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fed . bes . banks
mhtOTHLY REVIEW
I11ELS
Ji
_
irniTnrAr
IDAHO
ALASKA
FEDERAL
1
RESERVE
TWELFTH
B A N K
FEDERAL
OF
RESERVE
SA N
F R A N C I S C O
DISTRICT
WASHINGTON
55ue
UTAH
Net Profits of District
Banks Declined in 1962
District Business Highlights
EGON
C A LIFO R N IA
S'- - J
A R IZ O N A
NEVADA
Net Profits of District Banks
Declined in 1962
profits of member banks in the
Twelfth District fell in 1962 for the
second consecutive year. The 6 percent de
cline in net income after taxes compares with
a drop of approximately 4 percent in 19611.
Although larger payments of interest on time
and savings deposits were the principal fac
tor causing the decline in net profits of banks
as a group, there was a wide variation in the
profit experience of individual banks. Most
District banks increased their interest rates
on savings and other time deposits at the be
ginning of 1962 after Regulation Q had been
amended to permit payment of higher rates.
These higher rates and daily computation of
interest on regular savings accounts (prac
ticed by many District banks since early
1961) permitted banks to compete success
fully for funds with savings and loan asso
N
et
ciations and other investment outlets. The
outcome was a 13 percent increase in total
time deposits at D istrict m em ber banks.2
More than two-thirds of this growth occurred
in the first half of the year, and many banks
were unable to achieve a proportionate gain
in income from loans and investments soon
enough to prevent net profits from falling
below their 1961 level. However, in the last
half of 1962, the percentage increase in bank
1 The volume of assets and of earnings and expenses of Twelfth
District member banks was affected more than usual in 1961
by mergers of nonmember banks with member banks. The per
centage changes from 1960 to 1961 that are cited in this article
are based on estimates which attem pt to adjust the data for
1960 and 1961 to a roughly comparable basis so far as effects
of the 1961 mergers are concerned.
’ Approximately 80 percent of total time deposits in Twelfth
District member banks are classified as savings deposits. These
are deposits evidenced by a passbook or a written agreement
and can be held by individuals and nonprofit organizations only.
Other types of time deposits include: (1) time certificates of
deposit, which are instruments stating the am ount of deposit
payable on a certain date not less than 30 days after the date
of deposit; (2) time deposits, open account, which are deposits
other than savings or time certificates and are characterized
by a written contract to the effect that the deposit may not be
withdrawn prior to the date of m aturity; and (3) deposits accu
mulated for the payment of personal loans which are pledged
by the borrowers to assure repayment of personal loans at
maturity.
revenue more nearly equalled that of costs,
and by the end of the year most banks were
in a position to anticipate a rise in profits in
1963.
The relationship between the demand and
supply of loanable funds in 1962 did not per
mit banks to pass on to borrowers the in
creased costs arising from the higher interest
rates on time deposits. While there was a sub
stantial increase in the demand for credit
during 1962, the growth in the supply of loan
able funds, including time deposits, kept pace
with the expansion in demand. Interest rates
on commercial and personal loans by banks
changed little during the year, while rates on
mortgages actually declined somewhat. Simi
larly, yields on longer term securities, both
public and private, trended downward. Yields
on short-term Treasury bills, on the other
hand, rose slightly during the year, largely
as the result of deliberate policy by the Fed
eral Reserve System and the Treasury in or
der to discourage flows of short-term funds
abroad.
Market conditions, therefore, did not per
mit banks either to increase significantly their
interest rates on loans or to obtain higher
yields on securities generally. Consequently,
in order to help meet their increased expense
associated with higher rates on time deposits,
banks sought aggressively both those types of
loans which typically carry higher rates of in
terest, including real estate and consumer
loans, and those types of securities which of
fer higher yields, such as tax-exempt mu
nicipals and longer term Treasury issues.
Since such shifts in loan and investment port
folios require time to accomplish, it was not
until the second half of 1962 that banks were
able to restore a more favorable relationship
between income and expenses.
F E D E R A L R E S E R V E B A N K OF S A N
Earnings from loans increased
substantial!/
Earnings from loans were 11 percent
higher in 1962 than in 1961 and accounted
for almost two-thirds of the increase in gross
revenue for the year. This contrasts sharply
with the experience of Twelfth District mem
ber banks in 1961, when returns from loans
rose only 2 percent. Unlike previous periods
of economic recovery, banks were under lit
tle reserve pressure in 1962 and had ample
funds to meet existing credit demands. Com
mercial and industrial loans, which constiEA R N IN G S AND E X P E N S E S OF TWELFTH
DIST RICT M E M B E R BANKS
(millions of dollars)
1962P
1961
Earn in gs on loans
Interest a n d d ivid e n d s on
U. S. Government securities
O ther securities
Service ch arges on
deposit accounts
Trust Departm ent e arn ings
O ther e arn ings
Total e arn ings
Salarie s a n d w a g e s
Interest on tim e deposits
O ther expenses
Total expenses
Net current e arn in gs
1,123.0
1,245.7
224.3
71.0
242.3
88.9
126.6
50.1
52.3
138.9
57.0
61.5
1,647.3
1,834.3
434.1
406.4
319.4
461.7
552.5
347.5
1,159.9
1,361.7
487.3
472.7
N et recoveries a n d profits
(— losse s)1
O n securities
O n loan s
Others
Total net recoveries an d
profits (— losse s)1
—
28.3
58.0
5.5
+
—
—
10.2
67.4
6.4
—
35.2
—
63.6
+
—
N et profits before income taxes 452.1
20 7 .5
Taxes on net incom e
2 4 4 .6
Net profits after taxes
C ash d ividen ds declared
130.2
114.4
Undistributed profits
409.1
180.0
229.0
139.2
89.8
p— Preliminary.
’ Including transfers to ( — ) and from { + ) valuation reserves.
Note: Details may not add to totals because of rounding.
FRANCISCO
tute about one-third of District member bank
loan portfolios, rose 11 percent during 1962,
and the amounts outstanding were well above
their 1961 level throughout the year. With
loanable funds readily available to business
firms from both bank and nonbank sources,
the prime rate on business loans remained un
changed at 4.5 percent, and average rates
charged by banks on business loans were only
slightly above the 1961 level.
Needing higher rates of return on loans to
cover mounting expenses, many District
banks aggressively sought real estate loans,
with the exception of VA-guaranteed mort
gages which carry lower interest rates than do
other types of real estate loans. Total mort
gage holdings rose 15 percent during 1962;
at year-end, their volume exceeded that of
commercial and industrial loans at District
member banks by $241 million. The relative
growth of mortgage portfolios at District
member banks was only slightly larger, how
ever, than that of total time deposits; conse
quently, the year-end ratio of mortgage loans
to time deposits of 41 percent was unchanged
between 1961 and 1962. Moreover, the total
supply of mortgage funds available from all
lenders was so large relative to the demand
that interest rates on mortgages gradually de
clined during 1962.
During 1961, as is usual in the first phase
of a cyclical expansion, consumers were re
luctant to increase their indebtedness to finan
cial institutions. In 1962, however, purchases
of consumer goods, especially automobiles,
expanded, and loans to individuals at Dis
trict member banks rose 12 percent; the dol
lar increase was more than four times larger
than in 1961. More than half of the in
crease in the dollar volume of loans outstand
ing to individuals at District banks in 1962
was for financing the purchase of automo
biles, a fact which is directly related to the
record volume of new car registrations in the
April-May 1963
MONTHLY REVIEW
December 31,
1961
December 28,
1962
Dollar
Change
Percent
Change
2 9 ,4 3 0
3 2 ,1 6 4
+ 2 ,734
+
18,348
2 0 ,9 8 3
+ 2 ,635
+ 14.4
6 ,3 2 0
912
6 ,2 8 7
3 ,5 2 6
6 ,9 8 6
1,0 30
7 ,2 2 7
3,951
+
+
+
+
666
118
940
42 5
+
+
+
+
10.5
12.9
15.0
12.0
8,202
7,653
—
549
—
6.7
2 ,6 1 7
4 ,5 1 9
1,066
2,441
3,5 9 4
1,617
—
+
176
925
551
—
6.7
— 20.5
+ 51.7
2 ,8 8 0
3,5 28
+
6 48
+ 22.5
Total assets
37,101
4 0 ,0 6 0
+ 2,,959
+
D e m an d deposits
Time an d s a v in g s deposits
S a v in g s accounts
Total deposits
18,482
15,211
12,173
3 3 ,6 9 3
18,741
17,253
1 3 ,712
3 5 ,9 9 4
259
+
+ 2,,042
+ V ,539
+ 2,,301
+
1.4
+ 13.4
+ 12.6
+
6.8
2 ,5 2 2
2 ,6 6 3
Loans1 a n d investm ents
Loans a n d discounts, net1
Com m ercial a n d industrial loans
Agricu ltu ral loan s
Real estate loan s
Loans to in d ivid u als
U. S. G overnm ent o b lig a tio n s3
U nder 1 year
1 - 5 years
5 years a n d over
O ther securities
C a p ita l accounts
—
+
141
+
9.3
8.0
5.6
1 Total loans minus valuation reserves. Those selected loan items which follow are reported gross.
1 Includes obligations guaranteed by the United States Government.
Note: Details may not add to totals because of rounding.
District. Almost half of the total loan increase
at member banks was attributable to acquisi
tions of real estate and consumer loans, both
with relatively high rates of return. The aver
age yield on loans was 6.38 percent, 4 basis
points1 higher than in 1961.
Banks switched to long-term
security issues
Income from interest and dividends on se
curities, the second major source of revenue
for District member banks, rose 12 percent
in 1962. The growth in this category of earn
ings was attributable mainly to changes in the
composition of bank investment portfolios.
This contrasts with the experience of District
banks in 1961, when the 18 percent gain in
earnings from securities was the result chiefly
1A basis point— a term customarily used in discussing changes
in interest rates and yields— is one one-hundredth of one per
centage point, namely, 0.01 percent.
of a 17 percent increase in the volume of se
curity holdings. During 1962, however, to
tal investments at District banks rose less
than 1 percent.
With their profit position adversely affected
by the higher rates paid on time deposits and
anticipating no immediate uptrend in other
interest rates, banks made heavy purchases
of less liquid but higher yielding securities,
particularly tax-exempt municipals. As a re
sult, holdings of securities other than United
States Government obligations produced 25
percent more income for District banks in
1962 than in 1961. In contrast to the 22 per
cent rise in holdings of other securities, the
amount of United States Government issues
held by District banks fell 7 percent in 1962;
nevertheless, earnings from Treasury issues
showed an 8 percent increase for the year.
Although District member banks decrease'1
their holdings of Government securit1
F E DE R A L R E S E R V E B A N K O F S A N F R A N C I S C O
Increased interest on time deposits
chief factor in decline in net profits
of District b a n k s
MILLIONS OF D0UM5
0
2 00
400
A— Cash dividends declared.
B— Undistributed profits.
1N et Losses on securities and loans including transfers to and
from valuation reserves.
Source: Federal Reserve Bank of San Francisco.
most maturity classifications and in total, they
made substantial increases in maturities of
over 5 years, which afford higher yields; in
addition, monetary and fiscal policy contin
ued to exert upward pressure on short-term
Treasury bill rates. As a result, District mem
ber banks realized an average rate of return
of 3.13 percent on United States Government
securities, 17 basis points higher than in
1961
Other sources of District member bank
revenue also showed substantial increases in
1962. Earnings from service charges on de
posit accounts rose 10 percent, while revenue
from trust department earnings grew 14 per
cent, as many banks expanded this type of
service.
Interest paid on time deposits
w a s chiefly responsible for the
decline in profits
As in 1961, increased expenses were again
the principal factor in the decline in profits
of Twelfth District member banks. The
amendment of Regulation Q, effective Janu
ary 1, 1962, permitted member banks to pay
ximum of 3Vi percent on regular savings
accounts and 4 percent on savings held a year
or more.1 Most banks in the District elected
to pay the maximum rate on regular savings
accounts, and many banks, especially the
large ones, increased their rates on other sav
ings and time deposits. Higher annual interest
rates pushed the average rate of interest on
time deposits paid by these banks to 3.37 per
cent in 1962, substantially higher than the
year-ago rate of 2.84 percent. Attracted by the
higher rates, savings and other time deposits
of individuals, partnerships, and corporations
rose 14 percent. The volume of other time
deposits, especially those of states and po
litical subdivisions, generally was above the
1961 level throughout 1962. The result was
that interest payments on total time deposits
registered a 36 percent gain in 1962, and for
the first time they constituted a greater ex
pense to banks than wages and salaries.
Salary and w a g e disbursements rose,
as did occupancy expenses
Salaries and wages of bank staff and net
occupancy expense of bank premises rose 6
percent and 11 percent, respectively, in 1962.
Although part of the increase in these costs
was due to somewhat higher average salaries
and building maintenance expenses, a con
tributing factor was the expansion in bank
ing offices in the District. The number of
member bank offices in the Twelfth District
has grown rapidly in the past two years. Dur
ing 1962, District member banks made a net
addition of 220 branch offices, which com
pares with an increase of 199 in 1961, Also,
two newly opened District banks joined the
Federal Reserve System in 1961, and six
more the following year; however, due prima
1 I t also raised the maximum rates allowed on other types of
time deposits to 3 yi percent on deposits payable in 6 months to
one year, and 4 percent on deposits payable in one year or
more. In addition, an amendment to t ie Federal Reserve Act
(which was also incorporated into Regulation Q ) , effective
October IS, 1962, exempts deposits of foreign governments and
certain foreign institutions from regulation by the Board of
Governors as to the rates of interest member banks may pay
on these time deposits. The period of exemption is three years.
April - May 1963
MONTHLY REVIEW
(percent ratios)
1961
1962
Increase
or
decrease
Earn ings ratios:
Return on loans
Return on U. S. G overnm ent securities
Return on other securities
Current e a rn in gs to capital accounts
Net profits after faxes to capital accounts
C a sh d ivid e n d s to capital accounts
6.34
2.96
2.73
20 .6 0
10.32
5.51
6.38
3.13
2.75
18.33
8.83
5.39
+
.04
+
.17
+
.02
— 2 .2 7
— 1.44
—
.12
Other ratios:
Interest p a id on time deposits to time deposits
Time deposits to total deposits
2.84
45 .6 6
3 .3 7
4 7 .9 8
+
,53
+ 2.32
Note: The ratios in this table are computed from aggregate dollar amounts of earnings and expense items of Twelfth District member
banks. Capital accounts, deposits, loans, and securities items on which these ratios are based are averages of Call Report data as of
December 31, 1960, April 15, June 30, September 27, and December 30, 1961; and as of December 30, 1961, March 26, June 30,
September 28, and December 28, 1962.
rily to the effect of mergers, the total number
of member banks in the District fell by five in
1961 to a total of 160, and then increased by
two in 1962. The rapid rise in the number of
banking offices reflects the present and pro
jected future growth of population and indus
try in the District. Although some banks are
adding materially to their present expenses
by expanding now, they are confident the
groundwork is being laid for larger profits
later.
Net profits declined in 1962
W ith the rise in total expenses exceeding
the gain in gross income, net current earn
ings of banks declined 3 percent in 1962.
Nevertheless, this was an improvement over
the 5 percent decrease recorded in the pre
vious year. However, a comparison of net
profits before income taxes for these two
years is less favorable; they were 10 percent
lower in 1962 than in 1961, due to a larger
total net loss (including transfers to and from
valuation reserves1) on loan, security, and
other asset transactions.
'T h e term “ valuation reserves” means all unallocated chargeoffs, valuation allowances, and similar reserves deducted from
loans, securities, and other assets to provide for bad debts
and other losses.
For the second year in a row, member
banks realized net recoveries and profits on
securities, but less than half of the dollar
amount obtained in 1961. Actual net profits
on sales of securities were $21 million in
1962, compared with $47 million in 1961.1
In both years, net profits on securities, in
cluding transfers to and from valuation re
serves, were lower than the foregoing figures
indicate, since District banks increased their
valuation reserves on securities $10 million
in 1962, and $21 million in 1961.
Larger transfers of funds to bad debt and
other reserves on loans were the principal de
terminant in greater net losses on loan trans
actions reported by District member banks
in 1962. Banks increased their valuation re
serves on loans $43 million in 1962, $7 mil
lion more than had been added the previous
year. The $25 million actual net loss on loans
in 1962 was smaller than the $26 million loss
in 19611; in both years, however, almost all
of this loss was charged off to valuation re
serves.
'A c tu a l net profits or losses realized on loans or securities are
exclusive of transfers to and from valuation reserves; however,
they include recoveries or losses credited or charged to valua
tion reserves.
F E DE R A L R E S E R V E B A N K OF S A N F R A N C I S C O
PERCENT CHANGES IN SELECTED EARNINGS AND E X P E N SE ITEM S OF TWELFTH
DIST RICT M E M B E R BANKS
By size groups, 1961-1962
All
E arn in gs on loans
Interest a n d d iv id e n d s— total
U. S. G overn m ent securities
O ther securities
Service ch arge s on deposit accounts
Trust departm ent e arn in gs
Other e arn ings
Other
+
9.7
+ 13.8
+ 17.6
+
+
+
+
+
+
+
10.8
13.1
8.1
2 8 .7
9.4
13.5
2 0 .0
+
8.7
+
7.7
+ 11.6
+ 10.9
+ 15.4
+
8.3
+ 11.4
+ 11.5
+ 10.8
+ 6.4
+ 35.6
+
8.9
+
6.6
+ 36.4
+
8.9
+
5.4
+ 33.8
+
8.5
+ 17.4
+ 17.9
+ 15.1
N et current e a rn in gs
—
3.0
—
3.8
+
0 .7
Net profits before income taxes
—
9.5
— 10.8
—
4.2
Taxes on net income
— 13.3
— 14.7
—
6.6
Net profits after taxes
—
6.4
—
7.4
—
2.3
C ash dividen ds declared
+
6.9
+
7.8
+
2.4
U ndistributed profits
— 2T.5
— 26.6
—
5.8
Total earn in gs
Salaries a n d w a g e s
Interest on time deposits
O ther expenses
Total expenses
Note:
+ 10.9
+ 12.2
+
8.0
+ 25.2
13
largest
+ 11.4
The 13 largest banks in the District include all member banks w ith total deposits above $500 million as of December 28, 1962
Taxes on net income were 13 percent less
than in 1961, even though net profits before
taxes were only 10 percent lower. The ex
planation is to be found in increased mem
ber bank holdings of tax-exempt securities
and larger transfers of funds to the tax-deductible reserve for bad debts. Net profits
after income taxes were 6 percent less than
in 1961; nevertheless, member banks paid
6 percent more in dividends to their stock
holders. Despite the increase in dividends
paid, the ratio of dividends to capital ac
counts declined from 5.51 percent to 5.39
percent due to the growth of capital during
the year.
Smaller banks fared better than the
thirteen largest
Among District member banks, both the
13 largest and the other banks showed ap
proximately the same rise in gross income
in 1962— 11 percent, but the large banks
incurred greater proportionate increases in
expenses. Net current earnings of the smaller
banks showed a nominal gain from their 1961
level. While the large banks reported a de
cline in net current earnings, the smaller
banks incurred relatively heavier net losses
and transfers to valuation reserves with re
gard to their loan transactions than did the
larger banks. The result was that net profits
after taxes for the smaller banks were 2 per
cent less than in 1961, and for the large banks
the decrease amounted to 7 percent.
Net profits of member banks
declined relatively less in
nation than in District
The net profits of all member banks in
the nation had a modest 1 percent decline
in 1962. This was the first time since 1959
April-May 1963
MONTHLY REVIEW
that net profits of all member banks had fallen
from the previous year’s level. As in the case
of the Tv/elfth District banks, increased costs,
primarily interest paid on time deposits, were
the determining factor in the decline. The
percentage increase in total earnings in 1962
was slightly larger for District banks than for
all member banks; however, District banks
had a substantially larger increase in ex
penses. The smaller percentage rise in oper
ating expenses of member banks in the na
tion was due chiefly to a generally lower ra
tio of time deposits to total deposits in these
banks. A t year-end, the ratio of time deposits
to total deposits at District member banks had
reached 48 percent as compared with 36 per
cent for member banks in the United States.
Twelfth District banks typically pay a
higher percentage of profits to stockholders
than do all member banks in the nation. How
ever, the difference between the 61 percent
ratio of cash dividends to net income after
taxes in the District and the 49 percent ratio
in the nation was substantially greater in 1962
than in previous years. The ratio of net in
come to average total capital accounts was
9.0 percent in the nation and 8.9 percent in
the District. In previous years, the ratio was
higher in the District than in the nation.
Although net profits both of District and
of all member banks declined in 1962, pre
liminary reports of earnings for the first quar
ter of this year seem to bear out earlier fore
casts of a rise in bank profits in 1963.
69
F E DE R A L R E S E R V E B A N K OF S A N
FRANCISCO
District Business Highlights
T
he
rate of growth in the nation’s output
of goods and services was about the same
in the first quarter of 1963 as it had been in the
previous quarter. The increase of $8.5 billion
in gross national product in the first quarter
reflected primarily more spending by con
sumers and by all levels of government. The
accumulation of inventories of steel prod
ucts in anticipation of a possible strike in the
steel industry also was a contributing factor.
Data on employment, the most compre
hensive measure of economic activity that is
available for both the Twelfth District and
the nation, indicate that the rate of economic
expansion in the District during the first
quarter was slower than in the final three
months of 1962. Nonfarm employment ex
panded more rapidly in the nation than in
the District from January through March. This
contrasts with the experience in the last sev
eral months of 1962, when nonfarm employ
ment declined slightly in the nation but rose
in the District.
The number of nonfarm wage and salary
employees in the District (excluding Alaska
and Hawaii) was maintained at a record level
of about 7,720,000 from January through
March, as gains in the distributive and
service-producing industries just offset con
tinuing losses in the commodity-producing
industries.1 In manufacturing, the decline
from January to March was 0.7 percent;
in mining, 0.9 percent; and in construction,
2.5 percent. Manufacturing employment in
1A11 employment data are seasonally adjusted
the nation increased 0.8 percent from Janu
ary to March, while the District’s decline in
construction employment was also shared by
the nation. Transportation and utilities em
ployment in the District rose slightly in this
period, and trade employment increased 0.6
percent. The number of workers in service in
dustries rose 0.7 percent from January to
March; in finance, 0.6 percent; and in gov
ernment 0.6 percent. Nationally, the distribu
tive and service-producing industries had a
similar pattern of growth.
Preliminary data for manufacturing in
dustries in the Pacific Coast States indicate
that a decline in employment occurred in
March in industries producing durable goods,
with defense-related employment the most
severely affected. After adding 200 em
ployees in February, ordnance (missile) firms
in California cut their payrolls by 800 in
March, and aircraft firms on the Pacific Coast
laid off 2,000 employees in the same month.
However, producers of electrical equipment,
the third major component of defense-related
industries, kept their volume of employment
unchanged from February to March. The
number of workers in primary metals indus
tries continued to increase in March, following
substantial gains in the first two months of
1963. Employment in lumber and wood prod
ucts, the other industry which had been im
proving over its 1962 performance during
early 1963, decreased in March; however, a
large portion of this loss was due to a labor
dispute in California.
April-M ay 1963
MONTHLY REVIEW
Department store sales in both the District
and the nation reached record levels in March
on a seasonally adjusted basis, with much
of the District gain over February being
centered in southern California. However,
seasonally adjusted department sales de
clined in the nation in April, and prelim
inary estimates indicate a decline in the
District also. During March, new car regis
trations in California averaged 2,493 per sell
ing day, the highest for any March and the
highest monthly rate since the record of last
November. In the first quarter, registrations
were 19 percent above a year ago but only 2
percent above 1956, the previous high for the
first quarter. Nationally, sales were 10 per
cent above the first quarter of 1962.
71
FEDERAL
RE S E RVE
BANK
OF
SAN
FRANCISCO
B ANKING AND CREDIT STATISTICS AND BUSINESS IN D E X E S — TWELFTH DISTRICT1
(In d exes:
1 9 5 7 - 1 9 5 9 = 1 0 0 . D o l l a r a m o u n t s in m i llio n s o f d o l l a r s )
Condition items of all member banks2" 7
Year
and
Month
Loans
and
discounts
1929
1933
1939
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
2,239
1,486
1,967
9,220
9,418
11,124
12,613
13,178
13,812
16,537
17,139
18.499
1962
A pril
M ay
June
J u ly
August
September
( ictober
November
December
1903
January
February
M arch
A pril
Bank debits
index
31 cities'- 5
Demand
deposits
adjusted3
Total
time
deposits
495
720
1,450
6,639
7,942
7,239
6,452
6,619
8,003
6,673
6.964
8,278
1,234
951
1,983
10,515
11,196
11,864
12,169
11,870
12,729
13,375
13,060
14,163
1,790
1,609
2,267
7,997
8,699
9,120
9,424
10,679
12,077
12,452
13,034
15,116
19
8
14
69
71
80
88
94
96
109
117
125
141
19,070
19,328
19,625
19,669
20,017
20,165
20,460
20,589
21,102
7,811
7,582
7,689
7,532
7,309
7,471
7,471
7,501
7,608
13,706
13,945
13,101
13,535
13,255
13,446
13,969
14,012
14,431
16,091
16,352
16,511
16,587
16,655
16,772
16,934
16,827
17,093
140r
140
143r
144r
144r
143
142r
144r
146
21,035
21,403
21,480
21,712p
7,454
7,130
7,130
7,101p
13,917
13,527
13,646
14,194p
17,390
17,532
17,760
17,867p
146
149
152
U.S.
Gov't
securities
Bank rates
on
short-term
business
loans*’ 1
Total
nonagri
cultural
employ
ment
4.14
4.09
4.10
4.50
4.97
4.88
5.36
5.62
5.46
5.52
5.49
5.50
___
5.46
Industrial production (physical volume)5
Year
and
month
Lumber
Crude
1929
1933
1939
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1902
84
35
62
101
102
101
107
104
93
98
109
98
95r
97
91
54
70
112
114
111
111
109
106
98
96
95
96
96
61
39
49
90
95
92
96
100
103
96
101
104
108
111
97
93
96
94
98r
95r
98
98
104r
103
95
95
96
96
96
97
96
97
97
97
104
94
96
96
1962
M arch
A pril
M ay
June
Ju ly
August
September
( 'ctober
November
December
1963
January
February
M arch
Car
loadings
(number)6
Dep’t
store
sales
(value)5
86
85
90
95
98
98
104
106
108
113
86
84
90
96
101
96
103
103
103
109
110
56
83
108
103
112
112
103
96
101
95
94
104
18
11
19
74
74
82
91
93
98
109
110
115
123
53
34
38
93
93
92
94
97
101
101
103
104
112
112
112
113
113
114
114
114
115
108
108
108
109
109
110
111
110
111
104
102
102
106
105
107
104
102
101
118
121
123
123
124
122
121
128
127
105
106
106
105
105
106
106
105
106
116
116
116p
111
111
lllp
90
105
105
127
128
130
107
107
107
...
Exports
Cement
Retail
food
prices
7t 8
Waterborne Foreign Trade Index7' »• 10
Petroleum7
Refined
Total
mf’g
employ
ment
Steel7
Copper7
34
17
35
77
82
83
90
97
93
99
108
101
105
111
16
92
105
85
102
108
114
94
92
102
111
100
89
15
70
100
98
90
104
114
113
101
86
112
119
128
106
105
108
112
115
114
113
112
113
113
105
113
111
94
115
117
115
120
115
121
112
98
107
103
84
89
90
88
91
lOOr
130
141r
136
130
112
115
119
127r
127
127
113
111
122
118
122
lOOp
114p
128p
125
133
Electric
power
Imports
Total
Dry Cargo
Tanker
Total
Dry Cargo
13
11
17
61
69
73
82
89
95
97
107
115
124
96
55
82
86
71
67
84
101
117r
89
95
122
126
61
193
55
43
81
56
57
72
105
124
86
90
123
134
190
lO lr
113
96
117r
91
96
96
108
120r
104
20
12
16
33
,51
44
52r
75
95
92
112
133r
134
'U r
61 r
70
71
80
86
93
95
113
117r
116
" i
18
41
28
35
69
97
91
112
142r
145
130
129
131
128
128
134
134
132
135
133
107
134
104
82
116
105
96
93
124
121
145
121
85
130
121
105
91
129r
67
104r
59
74
76
61
72
99
120
140
137
156
154
168
137
158
163
128
117
138
132
122
136
122
154
127
116
154
137
170r
172
186
145
161
183
Tanker
*
1 A djusted for seasonal variation, except where indicated. Except for banking and credit and departm ent store statistics, all indexes are based upon
d a ta from outside sources, as follows: lum ber. N atio n al Lum ber M anufacturers’ Asssciation, W est Coast L um berm an's Association, an d W estern
Fine Association; petroleum , cement, a n d copper, U.S. Bureau of Mines; steel, U.S. D epartm ent of Commerce and Am erican Iron a n d Steel In s titu te ;
electric power, Federal Power Com m ission; nonagricultural and m anufacturing em ploym ent, U.S. B ureau of Labor Statistics and cooperating state
agencies; retail food prices, U.S. Bureau of Labor Statistics; carloadings, various railroads an d railroad associations; and foreign trade, U.S. D e p a rtm e n t
of Commerce. _
! A n n ua l figures are as of end of year, m o n th ly figures as of last W ednesday in m o nth .
3 D em and deposits, excluding
in terbank and U.S. G overnm ent deposits, less cash items in process of collection. M o n th ly d ata p artly estim ated.
* D ebits to to ta l deposits
except interbank prior to 1942. D ebits to dem and deposits except U.S. G overnm ent an d in te rb a n k deposits fro m 1912.
4 D a ily average.
s Av erage rates on loans made in five m ajo r cities, weighted b y loan size category.
7 N o t adjusted for seasonal variation.
8 A new
index now com bining not only Los Angeles, San Francisco, and Seattle food indexes b u t also P ortland. Rew eighted by 1960 Census figures on popu
la tio n of standard m etropolitan areas.
9 Com m ercial cargo only, in physical volume, for the Pacific Coast customs districts plus Alaska and
H aw aii; starting w ith J u ly 1950, “ special category” exports are excluded because of security reasons.
10 Alaska an d H a w a ii are included in
indexes beginning in 1950.
p— Prelim inary.
r— Revised.
* Less th an 0.5 percent.
72
@FedFRASER