIAL J 1963 1957 1963 1957 NOTE.—Seasonally adjusted indexes. Final products includes goods. Business equipment does not include defense equipment. defense equipment as well as business equipment and consumer Latest figures, Nov. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL GOODS IN ECONOMIC EXPANSION 1629 products, therefore, increased sharply from The equipment portion of this total has January to July and then showed little net more than doubled, rising from more than increase to November. In November total $1 billion in 1953 to nearly $3 billion in industrial production was 16 per cent above 1963. the prerecession level in the spring of 1960. The major types of equipment purchased This was about twice the amount by which by the public sector are power generating the 1960 peak exceeded the prerecession equipment, computing and other office level in mid-1957. equipment, research equipment, motor vehi- An important part of the difference over these two periods—the current one being more than a half year longer—lies in out- EQUIPMENT expands more than plant put of business equipment and in the production of materials for use in the equipment industries. Output of business equip- PRODUCERS' DURABLE EQUIPMENT ment this November was nearly one-fifth higher than in early 1960, whereas the level at that time was only a little higher than in early 1957. ,-" NONRESIDENTIAL CONSTRUCTION I In the discussion that follows, it should be noted that the physical output measure of PUBLIC capital outlays rise further business equipment, shown in the preceding chart, and the measure of private spending for producers' durable equipment, shown CONSTRUCTION in the following chart, differ in several important ways, although their cyclical behavior is roughly similar. The output meas- EQUIPMENT ure excludes imports and includes both ex- 1953 '55 '57 '59 '61 '63 ports and business-type equipment produced for government use. NOTE.—Dept. of Commerce data for private purchases of producers' durable equipment and nonresidential construction (seasonally adjusted annual rates). Census Bureau data for public construction expenditures, excluding military and resi- PUBLIC INVESTMENT dential. Federal Reserve estimates for public equipment, excluding defense, based on data from Dept. of Commerce, Bureau of the Budget, and Census Bureau. A description of the public investment series is available on Capital expenditures of Federal and State request to the Board's Business Conditions Section, Division of Research and Statistics. and local governments and their agencies for nondefense purposes have risen persist- cles, and some manufacturing equipment. ently over the past decade. Since public in- The bulk of public capital outlays, howvestment is geared to the needs of a growing ever, are for highway construction, conserpopulation and not to profit expectations, it vation projects, and educational facilities. is considerably less sensitive to cyclical influences than its private counterpart. PRIVATE INVESTMENT Estimated government expenditures for Plant and equipment outlays in the fourth capital goods, including construction and quarter of 1963 are estimated at a seasonally equipment, totaled nearly $19 billion in adjusted annual rate of $40.8 billion, 8 per 1963 compared with $11 billion in 1953. cent above their previous peak in the third Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1630 FEDERAL RESERVE BULLETIN • DECEMBER 1963 quarter of 1957. Since 1957, changes in the allocation of an appreciable amount of relevel of effective prices of equipment have sources to activities that potentially reduce been small. production costs and help to develop new Nevertheless, since mid-1961 business products and techniques in nondefense inhas increased its capital outlays at a slower dustries. More than 80 per cent of all repace than in either of the two previous ex- search and development expenditures are in pansions. The recent increase has averaged the aircraft, chemicals, autos, and machinery 2 per cent per quarter as compared with industries. 3 per cent in the two earlier periods. Final products—motor vehicles. Spurred Business outlays for equipment have by consumer and business demands, probeen more sensitive to cyclical changes than duction of automobiles and trucks so far outlays for construction. From mid-1961 to in 1963 has been substantially above the the third quarter of this year, equipment advanced 1962 levels. Production in relaoutlays rose by $7 billion as compared with tion to capacity is also high, as indicated by only $1 billion for construction. During the heavy overtime schedules at many plants. 1960-61 downturn purchases of equipment Capital spending in the motor vehicle declined by $4 billion as construction outindustry in 1963 was estimated to have lays increased by $1 billion. been 17 per cent above 1962, which was Increases in spending for plant and 11 per cent above the total for 1961. A equipment in 1963 have been relatively large part of the increase over this 2-year larger for manufacturing, 6.4 per cent, than period reflects replacement of machine tools. for all other business, 3.5 per cent. A recent During these 2 years production averaged private survey indicates that manufacturers over 8 million vehicles per year. Planned will increase their spending for plant and capital spending for 1964 is up more than equipment by 8 per cent in 1964. 10 per cent; in comparison with spending Increases in manufacturers' investment in plans by other businesses this increase is plant and equipment have been in response exceeded only by the iron and steel and to both actual and prospective pressures on paper and pulp industries. capacity. The margin of excess capacity Major materials industries. Consumption of that persisted after the 1955-56 investment materials has increased substantially further boom appears to have been narrowing. in 1963 along with the expansion in output Except for the high utilization rates just of final products and in construction activity. before and after the steel strike in late 1959, Increasing over-all demands for materials manufacturers in the last half of 1963 were have contributed to pressures to expand caestimated to be operating at slightly higher pacity in some industries. Continued compelevels of capacity than at any time since the tition among suppliers for markets has main- 1955-57 period. tained pressures to modernize facilities in In addition to larger capital outlays busi- order to lower costs. ness has increased its spending on research Metals. The iron and steel industry, aland development from $4 billion in 1953 to though operating below capacity most of nearly $13 billion in 1963. More than one- the time since 1957, increased expendihalf of such spending is estimated to be for tures for new plant and equipment by 13 defense purposes. The balance represents per cent in 1963 and a further rise of 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL GOODS IN ECONOMIC EXPANSION 1631 per cent is planned for 1964. These increased expenditures reflect primarily the adoption of technological advances in production. Competition from other materials, particularly nonferrous metals, plastics, and reinforced concrete, has intensified in recent years. At the same time, expansion of steel capacity in Western Europe and in Japan and lower prices for foreign steel have challenged the U.S. industry in domestic as well as foreign markets. Reduction in steel prices on the West Coast, which eliminated the differential that had existed, has also intensified competition in certain regional markets. Increased expenditures include outlays for oxygen-process furnaces and continuous production lines. Where the oxygen-process has been introduced into existing furnaces, the result has been a speed-up of ingot production. Construction of new oxygen-process furnaces, however, increases capacity and reduces costs even further. Some of the new facilities eliminate the ingot stage of production completely, by producing slabs that are fed directly into the rolling mill. For these reasons ingot capacity is no longer representative of over-all capacity in the steel industry. NOTES TO THIS AND FOLLOWING CHART.—Federal Reserve in- In contrast with spending in the steel in- dexes for output—seasonally adjusted except for steel—and for capacity estimates as of end of year. Textile output includes dustry, capital spending in other metal in- cotton yarn and synthetic fibers and yarn. Paper includes pulp and board. Chemicals include a selected group of industrial dustries has been more in response to chemicals. All expenditure data, seasonally adjusted, from Commerce-SEC plant and equipment expenditure survey, which higher output pressing against current ca- groups industries by companies, so series are not entirely comparable to industry groups for output and capacity. Latest output figures: steel, Nov.; chemicals, Sept.; others, Oct. pacity. Output of aluminum—in response to increasing demands by the automobile, con- the industry plans to increase its capacity struction, canning, and defense industries— by 9 per cent in 1964. has increased sharply this year. In fact, this Textiles. Output of textiles has increased is the first time it has exceeded the 1959 nearly 10 per cent further this year to a peak by any substantial amount. Operalevel 25 per cent above that for 1959-60. tions this autumn have been near capacity. Operations averaged 75 per cent of capacity After 3 years of little change in spending, for several years, rose to over 90 per cent of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1632 FEDERAL RESERVE BULLETIN • DECEMBER 1963 capacity in late 1961, and have been maintained at about that rate since then. Capital spending in the textile industry increased by 22 per cent in 1962, partly in response to liberalized depreciation allowances granted in 1961, and has risen 6 per cent further this year. Spending plans for 1964, according to a private survey, indicate an additional 6 per cent rise. The expansion of facilities in this industry reflects the increasing use of synthetic fibers in both apparel and industrial products. Chemicals and paper. Chemicals and paper are both industries characterized by strong growth with only small declines in output during recessions. Output of industrial chemicals this autumn was more than 40 per cent higher than in mid-1960 and 70 per cent above the 1957-59 average. This rapid rise in output has been without any major interruptions since 1958, and capital spending has fluctuated much less than in most other manufacturing industries. Growth in the chemical industry has been especially rapid for plastics and other synthetic materials, including fibers and rubber. Widespread industrial use of chemicals such as sulfuric acid and ammonia provides sources of demand that tend to move with industrial production. With the expanding use of paper, including both packaging and construction types, Noin.—See preceding chart. output of paper and paperboard in late mid-1950's has declined steadily with the 1963 was at more than 90 per cent of ca- growth in power production since 1959. pacity. Unlike some other materials, the Scheduled additions to electric generating margin between output and capacity in this capacity have risen sharply this year for the industry has been relatively stable. The first time since 1955-56. Recently there has paper industry, after spending $720 million been a shift to larger capacity generators for plant and equipment in 1963, the same because of their increased efficiency. amount as in each of the preceding 3 years, Additions of this type cause capacity for is planning a 22 per cent increase in 1964. individual utility companies to increase in Electric power. The excess of electric gen- fairly large chunks. This is partially offset erating capacity since the expansion in the by the growth of "pooling," which enables Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL GOODS IN ECONOMIC EXPANSION 1633 utility companies to sell their excess load zation, or expansion, the type of plant and to companies in other areas. equipment purchased at any given time is Increasing demands for electric power by usually more efficient than the existing facilcommercial and industrial users for air con- ities. As a result the average quality of the ditioning and production operations have capital stock tends to be improved and its reduced to some extent seasonal peak-load productive capacity expanded. differentials. These forces on balance ap- Although capital outlays have increased pear to have interacted to stabilize output- substantially during the past 2 years, they capacity relationships. have been smaller in relation to the existing capital stock than those in the early and middle 1950's. In general, additions to capacity have also been less rapid than in those Many interacting forces motivate spend- periods, and they probably have been more ing for capital goods. But whether the out- closely related to actual growth in demand lays are intended for replacement, moderni- and output. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement on Proposed Authority To Underwrite Revenue Bonds I understand that the principal purpose of obligations than for the revenue issues, demy appearance this morning is to answer spite bank competition for the former. questions from the members of the Com- By reciting these figures, I did not mean mittee. With your permission, however, I to imply either that one-eighth of 1 per cent should like to make a brief statement con- is an insignificant amount or that enactment cerning H.R. 5845, the bill to grant limited of H.R. 5845 would lower interest rates on authority to national and State member tax-exempt bonds by that amount. If the banks to underwrite and deal in revenue dominant attraction of State and local secubonds. rities is the tax-exemption feature, then the In view of the voluminous testimony you amount of funds available for such investhave received on the revenue bond question, ment at any particular level of rates will be no purpose would be served in repeating this determined by a complex set of external facmorning all the reasons why the Board of tors, including marginal tax rates and rela- Governors opposes enactment of H.R. 5845 tive interest rates prevailing in the market in its present form. Rather, I have just two for both taxable and tax-exempt securities. points to submit for your consideration. Under these circumstances, more aggressive The first point relates to the extent to promotion of securities in one sector of the which State and local taxpayers may expect tax-exempt market—for revenue issues— to save money if this bill is enacted. In my probably would absorb funds that otherwise earlier statement to the Committee on H.R. would have gone into general obligations, 5845, I reported the results of a staff study tending to raise the relative rates necessary of A-rated general obligation and revenue to sell these issues. bond issues of $2 million or more that came It is in this context, where potential interto market in the first half of 1963. This sur- est savings on revenue bonds seem likely to vey indicated that the average yield at which be offset to some extent by larger costs for various maturities of revenue bonds were issuers of general obligations, that the Board reoffered to the public was about one-eighth has considered the proposed legislation. Our of 1 per cent higher than for general obliga- judgment is that the prospective over-all intions of comparable quality, and that under- terest savings would not justify the hazards writing spreads (in terms of basis points) of additional bank involvement in the underaveraged somewhat higher for the general writing field. The second point I hope you will consider NOTE.—Statement of William McChesney Martin, is that there is a pressing need for action to Jr., Chairman, Board of Governors of the Federal end the confusion that now prevails as to the Reserve System, before the Committee on Banking and Currency, House of Representatives, Dec. 13, 1963. role of commercial banks in municipal bond 1634 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 1635 financing. Because of the conflicting inter- "general obligations" provision, however, pretations of the meaning of the term "gen- State member banks are not authorized to eral obligations of any State or of any po- underwrite revenue bonds of any kind, in litical subdivision" in the existing statute, any amount. the rules that apply to national banks are If you conclude that banks should underdifferent from those that apply to State mem- write revenue bonds, but subject to limitaber banks, despite the obvious intent of Con- tions as to quantity and quality, H.R. 5845 gress that the same rules should apply to should be amended and passed to establish both. clear limitations for national and State mem- Under the Comptroller of the Currency's ber banks alike. While the Board does not recent interpretations, a substantial segment favor such a policy, if you decide upon that of the revenue bonds coming on the market course we recommend certain clarifying would be "general obligations" and more of amendments submitted to you earlier. If, on them could readily be given that status by the other hand, you agree with the Board a mere change in form. Since "general oblithat commercial banks should not undergations" are exempt from all of the restricwrite revenue bonds and that Section 5136 tions of Section 5136 of the Revised Statutes, of the Revised Statutes was intended to prothe Comptroller's interpretation of this hibit such underwriting, Section 5136 should statute purports to exempt national banks be amended so as to settle any doubt on even from the restrictions as to amount and that score. This should be done to end an quality that would apply under H.R. 5845. inequitable competitive advantage now en- That is, national banks could underwrite and joyed by national banks, and, more imporinvest in such revenue bonds without regard tantly, to move toward greater consistency to the 10 per cent limit prescribed by H.R. in the administration of our banking laws. 5845, and there would be no statutory re- The Board recommends that this be done by quirement that they confine their underwritadding to Section 5136 the definition of the ing to issues that are eligible for bank term "general obligation" that we previously investment. submitted to the Committee. Under the Board's interpretation of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Loan Value of Securities Used the fact that in connection with such a withdrawal to Make Required Deposit the depositor must forfeit up to three months of The Board of Governors of the Federal Reserve accrued and unpaid interest. Thus, in the case System has received a number of inquiries result- presented, the depositor would have the choice of ing from the upward change in the level of margin allowing funds in excess of $10,000 to remain on requirements that became effective November 6, deposit without the benefit of insurance, or with- 1963, as to what loan value applies to securities drawing the funds at a sacrifice of some interest. used to make the deposit required by Section 220.3 If the two accounts are in the form of savings (b)(l) of Regulation T with respect to transac- deposits, and if the bank permits the withdrawal tions in general accounts which occur before an of savings deposits without requiring advance writincrease in margin requirements, if such deposit is ten notice, the customer could withdraw any part made after the higher margin requirements be- of his savings deposit at any time and the bank, if come effective. it wishes, could pay accrued interest up to the time In the case of such deposits, the loan value (on of the withdrawal. the occasion of that deposit only) is that which was in effect when the transaction in question was Interest on Time Certificate executed on the floor of the exchange. Thus, where Falling Due on Holiday the customer's order was executed before the recent increase from 50 per cent to 70 per cent mar- The opinion of the Board of Governors of the gin became effective, he would still make his Federal Reserve System has been requested on deposit at the lower margin, even though the se- the question whether an extra day's interest may curities used to satisfy the deposit requirement be paid by a member bank on a time certificate were not delivered to his broker until after the of deposit which falls due on a day declared by State law to be a legal holiday. new margin requirements came into force. It is provided in Section 217.3 (f) of Regulation Q that after the date of "maturity" of any time Withdrawal of Uninsured Portion of Deposits deposit such deposit is a demand deposit and after Bank Merger no interest may be paid thereon for any period The opinion of the Board of Governors of the subsequent to the date of maturity. Federal Reserve System has been requested as to The date on which an obligation is due and whether a member bank may permit the immediate payable is, of course, determined by the terms withdrawal of time or savings deposits when the of the contract subject to State law, and in most bank has absorbed another bank by merger and jurisdictions an obligation falling due on a Sundepositors common to both banks have such ac- day or a holiday comes due on the next succeedcounts in the resulting bank in excess of $10,000, ing business day. As far as the Board's Regulathe amount covered by deposit insurance. tion Q is concerned, the "maturity" of a time If such accounts are represented by time certifi- certificate is the day it is legally due and payable; cates, it is questionable whether the circumstances and the funds represented thereby do not become described would constitute an "emergency" under a demand deposit until after that date. Accord- Section 217.4(d) of Regulation Q where payment ingly, where a certificate by its terms falls due on before maturity would be necessary to prevent a Sunday or a holiday and under State law is due "great hardship" to the depositor. However, in and payable on the next succeeding business day, view of the equities of the situation, the Board the Regulation would not preclude payment of would not object to a liberal interpretation of this interest on the deposit until and including the day provision of the Regulation. Attention is called to on which it is so payable. 1636 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1637 LAW DEPARTMENT Interlocking Relationship Between the stock issued by such a company would restrict Member Bank and Investment Advisor and contract its activities if it did not continue to with Mutual Fund Affiliation issue the stock. Clearly, a corporation that is en- The opinion of the Board of Governors of the gaged in underwriting or selling open-end shares, Federal Reserve System has been requested with is so engaged. respect to service as vice president of a corpo- In connection with incorporated manager-adration engaged in supplying investment advice visors to open-end or mutual funds, the Board has and management services to mutual funds and expressed the view in a number of cases that where others ("manager") and as director of a member the corporation served a number of different bank. clients, and the corporate structure was not inter- Section 32 of the Banking Act of 1933 (12 locked with that of mutual fund and underwriter U.S.C. 78) forbids any officer, director, or em- in such a way that it could be regarded as being ployee of any corporation "primarily engaged in controlled by or substantially one with them, it the issue, flotation, underwriting, public sale, or should not be held to be "primarily engaged" in distribution, at wholesale or retail, or through syn- Section 32 activities. On the other hand, where dicate participation, of stocks, bonds, or other a manager-advisor was created for the sole pursimilar securities . . ." to serve at the same time as pose of serving a particular fund, and its activities an officer, director, or employee of a member were limited to that function, the Board has rebank. garded the group as a single entity for purposes of Section 32. Manager has for several years served a number of different open-end or mutual funds, as well as In the present case, the selling organization is individuals, institutions, and other clients, as an a wholly-owned subsidiary of the advisor-maninvestment advisor and manager. However, it ap- ager, hence subject to the parent's control. Stock pears that Manager has a close relationship with of the subsidiary will be voted according to detwo of the mutual funds which it serves. A wholly- cisions by the parent's board of directors, and owned subsidiary of Manager ("Distributors"), presumably will be voted for a board of directors serves as distributor for the two mutual funds and of the subsidiary which is responsive to policy has no other function. In addition, the chairman lines laid down by the parent. Financial interests and treasurer of Manager, as well as the president, of the parent are obviously best served by an agassistant treasurer, and a director of Manager, are gressive selling policy, and, in fact, both the share officers and directors of Distributors and trustees and the absolute amount of the parent's income of both funds. It appears also that a director of provided by the two funds have shown a steady Manager is president and director of Distributors, increase over recent years. The fact that dividends while the clerk of Manager is also clerk of Dis- from Distributors have represented a relatively tributors. Managers, Distributors, and both funds small proportion of the income of Manager, and are listed at the same address in the local telephone that there were, indeed, no dividends in 1961 or directory. 1962, does not support a contrary argument, in view of the steady increase in total income of While the greater part of the total annual in- Manager from the funds and Distributors taken come of Manager during the past five years has deas a whole. rived from "individuals, institutions, and other clients," it appears that a substantial portion has In view of all these facts, the Board has conbeen attributable to the involvement with the two cluded that the separate corporate entities of funds in question. During each of the last four Manager and Distributors should be disregarded years, that portion has exceeded a third of the and Distributors viewed as essentially a selling arm total income of Manager, and in 1962 it reached of Manager. As a result of this conclusion, Secnearly 40 per cent. tion 32 would forbid interlocking service as an The Board has consistently held that an open- officer of Manager and a director of a member end or mutual fund is engaged in the activities bank. described in Section 32, so long as it is issuing its Orders Under Bank Merger Act securities for sale, since it is apparent that the more or less continued process of redemption of The Board of Governors of the Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1638 FEDERAL RESERVE BULLETIN • DECEMBER 1963 System issued the following Orders and Statements Voting for this action: Vice Chairman Balderston, and Governors Mills, Shepardson, and Mitchell. with respect to applications for approval of the Absent and not voting: Chairman Martin and Govmerger or the acquisition of assets of certain ernor Robertson. banks: (Signed) MERRITT SHERMAN, Secretary. BANK OF SOUTH HAVEN, SOUTH HAVEN, [SEAL] MICHIGAN STATEMENT In the matter of the application of Bank of Bank of South Haven, South Haven, Michigan, South Haven for approval of acquisition of assets with deposits of $14.5 million,* has applied, purof Peoples State Bank of Bloomingdale. suant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval of its acquisition of assets, and assumption of the deposit ORDER APPROVING ACQUISITION OF BANK'S liabilities, of Peoples State Bank of Bloomingdale, ASSETS Bloomingdale, Michigan ("Bloomingdale Bank"), There has come before the Board of Governors, with deposits of $2.3 million.* pursuant to the Bank Merger Act of 1960 (12 Incident to such application, Bank of South U.S.C. 1828(c)), an application by Bank of South Haven, the title of which would be changed to Haven, South Haven, Michigan, a member bank Citizens Trust and Savings Bank, also has apof the Federal Reserve System, for the Board's plied, under section 9 of the Federal Reserve Act prior approval of its acquisition of assets of and (12 U.S.C. 321), for the Board's prior approval assumption of deposit liabilities in Peoples State of the establishment of a branch at the location Bank of Bloomingdale, Bloomingdale, Michigan. of the sole office of Bloomingdale Bank, increasing As an incident to such application, Bank of South the number of offices of Bank of South Haven Haven, the title of which will be changed to Citi- to two. zens Trust and Savings Bank, has applied, under Under the Act, the Board is required to con- Section 9 of the Federal Reserve Act, for the sider, as to each of the banks involved, (1) its Board's prior approval of the establishment of a financial history and condition, (2) the adequacy branch by that bank at the present location of of its capital structure, (3) its future earnings Peoples State Bank. Notice of the proposed ac- prospects, (4) the general character of its manquisition of assets and assumption of deposit lia- agement, (5) whether its corporate powers are bilities, in form approved by the Board of Gov- consistent with the purposes of 12 U.S.C, Ch. 16 ernors, has been published pursuant to said Bank (the Federal Deposit Insurance Act), (6) the Merger Act. convenience and needs of the community to be Upon consideration of all relevant material, in- served, and (7) the effect of the transaction on cluding the reports furnished by the Comptroller competition (including any tendency toward moof the Currency, the Federal Deposit Insurance nopoly). The Board may not approve the trans- Corporation, and the Department of Justice on the action unless, after considering all these factors, competitive factors involved in the proposed trans- it finds the transaction to be in the public interest. action, Banking factors. Each bank has a satisfactory IT IS HEREBY ORDERED, for the reasons set forth financial history dating back to the troubled finanin the Board's Statement of this date, that said cial period of the 1930's. The banks also have applications be and hereby are approved, provided satisfactory asset conditions and their capital structhat said acquisition of assets and assumption of tures are adequate, and this would hold true for deposit liabilities and establishment of a branch the acquiring bank. shall not be consummated (a) within seven calen- Bank of South Haven has a good earnings recdar days following the date of this Order, or (b) ord and its future earnings prospects are regarded later than three months after said date. as favorable. For recent years Bloomingdale Bank's Dated at Washington, D. C, this 15th day of net current earnings have been below the average October, 1963. of Michigan member banks of comparable size in By order of the Board of Governors. ' Deposit figures as of June 29, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1639 the Seventh Federal Reserve District. Consumma- mazoo. Bank of South Haven is negotiating for the tion of the proposal would be expected to provide services of an experienced agriculturist to handle a basis for improved earnings for what would its farm loans, and these services would become then be the acquiring bank's Bloomingdale office; available to farmers in the Bloomingdale area and the earnings prospects of the acquiring bank through the proposed branch. Bank of South would appear to be favorable. Haven also is presently installing a drive-in facility The management of Bank of South Haven is and, if the proposed transaction is consummated, capable and aggressive. Bloomingdale Bank, pri- would provide a similar facility in Bloomingdale. marily because of its size and recent earnings ex- These increased services and resources clearly perience, lacks depth in experienced management. would have a beneficial effect on the convenience Effectuation of the transaction would solve this and needs of the Bloomingdale area. problem of Bloomingdale Bank and aid the ac- Competition. The banks are the only banking quiring bank, which would add to its staff the offices located in their respective cities; neither opcompetent, experienced senior officer of Bloom- erates any branches. Their offices are 19 miles ingdale Bank. apart, and consummation of the proposed trans- No inconsistency with the purposes of 12 action would eliminate only a minor amount of U.S.C., Ch. 16 is indicated. competition. Convenience and needs of the communities. Bloomingdale Bank's strongest competition is South Haven, Michigan, is located on the east- provided by the First National Bank and Trust ern shore of Lake Michigan, 44 miles northwest Company of Kalamazoo, which has deposits of apof Kalamazoo. It has a population of approxi- proximately $96.5 million,* and which operates mately 6,200 and serves a trade area with an esti- 11 banking offices, including a branch at Gobies, mated additional population of 12,000. The econ- Michigan, 5 miles southeast of Bloomingdale. omy of the area is dependent on local industry, There are four other banks which have offices in agriculture, and summer resort activity. the service areas of the participating banks. How- The manufacture of automotive parts is the ever, because these other banking offices are situprincipal industrial activity of the area while fruit ated 10 to 21 miles from Bloomingdale, it is imgrowing comprises the bulk of the agricultural probable that effectuation of the proposal would pursuits. Although the area has shown only a have any significant effect on their competitive modest population growth in the last 20 years, situations. it is anticipated that the new interstate highway Savings and loan associations in Kalamazoo system passing through the area will accelerate secure real estate loans in the service area of the its future growth. Bank of South Haven, and three large banks in Bloomingdale, Michigan, with a population of Kalamazoo solicit automobile trade paper in the 471, is located 19 miles east of South Haven and service areas of each of the participating banks. 23 miles northwest of Kalamazoo. Its trade area There is no evidence that consummation of the includes an additional estimated 5,000 population. proposed transaction would have any adverse com- The economy of the area is supported primarily petitive effects on other banks with offices in the by agriculture, dairying, grain and fruit growing service areas of the participating banks; rather, being the principal activities. Some of the resi- it appears that there would be a stimulation of dents of the Bloomingdale area commute to and competition in the Bloomingdale area. from industrial employment in Kalamazoo. Summary and conclusion. The acquisition of The acquiring bank would be able to offer a Bloomingdale Bank by Bank of South Haven higher lending limit to customers of Bloomingdale would provide expanded banking services and Bank, which is now limited to $18,500 or upon ap- resources to better serve the people of the Bloomproval of two-thirds of the directors to $37,000. ingdale area, solve Bloomingdale Bank's manage- The lending limit of the acquiring bank is $150,- ment problem, and strengthen the earnings pros- 000, or $300,000 with the directors' approval. pects of Bloomingdale's only banking office. It In addition, trust services would become available would have no significant adverse effect on bankin the Bloomingdale area, which is now dependent on such services principally at banks in Kala- * Deposit figure as of June 29, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1640 FEDERAL RESERVE BULLETIN • DECEMBER 1963 ing competition in the service areas of the banks, (Signed) MERRITT SHERMAN, and would be expected to stimulate banking com- Secretary. petition in the area served by Bloomingdale Bank. [SEAL] Accordingly, the Board finds the proposed ac- STATEMENT quisition to be in the public interest. Wachovia Bank and Trust Company, Winston- October 15, 1963. Salem, North Carolina ("Wachovia"), with deposits of $674.6 million,* has applied, pursuant WACHOVIA BANK AND TRUST COMPANY, to the Bank Merger Act of 1960 (12 U.S.C. WINSTON-SALEM, NORTH CAROLINA 1828(c)), for the Board's prior approval of the merger of that bank and The Bank of Randolph, In the matter of the application of Wachovia Asheboro, North Carolina ("Randolph"), with Bank and Trust Company for approval of merger deposits of $9.0 million.* The banks would merge with The Bank of Randolph. under the charter and title of Wachovia, which is a State-chartered member bank of the Federal ORDER APPROVING MERGER OF BANKS Reserve System. As an incident to the merger, the sole office of Randolph would become a There has come before the Board of Governors, branch of Wachovia, increasing the number of its pursuant to the Bank Merger Act of 1960 (12 offices from 82 to 83. U.S.C. 1828(c)), an application by Wachovia Under the law, the Board is required to con- Bank and Trust Company, Winston-Salem, North sider, as to each of the banks involved, (1) its Carolina, a State member bank of the Federal financial history and condition, (2) the adequacy Reserve System, for the Board's prior approval of its capital structure, (3) its future earnings of the merger of that bank and The Bank of prospects, (4) the general character of its man- Randolph, Asheboro, North Carolina, under the agement, (5) whether its corporate powers are charter and title of the former. As an incident consistent with the purposes of 12 U.S.C, Ch. to the merger, the sole office of The Bank of 16 (the Federal Deposit Insurance Act), (6) the Randolph would become a branch of Wachovia convenience and needs of the communities to be Bank and Trust Company. Notice of the proposed served, and (7) the effect of the transaction on merger, in form approved by the Board, has been competition (including any tendency toward mopublished pursuant to said Act. nopoly) . The Board may not approve the transac- Upon consideration of all relevant material in tion unless, after considering all these factors, it the light of the factors set forth in said Act, in- finds the transaction to be in the public interest. cluding reports furnished by the Comptroller of Banking factors. The financial history of both the Currency, the Federal Deposit Insurance Cor- Wachovia and Randolph is satisfactory. The genporation, and the Department of Justice on the eral financial condition, capital structure, and competitive factors involved in the proposed future earnings prospects of Wachovia also are merger, satisfactory. IT IS HEREBY ORDERED, for the reasons set forth While the capital structure of Randolph is adein the Board's Statement of this date, that said quate for the present scale of its operations, and application be and hereby is approved, provided its net earnings are satisfactory when abstracted that said merger shall not be consummated (a) from the remainder of the financial picture, gross within seven calendar days after the date of this earnings are low, and the rate of net earnings Order or (b) later than three months after said has been maintained only by means of a rigid date. control of expenses which has in turn starved the Dated at Washington, D. C, this 14th day of bank's potential for growth. November, 1963. One per cent interest is paid by Randolph on time and savings deposits, while its local competi- By order of the Board of Governors. tor pays three per cent. The banking quarters of Voting for this action: Chairman Martin, and Gov- Randolph are woefully inadequate. Since no aternors Bajderston, Shepardson, and Mitchell. Voting against this action: Governors Mills and Robertson. * Deposit figures are as of June 29, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1641 LAW DEPARTMENT tempt has been made to cultivate remunerative the geographic center of the State. With a populanewer fields for lending in the community, a large tion exceeding 62,000, the county is part of the proportion of the loan portfolio, already low in Piedmont area, the industrial and agricultural core relation to total assets and to total deposits, has of North Carolina. The main crops include toconsisted of lower-yielding participations pur- bacco, corn, and wheat, and the principal induschased from correspondent banks. As a result of tries are textiles and hosiery. Lumber products, these and other policies, the bank's rate of deposit shoe manufacturing, and furniture production are growth, which in the 1940's exceeded both the growing in importance. General Electric has es- North Carolina average and that of the other tablished a local plant to produce electric blankets Asheboro bank, fell below the State average in and heating pads, and Union Carbide has opened the 1950's. Since 1960, Randolph has had a two a flashlight battery factory near Asheboro. Local per cent decline in deposits. manufacturing payrolls are estimated at more A management crisis, stemming from the same than $15 million a year. causes which have produced the current finan- At the time the application was filed, five banks cial picture, clouds the future of Randolph. The had offices in Randolph County. Three ranged Chairman of the bank's Board of Directors, the in size from two to ten million dollars of deposits. dominant figure in management throughout the The fourth was the Scottish Bank, with deposits more than sixty years of the bank's existence, has of $42 million, and a head office outside of the been incapacitated by a serious illness, at the age county, as has the fifth, the First Union National of 88, that beset him after the application was Bank of North Carolina ("First Union"), which filed. There is no indication that Randolph has is rapidly approaching $300 million in deposits. ever attempted to provide for management suc- The Scottish Bank has since merged with First cession, and interests identified with the Chairman Union. of the Board hold a majority of the bank's stock. In Asheboro there are two banks, Randolph With the capacity of this bloc to formulate ener- and the First National Bank of Asheboro ("First getic decisions unavoidably suspended, the delay National"), which are almost equal in size. Origiin resolving the management problem which nally much smaller, First National has been overwould probably result from denial of the appli- taking Randolph, having expanded its services and cation might well prolong indefinitely the present established two branches. Randolph, by contrast, unsatisfactory state of affairs at Randolph. follows restrictive lending policies. It has no in- Wachovia has maintained a long, helpful corre- stalment loan department and makes, for exspondent relationship with Randolph. The result- ample, no instalment loans on automobiles. The ing bank, which would be under Wachovia's bank has shown no interest in attracting savings competent management, would have a sound asset deposits or in expanding its services, but has concondition, an adequate capital structure, and fav- fined itself largely to serving business interests with orable earnings prospects. which it has had a traditional connection. It does not appear that the corporate powers Wachovia plans, if the proposal is consumof the banks are, or would be, inconsistent with mated, to build a modern building for its Ashe- 12 U.S.C., Ch. 16. boro branch, and to offer a full range of those Convenience and needs of the communities. banking services which are appropriate for a grow- The proposed merger would have little effect in ing community of the size of the Randolph County communities other than Asheboro. Wachovia, with seat. The lending limit of Wachovia exceeds $6 82 offices in 30 localities situated in 21 counties, million, while that of Randolph is $125,000. In is virtually a State-wide banking system. Addition addition, Wachovia plans to offer trust services at of a branch in one more county would not add its Asheboro branch, for which Asheboro resisignificantly to the banking convenience or needs dents have had to go out of town. of communities where the present offices of Competition. Relatively little competition, ac- Wachovia are located. tual or potential, exists between Wachovia and Asheboro, with a 1960 population of over Randolph. Their nearest offices are about twenty 10,000, is the principal town as well as the seat miles apart. Some Asheboro concerns, whose reof Randolph County, which is situated at about quirements are in excess of the legal lending limit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1642 FEDERAL RESERVE BULLETIN • DECEMBER 1963 of the two Asheboro banks, maintain banking re- financially sound banking institution, its managelationships with Wachovia or with other large ment problem, complicated by unusual circumbanks, and Wachovia has some trust business stances, creates an impasse unlikely to be resolved from the Asheboro area. without undue delay unless by the aid of a larger Aside from Asheboro, the towns in Randolph bank. The community of Asheboro requires the County are relatively small, and the offices of First services of two fully competitive banks, and dur- Union located in three of these towns should ing any such delay it would, in effect, be denied have no difficulty in maintaining their competitive a choice of banking services over much of the position relative to the Asheboro office of Wacho- range appropriate to its needs. While the merger via. Indeed, they may be expected to offer in- of Randolph into one of the three large banks creased competition to the Asheboro banks. The which already divide the lion's share of banking remaining bank, Bank of Coleridge, in Ramseur, in the area is not an ideal solution, it appears to be ten miles east of Asheboro, has deposits of $2 mil- a feasible one in the circumstances. The vigor of lion, and serves primarily local needs. It does not the competing Asheboro bank should enable it appear that this bank's customers would be drawn to maintain its relative position in a growing comto the Asheboro branch of Wachovia. munity, and the effect on the remaining small The chief competitive impact of the proposal, bank in Randolph County should not be adverse. if effectuated, would be felt by First National. For these reasons, the Board finds that the However, in view of the energetic management of proposed merger would be in the public interest. this bank and the development and expansion which Randolph County will probably continue to DISSENTING STATEMENT OF GOVERNORS MILLS experience, it should be able to compete effectively AND ROBERTSON with a branch in Asheboro of a large bank. Approval of the application by Wachovia Bank A more difficult question is presented by the and Trust Company to merge The Bank of Ranextent of banking concentration in the State of dolph will extend the influence of the larger bank North Carolina. As of March 18, 1963, the four in an industrial and agricultural area in which largest banks in the State held 56.4 per cent of it is already well entrenched. While other promitotal deposits in commercial banks. Wachovia, the nent North Carolina commercial banking organizalargest, had 21.1 per cent of the deposits and tions are also represented in the same area, so 10.4 per cent of the banking offices in the State. that consummation of the proposed merger would There has been a marked trend in North Carolina not diminish banking competition to any substantoward merger of previously independent banks, tial extent, it would increase the concentration of and during the past ten years the State's four commercial banking resources there in the hands largest banks have acquired 34 other banks in of a few large branch banking institutions. this way. In the central eight counties of the Pied- If there is a need for the services which a branch mont area, the State's three largest commercial of a large bank could provide in Asheboro, nothing banks hold 86 per cent of total deposits. Of this in State law prevents Wachovia or any other aptotal, North Carolina National Bank has 35 per plicant from seeking permission to establish a de cent, Wachovia 32 per cent, and First Union, the novo branch there. By contrast, approval of the largest bank yet represented in Randolph County, present application has the almost surgical effect of 16 per cent. Accordingly, a proposal such as the transferring a substantial portion of the commupresent one must be scrutinized with particular nity's banking resources out of the hands of an care. Viewed realistically, however, denial of the independent bank, and into the control of the subject application could not be reasonably ex- largest bank in the State. The Bank of Randolph, pected to do more than temporarily preserve the with $9 million in deposits, may be small comindependence of an institution which has been pared to banks serving larger communities, but it losing its competitive force, and whose difficulties is a relatively large institution in the setting of in reorganizing itself might well be such that a a community such as Asheboro. The resulting more satisfactory solution would be indefinitely disproportion, when it is taken over by Wachovia, postponed to the public detriment. will leave the remaining independent bank in the Summary and conclusion. While Randolph is a community at a strong competitive disadvantage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1643 LAW DEPARTMENT While the management problem of The Bank Voting for this action: Chairman Martin, and Governors Balderston and Mitchell. Voting against this of Randolph carries weight in favor of approval, action: Governors Mills and Robertson. Absent and this problem represents a situation that should not voting: Governor Shepardson. have been foreseen long ago and provided against. (Signed) MERRITT SHERMAN, Mergers are not the only solution for management Secretary. problems. We see nothing which indicates that [SEAL] community banking needs would suffer during the interim that might be required to reach some STATEMENT sounder, long-range solution to that problem. The Bank of Virginia, Richmond, Virginia For these reasons, we would disapprove the ap- ("Virginia Bank"), with deposits of $170 million plication. as of June 29, 1963, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)>, BANK OF VIRGINIA, RICHMOND, for the Board's prior approval of the merger of VIRGINIA that bank and The Hallwood National Bank, Hallwood, Virginia ("Hallwood Bank"), with de- In the matter of the application of the Bank of posits of $4.7 million as of the same date, under Virginia for approval of merger with The Hallthe charter and title of Virginia Bank. The prowood National Bank, posal contemplates that the sole office of Hallwood Bank would be operated as a branch of the re- ORDER APPROVING MERGER OF BANKS sulting bank, increasing the number of offices op- There has come before the Board of Governors, erated by Virginia Bank to 27. 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 The Bank of sider, as to each of the banks involved, (1) its Virginia, Richmond, Virginia, a State member financial history and condition, (2) the adequacy bank of the Federal Reserve System, for the of its capital structure, (3) its future earnings Board's prior approval of the merger of that prospects, (4) the general character of its manbank and The Hallwood National Bank, Hallwood, agement, (5) whether its corporate powers are Virginia, under the charter and title of the for- consistent with the purposes of 12 U.S.C, Ch. 16 mer. As an incident to the merger, the sole of- (the Federal Deposit Insurance Act), (6) the fice of The Hallwood National Bank would be- convenience and needs of the community to be come a branch of The Bank of Virginia. Notice served, and (7) the effect of the transaction on of the proposed merger, in form approved by competition (including any tendency toward mothe Board, has been published pursuant to said nopoly). The Board may not approve the trans- 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 history and concluding reports furnished by the Comptroller dition of both banks are satisfactory. The financial of the Currency, the Federal Deposit Insurance condition of the resulting bank would be satis- Corporation, and the Department of Justice on the factory, also. Hallwood Bank's capital is reasoncompetitive factors involved in the proposed ably adequate. Virginia Bank has benefited from merger, recent substantial additions to capital and the IT IS HEREBY ORDERED, for the reasons set forth bank contemplates further action in this area. in the Board's Statement of this date, that said The earnings record of Hallwood Bank comapplication be and hereby is approved, pro- pares favorably with other banks of its size in the vided that said merger shall not be consummated Fifth Federal Reserve District. Virginia Bank's (a) within seven calendar days after the date earnings are somewhat less than the average for of this Order or (b) later than three months banks of comparable size in the District. Howafter said date. ever, the bank's earnings have improved recently, Dated at Washington, D. C, this 4th day of and prospects for further improvement are favor- December, 1963. able. By order of the Board of Governors. Virginia Bank's senior management is regarded Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1644 FEDERAL RESERVE BULLETIN • DECEMBER 1963 as progressive and capable as are its junior ex- mation of the proposed merger would provide ecutives who have benefited from the bank's ex- Hallwood and the county with improved banking tensive training program. While the management services and make more conveniently available to of Hallwood Bank is adequate, it lacks depth. Ap- the area's larger businesses the increased lending proval of the proposed merger would insure con- limit and credit advisory services of Virginia Bank. tinuity of management for the only banking of- There also appears to be some need in the Hallfice at Hallwood, since Virginia Bank has a wood area for a wider range of consumer instalpool of experienced executives from which man- ment financing. The proposal, if effectuated, would agement succession could be provided. substantially augment consumer credit facilities in There is no indication that the corporate powers the area. of the banks are or would be inconsistent with the The availability of full-scale banking services at purposes of 12 U.S.C., Ch. 16. a banking office at Hallwood would have a favor- Convenience and needs of the communities. able influence on the expected growth of the Virginia Bank operates its main office and 17 county and the Hallwood area. branches in the Richmond metropolitan area, three Competition. Virginia Bank, a subsidiary of branches in Norfolk, and one branch each in the Virginia Commonwealth Corporation, a registered cities of Newport News, Roanoke, Petersburg, bank holding company, is the fifth largest bank in Portsmouth, and one in the community of Din- the State. Consummation of the proposed merger widdie. The proposed merger would have little ef- would change the bank's standing to fourth. The fect upon the convenience and needs of the com- total deposits held by the Virginia Commonwealth munities presently being served by that bank. group of banks would be increased by only one- Hallwood (population 269), where the sole of- tenth of one per cent of the total deposits held fice of Hallwood Bank is located, is situated in by commercial banks in Virginia. the northern part of Accomack County (popula- Virginia Bank's three branches in Norfolk are tion 30,635). Accomack County is the northern- the offices of Virginia Commonwealth Corporation most of the two counties comprising the Virginia subsidiaries nearest to Hallwood. These offices are portion of the Eastern Shore peninsula, which lies about 80 miles from Hallwood and there is no between the Atlantic Ocean and Chesapeake Bay. evidence of direct competition between them and Hallwood Bank. The county's economy is primarily based on agriculture and the seafood industry. A number Hallwood Bank's principal competitor is Meof vegetable canneries and seafood packing houses tompkin Bank and Trust Company, Parksley, utilize Accomack County's raw materials. Employ- about eight miles south of Hallwood, operating a ment is also provided by lumber plants, shirt man- branch about five miles south of Hallwood. The presence of a bank in Hallwood the size of Virufacturers, and producers of building products. ginia Bank would provide greater competition for The county is served by the busy Ocean Highway, Metompkin Bank and Trust Company, but it is U. S. 13, which brings numerous tourists and sumnot felt that the disparity in size necessarily mer vacationists to the area. This and other parts implies serious competitive disadvantages for the of the county's economy are expected to show smaller bank. decided gains with the completion of the Chesa- In Pocomoke City, Maryland, also on the peninpeake Bay bridge-tunnel, scheduled for 1964, sula and about 19 miles north of Hallwood, two which will join the Virginia portion of the penin- Maryland banks serve the larger business customsula to the Norfolk area. ers of the Virginia Eastern Shore area without sig- Additional economic support is derived from nificant competition from Virginia banks located the National Aeronautics and Space Administrain the area. These Maryland banks—Maryland tion installation at Wallop's Island, ten miles National Bank and Citizens National Bank, an afnortheast of Hallwood, which presently employs filiate of Financial General Corporation, a bank approximately 1,000 persons and has an annual holding company—would be provided with inpayroll of about $9 million. creased competition for this business by a branch The present stable and moderately diversified of Virginia Bank in Hallwood. economy and anticipated growth portend a favor- It does not appear that other banks in Accoable economic outlook for the county. Consum- mack County would be adversely affected by con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1645 summation of the proposal due to their distances resources of approximately $1 billion and more from Hallwood and the fact that they tend to than a score of controlled banks in seven States limit their activities to the local communities and the District of Columbia. This pool of rein which they are located. sources similarly is accessible for the convenience Summary and conclusion. Consummation of and use, through the Citizens National Bank, of the proposed merger would provide successor man- bank customers in the Virginia portion of the agement for Hallwood's only banking office, and Eastern Shore Peninsula. Clearly, these two make available to individuals and industry in Hall- sources of financial services can supply convenwood and the surrounding Accomack County area iently present banking needs that may not be the broad range of services provided by large adequately met by the banks in Hallwood and banks. Accomack County, and can be expected to con- Competition for business and industrial ac- tinue as nearby means for meeting future needs counts would be intensified for banks located in for banking services that may not be satisfied the Maryland portion of the peninsula. Favorable through growth of the local banks in the Halleconomic prospects for the entire peninsula area wood-Accomack area. suggest a climate conducive to continued healthy Hallwood Bank, although small compared to expansion for smaller banks in the area. The Bank of Virginia, is the largest of five incompetitive effects on smaller banks of estab- dependent banks in Accomack County. While the lishment of Virginia Bank as a competitor in the replacement of Hallwood Bank by a branch of area should not be significantly adverse. Virginia Bank might be expected to increase com- Accordingly, the Board finds the proposed petition for the larger banking organizations repretransaction to be in the public interest. sented at Pocomoke City, there can be little doubt that the remaining smaller banks in Accomack County will be exposed to increasingly strong DISSENTING STATEMENT OF GOVERNORS MILLS competitive forces. AND ROBERTSON There would seem clearly to be no pressing Effectuation of the proposal approved by the problem of management at Hallwood Bank. As a Board in this case will advance The Bank of Vir- part of the merger transaction the chief executive ginia to fourth place in size among the commercial officer of that bank apparently will become a banks in Virginia by the elimination of a grow- vice president of The Bank of Virginia. This seems ing independent bank with satisfactory prospects. to refute the existence of any present management It will also augment further, through the merger difficulty at Hallwood Bank, and there is no eviroute (and by use of a healthy premium), the con- dence that any lack of depth in management at centration of banking resources controlled by Vir- that bank might not be corrected within a reasonginia Commonwealth Corporation and add still able time by means other than a merger. another area of the State to those already pene- In a case such as this, it is our view that the trated by the growing aggregation of banking application should not be approved unless there facilities of that bank holding company. is a much stronger showing of benefits to the pub- Furthermore, only a relatively short distance lic than is revealed by anything in the record from Hallwood there are available any banking of this case. services not supplied by The Hallwood National Accordingly, we would disapprove the appli- Bank or the other banks in Accomack County. cation. Maryland National Bank—with a branch at nearby Pocomoke City, Maryland, and total deposits of Order Under Section 3 of Bank Holding over $575 million—can make its resources readily Company Act available for the use and convenience of the Pocomoke City Branch and the customers served The Board of Governors of the Federal Reserve by that Branch in Hallwood and Accomack System has issued the following Order and State- County. Also in Pocomoke City is the Citizens ment with respect to an application by a bank National Bank, a subidiary of Financial General holding company for approval of the acquisition Corporation, a bank holding company with total of voting shares of a bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1646 FEDERAL RESERVE BULLETIN • DECEMBER 1963 FIRST COLORADO BANKSHARES, INC., ment was held before the Board. All of the afore- ENGLEWOOD, COLORADO mentioned pleadings were received as part of the record and have been considered by the Board. In the matter of the application of First Colo- IT IS HEREBY ORDERED, for the reasons set forth rado Bankshares, Inc., for approval of the acquisiin the Board's Statement of this date, that said tion of voting shares of Security National Bank, application be and hereby is approved, provided Denver, Colorado. BHC-69 that the acquisition so approved shall not be consummated (a) within seven calendar days ORDER APPROVING APPLICATION UNDER BANK after the date of this Order or (b) later than HOLDING COMPANY ACT three months after said date. There has come before the Board of Governors, Dated at Washington, D. C, this 14th day of pursuant to Section 3(a) (2) of the Bank Hold- November, 1963. ing Company Act of 1956 (12 USC 1842) and By order of the Board of Governors. Section 222.4(a)(2) of Federal Reserve Regula- Voting for this action: Chairman Martin, and Govtion Y (12 CFR 222.4(a)(2)), an application ernors Balderston, Mills, Robertson, Shepardson, and Mitchell. on behalf of First Colorado Bankshares, Inc., Englewood, Colorado, a registered bank holding (Signed) MERRITT SHERMAN, company, for the Board's approval of the acquisi- Secretary. tion of a minimum of 67 per cent of the voting [SEAL] shares of the Security National Bank, Denver, STATEMENT Colorado. First Colorado Bankshares, Inc., Englewood, As required by Section 3(b) of the Act, the Colorado ("Bankshares" or "Applicant"), a regis- Board notified the Comptroller of the Currency tered bank holding company, has applied pursuof receipt of the application and requested his ant to Section 3(a) (2) of the Bank Holding Comviews thereon. The Comptroller recommended ap- pany Act of 1956 ("the Act") for the Board's approval of the application. Notice of receipt of the proval of the acquisition of not less than 67 per application was also given to the State Bank Com- cent of the voting shares of the Security National missioner of the State of Colorado. On behalf of Bank, Denver, Colorado ("Security National"), the State Banking Board, the State Bank Commis- a proposed new bank at the time the application sioner requested that a public hearing be con- was filed and, as hereafter discussed, opened for ducted at which a representative of the Banking business on October 14, 1963. Board might appear and present views on the Background. Following the filing of the appliapplication. cation and pursuant to requirement of the Act, Notice of receipt of the application was pub- views on the application were requested of the lished in the Federal Register on December 11, Comptroller of the Currency. In reply, the Comp- 1962 (27 Federal Register 12233), which pro- troller recommended approval of the proposed acvided an opportunity for submission of comments quisition. Notice of receipt of the application was and views regarding the application. Thereafter, published in the Federal Register on December a public hearing, ordered by the Board pursuant 11, 1962, and was transmitted in writing to the to Section 222.7(a) of the Board's Regulation Y State Bank Commissioner for the State of Colo- (12 CFR 222.7(a)), was held before a duly se- rado. On March 14, 1963, following expiration lected Hearing Examiner; proposed findings of of the period allowed in the published notice for fact and conclusions of law were submitted by receipt of comments on Applicant's proposal, the participating parties; and the Hearing Examiner's Board ordered a public hearing to be conducted Report and Recommended Decision was filed with in Denver before a Hearing Examiner selected for the Board wherein approval of the application was this purpose by the U. S. Civil Service Commisrecommended. Exceptions to the Hearing Ex- sion. This hearing was not required by law, but aminer's Report and Recommended Decision, with was ordered pursuant to Section 222.7(a) of the supporting brief, were filed by Protesting Banks, Board's Regulation Y (12 CFR 222.7) promulto which Applicant responded. Upon request of gated under the Act, upon the Board's finding that Protesting Banks, opposed by Applicant, oral argu- such hearing would be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1647 Nineteen Colorado-based banks requested par- (5) whether the effect of the proposed acquisition ticipation in the hearing as parties. By prehearing would be to expand the size or extent of the bank order the Hearing Examiner admitted six Denver holding company system involved beyond limits banks 1 as parties and, under the group desig- consistent with adequate and sound banking, the nation of Protesting Banks, they so participated in public interest, and the preservation of competition the hearing. Applicant, Protesting Banks, and a in the field of banking. representative of the Colorado State Banking Financial history, condition, and prospects of Board presented evidence. Applicant and Protest- Applicant and Bank. The Hearing Examiner coning Banks were additionally afforded the oppor- cluded that Applicant's financial history, though tunity for cross-examination of witnesses. Sub- brief, is satisfactory, its condition sound, and its sequent to the hearing, Applicant and Protesting prospects favorable. These conclusions were Banks filed proposed findings of fact and conclu- premised upon his stated findings (1) as to the sions of law, with supporting briefs and reply substantial population and economic growth that briefs. has occurred since 1950 within the Denver Metro- On August 16, 1963, the Hearing Examiner politan Area, and (2) the satisfactory history, filed with the Board his Report and Recommended growth rate, and present condition of Applicant's Decision wherein he recommended that the appli- three subsidiary banks. These banks are all location be approved. Following the filing of ex- cated within the Denver Metropolitan Area, but ceptions to the Report and Recommended Deci- in separated suburban communities in or adjacent sion by Protesting Banks, to which Applicant filed to the City of Denver, each bank in a different a reply brief, the Board, upon request of Protesting county. First National Bank of Englewood ("First Banks and at the opposition of Applicant, held of Englewood"), established in 1910, is located oral argument in this matter on September 20, in Englewood (Arapahoe County), a major sub- 1963. urb approximately seven miles south of Security On the basis of the entire record, the forma- National's location. At December 28, 1962,2 First tion of which has been outlined above, the mat- of Englewood had total deposits of $35 million. ter is now before the Board for decision. University Hills Bank, opened for business in Views and recommendations of the Comptroller 1956, is located in a residential section of Denver of the Currency. As noted earlier, the Comp- County, approximately seven miles from downtroller of the Currency recommended approval town Denver, and has deposits of approximately of the application. He had previously granted his $9.5 million. Applicant's third subsidiary bank, the preliminary approval of a charter for Security Lakeside National Bank, is located about six miles National. In recommending approval of Appli- northwest of downtown Denver at Lakeside Cencant's acquisition of the new national bank, the ter (Jefferson County), one of the Metropolitan Comptroller stated, in part: "Approval of the ac- Area's largest shopping centers. Lakeside Bank quisition will acknowledge the need to marshall began operations in 1959 and now has deposits assets sufficient to the credit requirements of an of $6.4 million. In view of Applicant's present area which has witnessed remarkable population financial condition, and for the reasons given and commercial growth. The public interest, in the by the Hearing Examiner, the Board concurs in full realization of Denver's economic potential, his conclusion that the financial history, condiwill be served by sanctioning the proposal." tion, and prospects of Applicant are satisfac- Statutory factors. In acting upon this ap- tory. plication the Board is required under Section 3(a) In respect to Security National, the application of the Act to take into consideration the follow- submitted to the Board stated that the bank would ing five factors: (1) financial history and condi- be located on the ground and mezzanine floors tion of the applicant and the bank concerned; of a new 30-story office building presently under (2) their prospects; (3) the character of their construction in the heart of Denver's downtown management; (4) the convenience, needs, and wel- business district, and was expected to open for fare of the communities and area concerned; and business near year-end 1963. The bank's deposits, 1 Bank of Denver, Central Bank and Trust Company, Colorado State Bank, Guaranty Bank and Trust Company, Moun- 2 Unless otherwise indicated, all banking data noted are as tain States Bank, and National City Bank. of this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1648 FEDERAL RESERVE BULLETIN • DECEMBER 1963 projected by Applicant to the end of each of its Englewood. According to his testimony, he intends first three years of operation, are estimated to to relinquish a major portion of his executive rebe $8 million, $12 million, and $16 million, suc- sponsibilities at First of Englewood and devote cessively. On October 9, 1963, Applicant advised himself principally to the duties of his office with the Board in writing of changes, both already ef- Security National. The foregoing plan of manfected and then contemplated, in the plans for agement will be effected regardless of the Board's Security National's opening and in the plan of action on this application. However, if the appli- Applicant's acquisition of its shares. In brief, Ap- cation is approved, Security National's manageplicant stated that Security National would be ment would be further implemented by personnel opened for business in temporary quarters imme- from Applicant's organization and, if necessary, diately adjacent to the site of the office building by personnel obtained by Applicant from outside under construction at an early date. The bank its system. Accordingly, while it appears that was opened for business on October 14, 1963. The Security National will be capably and soundly bank's capital of $1,575,000 was paid in full by managed whether this application is approved or essentially the same individuals who were iden- not, the Board finds reasonable the Hearing Extified as subscribers both in the application and aminer's conclusion that Security National's "reat the hearing held thereon. Applicant's revised quested formal affiliation with Applicant would plan for acquiring the shares of Security National allow . . . greater flexibility of movement and now held by these individuals would require the direction with resultant benefits to both instituissuance by Applicant of a greater number of its tions." Accordingly, the character of management voting shares at a slightly increased value per of both Applicant and the bank is such as to be share than originally proposed, and a reduction consistent with approval of the application. in its originally proposed debt. The Board con- Convenience, needs, and welfare of the comcluded, and advised Applicant and Protesting munities and area concerned. Denver's central Banks accordingly, that the changes effected and business district is the area primarily and most proposed by Applicant, as set forth in its October directly concerned with and to be affected by 9 communication, did not affect materially the Applicant's proposal. This is so not only in respect ultimate issues before the Board for decision in to the statutory factor now to be considered but, this matter. as hereafter discussed, in respect also to the ef- At this date, Security National has no mean- fect that the proposed increase of Applicant's ingful operating history. However, on the basis of bank holding company system is likely to have on the financial history and condition of Applicant's adequate and sound banking, the public interest, present subsidiary banks and the three-year projec- and the preservation of banking competition. tion of deposits, loans, and earnings for Security Security National's designated primary service National, which the Board finds reasonable in view area, that is, the area from which Applicant of the economic prosperity of the Denver area, estimates that at least 15 per cent of the bank's the Board concludes that Security National would IPC deposits ("individuals, partnerships, and be maintained in satisfactory financial condition corporations") will originate, coincides closely if acquired and operated by Applicant, and that to Denver's central business district. While Proits prospects for profitable operations and growth testing Banks offered evidence purporting to show are satisfactory. that Security National's primary service area Management of Applicant and Bank. Appli- was in fact drawn too closely around the downcant's management is considered satisfactory. This town business district, and that more realistically conclusion is substantiated by the sound financial it should be expanded to include more of the history and condition of Applicant's subsidiaries, adjacent suburban areas, the method of Applieach of which has had, generally, the same man- cant's determination of Security National's probagerial direction as Applicant. Applicant's Presi- able primary service area establishes its reasondent and Executive Vice President are, respec- ableness to the Board's satisfaction. tively, the Chairman of the Board and the Presi- The estimated population within Security dent of Security National. The latter is also Presi- National's primary service area, including emdent of Applicant's largest subsidiary, First of ployed persons, is approximately 70,000. There Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1649 LAW DEPARTMENT are in that area, all within approximately one- are: investment counseling, auditing, personnel half mile of Security National's site, ten banks recruitment and training, property appraisals, with aggregate deposits in excess of $1.1 billion.3 advertising and business development, purchasing In addition, six banks located outside Security of supplies and equipment, operations systems National's primary service area appear to com- and research, and automated data processing. A pete materially within that area. These banks, majority of the services cited would be available none of which is a subsidiary of Applicant, are to and through Security National even if this located from one and one-half to approximately application were to be denied. Admittedly, howfour miles from Security National and have total ever, the subsidiary relationship proposed would deposits aggregating $100 million. provide a closer and more certain working re- The population of the Denver Metropolitan lationship among Applicant's subsidiaries than Area now exceeds 1,000,000, over 50 per cent could reasonably be otherwise anticipated. of which is found in Denver. The Area's popu- It will be primarily the estimated 3,000 oclation growth mirrors an economic expansion, cupants of the building in which Security National still in progress, evidenced in Denver by exten- will be located, and the individuals and businesses sive, large office building construction, new busi- in that immediate vicinity, whose convenience ness establishments, and a number of new apart- will be served by Security National's operation, ment developments bordering the downtown area. somewhat more immediately and completely so, It is noted that in addition to the 30-story in the Board's judgment, by Applicant's control building in which Security National will be of that operation. located, at least four office buildings of 20 stories Thus, the Board concurs in the Hearing Exor more have been erected in downtown Denver aminer's conclusion that the services discussed within the past ten years. Denver can be accurately can be made available more readily and econocharacterized as a principal focal point for the mically to and through Security National as a financial, industrial, and commercial activities of subsidiary of Applicant than could otherwise be the State and of the Rocky Mountain area. done. While unable to attribute to this result the The Hearing Examiner concluded that not only quantum of benefit apparently foreseen by the was there no showing that the Denver business Hearing Examiner, the Board does find that the district presently required banking services ad- increased convenience to the area concerned ditional to those now available, but that Denver's provides slight support for approval of the apdowntown area is now well served by existing plication. banks. While the question of the establishment Effect of proposed acquisition on adequate of Security National is not before this Board, and sound banking, public interest, and banking its establishment having been earlier approved competition. As earlier noted, each of Applicant's by the Comptroller, there is before the Board the subsidiary banks is located in a different county question of whether there exists in downtown of the State and six to seven miles from Security Denver an unserved need for banking services National's location. In view of their locations which would be met by approval of this appliand considering their sizes and that of the newly cation. The Board concurs in the Hearing Exestablished Security National, even if the latter aminer's conclusion that no such need has been bank were to be wholly unaffiliated with Applishown. Consistent with this conclusion, Applicant cant's present banks, competition between them itself identifies the benefit asserted to inure to would be negligible. This conclusion is reached the area concerned as being the availability of in the light of the additional fact that Security more convenient banking service. National will be located in downtown Denver The principal services that Applicant asserts close to the five largest banks in the State, and Security National could provide more immedithat numerous other banks are located between ately and assuredly as a subsidiary of Applicant Security National and Applicant's present subsidiaries. 8 Hereafter, aggregate deposit and loan data of banks in Security National's primary service area will include such data Within its primary service area, Security Naof but nine banks. The 17th Street National Bank, Denver, was opened on April 22, 1963, and no comparable deposit and loan tional will compete materially with 16 banks, 13 data of that bank are available. Reference to the number of banks in the area will include this bank. of which have total deposits greater than those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1650 FEDERAL RESERVE BULLETIN • DECEMBER 1963 projected for Security National at the end of of the banking offices and total deposits, rethree years of operation ($16 million), and 13 spectively, of all banks in the areas designated of which have total loans greater than those that are controlled by Applicant, as presently projected for Security National in the same period constituted, Denver U. S. Bancorporation, as ($8.1 million).4 Six of the ten competing down- proposed, and Western Bancorporation, combined, town Denver banks have total deposits ranging and (2) the extent to which these percentages from two to twenty-two times as great as Security would be affected by Applicant's acquisition of National's. Of the total deposits and total loans Security National: (a) in Security National's held by banks located in the central business designated primary service area, 22.2 per cent district, Applicant, through ownership of Security and 34.2 per cent; respectively increased to 30 National, would control 1.4 per cent of such per cent and 35.1 per cent; (b) in the City and deposits and 1.2 per cent of such loans. Based County of Denver, 16.7 per cent and 31.8 per on dollar amount of total deposits and total cent; respectively increased to 21.1 per cent and loans held, Security National ranks ninth and 32.7 per cent; (c) in the three-county area where tenth, respectively, among the 11 banks located Applicant's present subsidiaries are located, 22.9 in Security National's primary service area. per cent and 33.5 per cent; respectively increased At present, of the total deposits and total loans to 25 per cent and 34.2 per cent; (d) in the held by all banks 5 in the three-county area in Denver Metropolitan Area, 16.3 per cent and which Applicant's subsidiaries are located, these 30.9 per cent; respectively increased to 18 per subsidiary banks, combined, hold 3.6 and 3 per cent and 31.6 per cent; and (e) in the State of cent. These percentages would be increased, Colorado, 5.2 per cent and 21.2 per cent; rerespectively, by 1 per cent and .9 per cent spectively increased to 5.7 per cent and 21.8 per when Security National's total deposits and total cent. loans are included. If Applicant is permitted to On the basis of the foregoing, and considering acquire Security National, Applicant's subsidiaries the facts that Security National is newly estabwould hold 4.3 per cent of the deposits of all lished and will be in direct competition with the banks in the Denver Metropolitan Area and 2.8 largest banks in the State, and that none of Apper cent of such deposits in the State. plicant's present subsidiaries derives any sub- Applicant and Western Bancorporation, Los stantial portion of its total business from Denver's Angeles, California, are the only two registered central business district, the Board concludes that bank holding companies controlling subsidiary approval of this application will not have an banks in the State of Colorado. However, the adverse effect on the adequacy and soundness of Board has recently approved the formation of banking, nor on competition in any of the pera third bank holding company, Denver U. S. tinent areas, and will be consistent with the Bancorporation, Inc., which will have its prin- preservation of such competition. cipal place of business in Denver and will control In so concluding, the Board has weighed with three banks, one located in Denver and one each particular care Protesting Banks' assertion that in Littleton and Aurora. Its largest subsidiary Applicant's ownership and operation of Security will be Denver United States National Bank, National would create unfair banking competition Denver, with total deposits of approximately $325 in that such ownership would enable Security million. This bank and its principal Denver com- National to pay less for management services, petitor, First National Bank, with total deposits at least in its early stages, than would otherwise of approximately $360 million, are both located be the case; that Applicant would provide capital within two and one-half blocks of Security Na- funds for Security National through use of a tional. The three banks to be acquired by Denver voluntary contribution; and that Security National U. S. Bancorporation hold in the aggregate ap- would be enabled to provide services, through proximately $339 million of deposits. the instrumentality of the system, at a substan- The following data reflect (1) the percentages tially lesser cost than could its competitors. Assuming, arguendo, that Applicant's control of * Total deposits and loans figures hereinafter attributed to Security National will be those presented in Applicant's three- Security National would produce the results foreye 5 a r A p s r u o s je e c d t i h o e n r . ein, "all banks" refers to all insured banks. seen by Protesting Banks, the Board rejects as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1651 unfounded the assertion that such assistance con- concluded that such contention was without merit stitutes "unfair" banking competition. Admittedly, and supported this conclusion by references to the asserted advantages represent economies of and extracts from Board Statements on the same operation perhaps more likely to be found in a point in First Oklahoma Bancorporation, Inc., banking holding company system operation than supra, and The Matter of the Application of in the operation of an independent bank or even Farmers and Mechanics Trust Company, Chilseveral banks affiliated by common ownership. dress, Texas, 46 Fed Res. Bull. 14, 16. The Board However, the record in this case is void of any concurs in the Hearing Examiner's conclusion evidence that either the Applicant or Western that the existence of a State statutory prohibition Bancorporation, the other bank holding company against branch banking, as in Colorado, cannot system now operating in the State, has used such be weighed as an adverse consideration by the operational advantages in an unfair or predatory Board in its exercise of judgment on an applimanner in relation to competitors of their banking cation by a bank holding company to acquire subsidiaries. In view of Applicant's operating stock of a bank in that State. The Board has history, there is no basis for a conclusion that considered the point briefed and argued orally by operational economies or other advantages that Protesting Banks that the Board's position should may be effected in respect to Security National be reconsidered in the light of a recent decision will constitute unfair or undue competition. Ra- by the United States Court of Appeals for the ther, it is believed that operating under the District of Columbia in James J. Saxon, Compdirection and with the assistance of Applicant, troller of the Currency v. Bank of New Orleans Security National will constitute an additional, and Trust Company, et al., F. 2d , healthy competitive entry in the downtown Denver decided August 14, 1963. In that case, the Court area. of Appeals affirmed the action of a District Another reason given by Protesting Banks in Court in enjoining the Comptroller of the Curopposing approval of this application is their rency from authorizing the opening of a new asserted belief that such approval would give national bank, acquisition of which by a bank rise to efforts by other Colorado banks, partic- holding company had been approved by this ularly the Denver banks, to seek like holding Board. The Comptroller's action, the Court held, company formations. The Board rejects as a was forbidden by a Louisiana statute prohibiting controlling adverse consideration the foregoing branch banking by State banks, and made appossibility and in doing so reaffirms its reasoning plicable to national banks by provisions of Fedgiven in respect to the same contention in First eral law. The Court's ultimate decision was Oklahoma Bancorporation, Inc., 48 Fed. Res. Bull. premised upon a specific finding that, in its 1608, 1616. The Board's reasoning there given, organization, financing, management, and operain part, was that approval by it of a given ap- tion, the new national bank was to all intents plication does not constitute a position of com- and purposes a branch of an existing national mitment to approval of any future application; bank. rather, each application will be judged upon the The Board finds inapplicable to its statutory pertinent facts presented. Absent a drastic change functions under Section 3 of the Bank Holding from the present competitive picture in Security Company Act both the reasoning and holding National's primary service area, the least meri- in the Bank of New Orleans case. Accordingly, torious assertion that could be made in support it believes its earlier position in the Farmers and of formation of an additional Denver-centered Mechanics Trust Company matter to be conholding company is that such formation has been sistent with controlling law, and precedent for compelled, as a competitive measure, by Ap- the Board's present action in deciding the bank plicant's acquisition of Security National. holding company application now before it. A final contention to be considered is that Summary and conclusion. For the reasons urged on behalf of the Colorado Banking Board herein given, the Board finds that the financial that approval of Applicant's proposal would be history and condition, prospects, and character "repugnant" to Colorado's statutory prohibition of management of Applicant and the bank conagainst branch banking. The Hearing Examiner cerned are satisfactory, and consistent with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1652 FEDERAL RESERVE BULLETIN • DECEMBER 1963 approval of the application. The findings here- bank in Denver U. S. Bancorporation's proposed tofore made regarding the convenience of the system. Whereas Bancorporation's formation will area principally involved weigh toward approval cause the elimination of substantial competition of the application, although not significantly. The now existing among its proposed subsidiaries, Board finds that the increase in the size or extent no significant competition exists among the banks of Applicant's system resulting from the acquisi- here involved. I consider adverse to approval tion proposed will not be inconsistent with ade- even the slight increase in Applicant's control quate and sound banking, the public interest, or of banking resources, especially in view of the the preservation of banking competition. On the degree of concentration of control in a relatively contrary, it is believed that banking competition few institutions over the banking resources of in Denver may be intensified by consummation both the city and State. However, this adverse of the proposed acquisition. factor is outweighed, in my judgment, by the To the extent that the findings and conclusions fact that, under Applicant's control and direction, of the Hearing Examiner are consistent with Security National will offer additional, vigorous those contained herein, they are adopted. Pro- banking competition in the downtown Denver testing Banks' exceptions to the Hearing Ex- area. aminer's Report and Recommended Decision have Accordingly, I concur in the Board's action been fully considered and the merit of certain in approving this application. of those exceptions is reflected in the Board's findings and conclusions. To the extent not so CONCURRING STATEMENT OF reflected, Protesting Banks' exceptions are denied. GOVERNOR MITCHELL On the basis of all the relevant facts as con- The real issue presented by this application is tained in the record before the Board, and in whether the owners of the Security National the light of the factors set forth in Section 3(c) Bank should be permitted the business choice of of the Act, it is the Board's judgment that the having the bank operate as a part of First Colproposed acquisition would be consistent with orado Bankshares' system. Neither the competthe public interest and that the application should itive situation nor public convenience is signiftherefore be approved. icantly affected since denial or approval will not alter the number or location of banking CONCURRING STATEMENT OF offices in Denver, nor, in my judgment, either GOVERNOR ROBERTSON the effective control or the management policies of the institution. It seems to me that the majority In my opinion, First Colorado Bankshares' opinion's imputation of service and competitive proposal to acquire Security National Bank does benefits arising from approval is strained and not contain the adverse consequences that were, artificial. It is, in my opinion, better not to throw in my view, inherent in the application of Denver a mantle of public concern over matters of U. S. Bancorporation, Inc., to form a bank purely private business advantage. If there be holding company, which application the Board an issue of public concern involved here, it is approved on November 7, 1963, and from which that in a free enterprise system, bankers, along action I dissented. with other businessmen, should have the right, Unlike the Denver U. S. Bancorporation pro- when the public is not adversely affected, to posal, the present application does not involve choose that form of business organization which entry into Denver of a new bank holding company they think has the most promise for their insystem, nor the acquisition of a large, well-estab- vestment interest. Bankers are guided by the lished bank. Bankshares is already in existence; profit motive, and in seeking economies of scale in fact, it has operated in Colorado for two and an optimal allocation of bank resources years. Its three banks have combined total deposits they should not be constrained unless a significant of about $51 million, an amount but one-sixth present or potential reduction in competition or that of the total deposits held by the principal services to bank customers is involved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPOINTMENT OF A BOARD MEMBER CHANGES IN THE BOARD STAFF President Kennedy, on October 31, 1963, sent to The Board has announced the following changes in the Senate the nomination of J. Dewey Daane of its staff, effective January 1, 1964: Virginia as a Member of the Board of Governors. Guy E. Noyes, Director of the Division of Re- The nomination was unanimously confirmed by search and Statistics since 1960, has been apthe Senate on November 8; President Kennedy pointed Adviser to the Board. He will continue signed the commission on November 14, and Mr. to serve as economist to the Federal Open Market Daane took the oath of office, administered by Committee, a position he has filled since 1962. Chairman Martin, in the Board's building on Mr. Noyes became a member of the Board's staff November 29. in 1948. He has served as Assistant Director and Appointed for the unexpired portion of a term Director of the Division of Selective Credit Regending January 31, 1974, Mr. Daane succeeds ulation, and as Assistant Director and Adviser in G. H. King, Jr., who resigned in September. In the Division of Research and Statistics. Mr. Noyes assuming his new duties, Mr. Daane leaves the received his A. B. degree from the University of post of Deputy Under Secretary of the Treasury Missouri in 1934; did graduate work at Yale Unifor Monetary Affairs, where he supervised the versity, 1935-39; and was an instructor in eco- Offices of Debt Analysis, Financial Analysis, and nomics at Yale, 1938-41. Following military serv- Domestic Gold and Silver Operations. ice, Mr. Noyes was employed in the Office of the Mr. Daane was born in Grand Rapids, Michi- Foreign Liquidation Commissioner, Department of gan, on July 6, 1918. He is married to the former State; he served as the Director of Research and Barbara W. McMann and has one daughter, Mrs. Statistics of that Office before he joined the Board's Ronald Mallek, of Lansing, Michigan. He gradstaff. As an Eisenhower Exchange Fellow in 1955, uated from Duke University in 1939 and later Mr. Noyes visited Western Europe where he received his Master's and Doctor's degrees in studied and observed monetary and credit opera- Public Administration from Harvard University. tions of the Western European nations. Mr. Daane joined the staff of the Federal Re- Daniel H. Brill has been appointed Director of serve Bank of Richmond in 1939, where he was the Division of Research and Statistics to succeed successively Statistician, Monetary Economist, As- Mr. Noyes. Mr. Brill came to the Board in 1947 sistant Vice President, and ultimately Vice Presiand has served successively as economist in charge dent in charge of research activities. In May 1960 of the Board's work on the flow of funds accounts, he became Vice President and Economic Adviser Chief of the Business Finance and Capital Markets of the Federal Reserve Bank of Minneapolis. He Section, Associate Adviser, and Adviser in the Diwas granted a leave of absence by that Bank in vision of Research and Statistics. Mr. Brill re- July 1960 to serve as Assistant to the Secretary ceived an A. B. degree in economics from New of the Treasury. In November 1961 he was ap- York University in 1936 and an M.A. from Copointed to the position of Deputy Under Secretary of the Treasury, at which time his connection lumbia University in 1937. He has done further with the Federal Reserve Bank of Minneapolis was graduate work at American University. Before terminated. coming to the Board, Mr. Brill worked for the Mr. Daane has done considerable economic re- U.S. Bureau of Labor Statistics and the Securities search analysis in national and international mon- and Exchange Commission, and served with the etary fields, including an assignment with an In- U.S. Army during 1943-46. In 1954 he received ternational Monetary Fund Fiscal Mission to the a Rockefeller Public Service Award, under the Republic of Paraguay in 1950-51. terms of which he visited banking and educational 1653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1654 FEDERAL RESERVE BULLETIN • DECEMBER 1963 institutions in Europe to study the application of J. Charles Partee, currently Chief of the Capital social accounting in monetary analysis. Markets Section of the Division of Research and Robert C. Holland, an Adviser in the Division Statistics, has been appointed an Adviser in that of Research and Statistics since February 1961, Division. Prior to his Board employment in 1962, has been appointed an Associate Director of that Mr. Partee was Second Vice President of the Division. Mr. Holland joined the staff of the Northern Trust Company of Chicago with respon- Federal Reserve Bank of Chicago in 1949 where sibilities in economic research and analysis. After he served successively as an economist, Assistant receiving an M. B. A. degree from Indiana Uni- Vice President, and Vice President. He received versity in 1949, he was employed by the Federal his B. S., M. A., and Ph. D. degrees from the University of Pennsylvania and was an instructor in Reserve Bank of Chicago as an economist. He economics at that institution before his employ- resigned from the Bank in 1956 to accept a ment by the Chicago Federal Reserve Bank. position with Northern Trust. ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1964. Boston Class A DARIUS M. KELLEY, President, The Orange National Bank, Orange, Massachusetts. Mr. Kelley succeeds Arthur F. Maxwell, President, The First National Bank of Biddeford, Maine. Class B WILLIAM R. ROBBINS, Vice President for Finance, United Aircraft Corporation, East Hartford, Connecticut. (Re-elected) New York Class A ROBERT H. FEARON, President, The Oneida Valley National Bank of Oneida, New York. Mr. Fearon succeeds A. Leonard Mott, President, The First National Bank of Moravia, New York. Class B ALBERT L. NICKERSON, Chairman of the Board, Socony Mobil Oil Company, Inc., New York City. (Re-elected) Philadelphia Class A CHARLES R. SHARBAUGH, President, Cambria County National Bank, Carrolltown, Pennsylvania. Mr. Sharbaugh succeeds J. Milton Featherer, Executive Vice President and Trust Officer, The Penn's Grove National Bank and Trust Company, Penns Grove, New Jersey. Class B LEONARD P. POOL, President, Air Products and Chemicals, Inc., Allentown, Pennsylvania. (Reelected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1655 ANNOUNCEMENTS Cleveland Class A RICHARD R. HOLLINGTON, President, The Ohio Bank and Savings Company, Findlay, Ohio. Mr. Hollington succeeds Paul A. Warner, President, The Oberlin Savings Bank Company, Oberlin, Ohio. Class B EDWIN J. THOMAS, Chairman of the Board and Chief Executive Officer, The Goodyear Tire & Rubber Company, Akron, Ohio. (Re-elected) Richmond Class A ROBERT T. MARSH, Jr., Chairman of the Board, First and Merchants National Bank, Richmond, Virginia. Mr. Marsh succeeds Addison H. Reese, President, North Carolina National Bank, Charlotte, North Carolina. Class B ROBERT E. L. JOHNSON, Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. (Re-elected) Atlanta Class A GEORGE S. CRAFT, President, Trust Company of Georgia, Atlanta, Georgia. (Re-elected) Class B W. MAXEY JARMAN, Chairman, Genesco, Incorporated, Nashville, Tennessee. (Re-elected) Chicago Class A KENNETH V. ZWIENER, Chairman of the Board Harris Trust and Savings Bank, Chicago, Illinois. Mr. Zwiener succeeds David M. Kennedy, Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, Illinois. Class B G. F. LANGENOHL, Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wisconsin. (Re-elected) St. Louis Class A H. LEE COOPER, President, Ohio Valley National Bank of Henderson, Kentucky. (Re-elected) Class B ROLAND W. RICHARDS, Vice President and Secretary, Laclede Steel Company, St. Louis, Missouri. Mr. Richards succeeds Edgar M. Queeny, Chairman of the Finance Committee and member of Board of Directors, Monsanto Chemical Company, St. Louis, Missouri. Minneapolis Class A HAROLD C. REFLING, Executive Vice President, First National Bank in Bottineau, North Dakota. (Reelected) Class B RAY C. LANGE, President, Chippewa Canning Company, Inc., Chippewa Falls, Wisconsin. (Re-elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1656 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Kansas City Class A EUGENE H. ADAMS, President, The First National Bank of Denver, Colorado. Mr. Adams succeeds Harold Kountze, Chairman of the Board, The Colorado National Bank of Denver, Colorado. Class B FRED W. GILMORE, President, Union Stock Yards Company of Omaha, Nebraska. Mr. Gilmore succeeds Max A. Miller, Livestock rancher, Omaha, Nebraska. Dallas Class A ROY RIDDEL, President, First National Bank at Lubbock, Texas. (Re-elected) Class B D. A. HULCY, Chairman of the Board, Lone Star Gas Company, Dallas, Texas. (Re-elected) San Francisco Class A CARROLL F. BYRD, Chairman of the Board and President, The First National Bank of Willows, Californa. (Re-elected) Class B JOSEPH ROSENBLATT, President, The Eimco Corporation, Salt Lake City, Utah. (Re-elected) ADMISSION OF STATE BANK TO MEMBERSHIP IN November 16, 1963 through December 15, 1963: THE FEDERAL RESERVE SYSTEM Alabama The following bank was admitted to Membership in the Federal Reserve System during the period Sumiton The Sumiton Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 16 Industrial production and construction activity somewhat, production of durable materials was changed little in November while retail sales unchanged. In early December steel ingot prodeclined slightly and the unemployment rate in- duction continued to rise. creased somewhat. The money supply and time CONSTRUCTION and savings deposits at commercial banks continued to expand. New construction put in place in November, at a seasonally adjusted annual rate of $65V2 bil- INDUSTRIAL PRODUCTION lion, was little changed from October and 9 per Industrial production in November was 127 cent above a year earlier. Residential construction per cent of the 1957-59 average, unchanged from rose further in November, most other types of October and 6 per cent above a year ago. Pro- private construction changed little, and public duction of business equipment continued to ad- activity declined. vance in November while output of consumer goods and materials changed little. DISTRIBUTION Auto assemblies rose somewhat further and Although sharply curtailed on November 23 were more than a tenth above a year earlier; and 25, retail sales for the month as a whole assembly plant operations are scheduled to be were only 1 per cent below the record level maintained in December. Production of most reached in October. Sales at department stores other consumer goods was about unchanged in increased from the reduced October rate. Dealer November. Among business equipment, output of deliveries of new autos declined about 5 per cent, industrial machinery and freight and passenger to the rate prevailing through most of the 1963 equipment increased further while production of model-year. In early December the rate of delivcommercial machinery and farm equipment was eries increased appreciably. maintained at advanced rates. Output of nondurable materials advanced fur- COMMODITY PRICES ther. Although output of iron and steel increased The wholesale price index for industrial commodities remained stable in November and early INDUSTRIAL PRODUCTION 1957-59 = J00 December, although prices of lead, zinc, and tin rose further and prices of some fabricated industrial products increased. Among foodstuffs, ~ TOTAL ^1****" ~ PR F O IN D AL U CTSy* V ^ --'- ' - T / - prices of livestock and meats declined further and remained substantially below a year earlier. ** MATERIALS 90 BANK CREDIT, MONEY SUPPLY, AND RESERVES 140 Seasonally adjusted commercial bank credit 130 increased $3 billion in November following mod- NONDURABLE J**' - MANUFACTURES S^Z^T - CONSUMER jjr^'^ ~ 120 erate growth over the three previous months. GOODS^yJj^ 110 Expansion in loans was large, reflecting substantial '- *N' •„./DURABLE - _/ EQUIPMENT _ 100 increases in most major categories, particularly 1 M 1 A NU " F AC 1 T URES 1 1 1 1 1 90 business and security loans. Holdings of U.S. Government securities increased somewhat while F. R. indexes, seasonally adjusted. Latest figures shown those of other securities declined slightly. The for Nov. 1657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1658 FEDERAL RESERVE BULLETIN • DECEMBER 1963 money supply and time and savings deposits at SECURITY MARKETS commercial banks rose substantially further. Required and total reserves of member banks From mid-November to mid-December, yields rose by more than the usual amounts in Nov- on U. S. Government securities and on seasoned ember. Member bank borrowings from the Fed- corporate bonds changed little while those on eral Reserve, which averaged $375 million, were high quality State and local government bonds $65 million higher than in October while excess declined somewhat. The three-month Treasury reserves, which averaged $420 million, were $10 bill rate remained close to 3Vi per cent. million higher. Reserves were supplied principally Common stock prices increased on balance by an increase in float and by Federal Reserve and were within 1 per cent of the record high purchases of U.S. Government securities and reached in late October. were absorbed by a $575 million outflow of currency. INTEREST RATES RETAIL TRADE 1957-59=100 RETAIL SALES SALES ^A TOTAL LESS _ AUTOMOTIVE GROUPA_ _ STOCKS ., 1 ! 1 1 .. 1 1 1 1 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 stocks is Oct. for other years or more and for 90-day Treasury bills. Latest figures series Nov. shown, week ending Nov. 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS c Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds Mi, U Uses of funds in, iv Quarters * Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or (3) 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 How of funds ...Oct. 1963 1460-68 [Feb. 1963 268-75 Banking and monetary statistics, 1962 \ Mar. 1963 394-95 (May 1963 720-23 Semiarutually Banks and branches, number of, by class and Ranking 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 1660 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 1662 Reserve Bank discount rates; margin requirements; reserve requirements 1666 Federal Reserve Banks 1668 Bank debits; currency in circulation 1670 Money supply; banks and the monetary system 1672 Commercial and mutual savings banks, by classes 1674 Commercial banks, by classes. 1678 Weekly reporting member banks 1680 Business loans 1683 Interest rates 1684 Security prices; stock market credit; open market paper 1685 Savings institutions 1686 Federal finance 1688 Federally sponsored credit agencies 1693 Security issues 1694 Business finance 1697 Real estate credit 1699 Consumer credit 1702 Industrial production 1706 Business activity 1710 Construction 1710 Employment and earnings 1712 Department stores 1714 Wholesale and consumer prices. 1716 National product and income series. 1718 Flow of funds, saving and investment 1720 Guide to tabular presentation 1660 Index to statistical tables 1749 The data for F.R. Banks, member banks, and ties are obtained from Treasury statements: department stores, and consumer credit are the remaining data are obtainedlargely from derived from regular reports made to the other sources. For many of thebanking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see list of publiera! finance, and Federal business-type activi- cations at end of the BULLETIN). 1661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1662 BANK RESERVES AND RELATED ITEMS DECEMBER 1963 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o r a r i t o e d T U o . t S a . l G B o o r v o u i t u g . g t h h s - t e t cu m R r c a i h g e t e p a i r n e e u s t s e e r s - - c v D o a a a u n n i d s n c d - - e ts s Float 1 t T al o - 2 s G to o c ld k r s c o t e u i a u n u n r n r g t c y - - d y - r c C t e c u i i n u i o n l r a c r n - - y - T h c i r u n o a e r l g s a d y h s s - - Tr u e w r a y i s t - h r e F s F e . e i R o g r r v n . - e B s a , O n t k h s er 1 c O F o a t u . h c R n - e . t r s B W F a . n R it k h . s 1• c e r C o s a e e n n u i r n c r d v y - 3 es Total Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945 Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 1.117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 ,?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 ,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,63327,156 21,942 5,064 31,775 111 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 ,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,4?629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,66529,060 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 1,92131,217 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 1,50831,265 16,434 5,601 33,626 402 514 269 322 971 17,196 2,728 19,924 1962—Nov 30,195 30,064 131 129 1,69432,053 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 ?,?7832,663 15,950 5,568 34,574 422 777 226 299 976 16,909 3,126 20,035 Feb 30,541 30,355 186 181 1,50332,287 15,922 5,567 34,230 437 832 208 305 1,041 16,724 2 857 19,581 Mar 30,613 30,507 106 185 1,62632,477 15,878 5,576 34,431 446 878 188 185 1,095 16,707 2,809 19,516 30,897 30,833 64 151 1,59632,692 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 1,56032,972 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 1,63533,454 15,785 5,583 33,293 400 794 193 216 1,125 16,800 2,935 19,735 July 32,158 32,014 144 322 1,74034,262 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 1,45334,080 15,602 5,584 35,794 394 846 164 200 1,144 16,723 2,998 19,721 Sept 32,341 32,243 98 352 1,71034,440 15,582 5,589 35,945 401 866 149 196 1,163 16,890 3,055 19,945 Oct 32,648 32,464 184 343 1,59334,628 15,582 5,587 36,120 395 918 161 194 (.089 16,920 3,0*4 20,004 Nov 33,126 32,936 190 407 1.771 35,353 15,582 5,595 36,694 396 938 150 198 lil38 17,017*3,104*20,121 Week ending— 1962 Oct 3 29,959 29,946 13 74 1,747 31,816 16,067 5,552 33,914 400 476 217 323 754 17,352 2,822 20,174 10 30,682 30,546 136 56 1,645 32,416 16,067 5,555 34,102 410 513 243 314 751 17,706 2,627 20,333 17 30,480 30,385 95 82 1,63332,229 16,067 5,551 34,256 397 480 214 336 717 17,445 2,861 20,306 24 29,931 29,931 67 2,08332,116 16,052 5,551 34,115 398 519 211 315 684 17,476 2,882 20,358 31 29,888 29,853 ""35 91 1,475 31,491 16,006 5,552 34,042 406 541 207 311 672 16,872 2,935 19,807 Nov. 7 30,235 30,048 187 170 1,24731,686 15,977 5,555 34,231 410 392 184 302 822 16,878 2,681 19,559 14 . 30,378 30,138 240 156 1,30031,868 15,978 5,550 34,560 401 523 216 309 79R 16,589 2,828 19,417 21 30,104 30,044 60 105 2,05632,299 15,978 5,550 34,684 394 464 193 289 1,020 16,783 19,685 28 30,012 29,994 18 103 2,109 32,259 15,978 5,551 34,803 400 488 214 262 1,023 16,597 3^33 19,630 Dec 5 30,411 30,223 188 93 1,832 32,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2 964 19 529 12 . 30,698 30,603 95 109 1,75532,629 15,977 5,559 35,226 402 478 207 268 1,068 16,517 3,010 19,527 19 30,493 30,493 164 2,44333,163 15,978 5,560 35,366 399 669 208 277 1,011 16,771 3,182 19,953 26 . 30,510 30,489 308 2,84233,733 15,978 5,564 35,471 395 665 210 295 1 ftlfi 17,212 3,113 20,325 ""ii 1963 Jan 2 30,598 30,478 716 2,68434,104 15,978 5,568 35,349 399 628 280 319 1,054 17,623 3,456 21,079 1 9 6 . 3 30 0 , , 2 4 2 0 7 4 3 3 0 0 , ,2 4 2 0 7 4 120 6 8 5 0 2 2 , , 7 3 2 9 8 2 3 3 3 2 , , 2 7 8 8 6 4 1 1 5 5 , , 9 9 7 6 8 3 5 5 , , 5 56 7 3 2 3 3 5 4 , , 0 6 2 9 2 4 4 4 2 1 3 2 7 7 1 6 1 7 2 2 2 3 6 2 2 3 9 0 8 6 9 9 9 8 1 0 1 1 7 6 , , 1 9 5 2 7 7 3 3, 1 1 7 3 3 9 2 2 0 0 ,1 2 0 9 0 6 23 29,898 29,898 172 2,30732,464 15,928 5,567 34,361 429 823 225 281 960 16,881 3,034 19,915 30 30,123 29,975 "i48 101 1,615 31,916 15,928 5,571 34,080 432 837 220 297 966 16,583 3,028 19,611 Feb 6 30,540 30,235 305 225 1,358 32,194 15,928 5,569 34,107 421 783 206 297 971 16,907 2 777 19 684 13 30,786 30,447 339 165 1.31932.330 15,928 5,563 34,263 427 838 212 298 959 16,825 2,799 19,624 20 30,392 30,337 55 157 1,702^2.112 15,928 5,566 34,293 444 901 187 310 1,086 16,586 2,926 19,512 27 30,405 30,361 44 159 1,59632,219 15,913 5,570 34,228 454 801 230 314 1,125 16,550 2,927 19,477 Mar. 6 30,552 30,402 150 172 1,665 32,444 15,878 5,573 34,282 448 856 188 213 1,135 16,772 2,745 19,517 13 30,651 30,528 123 168 1,52732,402 15,877 5,576 34,454 450 783 191 181 1.114 16,682 2 740 19 422 20 30,430 30,430 87 1,87232,441 15,878 5,577 34,511 448 845 180 191 1,073 16,648 2,857 19,505 27 30,635 30,519 271 1,598 32,555 15,878 5,576 34,415 451 1,014 186 174 1,078 16,690 2,908 19,598 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 BANK RESERVES AND RELATED ITEMS 1663 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 ury Cur- Treas- reserves, reserves Period U. S. Govt. securities Gold cur- rency ury with F. R. Banks Other or Dis- stock rency in cash F. R. date counts To- out- cir- hold- ac- Bought Repur- and Float i tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Other i F. R. rency Total right agree- vances ury eign Banks and ments coin 3 Averages of daily figures Week ending— 1963 Apr. 3. 30,997 30,855 142 204 1,345 32,596 15,878 5,577 34,535 428 895 189 191 1,074 16,740 2,868 19,608 10. 31,188 31,106 82 117 1,425 32,779 15,878 5,578 34,745 441 897 184 194 1,076 16,696 2,675 19,371 17. 30,988 30,946 42 187 ',630 32,853 15,878 5,574 34,915 427 826 190 216 1,001 16,730 2,960 19,690 24. 30,589 30,589 188 ,919 32,743 15,877 5,578 34,685 437 996 191 192 987 16,710 3,019 19,729 May 1. 30,808 30,646 162 124 1,522 32,500 15,877 5,582 34,583 438 963 167 196 997 16,615 3,029 19,644 31,350 31,113 237 141 1,545 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 1,162 16,787 2,896 19,683 29 30,910 30,910 266 ,446 32,667 15,819 5,578 34,911 419 673 168 174 1,155 16,565 3,034 19,599 June 5. 31,293 31,191 102 216 1,318 32,868 15,797 5,583 35,108 407 643 169 183 1,156 16,582 2,856 19,438 12. 31,587 31,513 74 249 ' """33,261 15,797 5,581 35,298 402 774 218 205 1,156 16,587 2,841 19,428 19. 31,317 31,244 73 284 33,498 15,798 5,582 35,331 404 781 202 237 1,111 16,813 2,983 19,796 26. 31,583 31,430 153 234 1,854 33,714 15,779 5,582 35,279 402 892 185 217 1,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 1,65134,273 15,733 5,587 35,581 383 863 173 235 1,101 17,257 2,985 20,242 10 32,652 32,308 344 323 1,726 34,744 15,691 5,588 35,899 391 1,022 180 196 1,107 17,228 2,865 20,093 17 32,042 31,939 103 401 ' ,929 34,419 15,669 5,582 35,850 396 922 180 199 1,056 17,067 3,105 20,172 24 31,687 31,687 313 ,990 34,030 15,633 5,584 35,698 391 886 168 193 1,062 16,850 3,078 19,928 31 32,086 32,044 "42 143 1,344 33,611 15,633 5,586 35,564 393 891 179 202 1,069 16,530 3,118 19,648 Aug. 7 32,443 32,373 70 403 ,288 34,174 15,633 5,587 35,703 402 742 170 250 ,071 17,055 2,858 19,913 14 32,286 32,253 33 382 ,367 34,075 15,618 5,581 35,879 382 870 167 188 ,038 16,750 2,959 19,709 21 32,017 31,964 53 324 1,787 34,167 15,583 5,583 35,850 394 879 153 185 ,217 16,655 2,999 19,654 32,142 32,074 68 305 1', 418"33,901 15,583 5,586 35,728 400 918 162 181 ,219 16,461 3,093 19,554 Sept. 4 32,438 32,264 174 355 1,348 34,180 15,582 5,587 35,889 391 806 170 192 ,214 16,689 2,995 19,684 11 32,644 32,350 294 385 1,487 34,553 15,583 5,591 36,066 409 824 153 206 ,219 16,850 2,964 19,814 18 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 25 32,040 32,040 418 1,937 34,434 15,582 5,587 35,850 385 856 139 181 ,140 17,052 3,148 20,200 Oct. 2. 32,511 32,449 62 373 1,54534,467 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,,552277 "3"5,030 15,583 5,591 36,061 397 910 153 193 ,H1 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 30. 32,474 32,413 61 229 1,416 34,163 15,582 5,590 36,066 398 906 167 197 ,048 16,553 3,202 19,755 Nov. 6 33,031 32,822 209 434 1,315 34,842 15,583 5,595 36,250 391 823 156 193 ,019 17,188 2,978 20,166 13 33,179 32,880 299 330 1,581 35,138 15,582 5,598 36,625 402 886 146 198 ,001 17,060 3,005 20,065 20 32,949 32,773 176 462 2,180 35,635 15,582 5,596 36,722 403 1,045 144 208 ,211 17,080^3,168P20,248 27 33,111 33,018 93 233 2,126 35,512 15,582 5,593 36,872 1,006 151 199 ,250 16,823^3,214^20,037 End of month 1963 Sept.. 32,563 32,563 138 1,567 34,302 15,582 5,591 35,891 384 948 174 199 1,107 16,772 2,890 19,662 Oct.. 32,758 32,696 62 332 1,439 34,587 15,583 5,582 36,177 372 881 175 209 1,016 16,922 3,520 20,442 Nov.. 33,667 33,567 100 868 1,341 35,918P15,583 *>5,586^37,226 890 165 192 1,267 16,952^3,070*>20,022 Wednesday 1963 Oct. 2 32,898 32,618 280 493 1,326 34,758 15,583 5,589 35,958 401 972 168 194 1,124 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 1,145 16,637 3,148 19,785 16 32,413 32,335 78 407 1,645 34,511 15,583 5,581 36,244 404 918 147 213 1,062 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 1,059 16,380 3,429 19,809 30 32,779 32,686 93 215 1,158 34,200 15,583 5,593 36,154 398 761 183 197 1,014 16,668 3,569 20,237 Nov. 6 33,299 32,939 360 262 1,107 34,,735 15,583 5,596 36,498 398 676 157 187 1,027 16,971 3,100 20,071 13 32,651 32,651 132 1,647 34,,473 15,583 5,599 36,756 420 1,019 151 197 941 16,171 3,505 19,676 20 33,054 32,947 107 419 2,069 35,585 15,583 5,592 36,784 396 1,018 151 195 1,250 16,966 3,446^20,412 27 33,326 33,194 132 605 1,468 35,442 15,583 5,595 37,228 396 942 160 174 1,260 16,459*>3,651J>20,110 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959). For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1664 BANK RESERVES AND RELATED ITEMS DECEMBER 1963 RESERVES AND BORROWINGS OF MEMBER BANKS (Averages of daily figures; in millions of dollars) Reserve city bankii All member banks New York City City of Chicago Period 1Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B r F i a n o 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 i e r - ed Excess B r F i a n o 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 r - ed Excess B r F i a n o a . n R w g t k s . - s s F e r r r e v e - e e s 1929 June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941 Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 — 144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1.191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 !409 232 —236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,795 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,710 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,118 12 97 —86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,177 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 —31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 018 104 -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—Nor. 19,604 19,012 592 119 473 3,627 3,601 27 14 13 1.007 1.001 6 13 -7 Doc 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 ,04? 035 7 18 — 11 1963 Jan 20,035 19,552 483 99 384 3,857 3,840 18 5 13 ,018 ,017 1 7 —6 Feb 19,581 19,109 472 172 300 3,721 3,704 17 42 -25 ,016 ,01? 4 15 -11 Mar 19,516 19,090 426 155 271 3,752 3,734 19 27 -8 ,009 ,008 1 38 -37 Apr 19,574 19,140 434 121 313 3,727 3,716 11 12 — 1 ,001 998 5 14 —9 May 19,676 19,219 457 209 248 3,769 3,735 34 34 ,075 ,075 8 o 19,735 19,358 377 236 141 3,722 3,742 -20 39 -59 ,029 01? -3 3 -6 July 20,017 19,537 480 322 158 3,796 3,740 55 40 15 ,018 ,076 11 24 -13 Aug 19,721 19,254 467 330 137 3,631 3,620 11 90 -79 ,009 ,007 2 29 -27 Sept 19,945 19,532 413 321 92 3,748 3,722 27 82 -55 ,029 1.010 -1 40 -41 Oct 20,004 19,596 408 313 95 3,695 3,693 2 101 -99 ,016 1,028 8 19 — 11 Nov *20,121»19,703 376 *>3,683 *3,668 ns 89 P_74 V ,015 ^1,032 40 P-37 Week ending— 1962—Nov. 7.... 19,559 19,010 549 158 391 3,667 3,655 12 18 -6 [,017 1,012 4 30 -35 14 19,417 18,846 571 144 427 3,561 3,541 20 9 11 977 974 3 16 -13 21 19 685 19 078 607 93 514 3,598 3,593 5 32 —27 1,014 1,008 5 5 28 19,630 19,080 550 95 455 3,658 3,599 60 60 1,014 1 OOR 6 6 1963—June 5 19,438 19,098 340 216 124 3,672 3,662 10 11 -1 ,028 ,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 -I 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 ,025 1,013 11 66 —55 31.... 19,648 19,351 297 143 154 3,726 3,711 15 15 ,023 1,021 2 -3 19,913 19,431 482 398 84 3,722 3,720 82 -80 ,021 1,024 -2 73 -75 19,709 19,236 473 352 121 3,611 3,599 12 106 -94 ,002 997 5 45 -40 21;;;; 19,654 19,252 402 294 108 3,613 3,605 8 89 -81 ,012 1,009 3 12 -9 19,554 19,146 408 274 134 3,569 3,570 -1 81 -82 ,003 [,001 2 2 28.... 19,684 19,204 480 325 155 3,645 3,601 44 81 -37 ,014 ,010 5 5 Sept 4.... 19,814 19,313 501 354 147 3,615 3,605 10 135 -125 1,001 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 [,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 1 51 -50 16.... 19,989 19,603 386 309 77 3,678 3,661 17 130 -113 [,033 1,025 8 18 -10 23.... 19,942 19,513 429 361 68 3,643 3,639 4 127 -123 1,034 1,028 6 4 2 30.... 19,755 19,407 348 199 149 3,650 3,632 18 34 -16 1,009 1,007 2 4 2 Nov. 6.... 20,166 19,737 429 404 25 3,760 3,752 9 182 -173 [,038 1,036 2 46 -44 13 20,065 19,637 428 300 128 3,669 3,616 54 100 -46 1,031 1,021 10 22 -11 2 27 0.... * * > 2 2 0 0 ,0 ,2 3 4 7 8* 2 > *1 1 9 9 , ,7 6 4 9 1 8 *507 4 2 3 0 1 0 *139 3 3 , , 6 6 7 5 1 2 3 3 , , 6 6 5 5 0 0 20 1 76 5 -7 1 5 6 1 1 , , 0 0 4 3 9 4 1 1, , 0 0 3 3 5 5 _ 1 _ 5 * 7 4 3 -58 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 BANK RESERVES AND RELATED ITEMS 1665 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 F.R. reserves F.R. reserves T h o e t l a d l Required Excess Banks T h o e t l a d l Required Excess Banks 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1.188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945_Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951 Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953 Dec . . . . .. 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954 Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960 Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—June 8,270 8,209 61 45 16 6,896 6,473 423 34 389 1962—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 7,995 7,965 29 54 -25 6,849 6,461 388 41 347 May 8,013 7,962 51 117 -66 6,868 6,496 372 50 322 8,038 8,018 20 129 -109 6,946 6,566 380 65 315 July 8,150 8,099 51 201 -150 7,033 6,671 362 57 305 8 060 8 017 43 118 -75 7 021 6,611 411 93 318 Sept. 8,119 8,095 24 130 -106 7,049 6,686 362 69 293 Oct 8,154 8,117 37 131 -94 7,119 6,758 361 62 299 Nov PS,\95 "8,161 "34 171 P-\37 "7,208 "6,843 *>366 76 "290 Week ending— 1962—Nov. 7 7,967 7,938 29 78 -49 6,909 6,404 505 22 483 14. . . 7 929 7,901 28 69 -41 6,950 6,430 520 50 470 21 8,006 7,988 19 40 -21 7,067 6,489 577 21 556 28 8,022 7,969 53 64 -11 6,936 6,504 432 31 401 1963—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 M:::...::::::: 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 SeDt 4 8,082 8,006 76 135 -59 6,943 6,587 356 109 247 ii:::.:::::::: 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 16 8,173 8,135 38 119 -81 7,105 6,782 323 42 281 23 8,105 8,083 21 182 -161 7,160 6,762 398 48 350 30 8,064 8,038 25 66 -41 7,032 6,729 303 95 208 Nov. 6 8,184 8,168 17 111 -94 7,184 6,782 402 65 337 13 8,194 8,156 39 111 -72 7,170 6,845 325 67 258 20 . ... 8,180 8,177 4 222 -218 "7,366 "6,879 "487 60 M27 27 8,199 8,162 37 101 -64 "7,134 "6,851 "283 90 "193 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

1666 DISCOUNT RATES DECEMBER 1963 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13 3 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Nov. 30 date Nov. 30 date Nov. 30 date rate Boston July 17, 1963 July 17, 1963 July 17,1963 New York . . . July 17, 1963 July 17, 1963 June 10,1960 Philadelphia.. July 19, 1963 July 19, 1963 Aug. 19,1960 Cleveland July 17, 1963 July 17, 1963 July 17,1963 Richmond. . . July 17, 1963 July 17, 1963 July 17,1963 Atlanta July 24, 1963 July 24, 1963 July 24,1963 Chicago July 19, 1963 July 19, 1963 July 19,1963 St. Louis July 17, 1963 July 17, 1963 July 17,1963 4 Minneapolis.. July 17, 1963 July 17, 1963 Aug. 15,1960 4% 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 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 3 1933 23 24 2% Mar. 3 3% Mar. 7 2VA 4 I* 13 2VA Apr. 7 3 1954 21 2VA May 26 I* Feb. 5 l%2 Apr. 18 IS Oct. 20 15 WA May 9 1934 Apr. 1 1 4 6 I m V2 -1 -I3 3 / / A Se u p g t . I 1 1 5 2 Feb. 2 May 21 1% 23 2 Mar. 16 lVi-3 Oct. 24 2 Nov. 7 21/2 1935 1955 Jan. 11 l%2 Apr. 14 May 14 1V4-2 15 1959 May 2 Mar. 6 2V4-3 1937 Aug. 4 1VA-2VA 16 Aug. 27 1 -2 5 1VA-2VA May 29 3 -3V Sept. 4 l -U 12 2 -2H J S u e n p e t. 1 1 2 1 31/2-4 1942 2 18 Apr. 11 SNeopt-v . 1,8!:::::• Oct. 15 23 30 1960 1946 June 3 Apr. 25 1956 10 f May 10 Apr. 13 14 20 Aug. 12 3 -s 1948 Aug. 24 Sept. 9 Jan. 12 1 -WA 18 31 19 WA Aug. 13 WVA 18 23 1957 1963 Aug. 9 3 -3% July 17 3 -W2 ! 1950 23 3% f 26 3% Aug. 2 2 1 5 / W 21 A D N e o c v . . 1 2 5 3 -3i/2 In effect Nov. 30. 31/2 1 Preferential rate of lA °f 1 Per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4—6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3 1943, 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

DECEMBER 1963 RESERVE REQUIREMENTS 1667 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits2 Time deposits Effective date Type of deposit Central Jan. 1, Jan. 1, Jan. I, July 17, Effective date * Central Reserve Coun- reserve Coun- 1936 1957 1962 1963 b re a c s n i e k t r y s v e 3 b c a i n ty ks ba tr n y ks re a c s i n e t r d y ve ba tr n y ks Savings deposits held for: banks 1 year or more } 2* { k 4 Less than 1 year 3% In effect Dec. 31, 1948.. 26 22 16 7% 7% Postal savings deposits held for: 1949_May 1,5 24 21 15 7 7 1 year or more } 2* ik 4 June 30, July 1.. 20 14 6 6 Less than 1 year 3Vi Aug. 1, 11 , , ,. 13 5 Aug. 16, 18 12 5 Other time deposits pay- Aug. 25 1!* able in: ! { Sept. 1 6 1 m ye o a n r th o s r -1 m o y r e e ar } m 3 k 1951— J J a a n n . . 2 1 5 1 , , 1 F 6 eb. 1.. 2 2 3 4 19 1 1 4 3 6 9 L 0 e s d s a t y h s a - n 6 m 90 o d n a th y s s 1 2% !; 1 1 9 9 5 5 3 4 — — J J u u l n y e 1 1, 6 9 ,24 2 2 2 1 2 1 0 9 13 5 5 July 29, Aug. I. 20 18 12 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. 19% IT* BULL., p. 1279. Mar. 20, Apr. 1.. 19 NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 18% lished by the Board of Governors under provisions of Regulation Q. Apr. 24 18 16% Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 17% any event exceed the maximum rate payable by State banks or trust com- Nov. 24. . 12 panies on like deposits under the laws of the State in which the member Dec. I 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 Dec. 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 Minimum 10 7 3 3 Maximum 4 22 14 6 6 (Per cent of market value) 1 When two dates are shown, first-of-month or midmonth dates record Effective date changes at country banks, and other dates (usually Thurs.) record changes at central reserve or reserve city banks. Regulation 2 Demand deposits subject to reserve requirements are gross demand 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 dealers on listed securities 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 banks have also been allowed to count vault cash as reserves, as follows: Country banks—in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 NOTE.—Regulations T and U, prescribed in accordance with Securities and Aug. 25, 1960, respectively. Central reserve city and reserve city Exchange Act of 1934, limit the amount of credit that may be extended on banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1 a security by prescribing a maximum loan value, which is a specified 1960, respectively. Effective Nov. 24, 1960, all vault cash. percentage of its market value at the time of extension: margin requirements are the difference between the market value (100%) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks item 'm b e a A m n l k b l s er Y N o e r w k C o i f tv Other C b o a u n n k tr s ? 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 v Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Oct. 16, 1963 Four weeks ending Nov. 13, 1963 Gross demand: Gross demand: Total 132 836 25 212 6 4^2 50 885 50 288 Total 131 500 24 362 6 '77"> 50 306 50 560 Interbank. .... 14,471 4,150 1,266 7,282 1,773 Interbank 14,592 4,156 1,259 7^318 1,859 U.S. Govt 6,713 1,701 469 2,490 2,053 U.S Govt 3 500 720 198 1,400 1,182 Other 111,652 19 360 4 716 41 113 46 463 Other 113 408 19 486 4 815 41 588 47 519 Net demand 1 109,594 20,240 5,461 41,091 42 802 Net demand 1. .. 108 436 19 441 5 300 40 754 42 940 Time , 89,361 11,018 3,596 34,403 40,343 Time 90 350 11 295 3,712 34,671 40,673 Demand balances due Demand balances due from domestic banks. . 7,372 104 96 2,048 5,123 from domestic banks. . 7,357 111 94 1,984 5,167 Currency and coin 3,059 236 48 944 1,830 Currency and coin 3,067 237 46 046 1,839 Balances with F.R. Balances with F.R. Banks 17,081 3,562 999 7,244 5,276 Banks 16 915 3 444 982 7 191 ^.298 Total reserves held 20,140 3,798 1,047 8,188 7,106 Total reserves held 19,982 3,681 1,028 8,137 7,137 Required. 19,731 3,780 1,045 8,156 6,750 Required . 19,574 3,660 1,023 8,111 6,780 Excess . . 409 18 32 356 Excess 408 21 5 26 357 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

1668 FEDERAL RESERVE BANKS DECEMBER 1963 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1963 1963 1962 Nov. 27 Nov. 20 Nov. 13 Nov. 6 Oct. 30 Nov. Oct. Nov. Assets 13,929 13,946 13,955 13,957 13,967 13,924 13,966 14 465 Redemption fund for F.R. notes 1,365 1,348 1,346 1,348 1,343 1,370 1,344 1,241 15,294 15,294 15,301 15,305 15,310 15,294 15,310 15,706 Cash 240 245 234 279 300 249 307 344 Discounts and advances: 568 387 101 232 185 836 302 70 Other 37 32 31 30 30 32 30 1 Acceptances: Bought outright 43 43 43 43 43 42 44 38 24 5 14 U.S. Govt. securities: Bought outright: Bills 3,829 3,582 3,286 3,574 3 443 4,127 3 453 2 244 Certificates—Special Other 7,066 7,066 10,712 i6,7ii 10,712 7,066 10,712 13,185 Notes 17,679 17,679 14,033 14,033 13,993 17,729 13,993 10 714 Bonds 4,620 4,620 4,620 4,620 4,538 4,645 4,538 4,057 •Total boufiht outrisht 33,194 32,947 32,651 32,939 32,686 33,567 32,696 30,200 Held under repurchase agreement 132 107 360 93 100 62 254 Total U.S. Govt. securities 33,326 33,054 32,651 33,299 32,779 33,667 32,758 30,454 Total loans and securities 33,974 33,516 32,826 33,628 33,042 34,577 33,148 30,563 Cash items in orocess of collection 5,059 6,728 5,995 5,434 5,227 5,604 5,079 5,194 104 104 104 104 104 103 104 105 Other assets: Denominated in foreign currencies 111 114 114 113 117 111 115 154 159 140 430 411 392 166 392 202 Total assets 54,941 56,141 55,004 55,274 54,492 56,104 54,455 52,268 Liabilities F.R. notes ..... 31,981 31,544 31,529 31,301 30,987 31,995 31,001 29,679 Deposits: Member bank reserves 16,459 16,966 16,171 16,971 16,668 16,952 16,922 16,648 US Treasurer General account 942 1,018 1,019 676 761 890 881 585 Foreign 160 151 151 157 183 165 175 203 Other 174 195 197 187 197 193 209 305 Total deoosits • 17,735 18,330 17,538 17,991 17,809 18,200 18,187 17,741 Deferred availability cash items 3,591 4,659 4,348 4,327 4,069 4,262 3,640 3,309 Other liabilities and accrued dividends 93 88 87 93 86 95 83 80 Total liabilities ... 53,400 54,621 53,502 53,712 52,951 54,552 52,911 50,809 Capital Accounts 492 490 490 490 489 492 489 464 Surplus 934 934 934 934 934 934 934 888 Other capital accounts 115 96 78 138 118 126 121 107 Total liabilities and capital accounts 54,941 56,141 55,004 55,274 54,492 56,104 54,455 52,268 Contingent liability on acceptances purchased for foreign correspondents 103 105 105 105 105 102 105 88 U.S. Govt. securities held in custody for foreign 8,454 8,329 8,344 8,358 8,219 8,343 8,241 7,132 Federal Reserve Notes—Federal Reserve Agents' Accounts F R notes outstanding (issued to Bank) 33,563 33,317 33,244 33,037 32,964 33,595 32,937 31,521 Collateral held against notes outstanding: Gold certificate account 7,164 7,104 7,092 7,042 7j 062 7,189 7,082 7,697 Eligible paper 180 87 28 61 48 152 60 28 U.S. Govt. securities 27,324 27,204 27,109 27,069 26,909 27,329 26,894 24,909 34,668 34,395 34,229 34,172 34,019 34,670 34,036 32,634 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 FEDERAL RESERVE BANKS 1669 STATEMENT OF CONDITION OF EACH BANK ON NOVEMBER 30, 1963 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M a i p n o n li e s - K C s a a it n s y - Dallas F c S r is a a c n n o - Assets Gold certificate account 13,924 890 3,309 720 1,102 989 796 2,503 537 277 665 465 1,671 Redemption fund for F.R. notes 1,370 79 332 78 122 111 82 237 56 29 52 43 149 Total gold certificate reserves . . 15,294 969 3,641 798 1,224 1,100 878 2,740 593 306 111 508 1,820 F R notes of other Banks 295 20 68 21 12 16 29 21 10 38 10 15 35 Other cash 249 16 56 11 11 14 21 39 15 8 9 9 40 Discounts and advances: Secured by U.S. Govt. securities... 826 2 170 13 47 37 60 142 45 30 62 127 91 Other ... . 42 2 9 2 3 1 12 4 1 1 1 2 4 Acceptances: Bought outright 42 42 Held under repurchase agreement.. U.S. Govt. securities: Bought outright 33,567 1,617 8,626 1,796 2,799 2,252 1,814 5,520 1,338 669 1,337 1,350 4,449 Held under repurchase agreement.. 100 100 Total loans and securities 34,577 1,621 8,947 1,811 2,849 2,290 1,886 5,666 1,384 700 1,400 1,479 4,544 »s Cash items in process of collection... 7,053 490 1,398 458 554 541 1,017 307 222 367 347 821 103 3 8 3 6 16 23 6 4 7 12 10 Other assets: Denominated in foreign currencies. 111 5 130 6 10 5 6 16 4 3 5 6 15 All other 166 8 4! 9 14 12 9 28 7 3 6 7 22 Total assets 57,848 3,132 14,189 3,117 4,680 3,973 3,386 9,550 2,326 1,284 2,521 2,383 7,307 Liabilities F.R. notes 32,290 1 891 7 782 1 873 2 767 2 656 1,874 5,817 1 315 581 1 243 961 3,530 Deposits: Member bank reserves 16,952 667 4,468 733 1 246 764 923 2,557 636 430 869 967 2,692 U.S. Treasurer—General account.. 890 43 338 20 28 34 36 81 49 49 60 67 85 O Fo th re e i r gn 1 1 6 9 5 3 7 * 2 1 2 6 5 1 8 1 2 3 7 3 8 1 2 4 0 5 3 1 2 6 2 8 5 1 2 9 Total deposits 18,200 717 4,992 762 1,289 808 968 2,662 690 483 937 1,044 2,848 Deferred availability cash items 5,711 445 978 390 476 425 452 834 264 183 269 286 709 Other liabilities 95 5 25 5 8 6 5 15 4 2 4 4 12 Total liabilities 56,296 3,058 13,777 3,030 4,540 3 895 3,299 9,328 2,273 1,249 2,453 2,295 7,099 Capital Accounts 492 24 130 28 45 24 28 70 17 11 21 28 66 Surplus ... 934 44 251 54 87 44 51 132 32 22 40 53 124 Other capital accounts 126 6 31 5 8 10 8 20 4 2 7 7 18 Total liabilities and capital accounts.. 57,848 3,132 14,189 3,117 4,680 3,973 3,386 9,550 2,326 1,284 2,521 2,383 7,307 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Nov 30 1963 30 3 37 2 28 5 30 3 30 2 31 8 30.9 32.3 29.6 28.8 32.9 25.3 28.5 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 Nov 30 1962 . 32.8 32.2 32.2 32.7 32.6 35.4 34.1 32.8 34.8 33.5 34.0 33.8 31.1 Contingent liability on acceptances purchased for foreign correspondents 102 5 3 26 6 10 5 6 15 3 2 4 6 14 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 33 595 1 964 s 105 I 947 2 935 2 770 1 958 5 968 1 604 1 ^76 1,028 3 665 Collateral held against notes outstanding: Gold certificate account 7,189 433 1,700 425 610 625 400 1,300 310 119 267 200 800 Eligible paper 152 8 37 45 62 U.S. Govt. securities 27,329 1,554 6,600 1,600 2,400 2,175 1,600 4,800 1,125 500 1,100 875 3,000 Total collateral 34,670 1,987 8,300 2,033 3,010 2,837 2,000 6,100 1,480 619 1,429 1,075 3,800 1 After deducting $81 million participations of other F.R. Banks. 3 After deducting $76 million participations of other F.R. Banks. 2 After deducting $104 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1670 FEDERAL RESERVE BANKS; BANK DEBITS DECEMBER 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 Nov. 27 Nov. 20 Nov. 13 Nov. 6 Oct. 30 Nov. Oct. Nov. Discounts and advances—Total 605 419 132 262 215 868 332 71 Within 15 days 567 382 97 229 182 829 300 66 16 days to 90 days 38 36 34 3 3 39 2 5 91 days to 1 year 1 1 30 30 30 Acceptances—Total 43 43 43 67 48 42 58 38 Within 15 days 13 11 6 32 12 11 21 10 16 days to 90 days 30 32 37 35 36 31 37 28 U.S. Government securities—Total 33,326 33,054 32,651 33,299 32,779 33,667 32,758 30,454 Within 15 days i 779 837 4,098 4,833 428 619 4,194 376 16 days to 90 days 5,860 5,639 2,077 2,005 6,047 6,211 2,183 5,195 91 days to 1 year 15,739 15,630 13,010 12,995 12,961 15,813 13,038 11,957 Over 1 year to 5 years 8,452 8,452 10,962 10,962 10,909 8,505 10,909 10,734 Over 5 years to 10 years 2,277 2,277 2,285 2,285 2,225 2,300 2,225 1,967 Over 10 years 219 219 219 219 209 219 209 225 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalents) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an g N u l e a i t n l h d d e e s r r - s f S ra w n i c ss s 1963—Feb., 93 25 50 10 1 Mar. 94 25 50 10 1 99 25 45 7 13 MPay 128 38 45 29 8 June 113 25 51 27 7 Jury. 63 51 6 2 Aug. 66 51 6 2 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts 1 Annual rate of turnover (billions of dollars) of demand deposits i Period All Leading centers 337 other Leading centers 337 other 343 re c p e o n r te ti r n s g New York 6others 2 r c e e p n o t r e t r i s n 3g New York 6 others 2 r c e e p n o te rt r i s n 3g ers 4 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—No v 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.... '325.8 128.1 137.2 62.8 66.3 116.2 122.4 83.7 84.5 44.1 43.7 28.8 28.7 32.6 32.6 Feb... '274.5 127.7 116.6 61.2 55.2 112.6 102.7 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 62.5 113.0 111.3 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 64.2 119.3 116.7 82.2 80.6 44.2 45.2 29 6 28.7 33.3 33.0 May.. r318.0 129.8 133.1 62.1 64.4 117.1 120.6 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... r300.1 127.8 119.5 63.3 61.9 119.2 118.7 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 30 1 30.2 M.9 34.7 Nov... 296.6 125.4 116.7 67.3 63.8 120.0 116.1 80.7 80.4 M6.0 M5.3 P29 0 P29.4 >33 6 *33.6 i Excludes interbank and U.S. Govt demand accounts or deposits, 3 Before Apr. 1955, 338 centers. * 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

DECEMBER 1963 U.S. CURRENCY 1671 DEiNOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939... 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950.. 27,741 19,305 1,554 ,113 64 2,049 5,998 8; 529 8,438 2,422 5,043 368 588 4 12 1955.. 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958... 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959... 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960.... 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 ... 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 3962—Oct 34,109 24,440 2,727 ,542 94 2,228 6,819 11,031 9,669 2,882 6,254 237 289 3 5 Nov 34,782 24,991 2,756 ,570 94 2,294 7,009 li;268 9,791 2,924 6,333 237 289 3 4 Dec 35,338 25,356 2,782 ,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Jan... 34,093 24,214 2,759 ,524 95 2,217 6,723 10,897 9,879 2,937 6,407 239 289 3 4 Feb.. 34,286 24,385 2,773 ,519 95 2,219 6,788 10,991 9,902 2,939 6,427 239 289 3 4 Mar.. . 34,513 24,548 2,795 ,523 95 2,230 6,838 11,067 9,965 2,954 6,471 241 292 3 4 Apr 34,645 24,613 2,827 ,539 95 2,232 6,819 11,10210,032 2,975 6,516 242 291 3 4 May 35,067 24,953 2,850 ,562 96 2,266 6,932 11,24610,114 3,001 6,572 243 292 3 4 June 35,470 25,266 2,878 ,566 97 2,279 7,004 11,442 10,204 3,030 6,631 244 293 3 4 July 35,663 25,368 2,904 ,559 97 2,265 6,993 11,549 10,295 3,060 6,691 244 293 3 4 Autz 35,850 25,487 2,926 ,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 Oct 36,177 25,642 2,960 ,592 98 2,302 7,046 11,644 10,535 3,103 6,885 245 294 3 5 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation * Held by Kind of currency T s O o ta t c 1 a n t 9 l . d 6 i o 3 3 n u 1 g t , - A g s a o s g l s i d a l e v i c n e a u r s n r t i d ty Tr c e a a s s h ury B F F a a . n o n R d r k . s A B F a g a . n e n R d n k . t s s Oc 1 t 9 . 6 3 3 1, Se 1 p 9 t. 6 3 30, Oc 1 t 9 . 6 3 2 1, certificates Agents Gold 15,583 (15,310) 2 273 Gold certificates (15,310) 3 12,494 2,816 F.R. notes 32,938 79 1,935 30,923 30,661 28,958 Treasury currency—Total. 5,582 (2,053) 20 308 5,254 5,230 5,151 Standard silver dollars ... 486 31 12 7 436 432 373 Silver bullion . . 2 02? ? 022 Silver certificates (2 053) 246 1,807 1,801 1,933 Subsidiary silver coin 1,860 5 27 1,829 1,824 1,707 Minor coin 700 1 3 696 690 647 United States notes..... . . 347 2 24 321 316 318 In process of retirement ^ 167 * 1 166 167 173 Total—Oct. 31, 1963.. 5 54,103 (17,363) 372 12,494 5,059 36,177 Sept. 30, 1963. 5 54,048 (17,368) 384 12,492 5,281 35 ^ 891 Oct. 31, 1962. 5 52,346 (17,913) 399 12,875 4,962 34 J09 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. 1663. 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

1672 MONEY SUPPLY DECEMBER 1963 MONEY SUPPLY AND RELATED DATA an billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p r o en n c e y nt co D d m e e m p p o o a s n n i e t d nt jus a te d d - i Total c C om ur p r o en n c e y nt co D d m e e m p p o o a s n n i e t d nt jus a t d e - d l d d e e p m os a i n ts d ^ 1955—Dec 135 2 27.8 107 4 50 2 138 6 28.4 110 2 49.6 3.4 1956—Dec 136.9 28.2 108.7 52.1 140.3 28.8 111.5 51.4 3.4 1957—Dec. 135.9 28.3 107.5 57.5 .3 28.9 110.4 56.7 3.5 1958—Dec 141.2 28.6 112 6 65 5 1447 29.2 115.5 64.6 3.9 1959—Dec 142.0 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec 141.2 28.9 112.2 72.7 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1962—Nov 146.9 30.5 116 4 96 0 148.2 30.8 117.5 95.4 6.0 Dec 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1963—Jan 148.7 30.7 118.1 99.1 151.8 30.5 121.3 98.4 4.8 Feb 148.6 30.9 117.7 100.3 148.3 30.5 117.8 99.9 5.6 Mar 148.9 31.1 117 8 101 8 147.4 ^30.8 116 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 7.7 150.5 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 NOVP 153.1 32.3 120.9 110.7 154.5 32.6 121.9 110.0 4.6 Half month 1963—Aug. 1 150.7 31.7 119.0 106.4 .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 31.9 120.2 108.5 HI.8 32.2 119.6 108.9 6.9 2 151.9 32 0 119 9 109.4 153.0 32.0 121.0 109.6 3.8 Nov \P 153.2 32.2 121 0 110 1 155.0 32.5 122.5 110.0 4.0 153.1 32.3 120.7 111.3 154.0 32.7 121.4 110.1 5.1 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 ! Total compo- deposit justed ! deposits ) nent compo- nent component nent 1962—Aug 1 145.0 30.0 114.9 92.5 5.8 1963—Aug. 7 150.6 31.9 118.6 106.8 6.3 8 145.2 30.5 114.7 92.6 5.6 14 150.1 32.0 118.1 107.0 5.3 15 144.8 30.4 114.4 92.8 5.0 21 148.0 31.9 116.1 107.4 6.8 22... 142.5 30.4 112.1 93.0 8.4 28 147.8 31.7 116.1 107.7 6 5 29 142.7 30.1 112.6 93.3 7.9 Sept. 4 149.3 31.9 117.4 107.8 6.0 Sent 5 143.9 30.4 113.5 93.5 7.8 1507 32.2 118.5 108.0 5.1 12.::.: 145.5 30.5 115.0 93.6 6.1 18 152 1 31.9 120.2 108.1 5.0 19 146.0 30.3 115.7 93.8 6.3 25 1499 31.8 118.1 108.0 8.0 26 144.1 30.1 114.0 94.1 8.1 Oct. 2 150.1 31.7 118.3 108.5 8.7 Oct. 3 144.9 30.2 114.7 94.3 8.2 9 151 3 32.3 119.0 108.9 7.6 10 145.4 30.6 114.8 94.6 8.9 16 152.8 32.2 120.7 109.1 5.3 17 146.8 30.5 116.3 94.9 7.4 23 152.7 32.2 120.5 109.4 4.1 24 146.7 30.4 116.3 95.1 6.9 30 153.1 31.9 121.2 109.8 3.3 31 147.7 30.2 117.5 95.3 5.8 Nov. 7 148.2 30.7 117.5 95.5 6.1 Nov. 6 154.8 32.3 122.5 110.0 4.4 14.... 148.7 30.8 117.9 95.5 4.7 13 155.0 32.7 122.4 110.0 3.8 21 147.9 30.9 117.1 95.1 6.7 20 154.3 32.6 121.7 109.9 4.9 28 147.8 30.7 117.1 95.3 6.5 27 153.7 32.6 121.1 110.1 5.0 Dec. 5 149.1 30.9 118.1 95.8 6.3 Dec. 4P. . . . 155.3 33.0 122.3 110.2 4.7 12 150.7 31.2 119.5 96.2 4.5 11 19.... 152.6 31.2 121.4 96.6 4.5 18 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

DECEMBER 1963 BANKS AND THE MONETARY SYSTEM 1673 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 rc m d ia - l 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 t y s 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—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 28p 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. 30 rP 15,600 5,600 323,400 182,300 101,100 67,700 32,800 700 40,100 344,600 312,600 32,000 Nov 27^ 15,600 5,600 326,900 185,300 101,800 67,900 33,300 600 39,700 348,000 315,900 32,100 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 t * s Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n - d - s d i t 1 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 2 s l S P a S t o e v y s m i s t n - a g l s n F e e i o g t r n - 3 T h c i u r o n a e r l g s a y d h s s - - sa c m a c v o n i e i m a n d r l - g - s B F A a .R n t k . s banks 1929—June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1 1 9 9 3 3 3 9 — J Dun e e c . 3 3 0 0 . 3 1 6 9 , , 1 1 9 7 4 2 4 6 , ,4 7 0 6 1 1 2 1 9 4 , , 7 4 9 1 3 1 2 27 1 , , 0 6 5 5 9 6 1 1 0 5 , , 8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 , , 1 27 8 8 6 1,21 5 7 0 2,4 2 0 6 9 4 8 8 4 5 6 2 63 3 4 5 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 7 141 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 ,337 369 11,306 806 July 31»... 148,900 30,900 118,000 148,800 31,000 117,800 150,300 106,600 43,300 500 ,300 400 7,400 600 Aug. 28»... 148,200 30,900 117,300 146,900 31,100 115,800 151.600 107,600 43,500 500 ,200 400 6,100 1,000 Sept. 25"... 149,100 31,000 118,100 148,100 31,100 117,000 152,300 108,100 43,700 500 ,200 400 9,100 900 Oct. 30^.. 150,600 31,100 119,500 152,000 31,300 120,700 154,400 109,900 44,100 500 .200 400 3,800 800 Nov. 21 P. .. 151,600 31,600 120,000 153,900 32.500 121,400 154,900 110,100 44,300 500 ;200 400 4,600 900 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

1674 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans 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 T o a i a l a l u o p i i n c a t n t i - d i t - a e t a l s s l 2 Total i m I D n a e t n - e d rba T nk im * e U.S D . ema O O n t d t h h e e r r Time* r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r ks - Govt. All banks: 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479| 23 8,41414,826 1945—Dec. 31 140,227 30,362101,288 8,,5 77 35,415177,332 16655,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 31 • 134,924 43,002 81,199 10,723 38,388175,091161,86512,793 240 1,346 94,381 53,105! 66 1111,94814,714 1961—Dec. 30 256,700 154,318 72,715 29;667 571368 3211394 287j 176 17,914 482 5,952141,979120,848; 482 26,22713,946 1962—June 30 263,542160,123 70,72232,697 49,612 320,638 285,186 14,400 526 9,559 128,845131,855 796 27,03613,934 1962—Nov. 28 273,510 167,240 71,730 34,540 48,280 329,070 290,700 15,190 520 6;,090 132,340136,560 2,500 27,63013,938 Dec. 28 280,397 172,822 72,563 3355,01254939 343,201303,65316,008 535 6,839141,,084139,188 3,63528,04613,940 1963—Jan. 30 276,950 169,410 72,350 35190 46;,780 331,500 2931,030 14,100 520 4i320 133;ilO 114400,980 2,670 27 13,951 Feb. 27 278,850 171,800 71,450 35600 48;,410 335,030 2951,450 14,140 520 6,440131,670142,680 3,070 28 13,954 Mar. 27 280,650 173,090 71,280 36!280 46;,530 335,010 2951,460 13,800 520 7;330 128,950 144,860 3,100 28 13,962 Apr. 24 280,760 173,570 70,250 36;940 47,290 335,990 296,040 13,910 560 3,760132,060 145,750 3,270 28 13,967 May 29 282,640 176,120 69,220 37;300 47;,720 338,250 298,090 13; 730 540 6,820129,540 147,460 3,060 28380 13,983 June 29 287,411179,714 69,708 37,989 52,046 347,896 309,42815,042 55111,069133,681 114499,083 1,563 28,61213,993 July 31* 287,680180,530 68,650 38,500 49,170 344,990 3044,96014,000 530 ,130133,250 '1"5,0050 2,960 28,550 14,014 Aug. 28* 287,450181,150 67,010 39,290 46,190 341;620 3030,86013,800 530 51876 129,330 151,330 3,240 28,690 14,025 Sept. 25* 292,2—00 1'-8,4470 67,970 39,760 48,920 349;210 3088.35014,510 550 8,850132,380 152,060 2,930 28,83014.034 Oct. 30 rP 293,410 185,690 67,670 40,050 48790 350390 308,900 14,790 550 3,610135,760 154,190 3,690 29,020 14,050 Nov. 27^ 296,650 189,060 67,860 39730 51,170 356,100 313,37014,880 550 4,390138,920154,630 4,40029,13014,068 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314.278 1945—Dec. 31 124,019 26,083 90,606 7,331 3344;,880066 160,312150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31 * 116,284 38,057 69,221 9.,006 37,502155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30 215,441124,925 66,578 23,937 56,432 227788,561248,68917,914 481 5,946141,920 82,429 47122,45913,432 1962—June 30 220,670 12"9",193 64,443 27,034 48728 2762,2—0 -24"5,298 14,400 525 9,554128,785 92,034 786 23,18313,422 1962—Nov. 28 229,260 134,840 65,600 28,820 47,450 283,310 249,680 15,190 520 6090 132,280 95,600 2,500 23 13,427 Dec. 28 235,839140,106 66,434 29.298 54049 297;116 262,12216,008 535 6,829141,041 97,709 3,627 24 13,429 1963—Jan. 30 232,"0 4~0 1'"3'6,340 66,200 29,500 45970 285,050 251,270 14,100 520 4,320133,050 99,280 2,670 23840 13,440 Feb. 27 233,620 138,410 65,270 29,940 47540 288;210 253,470 14,140 520 61,440131610 100,760 3,070 2401013,443 Mar. 27 234,860 139,360 64,840 30.660 45,640 287;590 252,960 13,800 520 7; 330 128 890 102,420 3,100 2407013,451 Apr. 24 234,920 139,540 64,010 31,370 46460 288;580 253,490 13,910 560 3,760132000 103,260 3,270 24180 13,456 May 29 236,490 141,750 63,010 31.730 46880 290510 255.280 13,730 540 61,820 480 104,710 3,060 24360 13,472 June 29 241;014 145,049 63,542 32;423 51,156 299875 266;17915,042 550 11,060 624 105,903 1,545 24582 13,482 July 31* 240,980 145,560 62,480 32;940 48340 296;710 261.650 14,000 530 190 106,800 2,960 24520 13,503 Aug. 28* 240,380 145,800 60,870 33;710 45390 293000 257;340 13,800 530 270 107,870 3,240 24600 13,515 Sept. 25* 244,840 148,870 61,81034;160 48080 300250 264,560 14,510 550 320 108.330 2,930 24720 13,524 Oct. 30 245,940149,720 61,770 34.450 47,970(301340 264,790 14,790 550 700 110,140 3,690,24920 13.540 Nov. 27* 248,850152,760 61,970 34;120 50,370 306740 269.020 14,880 550 860 110,340 4,400 25,00013,558 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 2"9,845 38,3-0.'4 129., 6,7 0•13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,,845132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30 179,599106,232 54,058 1.9 ,3.08 49,579 235,112 209,630 17,195 303 5,381 119,595 67,157 43818,638 6,113 1962—June 30 183,497109,212 52,065 22,219 42,853 232,359 206,05713,796 351 8,"7*3'4 108,014 75,162 73519,179 6,070 1962—Nov. 28 189,619113,865 52,097 23,657 41,564 237,050 208, 14,502 343 5,301 110,181 77,932 2,42319,546 6,056 Dec. 28 195,698118,637 52,968 24,092 47',427 249 488 219, 15,309 358 086 117,999 79,716 3,55019,854 6,049 1963—Jan. 30 192,301115,289 52,749 24,263 40; 024 238;,565 209, 13,449 341 3;785110,954 81,060 2,614 1199,697 6,046 Feb. 27 193,694117,075 51,984 24,635 41,471241 407 211, 13,501 347 667109,730 82,280 3,03319,819 6,042 Mar. 27 194,884117,883 51,719 25282 39,685 240 835 211,146 13,186 345 6,523 107,402 83,690 3,042 '1-9,851 6,039 Apr. 24 194,589117,677 50,950 25962 40•; ,434 241409 211,27513,290 380 3,301 109,920 84,384 3,235 19,925 6,041 May 29 195,892119,515 50,023 26354 41,009 243,246 213,104 13,146 361 6,018 107,939 85,640 2,910 20,082 6,052 June 29 199,495122,088 50,399 27008 441;,929 251,214 222, 14,388 373 9,761 111,548 86,550 1,440 20,238 6,058 July 31 199,412122,550 49,37127,491 42,388 248,396 218, 13,370 349 6,349 110,997 87,311 2,849 20,213 6,072 Aug. 28 198,780122,763 47,876 2814139,627 244 827 214, 13,172 355 148107,350 88,278 3,076 20,273 6,080 Sept. 25 202,599 125,458 48.633 28508 42,211251 312 220, 13.837 371 ,936 109,959 88,627 2,836 20,377 6,092 Oct. 30 203,343126,074 48,568 2870141 895 251 833 220, 14,083 377 ,154 112,702 90,159 3.55320,555 6.097 Nov. 27* 205,816128,811 48,647 28358 44 276 256 778224,31514,171 376 ,812 115.516 90,440 4,24420,606 6,104 Mutual savings banks: 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31 • 18,641 4,944 11,978 1,718 886 19,714 17,763 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—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 6,140 800 48,620 43,520 60 43,460 4,090 510 Sept. 25P 47,360 35,600 6,160 840 48,960 43,790 60 43.730 4,110 510 Oct. 30 rP 47,470 35,970j 5,900 820 49,050 44,110 60 44,050 4,100 510 Nov. 27* 47,800 36,300! 5,890 5,610 800 49,360 44,350 60 44,290 4,130 510 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 1675 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans U S .S ec . urities a C ss a e s t h s * c b T a i a l l o p i i n a t t i d i a - t e a l s l Total* 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 ta t l s l b N a b u o n e m f k r s - Govt. Other co a u c n - ts2 mand Time U.S. Time Govt. Other Reterre city member banks New York City: 5 1941—Dec. 31 12,896 4,07 7,265 1,559 6,637 19,86: 17,93: 4,202 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1961—Dec. 30 30,297 19,535 7,862 2,90011,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—June 30 30,396 19,224 7,659 3,513 9,55f 41,910 35,039 4,517 210 1,918 20,296 8,098 381 3,761 13 1962—Nov. 28 30,371 20,119 6,346 3,906 8,863 41,204 33,746 4,298 211 910 19,606 8,721 935 3,849 16 Dec. 28 32,989 21,954 7,017 4,01711,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—Jan. 30 31,808 20,649 7,009 4,150 8,731 42,626 34,799 4,119 213 769 20,231 9,467 1,08^ 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 1,35" 3,927 16 May 29 32,115 20,886 6,478 4,751 9,323 43,624 35,459 4,278 207 1,198 19,612 100,164 1,29: 3,947 16 June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,05f 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 43,84' 35,655 4,020 209 668 19,57111,187 1,438 3,966 13 Nov. 27* 33,615 23,103 5,634 4,878 9,259 45,200 36,807 4,27.^ 212! 665 20,20111,457 1,480 3,966 13 City of Chicago: 5 I 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 1,55: 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 7: 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—Nov. 28 8,456 5,029 2,025 1,402 2,102 10,738 9,450 1,326 279 4,879 2,951 66 941 12 Dec. 28 8,957 5,418 2,129 1,409 2,280 11,432 9,993 1,277 410 5,264 3,025 262 948 13 1963—Jan. 30 8,682 5,101 2,217 1,364 1,969 10,860 9,481 1,140 218 4,956 3,152 132 956 13 Feb. 27 8,901 5,348 2,232 1,321 1,982 11,092 9,594 1,194 309 4,872 3,204 235 955 13 Mar. 27 9,138 5,376 2,440 1,322 1,899 11,260 9,410 1,155 427 4,619 3,198 596 957 13 Apr. 24 8,813 5,291 2,168 1,354 1,949 10,983 9,469 1,182 161 4,757 3,357 313 963 12 May 29 8,832 5,428 2,050 1,354 2,084 11,143 9,759 1,122 346 4,791 3,488 165 971 12 June 29 9,082 5,545 2,071 1,466 2,136 11,440 10,141 1,202 584 4,840 3,499 111 974 12 July 31 9,171 5,574 2,096 1,501 2,109 11,484 10,007 1,153 406 4,926 3,509 240 980 12 Aug. 28 8,965 5,566 1,825 1,574 1,951 11,097 9,638 1,165 289 4,616 3,556 252 979 12 Sept. 25 9,346 5,796 1,915 1,635 2,094 11,623 10,036 1,209 583 4,669 3,563 327 983 12 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 Nov. 27* 9,376 6,038 1,731 1,607 1,955 11,521 10,103 1,186 200 4,909 3,794 211 993 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 2,39613,066 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 2"6,381 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—Nov. 28 71,264 45,211 18,088 7,96516,881 90,307 79,777 7,139 69 1,918 40,61130,040 1,216 7,201 195 Dec. 28 73,130 46,567 18,398 8,16519,539 94,914 84,248 7,477 82 2.337 43,60930,743 1,388 7,263 191 1963—Jan. 30 72,053 45,692 18,143 8,21816,172 90,467 80,101 6,555 65 1.400 40.765 3'1 ,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 40,29831,714 994 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 8,801 16,940 92,086 81,349 6.616 90 1,218 40,82232,603 1,429 7,330 192 May 29 73,497 47,300 17,187 9,01016,603 92,362 81,610 6,275 91 2.387 39,70633,151 1,131 7.413 192 June 29 74,614 48,164 17,326 9,12418,526 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 41,09633,763 1,294 7,462 194 Aug. 28 74,716 48,897 16,440 9,37916,665 93.658 82,704 6,612 98 2.022 39,867 3'"4,105 1,213 7,490 195 Sept. 25 75,875 49,757 16,539 9,57917,478 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 ,610 1,500 7,635 194 Nov. 27* 76,776 50,699 16,472 9,60518,887 98,069 85,891 6,949 90 1.462 42,698 34,692 2,102 7.653 194 Country member banks: 6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 \9,466 17,415 79: 30J 225 10.109 6,258 1,982 6,219 1945—Dec 31 35,002 5,596 26,999 2,40810,632 46.059 43.418 1,207 171 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47.553 44,443 1.056 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 15.595 90.376 81,646 1,925 1.641 46.21131,832 40 7,088 5,885 1962—June 30 75,019 41,492 23,843 9,68513,806 90,555 81,577 1,529 2.601 42,59634,803 80 7,323 5,842 1962-Nov. 28 79,528 43,506 25.63810,384 718 94.801 85.286 1,739 2.194 45,08536,220 206 7,555 5,833 Dec. 28 80,623 44,698 25,42510,501 559 97,008 87,342 1.773 1,931 46.89536,692 172 7,744 5,828 1963—Jan. 30 79,758 43,847 25,38010,531 152 94,612 85,208 1.635 1,398 45,002 37,125 222 7.581 826 Feb. 27 80,176 44,441 25,06310,672 480 95,372 85,864 1.600 2.014 44,560 37,642 159 7,662 823 Mar. 27 80,363 44,736 2.4,76310,864 196 95,301 85,622 1.557 2,106 43,765 38,146 247 7.675 820 Apr. 24 81,026 45,337 24,64811,041 249 95,997 86,366 1,573 1.253 45,03838,451 141 7,705 5,821 May 29 81,448 45,901 24,30811,239 999 96,117 86,276 1,471 2,087 43,830 38,837 322 7,751 5,832 June 29 82,952 46,934 24,49611,522 465 99,361 89,470 1.641 3,332 45,06639,371 127 7.894 5,839 July 31 83,055 47,048 24,404 11,603 745 98,490 88,603 1,581 2,002 45,28939,680 286 7,827 5,853 Aug. 28 83,152 47,109 24,19311,850 420 98,283 88,152 1,591 1,900 44,727 39,883 407 7,864 5,860 Sept. 25 84,421 47,869 24,53712,'015113644 99.829 89.779 1,678 60 2,334 45.596 40.1 111 2281 7.892! 5,871 Oct. 30 85,166 48,351 24,57512,240 13941 00,887 90,620 1,783 60 1,159 46.970 40,6481 341 7.964 5,878 Nov. 27* 86,049 48,971 24,810,12,268 14175101,988!91,514 1,764 60 1,485 47,708 40,497 451; 7,994 5.885 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1676 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 1963 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Total Num- Class of bank Cash lia- Bor- capital ber and date Total Loans G U o .S v . t. Other assets 1 c c b o a i a u a l p n i n c t i d i - t t e s a s l 2 Total i m D a e n - d Time U. D S. ema O n t d her Time r i o n w gs - co a u c n - ts ba o n f ks Govt. Ensured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1959—Dec. 31.. 188,790110,299 58,34820,143 49,158 242,828 218,47415,500 1,358 5,037130,72065,858 60219,20613,107 1960—Dec. 31.. 198,011117,092 60,46820,451 51,836 255,669 228,401 16,921 1,667 5,932132,53371,348 14920,62813,119 1961—Dec. 30.. 213,904124,348 66,02623,531 56,086 276,600 247,17617,737 333 5,934141,05082,122 46222,089 13,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,609 15,844 402 6,815 140,16997,380 3,58423,71213,119 1963—June 29.. 239,447144,363 63,03732,047 50,770 297,836 264,65414,871 43011,005132,788105,559 1,498 24,19113,189 National member KDaanu 1 lK 9 ro 4 S 1 .• —Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1959—Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 1960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,66039,546 11111,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,29245,441 22511,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 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 72,38758,462 60013,008 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 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 1960—Dec. 31.. 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,30321,716 213 6,763 1,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,92425,983 1,914 7,104 1,544 1963—June 29.. 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 1,521 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 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 7 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 7 1,271 6,478 1959_Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 20 533 19,73213,059 21 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 27 645 20,14014,095 19 3,232 6,948 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,45614,979 24 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—June 29.. 39,963 22,274 12,647 5,042 5,841 46,635 42,035 483 57 1,245 21,24119,010 58 3,964 7,133 Noninsured nonmember commercial banks: 1 1 9 9 4 4 5 1 — — D D e e c c . . 3 3 1 1 . . . . 2 1 , , 2 45 1 7 1 4 3 5 1 5 8 1,6 7 9 6 3 1 2 2 4 0 1 0 7 5 6 1 3 4 2 2 , , 2 7 8 6 3 8 2 1 , ,8 4 7 5 2 2 3 1 2 8 9 1 u2 9 9 0 1 5 2 3 5 6 3 5 1 4 3 2 3 7 2 9 9 7 8 1 5 4 2 1947—Dec. 31 * 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1959—Dec. 31.. 1,480 534 589 358 309 1,858 1,429 150 83 13 873 311 12 350 366 1960—Dec. 31.. 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 14 358 352 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 8 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—June 29.. 1,555 686 496 373 386 2,026 1,525 171 120 55 835 343 47 379 291 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 sayings 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 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1959—Dec. 31.. 30,580 20,942 5,016 4,622 686 31,743 28,577 2 3 2828,544 9 2.654 268 1960—Dec. 31 . 33,794 23,852 4,787 5,155 766 35,092 31,502 4 2931,468 3 2,998 325 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 1 6 25633,137 11 3,191 330 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 1 9 26735,827 7 3,343 331 1963—jime 29.. 40,128 30,533 4,545 5,050 789 41,580 37,585 1 8 30337,273 17 3,414 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 COMMERCIAL AND MUTUAL SAVINGS BANKS 1677 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 sx c c b o T a i a l u l a o p i i n c a n t t i d - i a t - t e a s l s l 2 Total i m D I a n e n t - e d rba T n i k m 1 e U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta l ts l b N a b u o n e f m k r s - Govt. Other Noninsurcd mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 6,404 705 249 1960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555 189 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 5,083 577 184 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 5,420 608 180 1963—June 29 6,269 4,132 1,621 516 101 6,440 5,663 5,645 617 180 1 Reciprocal balances excluded beginning with 1942. Reclassification NOTE.—Data are for all commercial and mutual savings banks in the of deposits of foreign central banks in May 1961 reduced interbank United States (including Alaska and Hawaii, beginning with 1959). deposits by a total of $1,900 million ($1,500 million time to other time Commercial banks include all nonmember and member commercial and $400 million demand to other demand). banks; stock savings banks and nondeposit trust cos. are included with 2 Includes other assets and liabilities not shown separately. commercial banks. Member banks include 1 national bank in the 3 See note 2 on p. 1673. 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 Loans * Total i Loans1 G U o . v S t . . Other G U o .S v . t. Other 1956 161.6 88.0 57.3 16.3 164 5 89 7 58 6 16 3 1957 166.4 91 4 57 0 17 9 169 3 93 2 58 2 17 9 1958 181.0 95.6 64.9 20.5 184 4 97 5 66 4 20 6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20 5 I960 194.5 114.2 59.6 20.7 198 5 116 7 61 0 20 9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23 9 1962 2 228.1 134.7 64.3 29.1 233 6 137 9 66 4 29 3 1962 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 4 234.8 138.9 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 4 237.8 142.4 62.4 33.0 237.8 142.4 62.5 32.9 Sept p 2 2 3 4 8 0 . . 5 7 1 1 4 4 2 5 . . 5 0 6 6 2 1 . . 1 7 3 3 3 4 . . 9 0 2 2 3 4 7 1 .9 1 1 14 4 6 2 5 0 6 6 0 1 8 8 3 3 3 4 7 2 Oct P 241.0 146.3 60.2 34.5 242.4 146.2 61.8 34 5 Nov f 244.0 148.8 60.8 34.4 245.0 148.9 62.0 34.1 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

1678 COMMERCIAL BANKS DECEMBER 1963 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For 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 a s s t t l s - ! Total 2 C m d t a c r i o u n i n i e a m a s d - r l - l - - A c tu u a g r l l r - - i- o p b k d a T s u r r e e n e o o r r a d c c - c s l a u - h r r a o r i y t s t T i h i i e n n e o s g g rs b i a T n n f o s i k n ti s a T t n u o c t o i i o a T th n l o e s rs R t e a e s t a - e l O u v i d t t a n i h o i d l - - e s - r Other Total B U ill .S s . s e G c c C t o u a if e v t r i e i r e - t - s i r e n s m N e o n t t es Bonds s S g r l a o e i o t t n c c a i v e u d 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 18,167 1,660 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,,034 53,205 5,276 3,729 1961—Dec. 30..215,441124,925 45,172 6,248 4,056 2,134 1,033 7,311 3- 0.,320 277,847 3,,4412 66,57811,488 2,114 26,336 26',64120,,-3 453,592 1962—Dec. 28..235,839140,106 48,673 7,097 5,1442,131 2,578 8,459 34!259 30;55333.9909 66.43411,674 3, 26,987 24,755 4,543 1963—Mar. 18e.235,550140,380 48.710 7,460 4,480 2,130 3.120 8,050 34,992200 3300,,772200 3,780 64,82010,570 3,230 23;830 2277,j 190 26,070 4,280 June 29.. 241,014145,049 49,862 7,5414,645 2,233 1,934 8,649 36,725 32,6613,81263,542 9,128 3,21623 27,37827^17 4,606 All insured: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,36111,132 8888,912 2,45519,07116,04551,342 3,— ",258 1947—Dec. 31.. 114,274 37,58318,0121,610 8231,1'9"0 114 9,266 5,654 914 67.941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30..213,904124,348 44,965 6,2114,030 2,107 1.027 7,296 30,21127,708 3,396 66,02611,356 2,098 26,145 26,426 20,,0--6•8 3,462 1962—Dec. 28..234,243139,449 48,458 7,060 5^19 2,103 2,551 8,,4 34 34,12330,402 3,890 65,89111,514 3,916 23,715 2266, 746 24,547" 4,356 1963—Mar 18..233,975139,73148,499 7;417 4:459 2,1053,098 88,022 34,78130,568 3,763 64,290 10,419 3,215 23,703 26",953 25860 4,093 June 29.. 239,447144,363 49,660 7,513 4,615 2,2031,902 8,620 36,55832,506 3,793 63i037 9,002 3,203 23,74127,092 27573 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 8553,1333,378 47 3,455 1,900 1,057 78,338 2,27516,98514,27144,807 3,254 2,815 1947—Dec. 31.. 97,846 32,62816,962 ,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45',295 4,199 3,105 1961—Dec. 30.. 179,599106,232 40,9313,934 3,8771,827 1,014 6,893 23,987 22,852 3,198 54,058 9,229 1,842 21,390 21,59816,,6-9 12,617 1962—Dec. 28.. 195,698118,637 43,843 4,419 4^541,777 2,445 7,936 27,162 24,799 3,657 52,9688,862 3,249 1~9, 443 21,4"1 •4 20,773 3,319 1963—Mar. 18.. 195,060118,490 43,832 4.580 4,2831,790 2,994 7,528 27,683 24,869 3,531 51,461i7,839 2,62819,480 21514 21,978 3,131 June 29..i199,495122,088 44,701 4^64 4,4361,880 1,844 8,134 29,127 26,366 3,557 50,399!6,863 2,60819,423 21505 23,533 3,475 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 j 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 ,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 2671 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30.. 30,297 19,53511,278 23 ,956 467 376 1,711 934 2,0721,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28.. 32,989 21,95411,943 172,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Mar. 18.. 32,941 21,50111,839 13 2,138 409 1,020 2,040 1,425 2,1191,082 6,984 1,799 247 2,640 2,299 4,082 374 June 29.. 32,847 21,44611,630 13 2,308 448 546 2,044 1,845 2,1611,034 6,506 1,639 240 2,508 2,118 4,451 444 City of Chicago:2 1941—Dec. 31.. 2,760 954 732 6 48 52, 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 133 ,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418! 3 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.. j9,078 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:2, 1941—Dec. 31..I 15,347 7,105 3,456 300 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,342 ,053 1961—Dec. 30.. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28.. 73,130 46,56717,660 1^1791,053 752 1,020 3,58311,030 9,8601,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—Mar. 18.. 72,594 46,71017,555 1', 1'7"91,159 767 1,128 3,40911,252 9,8941,2"84 17,382 1,751 1,236 7,293 7,103 7,630 872 June 29..| 74,614 48,16417,8051,2451,090 786 751 3,88611,68310,4641,38017,326 1,685 1,191 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 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,8811 707 359 26,999 630 5,102 4,544 166,722 1,3421,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,8271 1,979 224 22,857 480 2,583 2,10817,687 ,262 1961—Dec. 30.. 73,131 39,69310,165 2,811 591 438 116 1,251 13,242ill,132 751 24,407 3,614 566 9,560 10,667 7,530 ,500 1962—Dec. 28.. 80,623 44,69811, ,187 728 447 764 1,56314,441 12,273 826 25,425 4,144 1,223!8,84911,209 ,807 1963—Mar.18.. 80,447 44,80511,4483,360 635 452 708 1,381 14,627 12,319 796|24,820 3,718 1,085;8,76811,248 9,099 ,723 June 29.. 82,952 46,934 12 680 469 412 1,46315,206113,186 856i24,496 3,112 1,106 8,85111,427 9,692 1,830 •Nonmember: I 1947—Dec. 31..18,454 5,432 1,205 614 20 156 2 2,266 1,061 109J11.318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30..35,856 18,700 4,241 2,314 179 306 19 418 6,341 4,995 214 12,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28..40,141 21,469 4,830!2,678 190 354 132 523 7,097 5,754 252 13,466 2,812 683 4,398 5,573 3,9821,224 1963—June 29.. 41,519 22,961 5,16112,877 209 354 90 515 7,598 6,295 254 13,143 2,265 608 4,398 5,873 4,284 1,131 i Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 3 New York City and city of Chicago were central reserve city banks before July 28, 1962; reserve city banks thereafter. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 COMMERCIAL BANKS 1679 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 v R e th 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 n a i c o s t k l e t - h - i s s c 4 j m p u D o d a s a d s e t e n e i - - - t d d s 5 m D e I s n o t t - i e c r * ba e F n i k g o n r- * G U o . v S t . . S g l a o o t n c a v a d t t e l . c C h c o a f e e e i f n e c f r r i d t d s k - i ' s - , IPC I b n a t n e k r- P G U S i o a n o a n s . g v v S t d a s - 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 14,169122,654 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 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 627 24,094 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 94,610 2i990 24,140 June 29... 16,529 3,483 12,579117,419 13,749 1,294 11,060 12,396 4,502 116,726 550 254 7,466 98,183 545 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30... 16,918 3,670 13,871121,671 16,440 ,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 462 22,089 1962—Dec. 28... 17,680 4,232 12,795123,361 14,579 ,265 6,815 11,991 4,434 123,744 402 269 6,397 90,714 3,584 23,712 1963—Mar. 18.. 16,098 3,906 12,162118,014 14,021 ,138 5,391 11,636 4,284 116,825 422 267 7,091 94,320 2,953 23,784 June 29... 16,529 3,468 12,237116,471 13,607 ,26411,005 12,300 4,421 116,067 430 254 7,412 97,893 ,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 5,886 1945_Dec. 31.. 15,811 1,438 7,117 64,184 12,333 243 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 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.. 16,918 2,813 8,724100,660 15,924 ,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.. 17,680 3,263 7,897101,528 14,071 ,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,550 1199,854 1963—Mar. 18.. 16,098 3,005 7,689 96,903 13,558 ,117 4,760 8,874 3,950 98,481 374 241 5,745 77,352 2,88319,919 June 29.. 16,529 2,644 7,690 95,637 13,146 ,242 9,761 9,535 4,060 97,953 373 228 5,999 80,322 1• ,4-4"0 20,238 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947_Dec. 31.. 4,639 151 70 16,653 3,236 ,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1961—Dec. 30.. 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 162 6,735 283 3,683 1962—Dec. 28.. 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 266 8,9371,728 3,898 1963—Mar. 18.. 3,341 254 126 16,103 3,926 818 880 309 2,231 17,953 215 318 9,541 1,357 3,920 June 29.. 3,439 191 121 15,669 3,802 932 2,052 357 2,172 17,822 187 326 9,746 794 3,931 City of Chicago:* 1941—-Dec. 31.. 1,021 298 2,215 ,027 127 233 34 2,152 476 288 1945—Dec. 31.. 942 200 3,153 ,292 1,552 237 66 3,160 719 377 1947_Dec. 31.. 1,070 175 3,737 ,196 72 285 63 3,853 902 426 1961—Dec. 30.. 889 158 3,809 ,578 369 315 124 4,830 1,996 35 870 1962—Dec. 28.. 1,071 99 4,262 ,235 410 351 109 4,804 16 3,001 262 948 1963—Mar. 18.. 856 157 4,146 1,190 265 288 118 4,458 49 3,161 267 954 June 29.. 974 154 3,941 1,155 584 373 112 4,355 130 3,363 111 974 Other reserve city: - 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_Dcc. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1961—Dec. 30.. 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Dec. 28.. 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 ,388 7,263 1963—Mar. 18.. 7,130 935 2,301 33,917 6,829 237 1,863 2,822 901 37,199 90 82 2,873 29,2051,038 7,294 June 29.. 7,183 815 2,234 33,502 6,572 239 3,793 3,195 1,021 37,075 110 70 2,913 30,567 407 7,440 Country: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 1,982 1945_Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 2,525 1947_Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1961—Dec. 30.., 5,210 1,678 5,881 43,575 1,910 1,641 5,320 796 40,095 108 1,891 29,834 40 7,088 1962—Dec. 28... 4,817 1,947 5,389 44,689 1,753 1,931 5,337 756 40,801 100 2,242 34,350 172 7,744 1963—Mar. 18... 4,771 1,774 5,105 42,737 1.612 1,752 5,456 700 38,872 97 2,504 35,446 222 7,750 June 29... 4,933 1,599 5,182 42,524 1,617 3,332 5,610 755 38,700 94 2,631 36,647 127 7,894 Nonmember:2 1947_Dec. 31... 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 12 1,596 1961—Dec. 30... 876 5,446 21,994 649 565 2,755 402 19,168 178 1,094 14,169 33 3,822 1962—Dec. 28... 989 5,202 22,814 642 743 2,802 428 19,813 176 1,292 16,675 77 4,240 1963—June 29... 840 4,889 21,782 603 1,300 2,861 442 18,773 177 1,467 17,861 105 4,343 • Beginning with 1942, excludes reciprocal bank balances. s Through 1960, demand deposits other than interbank and U.S. figu_ _. Govt., less cash items in process of collection; beginning with 1961 banks. During iy^i J muxuai savings oanKS oecame members ot the demand deposits other than domestic commercial interbank and U.S. FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until Govt., less cash items in process of collection. July 1962) are included in member banks but are not included in all insured 6 Beginning with June 1961, reclassification of deposits of foreign or total banks. Comparability of figures for classes of banks is affected central banks reduced foreign interbank demand deposits by about $400 somewhat by changes in F.R. membership, deposit insurance status, and million and interbank time deposits by about $1,500 million. These the reserve classifications of cities and individual banks, and by mergers amounts are now included in demand and time deposits of individuals, etc. partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1680 WEEKLY REPORTING MEMBER BANKS DECEMBER 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 a s v e n t d e n e d - s t d t s - 2 j L u a s o t d a e - n d s 2 i C n m a c d o n i e a u m d r l s - - - A t c u u g r l r a - i l - a T n o d b d r e o a k l e e r r s s To others Bank Do- Pe N rs o . nbank e R st e a a t l e o A th A er V se t a r i r o e l v u - n e a s trial G c U t s u i o e e . r v - S s i- t . . O c t s u t i e e h r - s i e - r G c U t s u o i e e . r v - S s i- t . . O c t s u t i e h e r - s i e - r F ei o g r n - ( m : m c o t i i e e m a c s r l - - - f s C i a e a n O n t l a c S e d n . . s , . Other Total— Leading Cities 1962 Nov 7 126 479 124 672 78 432 34 322 1 421 887 2 004 80 J.32O 644 1,807 3,431 2,763 15,231 18,076 1,747 14 . . . 126,688 124,798 78,980 34,617 1,442 948 2,020 81 1,322 644 1,890 3,456 2,767 15,309 18,120 1,746 21 127,170 125,459 79,037 34,787 1,452 700 2,082 85 3?1 621 1 711 3,445 2,734 15,384 18,172 1,746 28 126,979 125,472 78,861 34,680 1,480 661 2,077 82 1,334 623 1,507 3,371 2,714 15,399 18,183 1,743 1963 Oct. 2 136,864 134,984 87,366 36,145 1,477 1,152 3,319 85 673 803 880 4,262 3,469 17,455 19,487 1,961 9 135,528 133 423 86,193 36,121 1,499 497 3,176 85 1,666 827 2,105 3,895 3,465 17,485 19,438 1,961 16 135,695 134,115 86,827 36,282 1,521 745 3,244 83 680 833 580 3,820 3,489 17,570 19,521 1,961 23 135,398 133,183 86,188 36,310 1,540 368 3,083 89 681 823 ?,,215 3,664 3,474 17,612 19,501 1,957 30 135,894 133,754 86,598 36,296 1,554 452 3,183 87 1,685 838 ? 140 3,759 3,484 17,651 19,565 1,956 Nov. 6 137,379 134,924 87,612 36,862 1,550 483 3,248 85 701 836 ?M455 3,888 3,559 17,674 19,689 1,963 13 136,929 134 670 87,869 37,108 1,575 513 3,351 87 ,707 834 ? ?59 3,665 3,538 17,757 19,702 1,968 20 .... 137,505 135,328 88,193 37,198 1,587 441 3,484 90 718 847 r 177 3.656 3,550 17,811 19,774 1,963 27 137,808 135,298 88,578 37,254 1,585 436 3,614 90 717 880 2,510 3,667 3,559 17,846 19,899 1,964 New York City 1962 Nov. 7 29,666 29,053 19,257 11,344 14 639 992 13 391 272 613 1,114 568 1,178 3,234 502 14 ... 29 781 29,227 19 563 11,452 7 730 999 13 398 277 554 1,168 579 1,198 3,244 502 21 29,848 29,327 19,434 11,502 7 462 1,051 13 399 278 521 1,155 585 1,232 3,252 502 28 29 730 29 229 19 176 11 455 7 375 1,042 13 401 285 501 1,091 573 1,233 3,202 501 J963 Oct 2 32,978 32,505 21,481 11,673 16 556 1,893 10 537 384 473 1,399 630 1,796 3,158 571 9 32,419 31,687 20,865 11,641 16 262 1,790 11 524 393 732 1,229 625 1,814 3,131 571 16 32,242 31,821 20,951 11,671 16 321 1,794 10 528 388 421 1,212 627 1,825 3,130 571 23 32,282 31,276 20,568 11,628 16 161 1,701 19 529 376 ,006 1,117 650 1,824 3,118 571 30 32,457 31,798 20,905 11,650 17 256 1,794 19 523 395 659 1,208 661 1,840 3,113 571 Nov 6 32,931 31,997 21,334 11,900 17 234 1,834 18 532 394 934 1,290 669 1,848 3,173 575 13 32,634 31,807 21,435 12,023 18 290 1,879 18 534 396 827 1,163 667 1,863 3,159 575 20 . . .. 32,757 31,989 21,509 12,052 18 244 1,939 18 539 394 768 1,154 674 1,868 3,181 572 27 33,209 32,218 21,895 12,113 19 291 2,090 17 540 431 991 1,208 676 1,871 3,211 572 Outside New York City 1962 Nov 7 96,813 95,619 59,175 22,978 1,407 248 1,012 67 929 372 ,194 2,317 2,195 14,053 14,842 1,245 14 96,907 95,571 59,417 23,165 1,435 218 ,021 68 924 367 1,336 2,288 2,188 14,111 14,876 1,244 21 . .. 97,322 96,132 59,603 23,285 1,445 238 ,031 72 922 343 ,190 2,290 2,149 14,152 14,920 1,244 28 97.249 96,243 59,685 23,225 1,473 286 ,035 69 933 338 1,006 2,280 2,141. 14,166 14,981 1,242 1963 Oct 2 103,886 102,479 65,885 24,472 1,461 596 ,426 75 1,136 419 1,407 2,863 2,839 15,659 16,329 1,390 9 103,109 101,736 65,328 24,480 1,483 235 ,386 74 1,142 434 [,373 2,666 2,840 15,671 16,307 1,390 16 103,453 102,294 65,876 24,611 1,505 424 ,450 73 1,152 445 1,159 2,608 2,862 15,745 16,391 1,390 23 103,116 101,907 65,620 24,682 1,524 207 ,382 70 ,152 447 1,209 2,547 2,824 15,788 16,383 1,386 30 103,437 101,956 65,693 24,646 1,537 196 ,389 68 ,162 443 1,481 2,551 2,823 15,811 16,452 l,38i> Nov 6 104,448 102,927 66,278 24,962 1,533 249 1,414 67 ,169 442 1,521 2,598 2,890 15,826 16,516 1,388 13 104,295 102,863 66,434 25,085 1,557 223 ,472 69 ,173 438 1,432 2,502 2,871 15,894 16,543 1,393 20 104,748 103,339 66,684 25,146 1,569 197 ,545 72 1,179 453 1,409 2,502 2,876 15,943 16,593 1,391 27 104,599 103,080 66,683 25,141 1,566 145 .524 73 1,172 449 1,519 2,459 2,883 15,975 16,688 1,392 For notes see p. 1682. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 WEEKLY REPORTING MEMBER BANKS 1681 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investmenti Cash assets3 U.S. Government securities Total assets— Wednesday Cer- No m tes a t a u n ri d n g b — onds O se t c h u e - r Total d a o w B n m i a c t l e e h - s s- a w B f n o a i c r t l e h - - s Cu a rr n e d ncy s w e R r i v e th - es a o s A t s h e l e l t r s l T i a a t o i n b e t d i s a li l - Total Bills tifi- rities tic eign coin F.R. capital cates W 1 i y i n t e h a - r 5 1 y e t a o rs 5 A y f e te a r rs banks banks Banks accounts Total— Leading Cities 1962 Nov 7 . . 30.952 3,605 2 090 5 743 13,826 5,688 15,288 16,994 2,883 160 1 .561 12 390 4 715 162 229 14 30,594 3,271 2,099 5,703 13,794 5,727 15,224 17,195 3,094 138 1,709 12,254 4 731 163 804 21 31,034 3,727 2,273 3,942 14,761 6,331 15,388 17,207 2,933 147 1,550 12,577 4,592 163,263 28 31,124 3,854 2,276 3,975 14,763 6,256 15,487 17,530 3,204 158 1,802 12,366 4 682 162 359 1963 Oct 2 28,367 4,005 962 2,768 13,325 7,307 19,251 17,897 3,190 231 1,660 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 1,688 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 1,699 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 1,754 12,221 5 146 170 787 30 27,990 3,904 936 2,853 13,219 7,078 19,166 17,517 2,850 258 1,814 12,595 5 237 171 958 Nov 6 28,242 4,261 932 2 878 13,183 6,988 19,070 17,573 3,046 269 1,657 12 601 5 234 174 965 13 27,930 4,089 913 2,871 13,165 6,892 18,871 17,324 3,248 266 1,833 11,977 5,336 174,746 20 28,180 3,953 832 2,881 14,014 6,500 18,955 17,655 3,028 278 [,772 12,577 5,282 174,897 27 27 926 3,758 840 2,867 14,036 6,425 18,794 17,540 3,190 290 12,307 5 347 176 233 New York City 1962 Nov 7 6,096 1,046 449 1,161 2,310 1,130 3,700 3,813 83 92 255 3,383 1,941 40 633 14 ... 5 972 919 453 1 147 2,307 1.146 3,692 3,772 96 69 256 3 351 1 950 40 660 21 6,114 1,105 471 628 2,609 1,301 3,779 3,898 96 73 225 3,504 1,877 40,253 28 6,181 1,159 477 677 2,576 1,292 3,872 4,008 114 83 257 3,554 1,930 40,378 1963 Oct. 2 5,757 1.522 158 490 2,189 ,398 5,267 4,175 93 89 243 3,750 2,183 44,223 9 5,633 ,427 160 497 2,172 1,377 5,189 3,596 94 90 252 3,160 2,199 42,396 16 5,668 ,449 156 502 2,170 1,391 5,202 3,793 89 84 243 3,377 2 215 43 497 23 . . .. 5,571 ,371 160 489 2,174 1,377 5,137 3,659 88 98 252 3,221 2,181 42,261 30 5,790 ,54? 157 569 2,184 1,338 5,103 4,164 83 102 257 3,722 2 167 43 35J Nov 6 5,754 ,514 160 601 2,169 1,310 4,909 3,947 117 105 268 3,457 2 165 44 278 13 5,554 ,406 144 595 2,158 1,251 4,818 3,581 87 110 272 3,112 2,264 43,436 20 5,606 ,348 147 452 2,529 1.130 4,874 4,045 74 102 260 3,609 2 243 43 623 27 5,506 .237 157 460 2,515 1T7 4,817 3,673 102 124 252 3,195 2,285 44,679 Outside New York City 1962 Nov. 7 24,856 2,559 1,641 4,582 11,516 4,558 11,588 13,181 2,800 68 1.306 9,007 2,774 121,596 14 24,622 2,352 i 646 4 556 11,487 4,581 11,532 13,423 2,998 69 1,453 8 903 2 781 123 144 21 24,920 2,622 1,802 3,314 12,152 5,030 11,609 13,309 2,837 74 ,325 9,073 2,715 123,010 28 24,943 2,695 1,799 3,298 12,187 4,964 11,615 13,522 3,090 75 1,545 8,812 2,752 121,981 1963 Oat 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 ,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 ,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 ,557 8,873 3,070 128 607 Nov. 6 22,488 2,747 772 2,277 11,014 5,678 14,161 13,626 2,929 164 ,389 9,144 3,069 130,687 13 22,376 2,683 769 2,276 11,007 5,641 14,053 13,743 3,161 156 1,561 8.865 3,072 131,310 20 22,574 2,605 685 2 429 11,485 5,370 14,081 13,610 2,954 176 1,512 8 968 3 039 131 274 27 22,420 2,521 683 2,407 11,521 5,288 13,977 13,867 3,088 166 ,501 9,112 3,062 131,554 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1682 WEEKLY REPORTING MEMBER BANKS DECEMBER 1963 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday j u u T n s o t a t e d a d l - 4 ju p m s o a d a t d s e e n - i - d t d s 5 Total* IPC S l g a o o t n c a v d a t t e l . e F ig o n r- ? G U o .S v . t. c m m D c o t i e i e o m a c s r - l - - - Totals S in a g v s - IPC Oth S l a o e t n r c a d a t t e l ime For- F B F. 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- i co i a u t c a n - l ts banks govt. Total- Leading Cities 1962 Nov. 7 140,067 61,472 91,261 65,092 4,815 672 3,09212,656 48,806 34,355 ,654 3,118 2,336 548 2,640 5,385 13,589 14 141,813 62,197 93,047 67,537 4,743 617 3,04312,617 48,766 34,343 ,628 3,074 2,374 69 2,875 5,478 13,569 21 141,422 61,986 92,687 66,268 4,970 576 4,314 12,093 48,735 34,418 ,476 3,087 2,408 105 2,623 5,573 13,540 28 140,862 63,007 91,839 65,916 4,938 552 3,63412,030 49,023 34,459 ,590 3,192 2,435 55 2,233 5,632 13,577 1963 Oct. 2 151,948 61,885 95,237 66,320 4,902 ,705 6,22912,270 56,711 37,342 12,013 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 ,7"2"5 V239 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 ,7512,30411,452 57,553 37,,5"3"4 '1"2,639 3,915 3,095 115 3,267 5,883 14,265 Nov. 6 151,016 63,126 93,488 67,100 5,231 707 2,810 12,773 57,528 37,606 12,544 3,901 3,107 192 3,557 5.881 14,319 13 150,637 63,515 93,130 68,734 4,778 ,6841,91412,544 57,507 37,630 1"2 ,4"91" 3,891 3,125| 51 3,580 6J67 14,311 20 150,655 63,137 92,874 67,341 4,955 ,726 3,34211,940 57,781 37,68912,640 3,928 3,152! 361 3,393 6,212 14,276 151,722 63,950 93,771 69,001 5.060 ,768 271411,569 57,951 37,69912,796 3,942 3.140! 482 3,524 6.205 14,300 27 New York City 1962 Nov. 7 32,755 15,0961 24,384 16,172 278 1,271 890 3,185 8,371 3,878 2,487 188 1,645 60 1,336! 2,662 3.820 14.... 32,743 15,276 24,325 16,901 263 1,196 836 3,056 8,418 3,886 2,491 184 1,684 1,447 2,650 3,820 21.... 32,528 15,314 24,082 16,517 248 1,1711,127 3,011 8,446 3,897 2,472 182 1,722 1,316 2,615 3,794 28.... 33,008 15,5071 24,402 16,418 254 1,131 900 3,285 8,606 3,900 2,555 1,750 936 2,633 3.801 1963 Oct. 2.... 36,385 15,641 25,697 16,575 377 1,272 2,065 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 2,191j 30 1,178 2,813 3,934 16.... 35,634 15,591 24,911 16,919 320 1,204 8~9"5 3,178 10,723 4,382 3,599 381 2,185; 5 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 2.192J. 1,428 2,757 3,931 Nov. 6 35,911 15,513 24,878 16,671 468 1,289 822 3,308 11,033 4,391 3,876 384 2,2021 37 1,634! 2,734 3,962 13.... 35,097 15,403 24,070 16,878 274 1,253 465 3,245 11,027 4,401 3,846 382 2,218|. 1,482 2,892 3,965 20.... 35,213 15,577 23,942 16,520 296 1,298 817 2,970 11,271 4,413 4,042 398 2,234: 172 1,423 2,869 3.946 27.... 36,351 15,661 25,016 17.344 316 1,328 663 3,180 11,335 4,410 4,123 395 22 1.459! 2.915 3.932 Outside New York City 1962 Nov. 7... 107,312 46,376 66,877 48,920 4,537 4012,202 9,471 40,435 30,477 6,167 2.930 69I 488 1,304 2.723 9,769 14.. . 109,070 46,921 68,722 50,636 4,480 4212,207 9,561 40,348 30,457 6,137 2;890| 690- 69 1,428 2,828 9,749 21 108,894 46,672 68,605 49,751 4,722 4053,187 9,082 40,289 30,521 6,004 2,905) 6861 105 ],307 2,958 9,746 28 107,854 47,500 67,437 49,498 4,684 4212,734 8,745 40,417 30,559 6,035 2,965 55 ,297 2.999 9,776 1963 Oct. 2... 115,563 46,244 69,540 49,745 4,525 433 4,164 9,166 46,023 32,951 8,445 3,532i 903! 207 1,574 3,023 10,231 9... 113,752 46,523 67,603 49,662 4,126 4412,772 9,199 46,149 33,041 8,484 3,53Oi 9051 130 1,759 3,035 10,243 16... 115,939 47,158 69,720 51,976 4,134 436 22,106 9,598 46,219 33,083 8,508 3,532! 907| 333 1,420 3,156 10,244 23... 112,865 47,405 66,503 50,445 4,169 4361,508 8,575 46,362 33,122 8,624 3,517 9071 186 2,062 3,148 10,265 30... 113,193 47,829 66,706 50,415 4,361 4401,641 8,489 46,487 33,154 8,704 3,535 903I 115 1,839 3,126 10,334 Nov. 6... 115,105 47,613 68,610 50,429 4,763 4181,988 9,465 46,495 33,215 8,668 517 905' 155 1,923 3,147 10,357 13. . . 115,540 48,112 69,060 51,856 4,504 4311,449 9,299 46,480 33,229 8,645 509 907! 51 2.098 3,275 10,346 20 115,442 47,560 68,932 50,821 4,659 4282,525 8,970 46,510 33,276 8,598 530! 918! 189 1,970 3,343 10,330 27... 115.371 48,289 68,755 51,657 4,744 440 2.051 8,389 46,616 33,289 8,673 3,5471 918! 460 2,065 3,290 10,368 I 1 After deduction of valuation reserves. 6 Includes certified and officers' checks and deposits of mutual savings 2 Exclusive of loans to domestic commercial banks and after deduction banks, not shown separately. of valuation reserves; individual loans items are shown gross. 7 Deposits of foreign governments and official institutions, central 3 Excludes cash items in process of collection. banks, international institutions, banks in foreign countries, and foreign 4 Total demand and total time deposits. branches of U.S. banks other than reporting bank. s Demand deposits other than domestic commercial interbank and * 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

DECEMBER 1963 BUSINESS LOANS OF BANKS 1683 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 Nov. Nov. Nov. Nov. Oct. Nov. Oct. Sept. in II I 1st 2nd 27 20 13 6 30 Durable goods manufacturing: -1 1 11 -3 1 9 -8 11 5 -50 12 -38 -74 Machinery 1 -8 -3 23 -67 13 -116 34 9 16 135 151 19 Transportation equipment 2 20 9 28 12 59 -52 70 -90 -80 -11 -91 47 Other fabricated metal products... -3 2 -2 1 -11 -2 -35 12 -7 36 22 58 -91 Other durable goods -8 -14 c -6 -5 -33 -38 28 23 58 33 91 -18 Nondurable goods manufacturing: -15 78 30 60 48 153 269 152 148 -222 -371 -593 528 Textiles, apparel, and leather -25 -46 10 -6 -26 -66 -114 -62 71 80 207 288 -179 -1 -5 -7 25 -4 12 -24 48 27 39 -32 7 43 Chemicals and rubber. ......... -1 12 -1 -14 -7 -4 -54 10 -40 -24 90 66 -129 Other nondurable goods -10 -3 21 -4 -14 4 -81 17 60 47 46 92 -105 Mining, including crude petroleum and natural gas • 11 4 82 -18 97 A 32 30 -59 296 237 66 Trade: Commodity dealers 41 10 35 39 63 125 288 78 235 -195 -69 -263 220 Other wholesale 11 5 15 15 68 21 -30 100 -77 23 123 Retail 47 27 31 127 23 231 136 37 -67 71 -19 52 154 Transportation, communication, and other public utilities. -5 1 14 70 66 80 161 152 -16 -22 -233 -255 655 -19 2 10 24 -9 16 -15 34 67 175 -42 133 -17 All other types of business, mainly 65 -20 58 52 -48 155 -95 40 3 147 33 180 290 Net change in classified loans 78 73 210 503 -5 863 287 714 427 116 21 137 1533 Commercial and industrial change— all weekly reporting banks 56 90 246 566 -14 958 352 740 385 351 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 A an re d a All (thousands of dollars) A an re d a All (thousands of dollars) period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 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: * 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. 17> 3; 1955—Aug. 4, 3Vi; Oct. 14, 3%; 1956- NOTE.—Weighted averages. For description see Mar. 1949 BULL., Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, pp. 228-37. Bank prime rate was 3*4 per cent Jan. 1, 1954-Mar. 16, 1954. 3VS; Sept. 11, 4; 1959—May 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1684 INTEREST RATES DECEMBER 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 paper, placed accept- 4- to 6- directly, ances, 3- to 5months 1 m 3 o - n t t o h e s - 2 90 days 1 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l d l k s ) et Other * iss y u ea es r 5 1960 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2 91 3.60 1962 3.26 3.07 3.01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1962—Nov 3.23 3.08 3.00 2.803 2.83 2.875 2.89 2.94 2 92 3.46 Dec 3.29 3.16 3.00 2.856 2.87 2.908 2.91 2.94 2.95 3.44 1963—Jan 3.34 3.18 3.07 2.914 2.91 2.962 2.96 3.00 2.97 3.47 Feb 3.25 3.13 3.13 2.916 2.92 2.970 2.98 3.00 2.89 3.48 Mar 3.34 3.15 3.13 2.897 2.89 2.950 2.95 2.97 2 99 3.50 Apr 3.32 3.17 3.13 2.909 2.90 2.988 2.98 3.03 3.02 3.56 May 3.25 3.15 3.13 2.920 2.92 3.006 3.01 3.06 3.06 3.57 June 3.38 3.21 3.24 2.995 2.99 3.078 3.08 3.11 3 17 3.67 July 3.49 3.35 3.41 3.143 3.18 3.272 3.31 3.40 3.33 3.78 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 Nov 3 88 3.75 3.71 3.522 3.52 3 648 3 65 3 67 3 70 3 97 Week ending— 1963—Nov 2 3.88 3.75 3.63 3.452 3.47 3.586 3.59 3.60 3.61 3.94 9 3.88 3.75 3.72 3.517 3.54 3.621 3.64 3.68 3.66 3.98 16 3.88 3.75 3.75 3.565 3.55 3.678 3.68 3 69 3 68 3 97 23 3.88 3.75 3.75 3.524 3.51 3.660 3.65 3.67 3.75 3.98 30 3.88 3.75 3.63 3.480 3.48 3.631 3.63 3.66 3.74 3.97 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 Stocksi State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total i (longtwin) Total i Aaa Baa Aaa Baa In tr d ia u l 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 A.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 Nov 3.87 3.15 2.89 3.53 4.55 4.25 4.96 4.39 4.83 4.42 4 45 3.50 Dec 3.87 3.22 2.93 3.57 4.52 4.24 4.92 4.40 4.76 4.41 4.42 3.40 6.57 1963 Jan 3 88 3.22 2.95 3.56 4.49 4.21 4.91 4.38 4.72 4.38 4 34 3 31 Feb 3.92 3.24 2.99 3.57 4.48 4.19 4.89 4.37 4.69 4.37 4.27 3.27 Mar .. .. 3.93 3.21 2.97 3.56 4.47 4.19 4.88 4.38 4.65 4.38 4 24 3 28 5 50 Apr . 3.97 3.21 2.97 3.55 4.47 4.21 4.87 4.40 4.63 4.39 4.31 3.15 May 3.97 3.21 2.99 3.54 4.48 4.22 4.86 4.40 4.63 4.39 4.29 3.13 4.00 3.31 3.09 3.62 4.47 4.23 4.84 4.40 4.61 4.40 4.29 3.16 5.71 July 4.01 3.31 3.10 3.60 4.49 4.26 4.84 4.43 4.62 4.42 4.34 3.20 Aug 3.99 3.28 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4.42 4.30 3.13 Sept 4.04 3.13 3.58 4.52 4.31 4.84 4.46 4.65 4.44 4.30 3.06 ^5.49 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 Nov 4 10 3.36 3.17 3.62 4.54 4.33 4.84 4.47 4.68 4 45 4 28 3 14 Week ending— 1963 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 9 4 12 3.35 3.16 3.61 4.53 4.33 4.83 4 48 4 67 4 45 4 26 3 09 16 4.10 3.37 3.18 3.62 4.54 4.33 4.83 4.47 4.68 4.45 4 28 3 12 23 4.10 3.37 3.18 3.62 4.54 4.33 4.85 4.48 4.68 4.46 4.29 3.16 30 4.10 3.17 3.62 4.54 4.33 4.84 4.48 4.67 4.46 4.29 3.20 Number of issues 4-12 20 5 5 120 30 30 40 40 40 14 500 500 i Includes bonds rate Aa and A, data for which are not shown sep- figures, Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 SECURITY MARKETS 1685 SECURITY PRICES Bonds Common stocks Vol- Standard Standard and Poor's index Securities andExchange Commission 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 ?? 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 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 ?4 128.0 119.1 114.0 123.8 102.3 167.9 151.8 101.5 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 Miay 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 86 45 111.4 96.5 70.98 74.43 39.22 66 57 144.6 135.6 130.4 140.5 128.8 180.9 173.1 132 3 4 154 Sept 85 77 110.7 96.0 72.85 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 5,316 Nov 85.03 108.6 95.9 72.62 76.69 38.60 64.81 147.3 138.0 136.6 139.4 129.5 186.4 174.9 127.9 5,221 Week ending— Nov 2 . .. 85 109.4 96 0 74.12 78.45 38.00 65 150.2 141.5 141.4 141.7 128.8 186.4 178 7 128 4 5 733 9 84 88 109.1 96.0 73.17 77.35 38.31 64 9? 149.2 140.2 139.1 141.4 130.2 186.8 177.2 129.4 4,972 16 85.03 108.4 95.8 73.07 77.17 39.04 65.05 147.0 137.4 135.9 139.0 131.9 186.4 174.8 128.0 4,539 23 8509 108.4 95.9 71.50 75.37 38.35 64 66 141.2 131.5 129.0 134.0 124.0 182.0 168 0 121 3 5 360 30 85.09 108.4 95.9 72.62 76.73 38.73 64.41 149.1 139.3 137.8 140.8 132.7 190.3 176.0 132.3 6,451 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 5l/i-hour trading day. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit b«dances with Bank loans to others than N.Y. Stocl: Exchange brokers and dealers for pur- Money borrowed on— firms secured by— chasing and carrying— Cus- 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 Customer Other c a b r n e a c d l e - i s t TVitai i oiai collateral collateral 1959—Dec 4,461 150 3,280 167 1,181 221 2,362 2,044 318 996 1960—Dec 4,415 95 3,222 138 [,193 142 2,133 1,806 327 1,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—Nov 5,285 24 3,951 82 1,334 28 2,558 2,269 289 [,151 Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Jan 5,595 28 4,208 95 ,387 32 2,895 2,556 339 1,199 Feb 5,717 23 4,332 91 ,385 35 3,059 2,695 364 1,191 Mar 5,754 28 4,331 100 1,423 63 3,129 2,754 375 1,175 Apr 5,978 27 4,526 99 1,452 33 3,239 2,889 350 [,201 May.... 6,229 24 4,737 75 1,492 33 3,655 3,150 505 ,166 June 6,420 32 4,898 104 1,522 44 3,909 3,333 576 [,149 July.... 6,511 25 4,895 81 1,616 29 3,836 3,359 477 ,126 Aug 6,660 23 5,034 87 [,626 23 3,933 3,467 466 ,093 Sept 6,971 41 5,316 86 ,655 69 4,100 3,592 508 1,180 Oct '7,180 29 r> 495 83 ,685 33 4,218 3,713 505 r ,176 Nov 7,298 34 5,'586 90 1,712 28 4.457 3,892 565 1,211 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

1686 OPEN MARKET PAPER; SAVINGS INSTITUTIONS DECEMBER 1963 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed ports ports Dollar points in— Total throuch direct- Others into from exdealers * ly2 Total Own Bills Own For- United United change bills bought eign States States United Foreign acct. corr. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958. 3 2,751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960. 4,497 1,358 3,139 2,027 662 490 173 74 230 [,060 403 669 122 308 524 1961 4,686 1.711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962—Oct 6,986 2,417 4,569 2,367 1.025 824 201 34 69 1,239 502 679 160 110 917 Nov 7,091 2,501 4,590 2,476 1,086 841 245 38 88 1,264 525 719 173 145 914 Dec 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963—Jan 6 790 2,091 4,699 2,593 1,153 849 304 72 84 1,284 538 730 149 180 996 Fcb 6,996 2,193 4,803 2,565 I 141 840 301 54 84 1,285 542 703 159 148 1,013 Mar 7,076 2,260 4,816 2,589 1,167 886 280 52 83 1,288 554 730 142 122 1,041 Apr... ... 7,382 2,204 5,178 2,658 1,251 977 274 44 83 1,280 523 750 146 108 L 130 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 1,227 953 274 43 83 1,344 536 807 130 66 1,158 July 7,522 2,059 5,463 2,712 1,202 990 213 39 85 1,386 555 791 128 64 I 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 M63 564 775 97 47 1,226 Oct 7,869 2,230 5,639 2,733 1,093 911 181 44 105 1,491 563 807 89 46 229 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Mortga End of period M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C ss a e s t h s O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s D i e 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 commitments 3 govt. other * accts. Number Amount 1941 ... 4,787 89 3,592 86 829 689 11,772 10,503 38 1,231 1945.. 4,202 62 10,650 57 606 185 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—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 . ^2,812 583 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 ,106 4,023 103,534 2,379 Apr 13,452 568 6,195 470 5,081 830 728 47,325 42,318 ,034 3,973 107,672 2 409 May. . ... 33,809 614 6,170 462 5,076 852 734 47,717 42,549 ,148 4,019 107,429 2,390 June 34,075 588 6,189 458 5,090 890 737 48,028 42,972 ,023 4,033 110,518 2,447 July 34,389 583 6,170 455 5,103 828 753 48,282 43,109 ,138 4,035 108,914 2 419 Aug 34,690 662 6,137 455 5,129 809 745 48,626 43,282 ,248 4,096 107,108 2,366 Sept 34,964 667 6,076 453 5,171 848 775 48,955 43,712 ,124 4J18 109,205 2,403 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. 1673. 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. k 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 SAVINGS INSTITUTIONS 1687 LIFE INSURANCE COMPANIES (In millions of dollars) | Government securities Business securities End of period a T s o s t e a ts l Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign1 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo ol a i 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 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 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 i Book value: 1960—Dec 119,576 11,699 6,428 3,606 1,665 51,053 46,967 4,086 41,815 3,796 5,233 5,980 1961—Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962—Sept.r 131,134 12,425 6,331 4,084 2,010 56,171 51,110 5,061 45,724 4,108 6,125 6,581 Oct 131,735 12,609 6,368 4,080 2,161 56,359 51,246 5,113 46,051 4,124 6,15! 6,441 Nov 132,505 12,720 6,405 4,062 2,253 56,509 51,352 5,157 46,380 4,134 6,185 6.577 Dec 133,169 12,510 6,189 4,060 2,261 56,555 51,374 5,181 46,980 4,124 6,214 6.786 1963—Jan 134,011 12,852 6,312 4,088 2,452 56,829 51,592 5,237 47,203 ! 4,154 6,245 728 Feb 134,500 12,877 6,243 4,080 2,554 57,059 51,784 5,275 47,348 ! 4,171 6,279 766 Mar 134,977 12,687 6,032 4,063 2,592 57,381 52,038 5,343 47,618 ! 4,179 6,320 792 Apr 135,610 12,660 6,013 4,036 2,611 57,664 52.289 5,375 47,910 4,200 6,364 812 May 136,236 12,497 5,851 4,000 2,646 58,054 52,673 5,381 48,165 4,211 6,399 910 June 136,698 12,389 5,757 3,981 2,651 58,294 52,841 5,453 48,421 4,239 6,438 917 July 137,670 12,456 5,843 3,954 2,659 58,578 53,129 5,449 48,665 4,260 6,511 200 Aug 138,361 12,452 5,810 3,935 2,707 58,764 53,268 5,496 48.964 4,313 6,548 320 Sept 138,764 12,429 5,824 3,892 2,713 58,919 53,357 5,562 49,233 4,339 6,585 7,259 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Liabilities Total j Mortgage E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other a li s a s T b e o i t l s t i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m o o rr n o e w y e 3 d L p o r a o n c s e s i s n Other \ co m m lo en m an ts itties profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 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 1,1611 1 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,973 5,549 3,946 5,348 93,816 80,422 6,539 3,633 2,010 1,212 2,230 1962—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 5,739 612 5,234 94,233 81,407 6,572 2,896 1,939 1,419 2,343 Feb 80,341 5,910 719 5,283 95,253 82,251 6,588 2,701 1,964 1,749 2,447 Mar 81,247 6,087 809 5,399 96,542 83,446 6,583 2,605 2,108 1,800 2,663 Apr 82,311 6,122 670 5,488 97,591 83,924 6,595 2,728 2,265 2,079 2,845 May 83,489 6,099 632 5,883 99,103 84,893 6,606 2,843 2,363 2,398 3,021 June 84,720 6,188 869 5,866 100,643 86,535 6,812 3,437 2,473 1,386 3,094 July 85,836 6,258 418 5,706 101,218 86,499 6,821 3,692 2,497 1,709 3,099 Aug 87,043 6,220 371 5,856 102,490 87,142 6,834 3,915 2,505 2,094 3,112 Sept 88,171 6,312 3,368 5,900 103,751 88,064 6,833 4,205 2,538 3,040 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

1688 FEDERAL FINANCE DECEMBER 1963 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Bu n d e g t et f T P u r l n u u d s s s : t g I L n o e t v s r s t a . : - 1 E r T e q c o u t t a s a l . l 2 s : Budget fu T P n r l d u u s s s : t 3 m A L d e e n j s u t s s s : t- 4 E p T q a o u y a t t a l s l s . : p re a c y t t s s . . C (d d h i i e a r n n b ec t g t e a I g L n e e v b n s e y s . s : t & . L N c d e a e o s s b n s h t : - Eq N u e a t ls: trusts Cal. year—1960.. . 79,518 21,773 2,946 98,287 77,565 20,876 3,747 94,694 3,593 -549 1,629 491 -2,669 1961. .. 78,157 24,099 4,418 91,11A 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—1960 77,763 20,342 2,975 95,078 76,539 21,212 3,424 94,328 750 3,371 925 597 1,848 1961 77,659 23,583 3,945 97,242 81,515 22,793 4,766 99,542 -2,300 2,102 856 536 712 1962 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963P.... 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—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 A M p a r r 9 5, , 7 6 3 6 5 3 2 1 , , 1 7 2 5 3 2 2 23 3 6 7 1 7 1 , , 2 5 4 4 8 5 7 7, , 5 8 9 0 0 6 2 1 , , 2 9 4 6 2 8 8 1 5 6 2 3 9 8 , , 6 9 6 2 9 2 -2 2 , , 4 6 2 2 1 2 -1,9 1 4 0 9 4 -8 1 2 2 9 0 87 A -2,0 8 6 4 6 6 May 6,953 4,656 283 11,323 7,470 2,302 -218 9,989 1,334 2,282 2,820 28 -567 June? 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 Oct 3,400 1,289 266 4,423 8,776 2,592 629 10,740 -6,318 103 -1,101 78 1,126 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C sh h a b n a g l e a n i c n es Trea (e s n u d re o r' f s p a e c r c i o o u d n ) t Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r c g lu i e t s t fu T n r d u s s t ? a C c l c e o a u ri n n t g s i M ss s u a e o c a r f k . n 3 e c t e i I n G n s e v U o c e v . . s t 3 t S . . . p d g d u i r i e r b o n e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance b F a . n R ks . a l T a c o n c a a d t x n s. O as n t s h e e t e ts r Fiscal year—1960.... 1,224 -870 -149 1,746 -925 1,625 -4 2,654 8,005 504 6,458 1,043 1961..., -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962..., -6,378 -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 1,686 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—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 R77 Oct -5,377 -1,304 291 296 1,101 -193 87 -5,273 4,510 881 2,839 790 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

DECEMBER 1963 FEDERAL FINANCE 1689 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d - ividual Corp. Total a L b n i a d q c u c t o o o r - H w ig ay h- Total O R a A n .R d S . I e U m n p - l. 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 held Other 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. 44,67017,652 3,189 8,259 6,394 2,789 1,612 7,049 5,460 1,345 873 579 762 887 800 1962—Jan.-June. 57,19518,594 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. 49,01118,958 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* 60,72019,756 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—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 ,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 43423 1,404 247 557 ,156 n.a. 285 678 490 140 158 123 104 207 203 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 e l o a f r l a t r h & e , E t d i 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 ,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 ,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 12,349 562 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—Oct 10,145 4,632 187 '923 239 574 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 9,669 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 88 476 285 183 Oct 10,740 4,670 239 342 882 253 682 264 2,274 83 503 348 169 1961 1962 1963 1961 1962 1963 Item IV II III IV II III IV II III IV III Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.. 25.2 25.3 26.5 27.3 27.1 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 28.1 29.2 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 -1.7 -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

1690 U.S. GOVERNMENT SECURITIES DECEMBER 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 l t 2 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 1960 Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961 Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962 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 Au£ 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 Nov . . 308.9 308.2 260.5 206.6 50.5 10.9 58.7 86.4 50.7 48.8 43.6 1 Includes some debt not subject to statutory debt limitation (amounting leave bonds, adjusted service bonds, foreign currency series, foreign to $365 million on Nov. 30, 1963), and fully guaranteed securities, not series, Rural Electrification Administration bonds, and before 1956, shown separately. tax and savings notes, not shown separately. 2 Includes non-interest-bearing debt, not shown separately. 6 Held only by U.S. Govt. agencies and trust funds. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 7 Includes $1.4 billion of 2% per cent partially tax-exempt bonds, totaled $13,943 million on Oct. 31, 1963. acquired by Treasury for retirement on Dec. 15, 1962, in exchange for 4 Includes Treasury bonds and minor amounts of Panama Canal and various issues on Nov. 15, 1962. postal savings bonds. 5 Includes Series A investment bonds, depository bonds, armed forces NOTE.—Based on daily statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Heldby— Held 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 a e r o n u n v c d s i t t e . s b F a . n R k . s Total m C b e a o r n c m k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n c v a d a t te 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 s h s e e c s r . 3 funds 1 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—Oct 302.6 56.1 30.2 216.3 65.9 6.1 11.5 19.9 19.6 46.8 18.8 15.4 12.3 Nov . . 305.9 57.9 30.5 217.5 65.4 6.1 11.5 21.8 19.3 46 9 18 9 15 4 12 2 Dec 304.0 55.6 30.8 217.6 66.5 6.1 11.5 20.0 19.5 46.9 19 0 15 3 12 7 1963 Jan 303 9 54.5 30.3 219.1 66.0 6.1 11.5 21.0 19.9 47.1 19.4 15 3 12 9 Feb 305.2 55.1 30.6 219.5 65.1 6.1 11.4 21.6 19.9 47.2 19.4 15.2 13.8 Mar 303.5 55.1 31.0 217.4 63.9 11.2 20.7 20.1 47.3 19.9 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 16.0 12.7 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 Oct 307.1 57.2 32.8 217.2 62.2 5.8 11.0 20.9 20.8 47.8 18.9 16.3 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

DECEMBER 1963 U.S. GOVERNMENT SECURITIES 1691 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 years 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—Sept. 30.. . 204,282 83,070 48,218 34,852 58,085 39,100 8,358 15,669 Oct. 31 205,347 84,556 49,720 34,836 57,678 39,097 8,358 15,658 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—Sept. 30... 11,214 1,555 923 632 1,752 3,032 2,175 2,701 Oct. 31... 11,494 1,585 964 621 1,754 3,114 2,175 2,866 Federal Reserve Banks: I960—Dec. 31 27,384 15,223 3,217 12,006 10,711 1,179 243 28 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 31 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Sept. 30 32,563 19,219 3,320 15,899 10,909 2,225 121 Oct. 31.. 32,758 19,415 3,504 15,911 10,909 2,225 121 Held by public: I960—Dec. 31....... 153,515 57,125 35,638 21,487 59,156 15,903 11,520 9,811 1961—Dec. 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—Sept. 30 160,505 62,296 43,975 18,321 45,424 33,843 6,095 12,847 Oct. 31....... 161,095 63,556 45,252 18,304 45,015 33,758 6,095 12,671 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—Sept. 30 53,909 15,047 7,796 7,251 24,795 12,980 531 556 Oct. 31 . 53,905 15,481 8,299 7,182 24,550 12,831 528 515 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—Sept. 30 5,723 827 416 411 1,059 2,217 393 1,227 Oct. 31..... 5,551 670 277 393 1.035 2,237 390 1,219 Insurance Companies: 1960—Dec. 31....... 9,001 940 341 599 2,508 2,076 1,433 2,044 1961—Dec. 31 9,020 1,228 442 786 2,222 1,625 1,274 2,671 1962—Dec. 31....... 9,265 1,259 552 707 2,175 2,223 71S 2,890 1963—Sept. 30 9,145 1,040 489 551 1,895 2,483 942 2,785 Oct. 31..,.. 9,221 1,068 500 568 1,923 2,507 939 2,784 Nonfmancial 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—Sept. 30..... . 9,566 6,860 5,545 1,315 2,233 379 10 84 Oct. 31..... 10,367 7,826 6,405 1,421 2,068 379 15 78 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—Sept. 30 3,240 328 188 140 787 1,356 253 517 Oct. 31 3,268 322 196 126 782 1,383 255 526 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—Sept. 30. 12,397 4,591 3,896 695 991 1,540 1,545 3,731 Oct. 31... 12,123 4,250 3,553 697 987 1,540 1,588 3,758 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—Sept. 30. 66,524 33,602 25,646 7,956 13,665 12,887 2,421 3,948 Oct. 31. 66,660 33,939 26,023 7,916 13,669 12,880 2,380 3,792 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. 6,088 commercial banks, 506 mutual savings banks, and 797 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1692 U.S. GOVERNMENT SECURITIES DECEMBER 1963 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Total Dealers and brokers se a c g u e r n i c ti y es 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 v . t. Other m b C e a o r n m c k i - a s l o A th ll er securities 1962—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 ts 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 ,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 June 1,574 ,208 168 165 33 471 26 584 493 108 July 1,775 ,440 172 134 29 556 27 727 464 95 Aug 1,308 ,060 139 88 21 401 15 507 384 88 Sept 1,799 1,280 207 214 100 522 36 733 509 140 Oct 1,575 ,261 144 124 46 467 31 637 439 91 Week ending— 1963—Oct. 2 1,482 ,149 128 145 60 339 29 633 482 80 9 1,418 ,143 89 122 64 439 32 552 395 107 16 1,611 ,348 117 119 28 449 30 681 451 113 23 1,640 ,354 105 128 54 535 30 667 408 91 30 1,657 ,293 200 136 28 494 31 654 479 72 Nov 6 1,721 ,207 364 109 42 437 35 668 580 69 13 1,813 1,366 296 129 22 495 31 734 553 75 20 1,785 1,286 292 174 33 580 27 626 553 93 27 1,568 I 275 145 115 33 420 24 621 503 110 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 ea -5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i . y es Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o i r o p n o s r ^ a- et A h l e l r 1962-Oct 3,569 2,991 383 195 248 Nov 4,013 3,309 447 256 204 1962—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 1,070 897 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 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 1.293 S53 sot .924 116 Oct 3,536 2,897 195 444 176 Sept 3,974 1,201 1 898 1,527 348 Oct . 3 415 82S i 77*N 1,387 429 Week ending— Week ending— 1963-Sept. 4.. 3,961 3,782 276 -97 232 11.. 3,740 3,882 385 -527 227 1963-Sept. 4... 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 is!!! 4,729 1,671 1,244 1,489 326 25 3 646 1,275 954 1,198 219 Oct. 2.. 3,758 2,817 224 717 194 9. . 3,530 2,731 212 586 167 Oct. 2... 3.481 1.263 911 1,083 224 16. . 3,611 2,920 216 475 181 9. .. 3.691 958 911 1,177 645 23.. 3,098 2,621 168 309 158 16. .. 3' 348 818 749 1,273 507 30. . 3,537 3,095 98 343 188 2^ 3'075 615 654 1,553 253 30 3 378 737 657 1,636 348 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

DECEMBER 1963 OUTSTANDING SECURITIES 1693 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, NOVEMBER 30, 1963 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont, Treasury notes—Cont. Treasury bonds—Cont. Dec. 5,1963 2,101 May 21, 1964 800 Apr. 1,1966 W 2 675 Aug. 15, 1968 334 3,747 Dec. 12, 1963 2,101 May 28, 1964... . 802 Aug. 15, 1966 ..4 4,010 Nov. 15, 1968 37A 1,591 Dec. 19, 1963 2,101 July 15, 1964 1,998 Oct. 1,1966 Wi 357 Feb. 15, 1969 4 1,844 Dec. 26, 1963 2,100 Aug. 31, 1964 1,001 Feb. 15, 1967 3% 3,475 Oct. 1,1969 4 2,538 Jan. 2,1964 2,101 Sept. 30, 1964.... 1,002 Apr. 1,1967 270 Aug. 15, 1970 4 1,906 Jan. 9, 1964 2,102 Oct. 31, 1964 1,000 Aug. 15, 1967 4,433 Aug. 15, 1971 4 2,806 Jan. 15, 1964 2,496 Oct. 1, 1967 457 Nov. 15, 1971 3% 2,760 Jan. 16, 1964 2,101 Apr. 1,1968 212 Feb. 15, 1972 4 2,344 J J a a n n . . 2 3 3 0 , , 1 1 9 9 6 6 4 4 2 2 , , 1 1 0 0 3 0 Ce F rt e i b fi . c a 1 te 5 s , 1964 6,741 Oct. 1, 1968 11 A A u u g g . . 1 1 5 5 , , 1 1 9 9 7 7 2 3 4 4 2 3 , , 5 8 7 9 9 4 Feb. 6, 1964 2,201 May 15, 1964.... 4,198 Treasury bonds Nov. 15, 1974 VA 2,244 Feb. 13, 1964 2,202 June 15, 1962-67... 21/2 1,461 May 15, 1975-85.. AVA 470 Feb. 20, 1964 2,102 Treasury notes Dec. 15, 1963-68... 21/2 1,814 June 15, 1978-83...314 1,589 Feb. 27, 1964 2,102 Apr. 1, 1964. 457 Feb. 15, 1964 3 1,634 Feb. 15, 1980 4 2,610 Mar. 5, 1964 902 May 15, 1964. 4,399 June 15, 1964-69... 2% 2,630 Nov. 15, 1980 31/2 1,914 M Ma a r r . . 1 1 9 2 , , 1 19 9 6 6 4 4. 9 90 0 1 0 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 4 4 . . 2 2 , , 0 3 1 1 6 6 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 -69... 2 2 1 % /2 2 4 , , 5 6 4 8 1 2 F M e a b y . 1 1 5 5 , , 1 1 9 9 9 8 0 5 3 3 1 l / / 2 4 4 1 , , 9 13 1 0 1 Mar. 23, 1964 i 2,001 Aug. 15, 1964. 5,019 Mar. 15, 1965-70.. .2% 2,419 Aug. 15, 1987-92...414 365 Mar. 26, 1964 900 Oct. 1, 1964. 490 May 15, 1966 33,4 2,862 Feb. 15, 1988-93 4 250 A A A p p p r r r . . . 1 2 9 5 , , , 1 1 1 9 9 9 6 6 6 4 4 4 2,5 9 8 0 0 9 1 0 8 N N A o p o v r v . . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 6 6 4 4 5 . . . 4 6 , , 1 3 4 9 9 6 8 5 6 A N M u o a g v r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 6 -71.. .2 33 % / 3 8 1 1 1 , , , 8 4 0 5 0 2 1 7 4 N F M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 8 8 5 9 -94... 3 ty 1 % / 3 2 2 4 1 , , , 5 4 56 1 5 0 3 0 Apr. 16, 1964 800 May 15, 1965. 2,113 June 15, 1967-72... 21/2 1,310 Apr. 23, 1964 800 May 15, 1965. 7,977 Sept. 15, 1967-72... 21/2 1,952 Apr. 30, 1964 800 Oct. 1, 1965. 315 Nov. 15, 1967 35/8 3,604 Convertible bonds May 7,1964 800 Nov. 15, 1965. 2,954 Dec. 15, 1967-72... 21/2 2,759 Investment Series B May 14, 1964 801 Feb. 15, 1966. 5,653 May 15, 1968 3% 2,460 Apr. 1, 1975-80... 2 34 3,265 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, OCTOBER 31, 1963 Agency a , n t d y p c e o u an p d o n d a ra te te of issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Agency a , n t d y p c e o u a p n o d n d r a a te te of issue, Maturity o ( A f m m d il o o l l i u l 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 Feb. 4,1963 3.15 Nov. 4, 1963 276 Apr. 15, 1963 314 Feb. 17, 1964 265 Mar. 4, 1963 3.15 Dec. 2, 1963 289 Sept. 16, 1963 3.85 Feb. 17, 1964 300 Apr. 1, 1963 3.20 Jan. 2, 1964 254 June 17, 1963 3.40 Mar. 16, 1964 275 May 1, 1963 314 Feb. 3, 1964 273 Apr. 15, 1963 3.30 Apr. 15, 1964 435 June 3,1963 3.30 Mar. 2, 1964 231 Aug. 15, 1963 3.70 May 15, 1964 330 July 1, 1963 3.45 Apr. 1, 1964 228 July 16, 1963 3% June 15, 1964 326 Aug. 1,1963 3.65 May 4, 1964 223 Sept. 16, 1963 3.95 July 15, 1964 413 Sept. 3, 1963 33,4 June 1, 1964 191 Oct. 15, 1963 3.90 Aug. 17, 1964 300 Oct. 1,1963 3% July 1, 1964 175 Bonds: Federal land banks J S u e n p e t. 1 1 7 7 , , 1 1 9 9 6 6 3 2 3 3 Y i/ 4 2 O Se c p t t . . 1 15 5 , , 1 1 9 9 6 6 5 4 4 1 6 7 0 5 Bo A n p d r s . : 20. 1963 4i/2 Apr. 20, 1964 147 Aug. 8,1963 3% Aug. 20, 1964 215 Federal National Mortgage Association— Dec. 20, 1960 4 Oct. 20.1964 90 secondary market operations Oct. 20, 1960 4 Oct. 20,1965 160 Debentures: June 20, 1961 4 Dec. 20, 1965 115 N M o a v y . 1 1 0 0 , , 1 19 9 6 5 1 8 ..... 4 3 K % N M o a v y . 1 1 1 2 , , 1 1 9 9 6 6 4 3 9 9 4 2 A M p a r y . 2 1 , , 1 1 9 9 5 6 8 1 3 3 V ^ 4 8 F M e a b y . 21 2 , , 1 1 9 9 6 6 6 6 1 10 5 8 0 Sept. 11, 1961 4 Sept. 10, 1964 144 Sept. 20, 1961 414 July 20, 1966 193 D De e c c . . 1 1 0 1 , , 1 1 9 9 5 6 7 1 4 3 3 % /8 D Ju e n c e . 1 1 1 0 , , 1 1 9 9 6 6 4 5 1 9 1 8 1 F M e a b y . 15 1 , , 1 1 9 9 6 5 2 7 4V 4 S F M e a b y . 2 1 2 5 , ,1 19 9 6 67 7 -72 1 7 8 2 0 D Se e p c. t . 1 1 2 0 , , 1 1 9 9 6 6 0 2 3 4 3 H 4 D M e a c r . . 1 1 0 2 , , 1 1 9 9 6 6 6 6 1 9 0 3 8 O Oc c t t . . 22 1 , , 1 1 9 9 5 6 7 3 A 4 Y i/ s 2 O Oc c t t . . 23 1 , ,1 1 9 96 67 7 -70 1 7 7 5 4 Mar. 10, 1958 3% Mar. 11, 1968 87 Apr. 1,1959 4i/i Mar. 20,1968 86 Apr. 10, 1959 4% Apr. 10, 1969 88 May 1, 1963 4 June 20, 1968 186 D J A S F S A F u e e e e e u p n b b p p c g r . e . . t t . . . . 2 1 1 1 1 1 1 1 1 3 0 1 2 3 2 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 1 0 1 0 0 2 1 0 4 4 4 4 4 4 5 4 3 V V 1 % % y l / A 4 8 8 8 i J J F A A S S F e e u u e e p u p p n n b b r g t t e e . . . . . . 1 1 1 1 1 1 1 1 0 0 0 0 2 2 0 0 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 1 3 7 0 2 1 2 0 1 1 1 1 1 1 9 6 9 0 4 1 0 4 8 4 8 0 6 9 0 6 J J F F F S F M u a e e e e e n l a b b b b p y y . . . . . t . 2 1 1 1 0 5 2 4 1 4 5 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 5 6 6 5 5 5 5 0 9 0 3 8 7 6 6 5 4 5 4 3 3 4 3 3 V ? H % i % y / / / S 8 8 2 8 J A J F F M S M u u e e e p l l a b a b p y y r y . r . t . . . 2 2 2 2 1 1 0 0 0 0 5 5 1 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 7 6 7 6 7 7 7 7 1 3 9 2 9 0 0 0 -78 1 1 1 6 8 8 6 8 0 4 0 0 3 5 0 2 9 8 0 Feb. 20, 1962 4y2 Feb. 20, 1974 155 Tennessee Valley Authority Short-term notes 25 Banks for cooperatives Debentures: Bonds: June 3,1963 3.20 Dec. 2,1963 158 Nov. 15, 1960 4.40 Nov.15,1985 50 Aug. 1,1963 35/8 Feb. 3,1964 185 July 1,1961 4y8 July 1986 50 Oct. 1,1963 3.80 Apr. 1,1964 183 Feb. 1, 1962 AVi Feb. 1 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1694 CREDIT AGENCIES; SECURITY ISSUES DECEMBER 1963 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Assets Liabilities and capital (s M eco o o n r p t d e g r a a a r g t y e i o m A n a s s ) r s k n e . t coo B pe a fo r n r a k t s ives i c n r t e F e d r e i m d t e b e r d a a i n l a k te s F b e l a d a n r <s i Q k J r s al End of period v m a b A e t n e d o m r c - s e - s I m nv e e n s t t s - p C a o d a n s e s i - d t h s B n a o o n n t d e d s s M p b o d e s e e m i - r ts - C s a to p c it k al M l g o ( a A a o g n r ) e t s - D n t e a u ( o b L n r t e d e e ) n s s - c L a o ( t o o t i A p a o v n ) e e r s s - D t e u a b r ) e e n s - c L o a d ( o u A n i a s n d - n ) t s s D t e u a b r ) e e n s - M l g o ( a A o a g r n ) e t s - Bo < n D 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 ,356 2,360 1,986 1,981 1.233 90 1,266 938 989 2,788 2,523 649 407 1,501 [,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-Oct... 3,091 1,800 79 2,707 1,016 1.120 2,765 2,492 738 480 1,896 1,842 3,031 2,628 Nov.. 3,068 1,848 75 2,707 1,028 1,121 2,768 2,479 746 480 1,822 1,774 3,037 2,628 Dec... 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Jan... 2,802 1,876 87 2,348 1,155 1,128 2,708 2,370 777 505 1,858 1,729 3,069 2,628 Feb... 2,611 1,883 81 2,096 1,213 1,129 2,599 2,343 775 480 1,926 1,787 3,089 2,661 Mar.. 2,514 1,974 62 2,003 1,283 1,130 2,126 761 480 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 ,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 [,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 1,160 2,027 1,884 848 526 2.169 2.139 3,280 ' 2,834 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 issijer Total Use of proceeds amount Period Total g G a o e t b a n io l l e i n - r s - R n e u v e e- PHA 1 G l U o o a .S v n . t s . State S d a p i s a s u t e n t a t r c d h t i i . c a . t l Other 2 e d r e e l d iv - 3 Total c E a d ti u o - n R br a o i n d a d d ge s s i U tie ti s l - * H in o g u s * - V a a e n t i s d e * r- O p p o t u h s r e e - s r 1957 6,926 4,795 1,965 66 99 1,489 1,272 4,164 6,568 6,875 2,524 1,036 1,517 113 333 1,352 1958 7,526 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 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 Apr 948 691 242 16 156 207 585 1,003 867 369 70 225 1 202 May.... 947 435 497 15 168 423 355 899 856 214 69 345 56 172 June 1,082 418 636 28 134 525 422 902 940 248 39 191 114 347 July 830 436 373 21 77 382 372 1 094 597 216 66 116 26 172 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

DECEMBER 1963 SECURITY ISSUES 1695 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues l Propo a s ll e d c o u r s p e o s r a o t f e n i e ss t u p e r s o 5 ceeds, Noncorporate Corporate New capital Period Bonds Stock Total G U o . v S t . .2 G a c U g o y e . v S n 3 t . - . S l U a o t n c a .S 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 Corn- Total Total m N on e e w y • O p p o t u h s r e e - s r 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 1957 30,571 9,601 572 7 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 1961 35,494 12,253 1,448 8,345 302 13,147 9,425 4,706 4,720 449 3,273 12,874 11,979 10,829 1,150 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 1962—Sept.. 1,568 300 175 426 34 632 472 176 295 51 110 618 579 441 138 Oct... 2,150 359 646 169 976 853 539 314 49 74 961 835 727 108 Nov.. 1,821 595 115 784 732 286 446 24 28 776 703 494 209 Dec... 2,149 295 547 111 1,197 1,072 264 808 59 65 1,184 1,103 923 180 1963--Jan... 2,708 774 999 240 695 593 350 243 30 71 684 613 563 50 Feb... 2,166 425 148 810 141 642 548 259 289 17 77 631 594 448 146 Mar.. 2,830 396 989 82 1,363 1,273 499 774 17 74 1,349 1,144 1,056 88 Apr... 2,927 716 186 915 62 1,049 832 380 452 26 191 1,034 930 812 118 May.. 2,783 409 902 131 1,340 1,244 550 694 17 78 1,323 904 830 74 June.. 5,054 2,252 459 1,072 25 1,246 1,133 459 675 38 75 1,230 1,013 783 230 July.. '2,089 413 789 '78 '810 '710 279 '431 35 '65 '797 '676 '588 '89 Aug.. '2,010 398 726 100 '786 '686 336 '349 '39 61 '774 '667 '596 '71 Sept.. 1,673 452 4 871 784 283 501 5 81 862 795 730 65 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital* secu- capital* secu- capital * secu- capital' secu- capital» secu- capita] • securities rities rities rities rities rities 1955 2,397 533 769 51 544 338 2,254 174 ,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 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 ,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 1960 1,997 79 794 30 672 39 2,754 51 ,036 1 2,401 71 1961 3,708 306 1,095 46 680 26 2,892 104 ,427 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 .281 10 1,773 39 1962—Sept.. 166 21 56 1 54 148 14 67 88 1 Oct.. 153 10 40 6 20 141 108 260 222 2 Nov... 271 3 40 1 35 15 175 50 4 178 4 Dec... 345 31 104 4 90 13 252 25 54 257 5 1963—Jan... 135 5 49 2 99 114 65 125 91 Feb... 220 6 52 1 30 115 30 68 110 Mar... 592 31 85 5 143 97 61 43 183 105 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 10 114 109 12 230 179 58 8 276 5 July. . '297 '28 '63 '4 '35 '107 82 86 5 '89 Aug... '272 '3 '50 7 '36 100 22 '25 71 '184 '4 Sept.. 237 47 32 4 61 78 39 1 348 7 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. i 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. * All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1696 SECURITY ISSUES DECEMBER 1963 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s ] 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 I 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 1960 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 1,811 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 Ill 2 744 1,634 1,110 1,816 1,082 734 500 428 235 317 265 111 IV 3,423 1,576 1,848 2,503 960 1,543 511 409 286 330 225 79 1963 I 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 other 2 tation 3 utility cation and financial 4 Period & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock 1957 1,779 1 ,391 169 24 289 2,585 815 1,236 198 995 1,259 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 1960 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 III 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 2 190 25 197 87 73 273 II 460 -224 112 14 131 -31 250 167 99 101 422 254 1 Open-end and closed-end cos. exclude foreign and include offerings of open-end investment cos., sales 2 Extractive and commercial and misc. cos. of securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation cos. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for NOTE.—Securities and Exchange Commission estimates of cash trans- that purpose shown on p. 1695. actions only. As contrasted with data shown on p. 1695, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales Re t d io e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other Sales Re t d io e n m s p- s N al e e t s Total i po C si a t s io h n 2 Other 1952 783 196 587 3,931 1962—Oct.... 157 92 65 19,215 ,298 17,917 1953 672 239 433 4,146 Nov... 163 89 74 21,088 1,324 19,764 1954 863 400 463 6,110 309 5,801 Dec... 191 105 87 21,271 1,315 19,956 1955 1,207 443 765 7,838 438 7,400 1963—Jan... 235 116 118 22,447 1,336 21,111 1956 1,347 433 914 9,046 492 8,554 Feb... 166 115 51 22,015 1,401 20,614 1957 1,391 406 984 8,714 523 8,191 Mar... 200 117 84 22,639 1,350 21,289 1958 1,620 511 1,109 13,242 634 12,608 Apr... 203 133 70 23,487 1,256 22,231 1959 2,280 786 1,494 15,818 860 14,958 May.. 194 132 61 24,038 1,286 22,752 June.. 195 115 79 23,692 1,166 22,526 1960 2,097 842 1,255 17,026 973 16,053 July... 219 124 95 23,550 1,310 22,240 1961 2,951 1,160 1,791 22,789 980 21,809 Aug... 193 123 69 24,925 1,287 23,638 1962 2,699 1,123 1,576 21,271 1,315 19,956 Sept... 206 142 64 24,496 1,300 23,196 Oct.... 214 132 82 24,914 1,374 23,540 1 Market value at end of period less current liabilities. NOTE.—Investment Co. Institute data based on reports of members, 2 Cash and deposits, receivables, all U.S. Govt. securities, 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

DECEMBER 1963 BUSINESS FINANCE 1697 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 Industry 1958 1959 1960 1961 1962 i II III IV II 1 III Manufacturing Total (180 corps.): Sales 105,134 118,423123,126 122,849135,579 33,291 34,602 31,995 35,690 34,549 r37,521 34,861 Profits before taxes 10.466 090 13,463 13,200 15,401 3,908 4,096 3,187 4,210 3.960 r4,721 3,717 Profits after taxes 5,714 440 7,121 7,135 8,184 2,033 2,096 1,700 2,355 2,078 '2,431 1,981 Dividends 4,078 342 4,464 4,714 5,022 1,154 1,158 1,163 1,548 1,164 1,315 1,165 Nondurable goods industries (79 corps.): 2 Sales 41.541 442 47,277 49,237 52,077 12,793 12,984 12,981 13,320 13,207 r13,818 13,941 Profits before taxes 4,402 648 5,570 5,589 6,001 1,461 1,501 1,453 1,586 1,512 '1,617 1.657 Profits after taxes 2,574 210 3,210 3,219 3,416 816 815 827 959 867 '899 942 Dividends 1,785 912 1,953 2,037 2,153 512 513 517 611 539 539 530 Durable goods industries (101 corps.): * Sales 63,593 981 75,849 73,612 83,502 20,499 21,619 19,014 22,371 21,342 r23,703 20,920 Profits before taxes 6,065 442 7,893 7,611 9,400 2,447 2,595 1,734 2,624 2,448 3,083 2,060 Profits after taxes 3,140 231 3,911 3,916 4,768 1,217 1,282 873 1,397 1,211 '1,532 1,039 Dividends 2,294 430 2,510 2,677 2,870 642 644 647 936 626 116 636 Selected industries: Foods and kindred products (25 corps.): Sales 10,707 11,303 11,901 12,607 13,124 3,231 3,267 3,328 3,298 3,268 '3,470 3,557 Profits before taxes 1,152 1,274 1,328 1,417 1,440 336 355 380 368 334 '386 404 Profits after taxes 555 604 631 670 685 160 167 180 178 162 '184 195 Dividends 312 344 367 392 419 103 103 104 109 108 110 110 Chemicals and allied products (21 corps.): Sales 10,390 11,979 12,411 12,825 13,978 3,372 3,567 3,467 3,572 3,508 3,788 3,765 Profits before taxes 1,538 2,187 2,010 1,989 2,229 545 586 546 553 548 621 607 Profits after taxes 829 1,131 1,061 1,039 1,160 279 297 283 301 283 318 319 Dividends 717 799 795 843 876 198 196 199 283 204 204 194 Petroleum refining (16 corps.): Sales 12,838 13,372 13,815 14,483 15,013 3,771 3,612 3,714 3,916 3,959 3,937 4,028 Profits before taxes 919 1,187 1,267 1,237 1,362 343 300 299 420 390 '343 387 Profits after taxes 791 969 1,026 1,025 1,084 262 227 255 341 304 '265 303 Dividends 516 518 521 528 566 139 142 141 145 151 149 150 Primary metals and products (35 corps.): Sales 19,226 21,035 20,898 20,308 21,361 5,733 5,535 4,992 5,102 5,155 6,151 5,498 Profits before taxes 2,182 2,331 2,215 1,998 1,860 620 505 353 383 431 713 474 Profits after taxes 1,154 1,222 1,170 1,067 1,003 320 269 186 228 231 372 253 Dividends 802 831 840 845 821 209 210 210 192 180 '182 182 Machinery (25 corps.): Sales 14,685 17,095 16,826 17,576 19,127 4,537 4,916 4,665 5,008 4,768 5,120 5,111 Profits before taxes 1,463 1,890 1,499 1,672 1,913 454 490 457 512 481 535 537 Profits after taxes 734 934 763 838 957 225 240 228 265 239 '266 263 Dividends 422 448 482 497 520 129 129 129 133 137 140 140 Automobiles and equipment (14 corps.): Sales 18,469 22,731 25,738 22,779 28,603 6,904 7,515 5,708 8,476 7.851 '8,615 6,421 Profits before taxes 1,332 2,985 3,185 2,788 4,326 1,096 1,253 589 1,389 1,265 '1,469 673 Profits after taxes 706 1,479 1,527 1,410 2,136 531 596 287 721 599 '704 331 Dividends 758 807 833 969 1,148 215 216 216 501 216 361 220 Public Utility Railroad: Operating revenue 9,565 9,825 9,514 9,189 9,440 2,296 2,408 2,332 2,405 2,238 2.474 ^2,398 Profits before taxes 843 845 648 625 728 133 186 172 237 116 '252 Profits after taxes 602 578 445 382 571 66 105 125 275 82 189 Dividends 419 406 385 359 367 85 92 67 123 89 103 Electric power: Operating revenue 10,195 11,129 11,906 12,478 13,252 3,399 3,206 3,255 3,392 3,830 '3,377 3,481 Profits before taxes 2,704 2.983 3,163 3,349 3,591 1,051 835 887 818 1,100 848 930 Profits after taxes 1,519 1,655 1,793 1,883 2,053 585 472 488 508 626 498 529 Dividends 1,134 1,219 1,307 1,374 1,459 366 371 356 366 392 378 384 Telephone: Operating revenue 6,939 7,572 8,111 8,615 9,196 2,245 2,296 2,300 2,355 2,365 2,440 2,465 Profits before taxes 1,860 2,153 2,326 2,478 2,639 648 678 683 630 672 711 725 Profits after taxes 921 1,073 1,155 1,233 1,327 320 335 337 335 336 357 368 Dividends 674 743 806 867 935 231 232 235 237 225 255 252 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, pphaul 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

1698 BUSINESS FINANCE DECEMBER 1963 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Profits In- Profits Cash Undis- capital Profits In- Profits Cash Undis- capital Year before come after divi- tributed Quarter before come after divi- tributed taxes taxes taxes dends profits allow- taxes taxes taxes dends profits allowances1 ances * 1955 44.9 21.8 23.0 11.2 11.8 18 4 1962 I . 45.9 21 7 24 2 16 2 8.0 30.3 1956 44.7 21.2 23.5 12.1 11.3 20.0 n ... 46.7 22.1 24.6 16.4 8.2 30.7 1957 43.2 20.9 22.3 12.6 9.7 21.8 m 46.2 21.9 24.3 16.5 7.8 31.0 1958 37.4 18.6 18.8 12.4 6.4 22 7 IV 48 4 22 9 25 5 17.1 8.4 31.3 1959 47.7 23.2 24.5 13.7 10.8 24.3 1963—1 48.3 22.9 25.4 17.1 8.3 31.7 I960 44.3 22.3 22.0 14.5 7.5 25.6 II 51 0 24 ^ 26 8 17 6 9 2 32 1 1961 43.8 22.0 21.8 15.3 6.5 26.8 III 52 2 ?4 7 27 5 17 6 9 8 32 7 1961 46.8 22.2 24.6 16.6 8.1 30.8 * 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 r e ie n s - Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.i Govt.i 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 i957 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—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 m 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 rv 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 IT 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 Ill 149.7 341.6 38.5 19.6 3.4 157.8 105.8 16.6 192.0 2.5 126.6 15.1 47.7 1 Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.* books. banks, savings and loan associations, and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P t u il b it l i i e c s n C i o c m ati m on u s - Other 1 ( r S a . t A e) . I 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 7.37 195» 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 1960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 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- r. 39.05 7.77 7.85 1.04 1.08 1.91 5.64 13.75 1962—11. .. 9.50 1.77 1.92 .27 .26 .60 1.37 .93 2.37 36.95 in... 9.62 1.79 1.93 .28 .24 .50 1.54 .87 2.48 38.35 IV... 10.18 2.03 2.10 .27 .20 .50 1.52 .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 Hlr.. 10.14 1.96 1.99 .27 .29 .45 1.60 .93 2.64 40.00 IV2 ' 10.92 2.23 2.25 .28 .31 .54 1.60 3.71 40.75 1964—12. . 9.05 1.79 1.80 .24 .26 .50 1.10 3.36 40.75 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

DECEMBER 1963 REAL ESTATE CREDIT 1699 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm1 Farm Other Multifamily and holders * 1- to 4-family houses commercial properties 3 End of period Finan- Finanh e o A r l ll d s - tu in t c i i s o a t n i l - s1 a U ge .S n . - v I id n u d a i- ls h e o A r l l d l s - 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 e o A r l ll d s - tu in t c i i s o a t n i l - s1 h O ol 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 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1956 144.5 111 2 6.0 27 3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 7.5 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959 190.9 145.5 10.0 35.4 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 I960 207.1 157.6 11.2 38.3 194.0 141.3 117.9 23.4 52.7 35.0 17.7 13.1 4.7 8.4 1961 225.8 172.6 11.8 41.3 211.6 153.0 128.7 24.3 58.6 38.9 19.7 14.2 5.0 9.2 1962* 250.5 192.7 12.2 45.7 235.0 168.4 142.9 25.5 66.6 44.3 22.3 15.5 5.5 10.0 1961—n 215.3 164.4 11.2 39.7 201.6 146.3 122.8 23.5 55.2 36.7 18.5 13.7 4.8 8.9 Ill 220.3 168 4 11.4 40 4 206.3 149.6 125.8 23.8 56.7 37.7 19.0 14.0 4.9 9.1 IV 225.8 172.6 11.8 41.3 211.6 153.0 128.7 24.3 58.6 38.9 19.7 14.2 5.0 9.2 1962—V 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 IV> 250.5 192.7 12.2 45.7 235.0 168.4 142.9 25.5 66.6 44.3 22.3 15.5 5.5 10.0 1963 I* 255.7 197.4 11.8 46.5 239.9 171.6 146.3 25.3 68.2 45.5 22.8 15.9 5.6 10.2 TIP 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 HI* 271.0 211.0 1 Commercial banks (including nondeposit trust cos. but not trust 4 Derived figures; includes debt held by Federal land banks and depts.), mutual savings banks, life insurance cos., and savings and loan Farmers Home Administration. •ssns. * 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 arc F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings * Mutual savings bank holdings2 Residential Residential End of period Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3 292 1,048 566 4,812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1956 22,719 17,004 4,803 3,902 8,300 4,379 1.336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 ,588 24,992 22,486 6,276 8,589 7,622 2,451 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 ,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 ,716 28,015 25,318 7,634 9,192 8,492 2,645 51 m 29,920 20,953 5,905 2,676 12,372 7,227 ,740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 ,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,049 6,195 2,593 13,260 8,219 ,927 30,638 27,632 8,662 9,502 9,469 2,954 51 m 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 I 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 basis for first and third quarter estimates included F.R. commercial bank call NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. data and data from National Assn. of Mutual Savings Banks. series for all commercial and mutual savings banks in the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1700 REAL ESTATE CREDIT DECEMBER 1963 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Tota Total in F s H u A re - d a g n V u t A e a e r - - d Other i Farm * Total Total i F ns H u A re - d a g n V u t A e a e r - - d Other Farm 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3 343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 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—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 SeDt 716 653 142 48 463 63 49,233 45,522 10,604 6,402 28,516 3,711 Oct 774 718 147 52 519 56 49,536 45,799 10,658 6,393 28,748 3,737 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 1 By type of lender (N.S.A.) Period Total 2 s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total2 r F su H in re A - d - a g n V u t A e a e r - - d ti C v o e n o n a n - l - 2 Period S.A. 2 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 1,824 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 ,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 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 L741 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1962 34,187 15,144 1\1 5,851 957 1962 1962 Oct 1,953 543 823 77,182 4,423 7,072 65,687 Sept 2,929 2,861 1,285 104 476 183 Nov 1,750 505 708 77,972 4,457 7,058 66,457 Oct 2,925 3,208 1,403 116 554 191 Dec 1,755 534 643 78,770 4,476 7,010 67,284 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 79,441 4,500 7,015 67,926 Feb 1,503 429 576 80,137 4,522 7,047 68,568 Jan 2,876 2,658 1,143 100 457 141 Mar 1,834 573 666 81,042 4,535 7,045 69,462 Feb 2,869 2,424 1.086 88 408 123 2,058 622 760 82,103 4,547 7,068 70,488 Mar 2,907 2,751 ,261 99 467 126 uly'.'.'.'.'.'.'2.,199 651 854 83,281 4,581 7,089 71,611 Apr 2,986 3,065 1,412 112 539 145 2,242 638 936 84,525 4,587 7,047 72,891 May 3,066 3,233 ,497 116 563 168 July 2,341 619 1,003 85,628 4,621 7,084 73,923 June .. 3,121 3,177 ,468 119 551 181 Aug 2,428 623 1,071 86,836 4,635 7,085 75,116 July 3,183 3,515 1,606 127 595 218 Sept 2,196 642 928 87,933 4,662 7,058 76,213 Aug 3,213 3,525 1,611 123 612 212 Oct.? 2,386 670 973 89,063 4,680 7,018 77,365 Sept 3,177 I 442 116 546 190 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

DECEMBER 1963 REAL ESTATE CREDIT 1701 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMTLY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Mortgages Proj- P e r r o t p y - Mortgages E pe n r d io o d f Total FHA- VA- t C i v o e o n n n a - - l Total h N om ew es h is o E t m i x n - e g s ects i m pr i e m o n v 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 I960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961 153.0 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1962* 168.4 62.0 32.3 29.7 106.4 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1961—II 146.3 57.8 28.0 29.8 88.6 1962—Oct 673 193 353 54 72 285 136 149 Ill 149.6 58.7 28.8 29.9 90.9 Nov 649 172 321 86 70 254 124 129 IV 153.0 59.1 29.5 29.6 93.9 Dec 589 145 284 95 65 236 115 121 1962—I' 155.7 59.9 30.3 29.6 95.8 1963 Jan 618 179 324 60 54 254 123 131 II* 159.9 60.4 30.9 29.5 99.4 Feb 536 141 259 82 54 202 100 101 Ill* 164.2 61.0 31.5 29.5 103.2 Mar 546 137 279 73 57 219 106 113 168.4 62.0 32.3 29.7 106.4 Apr. 540 120 273 86 62 245 114 130 May 562 123 292 72 75 260 108 151 1963—Ii» 171.6 62.8 33.0 29.8 108.8 590 118 301 86 85 '226 91 135 UP 176.2 63.5 33.5 30.0 112.7 July 640 142 369 72 56 r265 98 167 653 136 372 60 86 r278 103 175 Sept. 617 138 367 46 66 '267 103 165 NOTE.—For total debt outstanding, figures art Oct 734 160 407 88 79 FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank * Monthly figures do not reflect mortgage amendments included in annual totals. Board, Federal Housing Admin, and Veterans Admin. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing 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 io g n e s Com- Adv ( a en n d ce s o f o p u e ts r t i a o n d d ) ing (during mit- Ad- Repay- Members End of period) ments vances ments deposits period Total F su H in re A - d - 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 1 - t L er o m ng 2 - 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1 541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 931 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 1,213 1962—Oct 5,944 3,555 2,389 39 11 431 1962—Nov 252 275 3,068 1,821 1,246 1,028 Nov 5,949 3,575 2,374 57 19 366 Dec 611 200 3,479 2,005 1,474 1,213 Dec 5,923 3,571 2,353 26 18 355 1963—Jan 249 926 2,802 1,669 1,134 1,155 1963—Jan 5,853 3,552 2,300 34 66 336 Feb 178 370 2,611 1,534 1,077 1,213 Feb 5,697 3,469 2,227 17 129 323 Mar 250 348 2,514 1,399 1,115 1,282 Mar 5,501 3,375 2,126 28 191 289 Apr 451 329 2 635 1 516 1,119 1,250 Apr 5,227 3,269 1,958 28 268 281 May 382 277 2,740 1,585 1,155 1,236 May 4,993 3,164 1,828 26 213 272 696 166 3,270 1,876 1,393 1,325 4,883 3,114 1,769 32 102 251 July 709 432 3,548 2,139 1,409 1,069 July 4,795 3,069 1.727 19 74 183 AUK 466 456 3,758 2,296 1,462 1,011 4,752 3,050 1,703 23 29 185 Sept 517 251 4 024 2,493 1,531 (.014 Sept . 4,720 3,034 1,686 21 10 183 Oct 610 408 4,226 2,588 I 638 '986 Oct 4,702 3,033 1,669 23 5 190 Nov 363 299 4,290 2,611 1,679 978 NOTE.—Federal National Mortgage Assn. data excluding conventional 1 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

1702 CONSUMER CREDIT DECEMBER 1963 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1939 7 222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5 665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42 334 31 720 14 420 8,606 1 905 6,789 10,614 3 253 4,995 2 366 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14.152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51 542 39 245 16 420 10,630 2,809 9,386 12,297 4,129 5,104 3.064 1960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63,. 164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1962—Oct 60.441 46,526 19,193 11,777 3,250 12,306 13,915 5,355 4,768 3,792 Nov 61,203 47,052 19,416 11,960 3,259 12,417 14,151 5,420 4,884 3,847 Dec 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 Jan . 62,462 47,920 19,582 12,453 3,211 12,674 14,542 5,430 5,071 4,041 Feb . 63 989 47 852 19 678 12,250 3 185 12 739 14,137 5,479 4,511 4,147 Mar 62,149 48,075 19,930 12,149 3,177 12,819 14,074 5,539 4,374 4,161 Apr 63;167 48,806 20,376 12,197 3,200 13,033 14,361 5,562 4,581 4,218 May. 64 135 49 484 20 794 12 272 3 245 13,173 14 651 5,674 4,793 4,184 June 64,987 50,307 21,236 12,422 3,281 13,368 14,680 5,709 4,783 4,188 July 65,491 50,894 21,593 12,459 3,316 13,526 14,597 5,683 4,760 4,154 Aug 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 Oct . . 67,088 52,257 21,971 12,845 3,400 14,041 14,831 5,830 4,898 4.103 1 Holdings of financial institutions; holdings of retail outlets are in- mortgage loans. The estimates include data for Alaska beginning with duded 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 institutions Retail outlets End of period Total Total m b C e a o r n c m k ia s - l fi S n a a l n e c s e u C n r i e o d n i s t fi s n C u a m o nc n e e - r Other i Total D st m e o p r e e a n s r t t 2 - F s t t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m A ea o u l b t e o i r l - s e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956. 31,720 26,977 11,777 9,117 2,014 2,940 ,129 4,743 1,408 ,187 377 502 ,269 1957. 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 ,210 361 478 ,226 1958. 33,642 28,659 12,780 8,844 2,668 3,085 ,282 4,983 1,882 ,128 292 506 ,175 1959. 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 ,225 310 481 ,368 1960. 42,832 37,218 16,672 11,472 3,923 3,670 ,481 615 2,414 ,107 333 359 ,402 1961. 43,527 37,935 17,008 11,273 4,330 3,799 ,525 595 2,421 ,058 293 342 ,481 1962. 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 ,073 294 345 ,527 1962—Oct 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 ;oi9 287 319 ,336 Dec 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 ,073 294 345 ,527 1963—Jan 47,920 42,335 19,129 12,668 4,864 4,134 ,540 5,585 2,478 1,049 290 308 ,460 Feb 47,852 42,371 19,256 12,556 4,876 4,138 ,545 5,481 2,480 1,027 284 288 ,402 Mar 48,075 42,531 19,450 12,460 4,928 4,139 ,554 5,544 2,566 1,002 278 315 ,383 Apr 48,806 43.149 19,882 12,506 5,034 4,174 ,553 5,657 2,686 992 273 324 ,382 May 49,484 43;723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 ,377 June 50,307 44,373 20,602 12,693 5,251 4,241 ,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 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 ,630 6,031 3,025 1,009 279 321 ,397 Oct 52,257 46,161 21,391 13,187 5,529 4,425 1,629 6,096 3,077 1,015 280 325 ,399 1 Consumer finance cos. included with "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 CONSUMER CREDIT 1703 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair Other Repair paper Other and Auto- con- and Percom- mod- Per- End of period Total mobile sumer modern- sonal End of period Total sumer erniza- sonal paper goods ization loans Pur- goods tion loans paper loans chased Direct paper loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 I960 11,472 7,528 2,739 139 1,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17.008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1962—Oct 11,860 7,350 2,952 172 1,386 1962—Oct 18,680 6,095 3,343 2,755 2,262 4,225 Nov 11,986 7,440 2,967 171 1,408 18,847 6,164 3,405 2,773 2,270 4,235 Dec . . 12,194 7,449 3,123 170 1,452 Dec . . 19,005 6,184 3,451 2,824 2,261 4,285 1963 Jan ... 12,668 7,471 3,567 167 1,463 1963—Jan 19,129 6,216 3,492 2,861 2,239 4,321 Feb 12,556 7,477 3,446 165 1,468 Feb 19,256 6,281 3,530 2,865 2,220 4,360 Mar . 12,460 7,514 3,307 164 J 47S 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 1,507 May 20,229 6,695 3,794 2,930 2,258 4,552 June. 12,693 7,934 3,069 162 1,528 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 1,606 Aug 21,101 7,073 3,936 3,012 2 336 4 744 Sept 13,073 8,099 3,157 161 1,656 Sept 21,145 7,072 3,903 3,033 2,352 4,785 Oct 13,187 8,163 3,186 161 .677 Oct 21,391 7,177 3,951 3,073 2,370 4,820 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans Service paper loans End of period Total Other credit Com- finan- De- Other mer- cial part- retail v^rean 1939 789 81 24 15 669 cial insti- ment outlets cards 1941 957 122 36 14 785 banks tutions stores1 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1 178 518 1957 6,748 1,114 588 490 4,555 1941 3,087 693 152 275 1,370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1,322 845 1959 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3,842 260 2,366 1960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962. 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1962—Oct 10,324 2,067 746 816 6,695 I960 13,196 3,884 623 941 3,952 436 3,360 Nov 10,423 2,088 743 818 6 774 1961 14,151 4,413 723 948 3,907 469 3,691 Dec 10,583 2,111 751 815 6,906 1962 15,130 4,690 766 927 4,252 505 3,990 1963—Jan 10,538 2,095 748 805 6,890 1962—Oct.. . 13,915 4,653 702 638 3,619 511 3,792 Feb 10,559 2,102 746 800 6,911 Nov... 14,151 4,669 751 688 3,696 500 3,847 Mar 10,621 2,123 747 804 6 947 Dec... 15,130 4,690 766 927 4,252 505 3,990 Apr . 10,761 2,165 755 809 7,032 May 10,911 2,208 764 825 7,114 1963—Jan.... 14,542 4,685 745 775 3,802 494 4,041 June 11,078 2,253 111 833 7,215 Feb.. . 14,137 4,713 766 646 3,376 489 4,147 July 11,197 2,283 789 842 7,283 Mar... 14,074 4,727 812 587 3,308 479 4,161 AUE; . 11,368 2 316 799 860 7 393 Apr... 14,361 4,793 769 603 3,505 473 4,218 Sent 11,469 2,330 802 864 7,473 May.. 14,651 4,836 838 610 3,699 484 4,184 Oct 11,583 2,355 815 869 7,544 June.. 14,680 4,893 816 599 3,689 495 4,188 July... 14,597 4,874 809 555 3,682 523 4,154 Aug... 14,782 4,879 910 579 3,713 547 4,154 NOTE.—Institutions represented are consumer finance cos., credit Sept... 14,820 4,927 917 620 3,667 546 4,143 unions, industrial loan cos., mutual savings banks, savings and loan Oct.. . 14,831 4,952 878 639 3,743 516 4,103 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

1704 CONSUMER CREDIT DECEMBER 1963 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Other consumer Repair and Personal loans goods paper modernization loans Period S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40 119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 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—Oct 4,639 4,871 1,700 1,848 1,280 1.370 169 188 1,490 1.465 Nov 4,855 4,915 1,776 1,737 1,364 1,454 167 170 1,548 ,553 Dec 4,826 5,351 1,739 1,579 1,415 1,884 164 145 1,508 ,743 1963—Jan 4,899 4,385 1,807 1,624 1,360 1,188 172 132 1,560 ,441 Feb 4,957 4,083 1,809 1,537 1,395 1,039 169 126 1,584 ,381 Mar . 4,973 4,702 1,811 1,787 1,406 1,238 180 160 1,576 1,517 Apr 5,008 5,332 1,870 2,072 1,359 1,355 187 195 1,592 ,710 May 4,985 5,294 1,847 2,067 1,357 1,386 188 218 1,593 1,623 June 5,054 5,222 1,820 1,967 1,408 1,410 186 199 1,640 1,646 July 5,100 5,365 1,854 2,055 1,409 1,393 191 214 1,646 .703 Aug 5,100 5,242 1,802 1,839 1,441 1,456 185 213 1,672 1^734 Sept 5,093 4,755 1,730 1,524 1,425 .384 181 193 1,757 1,654 Oct 5,311 5,487 1,910 2,040 1,457 1,547 188 205 1,756 1,695 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 Oct 4,271 4,489 1,494 1,627 1,238 1 284 163 177 1,376 J 401 Nov 4,372 4,389 1,523 1,514 1,268 1,271 165 162 1,416 1,442 Dec 4,341 4,368 1,509 1,454 1,262 [,239 166 158 1,404 1,517 1963—Jan 4,414 4,499 1,564 1.582 1,277 [,340 167 167 1.406 1,410 Feb . . 4,462 4,151 1,566 1,441 1,289 1,242 165 152 ,442 1,316 Mar 4,496 4,479 1,546 1,535 1,324 1,339 170 168 ,456 1,437 Apr 4,487 4,601 1,585 1,626 1,276 1,307 170 172 ,456 1,496 May 4,544 4,616 1,611 1,649 1,294 1,311 170 173 ,469 1,483 June 4,568 4,399 1,588 1,525 1,317 1,260 167 163 ,496 1,451 July 4,591 4,778 1,603 1,698 1,330 1,356 171 179 ,487 1,545 Aug 4,619 4,610 1,607 1,613 1,326 1,308 170 172 ,516 1,517 Sept 4,752 4,563 1,659 .618 1,347 .289 174 173 .572 ,483 Oct 4,780 4,948 1,676 1,794 1,362 1,404 170 182 1,572 1,568 Net change in credit outstanding 2 1956 2,814 960 965 212 678 1957 2,148 920 238 197 793 1958 -225 — 1,189 184 245 534 1959 5,601 2,268 1,602 463 1,269 I960 3 588 1 270 896 330 1 093 1961 696 -465 332 53 777 1962 4,506 2,318 746 55 1,388 1962—Oct 368 382 206 221 42 86 6 11 114 64 Nov 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 Oct 531 539 234 246 95 143 18 23 184 127 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

DECEMBER 1963 CONSUMER CREDIT 1705 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks Sales finance Other financial Retail outlets companies institutions Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.I 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 6,63t 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9,654 6,563 1959 48,052 17,976 11,196 10,940 7,940 I960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 12,124 13,525 9,003 1962—Oct 4,639 4,871 1,741 1.828 1.017 1,108 1.134 1,120 747 815 Nov . 4,855 4,915 1 802 1,721 I 071 1 070 I 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 4,899 4,385 1,843 1,754 I 074 978 I 180 1,044 802 609 Feb 4,957 4,083 1,879 1,614 1,035 845 [,185 1,019 858 605 Mar 4,973 4,702 1 902 R40 I 022 957 I 191 1 151 858 754 Apr 5,008 5,332 1,916 2^ 133 1,032 1,094 1,223 1,283 837 822 4,985 5,294 1,887 2,074 1,042 1,107 1,224 1,276 832 837 June 5,054 5,222 1 919 2,010 I 016 1 076 I 245 1,268 874 868 July 5,100 5,365 1,898 2,066 .0*54 1,159 1,254 1,307 894 833 A-Ug . 5,100 5,242 1,878 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 Oct 5,311 5,487 2,000 2,061 1,115 1,194 1,351 1,311 845 921 Repayments 1956 37,054 13,362 8,949 8,415 6,328 1957 39,868 14,360 9 759 9 250 6,499 1958 40 344 14 647 9 842 9 365 6 490 1959 . . . * 42,603 15,560 9,742 10,020 7,281 1960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1962 Oct 4,271 4,489 1,542 J 639 950 1,035 J 067 1,079 712 736 Nov 4,372 4,189 1 582 1,554 948 944 E 097 1 120 745 771 Dec 4,341 4,368 1,610 1,545 978 981 1,064 1,156 689 686 1963—Jan 4,414 4,499 1,592 [,630 986 966 [,086 1,089 750 814 Feb 4,462 4,151 1,594 1,487 1,035 957 1,096 998 737 709 Mar . . 4,4% 4,479 1 664 1,646 I 026 1 053 I 104 1,089 702 691 Apr 4,487 4,601 1,646 1,701 1,014 1,048 1,112 1,143 715 709 May 4,544 4,616 1,681 ,727 1,017 1,030 1,114 1,126 732 733 June 4,568 4,399 1,699 ,637 1,012 966 .129 1,101 728 695 July 4,591 4,778 1,690 [,194 1,007 1,045 1,144 1,188 750 751 Aug . . .... 4,619 4,610 1 692 ,693 I 000 995 158 1,157 769 765 Sept 4,752 4,563 1,737 ,700 [,034 997 1,190 1,117 791 749 Oct 4,780 4,948 1,737 .815 .054 1,129 209 1,197 780 807 Net change in credit outstanding 2 1956 2,814 1,176 670 733 235 1957 2 148 1 066 491 665 —75 1958 -225 — 63 — 765 289 315 1959 5 601 2 447 1 475 986 693 I960 3 588 1 446 1 152 1 051 —61 1961 696 335 -199 578 -20 1962 .... 4,506 1,997 921 932 656 1962—Oct 368 382 199 189 67 73 67 41 35 79 Nov . .. 483 526 220 167 123 126 87 99 53 134 Dec 485 983 193 159 171 208 69 160 52 456 1963—Jan 485 -114 251 124 550 474 94 -45 -410 -667 Feb 495 -68 285 127 0 -112 89 21 121 -104 Mar . .. 477 223 238 194 -4 -96 87 62 156 63 Apr 521 731 270 432 18 46 111 140 122 113 May 441 678 206 347 25 77 110 150 100 104 June 486 823 220 373 4 110 116 167 146 173 July 509 587 208 272 47 114 110 119 144 82 Aug 481 632 186 227 51 99 116 171 128 135 Sept 341 192 141 44 196 167 132 101 -128 -120 Oct 531 539 263 246 110 114 142 114 16 65 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. eliminate duplication resulting from large transfers of paper. In those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1706 INDUSTRIAL PRODUCTION: S.A. DECEMBER 1963 MARKET GROUPINGS (1957-59=100) 1957-59 1962 1962 1963 pro- Grouping por- avertion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index 100.00 118.3 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 125.8 126.6 Final products total 47.35 119.7 121.4 121.3 121.7 122.3 122.6 122.4 122.1 123.5 125.2 125.9 126.2 126.5 127.9 32.31 119.7 120.6 120.5 121.2 121.8 122.9 123.1 122.5 124.1 125.9 126.4 126.7 126.6 Ml .9 Equipment, including defense.... 15.04 119.6 123.3 123.1 122.4 122.0 121.5 120.7 120.4 122.1 123.8 124.8 125.3 126.2 127.8 Materials 52.65 117.0 117.2 117.8 116.9 116.8 118.0 120.2 122.9 125.7 126.6 126.7 125.1 125.0 125.6 Consumer goods Automotive products 3.21 131.1 135.6 135.2 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146.8 Autos 1.82 135.9 142.1 141.1 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1 139.6 144.2 156.8 1.39 124.9 127.1 127.5 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 10.00 118.1 118.9 119.2 119.9 120.2 120.8 121.3 120.6 122.3 123.6 123.9 125.1 125.4 126.8 Home goods. 4.59 122.2 122.1 122.9 123.9 125.8 125.9 127.3 126.9 130.3 131.0 130.1 132.0 132.3 131.3 Appliances, TV, and radios 1.81 118.2 117.6 119.0 120.0 117.3 119.8 123.2 123.6 128.0 129.1 126.0 130.2 130.4 126.9 1.33 121.4 123.9 126.0 127.2 121.9 123.7 126.7 125.6 131.9 133.7 130.6 136.8 136.9 132.1 TV and home radios .47 109.2 99.8 99.5 99.6 104.4 108.8 113.4 118.1 117.1 116.0 112.9 111.4 112.0 112.0 1.26 123.9 125.8 125.8 125.4 130.0 126.0 127.4 127.0 130.7 132.8 133.8 133.6 131.6 132.8 Miscellaneous home goods • . 1.52 125.7 124.4 125.0 127.5 132.3 132.9 131.9 130.7 132.6 131.7 131.9 133.0 135.2 135.4 Apparel, knit goods, and shoes 5.41 114.5 116.1 116.1 116.4 115.7 116.6 116.2 115.3 115.5 117.4 118.7 119.2 119.6 122.9 Consumer staples 19.10 118.7 119.1 119.5 119.8 120.2 121.4 121.8 121.0 122.9 123.8 125.2 126.1 125.4 125.4 8.43 113.7 114.0 114.3 114.4 113.8 114.5 115.2 114.9 115.9 116.1 116.3 117.9 117.9 118.2 Beverages and tobacco 2.43 111.7 110.0 112.6 112.5 115.1 114.3 114.0 112.7 116.2 115.2 117.1 117.4 112.9 Drugs soap and toiletries 2.97 129.9 132.4 131.6 132.9 134.2 135.2 137.7 137.1 138.7 139.7 143.8 144.0 144.8 144.1 Newspapers, magazines, and books.. 1.47 116.7 116.4 116.4 115.8 113.9 115.0 115.3 118.3 119.3 119.3 119.1 120.2 118.2 117.9 Consumer fuel and lighting 3.67 126.1 126.8 126.9 127.9 129.7 133.4 131.4 128.7 132.0 136.1 138.2 138.4 137.6 1.20 111.9 112.8 112.0 113.7 113.2 117.9 117.3 115.0 115.6 119.2 115.5 115.6 118.8 ilQ.6 Residential utilities 2.46 133.0 133.7 134.2 134.9 137.7 140.9 138.2 135.4 140.0 144.3 149.2 149.6 146.7 Electricity 1.72 136.3 137.6 139.9 139.5 142.0 144.9 141.9 137.3 143.5 149.2 155.4 155.9 151.4 Gas .74 125.6 Equipment Business equipment 11.63 122.1 126.1 125.9 125.1 125.0 125.0 124.9 124.3 125.9 127.8 129.0 130.1 131.0 132.2 6.85 117.2 120.4 120.5 119.9 118.8 119.3 119.2 119.2 120.9 122.8 123.6 124.9 125.6 126.7 2.42 143.1 143.8 144.4 144.2 145.3 144.5 143.8 143.3 143.4 142.2 142.4 141.5 141.6 141.7 Freight and passenger equipment... 1.76 117.2 125.6 124.5 125.4 126.2 126.9 126.3 126.0 124.8 128.1 135.3 134.6 140.7 140.6 .61 107.7 117.3 118.4 119.1 118.8 123.2 119.7 115.2 112.2 122.0 116.6 118.8 122.0 130.0 3.41 Materials Durable goods materials 26.73 114.1 114.0 114.1 113.2 113.3 114.4 118.0 121.2 124.5 125.8 125.2 121.9 122.0 122.6 Consumer durable 3.43 127.5 129.4 129.3 129.7 129.3 130.9 134.0 135.4 139.4 145.9 142.7 136.6 137.8 139.1 7.84 118.9 121.0 120.4 120.3 121.4 121.2 122.2 123.1 125.1 128.0 126.4 126.3 128.4 128.2 Construction 9.17 110.4 111.3 111.3 108.6 108.6 109.2 112.4 115.1 116.7 118.0 119.4 119.2 119.0 119.3 lvletal materials nee 6.29 106.1 100.1 102.3 103.5 106.0 109.5 115.0 120.6 126.8 123.6 116.7 108.8 107.3 110.4 25.92 120.0 120.6 122.4 121.1 120.5 121.8 122.6 124.7 126.9 127.3 128.3 128.4 128.1 128.7 Business supplies 9.11 116.5 116.5 118.5 117.4 116.0 116.7 117.8 119.0 121.6 121.6 119.8 121.7 121.3 121.8 3.03 117.1 116.0 120.6 118.0 118.5 119.3 121.5 116.1 120.3 121.1 119.9 119.7 118.4 121.3 General business supplies 6.07 116.3 116.7 117.5 117.1 114.7 115.4 115.9 120.4 122.2 121.8 119.8 122.7 122.7 122.1 Nondurable materials nee 7.40 134.7 135.4 137.8 137.1 137.3 138.0 140.2 143.2 145.0 145.3 147.6 147.0 147.8 148.8 Business fuel and power 9.41 111.7 112.8 113.9 112.0 111.7 113.9 113.3 115.6 117.9 118.8 121.2 120.4 119.1 119.4 6.07 104.9 106.3 107.2 104.2 102.9 105.6 105.1 108.0 110.5 111.5 114.0 113.8 112.2 111.7 Nonresidential utilities 2.86 129.9 131.5 132.6 132.9 134.3 135.9 134.7 135.9 138.3 138.7 141.9 140.4 139.4 Electricity 2.32 130.7 132.3 133.4 133.6 135.0 136.9 135.3 136.5 139.0 139.2 143.0 141.0 139.7 General industrial 1.03 122.8 124.3 123.5 123.2 124.9 125.8 124.2 130.3 132.6 132.2 136.5 132.5 133.1 Commercial and other 1.21 139.9 141.7 144.5 145.1 146.5 149.2 147.5 144.6 147.6 148.3 151.8 151.4 148.4 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods 7.80 125.9 127.7 128.0 129.3 130.0 130.7 131.0 131.3 133.1 136.9 134.6 133.2 134.7 137.7 24.51 117.7 118.4 118.7 119.1 119.2 120.4 120.5 119.8 121.3 122.4 123.8 124.6 124.1 124.8 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 INDUSTRIAL PRODUCTION: S.A. 1707 INDUSTRY GROUPINGS (1957-59 - 100) Grouping 19 p p 5 o r 7 o r - - - 59 a 1 v 9 e 6 r 2 - 1962 1963 tion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r, Sept. Oct. Total index. 100.00 118.3 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 125.8 126.6 Manufacturing, total., 86.45 118.7 119.7 119.9 119.7 119.8 120.6 121.9 123.1 125.2 126.4 126.8 125.9 726.7 727.7 Durable 48.07 117.9 118.8 119.2 118.9 119.0 120.0 121.5 122.8 125.6 127.4 127.0 125.0 125.3 126.3 Nondurable 38.38 119.8 121.0 120.9 120.8 120.7 121.4 122.5 123.4 124.8 125.2 126.4 127.2 127.1 128.2 Mining 8.23 105.0 105.2 105.7 103.2 103.0 104.7 105.4 107.4 108.5 109.4 111.3 111.3 110.4 110.0 Utilities 5.32 131.3 132.5 133.4 133.8 135.9 138.2 136.4 135.7 139.1 141.3 145.3 144.6 142.8 143.5 Durable manufactures Primary and fabricated metals 12.32 110.0 107.1 108.2 107.3 107.8 111.0 115.1 120.1 125.6 125.5 124.0 116.8 775.5 776.0 Primary metals 6.95 104.6 98.9 100.7 99.7 99.6 105.2 111.9 120.1 127.4 125.8 122.8 109.4 107.6 108.1 Iron and steel 5.45 100.6 91.0 95.3 95.8 96.0 102.2 111.5 121.8 129.3 126.1 117.1 102.6 100.0 99.8 Nonferrous metals and products. 1.50 119.1 120. 121.2 120.6 121.7 121.0 123.7 121.0 124.2 125.5 123.5 126.4 128.6 130.0 Fabricated metal products 5.37 117.1 117.8 117.9 117.2 118.4 118.5 119.3 120.2 123.3 125.1 125.6 126.4 125.7 126.3 Structural metal parts 2.86 113.2 114.2 112.8 112.5 113.5 113.9 115.4 116.8 120.9 123.0 124.2 124.5 123.7 123.2 Machinery and related products 27.98 122.1 124.9 124.8 124.7 124.7 125.3 125.0 125.3 127.3 130.3 130.0 129.4 750.6 752.7 Machinery 14.80 123.5 126.1 125.9 125.5 125.2 126.4 126.2 125.9 128.4 129.4 129.6 130.5 131.3 132.6 Nonelectrical machinery 8.43 119.7 123.2 123.0 121.5 122.2 123.1 122.7 121.7 124.5 126.0 127.0 128.0 129.4 131.4 Electrical machinery 6.37 128.5 129.8 129.7 130.8 129.5 130.8 130.8 131.4 133.5 133.9 133.0 133.9 133.7 134.1 Transportation equipment 10.19 118.3 121.8 121.5 121.7 122.4 122.3 122.1 123.7 124.5 130.4 129.3 126.8 128.7 130.9 Motor vehicles and parts 4.68 134.1 138. 137.3 137.7 137.9 139,1 140.2 141.8 143.1 153.8 150.9 143.7 146.5 150.4 Aircraft and other equipment... 5.26 103.9 107.2 107.2 107.0 107.9 106.8 105.6 107.2 107.5 109.4 109.6 111.1 112.1 113.1 Instruments and related products.. 1.71 123.0 124.2 125.0 125.4 125.7 127.0 127.2 126.6 130.2 131.6 132.6 132.1 133.0 132.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 109.3 108.5 110.4 111.5 110.9 109.8 115.0 112.7 113.3 775.9 114.0 775.5 775.5 775.7 Clay, glass, and stone products. 2.99 111. 112.4 112.9 113.1 113.9 110.7 114.6 115.5 115.9 117.9 119.7 118.1 118.5 120.3 Lumber and products 1.73 106.1 101.9 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.1 110.4 110.3 107.7 Furniture and miscellaneous.., 3.05 124.5 125.3 125.5 124.6 125.0 123.6 124.8 125.8 129.3 129.3 752.0 752.7 757.9 750.7 Furniture and fixtures 1.54 126.8 128.2 129.3 128.6 129.2 126.6 128.3 129.3 132.8 133.2 135.8 135.8 136.3 134.9 Miscellaneous manufactures. 1.51 122.2 122.3 121.7 120.5 120.7 120.6 121.3 122.3 125.7 125.4 128.1 128.4 127.4 126.5 Nondurable manufactures Textiles, apparel\ and leather. 7.60 115.1 115.8 115.5 115.2 115.2 115.6 115.9 116.2 116.5 775.0 118.9 720.2 727.0 122.4 Textile mill products 2.90 115.2 114.6 112.7 112.7 113.4 112.6 114.3 115.9 116.3 116.7 117.6 119.1 120.0 120.6 Apparel products 3.59 118.9 121.4 122.3 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.2 126.9 126.5 129.2 Leather and products 1.11 102.3 100.8 100.7 99.4 96.4 98.7 98.8 95.4 97.5 99.2 98.9 101.3 106.1 Paper and printing 5.77 116.7 117.2 116.9 115.4 114.5 115.8 115.7 119.2 120.5 121.6 722.5 722.4 722.0 722.5 Paper and products 3.43 119.7 120.8 119.8 119.6 120.3 123.3 123.9 122.8 123.4 125.8 127.8 127.8 126.7 128.4 Printing and publishing. 4.74 114.6 114.6 114.8 112.3 110.2 110.5 109.7 116.5 118.4 118.6 118.4 118.5 118.6 117.9 Newspapers , 1.53 108.5 108.2 109.7 100.5 94.0 93.9 90.8 109.7 111.4 112.5 111.6 112.8 113.7 112.1 Chemicals, petroleum, and rubber. 11.54 131.2 134.1 133.6 134.2 134.2 135.3 138.2 139.7 141.3 141.3 143.3 144.4 144.8 146.3 Chemicals and products , 7.58 136.1 139.2 138.7 138.7 140.0 141.4 143.6 146.1 147.8 148.5 151.3 151.7 152.6 153.7 Industrial chemicals , 3.84 147.5 151.9 151.2 150.6 152.6 153.1 155.2 160.7 161.9 162.2 165.2 165.3 166.7 Petroleum products , 1.97 112.9 113.6 113.0 114.2 114.3 114.3 115.5 115.8 116.9 118.2 119.5 117.6 117.0 118.9 Rubber and plastics products. 1.99 130.6 135.1 134.5 136.8 131.4 132.8 140.3 138.8 140.7 137.0 136.5 143.1 142.5 Foods, beverages, and tobacco..... 11.07 113.4 113.6 114.2 114.5 115.0 115.0 115.6 114.7 116.4 775.7 775.9 777.5 776.5 777.7 Foods and beverages 10.25 113.5 114.0 114.2 114.8 115.2 115.0 115.7 114.8 116.2 116.3 116.8 117.5 116.5 117.7 Food manufactures 8.64 113.8 114.6 114.7 115.1 115.0 115.2 116.0 115.2 116.4 116.4 116.8 117.5 117.5 118.9 Beverages , 1.61 111.5 110.7 111.5 113.1 116.1 114.2 113.9 112.7 115.2 115.6 116.7 117.7 110.9 Tobacco products , .82 112.0 108.6 114.7 111.4 113.0 114.6 114.2 112.7 118.1 114.4 117.9 116.8 116.8 Mining Coal, oil, and gas 6.80 103.8 105.1 105.5 102.8 101.3 103.7 103.9 106.1 707.7 108.6 777.7 777.2 709.9 709.5 Coal 1.16 95.3 94.3 96.6 95.6 95. 96.1 93.9 100.8 104.5 107.1 107.1 108.0 106.2 104.1 Crude oil and natural gas 5.64 105.5 107.3 107.4 104.2 102.6 105.3 105.9 107.2 108.3 108.9 111.9 111.8 110.7 110.4 Oil and gas extraction 4.91 107.2 109.1 109.7 106.3 104.8 107.9 107.8 109.7 111.9 112.6 115.7 115.1 113.6 113.4 Crude oil 4.25 105.1 107.2 107.5 103.8 101.6 104.8 104.9 107.3 109.5 110.1 113.0 112.7 110.6 110.5 Gas and gas liquids .66 120.4 121.2 123.7 121.9 125.0 124.7 126.0 124.5 130.4 128.2 132.8 130.7 Oil and gas drilling .73 94. 95.4 91.5 90.5 87.6 87.4 93.5 90.3 84.0 84.5 86.4 89.5 Metal, stone, and earth minerals., 1.43 110.9 105.9 106.8 105.1 111.1 109.7 112.6 113.9 112.8 775.0 772.7 777.6 772.5 113.4 Metal mining .61 112.6 96.8 99.1 104.1 110.1 114.3 115.7 114.5 116.4 112.8 110.3 112.8 113.4 110.0 Stone and earth minerals .82 109.7 112.6 112.5 105.8 111.9 106.2 110.2 113.4 110.1 113.2 113.5 110.7 111.9 115.9 Utilities Electric 4.04 133.1 134.5 136.2 136.1 138.0 140.3 138.1 136.8 140.9 143.5 148.3 147.3 144.7 Gas 1.28 125.9 126.2 124.6 126.8 130.0 131.4 130.6 132.9 133.7 135.2 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

1708 INDUSTRIAL PRODUCTION: N.S.A. DECEMBER 1963 MARKET GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 Grouping p p o ro r- - avertion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.1" Oct. Total index. 100.00 118.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 130.0 Final products, total 47.35 119.7 125.4 122.1 119.5 120.0 122.4 123.7 122.1 123.0 127.1 121.7 123.8 130.0 737.9 Consumer goods 32.31 119.7 126.7 122.1 117.7 119.0 122.4 123.9 122.1 123.1 128. 121.3 124.3 131.7 134.2 Equipment, including defense 15.04 119.6 122.5 122.0 123.3 122. 122.6 123.1 122.1 122.8 124.8 122.6 122.6 126.3 127.0 Materials 52.65 117.0 120.0 119.2 115.2 115.9 118.7 121.5 124.0 126.9 128.6 119.4 123.9 126.7 128.2 Consumer Goods Automotive products 3.21 131.1 148.1 145.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134.9 75.5 127.4 160.7 Autos 1.82 135.9 160.6 159.4 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4 36.3 122.6 177.2 Auto parts and allied products.... 1.39 124.9 131.6 126.3 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1 127.1 133.7 138.9 Home goods and apparel 10.00 118.1 123.9 120.1 111.2 113.6 123.1 126.3 122.1 121.2 126.2 112.0 126.3 130.1 131.8 Home goods 4.59 122.2 131.1 128.3 123.2 118.0 126.6 128.6 126.0 128.0 132.4 116.8 126.8 141.0 140.1 Appliances, TV, and radios 1.81 118.2 128.1 124.8 115.6 108.3 127.3 129.6 123.6 127.3 133.5 104.0 113.6 140.2 136.0 Appliances 1.33 121.4 127.5 128. 124.8 112.6 133.5 138.2 129.7 135.1 141.7 111.7 114.4 144.2 136.2 TV and home radios .47 109.2 129.7 115.4 89.6 96. 109.9 105.5 106.3 105.4 110.2 82.4 111.4 128.8 135.5 Furniture and rugs 1.26 123.9 131.6 129.6 130.4 126. 126.0 127.1 125.7 124.8 130.3 125.8 134.9 137.8 138.9 Miscellaneous home goods 1.52 125.7 134.2 131.3 126.5 122.8 126.3 128.5 129. 131.3 132.9 124.6 135.9 144.7 146.1 Apparel, knit goods, and shoes.... 5.41 114.5 117.8 113.2 100.9 109.9 120.1 124.3 118.8 115.5 120.9 108.0 125.8 120.8 124.7 Consumer staples 19.10 118.7 124.6 119.3 116.7 117.9 118.3 119.2 7/7.5 120.3 124.5 123.9 757.5 133.3 757.7 Processed foods 8.43 113.7 126.0 117.5 110.7 107.5 106.7 108.9 107.5 110.5 115.1 116.5 126.5 133.8 130.6 Beverages and tobacco 2.43 111.7 115.2 106.5 97.4 101.2 104.2 110.3 115.6 125.7 132.0 120.8 126.4 116.6 Drugs, soap, and toiletries 2.97 129.9 135.0 132.0 131.6 133.1 134.8 136.3 137.8 138.8 142.8 137.0 145.7 146.0 147.0 Newspapers, magazines, and books. 1.47 116.7 118.1 116.4 115.8 113.9 114.4 116.5 117.8 118.7 117.5 116.5 120.2 121.2 119.7 Consumer fuel and lighting 3.67 126.1 121.5 122.2 131.5 141.9 142.2 135.5 126.2 124.7 129.3 135.3 139.2 137.7 Fuel oil and gasoline 1.20 111.9 110.1 111.5 116.6 117.9 120.4 115.4 109.4 111.7 117.6 118.1 119.9 118.4 117.7 Residential utilities 2.46 133.0 Electricity 1.72 136.3 128.1 130.1 145.1 164.7 162.0 152.1 135.9 130.6 135.8 147.3 154.5 151.9 Gas .74 125.6 Equipment Business equipment 77.55 722.7 725.5 124.3 725.7 725.7 725.5 727.5 126.4 725.5 729.5 725.5 727.0 131.0 131.4 Industrial equipment 6.85 117.2 119.7 118.8 120.6 119.0 118.7 119.3 119.2 121.0 123.9 122.4 124.5 126.7 125.9 Commercial equipment 2.42 143.1 146.2 146.1 146.7 145.4 143.5 142.5 140.6 141.7 142.6 139.6 141.8 143.7 144.1 Freight and passenger equipment. 1.76 117.2 124.3 122.0 122.6 123.7 128.4 134.0 132.3 130.3 133.2 131.5 126.4 135.6 139.2 Farm equipment .61 107.7 108.0 106.6 116.3 117.3 137.4 136.9 134.7 122.1 125.6 106.1 116.3 119.6 Defense equipment 5.47 Materials Durable goods materials. 26.73 114.1 775.5 775.5 772.5 772.5 114.6 775.5 722.0 725.5 729.2 775.7 775.7 724.0 125.4 Consumer durable 3.43 127.5 134.1 136.0 138.8 135.5 135.5 137.4 135.8 139.5 144.9 128.4 112.4 138.6 144.1 Equipment 7.84 118.9 120.2 121.7 122.7 123.5 123.5 124.4 123.7 125.4 127.0 122.2 123.0 126.3 127.3 Construction 9.17 110.4 116.8 111.1 102.5 100.2 102.0 106.9 113.9 120.2 125.4 121.2 126.4 125.9 125.1 Metal materials n.e.c 6.29 106.1 102.5 103. 98.9 103.2 110.5 117.8 124.2 130.0 128.8 105.3 105.6 110.5 113.1 Nondurable materials 25.9. 720.0 725.4 725.0 775.5 779.7 722.9 124.5 725.0 727.5 725.0 720.7 729.2 729.5 757.7 Business supplies 9.11 116.5 121.9 119.4 111.5 112.2 115. 118.6 122. 122. 122.8 112.2 123.5 125.0 127.5 Containers 3.03 117. 121.8 114.0 102.7 111.4 116.9 121.5 119.6 121.5 127.2 115.1 131.7 126.1 127.4 General business supplies... 6.07 116.3 121.9 122.2 115.9 112.6 114.2 117.1 123.4 123.4 120.7 110.8 119.4 124.5 127.6 Nondurable materials n.e.c.... 7.40 134.7 138.1 139. 133.7 137.3 142. 144.4 144.6 147.2 146.0 136.2 145.5 147.1 149.5 Business fuel and power 9.41 111.7 113.4 113.6 112.7 113.1 115.2 114.6 115.2 115.9 118.9 115.2 121.8 120.2 120.1 Mineral fuels 6.0 104.9 106.4 107.8 106.4 105.8 109.6 108.4 109.4 109.3 111.3 103.4 111.9 110.4 111.9 Nonresidential utilities 2.86 129.9 Electricity 2.3: 130.7 134.2 130.7 130.4 132.6 131.1 131.4 131.1 134.7 141.0 147.0 152.0 149.1 General industrial 1.03 122.8 127.0 123.9 122.0 124.3 122.5 124.9 128. 131.9 133.4 132.7 136.2 135.8 Commercial and other.. 1.21 139.9 143. 139.0 140.0 142.3 141.0 139.5 136. 139.8 150.7 162.7 169.4 164. Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods 7.80 125.9 138.1 135. 131.7 128.0 133.8 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 Apparel and staples 24.51 117.7 123.1 117.9 113. 116.1 118.7 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.7 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 INDUSTRIAL PRODUCTION: N.S.A. 1709 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1962 1962 1963 Grouping p p ti r o o o r n - - a a v g e e r- Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept. Oct. Total index. 100.00 118.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 130.0 Manufacturing, total.. 86.45 118.7 123.5 121.4 117.5 117.8 120.7 123.3 124.0 126.1 128.8 120.5 123 A 128.7 131.0 Durable 48.07 117.9 121.8 121.0 119.4 118.3 120.7 123.2 124.4 126.9 129.8 121.0 118.1 126.6 129.4 Nondurable 38.38 119.8 125.8 121.9 115.1 117.2 120.6 123.4 123.7 125.1 127.6 119.8 130.0 131.4 133.1 Mining 8.23 105.0 106.9 106.3 103.3 102.6 104.9 104.5 106.9 108.9 111.3 105.3 112.2 111.4 111.9 Utilities 5.32 131.3 Durable manufactures Primary and fabricated metals 12.32 110.0 109.2 109.0 106.2 108.4 112.6 118.1 122.5 127.0 128.2 112.1 113.5 117.4 775.5 Primary metals 6.95 104.6 99.9 101.7 97.3 102.6 110.1 118.8 125.7 130.7 129.6 104.1 102.6 106.4 109.2 Iron and steel 5.45 100.6 93.7 96.3 93.4 97.9 106.6 117.1 125.5 130.6 128.6 102.5 96.4 100.0 102.8 Nonferrous metals and products. 1.50 119.1 122.4 121.2 111.4 119.6 122.8 125.1 126.3 130.8 133.3 109.9 125.1 129.5 132.5 Fabricated metal products 5.37 117.1 121.3 118.6 117.8 116.0 115.8 117.2 118.4 122.3 126.4 122.5 127.5 131.7 130.1 Structural metal parts 2.86 113.2 117.9 116.0 114.8 112.4 111.5 112.2 113.8 119.1 123.0 121.7 125.1 127.4 127.1 Machinery and related products.... 27.98 122.1 127.0 127.1 127.7 125.9 127.6 128.2 127.3 128.4 131.9 124.8 117.0 129.8 754.7 Machinery 14.80 123.5 127.0 126.2 127.0 124.9 128.1 128.5 126.9 128.3 131.3 123.2 125.7 133.3 133.3 Nonelectrical machinery 8.43 119.7 120.7 120.5 122.5 122.2 125.3 126.1 125.3 126.4 129.0 123.6 123.3 128.5 128.8 Electrical machinery 6.37 128.5 135.3 133.7 132.9 128.5 132.0 131.6 129.0 130.9 134.3 122.6 128.8 139.7 139.3 Transportation equipment 10.19 118.3 126.3 127.2 127.6 126.2 126.0 127.4 127.7 127.5 132.2 124.9 100.1 123.5 135.2 Motor vehicles and parts 4.68 134.1 148.3 149.1 149.1 145.6 145.9 148.5 149.3 149.4 158.9 144.2 88.9 137.0 160.4 Aircraft and other equipment... 5.26 103.9 106.7 107.8 108.6 109.0 108.1 108.2 107.7 107.1 107.9 107.5 108.5 110.8 112.5 Instruments and related products.. 1.71 123.0 125.6 127.2 127.0 125.2 126.2 126.9 126.5 128.2 131.6 129.7 132.1 133.9 134.0 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 109.3 775.5 110.4 99.9 97.2 700.5 705.7 772.5 775.5 722.7 777.7 725.7 724.5 724.2 Clay, glass, and stone products. 2.99 111.1 119.1 114.0 102.9 99.7 99.1 105.4 115.5 122.2 126. 126.3 128.7 126.2 127.5 Lumber and products 1.73 106.1 112.1 104.1 94.6 93.0 102.8 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.5 Furniture and miscellaneous.. 3.05 724.5 752.7 729.5 725.5 720.9 727.5 725.5 722.5 725.2 725.7 725.7 754.5 137.1 757.9 Furniture and fixtures 1.54 126.8 133.3 131.4 131.2 126.9 126.3 126.8 126.2 127.6 132.5 132.0 139.2 140.4 140.3 Miscellaneous manufactures. 1.51 122.2 130.9 127.9 121.7 114.8 117.2 119.7 119.4 122.7 124.8 121.3 129.9 133.8 135.4 Nondurable manufactures Textiles, apparel, and leather 7.60 775.7 777.0 114.5 704.7 772.7 720.5 724.7 779.5 775.4 727.7 705.9 724.7 727.7 725.7 Textile mill products 2.90 115.2 115.7 115.0 108.2 112.3 116.0 120.0 115.3 121.0 121.4 105.8 120.3 120.0 119.4 Apparel products 3.59 118.9 122.6 119.2 105.7 116.4 129.4 134.8 129.9 123.8 128.6 113.3 132.0 127.1 133.1 Leather and products 1.11 102.3 102.3 98.2 92.2 97.8 105.5 104.2 95.4 93.9 100.6 89.4 108.7 104.7 Paper and printing 8.17 775.7 122.4 720.5 111.4 772.7 775.9 777.7 720.9 722.5 722.7 772.5 727.5 725.4 127.8 Paper and products 3.43 119.7 127.3 123.0 108.6 118.6 125.9 127.0 125.0 126.0 128.3 113.7 131.0 127.8 135.3 Printing and publishing., 4.74 114,6 118.9 119.2 113.4 107.5 108.7 111.0 117.9 119.6 117.6 111.8 115.2 120.3 122.4 Newspapers 1.53 108.5 117.7 120.7 100.0 86.6 90.3 92.6 116.4 118.8 113.1 97.1 102.1 114.5 122.0 Chemicals, petroleum, and rubber.. 11.54 131. 755.9 755.5 131.4 134.3 757.2 759.5 742.7 742.5 745.9 755.0 745.3 145.5 747.5 Chemicals and products 7.58 136.1 139.8 138.9 136.6 138.9 142.7 145.8 149.7 150.2 150.9 144.3 150.7 151.9 153.5 Industrial chemicals 3.84 147.5 151.9 153.6 150.6 152.6 156.5 159.4 162.Q 163.8 162.2 157.3 162.3 164.7 Petroleum products 1.97 112.9 114.2 111.3 112.5 112.6 112.6 111.5 112.3 115.1 121.7 123.1 123.5 121.7 Rubber and plastics products 1.99 130.6 142.7 135.3 130.6 138.1 140.5 144.8 143.1 139.3 139.1 117.0 134.5 144.4 Foods, beverages, and tobacco 77.07 113.4 725.7 775.5 705.7 705.5 705.7 709.5 709.4 774.0 775.5 777.2 725.2 729.7 128.2 Foods and beverages 10.25 113.5 124.2 115.4 109.5 106.2 106.1 109.4 109.2 113.4 118.4 118.2 126.2 130.5 128.3 Food manufactures 8.64 113.8 126.1 118.1 111.1 108.1 107.4 109.4 107.7 110.7 115.1 116.2 126.2 133.4 130.8 Beverages 1.61 111.5 113.6 101.2 100.9 95.8 99.2 109.2 117.2 127.4 136.4 129.2 126.5 114.8 Tobacco products .82 112.0 118.3 117.0 90.7 111.8 114.0 112.5 112.5 122.4 123.5 104.3 126.4 120.2 Mining Coal, oil, and gas 6.80 103.8 705.5 705.2 705.0 704.5 707.0 705.9 705.7 705.4 705.5 707.5 709.5 108.5 109.6 Coal 1.16 95.3 102.8 100.6 93.9 93.2 97.3 94.7 101.5 105.5 116.6 72.5 113.6 112.4 113.5 Crude oil and natural gas 5.64 105.5 105.8 107.4 107.3 106.6 109.0 108.2 107.8 106.6 106.8 107.9 109.0 107.8 108.8 Oil and gas extraction 4.91 107.2 107.3 109.5 109.3 108.7 112.5 111.6 111.3 110.1 110.0 110.7 111.4 109.9 111.6 Crude oil 4.25 105.1 105.6 106.7 105.8 104.7 108.7 108.3 109.1 108.4 108.4 108.7 109.5 107.6 108.8 Gas and gas liquids .66 120.4 118.3 127.5 132.0 134.5 133.3 132.6 125.4 124.3 120.4 123.6 123.8 Oil and gas drilling .73 94.2 95.9 93.3 93.2 92.0 85.4 85.1 84.1 82.4 85.3 88.6 92.8 Metal, stone, and earth minerals., 1.43 770.9 114.5 106.4 95.6 94.3 94.7 95.0 707.9 720.9 725.0 722.0 725.5 725.7 722.7 Metal mining .61 112.6 105.5 96.1 94.7 96.9 102.9 101.8 104.2 123.4 127.5 118.0 121.8 127.0 119.9 Stone and earth minerals .82 109.7 121.2 114.2 96.2 92.4 88.6 95.1 110.6 119.0 123.1 125.0 125.3 123.6 124.7 Utilities Electric 4.04 133.1 131.6 130.4 136.7 146.3 144.3 140.2 133.1 133.0 138.8 147.1 153.1 150.3 Gas 1.28 125.9 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and •faown 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

1710 BUSINESS ACTIVITY DECEMBER 1963 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n i u n - g2 Prices 3 Non ag- Major market groupings Con- ricul- Major industry stru- tural Freight Depart- Period 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 a t l e s - Mfg. igro M i u n i p g n in - gs U iti t e il s - t c r ti a o o c n n t - s T m p o e e l t m o n a y t l - — - i p m E lo e m n y - t - P ro a l y ls - l i o n a g d s - s s t a o le re s s C um on e - r W m c s o h o a d o m le i 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 67 83.0 83.5 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 , 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.2 121.5 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 92 9 106 1 84.5 115.0 78 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.5 111.6 93.6 116.6 80 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.2 101.8 85.4 104.6 80 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 88 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 99 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.1 105.1 97.9 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.9 106.7 95.3 106 103.1 100.7 1961. 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 103.1 95.9 105.4 91.2 109 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.3 120 106.2 99.2 113.7 92.4 114 105.4 100.6 1962 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 92.9 118 106.0 100.7 Dec 119.1 121.7 121.2 122.4 116.9 119.7 103.2 133.8 138 106.9 98.8 114.7 90.6 117 105.8 100.4 1963—Jan 119.2 122.3 121.8 122.0 116.8 119.8 103.0 135.9 121 107.1 98.9 115.2 89.9 113 106.0 100.5 Feb .. . 120.2 122.6 122.9 121.5 118.0 120.6 104.7 138.2 130 107.4 98.9 115.8 93.9 114 106.1 100.2 Mar 121.3 122.4 123.1 120.7 120.2 121.9 105.4 136.4 118 107.9 99.4 116.7 94.3 119 106.2 99.9 Apr 122.5 122.1 122.5 120.4 122.9 123.1 107.4 135.7 125 108.2 100.1 116.6 95.7 115 106.2 99.7 May 124.5 123.5 124.1 122.1 125.7 125.2 108.5 139.1 144 108.5 100.4 117.9 96.9 117 106.2 100.0 June 125.8 125.2 125.9 123.8 126.6 126.4 109.4 141.3 135 108.8 100.3 118.2 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 125.7 126.2 126.7 '125.3 125.1 125.9 111.3 144.6 132 109.1 99.8 117.0 90.9 126 107.1 100.4 Sept 125.8 r126.5 r126.6 126.2 125.0 126.1 110.4 142.8 128 109 3 100 1 120.3 91.2 121 107 1 100.3 Oct 126.6 127.9 127.9 127.8 125.6 127.1 110.0 143.5 146 109.6 100.4 120.0 92.7 113 107.2 100.5 Nov ^126.9^128.2*>128.1?128.4 *>125.9^127.4 ^108.5 H45.5 ^109.7 noo.o ni9.6 92.3 117 100.7 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 car loading s: 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 Oct. Nov. D Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction 37 135 41 475 188 198 ?,779 ?,917 4,851 4,407 4 17,5 4,061 ,707 4,313 By type of ownership: Public 12,547 n 599 1 003 099 1 190 93? 1 09? ,18? 1,168 1,567 1,384 1,319 1 1 154 1,321 Private 24,588 27,705 2,422 2,089 2,009 1,847 1,825 2,401 2,814 3,283 3,019 2,805 2,744 2,552 2,992 By type of construction: Residential 039 1,610 1,361 1,166 1,?50 1,?15 1,64? 1,986 2,061 1,966 1,934 1,883 1,789 Nonresidential 12 115 13'010 1 075 1 066 1016 005 1 146 1 1 452 1458 1 271 1 322 1 154 Public works and utilities 8,897 10,255 740 761 1,111 514 698 796 '787 1,337 978 920 857 764 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Corp. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 CONSTRUCTION 1711 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o rc m ia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other 1954 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955 44 164 32 440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 1959 l 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 1,581 8,267 1962 61,084 43,378 24.833 13,286 2,814 4,964 5,508 5,259 17,706 1,267 6,254 1,754 8,431 1962 Nov 62 610 44 059 25,432 13,424 2,820 4,967 5,637 5,203 18,551 1,003 6,922 1,755 8,871 Dec 61,823 44,134 25,654 13,424 2,788 4,979 5,657 5,056 17,689 1,324 6,343 1,738 8,284 1963—Jan 62,866 43,434 24,830 13,480 2,773 5,086 5,621 5,124 19,432 1,736 7,483 1,758 8,455 Feb 60,163 42,313 23,878 13,303 2,716 4,999 5,588 5,132 17,850 1,494 6,181 1,768 8,407 Mar 61,018 42,483 23,978 13,323 2,722 4,982 5,619 5,182 18,535 1,312 6,948 1,804 8,471 Apr 60,626 43,818 25,247 13,301 2,815 4,846 5,640 5,270 16,808 1,204 5,254 1,860 8,490 May. .. 62,451 45,170 26,689 13,092 2,837 4,630 5,625 5,389 17,281 1,277 5,586 1,924 8,494 June 64,928 46.060 27,632 12,998 2,833 4,566 5,599 5,430 18,868 1,400 6,661 1,957 8,850 July 64 535 46 271 27 423 13 356 2 948 4 792 5 616 5 492 18 264 6 315 2 000 Aus 66,657 47,486 27,800 14,093 3,056 5,233 5,804 5,593 19,171 7,038 2,028 Sept 64,228 44,827 25,919 13,536 3,395 5,561 4,580 5,372 19,401 6,550 2,109 Oct vl 65,782 45,511 26,630 13,527 3,461 5,412 4,654 5,354 20,271 7,442 2,128 Nov v 2 65,534 46,184 27,350 13,471 3,538 5,367 4,566 5,363 19,350 2 171 1 Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data befor* 2 Figures reflect revisions not yet available for earlier periods. 1959 are joint estimates of the Depts. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area * By type of ownership Government- (priva o t e A only) underwritten Period Total Non- Private Total N fa o rm n- M po e li t t r a o n - p m o e l t it r a o n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1954 1.220 897 324 1.202 1 077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 1,517 1,234 56 227 37 4^8 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961.. 1,365 948 417 1.313 975 44 295 52 328 244 83 1962 .492 1,054 439 1^463 992 49 422 30 339 261 78 1962—Oct 1,537 1,491 138 95 43 135 92 4 39 3 30 23 7 Nov 1,579 1,564 123 84 39 121 79 4 39 2 25 19 6 Dec 1.562 1,541 95 63 27 94 56 4 34 1 20 16 5 1963 Tan . . 1,344 1,317 83 62 22 81 47 3 31 3 18 14 4 Feb 1,380 1,353 no 65 23 87 52 4 31 1 17 13 4 Mar 1,575 1,549 128 89 39 124 81 4 40 4 22 17 5 Apr ,618 1,590 160 112 49 158 106 6 47 2 29 22 7 May ,618 1,590 170 116 53 166 107 6 54 3 30 22 7 June ,571 [,554 157 109 48 153 100 5 49 4 27 20 7 July ,588 1,573 r152 105 47 r150 98 47 2 29 21 8 Aug [,455 1,434 148 100 48 144 96 5 ^ 44 4 25 19 7 Sept V1,730 1 695 147 105 43 P145 47 P2 25 19 Oct V .876 .835 168 118 *0 P\66 P2 27 21 6 1 Beginning with 1959, based on revised definition of metropolitan areas. Statistics, for which annual totals are given including overlap for 1959. Data from Federal Housing Administration and Veterans Administratioa 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

1712 EMPLOYMENT DECEMBER 1963 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i p T n o s o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total I E n m n p o lo n y a e g d ri - 1 In p U l n o e y m ed - l N ab o o t r i n f o t r h c e e (pe r m S r a . e t A c e n e . 2 t 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—Nov 130,910 74,532 71,782 67,981 63,098 4,883 3,801 56,378 5.8 Dec 131,096 74,142 71,378 67,561 63,495 4,066 3,817 56,954 5.5 1963—Jan 131,253 73,323 70,607 65,935 61,730 4,206 4,672 57,930 5.8 Feb 131,414 73,999 71,275 66,358 62,309 4,049 4,918 57,414 6.1 Mar 131,590 74,382 71,650 67,148 62,812 4,337 4,501 57,208 5.6 Apr 131,740 74,897 72,161 68,097 63,424 4,673 4,063 56,843 5.7 May 131,865 75,864 73,127 69,061 63,883 5,178 4,066 56,001 5.9 June 132,036 77,901 75,165 70,319 64,365 5,954 4,846 54,135 5.7 July 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 132,345 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 Nov 132,853 76,000 73,261 69,325 64,548 4,777 3,936 56,852 5.9 * 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 r n a u c c t - T ti l o i r c a n n u s & t p il o it p r i u e ta s b - - 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 4957 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 4959l 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 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 5 5 7 7 , , 3 3 4 4 4 0 1 1 7 7 , , 0 1 3 0 3 3 6 63 4 5 0 3 3 , , 0 0 8 6 3 9 3 3 , , 9 9 4 3 1 6 1 11 1 , , 9 8 0 8 7 4 2 2 , , 8 8 7 7 3 0 8 8 , , 3 3 4 7 9 3 9 9 . , 4 4 9 8 9 9 Sept 57,453 17,076 632 3,071 3,950 11,922 2,873 8,377 9,552 Octv 57,622 17,110 630 3,061 3,934 11,937 2,887 8,430 9,633 Nov P 57,663 17,072 627 3,064 3,928 11,951 2,890 8,454 9,677 NOT SEASONALLY ADJUSrED 1962 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 Aug 57,651 17,199 646 3,437 3,976 11,878 2,919 8,457 9.139 Sept 58,211 17,398 641 3,378 3,982 11,942 2,887 8,436 9,547 Octp 58,402 17,360 638 3,327 3,965 12,016 2,884 8,472 9,740 NOV.P 58,304 17,241 631 3,183 3,944 12,176 2,881 8,437 9,811 i Data include 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 arc excluded. lime employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 EMPLOYMENT AND EARNINGS 1713 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1962 1963 1962 1963 Nov. Sept. Oct.* Nov.* Nov. Sept. Oct.* Nov.* Total 12,452 12,611 12,646 12,600 12,613 12,923 12,892 12,764 Durable goods 6,932 7,097 7,108 7,095 7,026 7,193 7,203 7,193 Ordnance and accessories 122 119 120 118 123 119 120 120 Lumber and wood products 527 525 526 535 529 551 543 537 Furniture and fixtures 320 326 325 326 326 333 334 333 Stone, clay, and glass products 480 490 491 495 486 510 504 501 Primary metal industries 897 939 930 936 893 942 928 932 Fabricated metal products 859 895 895 895 874 909 913 911 Machinery except electrical 1,054 1,061 1,074 1,074 1,039 1,055 1,057 1,059 Electrical machinery 1,062 1,049 1,051 1,046 1,087 1,067 1,074 1,070 Transportation equipment 1,066 1,136 1,141 1,114 1,105 1,125 1,147 1,155 Instruments and related products 230 237 237 237 234 240 240 240 Miscellaneous manufacturing industries. 315 320 318 319 331 341 343 336 Nondurable goods 5,520 5,514 5,538 5,505 5,587 5,730 5,689 5,571 Food and kindred products 1,162 1,143 1,159 1,144 1,182 1,285 1,248 1,165 Tobacco manufactures 80 73 76 81 85 95 93 86 Textile-mill products 804 793 795 794 810 803 804 800 Apparel and other finished textiles 1,125 1,159 1,164 1,142 1,141 1,180 1,180 1,159 Paper and allied products 484 488 488 488 489 495 493 492 Printing, publishing and allied industries 594 593 591 590 602 597 599 598 Chemicals and allied products 518 526 527 526 516 527 526 524 Products of petroleum and coal 121 120 120 120 120 121 120 119 Rubber products 316 309 308 312 323 315 317 319 Leather and leather products 316 310 310 308 318 311 309 310 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 Nov. Sept. Oct.* Nov.* Nov. Sept. Oct.* Nov.* Nov. Sept. Oct.* Nov.* Total 40.4 40.7 40.6 40.6 97.36 100.53 100.53 101.09 2.41 2.47 2.47 2.49 Durable goods 40.9 41.3 41.2 41.2 105.78 109.45 109.71 109.86 2.58 2.65 2.65 2.66 Ordnance and accessories 41.1 41.4 41.2 40.6 117.71 121.01 121.13 119.95 2.85 2.93 2.94 2.94 Lumber and wood products 39.9 40.2 40.4 40.7 79.00 86.50 85.89 84.23 2.00 2.12 2.10 2.09 Furniture and fixtures 40.6 40.7 40.7 41.1 80.16 84.03 84.03 83.63 1.96 2.02 2.02 2.02 Stone, clay, and glass products 41.0 41.3 41.6 41.3 100.53 104.50 105.67 103.75 2.44 2.50 2.51 2.50 Primary metal industries 40.0 40.7 40.7 40.7 117.91 123.73 122.72 122.82 2.97 3.04 3.03 3.04 Fabricated metal products 41.1 41.4 41.6 41.6 105.22 110.20 109.93 109.82 2.56 2.63 2.63 2.64 Machinery except electrical 41.6 42.1 41.9 42.1 112.75 117.32 117.04 117.46 2.73 2.80 2.80 2.81 Electrical machinery 40.4 40.3 40.3 40.5 98.66 100.53 100.28 100.94 2.43 2.47 2.47 2.48 Transportation equipment 42.3 42.0 42.3 42.4 128.27 127.80 131.09 133.30 2.99 3.05 3.07 3.10 Instruments and related products....... 40.9 41.1 41.0 40.7 101.35 102.75 103.16 102.91 2.46 2.50 2.51 2.51 Miscellaneous manufacturing industries.. 39.2 39.8 39.7 39.4 78.41 80.60 81.40 80.79 1.98 2.02 2.03 2.03 Nondurable goods 39.5 39.7 39.8 39.6 86.33 89.38 88.98 89.33 2.18 2.24 2.23 2.25 Food and kindred products 41.0 40.9 41.0 40.9 92.89 95.68 94.35 95.94 2.26 2.30 2.29 2.34 Tobacco manufactures 39.2 37.2 37.5 39.2 72.35 71.46 71.16 74.30 1.86 1.80 1.82 1.91 Textile-mill products 40.0 40.7 40.9 40.9 68.45 69.83 70.86 72.45 1.69 1.72 1.72 1.75 Apparel and other finished textiles 36.1 36.6 36.4 35.7 61.18 64.25 64.25 62.65 1.69 1.77 1.77 1.75 Paper and allied products 42.5 42.8 43.0 42.8 103.28 108.43 108.00 107.00 2.43 2.51 2.50 2.50 Printing, publishing and allied industries. 38.1 38.4 38.4 38.1 108.49 112.71 111.74 110.78 2.84 2.92 2.91 2.90 Chemicals and allied products 41.4 41.5 41.6 41.6 110.95 114.13 114.13 113.98 2.68 2.75 2.75 2.74 Products of petroleum and coal 41.6 41.5 41.4 41.5 127.71 134.20 131.56 132.39 3.07 3.18 3.17 3.19 Rubber products 40.8 41.2 41.0 40.9 100.61 102.67 101.93 102.91 2.46 2.48 2.48 2.51 Leather and leather products 37.0 38.3 38.9 38.6 64.03 67.13 67.66 68.74 1.74 1.79 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

1714 DEPARTMENT STORES DECEMBER 1963 SALES AND STOCKS, BY DISTRICT (1957-59- 100) Federal Reserve district United Period States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - 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 114 114 116 110 113 113 118 110 109 109 114 108 123 SEASONALLY ADJUSTED 1962—Oct 110 112 r108 110 107 112 107 104 r106 108 100 121 Nov 118 120 121 111 116 119 125 113 111 111 117 109 128 Dec 117 116 118 112 114 113 122 114 115 110 117 111 127 1963—Jan 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 117 118 119 111 113 116 123 111 111 110 118 110 129 120 119 120 112 118 120 130 119 117 116 120 115 127 July 120 121 123 115 116 118 124 116 113 114 120 113 128 Aug 126 129 129 116 125 126 130 126 115 125 122 112 132 Sept 121 123 128 120 119 124 130 118 112 116 111 125 Oct 112 113 104 112 120 ^102 110 102 NOT SEASONALLY ADJUSTED 1962—Oct 113 115 120 112 109 115 113 111 '109 111 111 102 r118 Nov 141 147 152 145 141 142 139 136 133 130 133 126 145 Dec 212 225 216 202 211 210 219 201 201 197 203 193 232 1963 Jan 86 87 90 75 83 82 94 79 79 76 82 83 97 Feb 85 79 88 78 79 79 92 79 78 80 84 80 101 Mar 101 95 101 98 97 102 116 97 97 96 101 98 105 Apr 112 112 111 104 111 112 121 109 107 105 114 108 116 May 112 114 114 108 109 111 116 110 110 105 114 106 118 114 113 116 104 109 110 117 115 109 113 114 103 121 July 100 91 94 87 98 99 111 96 95 91 108 103 117 Aug '114 106 103 96 113 M12 120 113 109 121 122 113 127 Sept 121 124 128 119 119 124 122 119 112 119 117 107 124 Oct 115 120 108 110 120 P113 114 104 P\24 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 110 111 109 105 112 110 108 109 111 108 111 103 115 1962 117 116 115 112 116 118 118 119 117 113 113 112 125 SEASONALLY ADJUSTED 1962—Oct 120 116 118 M13 118 119 ••124 124 117 115 111 113 129 Nov 118 116 119 112 117 121 123 122 119 113 108 112 118 Dec 117 118 120 112 118 122 130 121 121 111 111 111 108 1963—Jan 120 119 116 113 125 121 129 120 117 111 111 113 128 Feb 119 119 116 109 121 119 126 119 120 112 114 113 127 Mar 120 119 115 108 119 119 123 121 118 113 117 113 129 Apr 120 120 118 110 122 121 122 119 121 114 118 114 128 May 121 120 119 109 120 117 125 124 119 115 120 118 132 June 121 118 118 109 119 118 127 126 122 115 118 118 129 July 123 121 119 112 125 119 128 126 122 115 121 120 131 Aug 122 119 118 113 127 118 124 125 120 115 117 130 Sept 124 119 120 126 118 126 129 121 122 120 115 133 Oct ^128 123 124 116 129 124 ^130 132 122 P\24 ^139 NOT SEASONALLY ADJUSTED 1962—Oct 135 134 134 131 135 r134 r139 135 133 130 123 127 143 Nov 135 137 138 132 138 138 144 136 135 131 126 128 129 Dec 110 110 112 102 109 112 115 108 108 104 103 103 118 1963—Jan 107 104 105 99 106 106 116 108 104 99 101 99 115 Feb 112 109 109 102 112 109 123 110 111 106 108 106 120 Mar 120 118 117 109 119 120 126 121 119 112 117 114 130 Apr 123 121 121 114 123 124 125 125 124 114 121 117 129 May 122 121 120 112 121 119 124 127 119 113 118 116 130 116 112 111 103 121 111 118 122 115 107 113 111 125 July 117 111 107 102 119 112 118 123 117 112 115 115 127 Aug 122 118 115 109 125 119 124 124 121 116 118 119 131 Sept 131 129 126 r121 135 127 133 137 129 129 125 122 139 Oct P\44 143 141 134 148 140 ^145 144 139 2*139 ^135 NOTE.—Based on retail figures; sales are average per trading day; For description of series and for back data beginning with 1947, see stocks are as of end of month or averages of monthly data. July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 DEPARTMENT STORES 1715 DEPARTMENT STORE MERCHANDISING DATA Amounts (millions of dollars) Ratios to sales Period Out- Out- Stocks Sales Stocks st i a n n g d- ce R i e p - ts o N rd e e w rs Stocks st i a n n g d- o p u lu ts s . ce R i e p - ts orders orders orders 1953., 406 1,163 421 408 401 3.0 1.1 4.1 1954. 409 [,140 388 410 412 3.0 1.0 4.0 1955. 437 1,195 446 444 449 2.9 1.1 4.0 1956. 454 1,286 470 459 458 3.0 .1 4.1 1957. 459 1,338 461 461 458 3.1 4.1 1958. 462 1,323 437 462 464 3.0 !o 4.1 1959. 488 1,391 510 495 498 3.0 [.i 4.1 1960. 494 1,474 518 496 493 3.1 i.i 4.3 1961. 506 1,485 529 512 517 3.1 .i 4.2 1962. 526 1,593 571 535 533 3.2 1.2 4.4 1962—Oct... 556 r1,834 r662 '688 '640 3.3 1.2 4.5 Nov.. 657 1,892 549 704 587 2.9 .8 3.7 Dec... 998 1,505 385 611 447 1.5 .4 1.9 1963—Jan... 407 1,466 498 368 481 3.6 1.2 4.8 Feb... 366 1,508 555 408 465 4.1 1.5 5.6 Mar.. 467 1,616 507 575 527 3.5 l.l 4.5 Apr.., 512 1,653 459 549 501 3.2 .9 4.1 May., 512 1,632 509 491 541 3.2 .0 4.2 June.. 482 1,540 710 390 591 3.2 1.5 4.7 July.. 435 1,553 769 448 507 3.6 .8 5.3 Aug.. 519 1,627 722 593 546 3.1 .4 4.5 Sept.. 509 1,768 739 650 667 3.5 .5 4.9 556 1,929 684 717 662 3.5 .2 4.7 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

1716 PRICES DECEMBER 1963 CONSUMER PRICES (1957-59= 100) Housing Read- Other Period it A em ll s Food Total Rent t e r G a i l c n e a i c d t s - y p S l f a e e u o n u t e l r d m l i o s d - H n i f n o i u s g u r h - s s - e H o h t p o i o e o u l r n d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 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 A 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—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 98.6 109.7 103.6 107.0 115.8 107.3 110.1 105.7 106.2 104.3 105.8 106.5 107.5 104.2 98.5 109.9 103.8 107.0 116.1 107.6 111.0 105.8 May . .... 106.2 104.2 105.7 106.6 107.4 102.4 98.4 110.0 103.7 107.4 116.4 107.8 110.7 106.0 June 106.6 105.0 105.9 106.7 108.1 102.1 98.5 110.2 103.9 107.4 116.8 107.8 110.9 107.6 July 107.1 106.2 106.0 106.7 108.1 102.3 98.5 110.3 103.9 107.8 116.9 108.0 111.5 108.0 Aue 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 Oct 107.2 104.9 106.3 107.1 108.1 104.5 98.7 110.5 105.4 109.0 117.4 108.4 112.7 108.2 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical worker families. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Farm Proccom- prod- essed Non- Period modi- ucts foods Tex- Chem- Rub Lum- Ma- Furni- me- Misties Total tiles, Hides, Fuel icals, ber, ber, Paper,Metals chin- ture, tallic To- cellaetc. etc. etc. etc. etc. etc. etc. ery etc. min- bacco neous erals 1954 92.q 104.4 97 6 qo 4 100.6 89.9 94.6 97.3 87.6 97.6 88 8 84.3 83.? 93.9 88.8 93.8 110 s 1955. 93.2 97.9 q4 3 q? 4 100.7 89.5 94.5 96.q 99. 102.3 91 1 90.0 85 8 94 3 91 3 94 6 99 1 1956. 96.9 96.6 q4 3 96 5 100.7 94.8 97.4 97.5 100.6 103 8 97 97.8 92. 1 96.9 95 95. 1 98 1 1957. 99.0 99. q7 q 99 7 100 8 94.9 10? 7 qq 6 100 98 5 qq 0 99.7 97 7 99 4 98 9 98 0 96 6 1958. 100.4 103.6 10? 9 99 5 98.q 96.0 98.7 100.4 100.1 97.4 100 1 99.1 100.1 100.7 99 9 99 7 101 S 1959. 100.6 97. qq 101 3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102. 100.4 101. 102. 101 9 1960. 100.7 96.9 100 0 101 101.5 105.2 99.6 100. 99.9 100 4 101 8 101.3 10? 4 100 1 101 4 10? 99.3 1961. 100.3 96.0 100 7 100 8 99 7 106.2 100.7 99. 96. 1 95 9 98 8 100.7 10? 3 99 5 101 8 103 9 103 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- Oct 100.6 98.7 101 100.7 100. 107.4 100.8 97.1 93 1 96 6 99.3 99.4 102.4 98. 101 6 104. 108.7 Nov 100.7 99.3 101*3 1007 100.5 107.3 100.7 97.0 93 7 96 3 qq 1 99.3 102. 98.6 101 6 104. 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 10? 3 98 4 101 104.3 110 1963—Tan 100. 98.5 100.8 100 7 100.4 106.0 100.4 96.9 94 3 95 9 99 0 99.5 10? 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 qq 0 1006 100. 105.1 100.8 96.8 94 96 5 qq 0 99.4 102.0 98. 101 5 104.3 110 8 Apr 99.7 95.4 99 3 100 4 100. 104.5 100. 96.3 94 97 0 99 0 99.4 101.9 98 1 101 5 104 4 108.0 100.0 94 4 101 7 100 5 100 9 104.8 100 4 96 4 93 9 97 99 1 99.9 10? 0 98 0 101 3 105 107 6 June 100.3 94.9 10? 4 100 7 100.3 104.5 100 q 96.3 93 1 98 3 99 4 100.0 102.0 98. 1 101 105.8 108 1 July 100.6 96.8 10? 100 8 100.4 104.3 100 4 96.0 93 0 101 6 99 0 100.0 10? 1 98 0 100 9 107 110 4 A Se U p E t 1 1 0 0 0 0. 4 3 r9 9 5 6 . 3 1 1 0 0 0 0 q q r1 1 0 00 0 7 8 1 1 0 0 0 0. 4 1 1 0 0 3 3. . 1 6 9 9 8 9 q 0 9 9 6 6 . . 0 0 9 9 3 3 4 7 1 r9 0 9 2 9 6 rq 9 q 9 1 1 1 0 0 0 0 . . 3 1 1 10 0 ? 2.1 9 98 8. 1 1 10 0 1 1,0 1 M 1 0 0 7 7.< ^ ; 1 1 1 1 1 1 8 1 Oct 100.5 95 1 102.2 100.9 100 7 103.4 98 7 96. 1 94 2 99 2 99.4 100.9 102.3 98. 1 101 4 107.4 111.3 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 PRICES 1717 WHOLESALE PRICES: DETAIL (1957-59= 100) 1962 1963 1962 1963 Group Group Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 97.5 92.5 88.0 89.2 Woodpulp 91.3 91.7 91.7 95.0 Grains 98.5 98.5 102.9 101.8 Wastepaper 96.1 91.2 90.9 90.7 Livestock and poultry 98.6 93.5 88.6 88.0 Paper 102.3 102.2 102.2 102.6 Plant and animal fibers 97.5 99.6 99.4 99.4 Paperboard 94.0 94.1 94.1 96.6 Fluid milk 102.5 100.6 '101.8 102.4 Converted paper and paperboard... 100.0 99.8 '99.8 99.4 Eggs 103.1 96.0 107.8 97.9 Building paper and board 96.3 97.5 97.6 96.9 Hay and seeds 103.1 111.3 110.5 114.1 Other farm products 89.7 88.4 '89.0 90.4 Metals and Metal Products: Processed Foods: Iron and steel 98.7 99.0 99.1 99.9 Nonferrous metals 97.9 99.4 99.6 100.0 Cereal and bakery products 107.6 106.0 107.0 107.7 Metal containers 103.7 105.0 104.7 104.6 Meat, poultry, and fish 100.0 95.2 94.2 93.1 Hardware , 103.7 104.1 104.2 104.3 Dairy products and ice cream 107.7 107.9 108.0 107.4 Plumbing equipment 97.2 100.6 100.6 100.6 Canned and frozen fruits, and veg- Heating equipment 92.7 93.1 '93.1 93.1 etables 96.4 104.8 105.3 106.0 Fabricated structural metal products 98.2 98.4 '98.7 98.7 Sugar and confectionery 103.0 111.2 112.5 125.4 Fabricated nonstructural metal prod- Packaged beverage materials 79.1 80.9 80.9 81.8 ucts , 103.8 105.0 105.0 107.0 Animal fats and oils 95.2 84.3 84.1 89.7 Crude vegetable oils 80.9 77.4 78.6 84.8 Machinery and Motive Products: Refined vegetable oils 86.2 79.6 80.8 82.3 Vegetable oil and products 90.9 86.1 '86.2 86.0 Agricultural machinery and equip 109.6 110.9 110.9 111.8 Miscellaneous processed foods 104.6 106.5 106.5 108.7 Construction machinery and equip..., 108.0 110.0 110.1 110.3 Metal working machinery and equip.., 109.3 110.2 110.2 110.3 Textile Products and Apparel: General purpose machinery and equipment 103.7 103.9 104.3 104.3 Cotton products 101.0 99.7 '"99.9 100.2 Miscellaneous machinery 103.3 103.4 '103.5 103.6 Wool products 99.6 100.6 100.6 100.6 Special industry machinery and Man-made fiber textile products 93.6 93.9 94.0 94.2 equipment (Jan. 1961= 100) , 102.2 104.2 '104.6 104.7 Silk products 129.5 136.6 130.1 126.1 Electrical machinery and equip 98.4 97.2 '97.2 97.2 Apparel 101.7 102.2 102.3 102.4 Motor vehicles 100.7 99.5 99.5 99.7 Other textile products 121.6 116.5 116.9 116.8 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.5 100.5 100.5 100.5 Hides, Skins, Leather, and Products: Hides and skins 108.8 80.5 77.3 80.5 Furniture and Other Household Dura- Leather 106.5 100.1 99.5 99.5 bles: Footwear 108.4 108.4 108.4 108.4 Other leather products 104.8 103.5 103.4 103.3 Household furniture 104.0 104.6 104.8 104.8 Commercial furniture 102.5 103.0 103.0 103.1 Fuels and Related Products, and Power Floor coverings 96.8 96.6 '96.8 97.4 Household appliances 93.0 91.7 91.4 91.3 Coal 97.2 96.2 97.2 97.8 Television, radios, and phonographs. 90.7 87.7 87.8 87.8 Coke 103.6 103.6 103.6 103.6 Other household durable goods 102.9 103.3 103.5 103.4 Gas fuels (Jan. 1958= 100) 122.7 120.9 "121.7 121.2 Electric power (Jan. 1958= 100) 102.7 101.9 101.8 101.4 Petroleum products, refined 98.9 96.1 95.9 95.6 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 98.9 100.0 102.3 Concrete ingredients 103.3 103.0 103.0 103.0 Industrial chemicals 96.1 94.6 94.5 94.2 Concrete products 102.7 101.2 101.3 101.4 Prepared paint 103.8 103.9 103.9 103.9 Structural clay products 103.4 103.6 103.4 103.4 Paint materials 93.9 89.0 89.2 90.8 Gypsum products 105.0 105.8 106.1 106.1 Drugs and Pharmaceuticals 95.1 95.0 94.9 94.9 Prepared asphalt roofing 89.4 88.2 88.2 87.4 Fats and oils, inedible 76.7 81.7 81.3 88.6 Other nonmetallic minerals 102.2 100.7 100.9 101.4 Mixed fertilizers 103.4 103.6 103.8 103.8 Fertilizer materials 99.0 96.9 97.2 97.1 Tobacco Products and Bottled Bever- Other chemicals and products 99.5 98.9 98.9 98.9 ages: Rubber and Products: Tobacco products 102.2 105.7 105.7 105.7 Alcoholic beverages 101.5 101.0 101.0 100.9 Crude rubber 92.7 90.7 91.5 Nonalcoholic beverages 117.4 127.7 127.7 127.7 Tires and tubes 86.4 91.2 91.7 91.7 Miscellaneous rubber products 100.0 97.5 97.2 97.9 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. .. 101.2 101.2 '101.1 101.1 Manufactured animal feeds 112.8 117.7 119.0 118.1 Lumber 96.7 102.7 r100.7 99.3 Notions and accessories 98.7 98.7 99.1 99.1 Millwork 102.3 104.9 105.6 106.2 Jewelry, watches, photo equipment.. 104.4 103.5 '103.4 103.5 Plywood 91.9 104.1 '92.6 92.4 Other miscellaneous products 101.6 101.1 101.1 101.2 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1718 NATIONAL PRODUCT AND INCOME DECEMBER 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 n III Gross national Product 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 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 Durable goods . 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 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 New construction.... . . . 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, nonfann 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.A 17.9 19.7 20.5 21.2 21.7 21.2 21.0 21.0 22.0 Producers' durable equipment .. . 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 .8 .2 1.1 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. d 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 National defense S 13.8 14.3 44.8 46.2 45.7 49.0 53.3 53.5 54.3 56.4 56.7 56.7 Other \} iK 3i 2.0 1 3.2 5.2 8.3 7.9 8.0 8.9 10.0 9.7 10.4 10.1 10.6 10.8 .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 m IV I II III 87.8 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 455.5 462.2 466.7 474.6 482.0 Comoensation of emolovees 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 Private 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 Sunnletnentx to wanes and salaries .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 adjustment 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 52.2 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 52.2 Profits tax liability 1.4 .5 7.6 17.9 18.6 I'i.l 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 27.5 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 Undistributed orofits 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 9.8 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 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 NATIONAL PRODUCT AND INCOME 1719 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 in rv II III Gross national product. 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 Less: Capital consumption allowances 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 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 — .8 7 -1 1 .5 .8 -3 2 . . 0 1 -3 2 . . 0 2 -1 2 . . 9 3 -1 2 . . 8 3 -2 2 . . 6 3 -1 2 . . 9 3 -2 2 . . 3 3 -4 2 . . 2 3 -4 2 . . 4 3 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 1.1 .4 .5 1.7 1.7 1,4 1.6 .7 .4 .5 Equals: National income 87.8 40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 455.5 462.2 466.7 474.6 482.0 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.2 47.2 44.5 43.8 47.0 46.1 49.3 48.8 50.1 52.2 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 Plus: Government transfer payments .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. 7.1 7.8 7.7 8.0 8.1 8.2 8.3 8.4 8.5 Dividends 5.8 2.1 4 9. 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 .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 96.3 228.5 360.3 383.9 401.3 444.5 449.9 453.9 459.9 465.2 417.4 442.1 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.8 42.3 46.8 51.4 55.7 58.5 59.4 59.9 60.8 52.9 57.7 Federal 1.3 2.0 18. 36.6 40.4 44.0 49.0 49.4 49.7 50.0 50.4 51.1 State and local. 1.4 i!o 1.3 2.6 6.4 7.3 45.1 8.7 8.7 8.8 9.4 9.6 5. 9.7 Equals: Disposable personal income 83.1 45.7 93.0 207. 337.1 349.9 7.8 384.4 386.5 391.4 394.5 400.0 317.9 404.4 Less: Personal consumption expenditures... 79.0 46.4 81.9 195.0 313.5 328. 364.4 355.4 356.7 362.9 367.4 370.4 293.2 374.9 Eqoals: Personal saving 4.2 -.6 11.1 12.6 23.6 21.7 336.8 29.1 29.7 28.5 27.1 29.6 24.7 29.5 Disposable personal income in constant (1954) 27.6 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 Item 1961 1962 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.33 Total personal income. 417.4 442.1 447.7 449.9 452.1 M54.0 452.9 454.8 457.4 460.1 462.6 464.2 465.1 467.3 470.3 Wage and salary disbursements....... 278.8 297.1 300.1 301.5 302.9 302.8 304.7 306.1 308.7 311.2 312.9 314.1 314.4 316.2 318.1 Commodity-producing industries... 110.8 118.5 119.4 119.9 119.6 119.5 120.1 120.9 122.5 123.8 124.7 125.1 124.7 125.5 125.9 Manufacturing only 87.5 94.2 94.6 95.0 94.9 94.7 95.5 96.3 97.2 98.4 99.0 99.2 98.7 99.6 100.0 Distributive industries 72.9 76.6 77.4 77.5 78.4 77.9 78.6 78.7 79.2 79.7 19,8 80.1 80.2 80.7 80.8 Service industries 43.4 46.4 47.1 47.3 47.7 47.8 48.3 48.5 48.7 49.1 49 A 49.8 50.0 50.2 50.4 Government 51.8 55.6 56.3 56.9 57.3 57.6 57.8 58.0 58.3 58.6 58.9 59.2 59.5 59.8 61.0 Other labor income. 11.4 12.1 12.3 12.3 12.4 12.3 12.5 12.5 12.5 12.6 12.6 12.7 12.7 12.7 12.8 Proprietors1 income 48.1 49.8 50.1 50.4 50.5 50.7 50.7 50.5 50.1 50.0 50.0 50.4 50.6 50.6 50.8 Business and professional......... 35.3 36.5 36.8 37.0 37.0 31.1 37.2 37.2 37.3 37.4 37.6 31.1 37.9 37.9 38.1 Farm 12.8 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 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 12.1 12.1 12.1 12.2 Dividends 15.3 16.6* 16 8 16.9 17.7 17.0 17.2 17.2 17.3 17.3 18.2 17.5 17.6 17.8 18.0 Personal interest income. 27.7 30.0! 30.9 31.1 31.3 31.5 31.7 31.8 31.9 32.1 32.3 32.6 32. 33.0 33.2 Transfer payments 33.6 34.8 35.8 36.0 35.7 139.1 35.7 36.2 36.4 36.6 36.4 36.5 36.7 36. 37.2 Less: Personal contributions for social insurance 9.5 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 12.0 Nonagricnltural income. 400.3 424.5 430.1 4.2.0 434.1 1435.9 434.9 437.0 440.5 443.1 445.8 447.0 448.0 450.3 453.3 Agricultural income 17.1 17.6 17.6 17.8 18.0 18.1 18.0 17.8 17.3 17.1 16.9 17.2 17.1 17.0 17.1 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

1720 FLOW OF FUNDS/SAVING DECEMBER 1963 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1958 1959 1960 1961 1962 n m IV I n ra IV I n I. Saving and investment 94.5 115.6 119.5 116.1 130.2 113.7 119.1 125.7 124.2 131.7 131.9 132.8 131.2 139.8 A B 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 B C Farm and noncorp. business 11.9 13.4 12.9 12.5 13.1 12.5 12.4 12.4 12.9 13.1 13.2 13.3 13.2 13.3 C 25.2 35.2 29.7 32.1 36.6 32.1 32.3 37.3 36.2 36.7 35.1 38.6 37.1 39.4 D E U.S. Government -7.8 -4.5 4.3 -5.5 -4.7 -7.2 -5.3 -5.7 —7.0 -4.4 -2.0 —5.7 -4.8 —5.9 E F State and local govt -5.2 -3.5 -3.0 -4.7 -3.8 -4.5 -4.7 -5.2 -4.5 -3.3 -3.4 -4.0 -3.4 -2.6 F 1.5 1.5 2.2 1.7 2.3 1.5 1.6 1.6 1.4 2.5 2.6 2.8 2.0 4.0 G jj Gross national investment 94.3 114.6 117.4 114.5 127.2 110.9 117.6 125.2 126.6 128.9 126.0 127.3 130.0 134.8 H I Consumer durable goods 37.3 43.6 44.9 43.6 48.2 43.1 43.9 46.4 47.3 47.5 47.7 50.5 50.2 51.0 I J Business inventories -2.0 6.6 3.5 1.8 4.9 1.1 3.4 7.0 7.7 5.9 2.8 3.3 4.8 4.3 J K Gross pvt. fixed investment 58.6 66.2 68.3 67.1 73.2 65.6 68.5 70.4 69.3 73.2 75.4 75.0 72.0 76.4 K L Consumer and nonprofit 18.1 22.1 21.6 20.1 21.3 19.0 19.3 21.5 21.7 19.9 21.2 22.3 22.8 19.9 L M Nonfin. business 39.9 43.4 46.C 46.4 51.3 46.0 48.5 48.2 46.8 52.6 53.5 52.1 48.4 55.9 M N Financial sectors .6 .7 .6 .7 .7 .6 .7 .8 .8 .7 .7 .6 .8 .6 N O Net financial investment ...... .4 -1.7 .7 2.0 .8 1.2 1.8 1.4 2.4 2.3 * — 1.5 3.1 3 1 O P Discrepancy (A—H) .2 2.0 2.2 1.5 3.0 2.7 1.5 .6 -2.4 2.8 5.9 5.5 1.2 5.0 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors... 42.9 53.2 36.2 47.2 58.1 42.6 58.3 53.8 61.8 63.0 40.1 67.7 60.1 68.5 A B Loans and short-term securities.... 3.5 19.7 8.0 19.5 17.6 16.2 11.7 25.9 29.7 19.9 -1.9 22.7 1.5 28.1 B C Long-term securities and mtgs 39.5 33.4 28.3 27.7 40.5 26.4 46.5 28.0 32.1 43.1 42.0 45.0 58.7 40.4 C By sector D US Government 8.6 8.7 -2.1 7.5 7.6 7.9 14.6 5.7 16.1 8.4 -5.6 11.4 12.8 8.8 D E Short-term securities -1.2 5.5 -5.1 11.3 2.4 15.1 .9 11.3 17.8 2.0 — 12.4 2.4 — 10.4 10.3 E F Other securities 9.5 3.8 2.5 -4.1 4.9 -7.0 14.2 -6.6 -2.4 6.6 8.3 7.3 22.6 -.4 F Q Foreign borrowers 2.3 .8 2.0 2.8 2.3 .3 3.5 4.3 3.7 2.0 .2 3.3 3.3 4.8 G H Loans 1.1 .2 1.4 1.9 1.3 — .5 2.7 3.2 3.1 .8 — .5 1.5 1.2 3.4 H I Securities . .. 1.3 .7 .7 .8 1.0 .8 .8 1.1 .6 1.1 .7 1.8 2.0 14 I J Pvt. domestic nonfin sectors 32.0 43.6 36.3 36.9 48.2 34.4 40.1 43.8 41.9 52.6 45.5 53.0 44.1 54.9 J 3.3 14.7 11.2 5.9 13.7 1.9 8.6 10.4 8.1 17.2 12.5 17.1 10.0 15.5 K .2 6.4 4.5 1.7 5.8 -.2 1.6 4.9 4.3 7.0 4.3 7.6 6.2 L M Bank loans n.e.c 1.8 5.6 2.8 1.9 4.5 -.2 2.1 4.0 2.2 6.3 3.5 5.8 4.2 5.3 M O Securities and mortgages •.. 28.7 29.0 25.2 31.0 34.5 32.5 31.6 33.4 33.8 35.4 33.1 35.9 34.0 39.4 O P State and local obligations 5.5 4.7 3.7 5.0 5.1 3.8 5.9 6.3 6.4 5.9 3.6 4.3 4.2 9.4 P 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 Q R 1- to 4-family mortgages . ... 10.1 13.2 10.4 11.7 15.4 11.3 11.9 13.5 15.5 16.3 16.5 17.5 R 5.2 5.8 5.8 6.9 9.4 6.6 7.3 8.0 8.3 9.1 9.2 10.9 8.6 10.8 S T Net sources of credit (= A) 42.9 53.2 36.2 47.2 58.1 42.6 58.3 53.8 61.8 63.0 40.1 67.7 60.1 68.5 T U Chg. in U.S. Govt. cash balance.. .1 .7 .9 .3 1.0 -1.1 4.8 .2 4.9 3.9 -6.5 1.5 7.8 3.4 U V US Govt. lending 1.7 3.8 2.4 2.8 3.5 -.5 4.9 4.5 4.0 4.5 1.9 3.6 1.2 1.5 V W Foreign funds 3.1 3.6 3.3 2.2 2.5 -.4 2.2 4.0 2.7 2.8 1.9 2.7 1.6 5.3 W X Pvt. insur. and pension reserves. . 7.8 8.8 8.1 8.7 9.0 8.0 8.7 9.4 8.6 9.3 9.0 9.4 8.6 9.2 X Y Sources nee 5.0 5.7 6.3 5.1 5.6 4.5 11.0 4.4 3.3 4.3 8.4 6.3 4.3 4.9 Y Z Pvt. domestic nonfin. sectors.. 25.3 30.5 15.3 28.2 36.5 32.0 26.6 31.3 38.4 38.2 25.4 44.1 36.7 44.2 Z AA Deposits and U.S. Govt. secur 17.7 23.8 8.3 23.5 32.2 26.0 21.6 28.3 31.6 33.4 24.9 39.1 33.2 42.6 AA AB Deposits 20.6 11.0 14.0 24.6 29.8 23.9 23.4 25.5 27.7 27.7 26.1 37.9 33.7 32.1 AB AC Demand dep. and currency. . 4.9 .5 -1.0 4.5 1.6 4.5 4.4 8.3 -7.7 2.9 2.3 8.9 -2.2 8.1 AC AD Time and svgs. accounts 15.7 10.5 15.0 20.0 28.3 19.4 19.0 17.1 35.4 24.8 23.9 29.0 35.9 24.0 AD AE 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 ins tit 8.7 8.4 9.6 11.4 13.2 11.0 11.0 12.2 12.7 11.5 13.3 17.4 14 3 AF AG U.S. Govt. securities -2.9 12.9 -5.7 -1.1 2.4 2.1 -1.8 2.9 3.9 5.7 -1.3 1.3 -.5 10.5 AG 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 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 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 1.8 4.9 5.3 4.2 5.0 5.2 6.5 5.9 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 1.5 1.5 2.2 1.7 2.3 1.5 1.6 1.6 1.4 2.5 2.6 2.8 2.0 4.0 K 22.5 10.9 15.6 26.8 32.1 24.1 29.6 28.9 35.0 31.3 18.8 43.4 41.4 37.6 L M Demand deposits and currency... 5.6 1.4 .3 5.9 3.5 3.6 9.4 10.7 -.4 6.3 -4.7 12.8 4.3 12.8 M N Time dep. at coml. banks 8.0 1.1 5.8 9.4 15.3 9.3 9.2 5.5 22.7 13.3 10.2 15.0 19.6 10.5 N Q Other savings accounts 8.9 8.4 9.5 11.5 13.3 11.2 11.0 12.7 12.7 11.7 13.3 15.7 17.4 14.3 O P Life insurance reserves 3.3 3.6 3.4 3.7 4.1 3.7 3.9 3.5 4.1 3.6 4.4 4.2 4.0 3.7 P 4.4 5.2 4.7 4.9 5.0 4.4 4.8 5.9 4.5 5.7 4.6 5.2 4.6 5.5 Q j^ Credit market instruments .5 6.2 3.4 3.3 5.6 2.4 5.5 5.5 4.9 7.2 6.1 4.4 2.0 7.3 R 1.6 1.8 1.5 2.0 1.9 1.7 2.1 2.7 2.2 1.3 .8 .8 .6 S .2 1.1 1.5 .5 .8 .8 .1 .2 1.1 .5 1.4 .3 2.0 T -1.3 3.1 .2 .6 2.8 — 1 3.2 2.0 1.2 3.9 4.2 2.1 4.7 U .6 * .5 .9 .9 2.2 -1.2 2.2 1.5 -2.0 1.6 2.7 -1.4 2.0 V 4.7 3.1 4.9 3.0 1.3 1.4 7.4 1.0 1.2 * 5.0 -.7 3.8 -1.0 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

DECEMBER 1963 FLOW OF FUNDS/SAVING 1721 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transa o c r t io se n c t c o a r tegory, 1958 1959 1960 1961 1962 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 C U Ot . h S e . r G ov . t . d . e posits . 5. . 5 1 . . 7 7 -.6 .9 5.7 2 1 . . 5 0 -1 4 . . 1 7 4 4 . . 6 8 10 . . 2 5 -5 4 . . 3 9 2 3 . . 3 9 -6 1 . . 5 7 1 1 1 . . 5 3 -3 7 . . 5 8 9 3 . . 4 4 C B 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 .7 .9 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 -.3 3.8 5.4 4.9 7.0 -4.6 2.0 2.1 15.7 -4.4 7.0 F G Consumer and nonprofit...... 2.5 1.2 -.6 l'.6 5.1 3.1 3.8 -2.9 3.0 5.5 -1.0 13.1 1.9 8.6 G 2.7 -2.2 -.5 1.3 -2.1 .1 1.1 5.7 -5.7 -4.7 * 2.1 -6.8 -2.2 H I State and local govt .2 .5 .2 .6 1.5 -1.6 2.8 -2.8 1.4 2.7 -1.6 1.0 .4 I J Financial sectors .7 .1 .6 1.3 .8 .8 1.5 1.4 1.1 — .1 .4 2.1 — .6 .1 J K Rest of the world — .1 * -.1 — .1 -.6 — 1.3 .7 1.4 — 4 — .9 3 — 6 1 2 K L Discrepancy—U.S. Govt. cash * * * * .9 -2.6 1.5 -.4 .3 -.1 -.2 1.7 -.3 L M Other -.5 .9 -.1 1.0 -\A -.1 1.0 2.8 -2.1 .7 .5 -4.7 1.6 1.2 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 D State and local govt .8 -.4 1.4 .9 1.0 1.1 1.0 .8 2.0 .6 .4 1.0 2.4 .8 D E Foreign depositors .9 -.9 .3 .6 .3 .6 1.1 .5 .1 -.3 1.3 1.2 .7 E F Consumer and nonprofit orgs.... 5.3 3.0 3.3 6.5 11.5 6.1 6.2 6.6 15.9 10.1 9.6 10.5 12.0 6.5 F G At savings institutions 8.9 8.4 9.5 11.5 13.3 11.2 11.0 12.7 12.7 11.7 13.3 15.7 17.4 14.3 G H Memo—Consumer and nonprofit orgs.—Total 14.0 11.3 12.8 17.8 24.7 17.1 17.2 18.8 28.6 21.6 22.9 25.7 29.4 20.8 H III. U.S. Govt. securities A Total net issues 8.2 9.3 -2.6 7.3 7.4 8.1 15.0 4.7 15.4 8.6 -4.1 9.7 12.2 9.9 A B Short-term direct -1.2 5.5 -5.1 11.3 2.4 15.1 .9 11.3 17.8 2.0 -12.4 2.4 — 10.4 10.3 B C Other 9.5 3.8 2.5 -4.1 4.9 -7.0 14.2 -6.6 -2.4 6.6 8.3 7.3 22.6 -.4 C 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 — .5 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 .9 -3.1 4.5 F G Svgs bonds and postal svgs dep -.7 -2.0 - .4 .7 .3 .7 .7 .9 .7 ,4 .5 2 9 12 G H Securities -1.7 9.2 —2.8 -1.6 .4 —2.9 1.9 2.4 —2.0 3.5 -.5 .7 —4 0 3 3 H I Corp. nonfin. business * 3.8 -2.7 -A .3 3.7 -4.0 — .5 1.9 A -2.0 .7 1.8 1.4 I J State and local govt -.4 1.8 .2 .3 1.4 .6 -.4 .2 3.9 1.4 .7 -.3 8 4 6 J K Financial sectors 11.3 -7.2 2.9 8.4 3.9 8.4 15.9 1.3 10.6 1.0 -3.9 7.8 12 0 — 1 5 K 10.4 -7.9 2.7 7.4 2.2 8.9 12.2 .1 9.6 .7 -6.4 5.1 11.6 -2.3 L M Monetary authorities 2.2 .3 .7 1.5 2.0 .2 1.1 2.8 5.4 .3 -.2 2.5 5.2 2.1 M N Commercial banks 8.2 -8.2 2.0 5.9 .3 8.7 11.1 —2.7 4.2 .4 -6.2 2.6 6 4 —4.4 N O Savings institutions A .5 — A .5 A .2 .2 1.0 .8 — .5 8 4 1 2 5 O P Insurance and pension funds .3 .2 -A -.1 A -.9 -.2 .6 .3 .3 .5 .6 -1.3 .2 P .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 -.6 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 1.1 .7 1.8 2.0 1.4 E F Net purchases, by sector 14.9 11.8 11.1 13.6 11.7 16.3 13.3 13.2 13.3 13.0 8.8 11.6 12 3 14 4 F G Consumers and nonprofit orgs 3.4 2.7 2.1 2.0 -.8 4.5 1.2 1.3 2.4 -3.4 -2.0 -.2 -2.0 -.3 G H State and local govt 2.1 1.3 2.2 1.9 1.4 2.0 1.8 1.5 .9 1.3 1.5 1.7 1.8 2.0 H .5 .7 -.2 -.1 .2 .2 -.2 — .1 .2 .2 -.2 -.1 I J Commercial banks 2.5 .4 .4 2.7 4.4 1.3 3.3 3.3 5.0 5.7 3.3 3.5 5.8 6.3 J K. Insurance and pension funds . 6.5 7.0 7.0 7.7 7.4 7.5 8.4 8.1 6.5 8.5 6.8 7.9 8.2 8.0 K L Finance n.e.c -.8 -A -.6 -.8 -.4 .5 -1.7 -.9 -.3 1.5 -1.5 -1.3 -.8 -.4 L M Security brokers and dealers.... -.4 .2 -.1 -.2 .3 .9 -1.0 .9 1.3 * — .8 — .5 — .2 M N Investment cos —Net -.4 -.7 -.5 -.6 -.8 -.4 -.7 -.9 -1.3 .2 -1.5 -.4 -.3 -.2 N O Purchases 1.1 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 Q Rest of the world .4 .3 .4 .6 .3 .4 — 6 .3 6 O ' V. Mortgages 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 .8 1.4 1.2 .3 — .1 — 1 3 — 15 F G Commercial banks 2.1 2.5 .7 1.6 4.0 1.4 1.8 2.2 2.4 4.7 4.6 4.3 3 8 6 1 G H Savings institutions 7.8 9.5 8.8 11.0 13.3 10.8 11.0 12.1 12.3 13.4 13.4 14.2 15 4 16.0 H 2.0 2.4 2.8 2.7 3.0 2.8 2.2 3.0 2.2 2.4 3.0 4.5 3.2 3.6 I J Mortgage companies .5 .2 * .6 .4 .6 .8 1.1 -.3 1.3 .7 1.2 J VI. Bank loans n.e.c. A Total net borrowing . .. • 1.2 7.5 2.7 2.7 6.0 .1 5.0 5.7 3.9 8.2 4.3 7.6 3.9 8.3 A B Nonfinancial business 1. . 4 4 5 3 . . 3 7 2 2 . . 7 6 1 1 . . 6 6 4 2 . . 0 6 -A .5 1. . 9 4 3 3. . 1 3 1 1 . . 3 9 6 1. . 7 1 2 3 . . 9 0 4 5 . . 5 0 3.9 4 5 . . 9 1 B C .5 1.0 -.1 -.3 .7 -.9 1.2 -.2 3.9 -.9 -.3 3.*5 -1.1 D E Farm .6 .7 .2 .3 .7 .1 .3 .3 '.A .6 .8 .9 .3 .8 E F Rest of the world .5 .2 .7 .4 .8 .2 1.3 2.1 * * -.4 — .1 .6 F -1.1 1.7 -.3 .1 1.1 -.5 2.7 .5 -.2 1.7 .7 2.1 -.1 2.3 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1963 BULL., p. 1464. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 1724 Gold production 1725 Net gold purchases and gold stock of the United States 1726 Estimated foreign gold reserves and dollar holdings 1727 International capital transactions of the United States. 1728 U.S. balance of payments 1737 Foreign trade 1738 Money rates in foreign countries. 1739 Foreign exchange rates 1740 Guide to tabular presentation. 1660 Index to statistical tables 1749 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- 1723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1724 GOLD RESERVES DECEMBER 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 i M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f e n t p g h . e o, 1956. 38,075 1,692 22,058 14,325 224 107 71 925 324 1,103 46 57 122 1957. 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 40 62 81 1958. 39,445 1,332 20,582 17,530 60 162 194 ,270 325 1,078 40 72 83 1959. 40,195 2,407 19,507 18,280 56 154 292 ,134 327 960 43 71 42 1960. 40,505 2,439 17,804 20,260 104 147 293 ,170 287 885 45 78 30 1961. 41,105 2,077 16,947 22,080 190 162 303 ,248 285 946 48 88 1962—Oct... 2,179 16,026 68 186 429 ,341 286 695 43 84 Nov.. 2,190 16,014 64 187 439 ,340 286 702 43 64 Dec. 41,435 2,194 16,057 23,185 61 190 454 ,365 225 708 43 57 1963—Jan... 2,199 15,974 58 192 454 ,362 225 714 43 58 Feb.. 2,225 15,891 53 195 469 ,364 225 725 42 58 Mar.. 41,575 2,226 15,946 23,405 52 198 484 ,372 208 732 42 59 Apr.. 2,228 15,914 52 198 494 ,372 179 739 42 59 May. 2,235 15,854 51 199 504 ,372 179 746 43 60 June. 41,730 2,244 15,830 23,660 51 200 504 ,373 179 755 43 60 July.. 2,268 15,677 51 201 504 ,354 179 762 43 61 Aug.. 2,276 15,633 49 202 504 ,365 179 768 43 61 Sept.. ^4i*890 2,304 15,634 P23,950 202 504 ,367 775 43 Oct... 2,305 15,640 205 515 ,367 784 44 Domin- Ger- E pe n r d i o o d f Cuba R i e c p a u n b- E d c o u r a- E v l a d S o a r l- l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d s o ia - Iran Iraq lic Rep. of 1956. 136 22 28 35 924 1,494 10 27 247 45 138 14 1957. 136 22 31 35 581 2,542 13 27 247 39 138 20 1958. 22 31 35 750 2,639 17 27 247 37 141 34 1959. 50 20 30 38 1,290 2,637 26 24 247 33 140 84 1960. 1 20 30 41 1,641 2,971 76 24 247 58 130 98 1961. 19 18 47 2,121 3,664 87 24 247 43 130 84 1962—Oct.. 19 18 61 2,513 3,669 81 24 247 44 129 Nov.. 19 18 61 2,545 3,669 77 24 247 44 129 98 Dec. 19 18 61 2,587 3,679 77 24 247 44 129 1963—Jan... 19 18 61 2,626 3,694 77 24 247 44 129 98 Feb.. 19 18 61 2,673 3,727 77 24 247 44 129 98 Mar.. 19 18 61 2,709 3,749 77 24 247 44 129 98 Apr.. 19 18 61 2,743 3,749 77 23 247 129 98 May. 19 18 61 2,777 3,749 77 23 247 129 98 June. 19 18 61 2,814 3,753 77 23 247 129 98 July.. 19 18 61 2,963 3,761 77 23 247 142 98 Aug.. 19 18 61 2,997 3,761 77 23 247 142 Sept.. 19 18 61 3,031 3,761 77 23 247 142 Oct... 61 3,089 3,817 247 142 E pe n r d i o o d f R Ir e e p la . n o d 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 S r a a u b d i i a A So fr u ic th a 1956 338 77 167 844 33 50 49 35 22 448 224 1957 452 91 180 744 33 45 49 28 6 461 217 1958 1,086 91 143 ,050 33 43 49 19 10 493 211 1959 1,749 102 142 ,132 34 30 50 28 9 548 18 238 1960 2,203 119 137 ,451 35 30 52 42 15 552 18 178 1961 2,225 140 112 ,581 1 30 53 47 27 443 65 298 1962—Oct.. 2,239 172 95 ,581 30 53 47 38 469 78 501 Nov. 2,237 172 95 ,581 30 53 47 39 471 78 509 Dec 2,243 172 95 ,581 30 53 47 41 471 78 499 1963—Jan.. 2,254 172 95 ,581 30 53 47 42 471 78 486 Feb.. 2,284 172 94 ,581 30 53 47 43 476 78 505 Mar. 2,286 172 94 ,581 30 53 47 45 478 78 551 Apr., 2,286 172 95 ,581 30 53 47 45 478 78 571 May, 2,287 172 93 ,581 30 53 47 46 478 78 591 June, 2,289 172 92 ,581 30 53 47 21 478 78 598 July. 2,292 172 95 ,581 31 53 52 22 482 78 611 Aug. 2,291 172 95 ,581 31 53 57 24 496 78 639 Sept. 2,291 172 ,581 31 53 57 497 78 643 Oct.. ,581 31 53 57 497 78 630 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 GOLD RESERVES AND PRODUCTION 1725 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d io o d f Spain Sweden Sw la it n z d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n i o n it m g ed - 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 l r e l. - E E P F U 3 ments2 1956 132 266 1,664 19 112 144 188 1,772 186 603 18 59 268 1957 101 219 1,706 24 112 144 188 1,554 180 719 14 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 17 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 10 — 134 40 I960 178 170 2,185 19 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 6 115 56 1962—Oct 438 181 2,452 19 104 140 174 180 401 3 172 Nov 437 181 2,421 19 104 140 174 180 401 4 151 Dec 446 181 2,667 19 104 140 174 2,582 180 401 4 -50 56 1963 Jan 475 181 2,455 19 104 140 174 180 401 4 116 Feb 495 181 2,460 19 104 120 174 180 401 4 88 Mar . .. 514 181 2,461 19 104 140 174 2,447 180 401 4 107 41 Apr , 533 181 2,453 19 104 140 174 180 401 4 132 May 552 182 2,453 19 104 140 174 172 401 5 137 574 182 2,530 19 104 140 174 2,447 171 401 5 78 43 July 574 182 2,444 19 104 140 174 171 401 7 155 574 182 2,451 19 104 138 174 171 401 8 150 Sept 574 182 2 501 19 104 137 174 r2 506 171 401 _1 Oct . . . 573 182 2,520 136 174 401 — 22 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 l 1 d c- A So fr u i t c h a R de h s o ia - Ghana C p ( v L o o il n e l l d e o g ) - - o U S n ta it te e s d C a a d n a - M ic e o x- r N a i g c u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India ot A he l r l » 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—Sept 76.1 1.7 2.6 31.8 4.8 11.7 .7 .3 1.1 3 4 .5 Oct 78.1 6 2.7 4.3 12.5 .5 4 1 2 3 2 4 Nov 78.5 6 2.7 3.8 12.1 .3 .4 1.0 3.0 .5 Dec 74.7 7 2.9 3 1.4 3.7 11.7 .4 3 g 3 3 4 1963—Jan 78.0 ,6 11.7 .8 .4 1.2 2.9 .4 Feb 76.5 6 11 0 .6 4 1 0 2 9 4 Mar 79.4 6 11.6 .7 .4 1.1 3 1 .5 Apr 79.1 6 11.8 .8 .4 1.1 2.8 .5 May 80.6 6 12.4 .7 .3 1.1 2.8 80.1 6 11.6 .5 9 3 3 July 81.6 1 6 10 9 7 3 4 81.7 11.7 Sept 80.9 11.5 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

1726 U.S. GOLD DECEMBER 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 III IV I II III Western Europe: Austria -84 -83 -1 -143 -56 -30 -30 -20 3 3 -329 -39 -141 -144 -63 France -68 -34 -266 -173 -456 -214 -101 -101 -101 -214 10 34 * 23 Italy -349 100 Netherlands . 25 — 261 — 30 —249 —25 — 5 -20 -10 Spain . . . . .. 31 32 — 114 — 156 — 146 — 20 —20 — 70 -60 — 8 -215 20 -324 -125 102 -45 50 100 -900 -350 -550 -306 -387 -64 8 107 18 74 Bank for Intl Settlements .... -178 -32 -36 -23 Other 4 18 8 -21 -38 -96 -53 -12 * 15 -9 14 * Total -78 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -79 -104 -149 -139 Canada . ... 15 5 190 Latin American republics: Argentina 115 75 67 — 50 —90 85 Brazil — 1 -11 9 -2 57 -1 59 17 28 i Colombia 28 — 6 38 10 27 30 20 -4 -200 65 Other 14 29 6 2 -5 -22 -17 -5 -1 -4 * 6 -11 Total 14 -28 81 69 19 -100 -109 175 9 83 16 34 -16 Asia: Japan • — 30 — 157 — 15 Other -5 * 18 -4 -28 -97 i -101 2 -93 -41 -11 -8 25 * Total -5 * 18 -34 -186 -113 -101 -93 -41 -11 -8 25 * All other . 1 14 -3 -5 -38 -6 -1 -2 1 -1 -10 25 Total foreign countries • . -68 80 172 -2,294 -998 -1,969 -970 -833 -434 -6 -96 -100 -180 Intl. Monetary Fund 3 200 600 4 44 3 300 150 -68 280 772 -2,294 -1,041 -1,669 -820 -833 -434 -6 -96 -100 -180 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 holdings 3 gold Total 2 Treasury Total2 Treasury 1951 22,873 22,873 22,695 53 53 1962—Nov.... 16,216 16,014 15,977 202 -148 -12 1952 23,252 23,252 23,187 379 379 Dec... 16,156 16,057 15,978 99 -60 43 1953 22,091 22,091 22,030 -1,161 -1,161 1954 21,793 21,793 21,713 -298 -298 1963—Jan.... 16,102 15,974 15,928 128 -54 -83 Feb.... 16,023 15,891 15,878 132 -79 -83 1955 21,753 21,753 21,690 -40 -40 Mar.... 16,078 15,946 15,878 132 55 55 1956 22,058 22,058 21,949 305 305 16,046 15,914 15,877 132 -32 -32 1957 22,857 22,857 22,781 799 799 M*ay!!! 16,009 15,854 15,797 155 -37 -60 1958 20,582 20,582 20,534 -2,275 -2,275 June... 15,956 15,830 15,733 126 -53 -24 1959 19,507 19,507 19,456 -1,075 4-1,075 July.... 15,764 15,677 15,633 87 -192 -153 Aug.... 15,725 15,633 15,582 92 -39 -44 1960 17,804 17,804 17,767 -1,703 -1,703 Sept.... 15,788 15,634 15,582 154 63 1 1961 17,063 16,947 16,889 116 -741 -857 Oct.. .. 15,910 15,640 15,583 270 122 6 1962 16,156 16,057 15,978 99 -907 -890 Nov. P. . 15,781 15,610 15,583 171 -129 -30 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 Nov. 30, 1963. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1735 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1668 and 1670. 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

DECEMBER 1963 GOLD RESERVES AND DOLLAR HOLDINGS 1727 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3[, 1961 Sept. 30, 1962 Dec. 31, 1962 Mar. 31, 1963 June 30, 1963 Sept. 3(), 1963 P 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 i dollars & notes1 dollars & notes1 dollars & notes 1 Western Europe: Austria 558 3 744 * 783 * 789 2 814 2 903 2 1,574 8 1,511 1,539 1,555 1 1,606 1 1 667 Denmark . . .. 83 30 78 30 98 16 96 16 111 15 147 15 Finland 138 2 135 2 134 2 140 2 131 * 134 3,110 4 3,643 3 3,744 3 4,123 3 4,532 3 4 497 3 Germany, Fed. Rep. of 6,506 3 6,467 3 6,409 3 6,224 3 6,462 3 6,634 3 Greece 154 187 196 * 243 251 * 258 Italy 3,459 3,533 * 3,627 * 3,385 1 3,422 1 3,540 1 Netherlands.... 1,797 3 1,857 2 1,829 1 1,809 2 1,897 2 1,909 2 Norway 135 126 142 91 155 87 160 111 165 137 158 133 Portugal 542 1 610 1 632 1 635 1 625 1 646 1 Spain .. 469 1 588 1 623 1 705 1 736 1 751 Sweden 586 93 639 102 671 93 673 73 699 73 616 123 Switzerland 3,435 S3 3,290 86 3,575 83 3,273 85 3,420 83 3,327 82 Turkey 165 * 162 165 162 156 158 O U t n h i e te r d 2 Kingdom 4,4 6 9 81 5 43 48 5 4,3 6 1 65 9 41 4 8 7 4,1 5 9 40 1 3 4 7 8 0 4,6 5 3 6 0 2 2 4 9 6 7 4,3 4 5 7 4 8 2 4 9 8 8 4 2 48 5 6 3 31 5 2 0 Total 27,887 840 28,570 786 28,911 708 29,164 644 29,859 668 30 084 728 Canada 3,704 459 4,169 266 4,057 389 3,871 528 3,929 644 3,877 701 Latin American republics: Argentina 425 1 301 1 271 1 318 393 1 453 1 Brazil 513 1 499 1 '429 1 400 348 1 360 1 Chile 153 147 * 178 167 4 172 176 Colombia... 235 1 228 1 205 1 226 243 1 216 1 Cuba 44 37 16 16 i 15 14 607 5 528 6 626 4 690 l 688 4 760 5 Panama, Republic of . . 87 1 85 1 98 1 97 111 1 117 1 Peru 131 1 154 152 155 i 168 198 * Uruguay.. .. 237 1 272 1 281 1 276 262 1 263 1 Venezuela 819 1 780 1 806 1 837 905 1 933 1 Other 293 354 336 3 421 3 398 2 374 1 Total 3,544 12 3,385 12 '3,398 13 3,603 13 3,703 12 3,864 12 Asia: India 325 6 293 6 288 6 296 5 295 5 302 5 Indonesia 119 1 77 72 1 74 1 76 67 1 3 1,976 3 2,344 3 2,499 3 2,558 3 2,613 3 2,689 3 Philippines...... 212 1 198 1 215 * 225 * 223 * 221 * Thailand 368 * 430 437 * 471 * 480 * 486 * Other 1,329 45 1,420 41 1,444 40 1,516 40 1,546 40 1,538 43 Total 34,329 56 4,762 52 4,955 50 5,140 49 5,233 49 5,303 52 Africa: South Africa. .. 330 * 535 * 540 597 636 * 683 * U.A.R. (Egypt) 189 * 186 * 188 * 193 * 191 * 186 Other 343 12 368 10 '373 10 377 10 355 10 331 8 Total 862 12 1,089 10 ••1,101 10 1,167 10 1,182 10 1,200 8 Other countries: Australia 260 * 315 * 337 * 340 360 * 348 * All other 275 27 279 30 '287 29 281 28 358 30 334 29 Total 535 27 594 30 '624 29 621 28 718 30 682 29 Total foreign countries 4.... 340,861 1,406 42,569 1,156 '43,046 1,199 43,566 1,272 44,624 1,413 45,010 1,530 International and regional5. 5,829 1,432 7,127 993 '7,352 911 7,218 966 7,090 1,065 7,091 1,164 Grand total4 346,690 2,838 49,696 2,149 50,398 2,110 50,784 2,238 51,714 2,478 52,101 2,694 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 1734. 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

1728 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional * Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. g E i p o r u e n e r a - a o n l - 2 g L i r o . e A n - a . l Total c O i f a fi l - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t i u h e n e s r - 1958 16 159 1 544 1 544 14 615 8 665 5,950 7 708 2 019 2 403 2 205 192 83 1959 419 389 4 3 158 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 iis 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—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 3,62i 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 '303 '165 May.... '25,407 '4,862 4,697 20 145 '20,546 '12,062 '8,483 '10,247 3,244 2,883 3,704 321 160 June '25,812 4,837 4,671 26 141 '20,975 '12,341 '8,634 '10,722 '3,174 2,879 3,733 291 175 July.... '25,436 4,950 4,783 18 150 '20,486 '11,891 8,594 '10,284 3,073 2,943 3,737 286 162 Aug 25,745 4,819 4,658 18 144 20,926 12,179 8,747 10,627 3,129 2,972 3,741 293 164 Sept.*3... 25,846 4,778 4,618 18 142 21,068 12,359 8,709 10,754 3,102 3,008 3,779 264 160 Oct.P... 26,270 4,767 4,613 17 137 21,503 12,300 9,203 10,825 3,370 3,027 3,850 267 164 la. Europe End of period Total Austria Belgium m De a n rk - l F a i n n d - France m G a e n r- y Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden 1958 7,708 411 115 169 69 532 1,755 126 1.121 339 130 163 36 303 1959 8,473 331 138 137 71 655 1,987 186 1,370 485 95 138 86 213 I960 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962—Oct 10,239 319 190 55 73 1,205 2,823 103 [,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 1,384 248 125 161 177 490 1963—Jan.. . 10,009 320 177 56 75 1,272 2,495 142 [,182 232 120 167 184 476 Feb... 10,098 317 189 44 75 1,359 2,413 162 1,123 216 134 161 209 507 Mar.. 10,259 305 183 65 79 1,414 2,475 166 1,099 228 130 157 191 492 Apr... 10,086 276 208 69 70 1,433 2,456 171 1,121 286 131 159 169 480 May.. '10,247 288 224 74 68 1,573 2,670 174 r1,054 324 130 153 163 483 June.. '10,722 310 233 80 70 1,718 2,709 174 r1,133 316 135 147 162 517 July. . '10,284 354 208 99 76 1,435 2,771 181 r1,165 237 136 151 184 470 Aug.. 10,627 392 271 101 75 1,477 2,844 176 1,287 225 133 146 201 432 Sept.P 10,754 399 300 116 73 1,466 2,873 181 1,249 328 127 149 177 434 Oct.p. .. 10,825 372 405 128 78 1,421 2,965 173 1,029 366 119 149 164 419 la. Europe—Continued lb. Latin America End of period Sw la it n z 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 t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1958 852 20 873 9 671 2 12 2,403 150 138 100 169 286 418 1959 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962—Oct 885 26 1,853 12 232 2 18 2,262 187 180 112 152 M5 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.. '718 20 1,948 11 152 2 19 2,883 335 167 124 165 15 627 June.. '890 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. . 790 27 1,854 15 159 3 20 2,972 399 160 117 168 12 670 Sept.P 826 21 1,747 15 252 2 18 3,008 404 181 133 155 13 665 Oct.*. 858 26 1,810 15 304 2 22 3,027 381 190 122 163 12 633 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1729 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 * A S n u N t r i e l i l n t e h a s . m & Am O L e a th r ti i e n c 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 »7 79 35 2,205 36 62 77 108 56 1959 129 82 62 277 227 » 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 32,974 35 56 78 76 63 1962—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 33 3,737 39 61 49 34 91 Aug 113 129 91 541 322 126 89 35 3,741 35 62 48 33 96 Sept. P.. . 117 141 92 532 309 132 96 40 3,779 35 65 55 23 93 Oct.P... 111 153 93 616 300 128 87 37 3,850 35 67 51 32 105 lc. Asia—Continued Id. Africa le. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - * 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 « 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 M,672 199 185 92 764 254 283 34 93 32 15 109 104 98 6 1962 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 2,105 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 10^ 175 160 15 July 2 315 87 204 114 379 365 286 30 no 45 15 109 162 147 15 Aug 2.309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 Sept.p 2,385 86 197 126 382 332 264 24 77 40 12 160 146 14 Oct.P 2,403 91 209 134 382 342 267 24 71 43 18 111 164 148 16 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corporation, Interna- !0 Represent a partial breakdown of the amounts shown in the "other*" tional Development Association, and other international organizations; categories (except "Other Eastern Europe") in Tables la-le. Inter-American Development Bank, European Coal and Steel Com- Except as indicated by note 11, data for 1960-62 based on reports munity, European Investment Bank and other Latin American and by banks in the Second F.R. District only; data for Apr. 1963 based on European regional organizations, except Bank for International Settle- reports by banks in all F.R. Districts. ments and European Fund which are included in "Europe." 11 Based on reports by banks in all F.R. districts. 2 Not reported separately until July 1962. 12 Jamaica, Trinidad and Tobago included in British West Indies. 3 Foreign central banks and foreign central governments and their agencies, and Bank for International Settlements and European Fund. NOTE.—Short-term liabilities are principally deposits (demand and 4 Includes $1,031 million representing increase in U.S. dollar sub- time) and U.S. Govt. securities maturing in not more than 1 year from scription to the IMF paid in June 1959. their date of issue; the latter, however, exclude nonnegotiable, non- 5 Includes $82 million reported by banks initially included as of Dec. interest-bearing special U.S. notes held by the International Develop- 31, 1961, of which $81 million reported for Japan. ment Association and the Inter-American Development Bank. For data * Includes Bank for International Settlements and European Fund. on long-term liabilities, see Table 5. For back figures and further i Decline reflects principally 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, 1962. year-end 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

1730 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1963 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data 10 (end of period) Area or country 1960 1961 1962 A 19 p 6 r 3 . Area or country 1960 1961 1962 A 19 p 6 r 3 . Other Western Europe: Other Asia (Cont.): Iceland 5.1 3.1 5.6 5.2 Iran H22.4 H31.3 ii 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 1211.3 12 14.0 9.0 22.6 Mozambique 2.2 1.6 2.5 1.1 French West Indies & French Nigeria .8 21.8 26.8 n.a. Guiana .4 .5 1.0 1.3 Rhodesia & Nyasaland, Fed. of.. 3.9 6.5 6.8 7.5 Somali Republic 3.5 1.7 .6 .6 Other Asia: Sudan 1.9 2.0 2.4 n.a. Afghanistan 9.8 3.6 5.3 n.a. Tunisia 2.8 1.2 10.9 n.a. Burma .9 4.5 2.5 8.9 Cambodia 10.9 15.3 12.6 10.2 All other: Ceylon 6.9 6.5 4.9 n.a. New Zealand 35.1 4.0 4.7 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 ]nstitutions To all other foreigners Payable in Enc of period Total foreign Total Dem D an e c pos 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 n S o p U t e . e c S s i . a 2 l Other 3 Total Dema D n e d posi T t* im i e * 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 ,075 2,430 1,951 306 174 59 1959. 419,389 416,913 341 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 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962--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. 2 2 5 5 , , 3 1 2 5 8 4 2 2 2 2 , , 3 4 3 5 9 3 8j9 9 2 3 4 6 8 8 , , 7 8 6 7 6 5 2 2, , 9 9 8 6 1 5 1 1 , , 6 6 7 7 2 4 2 2 , , 6 7 7 5 1 9 2 2 , ,1 1 9 1 7 6 1 1 4 46 3 4 4 1 16 2 1 1 4 1 3 6 M^ay '25,407 '22,514 5,47*j1 3,480 '8,955 2,976 '1,632 2,762 1,405 806 128 423 130 June '25,812 '22,864 5,714 3,561 '9,012 2,922 ,655 '2,822 '1,442 832 109 439 127 July '25,436 '22,531 3,561 '8,781 2,961 1,590 2,797 1,401 858 117 421 108 25,745 22,770 5,487 3,674 8,916 3,028 1,665 2,864 1,399 886 111 468 112 Sept.^ 25,846 22.815 5,567 3,647 8,859 3,028 1,714 2,923 1,443 902 109 469 108 Oct.p 26,270 23,182 5,760 3,821 8,735 3,036 1,830 2,943 1,391 931 122 499 145 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,rwhich amounted to $254 million on Oct. 31, 1963. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1731 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS EN 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 * co O u t n h t e ri r es 1958 2 542 696 243 ,099 435 69 1959 2 624 534 272 176 586 56 I960 3 614 717 421 356 1,052 69 1961 2 r4 820 767 r556 ,522 2 1,891 85 1962—Oct r5 007 765 '599 ,524 1,985 135 Nov '4 925 741 '548 1,563 1,940 132 Dec r5 173 877 '526 1,606 2,017 146 1963—Jan '4,961 751 '535 1,575 1,970 131 Feb r5 090 794 '573 t 605 1 978 140 Mar '5 124 825 '547 1,563 2,048 142 Apr '5 316 850 '580 1,587 2,158 141 May '5,354 1 865 '580 1,592 2,176 92 48 '5,534 985 '654 1,612 2,138 '97 47 July '5,470 875 '667 1,668 2,124 87 47 Aug 5,435 952 597 1,697 2,046 92 50 Sept.p 5,436 918 554 1,698 2,119 96 51 Oct v 5,568 967 628 I 690 2,135 90 56 3a. Europe End of period Total A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - France m G a e n r- y Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - 1958 696 7 65 14 6 102 77 7 36 56 22 2 30 24 1959 534 4 56 18 8 57 54 5 30 38 7 2 8 19 1960 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962—Oct... 765 7 16 10 31 48 144 6 45 49 27 8 24 15 Nov.. 741 7 21 10 32 62 139 7 43 24 28 9 23 18 Dec... 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963—Jan... 751 7 21 9 35 56 134 6 51 26 34 9 19 16 Feb... 794 8 30 13 39 56 144 6 69 36 35 10 23 19 Mar.. 825 9 25 13 39 58 160 6 58 29 32 11 25 22 850 8 29 15 41 67 144 9 67 32 33 13 33 23 May" 865 9 34 14 44 72 143 7 60 37 34 12 40 26 June.. 985 9 29 10 51 67 256 8 57 34 31 11 44 24 July.. 875 9 28 10 51 63 132 10 69 37 34 11 44 25 Aug.., 952 12 26 9 49 65 159 9 85 37 35 12 52 33 Sept.* 918 10 28 11 51 69 146 10 68 37 35 13 45 32 OP 967 10 26 11 49 66 151 9 81 41 34 14 38 33 3a. Europe—Continued 3b. Latin America End of period S l w a e n r i - t d z- T k u ey r- U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 3 U.S.S.R. E E O a u t s r t h o e e p r r e n 4 Total A t r i g n e a n- Brazil Chile l C o b m o ia - - Cuba M i e c x o - 1958 42 72 124 5 1,099 40 148 52 51 166 293 1959 38 47 121 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 1,522 192 186 127 125 19 425 1962—Oct... 75 24 202 15 1,524 169 188 174 151 17 376 Nov.. 64 12 211 15 1,563 182 180 174 138 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... 71 44 202 21 1,697 198 199 170 176 17 448 Sept.*, 75 47 197 19 1,698 187 210 179 169 17 454 Oct.*. 91 42 232 20 1,690 183 183 186 180 17 445 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1732 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1963 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia E pe n r d i o o d f Panama Peru 1U gu r a u y - V zu e e n l e a - R O l L e ic t p . h A s u e 5 . b r - m B B m u a & e d h a r a s a - - 1 A N S n n u e a t & i m r t l h i l - e . s A O L ic m a t a h t e i e n 6 r r - Total C M la h a n i i n d n a - ] ]K rl o o n n g g India I n n e d si o a - Israel 1958 23 31 52 142 44 d 53 435 3 6 4 23 1959 18 36 47 247 57 A 57 586 2 10 6 i 14 I960 23 44 57 234 55 8 66 1,052 2 9 9 i 24 1961 32 74 55 144 56 13 74 21 891 2 9 8 t 36 1962—Oct 32 87 99 94 47 1C 81 1,985 2 13 18 I 37 Nov.. 32 84 107 104 54 7 82 1,940 2 13 18 1 34 Dec... 30 85 122 102 66 $ 98 2,017 2 13 20 « 37 1963—Jan... 33 88 114 102 67 10 87 1,970 2 14 17 i 35 Feb... 38 83 123 104 70 10 92 1,978 2 14 20 t 38 Mar.. 40 86 113 97 68 9 89 2,048 2 14 24 t 39 Apr... 34 91 121 100 60 10 96 2,158 2 14 22 33 May.. 34 95 97 101 115 27 10 19 2,176 2 13 22 i 31 June.. 29 103 95 99 105 27 1^ 18 2,138 2 12 19 i 27 July. . 29 106 96 96 113 29 U 11 2,124 2 12 16 i 29 Aug... 3C 104 93 99 112 31 1( 10 2,046 2 11 19 28 Sept.P 30 103 86 102 109 33 9 10 2,119 2 11 20 i 28 Oct.**. 33 103 89 103 116 31 8 15 2,135 2 11 18 30 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 l o d g - - o M c o o r i o c * - A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total? A t l r u i a a s - - ot A he ll r* ville) 1958 179 1 67 6 13 134 4 y\ 3 69 13 28 1959 324 24 9 15 180 3 P 2 56 18 21 I960 806 ? 19 7 24 150 3 It 3 69 28 24 1961 1,528 4 114 10 34 145 6 10 13 85 29 27 1962—Oct 1,710 «; 70 9 32 88 2 11 23 135 45 54 Nov I 662 4 77 g 33 89 2 L? 25 132 44 49 Dec .. L 740 70 9 41 80 2 10 26 146 41 67 1963—Jan I 697 4 75 11 43 73 2 q 21 131 38 61 Feb 1,691 ft 80 13 43 70 1 1? 21 140 39 66 Mar L 751 13 81 14 40 69 2 19 142 44 64 Apr I 876 15 73 15 40 70 2 n 17 141 44 64 May ,896 14 69 16 38 75 92 2 ? 18 57 48 42 6 I 869 16 66 14 40 73 r97 1 14 25 53 47 41 6 July 1,872 17 52 16 38 69 87 2 1 14 20 50 47 41 6 1,793 16 51 13 40 73 92 ? 26 50 50 43 6 Septv . I 862 16 56 It 43 69 96 2 1 14 29 50 51 44 7 Oct.p 1,872 13 63 8 44 72 90 1 2 15 27 45 56 49 8 1 Not reported separately until May 1963. 8 Until May 1963 includes also African countries other than Congo 2 Includes $58 million reported by banks initially included as of Dec. Leopoldville), South Africa, and U.A.R. (Egypt). 1961, of which $52 million reported for Japan. 3 Until May 1963 includes Eastern European countries other than NOTE.—Short-term claims are principally the following items payable U.S.S.R., Czechoslovakia, Poland, and Rumania. on demand or with a contractual maturity of not more than 1 year: loans 4 Czechoslovakia, Poland, and Rumania only until May 1963. made to and acceptances made for foreigners; drafts drawn against 5 Bolivia, Dominican Republic, El Salvador, and Guatemala only until foreigners where collection is being made by banks and bankers for May 1963. their own account or for account of their customers in the United States; 6 Until May 1963 includes also the following Latin American Repub- and foreign currency balances held abroad by banks and bankers and lics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Para- their customers in the United States. Excludes convertible currencie* 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

DECEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S, 1733 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total O i t n i f s o f t i n i c t i s u a 1 - l Lo B an a s n k to s — Others C s t t o o i i a o n u l n l n g t e d - s c - - A f m c o a c r a c e e d c p ig t e t . n a f o n e o f r c r s es Other 2 Total f D or e w e p i i g o t n h si e t r s s F c o o s r e m f e c p i i n u m a g a r p n l i n e . t i c r g a e e o n s v , d t. Other 3 1958 2,542 2,344 401 439 428 421 656 198 181 16 1959 2,624 2,406 351 498 460 516 582 217 203 15 1960 3,614 3.135 290 524 482 605 1,233 480 242 238 1961 '4,762 '4,177 329 699 618 694 '1,837 586 385 200 1961 * '4,820 '4,234 329 709 622 700 '1,874 586 386 200 1962—Oct. '5,007 '4,379 428 816 632 706 '1,798 '628 419 '210 Nov. '4,925 '4,351 371 824 644 718 '1,794 '574 364 '210 Dec '5,173 '4,616 359 953 651 686 '1,967 '557 371 '186 1963—Jan '4,961 '4,438 322 845 658 '637 '1,976 '523 347 '176 Feb '5,090 '4,544 293 853 672 684 '2,041 '546 359 '188 Mar '5,124 '4,550 255 850 680 708 '2,057 '575 375 '200 Apr '5,316 '4,722 236 824 695 731 '2,235 '595 383 '211 May '5,354 '4,759 174 790 689 741 2,049 '316 '595 389 152 '54 June '5,534 '4,843 142 884 689 733 2,028 '367 '693 464 176 '52 July '5,470 '4,834 136 842 '702 '740 2,035 '379 '636 401 176 '58 Aug 5,435 4,804 166 891 711 733 1,956 347 631 407 170 55 Sept.* 5,436 4,835 175 848 721 757 2,024 310 601 404 148 49 Oct.P 5,568 4.877 153 867 721 772 2,027 337 691 462 174 55 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—Oct 2,131 1 Nov 2,144 1 Dec 2,151 4 1963—Jan 2,139 4 Feb 2,112 4 Mar 2,124 6 Apr 2,176 11 May . . 12,370 12,370 12,337 33 1 29 June 2,388 2,388 2,353 35 * 35 July 2,422 2,422 '2,386 36 * 45 Aug 2,463 2,463 2,424 39 * 48 Sept.3* 2,501 2,501 2,459 42 * 47 Oct.p 2,494 2,492 2,453 39 2 48 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

1734 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 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 . c u c r o i r t p ie o s r a 2 te 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 h s a e a t s l e p e s s u o r r - c P ha u s r e - s Sales c N h s a e a t s l e p e s s u o r r - c P ha u s r e - s Sales c N h s a e a t s e l p e s s u o r r regional Total Official Other 1959 689 165 524 2 593 2 158 435 946 1,458 —512 566 804 —238 I960 127 225 -98 2,419 2,167 252 883 1,445 —562 509 592 — 83 1961 512 532 —20 3,384 3,161 223 802 1,262 -460 596 966 -370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1962 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 —7 61 214 — 153 50 59 -9 Mar 45 40 5 177 176 84 186 — 102 60 72 — 12 Apr 12 7 5 273 235 38 120 r180 r 60 66 73 —7 May 206 101 105 127 -21 310 239 71 144 409 -265 67 86 -19 22 -8 30 31 354 342 12 52 r156 r-104 '59 60 r-2 July -10 -3 -7 5 -12 208 192 16 75 116 -42 55 79 -24 142 105 37 43 -6 224 207 17 44 110 -66 42 43 Sept.p 84 -3 87 82 5 239 235 4 222 232 -9 44 23 21 Oct.? 8 3 5 14 -9 261 272 -11 48 43 5 58 31 27 * Excludes nonmarketable U.S. Treasury bonds and notes held by NoTE.-yStatistics 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—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 58 605 25 30 200 200 150 183 125 58 July 655 25 30 225 200 175 208 125 58 25 705 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 Nov 705 25 30 275 200 175 163 125 13 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1735 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia Africa* O c t o r t i u h e n e s - r reg I a n i n o t d i 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 J 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 *I 17 1962—Oct... —4 -2 • -16 9 -1 2 • -1 1 Nov... "l2 21 -8 -1 8 -1 • ~6 * -3 7 2 Dec... -16 -4 -12 -3 -11 -3 2 -15 2 -5 • 2 1963—Jan... 12 3 9 -1 -2 4 4 4 1 1 4 2 J M F M J S A O u u e e u c a l ? n p b t y g r y e . t . . ; . * . . . . . ; ^ . . . . . . . - - 1 7 7 3 1 1 1 1 1 4 • 8 2 6 7 -9 2 3 6 1 1 1 • 7 0 8 o 6 0 - - 8 7 1 2 * 8 1 1 2 0 - - - - - - 1 1 4 1 2 1 • * - - - - 1 - 1 2 4 7 0 0 2 * 8 2 4 2 3 3 1 1 3 2 9 3 0 9 2 1 5 - - - - 5 5 3 5 7 4 4 1 1 - - 4 2 2 3 2 1 1 1 3 5 1 3 9 3 1 - - - ~ - - 1 - 1 3 7 4 6 1 2 1 1 2 - - 1 4 6 • 3 • * -4 4 6 2 • • 1 1 i 2 2 3 2 2 2 1 1 1 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securities. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) I a n n t d l. T f o o t r a - l Eu- Can- Latin Other End of Assets in custody Period Total re- eign rope ada Amer- Asia Africa* coun- period Deposits gional c t o ri u e n s - ica tries U se . c S u . ri G tie o s v t l . Earm go a l r d ked 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—Oct . -151 -4 -147 29 -126 -19 -6 -24 1962—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 -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 . r-67 -62 -5 37 r* 1 -13 -30 May.. 171 7,886 12,878 May..... -283 3 -286 -23 -207 * -57 • * June.. 175 7,957 12,917 June..... r-105 2 ^-IOS r-26 r-42 -1 -41 1 1 July.. 182 7,733 13,086 July -66 8 -74 1 -6 -36 -36 1 2 Aug... 177 7,856 13,129 A S O e u c p g t. t ? ^ 5. . . . . -6 3 1 7 3 1 4 2 1 -6 2 1 8 9 0 - - 1 6 4 9 - - 2 1 2 9 6 8 1 1 5 - - 3 1 2 4 0 0 4 * 2 2 1 S N O e o c p v t t . . . . . . . . . 1 1 1 7 7 6 4 5 5 7 8 8 , , , 2 9 3 4 4 4 1 5 3 1 1 1 3 3 3 , , , 1 0 0 3 4 2 2 8 5 * i 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

1736 INTL. CAPITAL TRANSACTIONS OF THE U. S. DECEMBER 1963 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1962 1963 1962 1963 III IV IV i I I i UP III IV IV i I I i ii- Europe: 3 2 2 2 2 2 4 6 6 5 5 5 24 21 21 18 18 20 27 24 24 24 24 27 Denmark 5 3 3 2 2 3 6 8 8 6 6 8 Finland 1 1 1 1 1 1 4 3 3 4 4 3 34 32 32 31 31 32 49 51 51 59 59 50 Germany, Fed. Rep. of 38 33 33 36 36 33 106 116 117 114 114 106 •3 i i i i c c £ Italy 27 28 28 29 29 30 62 75 78 82 82 83 27 33 33 46 46 50 37 31 31 24 24 34 Norway . 9 10 10 12 12 13 13 15 15 15 15 15 Portugal 1 1 1 1 1 6 6 6 8 8 7 11 9 9 7 7 7 15 20 20 25 25 23 7 7 7 8 8 8 25 15 15 17 17 20 Switzerland 25 24 24 26 26 27 34 29 29 29 29 36 Turkey 4 4 4 4 4 4 6 4 4 6 6 5 United Kingdom 115 93 94 109 110 118 245 227 238 192 196 201 4 4 4 4 4 3 2 3 3 3 3 3 Other Western Europe 2 .... 1 1 1 1 2 4 5 5 4 4 3 USSR 4c 4c 4c 4c 4c 4c 1 1 1 1 * Other Eastern Europe 3 1 1 1 1 1 4> 1 2 2 2 2 3 Total 341 308 309 339 341 356 654 645 661 626 630 640 Canada 67 80 81 63 64 59 824 732 753 789 830 918 Latin America: Argentina 9 9 9 6 6 6 32 33 34 31 31 30 Brazil 23 17 17 17 18 18 90 106 106 108 108 105 Chile 5 4 4 3 3 4 25 25 25 25 25 26 3 4 4 3 3 5 17 15 15 17 18 20 Cuba 1 4c 4c 1 1 4c 6 6 6 6 6 6 7 6 6 6 6 10 53 56 57 58 58 56 18 25 25 5 5 11 10 13 13 13 13 14 Peru 3 8 8 9 9 4 23 20 20 14 14 19 Uruguay 5 1 1 1 1 3 5 6 6 7 7 5 19 23 24 23 23 27 38 33 33 33 33 37 Other L A Republics * 5 6 6 3 3 11 18 20 20 22 22 38 Bahamas and Bermuda 5 3 11 Neth. Antilles & Surinam 5 5 5 8 8 9 2 6 6 7 7 9 Other Latin America 6 16 20 20 15 15 2 43 44 45 41 41 11 Total 118 128 129 101 101 113 362 383 387 382 382 386 Asia: China Mainland 2 2 2 2 2 2 4c 4c 4c 4c # Hone Kons 2 2 2 2 2 2 4 4 4 4 4 3 10 11 11 8 8 16 34 38 39 50 50 49 Indonesia 2 2 2 2 2 2 3 3 3 3 3 4 Israel 1 2 2 1 1 2 12 10 10 7 7 7 66 48 52 46 46 43 112 119 123 124 127 141 Korea 1 3 3 3 3 3 3 4 4 4 4 5 Philiooines 5 3 3 4 4 5 10 11 11 10 10 11 Taiwan 4c 4c 4c * 3 3 3 5 5 6 Thailand 3 4 4 4 4 4 4 5 5 5 5 5 Other Asia 19 16 16 16 16 22 36 33 33 39 39 44 Total 111 92 97 90 90 101 220 231 236 251 255 276 Africa: Congo (Leopoldville) 4c 4c * 1 1 1 3 3 3 3 3 2 Morocco •> ... 1 South Africa 12 12 12 6 6 141c 10 10 10 9 9 8 U A R (Eevot) 1 1 1 1 1 9 13 10 10 12 12 15 Other Africa 5 14 15 Total 5 35 42 Other countries: Australia 14 11 11 10 10 13 24 24 24 26 26 28 Allother? 12 13 13 13 13 4 26 25 26 27 27 8 Total 8. 40 37 37 30 30 17 76 73 74 77 77 35 International and regional 1 4c 4c 4c 4c 1 1 1 1 3 Grand total 678 646 653 624 626 682 2,137 2,064 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 ^ 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

DECEMBER 1963 U.S. BALANCE OF PAYMENTS 1737 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 Item 1960 1961 1962 III IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total 1. 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 1 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 - - 1 2 , , 6 77 6 5 4 - - 1 3 , , 8 3 5 7 4 0 - -1 3 , , 9 5 0 2 3 0 - -5 9 3 0 7 7 - -4 8 6 5 6 3 - - 4 8 3 4 4 9 - - 4 9 6 1 6 1 - - 4 8 4 8 0 0 -1 - , 5 2 2 0 5 1 Grants M -1,213 -1,941 -2,133 -480 -507 -486 -660 -563 -623 LCohnagn-gtee rmin lofaonrse iagnnd csuurbrsecnrcipyt iohnosl d*ings 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. Private capital flows, net, excluding foreign liquid assets in U.S -3,552 -3,507 -3,118 -689 -819 -708 -902 -956 -1,439 U.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 -188 -335 -512 -619 Foreign long-term investments in U.S 430 466 271 195 66 -10 20 -9 186 U.S. short-term capital . -1,348 -1,541 -507 -305 1 -164 -39 84 -601 Foreign short-term capital 5. -90 177 -116 -23 -51 13 -55 -18 57 4. Erron and unrecorded transactions. -683 -905 -1,025 -27 -37 -469 -492 -122 68 Balance of A (= 1+2+3+4) -3,913 -3,043 -3,573 -727 -503 -934 -1,409 -959 Less: Net seasonal adjustments -113 -129 337 -95 -162 -1,281 Balance of A before seasonal adjustment. -3J043 -614 -374 -1,271 -1,314 -797 -80 -1,201 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets,and specialU.S. Govt. transacticns—Not seasonally adjusted Total 3,913 3,043 3,573 614 374 1,271 1,314 797 1,201 Advance repayments on U.S. Govt. loans 6 48 668 666 53 471 142 25 34 Advances on U S military exports net -16 5 470 142 -2 107 223 20 -5 Soles of nonconvertible nonmarketable securities? net 251 251 63 -10 Dollar securities 58 8 19 Foreign currency securities 251 251 5 -29 Sales of convertible nonmarketable securities? net... 350 152 Dollar securities 125 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 n -152 81 134 44 269 -137 -42 70 123 104 595 -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 -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

1738 FOREIGN TRADE; MONEY RATES DECEMBER 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 ,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 31,991 1,261 1,163 1,339 3 J.4R4 257 588 335 3 507 Apr ,622 1,662 1,803 3 1,918 1,315 1,152 1,364 ,423 c307 510 439 3 495 May 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 I 707 3 1,689 1,729 1,779 1,235 3 1,379 1,362 1,469 C472 3 310 367 310 ,625 1,689 1,687 1.897 1,227 1,254 1,364 1.533 398 435 323 364 Sept ,647 1,678 3 1,943 1,992 1,188 1,262 3 1,476 ^453 459 416 3 467 539 Oct .668 1,780 3 1,493 1,899 1,178 1,300 3 1,319 .475 490 480 3 174 424 Nov 1 ^681 1,733 1,695 1,126 1,309 1,432 555 424 263 Dec . . 1 645 795 31 819 10Q us 3 1 372 C536 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 cl,106 3 1,350 cl,331 1.394 Ill . 4,979 3 5,056 3 5,359 5,668 3,650 3 3,895 3 4,202 4,455 cl,329 3 1,161 3 1,157 1,213 IV 4,994 5,238 3 5,027 3,413 3,924 3 4,123 «1,581 1,314 3 904 Year 4 . .. 19,609 20,152 20,901 14,654 14,713 16,397 4,955 5,439 4,504 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c c o k e e n p e s t t r , h - s' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o - 3 Tr 6 d b e a 0 i a y l - s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 1.11 2.00 1962—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 1.85 1.47 2.00 Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 1.24 2.00 1963—Jan 3.82 3.68 3.69 3.51 2.85 2.04 3.39 2.63 2.50 1.93 [.66 2.00 Feb 3.68 3.52 3.63 3.45 2.82 2.00 3.45 2.63 2.94 1.67 1.00 2.00 Mar 3.63 3.55 3.70 3.55 2.82 2.00 3.43 2.63 3.50 L.88 1.79 2.00 3.58 3.60 3.88 3.71 2.84 2.00 3.92 2.63 3.06 1.91 [.67 2.00 May 3.33 3.33 3.88 3.67 2.92 2.00 3.91 2.63 2.94 1.96 1.58 2.00 June 3.23 2.89 3.84 3.69 2.88 2.00 4.76 2.63 3.88 1.87 1.14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 2.07 2.09 2.00 Aug 3.64 3.12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 L.78 1.06 2.00 Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 1.89 1.29 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 2.63 2.88 1.95 1.11 2.00 1 Based on average yield of weekly tenders during month. NOTE.—For description of rates and back data, see "International 2 Based on weekly averages of daily closing rates. Finance," Section 15 of Supplement to Banking and Monetary Statistics. 3 Rate shown is on private securities. 1962. 4 Rate in effect at end of month. * Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1963 MONEY RATES 1739 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Nov. 30, 1962 Rate Country 1962 1963 No as v . o 3 f 0, Per Month 1963 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Argentina 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 4.5 4.5 3.75 Aug. 1962 3.5 4.0 4.25 4.25 Brazil 10.0 Apr. 1958 10.0 Burma 4.0 Feb. 1962 4.0 4.0 Nov. 1962 3 5 4.0 4.0 Ceylon 4.0 Aug. 1960 4.0 Chile 2 14.62 July 1962 14 20 14 21 14.21 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 5.5 5.5 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 4.0 4.0 Germany 3.0 May 1961 3.0 Greece 6.0 Nov. 1960 5.5 5.5 Honduras 3 3.0 Jan. 1962 3.0 9.0 Dec. 1960 9.0 India4 4.0 May 1957 4.5 4.5 Indonesia 3.0 Apr. 1946 9 0 9.0 6.0 Nov. 1960 4 0 4.0 Ireland 4.06 Nov. 1962 3.86 3.69 4.03 3.88 3.95 3.94 3.94 6.0 Feb. 1955 6.0 Italy . . 3.5 June 1958 3.5 Japan 6.57 Nov. 1962 6 21 5 84 5.84 Mexico 4.5 June 1942 4.5 Netherlands 4.0 Apr. 1962 3 5 3.5 New Zealand 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan ... .... 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 2.0 Jan. 1944 2.0 South Africa . 3.5 Nov. 1962 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 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, deave 2 r B ag e e g i r n a n t i e n g b u w t i w th il l A n p o r t . b 1 e , m 19 o 5 r 9 e , t n h e a w n t r h e e d i b sc a o n u k n r t a s te h . ave been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products and 6 and 7 percent for agricultural bonds; occ 4 3 u R R r. a a t t e e a sh p o p w lie n s i t s o f a o d r v a a d n v c a e n s c a e g s a o in n s l t y . commercial paper as well as against ( C ra o t s e t a s h R o i w ca n — is 5 f o p r e r a g c r e ic n u t lt f u o 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 a l t p o a p c e o r m ); mercial transactions 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

1740 FOREIGN EXCHANGE RATES DECEMBER 1963 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Aus- (peso) Period (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r lg an iu c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D ( e k n r m on a e r ) k (m Fi a n r la k n k d a) F (f r r a a n n c c e ) Official Free 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 14.482 .3995 .2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 i .9080 223.73 3.8685 2.0093 293.561 21.034 14.490 .3107 20.405 1962—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 14.487 331.056 420.405 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 .7265 223.12 3.8702 2.0036 92.722 21.015 14.490 31.057 20.405 July .7309 223.17 3.8719 2.0038 92.598 21.015 14.488 31.057 20.405 Aug. .7439 223.07 3.8712 2.0039 92.325 21.010 14.470 31.056 20.405 Sept .7034 222.92 3.8706 2.0037 92.590 21.019 14.485 31.057 20.404 Oct ... 6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31 057 20.400 Nov .6942 222.93 3.8659 2.0059 92.778 21.021 14.484 31.057 20.405 Period ( G d m e e r u a m t r s k a c n h ) y e (r I u n p d e ia e) ( I p r o e u la n n d d ) ( I l t i a r l a y ) J ( a y p en a ) n ( M do s a i l l l a a a y r - ) M (p e e x t i o c ) o ( e g N r u l e i a l t n d h d e - r s ) ( Z p e N o a u e la w n n d d ) 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276.56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1962—Nov. 24.947 20.970 280.19 .16104 .27901 32.751 8.0056 27.748 277.42 Dec... 25.031 20.989 280.33 .16105 .27897 32.790 8.0056 27.779 277.56 1963—Jan 24.966 20.996 280.48 .16104 .27894 32.817 8.0056 27.772 277.71 Feb 24.985 20.984 280.34 .16102 .27892 32.717 8.0056 27.773 277.56 Mar 25.023 20.963 280.06 .16102 .27886 32.633 8.0056 27.808 277.29 Apr. 25.045 20.964 280.07 .16100 .27716 32.594 8.0056 27.828 277.30 May .. 25.090 20.962 279.96 .16097 .27582 32.586 8.0056 27.815 277.19 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 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 Nov 25.154 20.961 279.78 .16065 .27586 32.705 8.0056 27.765 277.01 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 g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n it n c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1957 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 14 028 49.721 3.4967 279.83 2.0579 19 324 23 142 280 88 I960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 14 010 3.4986 139.87 1 £654 19.397 23.124 280.78 1962—Nov 13.989 3.4900 139.57 1.6662 19.363 23.170 280.19 Dec 14.000 3.4902 139.64 1.6664 19.278 23.167 280.33 1963—Jan 14.000 3.4900 139.72 1.6665 19.313 23.120 280.48 Feb 13.995 3.4900 139.64 1.6664 19.290 23.123 280.34 Mar 13.995 3.4901 139.51 1.6661 19.264 23.102 280.06 Apr. 13.999 3.4901 139.51 1.6663 19.251 23.099 280.07 May 13.995 3.4900 139.46 1.6663 19.267 23.127 279.96 June 13.997 3.4900 139.49 1.6663 19.286 23.125 280.02 July 13.993 3.4900 139.52 [.6663 19.302 23.129 280.08 Aug 13.985 3.4893 139.46 1.6664 19.266 23.164 279.96 Sent 13.971 3.4881 139.36 .6664 19.268 23.171 279 77 Oct 13.971 3.4863 139.37 1.6664 19.250 23.171 279.78 Nov 13.970 3.4875 139.37 1.6665 19.262 23.166 279.78 1 Quotations not available Mar. 20-Apr. 3, 1962. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. lf 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 GEORGE W. MITCHELL J. L. ROBERTSON J. DEWEY DAANE 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 1742 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1743 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON J. DEWEY DAANE J. L. ROBERTSON KARL R. BOPP WATROUS H. IRONS CHARLES J. SCANLON GEORGE H. CLAY A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL RALPH A. YOUNG, Secretary MERRITT SHERMAN, Assistant Secretary DAVID P. EASTBURN, Associate Economist KENNETH A. KENYON, Assistant Secretary J. HERBERT FURTH, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE GARVY, Associate Economist DAVID B. HEXTER, Assistant General Counsel RALPH T. GREEN, Associate Economist GUY E. NOYES, Economist ROBERT C. HOLLAND, Associate Economist ERNEST T. BAUGHMAN, Associate Economist ALBERT R. KOCH, Associate Economist DANIEL H. BRILL, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A. MURPHY, NEW YORK, President SIDNEY MAESTRE, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS L. A. STONER, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND, Vice President JAMES W. ASTON, DALLAS J. FlNLEY MCRAE, ATLANTA ELLIOTT MCALLISTER, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1744 FEDERAL RESERVE BULLETIN • DECEMBER 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 ErwinD. Canham George H. Ellis William Webster Earle O. Latham New York Philip D. Reed Alfred Hayes James DeCamp Wise William F. Treibcr 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. Gricr Aubrey N. Hcflin Baltimore Harry B. Cummings Donald F. Hagner Charlotte George H. Aull Edmund F. MacDonald Atlanta Jack Tarver Malcolm Bryan Henry G. Chalkley, Jr. Harold T. Patterson Birmingham Selden Sheffield Edward C. Rainey Jacksonville Harry T. Vaughn Thomas A. Lanford Nashville W. N. Krauth Robert E. Moody, Jr. New Orleans Kenneth R. Giddens Morgan L. Shaw Chicago Robert P. Briggs Charles J. Scanlon James H. Hilton Hugh J. Helmer Detroit James William Miller Russcl A. Swaney St. Louis Raymond Rebsamen Harry A. Shuford J. H. Longwell Darryl R. Frauds 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. Mathews Roy E. Bonne Houston Max Levine J. Lee Cook San Antonio G. C. Hagelstein Carl H. Moore SAO Francisco F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles Robert J. Cannon Clifford H. Watkins Portland Raymond R. Rctcr Salt Lake City Thomas B. Rowland Arthur L. Price Seattle Henry N. Anderson Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Unless otherwise noted, material may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C, 20551. The items desired should be checked and the mailing address indicated on the order form (page 4 of this list). Where there is a charge, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND INDUSTRIAL PRODUCTION—1957-59 Base. 1962. FUNCTIONS. 1961. 238 pp. 172 pp. $1.00 per copy; in quantities of 10 or more for single shipment, $.85 each. (Copies ANNUAL REPORT OF THE BOARD OF GOVERNORS of the 1959 revision also are available at $.50 OF THE FEDERAL RESERVE SYSTEM. each.) THE FEDERAL FUNDS MARKET—A Study by a FEDERAL RESERVE BULLETIN. Monthly. Subscrip- Federal Reserve System Committee. 1959. Ill tion prices: (1) $6.00 per annum or $.60 a pp. $1.00 per copy; in quantities of 10 or copy in the United States and its possessions, more for single shipment, $.85 each. Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guate- DEBITS AND CLEARING STATISTICS AND THEIR mala, Haiti, Republic of Honduras, Mexico, USE (rev. ed.). 1959. 144 pp. $1.00 per copy; Nicaragua, Panama, Paraguay, Peru, El Salin quantities of 10 or more for single shipvador, Uruguay, and Venezuela. (2) Elsewhere, ment, $.85 each. $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more copies sent to one address ALL-BANK STATISTICS, 1896-1955. Pt. I, U.S. in the United States, $5.00 per annum or $.50 Summary. Pt. II, Summaries by States and per copy per month. other areas. 1959. 1,229 pp. $4.00. THE FEDERAL RESERVE ACT, as amended through FEDERAL RESERVE CHART BOOK ON FINANCIAL October 1, 1961, with an Appendix containing AND BUSINESS STATISTICS. Monthly. Annual provisions of certain other statutes affecting subscription includes one issue of Historical the Reserve System. 386 pp. $1.25. Chart Book. Subscription prices: (1) $6.00 per annum or $.60 per copy in the United FLOW OF FUNDS IN THE UNITED STATES, 1939-53. States and the countries listed above. (2) Else- 1955. 390 pp. $2.75. where, $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue SUPPLEMENT TO BANKING AND MONETARY STAfor single shipments, $.50 each. TISTICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 10. Member Bank HISTORICAL CHART BOOK. Issued annually in Reserves and Related Items. 1962. 64 pp. $.50. September. Annual subscription to monthly Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. chart book includes one issue of the Historical. Gold. 1963. 24 pp. $.35. Sec. 15. International Prices: (1) $.60 each in the United States and Finance. 1962. 92 pp. $.65. the countries listed above. (2) Elsewhere, $.70 each. (3) In quantities of 10 or more for single REGULATIONS OF THE BOARD OF GOVERNORS OF shipment, $.50 each. THE FEDERAL RESERVE SYSTEM. RULES OF ORGANIZATION AND PROCEDURE—BOARD TREASURY-FEDERAL RESERVE STUDY OF THE GOV- OF GOVERNORS OF THE FEDERAL RESERVE SYS- ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 TEM. 1962. 40 pp. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; set of 3 books PUBLISHED INTERPRETATIONS OF THE BOARD, as $2.50. of December 31, 1962. $2.50 each. 1745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1746 FEDERAL RESERVE BULLETIN • DECEMBER 1963 PERIODIC RELEASES FEDERAL RESERVE PAR LIST (Also annual list.) WEEKLY (G.3) INTERDISTRICT SETTLEMENT FUND (G.15) APPLICATION RECEIVED, OR ACTED ON, BY THE BOARD (H.2) INDEX NUMBERS OF WHOLESALE PRICES (G.8) CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS MONTHLY DEPARTMENT STORE SALES (G.7.2) BY INDUSTRY (H.12) MONTHLY DEPARTMENT STORE SALES AND CONDITION OF WEEKLY REPORTING MEMBER STOCKS, BY DEPARTMENTS (G.7.3) BANKS IN NEW YORK AND CHICAGO (H.4.3) MONTHLY DEPARTMENT STORE STOCKS (G.7.4.2) CONDITION OF WEEKLY REPORTING MEMBER MONTHLY FOREIGN EXCHANGE RATES (G.5) BANKS IN LEADING CITIES (H.4.2) NATIONAL SUMMARY OF BUSINESS CONDITIONS FACTORS AFFECTING BANK RESERVES AND CON- (G.12.2) DITION STATEMENT OF F. R. BANKS (H.4.1) OPEN MARKET MONEY RATES AND BOND PRICES WEEKLY DEPARTMENT STORE SALES (H.8a) (G.13) WEEKLY DEPARTMENT STORE SALES—SELECTED RETAIL FURNITURE REPORT (G.16) CITIES AND AREAS (H.8b) SALES FINANCE COMPANIES (G.20) WEEKLY FOREIGN EXCHANGE RATES (H.10) STATE MEMBER BANKS OF THE FEDERAL RESERVE WEEKLY U. S. GOVERNMENT SECURITY YIELDS SYSTEM AND NONMEMBER BANKS THAT MAIN- AND PRICES (H.15) TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) (G.4) SEMIMONTHLY-IRREGULAR MONTHLY U. S. GOVERNMENT SECURITY YIELDS CHANGES IN STATE BANK MEMBERSHIP (K.3) AND PRICES (G.14) ASSETS AND LIABILITIES OF ALL BANKS IN THE QUARTERLY-SEMIANNUALLY UNITED STATES (J.4) ALL BANKS IN THE UNITED STATES AND OTHER DEMAND DEPOSITS, CURRENCY, AND RELATED AREAS—PRINCIPAL ASSETS AND LIABILITIES, ITEMS (J.3) BY STATES (E.4) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BANK RATES ON SHORT-TERM BUSINESS LOANS BER BANKS (J.I) (E.2) RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) SUMMARY REPORT—ASSETS AND LIABILITIES OF MEMBER BANKS (E.3.1) MONTHLY MEMBER BANK EARNINGS (E.5) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK LOANS (E.3.4) BY DISTRICTS (G.7.1) SALES, PROFITS, AND DIVIDENDS OF LARGE COR- BANK DEBITS AND DEPOSIT TURNOVER (G.6) PORATIONS (E.6) BUSINESS INDEXES (G.I2.3) ANNUALLY CONSUMER CREDIT (G.I9) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT AT CONSUMER FINANCE COM- EXCEPT INTERBANK AND U. S. GOVERNMENT PANIES (G.22) ACCOUNTS (C.5) CONSUMER INSTALMENT CREDIT AT COMMERCIAL DEPARTMENT STORE TRADE, UNITED STATES BANKS (G.I8) (C.7.3) DEPARTMENT STORE CREDIT (G.17) BIENNIALLY DEPARTMENT STORE MERCHANDISING DATA, DISTRIBUTION OF BANK DEPOSITS BY COUNTIES UNITED STATES (G.7.4.1) AND STANDARD METROPOLITAN AREAS (C.8) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1747 REPRINTS SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. {From Federal Reserve BULLETIN unless preceded by an asterisk) REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. July 1962. 6 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR ECONOMIC AND CREDIT CONDITIONS. Aug. 1962. BANKS IN THE UNITED STATES. NOV. 1938, 20 5 pp. pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- 11pp. tion of method used by Board in adjusting economic data for seasonal variation. June REVISION OF WEEKLY DEPARTMENT STORE SALES 1941. 11 pp. INDEX. Aug. 1962. 3 pp. THE MONETARY SYSTEM OF THE UNITED STATES. INTEREST RATES IN THE CURRENT CYCLE. Sept. Feb. 1953. 16 pp. 1962. 9 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES INTEREST RATES AND MONETARY POLICY. Sept. 1962. 28 pp. ON ECONOMIC STABILITY. Mar. 1953. 16 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1962. 10 pp. STABILITY. May 1953. 7 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sept. 1962. 15 pp. 1954. 10 pp. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. BANKERS' ACCEPTANCE FINANCING IN THE UNITED 13 pp. STATES. May 1955. 13 pp. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. REVISION OF CONSUMER CREDIT STATISTICS. Oct. 14 pp. 1956. 24 pp. (Also, similar reprint from Apr. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. 1953 BULL.) 1962. 18 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. MONEY AND BANK CREDIT IN 1962. Feb. 1963. Feb. 1958. 12 pp. 8 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- FARM DEBT AS RELATED TO VALUE OF SALES. CURITIES. Nov. 1958. 15 pp. Feb. 1963. 9 pp. *PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- CHANGES IN STRUCTURE OF THE FEDERAL DEBT. Mar. 1963. 10 pp. scription of revised statistics for all banks in the United States, by class of bank, together FINANCING THE U.S. PAYMENTS DEFICIT. Apr. with revised statistics. Apr. 1959. 94 pp. 1963. 8 pp. STATISTICS ON THE GOVERNMENT SECURITIES FEDERAL RESERVE OPEN MARKET OPERATIONS IN MARKET. Apr. 1961. 8 pp. 1962. Apr. 1963. 29 pp. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. 1961. 21 pp. Apr. 1963. 11 pp. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. REVISION OF CONSUMER CREDIT STATISTICS. Dec. May 1963. 13 pp. 1961. 15 pp. BANKING AND MONETARY STATISTICS, 1962. Selected series of banking and monetary statis- REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. tics for 1962 only. Feb., Mar. and May 1963. 16 pp. GROWTH IN INSTITUTIONAL SAVINGS. May. 1962. 9 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1748 FEDERAL RESERVE BULLETIN • DECEMBER 1963 INTEREST RATES ON SAVINGS AND OTHER TIME CHANGES IN BANKING STRUCTURE, 1953-62. Sept. DEPOSITS, MID-FEBRUARY 1963. June 1963. 1963. 8 pp. 7 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. SURVEY OF COMMON TRUST FUNDS, 1962. June Sept. 1963. 17 pp. 1963. 6 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- MONETARY DEVELOPMENTS, FIRST HALF '63. July CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also similar reprints from Mar. 1963 and Sept. 1963. 7 pp. 1962 BULLS.) MEASURES OF MEMBER BANK RESERVES. July BANK AND PC A LENDING TO FARMERS. Sept. 1963. 1963. 14 pp. 11 pp. BANK LOANS SECURED BY STOCKS AND BONDS. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. July 1963. 19 pp. 1963. 8 pp. A BANK EXAMINER LOOKS AT AGRICULTURAL THE OPEN MARKET POLICY PROCESS. Oct. 1963. LENDING. July 1963. 8 pp. 11 pp. MEASURING AND ANALYZING ECONOMIC GROWTH. RECENT INTEREST RATE TRENDS. NOV. 1963. Aug. 1963. 14 pp. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 49 GUIDE TO PAGE NUMBERS Month of issue Pages Month of issue Pages Month of issue Pages January 1-114 May 581-748 September 1191-1348 February 115-300 June 749-882 October 1349-1494 March 301-420 July . . 883-1038 November 1495-1626 April 421-580 August 1039-1190 December 1627-1764 Pages Pages Acceptance, bankers': Articles—Continued Rates .48, 228, 356, 506, 672, 818, 974, 1108, New foreign bond issues in the U.S. market .586 1282, 1424, 1558, 1694 Open market operations in 1962 .429 Volume outstanding ... .50, 230, 358, 508, 674, Open market policy process 1359 820, 976, 1110, 1284, 1426, 1560, 1686 Recent changes in liquidity 756 Adams, Eugene H., elected Class A director at Statements to Congress: Kansas City 1656 Crimes against banks .... 1385 Adams, H. C, reappointed director at Little Rock Currency legislation 469, 624 Branch 19 Federal Banking Commission, bill to Agricultural loans: establish 604 Bank and PCA lending to farmers, article Federal Civil Defense Act, proposed on 1224 changes in .... . . .. 779 Bank examiner looks at agricultural lending, Federal deposit insurance, proposed article 922 changes in 626 Commercial banks ...42, 222, 350, 500, 666, Legislation relating to banks and savings 812,968, 1102, 1276, 1418, 1552, 1678 and loan associations 1371 Weekly reporting member banks . .44, 224, 352, Monetary policy and the economy 122 502, 668, 814, 970, 1104, 1278, 1420, 1554, 1680 Recent monetary actions .... 1061 Agriculture: Revenue bond underwriting by Balance sheet 1254 commercial banks 1371, 1634 Farm debt as related to value of sales, article Securities Exchange Act, proposed on 140 changes in 929 Ann Arbor Bank, Ann Arbor, Mich., Order under "Window dressing" in banks' reports of Bank Merger Act .172 condition 1380 Annual Report, Board of Governors, 1962. .329 Treasury and Federal Reserve foreign Articles: exchange operations 311, 1216 Agricultural lending, a bank examiner looks U.S. balance of payments, 1961-63 1349 at . . 922 Asbury Park and Ocean Grove Bank, Asbury Bank and PCA lending to farmers . . . 1224 Park, N. J., order under bank Merger Act . . 1242 Bank loans secured by stocks and bonds. . . 904 Assets and liabilities (See also Foreign liabilities Capital goods in economic expansion . . . 1627 and claims): Changes in banking structure, 1953-62. 1191 Banks, by classes . . . .38, 218, 346, 496, 662, 808, Collateral for Federal Reserve credit, 964, 1098, 1272, 1414, 1548, 1674 legislative proposal of Board 1235 Commercial banks ... .42, 222, 350, 500, 666, Common trust funds, survey of, 1962 .773 812, 968, 1102, 1276, 1418, 1552, 1678 Consumer spending and incomes 749 Consolidated monetary statement ... .37, 217, Economic change and economic analysis 1199 345, 495, 661, 807, 963. Farm debt as related to value of sales. . 140 1097, 1271, 1413, 1547, 1673 Federal debt, changes in structure of . . .301 Corporate, current 60, 240, 370, 520, 686, Federal Reserve open market operations in 832, 988, 1122, 1296, 1438, 1572, 1698 1962, report on . .429 Federal business-type activities 90 Financing business investment ..... 1039 Federal Reserve Banks 32, 212, 340, 490, Financing the U.S. payments deficit .421 656, 802, 958, 1092, 1266, 1408, 1542, 1668 Industrial production developments . .1 Mutual savings banks. .. .50, 230, 358, 508, 674, Instalment credit expansion .581 820, 976, 1110, 1284, 1426, 1560, 1686 Interest rate trends 1495 Weekly reporting member banks. . . .44, 224, 352, Interest rates on time deposits, 502, 668, 814, 970, 1104, 1278, 1420, mid-Feb. 1963 766 1554,1680 International monetary system, study of . .1357 Wednesday data for 1962 .268 Measuring and analyzing economic growth. . 1046 Automobiles: Member bank income, 1962 .599 Consumer instalment credit 64-66, 244-46, Member bank reserves, measures of 890 374-76, 524-26, 690-92, 836-38, 992-94, 1126-28, Monetary developments, first half of 1963 .883 1300-02, 1442-44, 1576-78, 1702-04 Money and bank credit in 1962 .... .115 Production index 68, 248, 378, 528, 694, Negotiable time certificates of deposit .458 840, 996, 1130, 1304, 1446, 1580, 1706 1749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1750 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages Baker, D. S., reappointed director at Portland Bank Merger Act—Continued Branch 20 Orders issued under—Continued Balance sheet of agriculture 1254 Peoples Trust Company of Bergen Balderston, C. Canby, statement on proposed County, Hackensack, N. J 321, 1510 changes in Federal deposit insurance 626 Security Savings Bank, Marshalltown, Bank and PCA lending to farmers, article on. . 1224 Iowa .1514 Bank credit and money in 1962, article on. . . .115 State Bank of Albany, N. Y 631 Bank debits {See Debits to deposit accounts) Sullivan County Trust Company, Mon- Bank examiner looks at agricultural lending, ticello, N. Y 475 article .922 Sussex County Trust Company, Frank- Bank Holding Company Act: lin, N. J 788 Banking offices and deposits of group banks, Union Trust Company of Maryland, Dec. 31, 1962. . .1012 Baltimore, Md 326, 1516 Interpretations: Wachovia Bank and Trust Company, Bank Service Corporation Act, applica- Winston-Salem, N. C. . . .1640 bility in certain bank holding com- Wells Fargo Bank, San Francisco, pany situations 163 Calif 1244 Federal funds, "sale" of, between sub- West Branch Bank and Trust Company, sidiary banks . 1238 Williamsport, Pa 1512 Industrial banks, applicability to 165 Wilmington Trust Company, Wilming- Limit on investment by bank holding ton, Del 1070 company system in stock of small Bank of Idaho, Boise, Idaho, Order under Bank business investment companies 9 Merger Act 477 List of companies registered pursuant to Bank of Jamestown, N. Y., Order under Bank Section 5, Dec. 31, 1962. .856 Merger Act 166 Orders issued under: Bank of South Haven, Mich., Order under Bank Brenton Companies, Inc . . 472 Merger Act 1638 Denver U.S. Bancorporation, Inc.. .1518 Bank of Virginia, Richmond, Va., Orders under First Colorado Bankshares, Inc 1646 Bank Merger Act . 783, 932, 1643 First Wisconsin Bankshares Corpora- Bank reserves {See Reserves) tion 181, 187, 781 Bank Service Corporation Act: Marine Corporation 192, 329, 782 Applicability in certain bank holding com- Otto Bremer Company.. .1389 pany situations 163 Trans-Nebraska Co 633 Assurances required in situations involving Valley Bancorporation 178 State member banks 321 Virginia Commonwealth Corporation. . 934, Regulation S issued by Board pursuant to 1247, 1251 Section 5 471 Banks loans secured by stocks and bonds, article Bankers' balances {See also Foreign liabilities on 904 and claims): Bank Merger Act: Commercial banks....43, 223, 351, 501, 667, Orders issued under: 813, 969, 1103, 1277, 1419, 1553, 1679 Ann Arbor Bank, Ann Arbor, Mich. .172 Weekly reporting member banks. . . .45, 225, 353, Asbury Park and Ocean Grove Bank, 503, 669, 815, 971, 1105, 1279, 1421, 1555, 1681 Asbury Park, N. J .1242 Bankers Trust Company, New York, N. Y., Order Bank of Idaho, Boise, Idaho. .477 Bank of Jamestown, N. Y.. .166 under Bank Merger Act ... . 1074 Bank of South Haven, Mich 1638 Banking and monetary statistics: Bank of Virginia, Richmond, Va 783, For 1962 . .200, 268, 394, 720 932, 1643 Supplement . 200 Bankers Trust Company, New York, Banking offices: N. Y 1074 Changes in number .266, 1162 Chemical Bank New York Trust Com- Par and nonpar offices, number 267, 1163 pany, New York, N. Y 785 Banking structure, changes in, 1953-62, article Commercial and Savings Bank of St. and tables 1191, 1320 Clair, Mich 324 Banks and branches, number, by class and State. .551 Elyria Savings and Trust Company, Banks and the monetary system, consolidated Elyria, Ohio 474 statement ..37, 217, 345, 495, 661, 807, 963, Fifth Third Union Trust Company, 1097, 1271, 1413, 1547, 1673 Cincinnati, Ohio 1077 Banks for cooperatives: First State Bank, Canisteo, N.Y 174 Balance sheet items 366, 516, 682, 828, 984, Hackensack Trust Company, Hacken- 1118, 1292, 1434, 1568, 1694 sack, N. J 170 Securities .365, 515, 681, 827, 983, 1117, Liberty Bank and Trust Company, Buf- 1291, 1433, 1567, 1693 falo, N. Y , 14 Berry, Guy L., Jr., appointed director at Lock Haven Trust Company, Lock Oklahoma City Branch 19 % Haven, Pa 168 Bloedorn, J. H., reappointed director at Denver Norfolk County Trust Company, Brook- Branch 19 line, Mass 628 Blood, Alan B., appointed director at Salt Lake Peoples Bank of Glen Rock, Pa. 176 City Branch .780 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 49 1751 Pages Pages Board of Governors: Branch banks: Annual Report, 1962 329 Federal Reserve: Members: Directors (See Directors, Federal Re- Daane, J. Dewey, appointment 1653 serve branch banks) King, G. H., Jr., resignation 1254 Vice Presidents in charge of . .... 1744 Statements to Congress: Foreign branches of member banks, revision Crimes against banks. . . . .1385 of Board's Regulation M and conforming Currency legislation 469, 624 amendment to Regulation H . 1068 Federal Banking Commission, bill Number, by class and State .552 to establish 604 Brandenburg, J. P., appointed director at Denver Federal Civil Defense Act, proposed Branch 19 changes in 779 Brenton Companies, Inc., Order under Bank Federal deposit insurance, proposed Holding Company Act 472 changes in 626 Brill, Daniel H.: Legislation relating to banks and Appointed Director, Division of Research savings and loan associations. 1371 and Statistics 1653 Monetary policy and the Article on recent changes in liquidity .... 756 economy ... ... 122, 130 Brinton, J. E., reappointment as director at Salt Recent monetary actions. . . 1061 Lake City Branch, and death 20, 644 Revenue bond underwriting by Britt, Roy A., reappointed director at Los Angeles commercial banks 1371, 1634 Branch . . . . 20 Securities Exchange Act, proposed Broida, Arthur L., appointed Assistant Secretary changes in 929 of Board 1080 "Window dressing" in banks' re- Brokers and dealers in securities, bank loans to: ports of condition. .1380 Commercial banks . .42, 222, 350, 500, 666, 812, Members and officers 1742 968, 1102, 1276, 1418, 1552, 1678 Publications (See Publications) Weekly reporting member banks 44, 224, 352, Regulations (See Regulations) 502, 668, 814, 970, 1104, 1278, 1420, 1554, 1680 Staff: Browne, Joseph B., appointed director at Balti- Brill, Daniel H., appointed Director, more Branch 18 Division of Research and Statistics .1653 Business conditions, national summary . .22, 201, 330, 480, 645, 791, 947, 1081, 1255, Broida, Arthur L., appointed Assistant 1398,1532, 1657 Secretary 1080 Business expenditures on new plant and Chase, G. Howland, retirement as equipment .60, 240, 370, 520, 686, 832, 988, Assistant General Counsel, Legal 1122, 1296, 1438, 1572, 1698 Division 20 Business indexes .72, 252, 382, 532, 698, 844, 1000, Holland, Robert C, appointed Associate 1134, 1308, 1450, 1584, 1710 Director, Division of Research and Business investment, article on financing of .... 1039 Statistics 1654 Business loans (See Commercial and industrial Noyes, Guy E., appointed Adviser to loans) the Board 1653 Byrd, Carroll F., reelected Class A director at Partee, J. Charles, appointed Adviser, San Francisco 1656 Division of Research and Statistics. 1654 Solomon, Robert, appointed Associate Cagle, Caroline H., article on interest rates on Adviser, Division of Research and time deposits, mid-Feb. 1963 766 Statistics 20 Capital accounts: Bonds {See also U.S. Govt. securities) : Banks, by classes . .38, 218, 346, 496, 662, 808, Bank loans secured by stocks and bonds, 964, 1098, 1272, 1414, 1548, 1674 article on 904 Commercial banks . 43, 223, 351, 501, 667, 813, Corporate, outstanding . . .60, 240, 368, 518, 684, 969, 1103, 1277, 1419, 1553, 1679 830, 986, 1120, 1294, 1436, 1570, 1696 Federal Reserve Banks . .32, 212, 340, 490, 656, New foreign bond issues in the U.S. market, 802, 958, 1092, 1266, 1408, 1542, 1668 Weekly reporting member banks . 46, 226, 354, article on 586 504, 670, 816, 972, 1106, 1280, 1422, 1556, 1682 New issues .58, 238, 367, 517, 683, 829, 985, Capital goods in economic expansion, article on. 1627 1119, 1293, 1435, 1569, 1695 Capital stock of Federal Reserve Banks, revision Prices .49, 229, 357, 507, 673, 819, 975, of Regulation I 11 1109, 1283, 1425, 1559, 1685 Carloadings .72, 252, 382, 532, 698, 844, 1000, State and local govts 57, 237, 366, 516, 682, 1134, 1308, 1450, 1584, 1710 828, 984, 1118, 1292, 1434, 1568, 1694 Caviness, Charles R., reappointed director at Underwriting of bonds payable from pro- Memphis Branch . 19 ceeds of State sales taxes, interpretation. . 1237 Central banks, foreign: Underwriting of revenue bonds by com- Discount rates .... 106, 292, 412, 572, 740, 872, mercial banks, statements of Chairman 1029, 1181, 1339, 1485, 1617, 1739 Martin on H.R. 5845 1371, 1634 Gold reserves ... 92, 278, 398, 558, 726, 858, Yields .48, 228, 356, 506, 672, 818, 974, 1014, 1166, 1324, 1470, 1602, 1724 1108, 1282, 1424, 1558, 1684 Chairmen of Federal Reserve Banks. .1393, 1744 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1752 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages Changes in banking structure, 1953-62, article and Construction—Continued tables 1191, 1320 New housing starts . .73, 253, 383, 533, 699, 845, Changes in structure of the Federal debt, article 1001, 1135, 1309, 1451, 1585, 1711 on 301 Value of new activity ... .73, 253, 383, 533, 699, Chase, G. Howland, retirement as Assistant Gen- 845, 1001, 1135, 1309, 1451, 1585, 1711 eral Counsel. Legal Division 20 Consumer credit: Chemical Bank New York Trust Company, New Instalment credit: York, N. Y., Order under Bank Merger Act. . . .785 Article on instalment credit expansion .581 Coin, circulation of ... .35, 215, 343, 493, 659, 805, Extensions and repayments . 66, 246, 376, 961, 1095, 1269, 1411, 1545, 1671 526, 692, 838, 994, 1128, Collateral for Federal Reserve credit, legislation 1302, 1444, 1578, 1704 proposed by Board 1235 Outstanding, by holder . . 64, 244, 374, 524, Collection of noncash items, amendment to Reg- 690,836,992, 1126, ulation G with respect to definition of noncash 1300, 1442, 1576, 1702 items . 163 Noninstalment credit, by holder. . . .65, 245, 375, Commercial banks: 525, 691, 837, 993, 1127, 1301, 1443, Assets and liabilities . . . .38-43, 218-23, 346-51, 1577, 1703 496-501, 662-67, 808-13, 964-69, 1098-1103, Revision in statistics 1530 1272-77, 1414-19, 1548-53, 1674-79 Total credit. .64, 244, 374, 524, 690, 836, 992, Banking offices, changes in number .266, 1162 1126, 1300, 1442, 1576, 1702 Consumer price indexes. .. .78, 258, 388, 538, 704, Branches, number, by State .552 850, 1006, 1140, 1314, 1456, 1590, 1716 Changes in banking structure, 1953-62, Consumer spending and incomes, article on. . . .749 article on 1191, 1320 Consumption expenditures.... 80, 260, 390, 540, 706, Consumer loans held 65, 245, 375, 525, 691, 852, 1008, 1142, 1316, 1458, 1592, 1718 837, 993, 1127, 1301, 1443, 1577, 1703 Coombs, Charles A., reports on Treasury and Deposits .36, 216, 344, 494, 660, 806, 962, Federal Reserve foreign exchange operations. .311, 1096, 1270, 1412, 1546, 1672 1216 Income and expenses 719 Cooper, H. Lee, reelected Class A director at Loans and investments . . .41, 221, 349, 499, 665, St. Louis 1655 811,967, 1101, 1275, 1417, 1551, 1677 Corporate sales, profits, taxes, and dividends. . . 59-60, Number, by class and State 551 239-40, 369-70, 519-20, 685-86, 831-32, 987-88, Real estate mortgages held . .61, 241, 371, 521, 1121-22, 1295-96, 1437-38, 1571-72, 1697-98 687, 833, 989, 1123, 1297, 1439, 1573, 1699 Corporate securities: Underwriting of bonds payable from proceeds of State sales taxes, interpretation New issues. .58, 238, 367, 517, 683, 829, 985, with respect to member State banks . .1237 1119, 1293, 1435, 1569, 1695 Underwriting of revenue bonds, statements Outstanding, net change in. . . .60, 240, 368, 518, of Chairman Martin on H.R. 5845..1371, 1634 684, 830, 986, 1120, 1294, 1436, 1570, 1696 U.S. Govt. security holdings . .54, 234, 362, 512, Prices .49, 229, 357, 507, 673, 819, 975, 1109, 678, 824, 980, 1114, 1288, 1430, 1564, 1690 1283, 1425, 1559, 1685 Commercial and industrial loans: Purchases by foreigners. . . .103, 289, 409, 569, 737, 869, 1025, 1177, 1335, 1481, 1613, 1735 Commercial banks . .42, 222, 350, 500, 666, 812, Yields .48, 228, 356, 506, 672, 818, 974, 968, 1102, 1276, 1418, 1552, 1678 1108, 1282, 1424, 1558, 1684 Weekly reporting member banks: Cost of living (See Consumer price indexes) Sample .47, 227, 355, 505, 671, 817, 973, Craft, George S., reelected Class A director at 1107, 1281, 1423, 1557, 1683 Atlanta 1655 Total, leading cities 44, 224, 352, 502, Crimes against banks, statement of Governor 668,814,970, 1104, 1278, Robertson on 1385 1420, 1554, 1680 Currency: Commercial and Savings Bank of St. Clair, Mich., Consolidated monetary statement 37, 217, Order under Bank Merger Act .324 345, 495, 661, 807, 963, 1097, 1271, 1413, Commercial paper: 1547, 1673 Rates .48, 228, 356, 506, 672, 818, 974, Federal Reserve notes (See Federal Reserve 1108, 1282, 1424, 1558, 1684 notes) Volume outstanding 50, 230, 358, 508, 674, Legislation 469, 624, 781 820, 976, 1110, 1284, 1426, 1560, 1686 Money supply and related data. . . .36, 216, 344, Common trust funds, survey of 773, 1254 494, 660, 806, 962, 1096, 1270, 1412, Comptroller of the Currency: 1546, 1672 Investment Securities Regulation, text of, and Outstanding and in circulation. . . .35, 215, 343, application to member State banks . . 1505 493, 659, 805, 961, 1095, 1269, 1411, Condition statements (See also Assets and 1545, 1671 liabilities): Customer credit, stock market: "Window dressing" in banks' reports of Monthly data 49, 229, 357, 507, 673, 819, condition, statement of Governor 975, 1109, 1283, 1425, 1559, 1685 Robertson on 1380 Stock Exchange firms, June 1955-63.. .1322 Construction: Contracts awarded . .72, 252, 382, 532, 698, 844, Daane, J. Dewey, appointment as member of 1000, 1134, 1308, 1450, 1584, 1710 Board of Governors. 1653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 49 1753 Pages Pages Davis, John F., reappointed director at Omaha Deposits—Continued Branch 19 Mutual savings banks 50, 230, 358, 508, 674, Davis, Morgan J., resignation as Class C director 820, 976, 1110, 1284, 1426, 1560, 1686 and Deputy Chairman at Dallas 1530 Negotiable time certificates of deposits, arti- Debits to deposit accounts. . . .34, 214, 342, 492, 658, cle on 458 804, 960, 1094, 1268, 1410, 1544, 1670 Postal savings (See Postal Savings System) Demand deposits: Time and savings (See Time deposits) Adjusted, banks and the monetary system. . .37, Trustees in bankruptcy, deposits of, as "sav- 217, 345, 495, 661, 807, 963, 1097, 1271, ings deposits," interpretation 1237 1413, 1547, 1673 Turnover of (See Demand deposits) Adjusted, commercial banks 34, 214, 342, Weekly reporting member banks 46, 226, 492, 658, 804, 960, 1094, 1268, 1410, 354, 504, 670, 816, 972, 1106, 1280, 1422, 1544, 1670 1556, 1682 Banks, by classes 38, 218, 346, 496, 662, 808, Directors, Federal Reserve Banks: 964, 1098, 1272, 1414, 1548, 1674 Chairmen and Federal Reserve Agents. 1393, Member banks 31, 211, 339, 489, 655, 801, 1744 957, 1091, 1265, 1407, 1541, 1667 Class A and Class B, elections .1654 Class C, appointments. 1393 Money supply and related data. . . .36, 216, 344, Deputy Chairmen .1530, 1744 494, 660, 806, 962, 1096, 1270, 1412, List 149 1546, 1672 Resignations and death 479, 1393, 1530 Turnover of. 34, 214, 342, 492, 658, 804, 960, Directors, Federal Reserve branch banks: 1094, 1268, 1410, 1544, 1670 Appointments . 18, 20, 200, 780, 1530 Type of holder, at commercial banks. . . .43, 223, List 149 351, 501, 667, 813, 969, 1103, 1277, 1419 Resignation and deaths. .479, 644, 1254 1553, 1679 Discount rates: Weekly reporting member banks. . . .46, 226, 354, Federal Reserve Banks: 504, 670, 816, 972, 1106, 1280, 1422, Increase in 946, 1061, 1080 1556, 1682 Table of 30, 210, 338, 488, 654, 800, Denver U.S. Bancorporation, Inc., Order under 956, 1090, 1264, 1406, 1540, 1666 Bank Holding Company Act 1518 Foreign central banks 106, 292, 412, 572, Department store statistics: 740, 872, 1029, 1181, 1339, 1485, 1617, 1739 Merchandising data. ...77, 257, 387, 537, 703, Discounts and advances by Federal Reserve 849, 1005, 1139, 1313, 1455, 1589, 1715 Banks: Sales and stocks. . . .76, 256, 386, 536, 702, 848, Collateral for Federal Reserve credit, legisla- 1004, 1138, 1312, 1454, 1588, 1714 tion proposed by Board 1235 Deposits (See also specific types of deposits): Condition statement. . . .32, 212, 340, 490, 656, Adjusted, and currency. ... 37, 217, 345, 495, 802, 958, 1092, 1266, 1408, 1542, 1668 661, 807, 963, 1097, 1271, 1413, 1547, 1673 Maturity distribution. . . .34, 214, 342, 492, 658, Banks, by classes. . .38, 218, 346, 496, 662, 808, 804, 960, 1094, 1268, 1410, 1544, 1670 964, 1098, 1272, 1414, 1548, 1674 Weekly and monthly data. . .26, 206, 334, 484, Commercial banks: 650, 796, 952, 1086, 1260, 1402, 1536, 1662 By classes 43, 223, 351, 501, 667, 813, Dividends: 969, 1103, 1277, 1419, 1553, 1679 Corporate. 59, 239, 369, 519, 685, 831, 987, Money supply and related data. . .36, 216, 1121, 1295, 1437, 1571, 1697 344, 494, 660, 806, 962, 1096, 1270, Federal Reserve Banks. . .21, 264 1412, 1546, 1672 Insured commercial banks. 719 Demand deposits (See Demand deposits) Member banks 600, 603, 710 European Investment Bank, interest rate on Doll, Raymond J., article on farm debt as related time deposits of, interpretation 9 to value of sales. 140 Federal deposit insurance, statement of Vice Dollar assets, foreign: Chairman Balderston on proposed changes Foreign countries and international organizain .626 tions. .95, 281, 401, 561, 729, 861, 1017, Federal Reserve Banks: 1169, 1327, 1473, 1605, 1727 Condition statement. ... 32, 212, 340, 490, Held at Federal Reserve Banks 103, 289, 409, 656, 802, 958, 1092, 1266, 1408, 569, 737, 869, 1025, 1177, 1335, 1481, 1542, 1668 1613, 1735 Held for foreign correspondents 103, Earnings and expenses: 289, 569, 737, 869, 1025, 1177, 1335, Federal Reserve Banks.. . .21, 264 1481, 1613, 1735 Insured commercial banks. 719 Interest on deposits (See Interest on Member banks 599, 710 deposits) Earnings and hours, manufacturing industries. . . .75, Maximum rates, time and savings deposits: 255, 385, 535, 701, 847, 1003, 1137, 1311, Increase in maximum rate payable on 1453, 1587, 1713 time deposits 946, 1061, 1068 Economic conditions: Table of...31, 211, 339, 489, 655, 801, Capital goods in economic expansion, article 957, 1091, 1265, 1407, 1541, 1667 on 1627 Member banks. . . .31, 211, 339, 489, 655, 801, Economic change and economic analysis, arti- 957, 1091, 1265, 1407, 1541, 1667 cle on 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1754 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages Economic conditions—Continued Federal National Mortgage Assn.: Measuring and analyzing economic growth, Balance sheet items . . . .366, 516, 682, 828, 984, article on 1046 1118, 1292, 1434, 1568, 1694 Monetary policy and the economy, state- Lending activity ... .63, 243, 373, 523, 689, 835, ments to Congress 122 991, 1125, 1299, 1441, 1575, 1701 Elyria Savings and Trust Company, Elyria, Ohio, Securities .365, 515, 681, 827, 983, 1117, Order under Bank Merger Act. .474 1291, 1433, 1567, 1693 Employment: Federal Open Market Committee: Labor force 74, 254, 384, 534, 700, 846, Foreign exchange operations, reports 1002, 1136, 1310, 1452, 1586, 1712 on 311, 1216 Manufacturing production worker. . . .75, 255, Members and staff 1743 385, 535, 701, 847, 1003, 1137, 1311, 1453, Open market operations in 1962, report on. .429 1587, 1713 Open market policy process, article on 1359 Nonagricultural. . . .74, 254, 384, 534, 700, 846, Federal Reserve Act: 1002, 1136, 1310, 1452, 1586, 1712 Collateral for Federal Reserve credit, European Investment Bank, interest rate on time amendments proposed by Board . 1235 deposits of, interpretation. . .9 Section 16, amendment authorizing issuance of $1 and $2 Federal Reserve Farm debt as related to value of sales, article on .140 notes . . .469, 624, 781 Farm mortgage loans: Section 19: Bank holdings . 61, 241, 371, 521, 687, 833, 989, Deposits of trustees in bankruptcy as 1123, 1297, 1439, 1573, 1699 "savings deposits," interpretation 1237 Insurance company holdings . . 62, 242, 372, 522, Time deposits of European Investment 688, 834, 990, 1124, 1298, 1440, 1574, 1700 Bank, interest rate on, interpretation . 9 Fearon, Robert H., elected Class A director at Section 23A, interpretation relating to Fed- New York 1654 eral funds transactions 1238 Federal Advisory Council .1743 Sections 25 and 25(a), corporations engaged Federal Banking Commission, statements on bill in foreign banking and financing under, reto establish 604 vision of Regulation K . . . 1238 Federal Banking Laws and Reports, 1780-1912, Federal Reserve Banks: publication of . . 479 Branches (See Branch banks) Federal business-type activities, selected assets and Capital stock, issue and cancellation of, liabilities 90 revision of Regulation I .11 Federal Civil Defense Act, proposed changes in, Chairmen and Deputy Chairmen 1744 statement of Chairman Martin on H.R. 3516. . 779 Condition statement ... .32, 212, 340, 490, 656, Federal debt, changes in structure of, article on 301 802, 958, 1092, 1266, 1408, 1542, 1668 Federal deposit insurance, proposed changes in, Directors (See Directors) statement of Vice Chairman B alderston on Discount rates: H.R. 5130 626 Increase in 946, 1061, 1080 Federal finance: Table of .30, 210, 338, 488, 654, 800, 956, Cash transactions 52, 232, 360, 510, 676, 822, 1090, 1264, 1406, 1540, 1666 978, 1112, 1286, 1428, 1562, 1688 Earnings and expenses .... .21, 264 Receipts and expenditures ... .53, 233, 361, 511, First Vice Presidents 1744 677, 823, 979, 1113, 1287, 1429, 1563, 1689 Presidents: Treasurer's balance 52, 232, 360, 510, 676, Fulton, Wilbur D., retirement at 822, 978, 1112, 1286, 1428, 1562, 1688 Cleveland 644 Federal funds transactions, position of Board. 1238 Hickman, W. Braddock, appointed at Federal home loan banks: Cleveland . . 644 Balance sheet items . . . .366, 516, 682, 828, 984, List 1744 1118, 1292, 1434, 1568,1694 Swan, Eliot J., statement on monetary Lending activity 63, 243, 373, 523, 689, 835, policy and the economy 137 991, 1125, 1299, 1441, 1575, 1701 U.S. Govt. security holdings (See U.S. Securities .365, 515, 681, 827, 983, 1117, Govt. securities) 1291, 1433, 1567, 1693 Federal Reserve credit: Federal Housing Administration: Collateral for, legislation proposed by Loans insured by 61-63, 241-43, 371-73, Board 1235 521-23, 687-89, 833-35, 989-91, 1123-25, Condition statement ... .32, 212, 340, 490, 656, 1297-99, 1439-41, 1573-75, 1699-1701 802, 958, 1092, 1266, 1408, 1542, 1668 Federal intermediate credit banks: Maturity distribution 34, 214, 342, 492, Balance sheet items . . . 366, 516, 682, 828, 984, 658, 804, 960, 1094, 1268, 1410, 1544, 1670 1118, 1292, 1434, 1568, 1694 Weekly and monthly data . . 26, 206, 334, 484, Securities .365, 515, 681, 827, 983, 1117, 650, 796, 952, 1086, 1260, 1402, 1536, 1662 1291, 1433, 1567, 1693 Federal Reserve notes: Federal land banks: Authority to issue $1 and $2 Federal Balance sheet items . . . .366, 516, 682, 828, 984, Reserve notes . 469, 624, 781 1118, 1292, 1434, 1568, 1694 Federal Reserve Agents' accounts 32, 212, 340 Securities. .365, 515, 681, 827, 983, 1117, 1291, 490, 656, 802, 958, 1092, 1266, 1408, 1433,1567, 1693 1542, 1668 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 49 1755 Pages Pages Federal Reserve notes—Continued Foreign deposits in U.S. banks—Continued Interest paid to Treasury .... 21, 264 Commercial banks, by classes 43, 223, 351, Outstanding and in circulation ... .35, 215, 343, 501, 667, 813, 969, 1103, 1277, 493, 659, 805, 961, 1095, 1419 1553, 1679 1269, 1411, 1545,1671 European Investment Bank, interest rate on Federal Reserve open market operations in 1962, time deposits of, interpretation. .9 report on .429 Federal Reserve Banks: Federal Reserve System: Condition statement 32, 212, 340, 490, Admissions of State banks to membership . . 200, 656, 802, 958, 1092, 1266, 479,644,780,946, 1656 1408, 1542, 1668 Federal Reserve and Treasury foreign exchange Held for foreign correspondents 103, operations, reports on 311, 1216 289, 409, 569, 737, 869, 1025, 1177, Federally sponsored credit agencies: 1335, 1481, 1613, 1735 Balance sheet items 366, 516, 682, 828, 984, Weekly and monthly data. . . 26, 206, 334, 1118, 1292, 1434, 1568, 1694 484, 650, 796, 952, 1086, 1260, Securities. .365, 515, 681, 827, 983, 1117, 1402, 1536, 1662 1291, 1433, 1567, 1693 Weekly reporting member banks 46, 226, Fey, John T., appointed Class C director 354, 504, 670, 816, 972, 1106, 1280, at Boston 1393 1422, 1556, 1682 Fifth Third Union Trust Company, Cincinnati, Foreign exchange operations: Ohio, Order under Bank Merger Act. . 1077 Currency holdings: Finance company paper: Federal Reserve Banks 34, 214, 342, Rates. .48, 228, 356, 506, 672, 818, 974, 1108, 492, 658, 804, 960, 1094, 1268, 1410 1282, 1424, 1558, 1684 1544,1670 Volume outstanding. . . .50, 230, 358, 508, 674, Foreign official institutions 409, 569, 820, 976, 1110, 1284, 1426, 1560, 1686 737, 869, 1024, 1176, 1334, 1480, Financial institutions, loans to: 1612, 1734 Commercial banks. .. .42, 222, 350, 500, 666, U.S. monetary authorities... 94, 280, 400, 812, 968, 1102, 1276, 1418, 1552, 1678 560, 728, 860, 1016, 1168, 1326, 1472, Weekly reporting member banks. . . .44, 224, 1604, 1726 352, 502, 668, 814, 970, 1104, 1278, Treasury and Federal Reserve operations, 1420, 1554, 1680 reports on 311, 1216 Financing business investment, article on. .. .1039 Foreign exchange rates 107, 293, 413, 573, 741, Financing the U.S. payments deficit, article on. .421 873, 1030, 1182, 1340, 1486, 1618, 1740 First Colorado Bankshares, Inc., Order under Foreign liabilities and claims: Bank Holding Company Act 1646 Banks... 96, 282, 402, 562, 730, 862, 1018, First State Bank, Canisteo, N. Y., Order under 1170, 1328, 1474, 1606, 1728 Bank Merger Act 174 Nonfinancial concerns. ... 104, 290, 410, 570, 738, 870, 1026, 1178, 1336, 1482, 1614, 1736 First Wisconsin Bankshares Corporation, Orders Foreign time deposits, interest on: under Bank Holding Company Act. .. 181, 187, 781 European Investment Bank, interpretation. . . .9 Fleming, Lamar, Jr., resignation as Class C Foreign trade. .77, 257, 387, 537, 703, 849, 1028, director at Dallas 1393 1180, 1338, 1484, 1616, 1738 Float. .26, 206, 334, 484, 650, 796, 952, 1086, Freight carloadings {See Carloadings) 1260, 1402, 1536, 1662 Fry, Edward R., article on measures of member Flohr, E. M., reappointed director at Portland bank reserves 890 Branch .... .20 Fulton, Wilbur D., retirement as President of Flow of funds: Federal Reserve Bank of Cleveland. 644 Financial assets and liabilities 1154 Saving and financial flows. . . .82, 262, 392, 542, Galloway, M. M., reappointed director at 708, 854, 1010, 1144, 1318, 1460, 1594, 1720 Houston Branch .20 Foreign banking and financing corporations: Garfield, Frank R., article on economic change Regulation K, revision of 1238 and economic analysis 1199 Foreign bond issues in the U.S. market, Gehman, Clayton, article on measuring and anaarticle on 586 lyzing economic growth 1046 Foreign branches of member banks, revision of Gemmill, Robert F., article on new foreign bond Board's Regulation M and conforming amend- issues in the U.S. market 586 ment to Regulation H. .1068 Gilmore, Fred W., elected Class B director at Foreign central banks: Kansas City . 1656 Discount rates 106, 292, 412, 572, 740, 872, Gold: 1029, 1181, 1339, 1485, 1617, 1739 Certificates: Gold reserves. . 92, 278, 398, 558, 726, 858, Collateral against Federal Reserve 1014, 1166, 1324, 1470, 1602, 1724 notes. . . .32, 212, 340, 490, 656, 802, 958, Foreign currency operations (See Foreign 1092, 1266, 1408, 1542, 1668 exchange operations) Outstanding and in circulation . 35, 215, Foreign deposits in U.S. banks: 343, 493, 659, 805, 961, 1095, 1269, Banks and the monetary system 37, 217, 1411, 1545, 1671 345, 495, 661, 807, 963, 1097, 1271, Earmarked. 103, 289, 409, 569, 737, 869, 1025, 1413, 1547, 1673 1177, 1335, 1481, 1613, 1735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1756 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages Gold—Continued Instalment loans. .64-67, 244-47, 374-77, 524-27, Net purchases by U.S 94, 280, 400, 560, 690-93, 836-39, 992-95, 1126-29, 1300-03, 728, 860, 1016, 1168, 1326, 1472, 1604, 1726 1442-45, 1576-79, 1702-05 Outstanding, U.S. money 35, 215, 343, 493, Insurance companies: 659, 805, 961, 1095, 1269, 1411, 1545, 1671 Mortgage activity. . . .62, 242, 372, 522, 688, 834, Production. .93, 279, 399, 559, 727, 859, 1015, 990, 1124, 1298, 1440, 1574, 1700 1167, 1325, 1471, 1603, 1725 Principal assets 51, 231, 359, 509, 675, 821, Reserves of central banks and govts 92, 278, 977, 1111, 1285, 1427, 1561, 1687 398, 558, 726, 858, 1014, 1166, 1324, 1470, U.S. Govt. security holdings 54, 234, 362, 1602, 1724 512, 678, 824, 980, 1114, 1288, 1430, Reserves of foreign countries and international 1564, 1690 organizations 95, 281, 401, 561, 729, 861, Insured commercial banks: 1017, 1169, 1327, 1473, 1605, 1727 Assets and liabilities 40-43, 220-23, 348-51, Stock: 498-501, 664-67, 810-13, 966-69, 1100-03, Changes in. . . .94, 280, 400, 560, 728, 860, 1274-77, 1416-19, 1550-53, 1676-79 1016, 1168, 1326, 1472, 1604, 1726 Banking offices, changes in number. .266, 1162 Consolidated monetary statement. .37, 217, Branches, number, by State. .552 345, 495, 661, 807, 963, 1097, 1271, Income and expenses. 719 1413, 1547, 1673 Number, by State. 551 Weekly and monthly data. .26, 206, 334, 484, Interbank deposits: 650, 796, 952, 1086, 1260, 1402, 1536, 1662 Banks, by classes. . . .38, 218, 346, 496, 662, 808, Golodner, Seymour, article on member bank 964, 1098, 1272, 1414, 1548, 1674 income 599 Commercial banks. .. .43, 223, 351, 501, 667, Govt. debt (See U.S. Govt. securities) 813, 969, 1103, 1277, 1419, 1553, 1679 Govt. securities (See U.S. Govt. securities) Member banks. . . .31, 211, 339, 489, 655, 801, Green, C. Hunter, appointed director at Louis- 957, 1091, 1265, 1407, 1541, 1667 ville Branch 200 Interest on deposits: Gross national product.... 80, 260, 390, 540, 706, European Investment Bank, interest rate on 852, 1008, 1142, 1316, 1458, 1592, 1718 time deposits of 9 Exchange of 12-month time certificate of de- Hackensack Trust Company, Hackensack, N.J., posit for 90-day certificate 1070 Order under Bank Merger Act. , 170 Grace periods in computing twelve months Hamlin, Arthur S., appointed director at Buffalo interest on savings deposits 163 Branch 780 Interest rates on time deposits, mid-Feb. Hardwick, John H., appointed director at Louis- 1963, article on 766 ville Branch . 19 Savings deposits acquired from absorbed Hastings, M. F., reappointed director at Seattle bank, maximum interest on 163 Branch 20 Time certificate falling due on holiday, in- Hesser, Leon F., article on bank and PCA lend- terest on 1636 ing to farmers . 1224 Time and savings deposits, maximum rates: Hickman, W. Braddock, appointed President of Increase in maximum rate payable on Federal Reserve Bank of Cleveland 644 time deposits 946, 1061, 1068 Hodges, J. Monroe, appointment as director at Table of 31, 211, 339, 489, 655, 801, Buffalo Branch, and death 18, 479 957, 1091, 1265, 1407, 1541, 1667 Holland, Robert C., appointed Associate Director, Withdrawal of uninsured portion of deposits Division of Research and Statistics 1654 after bank merger. 1636 Hollington, Richard R., elected Class A director Interest rates: at Cleveland 1655 Article on recent interest rate trends 1495 Holt, Reed E., reappointed director at Salt Lake Bond yields. .48, 228, 356, 506, 672, 818, 974, City Branch 20 1108, 1282, 1424, 1558, 1684 Hours and earnings, manufacturing industries. . . .75, Business loans by banks. .. .47, 227, 355, 505. 255, 385, 535, 701, 847, 1003, 1137, 1311, 1453, 671, 817, 973, 1107, 1281, 1423, 1557, 1683 1587, 1713 Discount rates, Federal Reserve Banks: Housing starts. 73, 253, 383, 533, 699, 845, 1001, Increase in 946, 1061, 1080 1135, 1309, 1451, 1585, 1711 Table of 30, 210, 338, 488, 654, 800, Hulcy, D. A., reelected Class B director at 956, 1090, 1264, 1406, 1540, 1666 Dallas 1656 Foreign countries: Humphrey, John W., appointed director at Cin- Discount rates. . . .106, 292, 412, 572, 740, cinnati Branch .20 872, 1029, 1181, 1339, 1485, 1617, 1739 Open market rates 105, 291, 411, 571, Income and expenses: 739, 871, 1028, 1180, 1338, 1484, Insured commercial banks. 719 1616, 1738 Member banks 599, 710 Foreign time deposits, interpretation with Industrial banks, applicability of Bank Holding respect to European Investment Bank 9 Company Act to 165 Open market rates, domestic. .. .48, 228, 356, Industrial production developments, article on 1 506, 672, 818, 974, 1108, 1282, 1424, Industrial production index 68, 248, 378, 528, 694, 1558, 1684 840, 996, 1130, 1304, 1446, 1580, 1706 Stock yields .48, 228, 356, 506, 672, 818, 974, Instalment credit expansion, article on. 581 1108, 1282, 1424, 1558, 1684 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1757 INDEX VOLUME 49 Pages Pages Interest rates—Continued Investments—Continued Time deposits, mid-Feb. 1963, article on. 766 Mutual savings banks. . . .50, 230, 358, 508, 674, Time and savings deposits, maximum rates: 820, 976, 1110, 1284, 1426, 1560, 1686 Increase in maximum rate payable on Savings and loan assns 51, 231, 359, 509, 675, time deposits 946, 1061, 1068 821, 977, 1111, 1285, 1427, 1561, 1687 Table of...31, 211, 339, 489, 655, 801, Weekly reporting member banks. . .45, 225, 353, 957, 1091, 1265, 1407, 1541, 1667 503, 669, 815, 971, 1105, 1279, 1421, Interlocking relationship between member bank 1555, 1681 and investment advisor with mutual fund affiliation, interpretation 1637 Jarman, W. Maxey, reelected Class B director at International capital transactions of the U.S 96, Atlanta 1655 282, 402, 562, 730, 862, 1018, 1170, 1328, 1474, Johnson, Robert E. L., reelected Class B director 1606, 1728 at Richmond . 1655 International monetary system, study of. 1357 International organizations: Keir, Peter M., article on open market policy Gold purchases 94, 280, 400, 560, 728, 860, process 1359 1016, 1168, 1326, 1472, 1604, 1726 Kelley, Darius M., elected Class A director at Gold reserves 92, 278, 398, 558, 726, 858, Boston 1654 1014, 1166, 1324, 1470, 1602, 1724 Kelsay, R. L., reappointed director at Oklahoma Gold reserves and dollar holdings. . . .95, 281, City Branch 19 401, 561, 729, 861, 1017, 1169, 1327, 1473, King, G. H., Jr., resignation as member of Board 1605, 1727 of Governors 1254 Interpretations: Bank Holding Company Act (See Bank Labor force 14, 254, 384, 534, 700, 846, 1002, Holding Company Act) 1136, 1310, 1452, 1586, 1712 Bank Service Corporation Act: Lange, Ray C., reelected Class B director at Applicability in certain bank holding Minneapolis 1655 company situations 163 Assurances required in situations involv- Langenohl, Gerald F., reelected Class B director ing State member banks 321 at Chicago 1655 Deposits of trustees in bankruptcy as "savings Leavitt, Brenton C, article on agricultural lending. 922 deposits" 1237 Legislation: Federal funds transactions, position of Collateral for Federal Reserve credit, legis- Board 1238 lation proposed by Board 1235 Interest rate on time deposits of European Conventional real estate loans by national Investment Bank 9 banks, statement of Chairman Martin on Interlocking relationship between member H.R. 7878 1371 bank and investment advisor with mutual Currency legislation: fund affiliation .... 1637 Public Law 88-36 authorizing issuance Investment Securities Regulation, applica- of $1 and $2 Federal Reserve notes. .781 tion to member State banks. . . 1505, 1508 Statements of Chairman Martin on 469, 624 Published interpretations of Board 479 Federal Banking Commission, statements on Regulations, Board of Governors (See Reg- bill to establish 604 ulations, Board of Governors) Federal Banking Laws and Reports, 1780- Underwriting bonds payable from proceeds 1912, publication of 479 of State sales taxes 1237 Federal Civil Defense Act, proposed changes Inventories. .80, 260, 390, 540, 706, 852, 1008, in, statement of Chairman Martin on 1142, 1316, 1458, 1592, 1718 H.R. 3516 779 Investment companies, new issues. . . .368, 518, 684, Federal deposit insurance, proposed changes in, statement of Vice Chairman Balderston 830, 986, 1120, 1294, 1436, 1570, 1696 on H.R. 5130 626 Investment Securities Regulation: Loans on forest tracts, statement of Chair- Text of, and application to member State man Martin on H.R. 8230 1371 banks . . 1505 Loans to single borrowers, statement of Investments (See also specific types of Chairman Martin on H.R. 8247 1371 investments) : Revenue bond underwriting by commercial Banks, by classes 38, 218, 346, 496, 662, 808, banks, statements of Chairman Martin on 964, 1098, 1272, 1414, 1548, 1674 H.R. 5845 . 1371, 1634 Commercial banks 41, 221, 349, 499, 665, Savings and loan associations, statement of 811, 967, 1101, 1275, 1417, 1551, 1677 Chairman Martin on H.R. 8245 1371 Commercial banks, by classes. . . .42, 222, 350, Securities Exchange Act, proposed changes 500, 666, 812, 968, 1102, 1276, 1418, in, statement of Chairman Martin on 1552, 1678 S. 1642 929 Federal Reserve Banks. . . .32, 212, 340, 490, 656, Liberty Bank and Trust Company, Buffalo, N.Y., 802, 958, 1092, 1266, 1408, 1542, 1668 Order under Bank Merger Act. . 14 Investment Securities Regulation, text of, and Life insurance companies (See Insurance application to member State banks 1505 companies) Life insurance companies. . . .51, 231, 359, 509, Linderholm, C. Lincoln, reappointed director at 675, 821, 977, 1111, 1285, 1427, 1561, 1687 Detroit Branch 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1758 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages Lindsay, Robert, article on negotiable time certifi- Martin, Wm. McC., Jr.: cates of deposit .458 Currency legislation, statements on. .469, 624 Liquidity, recent changes in, article on .756 Federal Banking Commission, statement on Loans {See also specific types of loans): bill to establish 604 Federal Civil Defense Act, proposed changes Bank and PCA lending to farmers, article in, statement on H.R. 3516 779 on 1224 Legislation relating to banks and savings and Bank loans secured by stocks and bonds, article on 904 loan associations, statement on 1371 Banks, by classes. . . .38, 218, 346, 496, 662, 808, Monetary policy and the economy, statement 964, 1098, 1272, 1414, 1548, 1674 on 122 Commercial banks 41, 221, 349, 499, 665, Recent monetary actions, statement on. . . .1061 811, 967, 1101, 1275, 1417, 1551, 1677 Revenue bond underwriting by commercial Commercial banks, by classes. . . .42, 222, 350, banks, statements on H.R. 5845.... 1371, 1634 500, 666, 812, 968, 1102, 1276, 1418, 1552, 1678 Securities Exchange Act, proposed changes Federal Reserve Banks: in, statement on S. 1642 929 Collateral for Federal Reserve credit, McClave, C. G., appointed director at Helena legislation proposed by Board 1235 Branch 1530 Condition statement 32, 212, 340, 490, McCravey, J. R., Jr., appointed director at New 656, 802, 958, 1092, 1266, 1408, 1542, 1668 Orleans Branch .19 Maturity distribution 34, 214, 342, 492, Measures of member bank reserves, article on. .890 658, 804, 960, 1094, 1268, 1410, 1544, 1670 Measuring and analyzing economic growth, Member bank borrowings. . . .28, 208, 336, 486, 652, 798, 954, 1088, 1262, 1404, article on ... . 1046 1538, 1664 Member banks: Weekly and monthly data... .26, 206, 334, Assets and liabilities 38, 218, 346, 496, 662, 484, 650, 796, 952, 1086, 1260, 1402, 808, 964, 1098, 1272, 1414, 1548, 1674 1536, 1662 Banking offices, changes in number. . .266, 1162 Insured or guaranteed by U.S 61-63, 241-43, Borrowings at Federal Reserve Banks. . .28, 208, 371-73, 521-23, 687-89, 833-35, 989-91, 336, 486, 652, 798, 954, 1088, 1262, 1404,1538, 1664 1123-25, 1297-99, 1439-41, 1573-75, Weekly averages for 1962. . .394 1699-1701 Branches, number, by State 552 Life insurance companies: Deposits, by classes 31, 211, 339, 489, 655, Assets , .51, 231, 359, 509, 675, 821, 977, 801, 957, 1091, 1265, 1407, 1541, 1667 1111, 1285, 1427, 1561, 1687 Federal funds transactions, position of Mortgage activity 62, 242, 372, 522, 688, Board 1238 834, 990, 1124, 1298, 1440, 1574, 1700 Foreign branches, revision of Board's Regu- Mutual savings banks 50, 230, 358, 508, 674, lation M and conforming amendment to 820, 976, 1110, 1284, 1426, 1560, 1686 Regulation H 1068 National banks, bills relating to lending Income and expenses 599, 710 authority of, statement of Chairman Interlocking relationships with securities Martin on . 1371 companies {See Securities companies) Savings and loan associations: Investment Securities Regulation of Comp- Assets. . . .51, 231, 359, 509, 675, 821, 977, troller of the Currency, text of, and ap- 1111, 1285, 1427, 1561, 1687 plication to member State banks. .1505 Mortgage activity 62, 242, 372, 522, 688, Loans secured by stocks and bonds, 834, 990, 1124, 1298, 1440, 1574, 1700 article on . 904 Weekly reporting member banks. . . .44, 224, 352, Number, by class and State. .551 502, 668, 814, 970, 1104, 1278, 1420, Operating ratios. . . .553 1554, 1680 Reserve classifications 1393 Lock Haven Trust Company, Lock Haven, Pa., Reserve requirements. . . .31, 211, 339, 489, 655, Order under Bank Merger Act. .168 801, 957, 1091, 1265, 1407, 1541, 1667 Reserves {See Reserves) Manufacturers, production index. . . .69, 249, 379, 529 Revenue bond underwriting, statements of 695, 841, 997, 1131, 1305, 1447, 1581, 1707 chairman Martin on H.R. 5845 . . . 1371, 1634 Margin requirements: Underwriting bonds payable from proceeds Increase in margin and retention of State sales taxes, interpretation with requirements 1505, 1530 respect to member State banks 1237 Loan value of securities used to make re- Weekly reporting series. .. .44, 224, 352, 502, quired deposit, interpretation of Regula- 668, 814, 970, 1104, 1278, 1420, 1554, 1680 tion T 1636 Wednesday data for 1962. . .268 Table of. .31, 211, 339, 489, 655, 801, 957, Membership in Federal Reserve System: 1091, 1265, 1407, 1541, 1667 Admissions of State banks 200, 479, 644, 780, Marine Corporation, Milwaukee, Wise, Orders 946, 1656 under Bank Holding Company Act. . . 192, 329, 782 Mills, Abbot L., Jr., statement on bill to estab- Marsh, Robert T., Jr., elected Class A director lish Federal Banking Commission 615 at Richmond. .1655 Mining, production index 69, 249, 379, 529, 695, 841, 997, 1131, 1305, 1447, 1581, 1707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 49 1759 Pages Pages Mitchell, George W.: Nonmember banks—Continued Federal Banking Commission, statement on Banking offices, changes in number. . 266, 1162 bill to establish 618 Branches, number, by State.... . . 552 Monetary policy and the economy, state- Number, by State 551 ment on . 130 Norfolk County Trust Company, Brookline, Monetary actions, statements to Congress on Mass., Order under Bank Merger Act. . . 628 recent actions 1061 Norton, Wilbur H., Class C director at Boston, Monetary developments, first half of 1963, death of 479 article on 883 Noyes, Guy E., appointed Adviser to the Board. . 1653 Monetary policy and the economy, statements to Congress on . 122 Money and bank credit in 1962, article on. .115 Olsson, Harald E., reappointed director at Helena Money rates (See Interest rates) Branch 19 Money supply and related data. . . .36, 216, 344, 494, Omohundro, Eleanor E., article on survey of 660, 806, 962, 1096, 1270, 1412, 1546, 1672 common trust funds 773 Monroe, Roy G., reappointed director at Open Market Committee {See Federal Open Helena Branch 19 Market Committee) Mortgages {See Real estate loans) Open market operations in 1962, report on. .429 Mutual savings banks: Open market policy process, article on. 1359 Assets and liabilities. . . .38, 218, 346, 496, 662, Open market rates {See Interest rates) 808, 964, 1098, 1272, 1414, 1548, 1674 Banking offices, changes in number. .266, 1162 Operating ratios of member banks.. . .553 Branches, number, by State 552 Otto Bremer Company, St. Paul, Minn., Order Consolidated monetary statement 37, 217, under Bank Holding Company Act 1389 345, 495, 661, 807, 963, 1097, 1271, Owens, Alfred H., appointed director at Pitts- 1413, 1547, 1673 burgh Branch 18 Monthly table 50, 230, 358, 508, 674, 820, 976, 1110, 1284, 1426, 1560, 1686 Par List . 267, 1163 Number, by State 551 Parks, Chas. H., reappointed director at Seattle Real estate loans held 61, 241, 371, 521, 687, Branch 20 833, 989, 1123, 1297, 1439, 1573, 1699 Partee, J. Charles, appointed Adviser, Division U.S. Govt. security holdings.... 54, 234, 362, of Research and Statistics. 1654 512, 678, 824, 980, 1114, 1288, 1430, Payrolls, manufacturing, index. . . .72, 252, 382, 532, 1564, 1690 Myrick, G. Harold, reappointed director at 698, 844, 1000, 1134, 1308, 1450, 1584, 1710 Charlotte Branch. 18 Peoples Bank of Glen Rock, Pa., Order under Bank Merger Act 176 National banks: Peoples Trust Company of Bergen County, Assets and liabilities 40, 220, 348, 498, 664, Hackensack, N.J., Orders under Bank Merger 810, 966, 1100, 1274, 1416, 1550, 1676 Act 321, 1510 Banking offices, changes in number. .266, 1162 Perry, Chas. B., reappointed director at El Paso Branches, number, by State 552 Branch ... 19 Foreign branches, revision of Board's Regu- Personal income 81, 261, 391, 541, 707, 853, lation M 1068 1009,1143, 1317,1459, 1593, 1719 Legislation relating to, statement of Chair- Pool, Leonard P., reelected Class B director at man Martin on. .1371 Philadelphia 1654 Number, by State . .551 Postal Savings System: Revenue bond underwriting, statements of Consolidated monetary statement 37, 217, Chairman Martin on H.R. 5845 1371, 1634 345, 495, 661, 807, 963, 1097, 1271, 1413, National defense expenditures: 1547, 1673 National product series. .80, 260, 390, 540, Deposits, maximum rates 31, 211, 339, 489, 706, 852, 1008, 1142, 1316, 1458, 1592, 1718 655, 801, 957, 1091, 1265, 1407, 1541, 1667 Treasury statement basis. .. .53, 233, 361, 511, Presidents of Federal Reserve Banks (See 677, 823, 979, 1113, 1287, 1429, 1563, 1689 Federal Reserve Banks) National income 80, 260, 390, 540, 706, 852, 1008, 1142, 1316, 1458, 1592, 1718 Prices: National summary of business conditions. . . .22, 201, Consumer. 78, 258, 388, 538, 704, 850, 1006, 330, 480, 645, 791, 947, 1081, 1255, 1398, 1140, 1314, 1456, 1590, 1716 1532, 1657 Security .49, 229, 357, 507, 673, 819, 975, Negotiable time certificates of deposit, article on. .458 1109, 1283, 1425, 1559, 1685 New foreign bond issues in the U.S. market, Wholesale commodity. . . .78, 258, 388, 538, 704, article on 586 850, 1006, 1140, 1314, 1456, 1590, 1716 Newburn, Harry K., resignation as director at Production: Helena Branch 1254 Industrial. .68, 248, 378, 528, 694, 840, 996, Nickerson, Albert L., reelected Class B director 1130, 1304, 1446, 1580, 1706 at New York .1654 Industrial production developments, Nonmember banks: article on 1 Assets and liabilities. . . .40, 220, 348, 498, 664, Production credit association and bank lending 810, 966, 1100, 1274, 1416, 1550, 1676 to farmers, article on. .1224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1760 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages Profits: Regulations, Board of Governors—Continued Corporate. .59, 239, 369, 519, 685, 831, 987, Q, Payment of Interest on Deposits—Continued 1121, 1295, 1437, 1571, 1697 Grace periods in computing twelve Insured commercial banks. 719 months interest on savings deposits. 163 Member banks 600, 602, 710 Maximum interest on savings deposits Publications, Board of Governors: acquired from absorbed bank 163 Annual Report, 1962 .. .329 Maximum permissible rate on time de- Banking and Monetary Statistics, supple- posits, increase in. . . .946, 1061, 1068 ment . 200 Time certificate falling due on holiday, List 1745 interest on 1636 Published Interpretations of the Board 479 Time deposits of European Investment Publications, Congressional: Bank, interest rate on 9 Federal Banking Laws and Reports, 1780- Withdrawal of uninsured portion of de- 1912 479 posits after bank merger. 1636 S, Bank Service Arrangements: Real estate loans: Adoption of 471 Bank holdings... .61, 241, 371, 521, 687, 833, T, Credit by Brokers, Dealers, and Members 989, 1123, 1297, 1439, 1573, 1699 of National Securities Exchanges: Commercial banks 42, 222, 350, 500, 666, Loan value of securities used to make 812, 968, 1102, 1276, 1418, 1552, 1678 required deposit, interpretation 1636 Conventional real estate loans by national Margin and retention requirements, inbanks, statement by Chairman Martin on crease in 1505, 1530 H.R. 7878 1371 U, Loans by Banks for the Purpose of Pur- Life insurance companies 62, 242, 372, 522, chasing or Carrying Registered Stocks: 688, 834, 990, 1124, 1298, 1440, 1574, 1700 Margin and retention requirements, in- Mutual savings banks 50, 230, 358, 508, 674, crease in 1505, 1530 820, 976, 1110, 1284, 1426, 1560, 1686 Regulations, Comptroller of the Currency: Savings and loan assns 62, 242, 372, 522, Investment Securities Regulation, text of, 688, 834, 990, 1124, 1298, 1440, and application to member State Banks. . 1505 1574, 1700 Reserve classifications, member banks 1393 Type of mortgage holder and property Reserve requirements, member banks. . .31, 211, 339, mortgaged. ...61-63, 241-43, 371-73, 521-23, 489, 655, 801, 957, 1091, 1265, 1407, 1541, 1667 687-89, 833-35, 989-9 L 1123-25, 1297-99, Reserves: 1439-41, 1573-75, 1699-1701 Central banks and govts 92, 278, 398, 558, Weekly reporting member banks. . .44, 224, 352, 726, 858, 1014, 1166, 1324, 1470. 502, 668, 814, 970, 1104, 1278, 1420 1602, 1724 1554, 1680 Commercial banks 43, 223, 351, 501, 667, Rebsamen, Raymond, appointed Class C director 813, 969, 1103, 1277, 1419, 1553, 1679 at St. Louis, and designated Chairman and Federal Reserve Banks 32, 212, 340, 490, Federal Reserve Agent 1393 656, 802, 958, 1092, 1266, 1408, 1542, 1668 Recent changes in liquidity, article on. . .756 Foreign countries and international organi- Recent interest rate trends, article on 1495 zations. .95, 281, 401, 561, 729, 861, 1017. 1169, 1327, 1473, 1605, 1727 Recent monetary actions, statements to Congress Member banks: on ' 1061 Accounts with Federal Reserve Refling, Harold C, reelected Class A director at Banks. .32, 212, 340, 490, 656, 802, Minneapolis 1655 958, 1092, 1266, 1408, 1542, 1668 Regulations, Board of Governors: By class of bank 28, 208, 336, 486, 652, G, Collection of Noncash Items: 798, 954, 1088, 1262, 1404, 1538, 1664 Amendment with respect to definition of Commercial bank statement. . .43, 223, 351, 501, 667, 813, 969, 1103, 1277, 1419, noncash items 163 1553, 1679 H, Membership of State Banking Institutions Measures of member bank reserves, in the Federal Reserve System: article on 890 Amendment with respect to foreign Reserve classifications 1393 branches 1070 Reserve requirements 31, 211, 339, 489, I, Issue and Cancellation of Capital Stock 655, 801, 957, 1091, 1265, 1407, of Federal Reserve Banks: 1541, 1667 Revision of 11 Reserves and borrowings, weekly aver- K, Corporations Engaged in Foreign Bankages for 1962 394 ing and Financing Under the Federal Reserves and related items. . . .26, 206, 334, Reserve Act: 484, 650, 796, 952, 1086, 1260, 1402, Revision of 1238 1536, 1662 M, Foreign Branches of National Banks: Weekly reporting banks 45, 225, 353, Revision of 1068 503, 669, 815, 971, 1105, 1279, 1421, Q, Payment of Interest on Deposits: 1555, 1681 Deposits of trustees in bankruptcy as Residential mortgage loans. . 61-63, 241-43, 371-73, "savings deposits" 1237 521-23, 687-89, 833-35, 989-91, 1123-25. Exchange of 12-month time certificate 1297-99, 1439-41, 1573-75, 1699-1701 of deposit for 90-day certificate. 1070 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 49 1761 Pages Pages Revenue bonds of States and political sub- Securities—Continued divisions : New issues. .58, 238, 367, 517, 683, 829, 985, Underwriting of bonds payable from pro- 1119, 1293, 1435, 1569, 1695 ceeds of State sales taxes, interpretation State and local govts.: with respect to member State banks. . . . 1237 New issues. . . .57, 237, 366, 516, 682, 828. Underwriting by commercial banks, state- 984, 1118, 1292, 1434, 1568, 1694 ments of Chairman Martin on Revenue bond underwriting by commer- H.R. 5845 1371, 1634 cial banks, statements of Chairman Richards, Roland W., elected Class B director Martin on H.R. 5845 1371, 1634 at St. Louis 1655 Underwriting bonds payable from pro- Riddel, Roy, reelected Class A director at ceeds of State sales taxes, interpre- Dallas 1656 tation . 1237 Securities companies: Robbins, William R., reelected Class B director Interlocking relationship between member at Boston. . 1654 bank and investment advisor with mutual Robertson, J. L.: fund affiliation ... . . . 1637 Crimes against banks, statement on. 1385 Securities Exchange Act, proposed changes in, Federal Banking Commission, statement on statement of Chairman Martin on S. 1642. 929 bill to establish .608 Securities markets, special study by Securities and Recent monetary actions, statement on. . 1065 Exchange Commission 904 "Window dressing" in banks' reports of Security Savings Bank, Marshalltown, Iowa, condition, statement on 1380 Order under Bank Merger Act 1514 Rosenblatt, Joseph, reelected Class B director at Sharbaugh, Charles R., elected Class A director San Francisco 1656 at Philadelphia 1654 Saarinen, Arthur W., appointed director at Shepley, Ethan A. H., resignation as Class C Jacksonville Branch 18 director, Chairman, and Federal Reserve Agent Sales finance companies: at St. Louis. 1393 Consumer loans of 65, 245, 375, 525, 691, Shively, Douglas, reappointed director at Los 837, 993, 1127, 1301, 1443, 1577, 1703 Angeles Branch 20 Saving: Silver coin and silver certificates. ... 35, 215, 343, 493. Flow-of-funds series. . . . 82, 262, 392, 542, 708, 659, 805, 961, 1095, 1269, 1411, 1545, 1671 854, 1010, 1144, 1318, 1460, 1594, 1720 Silver legislation: National income series 81, 261, 391, 541, 707, Public Law 88-36 authorizing substitution of 853, 1009, 1143, 1317, 1459, 1593, 1719 Federal Reserve notes for silver certifi- Savings deposits (See also Time deposits): cates ....781 Deposits of trustees in bankruptcy as "savings Statements of Chairman Martin on. 469, 624 deposits" 1237 Small business investment companies: Grace periods in computing twelve months Limit on investment by bank holding cominterest on 163 pany system in stock of, interpretation.. *> Maximum interest on savings deposits ac- Smith, A. Calvin, appointed director at Birmingquired from absorbed bank 163 ham Branch 18 Maximum permissible rates 31, 211, 339, Solomon, Robert, appointed Associate Adviser, 489, 655, 801, 957, 1091, 1265, 1407, Division of Research and Statistics 20 1541, 1667 Staff of Board of Governors (See Board of Withdrawal of uninsured portion of deposits Governors) after bank merger. . . 1636 State Bank of Albany, N.Y., Order under Bank Savings and loan associations: Merger Act 631 Legislation relating to, statement of Chair- State and local govts.: man Martin on H.R. 8245 1371 Bonds payable from proceeds of State sales Mortgage activity 62, 242, 372, 522, 688, 834, taxes, underwriting by member State banks, 990, 1124, 1298, 1440, 1574, 1700 interpretation 1237 Principal assets 51, 231, 359, 509, 675, 821, Deposits: 977, 1111, 1285, 1427, 1561, 1687 Commercial banks. .43, 223, 351, 501. U.S. Govt. security holdings 55, 235, 363, 667, 813, 969, 1103, 1277, 1419, 513, 679, 825, 981, 1115, 1289, 1431, 1553, 1679 1565, 1691 Weekly reporting member banks.... 46, 226 Securities (See also U.S. Govt. securities): 354, 504, 670, 816, 972, 1106, 1280, 1422, Corporate issues, outstanding.... 60, 240, 368, 1556, 1682 518, 684, 830, 986, 1120, 1294, 1436, Holdings of U.S. Govt. securities.... 54, 234, 1570, 1696 362, 512, 678, 824, 980, 1114, 1288, 1430, Federally sponsored agencies. .. .365, 515, 681, 1564, 1690 827, 983, 1117, 1291, 1433, 1567, 1693 Ownership of obligations of: International transactions. . . . 102, 288, 408, 568, Commercial bank holdings. . . .42, 222, 350, 736, 868, 1024, 1176, 1334, 1480, 1612, 1734 500, 666, 812, 968, 1102, 1276, 1418, Investment companies, new issues. .. .368, 518, 1552, 1678 684, 830, 986, 1120, 1294, 1436, 1570, 1696 Insurance company holdings 51, 231. Investment Securities Regulation, text of, 359, 509, 675, 821, 977, 1111, 1285, 1427, and application to member State banks 1505 1561, 1687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1762 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages State and local govts.—Continued Studies: Ownership of obligations of—Continued International monetary system 1357 Mutual savings bank holdings.... 50, 230, Securities markets, special study by Securi- 358, 508, 674, 820, 976, 1110, 1284, ties and Exchange Commission 904 1426, 1560, 1686 Sullivan County Trust Company, Monticello, Revenue bond underwriting by commercial N.Y., Order under Bank Merger Act. .475 banks, statements of Chairman Martin Surveys: on H.R. 5845. .1371, 1634 Common trust funds 773, 1254 Securities: Member bank loans collateralized by stocks New issues. .57, 237, 366, 516, 682, 828, and bonds . 904 Negotiable time certificates of deposit 458 984, 1118, 1292, 1568, 1694 Sussex County Trust Company, Franklin, N.J., Prices. .49, 229, 357, 507, 673, 819, 975, Order under Bank Merger Act 788 1109, 1283, 1425, 1559, 1685 Swan, Eliot J., monetary policy and the economy, Yields. .48, 228, 356, 506, 672, 818, 974, statement on .137 1108, 1282, 1424, 1558, 1684 State member banks: Tax receipts, Federal . .53, 233, 361, 511, 677, 823, Admissions to membership in Federal Re- 979, 1113, 1287, 1429, 1563, 1689 serve System 200, 479, 644, 780, 946, 1656 Taylor, Dwight D., reappointed director at San Assets and liabilities 40, 220, 348, 498, 664, Antonio Branch .20 810, 966, 1100, 1274, 1416, 1550, 1676 Thomas, Edwin J., reelected Class B director at Bank service corporations .321, 471 Cleveland . .1655 Banking offices, changes in number. .266, 1162 Time deposits: Branches, number, by State 552 Banks and the monetary system. . . .37, 217, 345, Federal funds transactions, position of 495, 661, 807, 963, 1097, 1271, 1413, Board 1238 1547, 1673 Foreign branches, amendment to Regula- Banks, by classes. . . .38, 218, 346, 496, 662, 808, tion H 1070 964, 1098, 1272, 1414, 1548, 1674 Investment Securities Regulation, applica- Commercial banks: tion to 1505, 1508 By classes. . . .43, 223, 351, 501, 667, 813, Mergers (See Bank Merger Act) 969, 1103, 1277, 1419, 1553, 1679 Number, by State 521 Money supply and related data. . . 36, 216, Revenue bond underwriting, statements of Chairman Martin on H.R. 5845. . .1371, 1634 344, 494, 660, 806, 962, 1096, 1270, Underwriting bonds payable from proceeds 1412, 1546, 1672 of State sales taxes, interpretation. .1237 Deposits of trustees in bankruptcy as "savings deposits" 1237 Stock market credit: European Investment Bank, interest rate on Bank loans secured by stocks and bonds, deposits of 9 article on ... 904 Exchange of 12-month certificate of deposit Margin requirements: for 90-day certificate 1070 Increase in margin and retention re- Grace periods in computing twelve months quirements 1505, 1530 interest on savings deposits 163 Loan value of securities used to make Interest on time certificate falling due on required deposit, interpretation of holiday 1636 Regulation T 1636 Interest rates on, mid-Feb. 1963, article on. .766 Table of .31, 211, 339, 489, 655, 801, 957, Maximum interest on savings deposits ac- 1091, 1265, 1407, 1541, 1667 quired from absorbed bank. 163 Monthly table. .. .49, 229, 357, 507, 673, 819, Maximum permissible rates: 975, 1109, 1283, 1425, 1559, 1685 Increase in 946, 1061, 1068 Securities Exchange Act, proposed changes Table of...31, 211, 339, 489, 655, 801, in, statement of Chairman Martin on 957, 1091, 1265, 1407, 1541, 1667 S. 1642 929 Member banks. . . .31, 211, 339, 489, 655, 801, Special study of securities markets by Securi- 957, 1091, 1265, 1407, 1541, 1667 ties and Exchange Commission. . . .904 Stock Exchange firms, June 1955-63 1322 Negotiable time certificates of deposit, Stocks: article on 458 Bank loans secured by stocks and bonds, Weekly reporting member banks. . . .46, 226, 354, article on 904 504, 670, 816, 972, 1106, 1280, 1422, Corporate, outstanding 60, 240, 368, 518, 1556, 1682 684, 830, 986, 1120, 1294, 1436, 1570, 1696 Withdrawal of uninsured portion of deposits New issues.. . .58, 238, 367, 517, 683, 829, 985, after bank merger 1636 1119, 1293, 1435, 1569, 1695 Trans-Nebraska Co., Order under Bank Holding Prices. .49, 229, 357, 507, 673, 819, 975, 1109, Company Act 633 1283, 1425, 1559, 1685 Treasurer's account balance.... 52, 232, 360, 510, Yields. .48, 228, 356, 506, 672, 818, 974, 1108, 676, 822, 978, 1112, 1286, 1428, 1562, 1688 1282, 1424, 1558, 1684 Treasury and Federal Reserve foreign Stone, Robert W., report on Federal Reserve exchange operations, reports on. .311, 1216 open market operations in 1962. .429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1763 INDEX VOLUME 49 Pages Pages Treasury cash: U.S. Govt. securities—Continued Consolidated monetary statement.... 37, 217, Bank holdings—Continued 345, 495, 661, 807, 963, 1097, 1271, 1413, Commercial banks 42, 222, 350, 500, 1547, 1673 666, 812, 968, 1102, 1276,1418, Weekly and monthly data. . . .26, 206, 334, 484, 1552, 1678 650, 796, 952, 1086, 1260, 1402, 1536, 1662 Consolidated monetary statement. .37, 217, Treasury currency: 345, 495, 661, 807, 963, 1097, 1271, Consolidated monetary statement. . .37, 217, 345 1413, 1547,1673 495, 661, 807, 963, 1097, 1271, 1413, Mutual savings banks. . . .50, 230, 358, 508, 1547, 1673 674, 820, 976, 1110, 1284,1426, Outstanding and in circulation. . . .35, 215, 343, 1560 1686 493, 659, 805, 961, 1095, 1269 1411 Ownership data. . . .54, 234, 362, 512', 166798°, ... , ,,, , „, ^*\\: AJ} 824> 980> 1114> 1288> 1430> 1564' n + Weekly and monthly data. . . .26, 206, 334, 484, Weeklv rennrtine member banks 45 225 T 652' 7%' 952p i086,' 126°' " °\ 1536' 1662 " 3P5°3 To! ™m% 971^1105 1681 Treasury deposits at Federal Reserve Banks: \A2\ 1555 Condition statement .32 212 340 490, 656 positions, and finan- ' Deakr transactions> oUz, yjQ, 1U92, 12oo, 14Uo, 1542, looo «:«„ cc ^ic \CA e:^ A CO(\ O^C noo Treasury statement basis. . . .52, 232, 360, 510, cmg 56' 236' 364' 51f^°\!l6> ??h 676, 822, 978, 1112, 1286, 1428, 1562, 1688 „ , , _ _ , , *290' 1432' 1566' 490, Weekly and monthly data. . . .26, 206, 334, 484, Fede^al *?frve Bank holdings: 650, 796, 952, 1086, 1260, 1402, 1536, 1662 Condition statement. 32 212 340 T T r ru u s st t ee fu s nd in s, b c a o n m kr m u o p n tc , y s , ur d v e e p y o s o it f s of, as "sa 7 v 7 in 3 g , s 1 254 Maturity dist 6 r 5 i 6 b > u t 8 io 0 n 2' 958' 1 3 0 4 9 2 2 ' 1 1 4 2 6^ 342 492 ralepnpno«siit<tsj, " iinnfteprrpnrrpeftaattiinonn 1192337/ lvldlUlliy tmiriDUUOn . . . . .3^^, Z14, Jtz, 658? 804? 960? m4 126g> Ulrey, Ann P., article on bank loans secured by ^ . , . .,„ ... c^ ^ u CA o tk H hH Q(\A Ownership data. . . . 54, 234, 362, 512, 678, Si 25A, 38* 5 *^ 846,' 1002 824'980' "}*> ^ 143°'15,6 4' ^ w u n 1136 1^10 14S? 1^8^ 171? Weekly and monthly data. . . .26, 206, 334, Union Trust Company of Maryland, Baltimore, 484' 650' 796'952' 10-8-6,' 126j)' Md., Orders under Bank Merger Act. .326, 1516 1114021 ' 1536' 16o62 U.S. balance of payments: Federal Reserve open market operations in Financing the U.S. payments deficit, article 19.62' rePort on 429 421 Foreign and international holdings.... 95, 281, on 1961-63,' article on. . .1349 ^1,561, 729, 861, 1017, 1169, 1327, Recent monetary actions, statements of 1473, 1605, 1727 Board members on 1061 International transactions. . . .102, 288, 408, 568, Table. . 105, 291, 411, 511, 739,' 871, 1027, 736> 868> 1024> 1176> ^ 1480' 1179,1337, 1483, 1615,1737 . 1612' 1737 TT S Onvt Vmlanrp*- New issues, gross proceeds. . . .58, 238, 367, 517, CommercialTaiik holdings: 683, 829, 985, 1119, 1293 1435 By claSSOfbnk 42ull'15511619 Outstanding, by type of security. . . .57 237, 365, pp^ T il 515' 681' 827' 983' 1U7' ^ ^824, 1690 344,494,660,806,962,1096,1270, n nA ,. * , A ~ %A ,„ c 1? ^70' 1109 1/110 K^ 1AT0 Ownership 01.... 54, 234, 362, 512, 6/5, 1685 ,- A , A + . . + ' oS' IT/T 980, 1114, 1288, 1430, 1564,llO8, Consolidated monetary^statement .37 217, 1684 pdces 49 229 357 507 673 819 97$ 345, 495, 661, 807, 963, 1097, 1271, 1413, 1283, 1425, 1559, T A •• +T7A 1 ID i>15t7' 1673 Yields. .48, 228, 356, 506, 672, 818, 974,' 961, Treasury deposits at Federal Reserve Banks: , 1424, 1558,1671 1282 Condition statement. 32 212 340 490, 695, United States note outstanding and in 656, 802, 958, 1092, 1266 1408 circulation. .. .35, 215, 343, 493, 659, 805, 1707 1542, 1668 5 1095? 1269> 1411j 154 5 Treasury statement basis. . . .52, 232, 360, Utilities, production index . . .69, 249, 379, 529, 178 510, 676, 822, 978, 1112, 1286, 1428, P 6 , 1447, 1581, 841y 997j 1131 13 5 1562, 1688 Weekly and monthly data. . . .26, 206, 334, Valley Bancorporation, Appleton, Wise, 484, 650, 796, 952, 1086, 1260, 1402, Order under Bank Holding Company Act. 1536, 1662 Vault cash: Weekly reporting member banks 46, 226, Commercial banks. .. .43, 223, 351, 501, 667, 354, 504, 670, 816, 972, 1106, 1280, 813, 969, 1103, 1277, 1419, 1553, 1679 1422, 1556, 1682 Member banks: U.S. Govt. securities: By classes. . . .31, 211, 339, 489, 655, 801, Bank holdings: 957, 1091, 1265, 1407, 1541, 1667 By class of bank 38, 218, 346, 496, 662, Weekly and monthly data. . . 26, 206, 334, 808, 964, 1098, 1272, 1414, 484, 650, 796, 952, 1086, 1260, 1402, 1548, 1674 1536, 1662 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1764 FEDERAL RESERVE BULLETIN • DECEMBER 1963 Pages Pages Veterans Administration: Wells Fargo Bank, San Francisco, Calif., Order Loans guaranteed by...61-63, 241-43, 371-73, under Bank Merger Act 1244 521-23, 687-89, 833-35, 989-91, 1123-25, West Branch Bank and Trust Company, Williams- 1297-99, 1439-41, 1573-75, 1699-1701 port, Pa., Order under Bank Merger Act. . . .1512 Virginia Commonwealth Corporation, Orders un- Wilmington Trust Company, Wilmington, Del., der Bank Holding Company Act. .934, 1247, 1251 Order under Bank Merger Act 1070 "Window dressing" in banks' reports of condition, statement of Governor Robertson on 1380 Wachovia Bank and Trust Company, Winston- Woods, John W., Jr., appointed director at Cin- Salem, N. C, Order under Bank Merger Act. . 1640 cinnati Branch 18 Walling, R. S., appointed director at Nashville Branch 19 Yields (See Interest rates) Weekly reporting member banks. . . .44, 224, 352, 502, Zwiener, Kenneth V., elected Class A director at 668, 814, 970, 1104, 1278, 1420, 1554, 1680 Chicago 1655 Wednesday data for 1962 .268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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