Full text of Federal Reserve Bulletin : February 1963

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FEDERAL RESERVE

B U LLETIN
February 1963

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM




WASHINGTON




E D I T O R I A L

C O M M I T T E E

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
Money and Bank Credit in 1962

115

Monetary Policy and the Economy

122

Farm Debt as Related to Value of Sales

140

Directors of Federal Reserve Banks and Branches

149

Law Department

163

Announcements

200

National Summary of Business Conditions

201

Guide to Tabular Presentation

204

Financial and Business Statistics, U. S. (Contents on p. 205)

206

International Financial Statistics (Contents on p. 277)

278

Board of Governors and Staff

294

Open Market Committee and Staff; Federal Advisory Council

295

Federal Reserve Banks and Branches

295

Federal Reserve Board Publications

297

Index to Statistical Tables

299

Map of Federal Reserve System

Inside back cover

Volume 49 * Number 2
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MONETARY POLICY continued to be expansive in 1962. Reserves were readily available to commercial banks, and their loans
and investments outstanding rose $19 billion, a record amount for the postwar period.
With credit generally in large supply, longterm interest rates declined somewhat despite rather strong financing demands. Shortterm rates rose slightly over the year and in
early 1963.
An exceptionally rapid expansion in time
and savings deposits at commercial banks,
influenced by the rise in interest rates paid
on such deposits early in the year, contributed to the growth in bank credit. The active
money supply—privately held currency and
demand deposits—rose moderately, with the
growth concentrated in the last few months
of the year. The money supply increased
somewhat on the average in January 1963,
while time and savings deposits expanded
rapidly.

to be conducted throughout the maturity
range of U.S. Government securities. Over
the year the System's net acquisitions of Government securities totaled $1.9 billion, of
which $1.8 billion were issues maturing
in more than a year. These were concen-

FEDERAL RESERVE OPERATIONS AND
BANK RESERVES

NOTE.—Monthly averages of daily figures. Total reserves
adjusted are seasonally adjusted and are based on actual figures for the period beginning with Nov. 1962 when the latest
change in reserve requirements became effective. In order to
eliminate the effects of differences in reserve requirements in
earlier months, figures for those months were constructed by
taking the sum of actual excess reserves and a figure for required reserves obtained by applying Nov. 1962 reserve requirements against demand and time deposits by class of bank.
Excess reserves and borrowings of all member banks at F. R.
Banks. Latest figures, Jan., preliminary.

In 1962, as in other recent years, the Federal Reserve had to take both domestic economic expansion and the state of the balance
of payments into account in its policy decisions and operations. To facilitate domestic
economic growth, it supplied reserves in
ample volume to member banks. But it supplied them in ways that kept downward pressures on short-term interest rates at a minimum and which moderated incentives to
outflows of volatile short-term capital. For
instance, open market operations continued




trated in the 1-5 year maturity range. The
Treasury also purchased longer-term Government securities for its agency and trust
accounts and helped to maintain upward
pressures on short-term interest rates by
raising most of the new cash it needed
through the sale of Treasury bills.
Tn other actions, the Board in late OctoI 15

116

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

ber and early November lowered from 5 to
4 per cent the reserves that member banks
are required to maintain against savings and
time deposits. This action released about
$780 million of reserves in anticipation of
the banking system's large seasonal need for
reserves in the closing months of the year.
Such reserves would otherwise have been
made available through open market operations, principally purchases of Treasury bills
because the volume of buying would have
been large. Thus, the action kept some downward pressures off short-term interest rates.
Meanwhile, the cost of reserves borrowed
by member banks from Federal Reserve
Banks—the discount rate—remained at 3
per cent. The cost of borrowing reserve
funds through the Federal funds market rose,
however. Early in the year the Federal funds
rate—the rate of interest on excess reserves
that banks lend mainly to each other—was
generally well below the discount rate, as it
had been in the last part of 1960 and in
1961. In the latter part of 1962, though, the
Federal funds rate was generally at or only
slightly below the discount rate as demand
for reserve funds rose relative to the supply
of excess reserves that commercial banks
were willing to lend.
Actual total reserves of member banks
declined slightly in 1962. However, after
adjustment for the reserves released by the
reduction in time deposit reserve requirements, total reserves rose about $700 million. This was more than in most other
recent years, after adjustment for reserve requirement changes, but somewhat less than
in 1958 or 1961. Nevertheless, the greater
increase during 1962 in time deposits, which
require much smaller reserves than demand
deposits, contributed to a growth in total
bank credit that was larger than in each of
the two earlier years. Reserve growth occur-




red mainly in the spring and autumn, after
changing little in winter when inflows to
time and savings deposits were at their peak.
Federal Reserve actions added enough to
member bank reserve availability to more
than offset the impact of other factors that
drained bank reserves in 1962. An unusually
large outflow of currency into circulation,
amounting to $ 1.1 billion, absorbed reserves,
and so did a continued decline in the U.S.
gold stock, which amounted to about $950
million on a monthly average basis.
With ample reserves available from Federal Reserve operations, member bank borrowings from Federal Reserve Banks generally stayed near minimal levels except in
midsummer and again late in the year. In the
meantime, member banks' excess reserves
fluctuated but changed little on balance. As
a result, their net free reserves—excess reserves less borrowings—fluctuated between
$370 million and $470 million on a monthly
average basis after the early part of the year
and then declined in December. In January
1963 free reserves averaged $385 million.
During the whole course of economic expansion since the early 1961 cyclical trough,
bank borrowings have been much lower than
excess reserves. This has reflected the ample
supply of funds to banks relative to the demand for bank credit. Another consideration, though, is the fact that yields on 3month Treasury bills and on Federal funds
were below the discount rate for most of the
period, which limited the incentive for member banks to borrow from Federal Reserve
Banks when they experienced temporary reserve deficiencies.
TIME AND SAVINGS DEPOSITS

The ability of commercial banks to extend
credit last year was enhanced by the un-

117

MONEY AND CREDIT IN 1962

usually large inflow of funds to time and savings deposits. About $15 billion, net, flowed
into such deposits in 1962. This increased
the volume outstanding by 18 per cent, the
largest increase for any postwar year.
The volume of time and savings deposits
responded quickly to the higher interest
rates offered by commercial banks early in
the year, after the ceiling on these rates was
raised as of January 1. After the first quarter
the rate of increase slowed and returned to
a rate just above that of 1961, when it was
13 per cent. Late in the year and in early
1963 growth in these deposits accelerated.
The temporary character of the rapid
first-quarter increase seems to indicate that
it may have been caused to a certain extent
not by new saving, but by consumers and
businesses shifting the types of assets they
held, or would otherwise have held, in reaction to the higher interest rates at commercial banks. The distribution of the increase in time and savings deposits between
passbook savings and other time deposits
provides a basis for evaluating to what extent this was true, not only in the first quarter
but also throughout the year.
A part of the greater increase in time and
savings accounts during the first quarter
was additional passbook savings of individuals. Net inflows of such funds remained
high throughout the year, although tapering off from first-quarter rates. Only a
small part of the increase in passbook savings accounts, either in the first quarter or
later, seemed to represent funds diverted
from closely competitive assets such as savings and loan shares or deposits in mutual
savings banks. In the aggregate, funds flowed
into those institutions in record volume during the year, although there were areas of
the country in which inflows to such institu-




tions were affected by increased competition from commercial banks. To the extent
that there was a diversion of funds from
other assets into savings deposits at commercial banks, it would appear to have been
more a movement away from marketable
securities and demand deposits.

INDIVIDUALS, PARTNERSHIPS
AND CODPODATIONS

NOTE.—Weekly reporting member banks in leading citiesForeign includes deposits of foreign governments and official
institutions, central banks, and international institutions. Tolal
includes deposits of U. S. Govt., domestic and foreign commercial banks, and mutual savings banks, not shown separately. Latest figures, Jan. 30.

Most of the increased inflow to time and
savings deposits in the first quarter was accounted for by a sharp increase in time deposit accounts of individuals, partnerships,
and corporations following a decline in the
fourth quarter of 1961. Business funds constituted a substantial, if not the major, portion of this shift, although individual savers
also apparently increased funds held in these
accounts. Funds placed in time deposits

118

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

might otherwise have been left in demand
accounts or invested in Treasury bills or
other short-term market instruments. There
were apparently large declines in business
demand deposits in the first half of the year,
after allowance for seasonal variation, while
business acquisitions of Federal obligations
were moderate.
After the first quarter of 1962 the net
flow of funds into other time deposits fell
off. In late October and November there
was a relatively large increase in time deposits of foreign governments and official
institutions in response to the raising of interest rates at some banks after Congress
exempted such deposits from interest rate
regulation for a period of 3 years beginning
October 15. Rates were apparently raised
mainly on deposits maturing within 3 months
so that the deposits would be competitive
with securities of the shortest term.
In summary, there may have been some
diversion of funds to time and savings deposits from marketable securities by investors and from demand deposits, especially
early in the year by businesses and individual
holders having larger balances than currently needed. There may also have been
some small diversion to commercial banks
of funds that would otherwise have gone into
savings and loan associations.
Such shifts among assets as did occur,
however, were within the context of an enlarged flow of financial saving. In particular,
individuals acquired an estimated $41 billion of financial assets of all types in 1962.
This was about 20 per cent more than in
1961, with growth in time and savings deposits accounting for the bulk of the rise.
At the same time, there was a rise in consumer borrowing. Nevertheless, the margin
of funds available from consumers to other
sectors of the economy continued to be large.




MONEY SUPPLY

The privately held money supply increased
by about 1.5 per cent over the year, about
the same as the average annual rate for
the past 10 years. The increase was concentrated in the last quarter, when the annual rate of rise was 8 per cent. Earlier, the
money supply had declined slightly, in part
because of the strong rise in time and savings deposits early in the year and in part
because of a larger than usual build-up in

NOTE.—Seasonally adjusted. Money supply, semimonthly
averages of daily figures. Money supply consists of (1) demand
deposits at all commercial banks, other than those due to
domestic commercial banks and 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 Treasury, the Federal Reserve, and the vaults of all commercial banks. Turnover, monthly, of demand deposits except
interbank and U. S. Govt., at 343 centers outside New York.
Latest figures, Jan., preliminary.

U.S. Government deposits, which reached a
peak in early summer. Government deposits
generally remained high until early fall,
when they began to be drawn down. The ensuing decline in Government deposits, together with strengthened demand for bank

MONEY AND CREDIT IN 1962

loans, contributed to growth in the privately
held money supply over the last few months
of the year.
With growth in demand deposits moderate over the year, and with strong public
preference for other liquid assets, existing
demand deposits were used more intensively
to support growth in income and transactions in the economy. The turnover of money
at 343 reporting centers outside New York
City rose, and in the fourth quarter of 1962
it averaged about 8 per cent higher than in
the last quarter of 1961.

BANK LENDING lorgt in 1962

TOTAL LOANS
AND
INVESTMENTS

Nat change
Billions of dollars

u.s. eovi.

OTHU

SECURITIES

SICUCITIES

COMMERCIAL BANK CREDIT

Most of the rapid growth in bank credit during 1962 was in loans. In consequence, the
loan-deposit ratio for all commercial banks
rose during the year, and at the year-end was
close to 57 per cent, or just slightly below the
recent peak in mid-1960.
Bank holdings of State and local government securities grew by an unusually large
amount, as banks stressed longer-term and
higher-yielding investments in an effort to
increase earnings in the face of the persistent
rise in time and savings deposits at the higher
interest rates. Holdings of U.S. Government
securities declined slightly on balance, in
sharp contrast to 1958 and 1961, when a
rapid expansion of total bank credit included
substantial growth in holdings of U.S. Government securities. In those years demand
for bank loans was not so strong, and banks
were rebuilding liquidity.
Loans. Outstanding business loans of
banks rose by more than $4 billion during
1962. or 9 per cent, which was twice as
much as in the year before. Business demand
for bank loans was strongest in the second
half of the year. Borrowing by public utilities
was large; outstanding loans to durable
goods producers declined much less than
they usually have in the last 6 months of




NOTE.—Based on data for Dec. 31. Figures for 1962 estimated. Interbank loans excluded.

recent years; and loans to retail and wholesale trade concerns rose more than usual.
The strength of demand in the second half
can be explained only partly by business developments. Inventory accumulation, for instance, was slight, and expansion in economic activity was comparatively slow
with employment and industrial production
changing little. Unexpectedly large sales of
autos and other durable goods, especially in
the fourth quarter, however, may have increased the need for bank loans. But financial conditions also seem to have influenced
business bank loan demand. Some corporations may have substituted bank credit for
capital market financing because they found
more favorable terms at banks or because
they expected a further decline in long-term
market rates of interest.
Banks were very active in the mortgage
market last year as they sought higher earnings through longer-term investments. Real
estate loans increased by $4 billion, more of
an increase than in other postwar years.
Consumer loans of banks increased moderately during the year in line with the general increase in the demand for consumer

120

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

credit. Loans for purchasing or carrying
securities also increased, especially early in
the year during Treasury financing operations and again in December. In that month,
U.S. Government security dealers were financing an unusually large inventory of
securities.
Securities. Bank holdings of non-U.S. Government securities, principally State and local government issues, rose a record $5.3
billion. This was another sign of their emphasis on longer-term investments. In making portfolio adjustments they also showed
a preference for longer-term U.S. Government issues. They were generally net sellers
of securities maturing within a year, while
they added on balance to their holdings of
longer-term issues through participation in
Treasury financings and through market
purchases. Passage of time, however, brought
some existing U.S. Government security
holdings into the "within 1 year" category,
which in part offset the effect of market sales
and redemptions on short-term holdings for
the year as a whole.

directly on yields on State and local government securities, especially in the first few
months of the year. Interest rates on mortgages also came under some downward pressure, as there was a large supply of mortgage funds not only from commercial banks
but also from savings and loan associations
and mutual savings banks, which invest the
bulk of their funds in mortgages.
Rates on U.S. Government intermediateand long-term issues also declined, as did
high-grade corporate bond yields. The latter
fell to some extent in sympathy with the declines in other long-term rates but also because of a decline in corporate demands for
new long-term funds.
The general downward movement of
long-term bond yields contrasts with a small
advance in short-term rates. This diverse

The ratio of banks' liquid asset holdings
—Government securities maturing within a
year together with net free reserves—to demand deposits fell in the last few months of
the year, partly because of the spurt in loan
demand and partly because of continued efforts by banks to lengthen maturities of
security holdings. At year-end the ratio was,
at 16 per cent, still high by standards of recent years and only 1 percentage point lower
than at the end of 1961.
INTEREST RATES

The heavy inflow of saving to commercial
banks and to savings institutions contributed
to a decline in long-term rates of interest
last year. The impact of banks' concentration on longer-term investments fell most




NOTE.—Monthly averages. Treasury bills, market yields on
3-month bills. Corporate and State and local govt. bonds,
Moody's Investors Service. U.S. Govt. bonds, issues maturing
or callable in 10 years or more. Bank prime rate, rate charged
by large banks on short-term loans to business borrowers of
the highest credit standing. Latest figures shown, Jan.

MONEY AND CREDIT IN 1962

movement of long- and short-term rates was
influenced in part by Treasury and Federal
Reserve actions and by banks' portfolio preferences. Although short-term rates were
firm, bank and other short-term credit was
available in ample supply to meet domestic
short-term financing demands.
In fact, with conditions in credit markets
generally easy, nonfinancial sectors of the




121
economy raised a record $58 billion of
short- and long-term funds last year. This
was about 25 per cent more than in 1961.
The highest previous year was 1959 when
the comparable figure was $53 billion. In
general, funds were in ample supply last year
to sustain economic expansion, with commercial banks taking an especially active
role in meeting the nation's financial needs.

Statements to Congress:
Monetary Policy and the Economy
Statement by William McChesney Martin,
Jr., Chairman, Board of Governors of the
Federal Reserve System, before the Joint
Economic Committee, February 1, 1963.
The focus of my remarks will be on the
financial aspects of the economic situation
and particularly on the role of monetary
policy.
Individuals, business concerns, and governments—national. State, and local—obtained financing in record volume in 1962.
Altogether, through borrowing and the
issuance of securities, they acquired additional funds in the net amount of $58 billion. That surpassed 1959's previous record
by $5.5 billion. It exceeded 1961 by $12
billion.
Mortgage loans registered a record expansion of $24 billion. Consumer credit
outstanding showed a marked rise of $5.5
billion, three times as much as in 1961.
Corporations cut back the issuance of bonds
and stocks but stepped up their short-term
borrowing. New borrowing by the Federal government equaled that of the previous year, while new borrowing by State
and local governments continued in about
the same record volume as in 1961.
A considerable part in supplying the
financial needs of the nation was played by
the banking system. Commercial banks increased their outstanding loans and investments by a record $19 billion. The increase
in loans amounted to $14 billion; purchases




of State and local securities accounted for
the rest. The rate of expansion, 8.5 per cent
for the year as a whole, was rising more
rapidly as the last 5 months went by.
One particular display of enterprise by the
banks seems worthy of special attention. The
story behind it begins with the start of 1962
when, taking swift advantage of authorizations from the Federal Reserve and the Federal Deposit Insurance Corporation, banks
in impressive numbers set out to gain deposits by raising the interest rates they pay
for savings accounts and also for time deposits of 6 months or more.
The results were dramatic: the public responded to the higher rates by increasing
its time and savings deposits some $15 billion, net, or 18 per cent—at an annual rate
—a development unequaled in postwar experience. Also dramatic was the aftermath:
the banks responded to the mounting inflow
of funds by lending on real estate in an
amount unmatched since the war and by
purchasing State and local securities in a
volume unpredecented in history. Meanwhile, in further reflection of the effect produced by the rising supply of savings, interest rates on mortgages and interest yields
on State and local securities moved generally lower despite rising borrower demands. Thus, the flow of funds that was
given impetus by the offer of benefits for
savers brought about benefits for borrowers as well, and, I might add, for the entire
economy.
122

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

To backstop and sustain that movement
of funds—plus the still more massive process
of total bank credit extensions—the Federal Reserve provided the reserves required
to support the considerable expansion of deposits entailed. Indeed, it went beyond that,
so that, at all times in 1962, the banks had
an extra margin of reserves that would have
enabled them to meet an even greater loan
demand than actually materialized. Over the
course of 1962, the Federal Reserve provided a total of $ 1.9 billion of reserve funds,
through its payments for Government securities purchased in the open market, to
support bank credit and monetary expansion. For this purpose, it also released in
late autumn another $750 million in bank
reserves by reducing from 5 to 4 per cent
the reserves required against savings and
time deposits.
Bearing in mind that the course of the
economy is determined by a whole complex
of individual, business, and Government decisions in which monetary policy plays only
a modest part, it seems to me that the Federal Reserve System did just about what
could and should have been expected of it
in 1962. Monetary policy most certainly did
not provide—nor could it have provided—a
solution to the major economic problems
which confronted us during the year. But
it did contribute to credit conditions that
were, I think, conducive to that end.
The American economy progressed in
many respects in 1962. For the year as a
whole, gross national product (in constant
dollars) rose 5 per cent, industrial production nearly 8 per cent, nonagricultural employment 2 per cent, personal incomes 6 per
cent, and corporate profits 12 per cent. Consumer prices rose 1.2 per cent during the
year, but wholesale prices remained virtually unchanged.




123

Yet we continue to be plagued by relatively high unemployment and by a substantial deficit in our international balance
of payments.
The number of people having jobs rose
1.2 million in 1962—and at the seasonal
peak of employment last summer there were
almost 70 million people at work, suggesting
that we may indeed top the 70-million-job
milestone this coming summer. Yet the average rate of unemployment declined only to
5.6 per cent in 1962 from 6.7 per cent in
1961. Furthermore, despite an increase in
industrial production to a level 8 per cent
above the previous high in the first quarter
of early 1960, the number of workers on
the production lines of the nation's factories
declined 500,000, or 4 per cent, in the same
period.
And even though continuing efforts to reduce the deficit in our international payments registered some success, the gap between our payments abroad and our receipts
from international transactions continued
large for the fifth consecutive year. In 1962,
that deficit is now estimated at somewhat
more than $2 billion, even though it was
held down, as it had been the year before,
by large prepayments by foreign governments of long-term debt to the United
States. Noteworthily, imports of merchandise, given impetus by expansion in the
American economy, rose more than exports.
In consequence, the trade surplus on which
we count to help cover our military expenditures abroad, foreign aid programs, and our
capital outflow narrowed to less than $4.5
billion in 1962, compared with nearly $5.5
billion in 1961.
Let me say here that providing a sound
financial basis for healthy growth in the
United States and maintaining international
confidence in the dollar as a reserve cur-

124

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

rency are but two sides of one indivisible
problem. There is no set of policies that is
truly good for the domestic economy, but
bad for the dollar; and there is no course of
action that is really good for the dollar, as
an international currency, which is not good
for the American economy.
There is the tendency to speak of international versus domestic goals. This seems to
me to be only the latest version of a series
of problem formulations in terms of unrealistic alternatives. Over the years, we have
seen counterposed full employment or price
stability, social objectives or financial objectives, and stagnation or inflation. In the
last case there was even serious discussion
of the number of percentage points of inflation we might trade off for a percentage point
increase in our growth rate. The underlying
fallacy in this approach is that it assumes
that we can concentrate on one major goal
without considering collateral, and perhaps
deleterious, side effects on other objectives.
But we cannot. If we were to neglect international financial equilibrium, or price stability, or financial soundness in our understandable zeal to promote faster domestic
growth, full employment, or socially desirable programs, we would be confronted with
general failure.
In the search for an appropriate policy in
the monetary sphere, many factors must be
weighed together to strike a balance. There
is no ideal policy that will solve at one and
the same time the balance of payments
problem, the unemployment problem, the
growth problem, the wage-price problem,
the profit squeeze problem, the housing
problem, or any other problem—for none of
these problems can be attacked in isolation
through monetary policy.
As we enter 1963, the banking system
continues to be in a favorable position to ex-




tend further credits. Taken altogether, the
banks continue to have more reserves than
they are required to carry, and only a very
small fraction of these excess reserves are
attributable to borrowing from the Federal
Reserve System. In other words, the banks
as a group have a considerable margin of
"free reserves." They also have a sizable
portfolio of near-term Government securities that they can use to raise further funds
for loan expansion as opportunities to extend
private credit arise.
In the language of the market place, the
posture of monetary policy has been and remains "easy." At the same time, we have
tried to avoid placing banks in a position
which would impel them to reach beyond
the bounds of prudence and good financial
judgment in extending credit. We have tried
to keep enough "give" in the credit structure
to meet the growing needs of the economy,
but not so much as to encourage speculative excesses. This program has served the
dual purpose of maintaining the soundness
of domestic credit developments and at the
same time lessening incentives to transfer
short-term funds abroad.
Keeping day-to-day policy in consonance
with these basic System objectives is a neverending process of evaluating the continuously changing scene, on both the domestic
and international economic and financial
fronts. One of the great strengths of the
Federal Reserve System is that it has a 7-man
Board of Governors and 12 regional Reserve Banks from which a wide variety of
views is brought to bear on all monetary
decisions.
Quite naturally, and I believe quite helpfully, there have been some differences of
view in the System over the precise course of
current action most likely to achieve the objectives upon which we have been mutually

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

agreed. On several occasions some members
of our Open Market Committee have felt
that we would contribute more to the
achievement of healthy expansion by increasing slightly the availability of reserves, while
others have felt that the situation, particularly for balance of payments reasons, called
for a modest move in the opposite direction.
Yet the range of these differences was narrow and consequently the differences between the policies adopted and the alternatives proposed were, typically, quite small.
It is not my practice to attempt to forecast the future course of economic events or
to comment on the monetary and credit policies that would be appropriate to them. Over
the years I have found that viewing the economic prospects for the United States in the
year ahead with cautious optimism is as
good a working assumption as I have been
able to discover. I agree with the statement
in the President's Economic Report that
the broad outlook is for continued moderate
expansion.
Without in any way retreating from my
position of cautious optimism, I would like
to call attention to three things that concern
me as I review our national situation and its
prospects. First, the problem of financing
the large Federal deficit that seems inevitable
for fiscal 1964, whether or not the tax reductions recommended by the President are
enacted. Second, the problem of finding an
economically sound and workable program
to reduce unemployment and to take care of
those who, despite their efforts to find work,
are caught in a maelstrom of economic
forces that causes them prolonged joblessness. Third, and finally, the problem of
achieving a satisfactory equilibrium in our
balance of payments.
Let me take first the matter of deficit
financing. As a widely read financial




125

writer x put it—very well, I thought—in a
recent column:
The method of financing the deficit can (1) lay
the base for another inflationary upsurge and
weaken the dollar's value. Or it can (2) have some
stimulating impact on the economy, just because
the government is putting more money into our
pockets than it is taking out in taxes. But it must
not flood the business stream with extra money,
set off another speculative spiral, or undermine the
dollar's value here or abroad.
This is the crucial point, but it is so much in
the sphere of technical high finance

—and mind you I am still reading from the
article—
that very few people out of Washington grasp
what it means.
Consider what is happening to this year's budget
deficit.
We are running a budget deficit now estimated
at $8.3 billion. Most of the money to cover this
deficit already has been borrowed by the Treasury.
How has it been borrowed? Almost entirely outside of the banking system—which is the heart of
the whole matter.
United States corporations have bought large
amounts of the Treasury's short-term securities
and have put their extra cash into Treasury I.O.U.s
instead of spending it. Foreign investors and foreign central banks have bought big chunks of the
Treasury's I.O.U.s and have been investing their
extra cash instead of spending it. There is nothing
inflationary about these operations at this time.
Had the Treasury borrowed the money from the
United States banking system, though, the picture
could be drastically different. For when banks buy
the Treasury's securities, they simply place a deposit in the Treasury's name on their books; they
put up only a fraction of their own cash. When
these deposits in the Treasury's name are on the
books of the banks, the Treasury has the money
to spend.
As the Treasury spends the money for goods and
services, the extra cash goes into the hands of the
public in the form of profits and paychecks. This
means the nation has more buying power—and unless the supply of goods and services also rises, the
1

Sylvia Porter, The Evening Star (Washington,
D. C ) . Jan. 28, 1963.

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FEDERAL RESERVE BULLETIN • FEBRUARY 1963

base for potentially inflationary price increases is
established.
Today, there are no shortages of goods and
services. Today, the supply of money and credit is
ample, but it is not flooding the business stream.
The Treasury has managed its borrowing in a
primarily non-inflationary way. The Federal Reserve System has kept its control over the money
supply. The result is that price inflation is hardly
a problem now. . . .
This year's $8.8 billion deficit is not causing inflation. Next year's deficit need not do so either.
It all depends on how the deficit is financed.

As a comment of my own, let me add that,
in my judgment, the Open Market Committee of the Federal Reserve System would
be derelict in its responsibilities were it—in
the light of a large deficit—to add to bank
reserves and to bring about substantial credit
expansion solely to facilitate the financing of
the deficit. It would be improper to risk
unsettling the balance of payments or to
tempt banks to make imprudent investments
through a sudden expansion of liquidity.
Above all, it would be ill-advised to generate the danger of inflation, either long-run
or short-run, by creating redundant dollars,
in order to make easier the financing of a
deficit.
In our system of government, it is the duty
and responsibility of the Congress and of the
President to make the decisions on Government expenditure and tax policies by which
the size of Federal deficits is determined.
Determination of those policies is not the
responsibility of the Federal Reserve, but the
System does have a responsibility in helping
to finance any deficits. It is the manner in
which help is provided that is critical.
So, seeing to it that the Treasury is able
to carry out its borrowing operations in an
orderly manner is an obligation binding
upon the Federal Reserve. On the other




hand, there is a reciprocal obligation on the
part of the Treasury to conduct its operations with recognition of the Federal Reserve's responsibility for healthy credit and
economic conditions, and for stability of the
dollar. The Treasury obviously would not
expect the Federal Reserve to inflate the
money supply, thereby putting the entire
economy in jeopardy, merely so that the
Treasury could get money at an artificially
low rate. So, with complementary responsibilities, the Federal Reserve and the Treasury must work together in complementary
fashion. Neither can ignore the forces of
supply and demand that are reflected in the
market place. Instead, both must assess market forces and determine their policies accordingly.
The accommodation of the Treasury's
financing needs, without disrupting the
money and capital markets, is always one
important objective of Federal Reserve
policy. But this does not mean that bank
credit should be expanded automatically by
the amount of each Treasury issue that goes
to market. Our objective at all times must
be, as it has been in the past, to foster
growth and employment, a stable value for
the dollar, and equilibrium in the balance of
payments.
This question of financing deficits has
raised, and will doubtless continue to raise,
troublesome semantic problems. The word
"saving" has many meanings. As I pointed
out to your committee last summer, the total
expansion of bank credit in our financial
structure reflects both savings placed with
banks as intermediaries and the creation of
money through the expansion of demand deposits. After the fact of creation these deposits become incorporated in our accounting of financial savings.
Once the semantic difficulties have been

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

cut through, the difference of view among
thoughtful people seems to me to be very
small. I have never said that there should be
no monetary expansion in a year in which
the Federal Government is incurring a
deficit, and, as the Council of Economic
Advisers points out in its Report, no one
seriously contemplates that the Federal Reserve should increase bank reserves in an
amount equal to the deficit. What we should
do, and will try to do, is to maintain conditions of reserve availability in the banking
system which will help to match the rate of
total bank credit and monetary growth to
the needs of the total economy. This is not
financing deficits with bank created money.
Nor is it offsetting or stifling any constructive impulse to economic expansion that may
flow from tax reduction.
Let me turn now to the second of the
problems I have singled out for special mention. Unemployment is a complex problem
that has no simple solution. Many workers
have gone through the cyclical ups and
downs of the postwar period with little direct experience with unemployment, while
some groups of workers have suffered severe
hardship from it. Large clusters of unemployment have plagued certain communities,
occupations, age brackets, and racial groups.
The continuing high levels of persistent
unemployment reflect a combination of demand and structural forces. We need a
higher rate of sustainable growth to absorb
the unemployed and provide jobs for a rapidly growing labor force, and fiscal and
monetary policies can help to bring that
about. But other measures are needed to
deal with structural problems.
Unemployment is not merely a count of
interchangeable units of labor. The unemployed are people whose characteristics and
abilities vary greatly. The existence of high




127

and growing levels of long-term unemployment among certain groups in our population in good times and bad indicates some
very serious imbalances between the developing demand for labor and the existing
supply.
Demands for labor must be sufficient in
total terms. But the characteristics and location of workers who are seeking employment must also be suited to those demands.
Actions taken to upgrade the work force,
to increase its mobility and productivity,
will make it much easier for unemployed
workers and new workers to meet the requirements of rapidly changing technology
and job demands.
In the recession-recovery periods since
1953 the same underlying employment patterns have recurred. Although total employment and industrial production rebounded in
1962 to new record levels, as after each of
the preceding recessions, the number of factory and related industrial workers required
to produce an increased volume of goods declined. In contrast, in service occupations,
both private and public, employment has
continued to expand and new employment
records are set month after month.
As we look toward the future, two features of special importance may complicate
efforts to achieve low unemployment. First,
technological changes in the economy have
had an important influence in sharply altering the character and content of job opportunities. These changes are bound to continue, perhaps at an accelerated pace. They
foreshadow a further rapid upgrading in the
demand for labor which will outpace the
upgrading of the labor supply. The transition to new jobs will be slow and difficult
for the displaced worker. Action will be
needed to ease the burdens of those who
become unemployed lest restrictive work

128

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

practices reduce productive efficiency.
Second, we also face the inescapable challenge of a faster growing population of
working age. Many more jobs will have to be
found each year. About a million and a
quarter persons are expected to be added to
the labor force in each of the next 5 years
compared with only about 800,000 in the
past 5 years. By 1965, the burgeoning population of 18-24 years of age will account for
more than half of the annual growth in the
labor force. Unemployment rates are now
very high among these young people, especially those with insufficient education. The
long anticipated expansion in demand for
homes, cars, and all sorts of goods and services will hardly materialize if we fail to find
job opportunities for our growing population.
The likely characteristics of unemployment caused by structural change in the
coming years also indicate the need for a
wide range of approaches by State and local
governments, the educational system, the
parties to collective bargaining, and other
private organizations. Foremost is the need
for continued increases in the productivity
and quality of our work force to meet the
rapidly changing content of jobs. For our
youth we must provide better vocational
guidance and greater opportunities to get
training for skilled and professional work.
Experimental programs for training and
retraining unemployed workers have had
some success in increasing skills and occupational mobility. Such training should be
given to more of the unemployed. More intensive efforts are required to get unemployed workers in depressed areas to areas
where jobs are available.
The reduction in unemployment which we
are able to achieve will continue to depend
importantly on the success we have in shift-




ing the composition of the labor supply to
meet the changing needs of our economy.
At the same time, of course, I recognize that
we need also to pursue fiscal and monetary
policies that will help to encourage growth
in the total demand for our labor force. The
important thing, as I stated to this committee 2 years ago, is to proceed simultaneously,
on the one hand, to invigorate the economy
and, on the other, to alleviate unemployment resulting from structural changes.
Finally, let me comment briefly on our
balance of payments problem. At the beginning of my remarks, I pointed out that balance in international payments is not a goal
that monetary policy can pursue apart from
its domestic goals. Indeed, the objective of
payments equilibrium must be achieved at
the same time we are achieving orderly and
vigorous economic growth domestically or
we will risk achieving neither objective.
As a result of five large successive deficits,
we have transferred to foreigners some $7
billion from our monetary gold stock and
added another $9 billion to our liquid liabilities. Through a combination of market
processes and through some shifting in the
balance of Government transactions, we
have made progress in lowering the size of
our deficit. But I agree with the view expressed recently by your subcommittee,
under the chairmanship of Mr. Reuss, that
this progress had not been satisfactory. Accordingly, we must more firmly pursue those
policies that hold promise of eliminating our
payments deficit and establishing a viable
equilibrium in our international accounts.
The volume of Government expenditures
abroad—for economic aid to the less developed nations and for the defense of the
free world—is and must be determined by
broad considerations of national interest and
security. The administration has been press-

STATEMENTS TO CONGRESS; MONETARY POLICY AND THE ECONOMY

ing with some success for a greater sharing of
these burdens by our allies. As your Subcommittee has recommended, continued efforts in this direction are certainly appropriate and will be made, I am sure.
But correction of the imbalance in our international transactions requires persistent
improvement in the competitive position of
our export industries and our industries
competing with imports, and a related increase in the attractiveness of investing in
the United States compared with investing
in other industrial countries. This method
can be effective only in the long run, but in
the long run it is bound to be effective. Its
accomplishment, however, requires the combined efforts of all of us.
Business management has a vital role to
play because of its organizing role in a private enterprise economy. Businesses must
meet the test of constant adaptation to the
most efficient production techniques, and
they must design and price their products
with a view to the widest profitable distribution at home and abroad. Competitive
pricing is vital.
Moderation in wage demands is also vital
to our international competitive effort. Sustainable increases in wages can be achieved
only within limits of realizable increases in
productivity. And we need to remember that
over-rapid increases in labor costs add to the
problem of unemployment by creating exaggerated incentives to economize on the use
of labor.
To me, an encouraging development of
recent years has been an increasing awareness by both business and labor that these
considerations—which were always in their
own interest—are now urgently in the national interest because of our difficult payments position. Part of the progress we have
been able to make in reducing the payments




129

deficit since 1959 comes from the relative
stability of prices and labor costs in this
country as compared with those in Europe.
Our national financial policies have a vital
role to play in strengthening our competitive
position internationally, both in markets for
goods and services and in investment potential. Fiscal policy will need to avoid, on the
one hand, a too heavy burden on economic
incentives to invest and consume and, on the
other, budget deficits too large to be financed
without inflation. Monetary policy will need
to facilitate the meeting of legitimate bank
credit demands in our growing economy, but
it must avoid a domestic monetary expansion
so rapid as to induce rising costs and prices,
unwise speculation, and excessive capital
outflows to other countries.
In connection with our balance of payments problem, we need always to keep in
mind the central role that the dollar plays
in the international payments system and the
fact that this role is founded upon freedom
from exchange restrictions. Whatever temporary advantage might be gained for our
payments deficit by direct controls over our
international transactions would be more
than offset by the damage such controls
would do to the widespread use of the dollar
in settlement of international transactions.
With the economies of the free world becoming more closely knit together by an international payments system based on convertible currencies and open competitive
markets, cooperative international efforts are
needed to restore and maintain payments
equilibrium and to guard against disruptive
exchange market developments. Fortunately, the need is widely recognized and the
responsibility widely accepted.
This past year the Federal Reserve System gave formal recognition to this responsibility by inaugurating foreign currency op-

130

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

erations under the supervison of the Federal Open Market Committee. This action
put the System in a position to intervene in
the exchange markets for the protection of
the dollar under conditions of transitional
unsettlement of those markets arising from
volatile shifts in the stream of international
payments. The System has further supported
its participation in foreign currency operations by cooperating more actively and directly with the central banks of our principal
trading partners and with international organizations playing a coordinating role in
the functioning of the world payments
system.
Because of our balance of payments situation, the newly inaugurated Federal Reserve
operations in foreign currencies have concentrated this past year on the establishment
of a network of mutual currency credits with
other central banks, principally on a standby basis. We now have arrangements totaling more than $1 billion with the central
banks of Europe and Canada and the Bank
for International Settlements in Basle, which
are capable at our call of providing foreign
currencies to that amount if needed to meet
undesirable exchange market developments.
It is our hope that these arrangements will
remain a useful international device and a
continuing symbol of active cooperation in
preserving and strengthening the world payments system.
Closer cooperation among leading central
banks has already contributed much to
greater resiliency and flexibility of the
world's payments mechanism. This was demonstrated in 1962 by its absorption of the
shock of sharp worldwide decline in equity
values in the late spring and early summer,
of the potentially disruptive effects of the
difficulties encountered by the Canadian dol-




lar following its devaluation in the spring,
and of the unsettlement of international markets occasioned by the Cuban crisis. And to
the extent that the world's payments system
absorbed these adverse developments with
little unsettlement, the impact of these developments on the domestic financial markets was also cushioned.
From my remarks today, it should be
clear that the year 1963 will confront us with
important and difficult problems. We must
work toward a solution of structural unemployment at the same time that we generate more aggregate demand for our manpower by healthy over-all expansion of the
economy. We must finance our prospective
deficit in a noninflationary way. And finally,
we need to make decisive gains in restoring
our balance of payments equilibrium. If
your review a year hence shows substantial
progress in meeting these problems, it will
indeed be a gratifying occasion.

Statement of George W. Mitchell, Member of the Board of Governors of the Federal Reserve System, before the Joint Economic Committee, February 1, 1963.
Two problems—slack growth in the domestic economy and an adverse balance of
payments in our international accounts—
now occupy the stage of economic policy
discussion. Not so many years ago, a persistently rising price level and an apparent
dollar shortage in the world economy were
the dominant problems of such discussion.
Though the problems have changed, the
tools to deal with them are unchanged: fiscal
policy, monetary policy, and structural
alterations in particular institutions, prac-

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

tices, or programs. The mix of these alternative and complementary approaches depends on varying judgments of their relative efficacy and on the current economic environment and outlook. In my remarks
today, I want mainly to focus on the recent
role of monetary policy in coping with both
problems and to suggest in very general
terms the role that monetary policy might
play in the developing situation.
Much of the commentary on the recent
performance of the U.S. economy has noted
that 1962 was the most prosperous year in
our history. This is true but not especially
notable. Real output per capita rose during
the year but 1 per cent. Total output increased less than 3 per cent from the end of
1961 to the end of 1962 even though we had
excessive unemployment and idle plant capacity throughout the year.
At the same time, the continuing deficit
in our balance of payments acted as a constraint on efforts to stimulate higher levels
of domestic economic activity. A trade surplus of between $4 billion and $5 billion
was exceeded by our payments abroad on
account of private capital, military outlays,
and foreign aid. To reduce this deficit is a
most pressing problem for the year ahead.
BUSINESS OUTLOOK

At the moment, it seems to me that the immediate economic prospects are favorable—
more favorable than for some time past.
Spurred by the excellent public reception of
the 1963 model cars, retail sales rose substantially in the fourth quarter, and consumer demand generally now appears more
vigorous than at any time during 1962. Government purchases, especially at State and
local levels, are clearly destined to continue
upward, under the pressure of our defense,




131

space, and international requirements and
the needs of our rapidly growing population.
Total construction expenditures have been
running at record highs, and the recent volume of contract awards suggests a continued
high level of construction activity in the
period ahead.
The expansion in final sales, if continued,
should soon call for a higher rate of industrial output and should serve to augment
business demands as well. Business inventories, for example, have changed very little
in recent months, but with final sales up
strongly, some restocking to accommodate
a larger volume of business may now be in
order.
The outlook as regards business capital
outlays is more doubtful. The rate of expansion in such outlays last year was disappointing, reflecting mainly the lack of pressure on existing productive facilities, and the
official surveys project a small decline in the
current quarter. But operating rates in many
industries have been inching upward, and it
seems to me that the combination of rising
final sales, continued high-level profits, and
the considerable incentives provided by the
tax-credit and accelerated depreciation actions last summer and the prospective tax reduction for this year should give renewed
impetus to investment plans and outlays as
the year progresses.
The basis for accelerated economic expansion which I have sketched here owes
much to the dramatic turn in business and
public psychology which followed the quick
and successful conclusion of the Cuban
crisis. Since then, the pronounced recovery
in stock market prices, the more buoyant attitude of consumers revealed by recent surveys, the strength in new car sales and housing starts—all point to a marked improve-

132

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

ment in the business tone. It is important
to note also that the stimulating effect of tax
reduction on consumer buying and business
investment plans will be buttressed by the
record increase last year in public holdings
of liquid assets and by the ready availability
of credit on relatively favorable terms.
I have characterized the balance of payments problem as a most urgent issue. I say
this because delay in its solution increasingly
exposes us to pressure from our creditors
and because it inhibits our freedom to stimulate a sluggish domestic economy, which
has performed below par for several years.
I fully agree with those who say that we
cannot neglect either the domestic or the
international problem as we pursue a solution to the other. On the other hand, the
two problems may call for different types of
solution.
In these circumstances, what contribution can monetary policy make to achievement of fuller use of domestic resources and
to improvement in the balance of payments?
MONETARY POLICY IN 1962

The bare financial facts usually used in an
evaluation of monetary policy over the past
year are as follows: While GNP in current
dollars rose about 4 per cent, bank credit—
that is, total loans and security holdings of
commercial banks—increased about 9 per
cent. The money supply, narrowly defined as
currency and demand deposits, increased
about 1.5 per cent, but time and savings deposits went up 18 per cent. The rate of turnover of the money supply increased about
8 per cent. Market interest rates were relatively stable over the year, as long-term
yields crept downward and short-term rates
edged up.
On the surface, these facts are conflicting
in that (1) bank credit and time deposits




rose by large amounts and this would seem
to indicate that monetary policy was strongly
stimulative; but (2) the money supply rose
very little for the year as a whole, and not
at all until the fourth quarter, and its rate of
use increased sharply, suggesting that monetary policy was not actively expansionary.
When analyzed in the context of other developments during the year, these facts
seem to me to show that monetary policy
was inhibited throughout much of the year
by balance of payments considerations and
was less stimulative than was appropriate
to the domestic situation.
All of the monetary and credit magnitudes for 1962 were significantly affected by
the upward movement a year ago in the
interest rates paid on commercial bank time
deposits, following the change in the Board's
Regulation Q. In order to interpret and appraise monetary developments during the
year, it is vital to disentangle the various
effects of this change, which enabled commercial banks to attract a large inflow of
time and savings deposits.
Where did these time and savings deposits come from? Do they represent in effect a net addition to the community's stock
of money, which the public chooses to hold
as time rather than as demand deposits? Or,
does the build-up in time deposits reflect a
rechanneling of the flows of saving, as the
public decided to hold more of its financial
assets in the form of interest-earning deposits at commercial banks and less of its
financial assets in the form of securities and
deposits in other institutions?
I believe it is correct to say that a sizable
fraction of the build-up in time and savings
deposits at commercial banks last year
simply represented a shift in the public's
attitude toward the commercial bank as a
financial intermediary. We know, for ex-

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

ample, that individuals acquired a considerably smaller volume of State and local government bonds and corporate stock in 1962
than in earlier years, even though their total
savings increased. It is reasonable to think
that as individuals reduced their purchases
of securities, they put the funds into time
and savings deposits, on which interest payments were now higher. Similarly, corporations acquired a substantial volume of newly
available negotiable certificates of deposit at
commercial banks in 1962. These funds, too,
would presumably have gone directly into
Treasury bills and other short-term securities
if they had not gone into commercial bank
time accounts.
What happened, in other words, was that,
to a degree, the public chose to invest indirectly through acquiring commercial bank
time balances rather than directly by purchasing securities. The banks' role as financial intermediatries between savers and
credit market was thereby enlarged. To the
extent that this happened, the resulting increase in total bank deposits and total bank
assets should not be regarded as constituting
monetary expansion or as contributing to
total credit expansion. Rather, it represented
merely a rechanneling of the financial flow
of funds, as the public exchanged securities
for bank time deposits.
Another portion of the increase in commercial bank time deposits includes funds
that would have gone into other savings institutions if commercial banks had not raised
their rates. Although deposits at mutual
savings banks and shares at savings and loan
associations increased substantially in 1962,
they might have gone up even more if commercial banks had not become more attractive as savings depositaries. Here again, to
the extent that commercial banks increased
their role as savings institutions at the ex-




133

pense of these other outlets for savings, the
resulting increase in bank assets and deposits
does not represent injections of new money
and credit into the economy.
Finally, there is no doubt that the advance
in bank interest rates induced some individuals and business corporations to shift
from demand deposits to interest-earning
time deposits at commercial banks. That is,
the attractiveness of a prominent nearmoney asset was enhanced, and the public
was thereby induced to economize further
its holdings of cash balances. Or to put it
differently, as bank credit expanded in 1962,
the public found it desirable to place the
monetary counterpart of the credit expansion into time and savings deposits. To the
extent that such conversions occurred, our
comparative statistics on money supply fail
to take into account the increased substitution of time for demand deposits.
It is unfortunate that we are unable to
measure and compare these various components of the build-up in time deposits. All
we can say is that the growth of total bank
credit and deposits exaggerates the degree of
monetary stimulus in 1962, while the growth
of money supply understates the contribution of monetary policy to economic expansion. Let us, therefore, examine two other
variables that usually express the extent to
which the economy has been supplied with
new money and bank credit.
The turnover of demand deposits, a meassure of the velocity or rate of use of money
balances, has trended upward in the postwar
period. If we look at the cycles around this
rising trend, we find that they conform rather
well to the business cycle. We also find that
turnover has generally increased faster in
years of monetary restraint and slower in
years of monetary ease. In the year just
ended, the rate of turnover rose by as much

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FEDERAL RESERVE BULLETIN • FEBRUARY 1963

as it did in some earlier years of vigorous
economic expansion and restrictive monetary policy. I take this as an indication that
the public has not been supplied with redundant amounts of new money in relation
to its transactions and income.
This observation is confirmed by what
happened to interest rates in 1962. As I
noted earlier, short-term rates crept up during the year. Although long-term rates sank
a little, they remain high by historical standards. Reflecting, as they do, the interaction
of the supply of funds with the demand for
funds, interest-rate movements in 1962 reveal to us that the supply was not pressing
very strongly on demand.
All in all, therefore, I would characterize monetary policy in 1962 as having been
passively responsive to the bank credit and
monetary needs of the economy but not
actively stimulative. And this judgment is
borne out by the fact that it was not until
the final quarter of the year, when business
and consumer psychology strengthened and
business loan demand picked up, that money
supply rose. It was at this point that the
economy overtook the monetary posture of
supplying reserves on terms consistent with
a short-term rate pattern based on balance
of payments considerations.
Could monetary policy have done more to
encourage economic expansion in 1962? I
believe that the answer is "yes" but judgments may differ on this—and particularly
would they differ as to the consequences on
the balance of payments. The range of difference is not very wide and would not
cover, so far as I am concerned, a sufficiently
aggressive monetary policy to have single
handedly restored the economy to full use
of its resources. As far as long-run growth is
concerned, the major contribution that
monetary policy can make is in shortening




the duration, and cutting down the amplitude, of cyclical downswings and extending
the period and amplitude of upswings. The
secular tilt of the economy is more appropriately the concern of fiscal actions and
structural reforms.
BALANCE OF PAYMENTS CONSIDERATIONS

Just how is monetary policy constrained by
balance of payments considerations? Since
1961 the objective has been to maintain a
level of short-term interest rates in the
United States that is tolerably competitive,
exchange risk considered, with the level of
short-term rates in other money markets,
mainly in London and, to a lesser extent,
Western Europe. This competitive level has
succeeded in limiting, though not eliminating, incentives that U.S. banks and corporations, or foreigners with short-term dollar
holdings, would otherwise have to add to the
U.S. balance of payments deficit by switching from short-term dollar investments to
short-term investment abroad.
Flows of funds of this kind are sometimes
interpreted by important dollar holders,
domestic as well as foreign, not as rateconscious money seeking gain from interest
differentials, but as the consequence of apprehensions about the strength of the dollar.
Thus, monetary policy has in effect been
directed at maintaining a psychology of international confidence in the dollar.
This is a perfectly proper objective for
monetary policy to pursue, but it is not one
that can have a significant impact on correcting whatever basic imbalance exists in our
trading-investing relationships with the rest
of the world. And it is only through changes
in these basic factors that a real solution to
the problem can be achieved. Can monetary
policy also play a role here? First, as to investing relationships.

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

A number of domestic and foreign observers have noted that our international
transactions on current account and Government economic aid have in fact given rise to
nearly equal U.S. payments and receipts in
recent years. In consequence, they have
identified our deficit on all transactions with
our deficit on private capital account. They
have argued that in order to bring our overall payments flows into balance, we must
sharply reduce net outflows of private capital. They have thought this result might
readily be accomplished by a tightening of
monetary policy and a rise in interest rates.
I would not deny that reduced credit availability and higher interest rates might have
some significant and lasting effects in reducing net capital outflows. They could; but
much depends on the circumstances. In the
economic environment of today, my judgment is that it would take more monetary
action than is desirable to significantly curtail net capital exports.
The largest outflows of U.S. capital represent direct investments by U.S. corporations in foreign branches and subsidiaries.
Basically, these investment decisions must
take into account the relationship between
long-term interest yields on market investments and the prospective profit yield of a
particular investment. If credit conditions
in this country should tighten as a result of
vigorous, but noninflationary, domestic economic expansion in which the relative profitability of investment in this country was
rapidly improving, then indeed U.S. firms
would invest more at home and less abroad,
and foreign capital, too, would be attracted
here. But if last year's climate of less than
vigorous growth, with some slack in resource use, were to continue and credit conditions were tightened by restrictive monetary policy alone, a large retarding effect on




135

the direct foreign investments of U.S. business could only be significantly effective at
the expense of declines in other closely
linked sectors of the domestic capital markets and therefore domestic expenditure.
Other flows of capital are probably more
responsive than direct investments to changes
in credit and interest-rate conditions, but
some of these flows, too, are less responsive than is often supposed. Much foreign
borrowing last year, for example, through
bond issues in our markets—the second
largest category of capital outflow—was by
foreign governments whose demands for external funds were not very flexible because
they could find no other international capital
market open and able to accommodate their
transactions. Also, a good deal of lending
abroad by U.S. banks was associated with
U.S. exports whose financing could not
readily be transferred to foreign credit markets.
Furthermore, it can hardly be argued that
reduced credit availability and higher interest levels could have big effects on international capital flows but only minor effects
on domestic credit flows. To have tightened
monetary policy last year enough to have
exerted significant restraint on those outflows of capital that are responsive could, in
my judgment, also have had a strong braking effect on the lagging domestic economic
expansion.
How could monetary policy be used to improve our basic trading position—to make
our exports of goods and services more competitive? There is traditional orthodox prescription for a certain situation. The classical
case for the application of "monetary discipline," so called, is that in which a country
is suffering from excess demand and is attempting to deal with the twin phenomena
of inflation at home and a deficit abroad.

136

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

Here monetary restraint has the dual purpose of tempering the climate of the domestic economy and reducing the deficit in the
international accounts. But our current domestic problem is not one of inflation but of
lagging expansion, and to attack the balance
of payments problem with stringent monetary measures would risk imposing a costly
drag on an already sluggish pace of economic growth.
Thus, the role of monetary policy can be,
under present circumstances, only of limited
effectiveness in dealing with the basic balance of payments problem just as it is of
limited effectiveness in dealing with the domestic problem of lagging long-run economic growth.
In the past 2 years a good deal of direct
attention has been given to the conditions
and environments which can be altered to
improve our basic international economic
position—through the reduction of tariffs,
lowering of barriers to capital outflow by
other high-savings industrial nations, the
tieing of foreign aid, and the fuller sharing of
free world burdens for mutual security. But
the situation fails to show the degree of improvement needed to clearly indicate to the
rest of the world our capacity and intent to
reach an equilibrium payments position. We
probably should be giving consideration to
alternatives that up to now have been rejected.
For example, we might consider a more
direct attack on the capital outflow problem. The United States has the largest and
most accessible capital market in the world,
and it ought to be kept free of exchange restrictions. It is proper and desirable that
capital-poor developing countries should
utilize this market to meet a portion of their
enormous needs for foreign capital. It is not
so clear, however, that it is either necessary




or desirable for advanced countries, with balance of payments surpluses, to have recourse
to our capital market on the recent large
scale while they restrict and hamper entry of
outside borrowers to their own capital markets. If these countries are unwilling to open
their capital markets, possibly we should
look toward tax measures that might help to
remedy this unbalanced position. In general,
we need to explore the possibilities of various
tax measures that might, consistent with
our obligations as an international good
neighbor, and with the status of the dollar
as a world reserve currency, discourage capital movements that appear to flow "uphill"
to countries that are already capital-rich.
We also need to explore the possibility
that tax measures might be used to encourage exports. As a matter of principle, there
is no good reason why our exports should
bear U.S. taxes. Taxation is a means by
which we pay for government services. Why
should foreign purchasers of our exports
help to pay for the services provided by the
U.S. Government to its citizens, and why
should our exporters be expected to be so
competitive that their product prices have to
absorb U.S. as well as foreign taxes and
tariffs?
It may be that foreign countries in their
tax policies also discriminate against their
nationals' exporting activities. This is not
easy to ascertain given the complication of
various national, State, and local tax laws
and conditions under which tax burdens are
shifted to customers. But the discrimination
against exporters of our country can hardly
be doubted.
MONETARY AND FISCAL POLICY IN THE
YEAR AHEAD

If the proposed tax reduction is successful in
stimulating more rapid economic expansion,
bank credit and monetary needs will in all

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

likelihood accelerate. Business demands for
loans will increase, consumers will impose
larger calls on credit markets, and the Treasury will be financing an enlarged deficit. In
such circumstances, the supply of bank
credit and money can increase without
downward pressures on interest rates and
aggravation of capital outflows. In fact, bank
credit, the money supply, and interest rates
might well rise more in relation to advancing gross national product than in comparable periods of expansion. This is so because
monetary expansion has lagged during the
past year. The fact that deposit turnover or
velocity has continued to rise rapidly over
the past year suggests that we cannot count
as much as in other recent periods on past
monetary creation to satisfy future monetary
needs.
As to the question of how the enlarged
budget deficit will be financed, I see this as
a problem that can only be considered in the
economic environment in which it occurs.
The budget went into deficit during the recession of 1960 and, just as the recovery
in the economy has been incomplete, the
restoration of balance in the budget has been
incomplete. The past year's deficit has been
successfully financed outside the banking
system.
The proposed tax cut will enlarge the deficit, but gradually rather than all at once.
In view of the purpose of the tax cut, which
is to stimulate the economy, a consistent national policy would hardly call for monetary
action to offset its effects if the economy continued to operate well below its capacity.
Similarly, if excess demand develops, generating inflationary pressures and psychology, offsetting action by the Federal Reserve
would be clearly appropriate. Thus, the economic climate at the time should determine
the posture of our monetary policy. In judg-




137

ing monetary policy in relation to deficit
financing, what matters most is not whether
the banks or the nonbank public purchase
the securities to finance the deficit, but
whether the economy as a whole is provided
with a volume of money and bank credit consistent with sustainable expansion at relatively stable prices. This is not to say that
the Treasury does not have a debt maturity
problem. Its market offerings need to be
fitted into a balanced structure of maturities.
In financing an enlarged deficit, the Treasury
may find it necessary at various points to
compete with other borrowers in the different
maturity sectors of the market. Under the
economic environment that we hope to
achieve, the competition may prove to be
strong and the Treasury should be prepared
to meet it.

Statement of Eliot J. Swan, President of
the Federal Reserve Bank of San Francisco,
before the Joint Economic Committee, February 1, 1963.
I will not attempt to review the record of
the economy in detail in 1962, since that has
been done for you most capably by a number
of others. I will offer some general observations in this regard, however, for what they
may be worth.
Since early 1961, we have had a broadly
based recovery, with remarkably few distortions. The economy absorbed without
serious difficulty a sharp stock market decline earlier this year, took the Cuban crisis
in stride, and shows little indication of unsustainable growth or speculative weaknesses in inventories or new plant and equipment, the principal areas of fluctuation in

138

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

the past. The index of wholesale prices has
been remarkably stable, the behavior of
consumer prices not quite as satisfactory. At
the same time, however, over-all growth has
been disappointingly modest, the level of
unemployment continues to be of real concern, and there seems to be no clear and imminent prospect of a significantly more rapid
upward pace of business activity.
The other pressing problem that has persisted throughout the recovery is the deficit in
our balance of payments. The improvement
in 1962 over 1961 was disappointingly
small, and there is clearly a considerable
way yet to go to reach a satisfactory position.
Despite these serious and persistent problems, I believe monetary policy was reasonably satisfactory in 1962. Continued reserve
availability resulted in a record increase in
bank credit; longer-term interest rates declined, in contrast to their behavior in other
periods of rising activity; and short-term rate
levels, in combination with foreign currency
operations of the Treasury and the Federal
Reserve, helped to discourage outflows of
short-term funds, whether for speculative
reasons or because of interest-rate differentials.
There are those who would say that the
level of unemployment requires a much
easier monetary policy, and there are those
who would say that the balance of payments
situation requires a much tighter monetary
policy. I fear that I could not satisfy either
group of critics under present circumstances,
although I am fully aware that a significant
decline in business activity or a real loss of
confidence in the dollar leading to a run to
other currencies and gold—neither of which
I hope will occur—might well raise considerations of a marked policy shift in the
one direction or the other. While I do not




believe developments so extreme in either
direction are imminent, I do not believe that
either might well be encouraged by an arbitrary and abrupt switch in monetary policy
at this time. At this point, shift to really
tight money could place a roadblock in the
upward path of the economy; a shift to substantially easier money could contribute to
a loss of confidence in the dollar and to an
exchange crisis. Under present conditions, I
see no alternative to making haste slowly
with monetary policy, frustrating as that may
be to the impatient who hope for simple
solutions to extremely complex problems.
In no sense am I decrying the importance
of monetary policy. The wrong monetary
policy can do incalculable harm, and the
right monetary policy can help to provide
a climate in which appropriate adjustments
can take place. However, no monetary policy can directly make or assure such adjustments—nor should it, so long as we depend
on the greater share of our economic decisions taking place through market processes.
In my opinion, monetary policy has been
easy in 1962. Time deposits increased markedly throughout the year, and demand deposits have risen significantly since August.
Business spending, however, must be motivated by prospective profits, which result in
large measure from market opportunities
that can be developed from new processes at
lower costs and new products. Some portion
of our unemployment appears most unlikely
to respond directly to increased demand.
Job opportunities and unemployment unfortunately may be found together, as evidenced by the demands of defense-related
industries on the West Coast for skilled personnel, even though we have many people
looking for jobs in the same areas.

STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY

Under present circumstances, relative
price stability is doubly important; not only
to discourage unsound and speculative developments in the domestic economy, but
also to encourage our industries to become
increasingly competitive throughout the
world, if we are to increase exports further
relative to imports. But again, the search for
new markets in other countries and the development of products and marketing efforts that will expand markets abroad are
essential. Many other factors in the balance
of payments are also obviously outside of
the realm of monetary policy. The need for
greater sharing of military and foreign aid
burdens by our allies, for lowering of barriers to our exports, and for removal of limitations in foreign capital markets are
familiar problems to all of you.
Certainly, I share the compelling concern
for economic growth. But growth that is not
sustainable, growth that creates imbalances
that lead to severe readjustments and recession, growth that does not reflect the mix of
goods and services desired by the American
people, as expressed both in the market and
collectively through the processes of government, is not an adequate answer.
In the monetary area, policy should basic-




139

ally be directed toward facilitating the flow
of funds in the money and capital markets
without inflation, and this is what the Federal Reserve is seeking to accomplish. In this
connection, the question of the degree to
which the prospective Federal deficit should
be financed through the banking system,
which has been given further currency by the
proposed tax reductions, involves the difficulty of seeking an answer, in isolation, to
a problem that cannot be isolated. I do not
believe a categorical answer can be provided,
since the problem is really the ever-present
one of the sources of funds to meet total
credit demands, both public and private.
This is a continuous process, involving a
continuing judgment about the relation of
bank credit expansion to the flow of saving
and spending, the availability of labor and
other productive resources, the behavior of
the price level, and our international economic position.
Monetary policy can assist significantly in
providing a climate or a setting favorable to
balanced and sustainable economic growth,
but such growth itself can only be the result
of a complex of factors related to the whole
range of private decisions and public policy.

Farm Debt as Related to Value of Sales
This is the second in a series of articles
based on the debt portion of the Sample
Survey of Agriculture conducted by the Bureau of the Census in 1960.
The article was prepared by Raymond J.
Doll, Vice-president of the Federal Reserve
Bank of Kansas City and Chairman of the
System Committee on Agriculture. Other
articles analyzing the results of the debt portion of the Survey will appear in future issues
of the BULLETIN. It is also contemplated
that the Board will publish a handbook of
the more important statistics on farm debt
and related characteristics of farms and farm
operators and landlords.

Agencies cooperating in the debt Survey
were the Department of Agriculture, the
Farm Credit Administration, and the Federal Reserve Banks. These agencies will also
publish reports on findings from the Survey
data.
The 1960 Sample Survey of Agriculture,
published by the Bureau of the Census, also
contains a number of tables on farm debt.
Among those contributing to this study
were Fred Garlock and Philip Allen, Department of Agriculture; Martin Planting,
Farm Credit Administration; and Wilellyn
Morelle, J. H. Atkinson, Emanuel Melichar,
and Lewis N. Dembitz, Board of Governors.

Innovation in agriculture, as in many
other sectors of the economy, has resulted
in increasing investment, output, and specialization in recent years. Capital resources
have been partially substituted for labor and
land resources. The number of small farms
has declined, and the number of large ones
has increased. With these changes, the need
for farm capital and credit has increased.
Analysis of data collected in the 1960
Sample Survey of Agriculture indicates that
value of sales is an extremely important
variable in determining the amount of credit
that farmers use. Thus, for analytical purposes farms are often grouped into "economic classes" with different levels of sales
volume. Subsequent evaluation of the data
by region, tenure, type of farm, and age of
operator becomes more meaningful if comparisons are made among farmers in the

same economic class who differ with respect
to these other variables. For example, for
farms of similar economic class, operators
in the West used more credit than operators in the South.1 Except on the largest
farms, younger operators used more credit
than older operators. Debt also varied by
tenure and type of farm within the same
economic class.
In this article, farm debt is analyzed by
economic class of farm and other economic
characteristics on the basis of data from the
Bureau of the Census' 1960 Sample Survey




1
In tabulations of the Sample Survey, the West is
defined to include North Dakota, South Dakota, Nebraska, Kansas, Oklahoma, Texas, and all States to
the west of these. The South includes Arkansas, Tennessee, Kentucky, Virginia, Maryland, Delaware, and
States to the south, and the North encompasses the
remaining States. Alaska and Hawaii were not included in the Survey.

140

FARM DEBT AS RELATED TO VALUE OF SALES

of Agriculture. For information on the reliability of the data obtained from the Survey
and the reasons for the differences between
Survey data and other estimates relating to
farm debt see the technical note at the end
of the article.
ECONOMIC CLASSES OF FARMS

In the 1960 Sample Survey, the Census Bureau grouped farms into two major economic categories, commercial farms and
other farms, mainly on the basis of total
value of products sold. In general, all farms
with annual sales amounting to $2,500 or
more were classified as commercial. Farms
with annual sales of $50-2,499 were classified as commercial if the farm operator was
under 65 years of age and (1) he did not
work off the farm 100 or more days during
the year, and (2) the income that he and
members of his family received from sources
other than the farm operated was less than
the total value of farm products sold. The
commercial farms were further divided into
six economic classes according to value of
farm products sold, as follows: I, $40,000
and over; II, $20,000-39,999; III, $10,00019,999; IV, $5,000-9,999; V, $2,5004,999; and VI, $50-2,499.
Noncommercial farms were divided into
three economic classes. Farms with sales of
$50-2,499 were classified as part-time (Class
VII) if the operator was under 65 years of
age and he either worked off the farm 100
or more days in 1960 or the income he and
members of his family received from sources
other than the farm operated was greater
than the total value of farm products sold.
Farms with sales of farm products of $502,499 on which the operator was 65 years
old or over were considered part-retirement
farms (Class VIII). Finally, all institutional
farms and Indian reservations were placed
in Class IX.




141

In this article, references to economic
classes are to the groupings set up by the
Census Bureau, with one exception: the
group referred to as Class VIII is a combination of Census Classes VIII (part-retirement farms) and IX (institutional farms
and Indian reservations).
Because of the limited size of the sample
and of the necessity to avoid making estimates for small groupings where there would
be undue risk of large sampling errors, it
was necessary to combine economic classes
when different cross classifications were
made. In evaluating debt by such cross classifications as region, source, tenure, type of
farm, and age of operator, the economic
classes of farms were combined into three
categories—Classes I and II, Classes III
and IV, and Classes V-VIII.
Class I farms comprised 3.2 per cent of
the total number of farms, but the operators
of these farms worked 25 per cent of the
farm land, representing—together with
buildings—more than 20 per cent of the
value of all farm land and buildings. They
produced 33 per cent of the total value of
farm products sold and collected 20 per cent
of the net cash income from sale of farm
products.2 At the other extreme for commercial farms, operators of Class VI farms accounted for 9.4 per cent of the total number
of farms but farmed only 2.6 per cent of the
land and collected 2.4 per cent of the net
cash income from sale of farm products.
Between these extremes, the number of
operators on commercial farms increased
through Class IV and then declined. The
percentage of total resources employed and
volume of farm products sold, however,
2

In computing net cash income from the sale of
farm products no cost was deducted for such items
as family labor and interest on operator's equity in
the business. The relative importance of these noncash costs varies, of course, by economic class of
farm.

142

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

tended to decline from Class I through VI.
Operators of Class VII and VIII farms—
the noncommercial farms—accounted for
30 per cent of all operators, farmed 10 per
cent of the land, and collected 4 per cent of
the net cash income derived from sale of
farm products.
The total amounts of income from offfarm sources varied with the number of
farmers in each class rather than with the
total size of their farm operations. There
were more operators in Class VII than in
any other class and, by definition, they either
worked off the farm 100 or more days in
1960 or had larger incomes from nonfarm
sources than from the sale of farm products.
Hence operators in this class received by far
the largest proportion of all income from
off-farm sources. There were also many operators in Classes III, IV, and V, and they
also received relatively large proportions of
their income from off-farm sources. Largely
by definition, operators of Class VI farms
received an unusually small proportion of
such income. Had they received very large
off-farm incomes they would have been considered part-time farmers (Class VII).
VARIABILITY IN FARM OPERATOR DEBT

According to the Sample Survey, the operators of 58 per cent of the farms in the United
States at the time of enumeration had some
debt (Table 1). A relatively large proportion of the operators on the larger commercial farms had debt—approximately threefourths on Class I, II, and III farms—while
less than half of those on Class VI farms
were in debt. More than half of the Class VII
farmers had debt. This probably can be
explained by the fact that these farmers had
relatively large incomes from off-farm
sources and relied on this income for debt
repayment.




On the average, operators of Class I and
VIII farms without debt had a larger acreage
and handled a higher value of land and
buildings than did indebted operators. In
the other economic classes there was a tendency toward the opposite situation, but the
differences were not significant.
Because credit in agriculture is used
largely for financing nonlabor resources, it
was to be expected that the operators of the
larger farms would use relatively large
amounts of the dollar volume of credit. The
indebted operators on Class I, II, and III
farms accounted for only 19 per cent of all
operators, but they used 65 per cent of all
agricultural credit.
The data in Table 1 show the distribution
of operator debt by economic class of farm
for total debt, major real estate debt, and
non-real-estate and related debt.3 It should
be pointed out that, to the extent non-realestate debt may have been underreported
more than real estate debt in the Survey,
comparisons of these two types of debt may
not be fully accurate.
The average debt per indebted operator
was closely related to class of farm. For
those on Class I farms the average debt was
23 times as large as that of Class VI operators (the smallest commercial unit). The
average size of operator debt on the larger
3
Major real estate debt is defined to exclude realestate-secured debt owed to production credit associations and to merchants and dealers. It includes all
real-estate-secured debt to Federal land banks, life
insurance companies, and individuals from whom the
farm was purchased. Loans of the Farmers Home
Administration, banks, other institutions, and individuals other than those from whom the farm was
purchased were included only if they were the largest
(or the only) real estate loans owed by borrowers.
Non-real-estate and related debt consists of all
debt other than major real estate. This classification
was designed to avoid including as real estate debt
loans primarily secured by non-real-estate assets but
which also had real estate as supplementary security.

143

FARM DEBT AS RELATED TO VALUE OF SALES
TABLE 1
FARM-OPERATOR DEBT, 1960

Operators with debt
Number *
(thousands)

Amount of debt

Per cent of all operators
in class

Total
(millions of dollars)

Average
(dollars)

Class of farm
Any
debt

Commercial:
I
II..
Ill
IV
V
VI
Other:
VII

vin

All classes

Nonrealestate
and
related
debt

Major
real
estate
debt

Any
debt

Nonrealestate
and
related
debt

Major
real
estate
debt

Nonrealestate
and
related
debt

Major
real
estate
debt

Total
debt

Total
debt

Major
real
estate
debt

Nonrealestate
and
related
debt

80
170
359
390
296
145

48
89
197
205
146
54

67
141
313
328
235
121

76
75
73
66
55
47

46
39
40
35
27
17

65
62
64
56
44
40

3,919
3,017
3,928
2,'/49
1,249
303

2,131
1,701
2,332
1,704
775
173

1,788
1,315
1,596
1,044
474
130

48,813
17,744
10,936
7,044
4,220
2,094

26,540
10,007
6,494
4,368
2,619
1,193

22,273
7,737
4,443
2,676
1,601
900

382
75

219
31

276
55

57
24

33
10

41
18

1,507
126

1,055
85

453
41

3,950
1,666

2,764
1,125

1,186
540

1,897

988

1,538

58

30

47

16,798

9,956

6,841

8,853

5,247

3,606

1
Figures for farm operators with major real estate debt and for
those with non-real-estate and related debt cannot be added because
some farmers had both types of debt.
NOTE.—Unpublished data, 1960 Sample Survey of Agriculture,
Bureau of the Census. Data are estimates based on information
obtained from a sample of farms. See technical note at the end of
this article lor references on the sampling procedure, estimated
sampling errors, and definitions of terms.

Alaska and Hawaii were not included in the Survey.
Details may not add to totals because of rounding.
Economic classes of farms are as defined by the Bureau of the Census,
except that data shown for Class VIII are the combined totals for Census Classes VIII and IX.

TABLE 2
SOURCES OF FARM OPERATORS' LARGEST DEBTS, 1960
Class of farm

All classes
I and II

Debt
Source

Operators
with
debt
(thousands)

Amount
(millions
of
dollars)

Per
cent

Operators
with
debt
(thousands)

III and IV

Debt
Amount
(millions
of
dollars)

Per
cent

Operators
with
debt
(thousands)

V-VIII

Debt
Amount
(millions
of
dollars)

Per
cent

Operators
with
debt
(thousands)

Debt
Amount
(millions
of
dollars)

Per
cent

Major real estate d e b t l
Federal land banks
Commercial banks 2
Insurance companies
Seller of farm: 3
By mortgage or deed
of trust
By contract
All other
All sources

231
262
96

1,836
1,713
1,676

19.4
18.1
17.7

36
32
25

647
627
951

18.2
17.6
26.8

103
91
45

828
604
564

21.3
15.5
14.5

93
139
26

361
483
161

17.7
23.7
7.9

134
85
180

1,384
1,381
1,496

14.6
14.6
15.6

13
12
17

475
498
358

13.4
14.0
10.0

55
44
64

556
695
648

14.3
17.8
16.6

66
28
98

353
188
489

17.3
9.2
24.2

988

9,485

100.0

136

3,555

100.0

402

3,896

100.0

450

2,034

100.0

Non-real-estate and related debt 1
Commercial banks 2
Merchants and dealers
Production credit associations
All other
All sources

526
521

2,422
1,066

42.3
18.6

88
55

1,203
421

46.0
16.1

232
206

837
405

38.9
18.8

206
260

383
239

39.9
25.0

145
347

1,016
1,220

17.8
21.3

27
39

532
457

20.4
17.5

78
125

399
512

18.5
23.8

39
183

86
251

8.9
26.2

1,538

5,724

100.0

209

2,613

100.0

641

2,152

100.0

688

958

100.0

i Each operator was classified according to the source of his largest
debt of this type. Figures represent only the amounts of this debt
owed to that principal source.




2
Includes savings banks and trust companies.
3 Individual sellers.
NOTE.—See also notes to Table 1.

144

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

farms indicates that many rural banks may
have problems in financing these operators
because the amount that may be lent to a
single borrower is limited, in relation to size
of bank, by the National Banking Act and
by various State laws as well as by bankers'
own prudence.
There was considerable regional variation
in both the total amount and the average
size of farm-operator debt. The West had 27
per cent of the farm operators and was using
43 per cent of the outstanding credit, while
the South had 32 per cent of the operators
and was using only 17 per cent of the outstanding credit. The North accounted for
41 per cent of the operators and 40 per
cent of the credit.
Part of the reason for this variability is
that the West had more Class I and II farms
and fewer Class V-VIII farms than other
regions. The South, on the other hand, had
fewer Class I and II farms and more Class
V-VIII ones.
Not all the regional difference in average
size of debt, however, is explained by the
relative importance of the different economic classes of farms. Even when comparisons are made within economic classes of
farms, the average size of loan tended to be
substantially larger in the West than in the
South and somewhat larger than in the
North. For example, in Classes III and IV
the average loan per indebted operator was
$10,709 in the West; $8,749 in the North;
and $6,317 in the South.
Part of the difference can probably be
attributed to variation in type of farm. The
South has a large number of cotton and
tobacco farms. Debt on these farms is near
a seasonal low late in the year, at which time
the Survey was taken. At that time only 51
per cent of the farmers in the South were indebted as compared with 63 per cent in the




West and 61 per cent in the North. However, as pointed out above, part of this
difference probably is caused by regional
variation in the proportion of farms in each
economic class.
CREDIT SOURCE

Each farm operator was classified according to the source of his largest debt. The
amounts of these debts owed to each source
are shown in Table 2.
Individuals from whom the farm was purchased were the most important source of
major real estate debt, providing 29 per cent
of the total. The three major types of institutional lenders—Federal land banks, commercial banks, and insurance companies—
each provided about 18 or 19 per cent of
the total.4 The individuals and financial agencies lending to farmers vary with respect to
the kinds of operators they finance. Some
agencies provide a relatively large proportion of the financing for operators of larger
farms, while others emphasize financing
smaller farmers. Insurance companies were
the leading institutional source of real estate
credit for operators of Class I and II farms
but were relatively unimportant as a source
of credit for operators of Class V-VIII
farms. The "all other" category and commercial banks were relatively most important as sources for operators of smaller
farms. The Federal land banks provided
about the same proportion of the financing
for each of the economic classes of farms,
as did the "seller of farm" groups.
Commercial banks provided about 40 per
cent of the largest non-real-estate and related debt of farm operators, merchants and
dealers about 19 per cent, and production
credit associations (PCA's) 18 per cent.
4

"Commercial banks" as used here includes savings
banks and trust companies.

FARM DEBT AS RELATED TO VALUE OF SALES

Commercial banks were the major source of
non-real-estate and related credit for all
economic classes but provided a somewhat
larger proportion of this kind of credit used
on Class I and II farms. PCA's provided
relatively more of the financing for the larger
farms and were relatively less important as
a source of credit for Classes V-VIII. Merchants and dealers and the "all other"
groups were relatively more important as
sources of credit for the smaller farms and
less important for the larger farms.
DEBT BY TENURE

Farm operators have several means for acquiring the assets needed in their businesses.
They may use their own funds for purchasing needed resources, borrow to do so, or
lease resources. Since land is a resource that
lends itself readily to renting, it is common
for a farm operator to rent either all or part

TABLE 3
DEBT STATUS AND TENURE OF FARM OPERATORS, 1960
Class of farm
All
classesl

Debt status and tenure

I and
II

III and
IV

V-V1II

331
142
96
89

936
655
109
169

Operators without debt:
All operators (number, in
thousands)
Full owners
Part owners
Tenants

1,349
828
235
276

Operators with debt:
All operators (number, in
thousands)
Full owners
Part owners
Tenants
Total debt (millions
dollars)
Full owners
Part owners
Tenants

1.897
906
582
396

250
67
117
58

749
280
280
188

559
186
150

16,798
7,326
6,919
1,584

6,936
1,948
3,446
643

6,676
3,132
2,797
735

3,185
2,248
676
207

8,853
8,085
11,882
3,997

27,709
29,213
29,565
11,000

8,910
11,165
9,992
3,919

3,548
4,020
3,636
1,373

of

Average debt per indebted
operator (dollars)
Full owners
Part owners
Tenants

,

1
Totals shown include data for manager-operators not listed
separately.
See also Note to Table 1.




145

of his land. In the 1960 Sample Survey,
farm operators were classified into four
tenure groups—full owner, part owner, manager, and tenant. The manager group is not
discussed in this article because the number
of managers in the sample was not large
enough to give the data adequate statistical
reliability.
Aggregate debt varied significantly by
tenure, with the full-owner and part-owner
groups each using more than four times as
much credit as tenants (Table 3). Part of
the difference can be attributed to the fact
that there were more indebted full-owner
and part-owner operators than indebted
tenant operators. Of all indebted operators,
48 per cent were full owners, 30 per cent
part owners, and 21 per cent tenants. The
other 1 per cent were managers.
The aggregate debt also was influenced
by average size of loan. For part owners,
this was about three times and for full
owners about twice that for tenants. Even
though there were 55 per cent more indebted full owners than indebted part owners, the aggregate amount of debt used by
full owners was only a little more than that
used by part owners because the average
loan of full owners was so much smaller. A
greater proportion of the part-owner operators were on large farms—Classes I and II—
and had larger loans on the average. The
117,000 part owners in these two classes
were using $3.4 billion of credit in late
1960, more than one-fifth of all farm debt
on the Survey date. In each economic class,
however, average debt of full owners was
not significantly different from that of the
part owners.
The extent to which an operator rents
land also influences the amount and type of
his debt. Full owners and part owners must
finance all or part of their real estate invest-

146

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

ments in addition to their non-real-estate
investments. Tenants, by definition, only
need to finance their non-real-estate investments. Because indebted part owners operated more of the larger units, their average
investment in owned real estate was larger
than that of full owners. Indebted part
owners had an average investment in owned
real estate of $34,346, compared with $28,380 for indebted full owners. The average
real estate debt of indebted part owners was
$7,390, compared with $5,578 for full owners. If non-real-estate and related debt is
used for comparing variation in debt by
tenure, the average indebtedness was: full
owners, $2,507; part owners, $4,493; and
tenants, $3,997. It also should be pointed
out that the proportion of part owners with
debt was larger than the proportion of either
full owners or tenants.
DEBT BY TYPE OF FARMING

Resource requirements, organization, management, and financing needs vary by type
of farm within each economic class. In the
1960 Sample Survey the Bureau of the Census classified the different types of farms by
major source of income from farm sales. To
be classified as a particular type, a farm had
to have sales of a particular product or
group of products amounting to 50 per cent
or more of the total value of all farm products sold during the year.
The sample used in the 1960 Sample
Survey was not large enough to permit evaluation of debt statistics by economic class
within type-of-farm groups except by combining the classes, as indicated earlier. Generally, the largest proportion of indebted
operators in each type-of-farm group was in
Classes I and II, the next largest in Classes
III and IV, and the smallest in Classes VVIII (Table 4 ) . However, a large proportion of the dairy farm operators in Classes




III and IV were indebted, making the percentage for this combined class somewhat
larger than that for Classes I and II.
Average debt per indebted operator
varied substantially by type of farm. The
average for livestock farms other than dairy
and poultry farms was considerably larger
than for any other type-of-farming group.
This was true for all three of the combined
economic classes. Operators of cash-grain
farms in Classes I and II had a smaller-thanTABLE 4
TOTAL DEBT RELATED TO TYPE OF FARM,

1960

Class of farm
Type of farm

All
classes

I and
II

III and
IV

V-VIII

Number of operators with debt
(thousands)
Commercial—total
Cash-grainl
Livestock
Cotton
Tobacco
Dairy
Other 3
Other
All types.

1,440
276
346
119
115
282
303

250
50
80
21
29
66

749
165
174
28
43
197
142

250

749

4

457
1,897

441
61
92
69
68
56
95
457

Indebted operators as per cent of
all operators in group
Commercial—total.
Cash-grain
Livestock *
Cotton
Tobacco
Dairy
Other 3

64
67
62
54
54
71
60

Other

46

All types.

58

75
76
78
70
(2)
67
78

69
69
67
58
58
78
69

52
56
47
49
50
54
57

75

69

49

Average debt per indebted operator
(dollars)
Commercial—total
Cash-grainl
Livestock
Cotton
Tobacco
Dairy
Other 3
Other
All types.

10,529
[0,312
14,958
7,313
3,170
9,456
10,724

27,709
21,455
34,466
27,875
26,003
25,895

8,910
9,100
11,133
6,182
4,159
8,667
8,290

3,573

3,573
8,853

3,522
4,392
5,318
1,410
2,126
3,499
3,775

27,709

8,910

3,548

1 Other than dairy and poultry.
2
Number of observations in sample too small to allow reliable
estimates.
3
Includes other field crops, vegetables, fruits, poultry, general,
and miscellaneous types.
See also Note to Table 1.

147

FARM DEBT AS RELATED TO VALUE OF SALES

average debt per indebted operator compared with the average for all farms in these
classes, whereas in the Class V-VIII group
they had a larger-than-average debt per indebted operator.
Within the Class III and IV and the Class
V-VIII categories, the average debt per indebted operator was significantly smaller
than for all types on tobacco and cotton
farms and larger on livestock farms other
than dairy and poultry. Some factors that
probably influenced this variation by type
of farm include season of year when the
Survey was taken, difference in size of farm
by type, differences in kind and amount of
collateral by type, regional variation in type
of farm, and regional differences in average
size of debt.

TABLE 5
INDEBTED FARM OPERATORS, BY AGE,

Age group

The debt status and amount of credit used
varied by age of operator. The young operator, in his effort to start farming, usually has
not had much opportunity to accumulate an
equity in his business and must make an
intensive effort to obtain supplementary resources through renting and borrowing.
Thus, a relatively large proportion of the
younger operators were tenants or part owners, and were indebted. In the under 35 age
group, 44 per cent of the operators were
tenants and 25 per cent part owners, while
in the 55 and over age group only 10 per
cent were tenants and 20 per cent part
owners.
Table 5 indicates that a large percentage
of younger operators were indebted. This is
true for all economic classes, with a higher
percentage of the young operators on the
larger farms being indebted and a somewhat lower percentage on the smaller farms.
A relatively large percentage of the operators in the 35-54 age group also were indebted.




Class of farm
I and II

III and IV

V-VIII

Number (thousands)
Under 35
35-54
55 and over
All ages i

260
953
494

42
132
55

127
412
157

92
409
282

1,897

250

749

898

Indebted operators as per cent of
all operators in group
Under 35
35-54
55 and over
All ages i

77
68
42

85
78
65

83
74
53

68
61
36

58

75

69

49

Average debt per indebted operator
(dollars)
Under 35
35-54
55 and over
All ages i

DEBT BY AGE OF OPERATOR

All
classes

1960

9,568
9,351
6,636

19,781
27,732
25,242

9,692
8,987
7,901

4,741
3,794
2,273

8,853

27,709

8,910

3,548

1
Includes farmers who did not report their age.
See also Note to Table 1.

In Classes I and II, indebted operators
under 35 had a substantially lower average
debt than did older operators. In Classes III
and IV and Classes V-VIII, however, average debt tended to decrease as age increased.
For all classes, the average indebtedness of
operators over 54 was lower than the average for either of the younger groups.
The younger operators on Class I and II
farms operated somewhat smaller units than
did the older operators. The average value
of the farm products they sold in 1960 was
$40,096, compared with $49,257 for operators in the 35-54 year age group and $46,342 for the oldest group. The average value
of land and buildings operated per indebted
operator was also about a fifth less for the
younger operators. The difference did not
exist in the other economic classes. Since
there is a close relationship between size of
farm and average indebtedness, the variations in relative size of operation probably

148

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

account in part for the difference in debt
between older and younger farmers in
Classes I and II.
FARM LANDLORDS' DEBT

Up to this point, all evaluations have been
based upon operator debt. For a complete
TABLE 6
INDEBTED LANDLORDS,

1960
Amount of debt

Class of farm

Commercial
I
II
Ill
IV
V
VI
Other
VIT
VIII
All classes

Number
(thousands)

Total
(millions
of dollars)

Average
(dollars)

428
33
65
123
109
64
34

2,896
589
787
827
474
170
49

6,766
17,854
12,104
6,725
4,353
2,649
1,439

53
43
10

203
197
6

3,834
4.586
600

481

3,099

6,443

See Note to Table 1.

analysis of farm debt, one must evaluate
landlord debt, too.
It was estimated that 481,000 landlords
had a total outstanding debt of $3,099 million in 1960 (Table 6 ) . For commercial
farms, landlords of Class I operators had the
largest average debt and those of Class VI
the smallest. Average size of debt per landlord declined consistently from Class I
through Class VI. Landlords of part-time
operators (Class VII) had a larger average debt than did landlords of operators in
Classes V or VI.
Most landlord debt was owed to institutions extending real estate mortgage credit
and was secured by a real estate mortgage,
deed of trust, or land-purchase contract. A
substantial amount of landlord borrowing,
however, was done through commercial
banks, individuals, and merchants and dealers without the use of real estate as security.

TECHNICAL NOTE
The estimates given in the accompanying
article are based on unpublished Census
data collected from a sample of the farms
existing in the 48 States, excluding Alaska
and Hawaii, at the time of the Survey in
1960. All farms were represented and had
a chance to be included in the sample. A
stratified random sampling procedure was
used, which allowed heavier sampling rates
for farms with higher values of farm products sold.
For a comprehensive treatment of the
nature of the sample, see 1960 Sample Survey of Agriculture, published by the Bureau
of the Census.
Brief working definitions of several terms
appear in the text. For comprehensive definitions of such terms as farm, farm operator,
economic class, off-farm income, type of




farm, and value of farm products sold, see
U. S. Census of Agriculture: 1959, Volume
II, General Report, Statistics by Subjects—
Introduction and Chapter II. For a listing
of items reported as debt, see excerpt from
the survey questionnaire shown in the December 1962 BULLETIN.
A more extended technical note appeared
in the BULLETIN for December 1962 at the
end of the first article in this series, "A New
Look at the Farm Debt Picture." That note
discussed reasons for differences between
the estimates of debt of farm operators and
farm landlords for 1960 in the Survey and
those made by other agencies on the basis
of other surveys. It also discussed the statistical reliability of estimates obtained in the
1960 Sample Survey and contained tables
that gave measures of sampling errors.

Directors of
Federal Reserve Banks and Branches
Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the
class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors;
three Class A and three Class B directors, who are elected by the stockholding member banks, and three
Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A
directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers,
directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the
member banks of each Federal Reserve district are classified by the Board of Governors of the Federal
Reserve System into three groups, each of which consists of banks of similar capitalization, and each
group elects one Class A and one Class B director. Class C directors may not be officers, directors,
employees, or stockholders of any bank. One Class C director is designated by the Board of Governors
as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman.
Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed
by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board
of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors
at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve
Bank may prescribe.

District 1—FEDERAL RESERVE BANK OF BOSTON

Class A:
ARTHUR F. MAXWELL
WILLIAM M. LOCKWOOD
OSTROM ENDERS

Term
expires
Dec. 31
President, The First National Bank of Biddeford, Maine
1963
President, The Howard National Bank and Trust Company,
Burlington, Vt.
1964
Chairman, Hartford National Bank and Trust Company, Hartford, Conn.
1965

Class B:
WILLIAM R. ROBBINS
JAMES R. CARTER
JOHN R. NEWELL

Vice President and Controller, United Aircraft Corporation,
East Hartford, Conn.
President, Nashua Corporation, Nashua, N. H.
President, Bath Iron Works Corp., Bath, Maine

1963
1964
1965

President, New England Electric System, Boston, Mass.
Editor, The Christian Science Monitor, Boston, Mass.
President, Gorham Corporation, Providence, R. I.

1963
1964
1965

Class C:
WILLIAM WEBSTER 2
ERWIN D. CANHAM 1
WILBUR H. NORTON
1

2

Chairman.




149

Deputy Chairman.

150

FEDERAL RESERVE BULLETIN * FEBRUARY 1963
District 2—FEDERAL RESERVE BANK OF NEW YORK

Class A:
A. LEONARD

MOTT
GEORGE CHAMPION

RALPH H. RUE

Term
expires
Dec. 31
President, The First National Bank of Moravia, N. Y.
1963
Chairman of the Board, The Chase Manhattan Bank, New York,
N. Y.
1964
Chairman, The Schenectady Trust Company, Schenectady, N. Y. 1965

Class B:
ALBERT

B.

L.

NICKERSON

EARL PUCKETT

H.

KENNETH

HANNAN

Chairman of the Board, Socony Mobil Oil Company, Inc., New
York,N. Y.
1963
Chairman of the Board, Allied Stores Corporation, New York,
N. Y.
1964
Executive Vice President, Union Carbide Corporation, New
York, N. Y.
1965

Class C:
EVERETT N. CASE
JAMES DECAMP WISE 2

PHILIP D. REED a

President, Alfred P. Sloan Foundation, New York, N. Y.
1963
Formerly Chairman of the Board, Bigelow-Sanford, Inc.,
Frenchtown, N. J.
1964
Formerly Chairman of the Board, General Electric Company,
New York, N. Y.
1965

BUFFALO BRANCH
Appointed by Federal Reserve Bank:
JOHN M. GALVIN
Chairman, Executive Committee, The Marine Trust Company
of Western New York, Buffalo, N. Y.
ANSON F. SHERMAN
President, The Citizens Central Bank, Arcade, N. Y.
ELMER B. MILLIMAN
President, Central Trust Company Rochester N. Y.
J. MONROE HODGES
President, The Exchange National Bank of Olean, N. Y.

1963
1964
1964
1965

Appointed by Board of Governors:
X

THOMAS E. LAMONT
WHITWORTH FERGUSON
MAURICE

R.

FORMAN

Farmer, Albion, N. Y.

1963

President, Ferguson Electric Construction Co., Inc., Buffalo,
N. Y.
1964
President, B. Forman Company, Inc., Rochester, N. Y.
1965

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
Class A:
J. MILTON

FEATHERER

EUGENE T. GRAMLEY
BENJAMIN F. SAWIN

Executive Vice President and Trust Officer, The Penn's Grove
National Bank and Trust Company, Penns Grove, N. J.
1963
President, Milton Bank and Safe Deposit Company, Milton, Pa. 1964
Vice Chairman of the Board, Provident Tradesmens Bank and
Trust Company, Philadelphia, Pa.
1965

Class B:
LEONARD P. POOL
FRANK R. PALMER
RALPH
1

K.

Chairman.




GOTTSHALL

President, Air Products and Chemicals, Inc., Allentown, Pa.
Chairman of the Board, The Carpenter Steel Company,
Reading, Pa.
Chairman of the Board and President, Atlas Chemical
Industries, Inc., Wilmington, Del.
2

Deputy Chairman.

1963
1964
1965

151

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued

Term
expires
Dec. 31

Class C.WALTER E. HOADLEY
WILLIS J. WINN
DAVID C. BEVAN

2

Vice President and Treasurer, Armstrong Cork Company,
Lancaster, Pa.
Dean, Wharton School of Finance and Commerce, University
of Pennsylvania, Philadelphia, Pa.
Vice President, Finance, The Pennsylvania Railroad Company,
Philadelphia, Pa.

1963
1964
1965

District 4—FEDERAL RESERVE BANK OF CLEVELAND
Class A:
PAUL A. WARNER
C. N. SUTTON
FRANK E. AGNEW, JR.

President, The Oberlin Savings Bank Company, Oberlin, Ohio
President, The Richland Trust Company, Mansfield, Ohio
Chairman of the Board, Pittsburgh National Bank, Pittsburgh,
Pa.

1963
1964
1965

Class B:
EDWIN J. THOMAS
DAVID A. MEEKER
WALTER K. BAILEY

Chairman of the Board and Chief Executive Officer, The
Goodyear Tire & Rubber Company, Akron, Ohio
President, The Hobart Manufacturing Company, Troy, Ohio
Chairman of the Board, The Warner & Swasey Company,
Cleveland, Ohio

1965

Professor of Agricultural Marketing and Head of Department
of Agricultural Economics, University of Kentucky,
Lexington, Ky.
Chairman of the Board, The Kroger Co., Cincinnati, Ohio
President, Armco Steel Corporation, Middletown, Ohio

1963
1964
1965

1963
1964

Class C:
AUBREY J. BROWN

JOSEPH B. HALL 1
LOGAN T. JOHNSTON :

CINCINNATI BRANCH
Appointed by Federal Reserve Bank:
President, The Philip Carey Manufacturing Company,
JOHN W. HUMPHREY
Cincinnati, Ohio
H. W. GILLAUGH
President, The Third National Bank and Trust Company of
Dayton, Ohio
G. CARLTON HILL
Chairman of the Board and President, The Fifth Third Union
Trust Co., Cincinnati, Ohio
JOHN W. WOODS, JR.
President, The Third National Bank of Ashland, Ashland, Ky.
Appointed by Board of Governors:
President, University of Cincinnati, Cincinnati, Ohio
WALTER C. LANGSAM
President, Burley Belt Plant Food Works, Inc., Lexington, Ky.
BARNEY A. TUCKER
Chairman of the Board, The Mead Corporation, Dayton, Ohio
HOWARD E. WHITAKER
1

Chairman.




2

Deputy Chairman.

1963
1963
1964
1965

1963
1964
1965

152

FEDERAL RESERVE BULLETIN * FEBRUARY 1963
District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued

PITTSBURGH BRANCH

Term
expires
Dec. 31

Appointed by Federal Reserve Bank:
CHAS. J. HEIMBERGER
President, The First National Bank of Erie, Pa.
S. L. DRUMM
President, West Penn Power Company, Greensburg, Pa.
JAMES B. GRIEVES
President, Commonwealth Bank and Trust Company,
Pittsburgh, Pa.
ALFRED H. OWENS
President, The Citizens National Bank of New Castle, Pa.
Appointed by Board of Governors:
G. L. BACH
Maurice Falk Professor of Economics and Social Science,
Carnegie Institute of Technology, Pittsburgh, Pa.
WILLIAM A. STEELE X
Chairman of the Board and President, Wheeling Steel Corporation, Wheeling, W. Va.
F. L. BYROM
President, Koppers Company, Inc., Pittsburgh, Pa.

1963
1963
1964
1965

1963
1964
1965

District 5—FEDERAL RESERVE BANK OF RICHMOND
Class A:
ADDISON H. REESE
J. MCKENNY WILLIS, JR.
DAVID K. CUSHWA, JR.

President, North Carolina National Bank, Charlotte, N. C.
Director, Maryland National Bank (Baltimore), Easton, Md.
President, The Washington County National Savings Bank,
Williamsport, Md.

1963
1964
1965

Class B:
ROBERT

E. L.

JOHNSON

ROBERT R. COKER
R. E. SALVATI

Chairman of the Board, Woodward & Lothrop, Incorporated,
Washington, D. C.
President, Coker's Pedigreed Seed Company, Hartsville, S. C.
Chairman of the Board, Island Creek Coal Company,
Huntington, W. Va.

1963
1964
1965

Class C:
WILLIAM

H.

GRIER

EDWIN HYDE 1
WILSON H. ELKINS

2

President, Rock Hill Printing & Finishing Company, Rock
Hill, S. C.
President, Miller & Rhoads, Inc., Richmond, Va.
President, University of Maryland, College Park, Md.

1963
1964
1965

BALTIMORE BRANCH
Appointed by Federal Reserve Bank:
J. N. SHUMATE
President, The Farmers National Bank of Annapolis, Md.
HARVEY E. EMMART
Senior Vice President and Cashier, Maryland National Bank,
Baltimore, Md.
MARTIN PIRIBEK
Executive Vice President, The First National Bank of
Morgantown, W. Va.
JOSEPH B. BROWNE
President, Union Trust Company of Maryland, Baltimore, Md.
1

Chairman.




2

Deputy Chairman.

1963
1964
1964
1965

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

153

District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued
BALTIMORE BRANCH—Continued

Term

expires
Dec. 31

Appointed by Board of Governors:
HARRY B. CUMMINGS X
Vice President & General Manager, Metal Products Division,
Koppers Company, Inc., Baltimore, Md.
1963
LEONARD C. CREWE, JR.
President and Treasurer, Maryland Fine & Specialty Wire Co.,
Inc., Cockeysville, Md.
1964
E. WAYNE CORRIN
President, Hope Natural Gas Company, Clarksburg, W. Va.
1965
CHARLOTTE BRANCH
Appointed by Federal Reserve Bank:
W. W. MCEACHERN
President, The South Carolina National Bank, Greenville, S. C.
JOE H. ROBINSON
Senior Vice President, Wachovia Bank and Trust Company,
Charlotte, N. C.
WALLACE W. BRAWLEY
President, The Commercial National Bank of Spartanburg, S. C.
G. HAROLD MYRICK
Executive Vice President and Trust Officer, The First National
Bank of Lincolnton, N. C.
Appointed by Board of Governors:
GEORGE H. AULL X
Agricultural Economist, Clemson College, Clemson, S. C.
CLARENCE P. STREET
President, McDevitt & Street Company, Charlotte, N. C.
J. C. COWAN, JR.
Vice Chairman of the Board, Burlington Industries, Inc.,
Greensboro, N. C.

1963
1964
1964
1965
1963
1964
1965

District 6—FEDERAL RESERVE BANK OF ATLANTA
Class A:
GEORGE S. CRAFT
D. C. WADSWORTH,
M. M. KIMBREL

SR.

Class B:
W. MAXEY JARMAN
JAMES H. CROW, JR.
MCGREGOR SMITH

President, Trust Company of Georgia, Atlanta, Ga.
President, The American National Bank, Gadsden, Ala.
Chairman of the Board, First National Bank, Thomson, Ga.

1963
1964
1965

Chairman, Genesco, Inc., Nashville, Tenn.
Vice President, The Chemstrand Corporation, Decatur, Ala.
Chairman of the Board, Florida Power & Light Company,
Miami, Fla.

1963
1964
1965

Class C.HENRY

G.

CHALKLEY, JR. 2
1

JACK TARVER
J. M. CHEATHAM

President, The Sweet Lake Land & Oil Company, Lake
Charles, La.
President, Atlanta Newspapers, Inc., Atlanta, Ga.
President, Dundee Mills, Incorporated, Griffin, Ga.

BIRMINGHAM BRANCH
Appointed by Federal Reserve Bank:
FRANK A. PLUMMER
Chairman of the Board and President, Birmingham Trust
National Bank, Birmingham, Ala.
JOHN H. NEILL, JR.
President, Union Bank & Trust Co., Montgomery, Ala.
W. H. MITCHELL
President, The First National Bank of Florence, Ala.
A. CALVIN SMITH
President, First National Bank, Greenville, Ala.
1

Chairman.




- Deputy Chairman.

1963
1964
1965

1963
1964
1964
1965

154

FEDERAL RESERVE BULLETIN « FEBRUARY 1963
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
BIRMINGHAM BRANCH—Continued

Appointed by Board of Governors:
SELDEN SHEFFIELD X
Cattleman, Greensboro, Ala.
C. CALDWELL MARKS
Chairman of the Board, Owen-Richards Company, Inc.,
Birmingham, Ala.
JACK W. WARNER
Chairman of the Board and President, Gulf States Paper
Corporation, Tuscaloosa, Ala.

Term

expires
Dec. 31
1963
1964
1965

JACKSONVILLE BRANCH
Appointed by Federal Reserve Bank:
GODFREY SMITH
President, Capital City National Bank of Tallahassee, Fla.
J. T. LANE
Chairman of the Board, The Atlantic National Bank,
Jacksonville, Fla.
HARRY FAGAN
President, First National Bank in Fort Myers, Fla.
ARTHUR W. SAARINEN
President, Broward National Bank of Fort Lauderdale, Fla.
Appointed by Board of Governors:
J. OLLIE EDMUNDS
President, Stetson University, DeLand, Fla.
HARRY T. VAUGHN *
President, United States Sugar Corporation, Clewiston, Fla.
CLAUDE J. YATES
Vice President and General Manager, Southern Bell Telephone
and Telegraph Company, Jacksonville, Fla.

1963
1964
1964
1965

1963
1964
1965

NASHVILLE BRANCH
Appointed by Federal Reserve Bank:
D. W. JOHNSTON
Executive Vice President, Third National Bank in
Nashville, Tenn.
TRAVIS HITT
President, Farmers National Bank, Winchester, Tenn.
HARRY M. NACEY, JR.
President, Hamilton National Bank, Knoxville, Tenn.
R. S. WALLING
President, First National Bank, McMinnville, Tenn.
Appointed by Board of Governors:
W. N. KRAUTH 1
President and General Manager, Colonial Baking Company of
Nashville, Tenn.
V. S. JOHNSON, JR.
Chairman of the Board and President, Aladdin Industries, Inc.,
Nashville, Tenn.
ANDREW D. HOLT
President, University of Tennessee, Knoxville, Tenn.

1963
1964
1964
1965

1963
1964
1965

NEW ORLEANS BRANCH
Appointed by Federal Reserve Bank:
GILES W. PATTY
President, First National Bank, Meridian, Miss.
LEWIS GOTTLIEB
Chairman of the Board, City National Bank, Baton Rouge, La.
JOHN OULLIBER
President, The National Bank of Commerce in New Orleans, La.
J. R. MCCRAVEY, JR.
Vice President, Bank of Forest, Miss.
1

Chairman.




1963
1964
1964
1965

155

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
NEW ORLEANS BRANCH—Continued

Appointed by Board of Governors:
FRANK A. GODCHAUX, III
Vice President, Louisiana State Rice Milling Company, Inc.,
Abbeville, La.
KENNETH R. GIDDENS X
President, WKRG-TV, Inc., Mobile, Ala.
J. O. EMMERICH
Editor, Enterprise-Journal, McComb, Miss.

Term

expires
Dec, 31
1963
1964
1965

District 7—FEDERAL RESERVE BANK OF CHICAGO
Class A:
DAVID M. KENNEDY
JOHN H. CROCKER
HARRY W. SCHALLER

Chairman of the Board, Continental Illinois National Bank and
Trust Company of Chicago, 111.
Chairman of the Board, The Citizens National Bank of
Decatur, 111.
President, The Citizens First National Bank of Storm Lake, Iowa

1963
1964
1965

Class B:
G. F. LANGENOHL
WILLIAM E. RUTZ
WILLIAM A. HANLEY

Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis.
Director, Giddings & Lewis Machine Tool Company, Fond du
Lac, Wis.
Director, Eli Lilly and Company, Indianapolis, Ind.

1963
1964
1965

Class C.JOHN W. SHELDON
ROBERT P. BRIGGS X
JAMES H. HILTON

2

President, Chas. A. Stevens & Co., Chicago, 111.
Executive Vice President, Consumers Power Company, Jackson,
Mich.
President, Iowa State University of Science and Technology,
Ames, Iowa

1963
1964
1965

DETROIT BRANCH
Appointed by Federal Reserve Bank:
WILLIAM A. MAYBERRY
Chairman of the Board, Manufacturers National Bank of
Detroit, Mich.
FRANKLIN H. MOORE
President, The Commercial and Savings Bank, St. Clair, Mich.
DONALD F. VALLEY
Chairman of the Board, National Bank of Detroit, Mich.
C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich.

1963
1963
1964
1965

Appointed by Board of Governors:
MAX P. HEAVENRICH, JR.
President and General Manager, Heavenrich Bros. & Company,
Saginaw, Mich.
1963
JAMES WILLIAM MILLER X
President, Western Michigan University, Kalamazoo, Mich.
1964
GUY S. PEPPIATT
President, Federal-Mogul-Bower Bearings, Inc., Detroit, Mich. 1965
1

Chairman.




2

Deputy Chairman.

156

FEDERAL RESERVE BULLETIN • FEBRUARY 1963
District 8—FEDERAL RESERVE BANK OF ST. LOUIS

Class A:
H. LEE COOPER
ARTHUR WERRE, JR.
HARRY F. HARRINGTON

Term
expires
Dec. 31
President, Ohio Valley National Bank of Henderson, Ky.
1963
Executive Vice President, First National Bank of Steeleville, 111. 1964
Chairman of the Board and President, The Boatmen's National
Bank of Saint Louis, Mo.
1965

Class B:
EDGAR M. QUEENY
RAYMOND REBSAMEN
HAROLD O. MCCUTCHAN

Chairman of the Finance Committee and member of Board of
Directors, Monsanto Chemical Company, St. Louis, Mo.
Chairman of the Board, Rebsamen & East, Inc., Little Rock,
Ark.
Senior Executive Vice President, Mead Johnson & Company,
Evansville, Ind.

1963
1964
1965

Class C.JESSE D. WOOTEN

J. H. LONGWELL 2
ETHAN A. H. SHEPLEY

X

Executive Vice President, Mid-South Chemical Corporation,
Memphis, Tenn.
Director, Special Studies and Programs, College of Agriculture,
University of Missouri, Columbia, Mo.
Of Counsel, Shepley, Kroeger, Fisse & Shepley, St. Louis, Mo.

1963
1964
1965

LITTLE ROCK BRANCH
Appointed by Federal Reserve Bank:
J. W. BELLAMY
President, National Bank of Commerce of Pine Bluff, Ark.
R. M. LAGRONE, JR.
President, The Citizens National Bank of Hope, Ark.
Ross E. ANDERSON
President, The Commercial National Bank of Little Rock, Ark.
H. C. ADAMS
Executive Vice President, The First National Bank of De Witt,
Ark.
Appointed by Board of Governors:
FREDERICK P. BLANKS X
Planter, Parkdale, Ark.
WALDO E. TILLER
President, Tiller Tie and Lumber Company, Inc., Little Rock,
Ark.
CAREY V. STABLER
President, Little Rock University, Little Rock, Ark.

1963
1963
1964
1965
1963
1964
1965

LOUISVILLE BRANCH
Appointed by Federal Reserve Bank:
RAY A. BARRETT
President, The State Bank of Salem, Ind.
JOHN G. RUSSELL
President, The Peoples First National Bank & Trust Company
of Paducah, Ky.
JOHN R. STROUD
Executive Vice President, The First National Bank of Mitchell,
Ind.
JOHN H. HARDWICK
President, The Louisville Trust Company, Louisville, Ky.
1

Chairman.




2

Deputy Chairman.

1963
1963
1964
1965

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

157

District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued
LOUISVILLE BRANCH—Continued

Term

expires
Appointed by Board of Governors:
Dec. 31
1
PHILIP DAVIDSON
President, University of Louisville, Louisville, Ky.
1963
RICHARD T. SMITH
Farmer, Madisonville, Ky.
1964
C. HUNTER GREEN
Vice President and General Manager, Southern Bell Telephone
and Telegraph Company, Louisville, Ky.
1965
MEMPHIS BRANCH
Appointed by Federal Reserve Bank:
JOHN E. BROWN
Chairman of the Board and President, Union Planters National
Bank of Memphis, Tenn.
SIMPSON RUSSELL
Chairman of the Board, The National Bank of Commerce of
Jackson, Tenn.
LEON C. CASTLING
President, First National Bank at Marianna, Ark.
CHARLES R. CAVINESS
President, National Bank of Commerce of Corinth, Miss.

1963
1964
1965

Appointed by Board of Governors:
EDWARD B. LEMASTER 1
President, Edward LeMaster Company, Inc., Memphis, Tenn.
FRANK LEE WESSON
President, Wesson Farms, Inc., Victoria, Ark.
WILLIAM KING SELF
President, Riverside Industries, Marks, Miss.

1963
1964
1965

1963

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
Class A:
HAROLD C. REFLING
ROLLIN O. BISHOP
CURTIS B. MATEER

Class B.RAY C. LANGE
T. G.

HARRISON

HUGH

D.

GALUSHA, JR.

Cashier, First National Bank in Bottineau, N. Dak.
Consultant, The American National Bank of Saint Paul, Minn.
Executive Vice President, The Pierre National Bank, Pierre,
S. Dak.
President, Chippewa Canning Company, Inc., Chippewa Falls,
Wis.
Chairman of the Board, Super Valu Stores, Inc., Minneapolis,
Minn.
Lawyer and Certified Public Accountant, Helena, Mont.

1963
1964
1965

1963
1964
1965

Class C:
2

President, Bemis Bro. Bag Co., Minneapolis, Minn.
President, Upper Peninsula Power Company, Houghton, Mich.
President, International Milling Company, Minneapolis, Minn.

1963
1964
1965

HELENA BRANCH
Appointed by Federal Reserve Bank:
O. M. JORGENSON
Chairman of the Board, Security Trust and Savings Bank, Billings, Mont.
ROY G. MONROE
Chairman of the Board and President, The First State Bank of
Malta, Mont.
HARALD E. OLSSON
President, Ronan State Bank, Ronan, Mont.

1963

JUDSON BEMIS
JOHN H. WARDEN
ATHERTON BEAN X

1

Chairman.




2

Deputy Chairman.

1964
1964

158

FEDERAL RESERVE BULLETIN * FEBRUARY 1963
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued
HELENA BRANCH—Continued

Appointed by Board of Governors:
JOHN M. OTTEN X
Farmer and rancher, Lewistown, Mont.
HARRY K. NEWBURN
President, Montana State University, Missoula, Mont.

Term

expires
Dec. 31
1963
1964

District 10—FEDERAL RESERVE BANK OF KANSAS CITY
Class A:
HAROLD KOUNTZE

W. S. KENNEDY
L.

BURTON

LOHMULLER

Chairman of the Board, The Colorado National Bank of
Denver, Colo.
President and Chairman of the Board, The First National Bank
of Junction City, Kans.
President, The First National Bank of Centralia, Kans.

1963
1964
1965

Class B.MAX

A. MILLER
A. OLSON

ROBERT

K. S. ADAMS

Livestock rancher, Omaha, Nebr.
1963
President, Kansas City Power & Light Company, Kansas City,
Mo.
1964
Chairman of the Board, Phillips Petroleum Company, Bartlesville,Okla.
1965

Class C:
HOMER

A.

SCOTT X

DOLPH SIMONS

2

DEAN A. MCGEE

Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo.
1963
Editor and President, The Lawrence Daily Journal-World,
Lawrence, Kans.
1964
President, Kerr-McGee Oil Industries, Inc., Oklahoma City,
Okla.
1965
DENVER BRANCH

Appointed by Federal Reserve Bank:
EUGENE H. ADAMS
President, The First National Bank of Denver, Colo.
J. H. BLOEDORN
President, The Farmers State Bank of Fort Morgan, Colorado
J. P. BRANDENBURG
President, The First State Bank of Taos, N. Mex.

1963
1964
1964

Appointed by Board of Governors:
1
ROBERT T. PERSON
President, Public Service Company of Colorado, Denver, Colo.
R. A. BURGHART
Ingle Land and Cattle Company, Colorado Springs, Colo.

1963
1964

OKLAHOMA CITY BRANCH
Appointed by Federal Reserve Bank:
C. P. STUART
Chairman of the Board, The Fidelity National Bank & Trust
Company, Oklahoma City, Okla.
1963
R. L. KELSAY
Chairman of the Board and President, The First National Bank
in Hobart, Okla.
1964
GUY L. BERRY, JR.
President, The American National Bank and Trust Company,
Sapulpa, Okla.
1964
1

Chairman.




2

Deputy Chairman.

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

159

District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued
OKLAHOMA CITY BRANCH—Continued

Appointed by Board of Governors:
JAMES E. ALLISON X
President, Warren Petroleum Corporation, Tulsa, Okla.
OTTO C. BARBY
Attorney and rancher, Beaver, Okla.

Term

expires
Dec. 31
1963
1964

OMAHA BRANCH
Appointed by Federal Reserve Bank:
R. E. BARTON
President, The Wyoming National Bank of Casper, Wyo.
HENRY D. KOSMAN
Chairman of the Board and President, Scottsbluff National
Bank, Scottsbluff, Nebr.
JOHN F. DAVIS
President, First National Bank, Omaha, Nebr.

1963
1964

Appointed by Board of Governors:
JOHN T. HARRIS
Merchant and cattleman, McCook, Nebr.
CLIFFORD MORRIS HARDIN X Chancellor, The University of Nebraska, Lincoln, Nebr.

1963
1964

1963

District 11—FEDERAL RESERVE BANK OF DALLAS
Class A:
President, First National Bank at Lubbock, Tex.
President, Security State Bank & Trust Company, Rails, Tex.
Executive Vice President, The State National Bank of Denison,
Tex.

ROY RIDDEL
EDD MCLAUGHLIN
RALPH A. PORTER

J.

Class B:
D. A. HULCY
H. B. ZACHRY
J. B. PERRY,

Chairman of the Board, Lone Star Gas Company, Dallas, Tex.
President and Chairman of the Board, H. B. Zachry Co., San
Antonio, Tex.
President and General Manager, Perry Brothers, Inc., Lufkin,
Tex.

JR.

Class C.MORGAN J. DAVIS 2
LAMAR FLEMING, JR.
ROBERT

O.

ANDERSON

1

Chairman of the Board, Humble Oil & Refining Company,
Houston, Tex.
Member, Board of Directors, Anderson, Clayton & Co., Inc.,
Houston, Tex.
President, Hondo Oil & Gas Company, Roswell, N. Mex.

1963
1964
1965
1963
1964
1965

1963
1964
1965

EL PASO BRANCH
Appointed by Federal Reserve Bank:
FLOYD CHILDRESS
Vice Chairman of the Board, The First National Bank of Roswell, N. Mex.
DICK ROGERS
President, First National Bank in Alpine, Tex.
JOSEPH F. IRVTN
President, Southwest National Bank of El Paso, Tex.
CHAS. B. PERRY
President, First State Bank, Odessa, Tex.
1

Chairman.




2

Deputy Chairman.

1963
1963
1964
1965

160

FEDERAL RESERVE BULLETIN - FEBRUARY 1963
District 11—FEDERAL RESERVE BANK OF DALLAS—Continued
EL PASO BRANCH—Continued

Term

expires
Appointed by Board of Governors:
Dec, 31
WILLIAM R. MATHEWS X
Editor and Publisher, The Arizona Daily Star, Tucson, Ariz.
1963
DYSART E. HOLCOMB
Director of Research, El Paso Natural Gas Products Company,
El Paso, Tex.
1964
ROGER B. CORBETT
President, New Mexico State University, University Park,
N. Mex.
1965
HOUSTON BRANCH
Appointed by Federal Reserve Bank:
J. A. ELKINS, JR.
President,
JOHN E. GRAY
President,
J. W. MCLEAN
President,
M. M. GALLOWAY
President,

First City National Bank of Houston, Tex.
First Security National Bank of Beaumont, Tex.
Texas National Bank of Houston, Tex.
First Capitol Bank, West Columbia, Tex.

1963
1963
1964
1965

Appointed by Board of Governors:
1
MAX LEVINE
President, Foley's, Houston, Tex.
1963
EDGAR H. HUDGINS
Ranching—Partner in Hudgins Division of J. D. Hudgins,
Hungerford, Tex.
1964
D. B. CAMPBELL
Works Manager, Sabine River Works, E. I. du Pont de Nemours
& Company, Orange, Tex.
1965
SAN ANTONIO BRANCH
Appointed by Federal Reserve Bank:
DONALD D. JAMES
Vice President, The Austin National Bank, Austin, Tex.
FORREST M. SMITH
President, National Bank of Commerce of San Antonio, Tex.
MAX A. MANDEL
President, The Laredo National Bank, Laredo, Tex.
DWIGHT D. TAYLOR
President, Pan American State Bank, Brownsville, Tex.
Appointed by Board of Governors:
G. C. HAGELSTEIN 1
President and General Manager, Union Stock Yards San
Antonio, Tex.
HAROLD D. HERNDON
Independent Oil Operator, San Antonio, Tex.
JOHN R. STOCKTON
Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex.

1963
1963
1964
1965

1963
1964
1965

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
Class A:
CARROLL

F.

BYRD

CHARLES F. FRANKLAND
M. VILAS HUBBARD
1

Chairman.




Chairman of the Board and President, The First National Bank
of Willows, Calif.
President, The Pacific National Bank of Seattle, Wash.
President and Chairman of the Board, Citizens Commercial
Trust and Savings Bank of Pasadena, Calif.

1963
1964
1965

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

161_

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued

Class B:
JOSEPH ROSENBLATT
WALTER S. JOHNSON
FRED

H.

MERRILL

Term
expires
Dec. 31
President, The Eimco Corporation, Salt Lake City, Utah
1963
Chairman of the Board, American Forest Products Corporation,
San Francisco, Calif.
1964
President, Fireman's Fund Insurance Company, San Francisco,
Calif.
1965

Class C.D. FREDERICKS 2
FREDERIC S. HIRSCHLER
JOHN

F. B. WHITMAN 2

President, Pacific Clay Products, Los Angeles, Calif.
1963
President, The Emporium Capwell Company, San Francisco,
Calif.
1964
President, The Western Pacific Railroad Company, San Francisco, Calif.
1965
LOS ANGELES BRANCH

Appointed by Federal Reserve Bank:
RALPH V. ARNOLD
President, First National Bank of Ontario, Calif.
DOUGLAS SHIVELY
President, Citizens State Bank of Santa Paula, Calif.
ROY A. BRITT
President, Citizens National Bank, Los Angeles, Calif.

1963
1964
1964

Appointed by Board of Governors:
ROBERT J. CANNON 1
President, Cannon Electric Company, Los Angeles, Calif.
1963
S. ALFRED HALGREN
Vice President and Director, Carnation Company, Los Angeles,
Calif.
1964

PORTLAND BRANCH
Appointed by Federal Reserve Bank:
C. B. STEPHENSON
Chairman of the Board, The First National Bank of Oregon,
Portland, Oreg.
1963
D. S. BAKER
President, The Baker-Boyer National Bank, Walla Walla, Wash. 1964
E. M. FLOHR
President, The First National Bank of Wallace, Idaho
1964
Appointed by Board of Governors:
GRAHAM J. BARBEY
President, Barbey Packing Corporation, Astoria, Oreg.
1
RAYMOND R. RETER
Reter Fruit Company, Medford, Oreg.

1963
1964

SALT LAKE CITY BRANCH
Appointed by Federal Reserve Bank:
OSCAR HILLER
President, Butte County Bank, Arco, Idaho
J. E. BRINTON
President, The First National Bank of Ely, Nev.
REED E. HOLT
President, Walker Bank & Trust Company, Salt Lake City, Utah
1

Chairman.




2

Deputy Chairman.

1963
1964
1964

162

FEDERAL RESERVE BULLETIN - FEBRUARY 1963
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued
SALT LAKE CITY BRANCH—Continued

Term

expires
Appointed by Board of Governors:
Dec. 31
HOWARD W. PRICE
Executive Vice President, The Salt Lake Hardware Co., Salt
Lake City, Utah
1963
THOMAS B. ROWLAND *
President and General Manager, Rowland's Inc., Pocatello,
Idaho
1964
SEATTLE BRANCH
Appointed by Federal Reserve Bank:
JOSHUA GREEN, JR.
Chairman of the Board, Peoples National Bank of Washington,
Seattle, Wash.
CHAS. H. PARKS
Executive Vice President, Seattle-First National Bank, Spokane
and Eastern Division, Spokane, Wash.
M. F. HASTINGS
President, The First National Bank of Ferndale, Wash.

1964
1964

Appointed by Board of Governors:
HENRY N. ANDERSON 1
President, Twin Harbors Lumber Company, Aberdeen, Wash.
ROBERT D. O'BRIEN
President, Pacific Car and Foundry Company, Seattle, Wash.

1963
1964

1

Chairman.




1963

Law Department
Administrative interpretations, new regulations, and similar material

Grace Periods in Computing Twelve Months
Interest on Savings Deposits

Collection of Noncash Items
The Board of Governors, effective January 1,
1964, has amended Section 207.1 of Regulation G,
entitled Collection of Noncash Items, by adding
a new paragraph (d). The purpose of this amendment is to reduce the volume of items collected by
the Federal Reserve Banks as "cash items" which,
because of their physical nature, require special
handling. The text of the amendment reads as
follows:

The Board recently was asked for an opinion
as to whether the so-called "grace periods" permitted by Section 217.3 (d) of Regulation Q, may
be taken into account in determining the maximum
rate of interest that may be paid on a savings
deposit.
The Supplement to Regulation Q provides that
a member bank may pay interest at the maximum
rate of 4 per cent per annum, compounded quarterly, "on, that portion of any savings deposit that
has remained on deposit for not less than 12
months." Section 217.3 (d) of Regulation Q provides that a member bank may pay interest on a
savings deposit received during the first 10 calendar days of any calendar month at the applicable
maximum rate permitted, calculated from the
first day of such calendar month, and may pay
interest on a savings deposit withdrawn during the
last three business days of any calendar month
ending a regular quarterly or semiannual interest
period at the applicable maximum rate permitted
by the Regulation, calculated to the end of such
calendar month.
Accordingly, giving effect to the purpose of
allowing these "days of grace," it is the Board's
opinion that if, for example, funds were deposited
in a savings account in a member bank during
the first 10 calendar days of January 1962 and
withdrawn during the last three business days of
December 1962, Regulation Q permits interest to
be paid thereon at the present maximum rate of
4 per cent per annum.

AMENDMENT TO REGULATION G
Effective January 1, 1964, paragraphs (d)
through (/) of Section 207.1 are redesignated as
paragraphs (e) through (g), respectively, and the
following new paragraph (d) is added:
SECTION 207.1—DEFINITION OF NONCASH ITEMS

(d) Checks, drafts, and other items with special
instructions or requiring special handling.
Maximum Interest on Savings Deposits Acquired
from Absorbed Bank
The Board recently considered the question
whether savings deposits that have been on deposit
in another bank for a period of at least 12 months
and which are acquired by a member bank through
assumption of liability must remain on deposit for
an additional 12 months in order to receive interest
at the maximum 4 per cent rate.
Although the words "any savings deposit that
has remained on deposit," as contained in the Supplement to Regulation Q (Section 217.6), contemplate that normally this means a deposit in the
same bank, the Board is of the opinion that in
cases where a member bank takes over another
bank by merger, consolidation, or purchase of
assets, savings accounts in such other bank may
be treated as having been on deposit in the resulting bank for the time they were on deposit in the
absorbed bank.




Applicability of Bank Service Corporation Act
in Certain Bank Holding Company Situations
Questions have been presented to the Board of
Governors regarding the applicability of the recently enacted Bank Service Corporation Act
(Public Law 87-856, approved October 23, 1962)
in cases involving service corporations that are
subsidiaries of bank holding companies under the
Bank Holding Company Act of 1956. In addition

163

164

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

to being charged with the administration of the
latter Act, the Board is named in the Bank Service
Corporation Act as the Federal supervisory agency
with respect to the performance of bank services
for State member banks.
(1) Holding company-owned corporation serving only subsidiary banks,—One question is
whether the Bank Service Corporation Act is applicable in the case of a corporation, wholly owned
by a bank holding company, which is engaged in
performing "bank services," as defined in Section
l(b) of the Act, exclusively for subsidiary banks
of the holding company.
Except as noted below with respect to Section
5 thereof, the Bank Service Corporation Act is not
applicable in this case. This is true because none
of the stock of the corporation performing the
services is owned by any bank and the corporation,
therefore, is not a "bank service corporation" as
defined in Section l(c) of the Act. A corporation
cannot meet that definition unless part of its stock
is owned by two or more banks. The situation
clearly is unaffected by Section 2(b) of the Act
which permits a corporation that fell within the
definition initially to continue to function as a
bank service corporation although subsequently
only one of the banks remains as a stockholder in
the corporation.
However, although it is not a bank service corporation, the corporation in question and each of
the banks for which it performs bank services are
subject to Section 5 of the Bank Service Corporation Act. That section, which requires the furnishing of certain assurances to the appropriate
Federal supervisory agency in connection with the
performance of bank services for a bank, is applicable whether such services are performed by a
bank service corporation or by others.
Section 4 ( a ) ( l ) of the Bank Holding Company
Act prohibits the acquisition by a bank holding
company of "direct or indirect ownership or control" of shares of a nonbanking company, subject
to certain exceptions. Section 4 ( c ) ( l ) of the Act
exempts from Section 4 ( a ) ( l ) shares of a company engaged "solely in the business of furnishing
services to or performing services for" its bank
holding company or subsidiary banks thereof.
Assuming that the bank services performed by the
corporation in question are "services" of the kinds
contemplated by Section 4(c)(l) of the Bank
Holding Company Act (as would be true, for ex-




ample, of the electronic data processing of deposit accounts), the holding company's ownership of the corporation's shares in the situation
described above clearly is permissible under that
section of the Act.
(2) Bank service corporation owned by holding company subsidiaries and serving also other
banks.—The other question concerns the applicability of the Bank Service Corporation Act and the
Bank Holding Company Act in the case of a corporation, all the stock of which is owned either
by a bank holding company and its subsidiary
banks together or by the subsidiary banks alone,
which is engaged in performing "bank services,"
as defined in Section l(b) of the Bank Service
Corporation Act, for the subsidiary banks and for
other banks, as well.
In contrast to the situation under question (1),
the corporation in this case is a "bank service
corporation" within the meaning of Section l(c)
of the Bank Service Corporation Act because of
the ownership by each of the subsidiary banks of
a part of the corporation's stock. This stock ownership is one of the important facts differentiating
this case from the first one. Being a bank service
corporation, the corporation in question is subject
to Section 3 of the Act concerning applications
to bank service corporations by competitive banks
for bank services, and to Section 4 forbidding a
bank service corporation from engaging in any
activity other than the performance of bank services for banks. Section 5, mentioned previously
and relating to "assurances," also is applicable in
this case.
The other important difference between this
case and the situation in question (1) is that here
the bank service corporation performs services
for nonsubsidiary banks, as well as for subsidiary
banks. This is permissible because Section 2(a)
of the Bank Service Corporation Act, which authorizes any two or more banks to invest limited
amounts in a bank service corporation, removes
all limitations and prohibitions of Federal law exclusively relating to banks that otherwise would
prevent any such investment. From the legislative
history of Section 2(a), it is clear that Section 6
of the Bank Holding Company Act is among the
limitations and prohibitions so removed. But for
such removal, Section 6(a)(l) of that Act would
make it unlawful for any of the subsidiary banks
of the bank holding company in question to own

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LAW DEPARTMENT
stock in the bank service corporation subsidiary
of the holding company, as the exemption in Section 6(b)(l) would not apply because of the
servicing by the bank service corporation of nonsubsidiary banks.
Because the bank service corporation referred
to in the question is serving banks other than the
subsidiary banks, the bank holding company is not
exempt under Section 4(c) (1) of the Bank Holding Company Act from the prohibition of acquisition of nonbanking interests in Section 4 ( a ) ( l ) of
that Act. The bank holding company, however,
is entitled to the benefit of the exemption in Section 4(c)(4) of the Act. That section exempts
from Section 4(a) "shares which are of the kinds
and amounts eligible for investment by National
banking associations under the provisions of Section 5136 of the Revised Statutes." Section 5136
provides, in part, that: "Except as hereinafter
provided or otherwise permitted by law, nothing
herein contained shall authorize the purchase by
the association for its own account of any shares
of stock of any corporation." As the provisions of
Section 2(a) of the Bank Service Corporation Act
and its legislative history make it clear that shares
of a bank service corporation are of a kind eligible
for investment by national banks under Section
5136, it follows that the direct or indirect ownership or control of such shares by a bank holding
company are permissible within the amount limitation discussed below.
(3) Limit on investment by bank holding company system in stock of bank service corporation.
—In the situation presented by question (2) the
bank holding company clearly owns or controls,
directly or indirectly, all of the stock of the bank
service corporation. The remaining question, therefore, is whether the total direct and indirect investment of the bank holding company in the bank
service corporation exceeds the amount permissible
under the Bank Holding Company Act.
The effect of Sections 4 ( a ) ( l ) and 4(c)(4)
of the Bank Holding Company Act is to limit
the amount of shares of a bank service corporation that a bank holding company may own
or control, directly or indirectly, to the amount
eligible for investment by a national bank, as
previously indicated. Under Section 2(a) of the
Bank Service Corporation Act, the amount of
shares of a bank service corporation eligible for
investment by a national bank may not exceed




"10 per centum [of the bank's] . . . paid-in and
unimpaired capital and unimpaired surplus."
The Board's view is that this aspect of the
matter should be determined in accordance with
the principles set forth in the January, 1963 FEDERAL RESERVE BULLETIN, at page 9, involving
the application of Sections 4 ( a ) ( l ) and 4(c)(4)
of the Bank Holding Company Act in the light
of Section 302(b) of the Small Business Investment Act limiting the amount eligible for investment by a national bank in the shares of a small
business investment company to two per cent of
the bank's "capital and surplus."
Except for the differences in the percentage
figures, the investment limitation in Section 302(b)
of the Small Business Investment Act is essentially
the same as the investment limitation in Section
2(a) of the Bank Service Corporation Act since,
as an accounting matter and for the purposes under
consideration, "capital and surplus" may be regarded as equivalent in meaning to "paid-in and
unimpaired capital and unimpaired surplus." Accordingly, the maximum permissible investment
by a bank holding company system in the stock
of a bank service corporation should be determined in accordance with the formula prescribed
in 1963

FEDERAL RESERVE BULLETIN, p. 9,

re-

ferred to above.
Applicability of the Bank Holding Company Act
to Industrial Banks
Questions have been presented to the Board
of Governors regarding the applicability of the
Bank Holding Company Act of 1956 (12 U.S.C.
1841 et seq.) to the acquisition of the stock of
so-called "industrial banks."
Section 2(c) of the Act (12 U.S.C. 1841 (c))
provides that the term "bank" means, for purposes of the Act, "any national banking association or any State bank, savings bank, or trust
company * * *."
Industrial banks are State-chartered institutions
which engage in the furnishing of consumer credit.
Although these institutions customarily accept
from borrowers instalment payments on "investment certificates" (or similar instruments, by whatever name called) the proceeds of which, when
fully paid, may be used to retire the loan, they
may also issue either instalment or paid-up investment certificates unrelated to loan transactions

166

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

and, in some States, may receive "savings deposits" evidenced by passbook or otherwise.
Since industrial banks are obviously not national banking associations, savings banks, or trust
companies, the question is whether they are to be
regarded as "State banks" under the Act.
It appears that a principal purpose of the Act
was the control of concentration of commercial
banking resources because of their influence on the
money and credit system of the country. While
not conclusive, statements in the Committee Reports on the Act indicate that it was directed
principally at control of "commercial" banks, and
statements made during debates on the bill suggest specifically that "industrial banks," as that
term is usually understood, were not regarded as
being engaged in commercial banking. In any
event, it is clear that the Congress did not intend
to include all financial intermediaries within the
purview of the Act, as is evidenced by subsequent
enactment of other legislation to regulate holding
companies controlling savings and loan associations. Therefore, while the legislative history of the
Act is not clear regarding the status of industrial
banks thereunder, it seems reasonable to conclude
that the key term "State bank" in the Act was employed by the Congress in its restrictive sense as
a word of art (i.e., limited in applicability to those
institutions engaged in operations characteristic
of commercial banking) rather than as a "basket"
provision.
In light of the foregoing, it is the opinion of the
Board that, taking into account the spirit and
purpose of the Act, industrial banks are not within
the purview of the term "State bank" as used in
the Act, unless in a particular case, regardless
of the title of the institution or the form of the
transaction, it accepts deposits subject to check or
otherwise accepts funds from the public that are,
in actual practice, repaid on demand, as are demand or savings deposits held by commercial
banks.
Accordingly, the Board concludes that industrial
banks and similar institutions that do not fall
within the exception above stated are not "banks"
within the meaning of the Act and control of such
institutions does not cause a corporation to be a
"bank holding company." It follows also, of course,
that, since such an institution is not a bank for
purposes of the Act, its stock may not be acquired
by a bank holding company, unless the acquisition




falls within one of the exceptions set forth in
Section 4 of the Act.
Orders Under Bank Merger Act

The Board of Governors of the Federal Reserve System has issued the following Orders and
Statements with respect to applications for approval of the merger, consolidation, or acquisition
of assets of certain banks:
BANK OF JAMESTOWN, JAMESTOWN, NEW
YORK
In the matter of the application of Bank of
Jamestown for approval of merger with Clymer
State Bank.
ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Bank of
Jamestown, Jamestown, New York, a member
bank of the Federal Reserve System, for the
Board's prior approval of the merger of that bank
and the Clymer State Bank, Clymer, New York,
under the charter and title of the former. As an
incident to the merger, the sole office of Clymer
State Bank would be operated as a branch of the
Bank of Jamestown. Notice of the proposed merger, in form approved by the Board, has been
published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed
merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 14th day of
January, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Gov-

167

LAW DEPARTMENT
ernors Balderston, Mills, Robertson, and Shepardson.
Absent and not voting: Governors King and Mitchell.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Bank of Jamestown, Jamestown, New York
("Jamestown Bank"), with deposits of $44.8 million as of June 29, 1962, has applied, pursuant to
the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), for the Board's prior approval of the
merger of that bank and Clymer State Bank, Clymer, New York ("Clymer Bank"), with deposits
of $2.4 million as of the same date. The banks
would merge under the charter and title of Jamestown Bank, which is a member State bank of the
Federal Reserve System; and, as an incident to
the merger, the sole office of Clymer Bank would
become a branch of the resulting bank, increasing the number of its offices from 5 to 6.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16 (the
Federal Deposit Insurance Act), (6) the convenience and needs of the community to be served,
and (7) the effect of the transaction on competition (including any tendency toward monopoly).
The Board may not approve the transaction unless, after considering all these factors, it finds the
transaction to be in the public interest.
Banking factors. Jamestown Bank has a satisfactory financial history. The bank also has a
satisfactory financial condition, an adequate capital structure, and its earnings prospects are favorable. This would be equally true of the resulting
bank which would be under the competent management of Jamestown Bank.
Clymer Bank has had a reasonably satisfactory
financial history and capital structure, and its
earnings have been above average for banks of
comparable size. Recently, however, the bank's
financial condition has deteriorated, partially because of the strain on its resources that has resulted from attempts to meet requests for loans.
Consummation of the proposal would provide
strengthened management to what has been the




operation of Clymer Bank and also would solve
the serious management succession problem that
has followed the bank's quite recent loss of its two
active officers through resignation and illness. No
inconsistency with the purposes of 12 U.S.C, Ch.
16, is indicated.
Convenience and needs of the communities.
Jamestown (1960 city population 42,000 and trade
area population 150,000) is situated in Chautauqua County in southwestern New York about 75
miles from Buffalo. The economy of the area, dependent principally on diversified manufacturing
and agriculture, is stable. Four offices of Jamestown Bank are in Jamestown and the bank's remaining office is in the village of Sherman, about
22 miles west of Jamestown and 12 miles north
of Clymer. The service area of Jamestown Bank
is limited mainly to the communities of Jamestown and Sherman.
The unincorporated village of Clymer (population 1,400) is situated in the extreme southwestern corner of New York about 25 miles southwest of Jamestown. Clymer Bank is the only banking office in the village, and the area served by
the bank has a population of about 2,000. This
area, as well as that surrounding Sherman, is
chiefly agricultural and has experienced little population growth over the past decade.
Consummation of the proposed merger would
affect principally the convenience and needs of the
Clymer area. The resulting bank plans to make
available to the area through its Clymer branch a
broader range of services, such as FHA and VA
loans, and trust and other specialized services.
Moreover, the resulting bank would be able to
make more and larger loans for which there appears to be a demand in the Clymer area.
Competition. Little, if any, competition exists
between Clymer Bank and the four offices of
Jamestown Bank in Jamestown because of the
intervening distance of 25 miles. There is moderate
competition for business from the countryside between Clymer Bank and the branch of Jamestown Bank in Sherman, 12 miles north of Clymer.
Although this competition would be eliminated
if the proposal were effected, services of banks
other than Jamestown Bank would remain reasonably accessible to persons in the communities of
Clymer and Sherman. There are two banks in
Corry, Pennsylvania, about 8 miles south of Cly-

168

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

mer, and one of the two other banks with main
offices in Jamestown has a branch in Mayville, 9
miles northeast of Sherman. Consummation of
the proposal would have no significant impact on
banking competition in Jamestown.
Summary and conclusion. Effectuation of the
proposal would replace Clymer Bank with a
branch of Jamestown Bank and eliminate a moderate amount of competition between the former
and the latter's branch at Sherman. Other sources
of banking services, however, would remain
reasonably accessible to persons in these two communities. This, together with the management
strength and succession, and increased banking
services and resources that the transaction would
be expected to bring to the Clymer community,
outweigh the adverse considerations relating to the
competitive factor.
Accordingly, the Board finds this merger to be in
the public interest.
LOCK HAVEN TRUST COMPANY, LOCK
HAVEN, PENNSYLVANIA
In the matter of the application of Lock Haven
Trust Company for approval of merger with The
Mill Hall State Bank.
ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Lock Haven
Trust Company, Lock Haven, Pennsylvania, a
member bank of the Federal Reserve System, for
the Board's prior approval of the merger of that
bank and The Mill Hall State Bank, Mill Hall,
Pennsylvania, under the charter and title of the
former. As an incident to the merger, the sole
office of The Mill Hall State Bank would be operated as a branch of Lock Haven Trust Company.
Notice of the proposed merger, in form approved
by the Board, has been published pursuant to said
Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed
merger,




IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 17th day of
January, 1963.

By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, and Shepardson.
Absent and not voting: Governors King and Mitchell.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Lock Haven Trust Company, Lock Haven,
Pennsylvania ("Lock Haven Trust"), with deposits
of $13.8 million,* has applied, pursuant to the
Bank Merger Act of 1960 (12 U.S.C. 1828(c)),
for the Board's prior approval of the merger of
that bank and The Mill Hall State Bank, Mill
Hall, Pennsylvania ("Mill Hall Bank"), with deposits of $3.4 million.* The banks would merge
under the charter and title of Lock Haven Trust,
which is a State-chartered member of the Federal
Reserve System. As an incident to the merger,
the sole office of Mill Hall Bank would become
a branch of the resulting bank, increasing the number of its offices from one to two.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch.
16 (the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the
transaction unless, after considering all these factors, it finds the transaction to be in the public
interest.
* Deposit figures are as of July 9, 1962, for Lock
Haven Trust and as of April 16, 1962, for Mill Hall
Bank.

LAW DEPARTMENT
Banking factors. Lock Haven Trust has owned
over 50 per cent of the stock of Mill Hall Bank
continuously since 1927, when stock control was
first acquired as a measure to restore confidence
in the latter bank. The same person is president
of both banks which also have two common
directors. These persons have been dominant in
the satisfactory management of both banks and
they will continue to be influential in the management of the resulting bank. Each bank has a sound
financial condition, an adequate capital structure,
and both have satisfactory earnings prospects.
These attributes would also characterize the resulting bank which, together with its customers,
would be expected to benefit from the simplification in management and related efficiencies
implicit in the proposal. No inconsistencies with
the purposes of 12 U.S.C., Ch. 16 are indicated.
Convenience and needs of the communities.
Lock Haven (1960 population 13,000) is the seat
of Clinton County (1960 population 38,000) in
central Pennsylvania, and is primarily an industrial community which is the chief trading center
in the County. Lock Haven Trust's service area
(i.e., the geographical area from which the bank
derives 75 per cent or more of its deposits, both
demand and time, of individuals, partnerships,
and corporations, referred to as "IPC" deposits)
has a population of at least 22,000.
Mill Hall (1960 population 1,700) is principally a residential community 3 miles southwest
of Lock Haven. The service area of Mill Hall
Bank has a population of over 7,000, and the
bank's total area of service extends to Lock Haven.
Virtually all of the service area of Mill Hall Bank
is within the service area of Lock Haven Trust.
Consummation of the transaction would have
its main effect on the convenience and needs of
Mill Hall. The ownership and management ties
between Lock Haven Trust and Mill Hall Bank
long have been well-known publicly, and Mill
Hall Bank has frequently referred its customers
to Lock Haven Trust for banking accommodations
which the smaller bank could not supply. Nevertheless, operation of Mill Hall Bank as a branch
of Lock Haven Trust would make the facilities
of the trust and instalment loan departments and
the higher lending limit of the latter institution
more conveniently available to bank customers in
Mill Hall and vicinity. Moreover, the consequent




169
simplification in administration and related benefits, referred to previously, would tend to inure to
the customers of the resulting bank and the communities involved.
Competition. Mill Hall Bank is the only banking
office in Mill Hall. Lock Haven has one bank in
addition to Lock Haven Trust, which is the larger
of the two institutions. Consummation of the transaction would increase Lock Haven Trust's share
of the total IPC deposits of commercial banks in
its service area from around 40 per cent to 50
per cent, and its share of total loans of commercial banks in the area from about 44 per cent
to 54 per cent. The other Lock Haven bank has
about 33 per cent and 28 per cent of the total
of such deposits and loans, respectively. Two
smaller banks are located in Avis and Beech Creek
which lie, respectively, about 9 miles northeast
and about 10 miles southwest of Lock Haven.
While consummation of the transaction would
increase Lock Haven Trust's dominant position in
its service area, it does not otherwise appear that
there would be any significant effect on competition. As indicated earlier, Lock Haven Trust has
owned more than 50 per cent of the stock of Mill
Hall Bank for over 35 years, and the same persons
are dominant in the management of the two banks,
the policies of which have been much the same.
The controlling stock interest on which this durable
relationship between the two banks has been based
would seem much less likely to terminate than
might reasonably be expected if the stock were
owned by common individual owners. In view of
these circumstances and those noted previously,
effectuation of the transaction would unite two
banks which have been operating as separate units,
for the most part, in name only.
Summary and conclusion. The proposal would
unite two banks which are already under common
ownership and management, and between which
little or no true competition exists. The merger
would eliminate administrative duplication and
tend to increase efficiency with probable benefits
from increased availability of expanded banking
services. Otherwise it is expected that there would
be little or no change with respect to banking in
the Lock Haven-Mill Hall area as a result of this
transaction.
Accordingly, the Board finds that the proposed
transaction would be in the public interest.

170

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

THE HACKENSACK TRUST COMPANY,
HACKENSACK, NEW JERSEY
In the matter of the application of The Hackensack Trust Company for approval of merger
with Bank of Bogota.
ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828 (c)), an application by The Hackensack Trust Company, Hackensack, New Jersey, for the Board's prior approval of the merger of that bank and the Bank of Bogota,
Bogota, New Jersey, under the charter and
title of the former. As an incident to the merger, the sole office of the latter bank would be
operated as a branch of the former bank. Notice
of the proposed merger, in form approved by the
Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 30th day of
January, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Shepardson. Voting
against this action: Governors Robertson and Mitchell.
Absent and not voting: Governor King.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

The Hackensack Trust Company, Hackensack,
New Jersey ("Hackensack Trust"), with deposits
of $64.6 million,* has applied, pursuant to the
Bank Merger Act of 1960 (12 U.S.C. 1828(c)),
for the Board's prior approval of the merger of
that bank and the Bank of Bogota, Bogota, New




Jersey ("Bogota Bank"), with deposits of $8.6
million.* The banks would merge under the
charter and title of Hackensack Trust, which is a
State-chartered member bank of the Federal Reserve System. As an incident to the merger, the
sole office of Bogota Bank would become a branch
of Hackensack Trust, increasing the number of
its offices from six to seven.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the transaction unless, after considering all these factors,
it finds the transaction to be in the public interest.
Banking factors. Hackensack Trust and Bogota
Bank have satisfactory financial histories. The
financial condition of Bogota Bank also is satisfactory, its capital structure is adequate, and the
bank's earnings compare well with the average for
banks of similar size in the Third Federal Reserve
District. The management of Bogota Bank, while
satisfactory at present, is lacking in depth, and the
bank has not been successful in its efforts to recruit a successor to its present president.
The street on which Bogota Bank is located
was once the main thoroughfare of Bogota. However, the elimination of railroad grade crossings
a few years ago left the bank on a street ending
at the railroad with access to the more densely
populated areas restricted to a bridge and underpass. This appears to have had an unfavorable
effect on the growth of Bogota Bank which has not
kept pace with the growth of the more accessible
larger bank in Bogota.
Hackensack Trust's financial condition is generally satisfactory, although its capital structure
is somewhat below an appropriate level. The
bank's earnings prospects are favorable, and its
management is competent.
The resulting bank would be under the management of Hackensack Trust and would be ex* Deposit figures are as of June 30, 1962.

LAW DEPARTMENT
pected to have favorable earnings prospects. The
financial condition of the resulting bank would
compare favorably with that now prevailing at
Hackensack Trust, but the need for some strengthening of capital structure would continue.
There is no evidence that the corporate powers
of the banks are, or would be, inconsistent with
12 U.S.C., Ch. 16.
Convenience and needs of the communities.
Hackensack and the Borough of Bogota (1960
populations 31,000 and 8,000, respectively) are
located in Bergen County, which is situated on
the west bank of the Hudson River opposite New
York City. Hackensack lies in the southern part
of the County, of which it is the seat, about 6
miles west of New York City, and is separated
from Bogota on the east by the Hackensack River.
During the past decade the County (1960 population 780,000) has been one of the most rapidly
developing industrial and residential sections of
the State. While the areas for expansion in Hackensack and Bogota are quite limited, each benefits
economically from the residential and industrial
growth of neighboring communities.
Hackensack Trust, with its main office and one
branch in Hackensack, is the second largest of
the four commercial banks in the city. The four
out-of-town branches of Hackensack Trust serve
areas south and west of Hackensack. Bogota Bank
is the smaller of the two banks in the borough.
The areas served by Hackensack Trust and Bogota
Bank encompass much of the commercial and industrial activity in the County.
Both Hackensack and Bogota are served by
numerous other banks with offices in the County,
as well as by New York City banks which advertise
in the County and are conveniently accessible to
the many residents of Hackensack and Bogota
who commute to and from the City.
If the proposal were consummated, the resulting bank would have a loan limit to any one
borrower of $421,000, as against the present limits
of $300,000 for Hackensack Trust and $80,000
for Bogota Bank. The aggregate credit needs of
the County's highly diversified industrial and commercial complex are large, and Hackensack Trust
has a number of customers with maximum credit
lines. The resulting bank would be able to serve
the credit needs of an increased number of borrowers who now seek credit accommodations from
the two largest banks in the County, or from larger




171
out-of-County banks, including banks in New
York City.
Consummation of the proposal also would make
available to present and prospective customers of
Bogota Bank a broader range of services, including
financing of seasonal inventories and plant expansion, comprehensive personal loan service, property improvement loans, payroll deduction plans
for industrial employees, and expanded trust
services.
Competition. The main office of Hackensack
Trust is about one mile west of Bogota Bank,
which would become the larger bank's nearest
branch if the proposed merger were effectuated.
The Hackensack River separates the service areas
of the banks (i.e., the areas from which each of
the banks derives 75 per cent or more of its
deposits, both demand and time, of individuals,
partnerships, and corporations). Nevertheless, it
is evident that the two banks are in competition
with one another, as well as with the other banks
in the immediate region, and with larger banks
in the County and in New York City. There are
13 depositors with accounts in both banks, and
no common borrowers. Of Hackensack Trust's
total deposits and loans, 3.6 per cent and .58 per
cent, respectively, originate in the service area
of Bogota Bank, while 9.1 per cent and 13.6 per
cent of the deposits and loans, respectively, of
Bogota Bank originate in the service area of
Hackensack Trust.
The relatively high proportion of deposits and
loans from Hackensack which are held by Bogota
Bank appears to be due to personal efforts of its
president. In view of the difficulty which the bank
has experienced in trying to provide for management succession, it seems probable that the bank's
business originating in Hackensack would diminish with his retirement, and that the expanded loan
limit and expanded services which the merger
would bring to Bogota would serve to strengthen
competition in the Hackensack-Bogota area.
Thirty-two commercial banks with 85 offices are
located in Bergen County. If the proposed merger
were consummated, Hackensack Trust would be
the third, rather than fourth, largest bank in the
County, but would continue to rank in second
place in Hackensack. Additional competition in
the County is provided by out-of-County banks;
savings and loan associations in the service areas
of the two banks offer strong competition for

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FEDERAL RESERVE BULLETIN • FEBRUARY 1963

savings and mortgage loans; and credit unions,
sales finance companies and personal loan companies are also active competitors in the County.
Summary and conclusion. The Bank Merger Act
requires the Board to take into consideration not
only the effect on competition between the banks
involved, but also the effect on the general competitive situation in the areas served by those
banks. While consummation of the proposal would
eliminate the moderate competition existing between Hackensack Trust and Bogota Bank, there
would remain readily accessible to residents of
Bogota a wide variety of alternative sources for
bank services and credit. Furthermore, the transaction would replace Bogota Bank with the office
of a bank offering a broader range of banking
services, remove the present problem with respect
to management depth and succession at Bogota
Bank, strengthen the ability of Hackensack Trust
to meet the credit needs of its customers, and
enable that bank to compete more effectively in
the heavily populated and highly industrialized
area concerned without adverse effects on other
banks serving Hackensack and Bogota.
For these reasons, the Board finds that the
proposed merger would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR ROBERTSON, WITH WHICH GOVERNOR MITCHELL CONCURS

Today the majority of the Board is approving
the merger of a small, exceptionally sound and
well-managed neighborhood bank, which has been
adequately serving the needs of its residential community, into an aggressive larger bank with a head
office only 1.1 miles away. The small bank has
been surprisingly successful in competing with the
larger one, so much so that the larger one seeks to
acquire it. This competition will be eliminated
by the merger.
This constitutes a basic negative factor which
is not outweighed by any of the reasons cited
by the majority. For example:
1. Assuming that the success of the smaller
bank has been due in part to the efforts of
one man, the fact that this man will retire
in a few years hardly justifies wiping the
bank out of existence today.
2. If the location of the smaller bank, hemmed
in beyond a railroad underpass, handicaps
its operations, then it could move its office—




quite as easily as a larger bank can move
a branch.
3. If the larger bank has a real need for an
increased loan limit, in order to attract the
business of larger concerns than it can now
accommodate, there are other ways than
merger of increasing its capital.
4. There is nothing in the record—especially in
view of the residential character of the community—to indicate unsatisfied credit or
service needs in Bogota on a scale that would
justify approval of the application to merge
a sound independent bank and eliminate the
competition it affords.
5. There is nothing in the record to establish
a likelihood that the merged institution, with
its head office in Hackensack, will better
serve (through a branch office) the banking
needs of the people in Bogota than is now
being done by the existing Bank of Bogota.
If there are needs on the part of some people
in Bogota for banking services more specialized
than those provided by the Bank of Bogota, those
needs can admittedly be met with ease through
remaining alternative sources. But the existence of
those alternative sources of banking facilities does
not comfort me, as it does the majority, for here it
is being used as a justification for the elimination
of competition which I think should be preserved.
I do not think Congress intended, in enacting
the Bank Merger Act of 1960, that competitive
neighborhood banks should be absorbed through
mergers simply because larger banks would like
to eliminate competition or because the neighborhood banks do not provide the whole gamut of
specialized services which could be provided by
larger institutions. Consequently, I would deny the
application.
ANN ARBOR BANK, ANN ARBOR,
MICHIGAN
In the matter of the application of Ann Arbor
Bank for approval of consolidation with The Dexter Savings Bank.
ORDER APPROVING CONSOLIDATION OF BANKS

There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Ann Arbor
Bank, Ann Arbor, Michigan, a member bank of
the Federal Reserve System, for the Board's prior

173

LAW DEPARTMENT
approval of the consolidation of that bank and
The Dexter Savings Bank, Dexter, Michigan,
under the charter and title of the former. As an
incident to the consolidation, the sole office of The
Dexter Savings Bank would be operated as a
branch of Ann Arbor Bank. Notice of the proposed consolidation, in form approved by the
Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said application be and hereby is approved, provided that
said consolidation shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 5th day of
February, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and
Mitchell. Absent and not voting: Governor King.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Ann Arbor Bank, Ann Arbor, Michigan, with
deposits of $63.7 million,3 has applied, pursuant to
the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), for the Board's prior approval of the
consolidation of that bank and The Dexter Savings Bank, Dexter, Michigan ("Dexter Bank"),
with deposits of $4.4 million, under the charter
and title of the former. Incident to the consolidation, the sole office of Dexter Bank would become
a branch of the resulting bank, which would therefore have six offices, pending the opening of an additional one which Ann Arbor Bank has received
permission to establish.
1

Deposit figures herein are as of June 30, 1962.




Under the law, the Board is required to consider,
as to each of the banks involved, (1) its financial
history and condition, (2) the adequacy of its
capital structure, (3) its future earnings prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16 (the
Federal Deposit Insurance Act), (6) the convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the transaction unless, after considering all these factors,
it finds the transaction to be in the public interest.
Banking factors. Ann Arbor Bank's financial history and condition are satisfactory, its capital
structure is adequate, and it has satisfactory management. The earnings prospects of Ann Arbor
Bank, like the economic prospects for the area,
are regarded as favorable.
A management problem at the Dexter Bank
bears on its future prospects. In 1962 the chief
executive officer and two directors of Dexter Bank
died. Efforts of the bank to recruit an experienced
managing officer have been unsuccessful, although
some necessary counsel and advice have been obtained from Ann Arbor Bank. In addition, there
exists a need for strengthening the asset condition
and capital structure of Dexter Bank.
The financial condition, capital structure, earnings prospects, and management of the resulting
bank would be satisfactory.
There is no indication that the powers exercised
by the banks involved are or would be inconsistent
with the purposes of 12 U.S.C, Ch. 16.
Convenience and needs of the communities. Ann
Arbor (1960 population about 67,000) is about
40 miles west of Detroit and is the center of a trade
area with about 240,000 people. The University
of Michigan helps to provide Ann Arbor and environs with a stable economic base, and the attraction of manufacturing and research facilities to
the area has contributed to the substantial growth
and economic development experienced during the
past ten years by Ann Arbor, as well as by
Washtenaw County, of which Ann Arbor is the
seat.
Dexter (population about 1,700) is about 10
miles west of Ann Arbor. While its trade area of
some 5,000 to 6,000 persons is essentially agricultural, there are two principal industries employing

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FEDERAL RESERVE BULLETIN • FEBRUARY 1963

about 1,800. Future growth of Dexter's economy
is linked with the general growth in the area centering on Ann Arbor, in connection with which
the interrelationship of the two communities would
be expected to increase.
Ann Arbor is served principally by Ann Arbor
Bank and the slightly smaller National Bank and
Trust Company (deposits $55.4 million). Ann
Arbor Bank operates three branches within the
city and one at Whitmore Lake, about 10 miles
north. A fourth in-town branch has been approved but is not yet in operation. Ann Arbor
Trust Company, the only other bank in the city,
provides only fiduciary services. The organization
of a new commercial bank in Ann Arbor, Huron
Valley National Bank, received preliminary approval from the Comptroller of the Currency in
October 1962.
Dexter Bank is the only banking office in Dexter;
there are several other banks in the general area
but none is nearer than nine miles and, except for
the Ann Arbor banks, they do not serve Dexter
to any material extent. Because of their size and
since Dexter is to some extent a tributary community to Ann Arbor, the two commercial banks
are alternate sources of banking service to Dexter
residents and businesses, and Ann Arbor Bank
has functioned as Dexter Bank's chief correspondent.
Consummation of the proposed consolidation
would have little effect on the convenience and
needs of Ann Arbor. However, there would be
made available in Dexter an office of a bank with
greater resources and higher loan limits than those
of Dexter Bank which, it is reported, have frequently been inadequate to accommodate local
requirements. There also would be more conveniently available in Dexter banking services not
available at Dexter Bank, such as single payment
loans to individuals, FHA insured and VA guaranteed real estate and improvement loans, trust
services, night depository services, and other specialized services of the Ann Arbor Bank.
Competition. Some of Ann Arbor Bank's business derives from residents and businesses within
the service area of the Dexter Bank. Present active
competition is limited, however, with respect to
the relatively high proportion of small customers
in Dexter for which the Ann Arbor banks would
be inconvenient alternatives and for which the
scope of choice of banking service would there-




fore remain substantially unchanged by the consolidation. Similarly, as to needs for credit and
specialized services beyond those available at Dexter Bank, that bank does not effectively compete
with Ann Arbor Bank. Thus, present competition
between the consolidating banks is not such as to
be important to the preservation of a reasonable
choice of banking service for the public concerned.
This is particularly true now when Dexter Bank
is depending on Ann Arbor Bank for important
management assistance.
The consolidation would not significantly affect
the present competitive situation in the immediate
Ann Arbor area. It would increase Ann Arbor
Bank's size further over that of National Bank
and Trust Company, but not so as to give a significant advantage over that bank or so as to affect
materially the smaller banks in the outlying areas,
and the elimination of the Dexter Bank as an independent bank would not eliminate a significant
alternative source of service for Ann Arbor.
While the alternatives in Ann Arbor are limited,
a new national bank is being organized there, as
previously indicated.
Summary and conclusion. The prospects for
adequate and convenient banking service to the
Dexter community by Dexter Bank as an independent bank are presently in question because
of the failure of the bank's efforts to obtain successor management. Consummation of the proposed consolidation with Ann Arbor Bank would
solve this problem as well as the need for improvement in the capital position of Dexter Bank.
Elimination of the moderate amount of competition between the two banks would be offset by
these considerations. Furthermore, there also
would be made available in Dexter the broader
banking services of the larger bank.
Accordingly, the Board finds the proposed transaction to be in the public interest.
FIRST STATE BANK, CANISTEO,
NEW YORK
In the matter of the application of First State
Bank for approval of acquisition of assets of
Greenwood Branch of Security Trust Company of
Rochester.
ORDER APPROVING ACQUISITION OF BANK'S ASSETS

There has come before the Board of Governors, pursuant to the Bank Merger Act of 1960
(12 U.S.C. 1828(c)), an application by First

175

LAW DEPARTMENT
State Bank, Canisteo, New York, a member bank
of the Federal Reserve System, for the Board's
prior approval of its acquisition of the assets of
and assumption of deposit liabilities in the Greenwood Branch of Security Trust Company of
Rochester, Rochester, New York, and, as an incident thereto, First State Bank has applied, under
Section 9 of the Federal Reserve Act, for the
Board's prior approval of the establishment of a
branch by that bank at the present location of
Greenwood Branch (Greenwood, New York) of
Security Trust Company of Rochester. Notice of
the proposed acquisition of assets and assumption
of deposit liabilities, in form approved by the
Board of Governors, has been published pursuant
to said Bank Merger Act.
Upon consideration of all relevant material,
including the reports furnished by the Comptroller
of the Currency, the Federal Deposit Insurance
Corporation, and the Department of Justice on
the competitive factors involved in the proposed
transaction,
IT IS HEREBY ORDERED, for the reason set forth
in the Board's Statement of this date, that said
applications be and hereby are approved, provided
that said acquisition of assets and assumption of
deposit liabilities and establishment of a branch
shall not be consummated (a) within seven calendar days following the date of this Order, or
(b) later than three months after said date.
Dated at Washington, D. C , this 8th day of
February, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and
Mitchell. Absent and not voting: Governor King.
(Signed) MERRTTT SHERMAN,

Secretary.
[SEAL]
STATEMENT

First State Bank, Canisteo, New York ("First"),
with deposits of $4.6 million,* has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), for the Board's prior approval of its
acquisition of the assets of and assumption of
deposit liabilities in the Greenwood Branch of
Security Trust Company of Rochester, Rochester, New York ("Security Trust"), with deposits
* Deposit figures herein are as of September 28,
1962.




(Greenwood Branch) of about $900 thousand.
Incident to such application, First has also applied,
under Section 9 of the Federal Reserve Act, for
the Board's prior approval of the establishment
of a branch at the present location of the Greenwood branch of Security Trust. That office would
be First's only branch.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction
on competition (including any tendency toward
monopoly). The Board may not approve the
transaction unless, after considering all these factors, it finds the transaction to be in the public
interest. In this case, the situation of the Greenwood branch will be considered apart from that
of Security Trust as a whole, so far as may be
appropriate.
Banking factors. The Greenwood branch was
The First National Bank of Greenwood prior to
1956 when it was merged with Security Trust
(deposits about $195 million) largely at the instigation of the New York State Banking Department. The deposits of the branch have grown
slightly since the merger, but its distance from
Security Trust's principal area of operations (about
85 miles) has been an obstacle to economic operation of the branch since the demand for banking
service in Greenwood (population about 840)
appears to be sufficient to support only a limited
operation that can work relatively closely with
the main office. First, on the other hand, while
much smaller than Security Trust, is located only
12 miles from Greenwood, which should enable
First to improve the profitability of the office by
improving the direct availability of service adequate to Greenwood's needs as well as by improving the efficiency with which such service is
provided.
Thus, as to all the banking factors, the absorption of the Greenwood branch by First should be
beneficial to the operation of that office, and it
does not appear that it would be detrimental to
First's own capital structure, financial condition

176

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

or prospects which, like its management, are
satisfactory.
Convenience and needs of the communities.
While the banking needs of Greenwood and environs may be limited, there is sufficient banking
business, present and potential, to justify the step
here proposed for continuing service to the area
and to give promise that such service will be
economically feasible. The similarity of the banking needs of the Greenwood area to those of the
area now served by First reinforces the prospect
of improved service to Greenwood. Moreover, it
appears that First can expand its operations as
proposed without detriment to the service of its
present market.
Competition. The Greenwood office has not
been a vigorous competitor for banking business
in the area. The office seems to have relied more
on physical convenience for the retention and
attraction of business rather than on active competition in service or business development. Thus,
although the absorption of that office by First
would represent to some extent a reduction in
alternative sources of service for the local Greenwood area, that area would not be losing an independent competitive force of the kind that tends
actively to improve the nature of banking service
offered to the public. Moreover, the absorption
would not nullify any strong potential for competition in the future since discontinuation of the
office is in prospect if it is not taken over by
another bank in a position to operate it.
Summary and conclusion. The proposed transaction would forestall the possible loss to the
Greenwood area of locally available banking service. It would also be likely to lead to improvement
in such service. Therefore, considerations as to the
convenience and needs of that area outweigh such
slight adverse effects on banking competition as
might result.
Accordingly, the Board finds the proposed transaction to be in the public interest.
PEOPLES BANK OF GLEN ROCK,
GLEN ROCK, PENNSYLVANIA
In the matter of the application of Peoples Bank
of Glen Rock for approval of merger with Codorus
National Bank in Jefferson.
ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,




pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Peoples Bank
of Glen Rock, Glen Rock, Pennsylvania, for the
Board's prior approval of the merger of that bank
and Codorus National Bank in Jefferson, Codorus
(Jefferson Borough), Pennsylvania, under the
charter and title of the former. As an incident to
the merger, the sole office of the latter bank would
be operated as a branch of the former bank. Notice
of the proposed merger, in form approved by the
Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act,
including reports furnished by the Comptroller
of the Currency, the Federal Deposit Insurance
Corporation, and the Department of Justice on
the competitive factors involved in the proposed
merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 8th day of
February, 1963.
By order of the Board of Governors.
Voting for this action: Governors Balderston, Mills,
Robertson, and Shepardson. Absent and not voting:
Chairman Martin, and Governors King and Mitchell.
(Signed) MERRTTT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Peoples Bank of Glen Rock, Glen Rock, Pennsylvania ("Peoples Bank"), with deposits of $5.4
million, as of June 30, 1962, has applied, pursuant
to the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), for the Board's prior approval of the
merger of that bank and Codorus National Bank
in Jefferson, Codorus (Jefferson Borough), Pennsylvania ("Codorus National"), with deposits of
$1.5 million, as of the date previously mentioned.
The banks would merge under the charter and
title of Peoples Bank, a State member bank of the
Federal Reserve System. As an incident to the
merger, the sole office of Codorus National would
become a branch of Peoples Bank, increasing the
number of its offices from two to three.

LAW DEPARTMENT
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C., Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to
be served, and (7) the effect of the transaction
on competition (including any tendency toward
monopoly). The Board may not approve the transaction unless, after considering all these factors,
it finds the transaction to be in the public interest.
Banking factors. Peoples Bank and Codorus
National have satisfactory financial histories and
conditions, and the capital structure of each is
reasonably adequate. The earnings of Peoples
Bank compare favorably with those of banks of
similar size in the Third Federal Reserve District,
and the bank's management is competent. Consummation of the proposal would provide a basis
for needed improvement in earnings and would
solve a management succession problem at Codorus
National. Present management of Codorus National is satisfactory, but the circumstances indicate probable difficulty in attracting satisfactory
personnel to the small bank to replace two senior
officers who are past the usual retirement age.
The resulting bank, which would be under the
management of Peoples Bank, would have a satisfactory financial condition, a reasonably adequate
capital structure, and favorable earnings prospects.
There is no indication of any inconsistency with
the provisions of 12 U.S.C., Ch. 16.
Convenience and needs of the communities.
The main office of Peoples Bank is in Glen Rock,
Pennsylvania (1960 population 1,500 and trade
area population 8,600), fifteen miles south of
York. The single branch office of Peoples Bank
is eight miles to the north of Glen Rock in Jacobus
(1960 population 1,000 and trade area population
8,400). Codorus National is the only bank in
Codorus (population about 500). Codorus is in
Jefferson Borough about 10 miles west of Glen
Rock. The population of the borough is about
500 and that of the trade area 6,500. Glen Rock,
Jacobus, and Codorus are located in the southcentral section of York County, for which the
economic outlook is favorable.
This merger would affect principally the service
area of Codorus National. This bank has endeavored to meet the increasing needs of the




177
people within its area for larger and varied types
of loans but has been handicapped principally by
its low lending capacity. Consummation of this
proposal would increase materially the bank lending limit at Codorus and would make available
in that area broader banking services, such as
business and consumer instalment loans and special purpose savings accounts.
Competition. The service area of Peoples Bank
lies principally within a radius of five miles of
Glen Rock, while that of Codorus National is
slightly smaller. Although the service areas of the
two banks overlap somewhat, this occurs in the
hilly, sparsely populated region between Glen Rock
and Codorus. No direct road connects Peoples
Bank and Codorus National, and there is little
competition between them.
Besides Peoples Bank and Codorus National,
there are twelve banks operating offices in central
and southern York County. Four of the twelve
banks have one or two offices within five miles
of one or the other of the banks involved in the
proposed transaction, and all but one of the
twelve have one or more offices within five to
fourteen miles of Peoples Bank or Codorus National. Of the entire fourteen banks in this area,
Peoples Bank and Codorus National are the smallest based on deposits of individuals, partnerships,
and corporations. There is no evidence that the
effect of the proposed merger would be adverse
to banking competition in central and southern
York County.
Summary and conclusion. Although this merger
would eliminate the small amount of competition
between the two banks, this would be offset by the
resulting benefits. The transaction would solve the
management succession problem, strengthen earnings prospects, increase the lending limit, and
provide broader banking services at the only banking office in Codorus. There would be no significant competitive effect with respect to the other
banks in central and southern York County.
Accordingly, the Board finds the proposed transaction to be in the public interest.
Orders Under Section 3 of Bank Holding
Company Act

The Board of Governors of the Federal Reserve
System has issued the following Orders and Statements with respect to applications by bank holding
companies for approval of the acquisition of voting shares of certain banks:

178

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

VALLEY BANCORPORATION, APPLETON,
WISCONSIN
in the matter of the application of Valley Bancorporation for permission to become a bank
holding company through the acquisition of voting
shares of three banks in the State of Wisconsin.
ORDER APPROVING APPLICATION UNDER BANK
HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to Section 3 (a) (1) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842) and Section 222.4(a) (1) of the Board's Regulation Y (12
CFR 222.4(a) (1) ), an application by Valley Bancorporation, Appleton, Wisconsin, for the Board's
approval of action that would result in Applicant
becoming a bank holding company through acquisition of 80 per cent or more of the voting shares
of Appleton State Bank and Northern State Bank,
both in Appleton, Wisconsin, and of Bank of Black
Creek, Black Creek, Wisconsin.
As required by Section 3(b) of the Act, the
Board notified the Commissioner of Banks of the
State of Wisconsin of the receipt of the application and requested his views. The Deputy Commissioner replied that he had no objection to Applicant's becoming a holding company through the
acquisitions proposed.
Notice of receipt of the application was published in the Federal Register on June 16, 1962
(27 Federal Register 5752), affording opportunity
for submission of comments and views regarding
the proposed acquisitions. The time provided by
the notice for filing comments and views has expired and the matter has been considered fully by
the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is granted, provided that
the acquisitions as approved shall not be consummated (a) within seven calendar days after the
date of this Order or (b) later than three months
after said date.
Dated at Washington, D. C , this 24th day of
January, 1963.
By order of the Board of Governors.
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,
[SEAL]




Secretary.

STATEMENT

Valley Bancorporation ("Applicant"), a Wisconsin corporation formed in 1962, with its principal place of business in Appleton, Wisconsin,
has filed an application pursuant to Section
3(a)(l) of the Bank Holding Company Act of
1956, for the Board's approval of its becoming
a bank holding company through the acquisition
of 80 per cent or more of the outstanding voting
shares of Appleton State Bank, Appleton ("State
Bank"); Bank of Black Creek, Black Creek
("Black Creek Bank"); and Northern State Bank,
Appleton ("Northern Bank"), all in the State of
Wisconsin.
As applied to this application, Section 3(c) of
the Act requires the Board to take into consideration the following factors: (1) the financial history and condition of the Applicant and the banks
concerned; (2) their prospects; (3) the character
of their management; (4) the convenience, needs,
and welfare of the communities and areas concerned; and (5) whether the effect of the proposed
acquisition would be to create a bank holding
company system of a size or extent beyond limits
consistent with adequate and sound banking, the
public interest, and the preservation of competition in the field of banking.
Banking factors. Since Applicant was organized
recently, it has no financial history. If it becomes
a bank holding company, its principal earning
assets will consist of its shares of its subsidiary
banks. Accordingly, its financial condition and
prospects will depend primarily upon, and closely
parallel, those of its subsidiary banks.
State Bank and Black Creek Bank, each in operation for more than 50 years, have sound financial
histories and their present condition and prospects
appear satisfactory. Northern Bank was opened
for business on January 7, 1963. On the basis of
its paid-in capital and its location in the rapidly
expanding industrial and residential section of
north Appleton, the projection made as to deposit
growth for Northern Bank appears reasonable and
supports the conclusion that its prospects are
satisfactory. On the basis of the foregoing, it is
concluded that Applicant's condition and prospects also would be satisfactory.
The management of the respective banks is
experienced and appears competent. Since Applicant's management will be composed of officers

LAW DEPARTMENT
and directors of the respective subsidiary banks,
it may be concluded that Applicant's management
also will be competent and similarly satisfactory.
Convenience, needs, and welfare of the communities and areas concerned. Geographically, the
City of Appleton and environs may be considered
the focal point in the Board's consideration of the
convenience, needs, and welfare of the communities and areas concerned. State Bank's main office
and Northern Bank are both located within the
corporate limits of the City. Appleton, situated on
the Fox River in the east-central part of the State,
just north of Lake Winnebago and about 30 miles
southwest of Green Bay, is the county seat of
Outagamie County. Its population is approximately 48,500. Within an eight-mile radius of
Appleton's downtown business district, in both an
easterly and southerly direction, there are six
cities or villages which, together with Appleton,
are known as the Fox Cities. Appleton's trade area
is described as encompassing all of the Fox Cities
as well as a considerable portion of the agricultural area within a sixty-mile radius. The Fox
Cities area encompasses residential, industrial, and
agricultural communities. The industrial communities contain some of the nation's leading paper
products manufacturers, as well as other industries producing wood, metal, concrete, knitted,
and dairy products. Outagamie County ranks fifth
in total farm income among Wisconsin counties.
State Bank, with June 30, 1962 a total deposits
of $25.4 million, is the second largest of Appleton's three banks. In addition to its main office,
State Bank operates three other offices in Outagamie County and one in adjoining Waupaca
County. The four branches had aggregate deposits
of $5.6 million. The primary service area2 of State
Bank's main office is the City of Appleton. Its
branch offices, located in villages that are situated,
respectively, about 13 and 23 miles west, and 13
and 19 miles northwest of Appleton, derive a
majority of their business from the villages in
which they are located and from immediately
surrounding agricultural areas.
Northern Bank's projected primary service area
encompasses the northernmost one-third part of
1

Unless otherwise stated, all statistics are of this
date.
2
The area from which about 75 per cent of the
bank's demand and time deposits of individuals, partnerships, and corporations ("IPC") arises.




179
Appleton and the area within a three-mile radius
of the City's north boundary. The estimated population of the area is 20,000. Northern Bank's primary service area is described as having very good
residential and industrial growth potentials. Sixty
per cent of new homes constructed in Appleton in
1960 were erected in this northern area. Northern
Bank is the only bank located within its designated
primary service area.
Black Creek Bank, with total deposits of $1.8
million, is located in the Village of Black Creek,
Outagamie County, about 16 miles north of State
Bank's main office. Its primary service area comprises the Village and surrounding agricultural
area within a three-mile radius. The area's population is estimated at 2,900. While there are no
other banks located in the primary service area of
Black Creek Bank, five other banking offices, including an office of State Bank, compete, in varying degrees of intensity, for the business originating in the northern part of Outagamie County
served by Black Creek Bank.
In support of its application, Applicant has set
forth numerous banking services that it proposes
to inaugurate, supplement, or facilitate through
ownership of the banks in question. Applicant's
presentation of its proposals makes clear that the
communities served by State Bank have been and
are presently afforded a full range of banking services, including the services of State Bank's trust
department. This is true of the villages and rural
areas served by its four offices—three in Outagamie County and one in Waupaca County. There
is no evidence of an existing or reasonably foreseeable need on the part of State Bank's present
or potential customers, particularly those in the
downtown Appleton area, that is or cannot be
served adequately by State Bank as presently
owned and operated.
It is recognized that, in major respects, the
banking needs of residents and businesses within
Northern Bank's service area will be served, and
perhaps wholly satisfied, whether or not Applicant's control of Northern Bank is realized. However, as a subsidiary of Applicant and affiliate of
State Bank, Northern Bank would appear to be
able to make available to its customers, present
and prospective, a broader range of banking service more immediately than could be expected
ordinarily of a newly opened bank. This fact,
weighed in the light of the continuing rate of

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FEDERAL RESERVE BULLETIN • FEBRUARY 1963

population increase, residential construction, and
industrial development in the area served by
Northern Bank, constitutes a benefit weighing in
favor of approval of the application.
Moreover, it appears that in view of the continued residential expansion to and industrial location in Northern Bank's primary service area,
many of State Bank's customers formerly located
downtown will be more conveniently accommodated by access to the services and facilities of
Northern Bank which, through its affiliation with
State Bank under Applicant's ownership, will presumably offer services of breadth and quality comparable to those State Bank now offers.
Black Creek Bank, located in and serving a
predominantly agricultural district of Outagamie
County, wherein no marked population growth is
anticipated, cannot, in the Board's judgment, be
said to have any real need for a majority of the
expanded bank services which Applicant asserts
would be made available through its ownership
of the banks. There is some evidence of an increasing demand within the area served by bank
for fiduciary services and advice. State Bank is
the only bank in Outagamie County operating
a trust department. While certain services such as
trust services and other assistance may be made
more readily available through the form of affiliation proposed, Applicant concedes that there will
be no change in operation of the Black Creek
Bank except in ownership of capital stock. Fiftytwo per cent of that stock has been owned by
State Bank since prior to 1948. Applicant asserts
that State Bank's ability to make available to
Black Creek Bank managerial and other technical
assistance had been impeded by an awareness of
the fact that the minority stockholders of Black
Creek Bank (owning 48 per cent of the bank's
stock) are equal beneficiaries of the efforts and
expenditures by State Bank.
Assuming acquisition by Applicant of 80 per
cent or more of the stock of each of the three
banks, it is reasonable to conclude that a greater
degree of exchange and availability among the
affiliated banks of experienced personnel and technical assistance will be realized than under the
relationship presently existing among the banks.
It follows that by thus facilitating access by the
two smaller banks to the resources, technical skills,
and managerial experience of State Bank, present




and potential customers of the two banks will be
the better served.
In sum, it is the Board's conclusion that benefits to the communities and areas involved are
sufficiently probable following the acquisitions
here proposed, as to constitute a consideration
favorable to approval of the application.
Effect of proposed acquisition on adequate and
sound banking, the public interest, and banking
competition. Previous statements by this Board
reflect its concern over proposals that, if consummated, would result in holding company control
of the largest banks in an area, or that would add
to an already heavy concentration of large banks
in a particular area or State controlled by one or
another of several major banking groups. The
fact of such resulting concentrations, among other
reasons, has required the Board's denial of Section
3 applications involving existing and proposed
holding companies.
The present application does not threaten such
a concentration as to warrant similar concern or
opposition. Approval of Applicant's proposal
would bring under its control three banks, with
aggregate deposits of $27.2 million, exclusive of
deposits held by the recently opened Northern
Bank. Applicant would be the fifth largest bank
holding company operating in the State, measured
by deposits of subsidiary banks. These banks would
control .8 per cent of the offices of all banks in
the State and .6 per cent of their aggregate deposits. The three largest Wisconsin-based holding
companies control, respectively, 18.3, 7, and 6.7
per cent of the aggregate deposits of all banks in
the State. State Bank, with total deposits of $25.4
million, ranks 30th in size of all Wisconsin banks.
Thus measured, Applicant's proposed subsidiaries
would not represent a concentration of control of
banks or banking resources of such magnitude as
to be inimical to banking competition and the
public interest.
Turning to a consideration of the probable
effects of the Applicant's formation upon banking and the banking public within the areas most
immediately concerned, consummation of this
proposal would result in Applicant's control of
two of the four banking offices (including Northern Bank) in Appleton; the deposits held by State
Bank's head office represented 25 per cent of the
total deposits of the banking offices in Appleton.
This percentage increases to 29.9 if the deposits

LAW DEPARTMENT
of all of State Bank's offices are included. In
Outagamie County, Applicant would control 6
of 17 offices (35.3 per cent), and those offices,
excluding Northern Bank, held 23.2 per cent of
the deposits held by all offices in the County. In
the Fox Cities area, Applicant would have 2 of
12 banking offices (16.7 per cent) and State
Bank's entire deposits represented 15.9 per cent
of the $160.4 million of deposits of banks therein.
Of the 26 commercial banking offices located in
Outagamie County and in the three counties adjoining Outagamie County in which are located
banks that compete with Applicant's proposed
subsidiaries, Applicant would control seven of
such offices (27 per cent) and $27.2 million (14.4
per cent) of the $188.7 million of aggregate deposits held by those offices, excluding Northern
Bank.
Viewing the size of Applicant's proposed system as reflected in the comparisons relating to the
particular areas above mentioned, it is the Board's
judgment that approval of Applicant's proposal
would not result in a concentration of control of
banking resources within any of those areas that
would be contrary to the public interest.
State Bank presently competes with the other
two downtown Appleton Banks; and approximately 20 per cent of its IPC deposits originate
in Northern Bank's primary service area. No
other commercial banks are located within the
respective primary service areas of State Bank's
four branches. It does not appear that the acquisitions proposed would adversely affect State
Bank's two downtown Appleton competitors. First
National Bank is nearly twice the size of State
Bank. The anticipated result from these acquisitions is that Northern Bank may be expected to
offer First National Bank more vigorous competition for accounts of customers located in the
north Appleton area. While the Outagamie County
Bank is but two-fifths the size of State Bank, the
competitive pattern established between these two
banks should not be altered substantially, since
Northern Bank's primary service area does not
overlap to any significant extent the areas which
the Outagamie County Bank is considered to serve.
As to competition between State Bank and
Northern Bank, measured by the percentage of
State Bank's IPC deposits originating in Northern Bank's primary service area, it would appear
that competition between the banks could be sub-




181
stantial. However, in view of the fact that a majority of the directors and officers of Northern
Bank are also directors and officers of State Bank,
the existence of genuine competition between the
two banks cannot be assumed. Similarly, State
Bank's controlling ownership of Black Creek Bank
renders improbable any genuinely vigorous effort
on the part of either bank to compete for the
small volume of deposits found to originate in the
primary service area of each, but held by the
other. Under the aforesaid circumstances, the
question as to elimination of existing or potential
competition between and among Applicant's proposed subsidiary banks is not of sufficient significance to constitute a consideration adverse to
approval of Applicant's proposal.
Finally, the Board is satisfied that within the
communities and areas herein discussed there will
remain adequate alternative sources of banking
services following consummation of Applicant's
proposal to assure that in this respect, as in the
other respects heretofore considered, the public
interest will not be adversely affected.
Conclusion. Viewing the relevant facts in the
light of the general purposes of the Act and the
factors enumerated in Section 3(c), it is the judgment of the Board that the proposed acquisition
would be consistent with the statutory objectives
and the public interest and that the application
should be approved.
FIRST WISCONSIN BANKSHARES CORPORATION, MILWAUKEE, WISCONSIN
In the matter of the application of First Wisconsin Bankshares Corporation for prior approval
of acquisition of shares of American Bank and
Trust Company, Racine, Wisconsin.
ORDER DENYING APPLICATION UNDER BANK
HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to Section 3(a) (2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842) and
Section 222.4(a)(2) of Federal Reserve Regulation Y (12 CFR 222.4(a)(2)), an application by
First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, for the Board's prior approval
of the acquisition of 80 per cent or more of the

182

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

voting shares of common stock of American Bank
and Trust Company, Racine, Wisconsin.
As required by Section 3(b) of the Act, the
Board notified the Commissioner of Banks for the
State of Wisconsin of the receipt of the application and requested his views. The Commissioner
replied that he would interpose no objection to
the Board granting its approval to the application.
A Notice of Receipt of Application was published in the Federal Register on June 27, 1962
(27 F.R. 6057), which provided an opportunity
for the filing of comments and views regarding
the proposed acquisition, and the time for filing
such comments and views has expired and all
comments and views filed with the Board have
been considered by it.
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that the said
application be and hereby is denied.
Dated at Washington, D. C , this 31st day of
January, 1963.
By order of the Board of Governors.
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

First
Wisconsin
Bankshares
Corporation
("Bankshares"), has applied to the Board of
Governors, under the Bank Holding Company
Act of 1956 ("the Act"), for permission to acquire 80 per cent or more of the 30,000 outstanding voting shares of the common stock of
American Bank and Trust Company, Racine,
Wisconsin ("American").
In determining whether to approve the proposed acquisition, the Board is required by Section 3(c) of the Act (12 U.S.C. 1842) to take
into consideration the following factors: (1) the
financial history and condition of the proposed
holding company and the banks concerned; (2)
their prospects; (3) the character of their management; (4) the convenience, needs, and welfare
of the communities and the area concerned; and
(5) whether the effect of such acquisition would
be to expand the size or extent of Bankshares'
system beyond limits consistent with adequate and
sound banking, the public interest, and the preservation of competition in the field of banking.




General background. Racine, with a population
of almost 90,000, is the trading center of Racine
County and a part of the industrial complex extending from Milwaukee to Chicago along the
shores of Lake Michigan. In size, American is
the second bank in Racine and the eighteenth in
the State, with $33.9 million in deposits,1 about
half those of its chief competitor, First National
Bank and Trust Company, which has $63 million
in deposits, and ranks fifth among banks in the
State.
It is a key fact to be remembered in scrutinizing
banking in Wisconsin that the top banks decline
very sharply in order of size. First Wisconsin
National Bank, Milwaukee ("First Wisconsin"),
the leading bank in Applicant's system, has $682.5
million in deposits. The second bank in size, Marshall and Ilsley Bank, of Milwaukee, has $261.2
million, and the third, Marine National Exchange
Bank, also of Milwaukee, has $178.5 million. The
fourth is a $90 million bank in Madison which is
a subsidiary of the Applicant. Each of the three
largest banks is the dominant institution in a bank
holding company system. Disregarding proposed
acquisitions, total deposits of the respective holding company systems are: Bankshares—$875 million, Marshall and Ilsley Bank Stock Corporation
("Bank Stock")—$336 million, and the Marine
Corporation ("Marine")—$320 million. Bankshares now has 3.3 per cent of the offices and
18.3 per cent of the total deposits in the State,
and Bank Stock and Marine have .8 and 7.0 per
cent, and 1.6 and 6.7 per cent, respectively. In
addition, there are three other holding companies
having subsidiary banks in Wisconsin. All existing holding companies, taken together, now control 6.4 per cent of the banking offices and 33.7
per cent of the total deposits in the State.
Concurrently with the application discussed in
this Statement, there were before the Board applications by Bankshares to acquire a controlling
interest in Merchants & Savings Bank, Janesville,
and by Marine to acquire a controlling interest in
Beloit State Bank. The Department of Justice
filed a Statement in opposition in respect to the
present application, as it also did in regard to the
applications in the Janesville and Beloit cases.
Applicant filed a Rebuttal to the Statement, and
1

Unless otherwise indicated, deposit figures herein
stated are as of June 30, 1962.

LAW DEPARTMENT
the Board has considered all these documents in
reaching its decision.
Banking factors. The financial history, condition, prospects, and managements of both Bankshares and American are satisfactory.
Applicant was organized as Wisconsin Bankshares Corporation in 1929 and adopted its present name in 1960. Bankshares' system includes
seven banks and one trust company, a reduction
from 43 banks and three trust companies in 1930.
Bankshares states that none of its subsidiary banks
has failed, and that no depositor of any of its subsidiary banks has suffered a deposit loss or been
subjected to deferred payment. As of December
30, 1961, 93.9 per cent of its assets consisted of
its investment in capital stock of the subsidiary
banks and trust company. These banks include, in
addition to First Wisconsin, Southgate National
Bank, Milwaukee, with deposits of $5.3 million,
Mayfair National Bank, of Wauwatosa, with deposits of $4.2 million, First National Bank, Fond
du Lac, with deposits of $30.7 million, First National Bank of Madison, with deposits of $90.8
million, Union National Bank, Eau Claire, with
deposits of $25.8 million, and First National Bank,
Oshkosh, with deposits of $33.7 million. The deposits of the First Wisconsin Trust Company,
Milwaukee, were $2.3 million. Their condition
and the condition of Bankshares itself are satisfactory, and on the basis of their size and location
and their record of past operations, the Board considers Bankshares' prospects to be favorable. Its
management is highly competent, and it conducts
a management training program jointly with First
Wisconsin for which more than 30 young college
graduates with both general and professional technical training have been hired within the last
three years.
American was organized in 1916 under the
name of American Trades and Savings Bank, and
assumed its present name in 1932. In 1933, The
Racine City Bank merged with it, and the sole
office of that bank became, and still is, the only
branch of American. Racine County is one of the
most industrialized counties in Wisconsin, and it
has experienced a vigorous economic growth in
recent years. In this favorable climate, the rate
of growth of American, as measured by IPC deposits,2 slightly exceeded that of its larger rival,
3

Deposits of individuals, partnerships, and corporations.




183
First National Bank and Trust Company, during
the years from 1948 through 1961. Prospects for its
continued growth are favorable, whether or not it
joins the Bankshares system. American has sold
no stock since it was organized in 1916, and while
Applicant states it would furnish additional capital
if the proposed acquisition is approved, the Board
is of the opinion that any capital increase which
the bank believed necessary could be effected directly by American as an independent bank.
Management of American is satisfactory. However, Applicant contends that the bank's executive
management is not supported by sufficient replacements to fill the gaps which will appear, in the
relatively near future, as key executives reach normal retirement age. Access to the pool of trained
management provided by the joint program of
First Wisconsin and Bankshares, it is urged, will
solve a serious existing management problem. The
Board agrees that entering into Applicant's system
would simplify American's recruiting problem,
and concludes that this factor lends some small
weight for approval of the application. However,
to give critical, or even considerable, weight to
this advantage would be to suggest that any $33
million bank located in a relatively large, attractive community, easily accessible to two of the
biggest cities in the nation, may find it so difficult
to recruit management succession that resort to a
pool recruited by a holding company provides the
only solution. If this were the case, the day of the
independent community-owned and managed bank
would indeed be over.
Other advantages listed by Bankshares in support of its application, by way of increased services which American would render as part of the
holding company system, would, it is urged, tend
to improve the prospects of the bank. However,
the impact of these advantages, Applicant argues,
would be felt more under the fourth factor, and
they are discussed below.
Convenience and needs of communities. While
customers of others of Applicant's banks might
benefit to some degree from access to an affiliated
bank in Racine, the chief effect of the acquisition
would, of course, be felt in the Racine area. Reduced to essentials, the thrust of Applicant's argument is that this area is heavily industrialized and
is becoming more so, that no banks in the area are
equipped to offer the services which local firms of
a certain size require, and that, as a result, the

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FEDERAL RESERVE BULLETIN • FEBRUARY 1963

growing businesses tend to bank, more and more,
outside Racine. If American were affiliated with
Bankshares, it is argued, many of the specialized
facilities which these firms need could be offered
to them, and a substantial portion of their business
might be recaptured or retained in the area.
There are 37 Racine manufacturers who employ 100 or more persons. Five of these employ
over 1,000, six from 500 to 800, and eight from
300 to 475. Many of the larger firms serve a national market, and local banking facilities are not
sufficient for their needs. Although some of them
may be willing to do some banking locally, it
seems doubtful that much of their business would
be concentrated in Racine. Indeed, although Applicant states that Racine (and Wisconsin) banks
should enjoy a "fair share" of the banking done
by large businesses located in Racine, it appears
doubtful that much of this type of banking can
be held in or brought back to Racine.
The contention that permitting affiliation of
American with Bankshares would make it possible
to keep in Racine banking business which now
flows to the money centers seems to be directed
principally at the business of medium-size local
firms as they grow toward the size where they will
tend to look for outside banking connections. The
first and most important advantage American
could offer as a member of the Bankshares system
would be access to an increased loan limit. American's lending limit is $270 thousand, and that of
its larger competitor is $264 thousand. The four
other banks in Racine are relatively small, and the
combined lending limit of all six banks is less than
$1 million. The lending limit of the Bankshares
system is over $5 million, and since Applicant
states that the loan ratios of the system banks were
lower than for all federally insured banks, it is
possible that larger loans could be made available
in Racine without taking loanable funds away
from smaller local borrowers elsewhere.
This larger lending limit would not, of course,
be American's to command. Over-limit loans by a
holding company bank, as by any bank, can be
made only through participations. The other banks
must be willing to so participate. On the other
hand, participations might be arranged more
quickly and more easily through the system than
through non-affiliated correspondent banks.
Much can validly be said on both sides of the
question, in a discussion of the relative merits of




participations within a holding company system
as compared with participations through non-affiliated banks. The fact remains that, on the
record, American has made very little use of the
latter technique, preferring, evidently, to keep as
much as it could of the business of its local clients,
rather than risk losing them to big-city correspondents to whom it might introduce them.
Even if participating larger loans with correspondent banks is not workable, as Applicant contends it is not, there is no evidence that credit
needs are going unserved in the area. While
American would undoubtedly prefer to retain its
accounts as long as possible, the customers themselves are not greatly disadvantaged in having to
go to Milwaukee, Chicago, or New York for
larger loans; hence, the slight added convenience
of obtaining the funds at home adds little weight
under the fourth factor for approval of the application. As an added argument, Applicant suggests that, if more of the larger loans were made
locally, additional deposits would remain in the
community and would benefit local business. The
point to consider, however, is whether these large
concerns are predominantly depositors or borrowers, in their banking relations. If they are
predominantly credit users, the community is
better off economically if the credit is supplied
from outside markets, because this means that
locally generated deposit resources remain available to other local users to a greater extent than
would be the case if the large concerns were absorbing more of those resources. On the other
hand, if the concerns are primarily depositors,
there are no legal restrictions which would limit
the amount of their deposits in an independent
local bank.
Aside from enlarged credit facilities, Applicant
suggests that, as a member of the Bankshares system, American would be in a position to furnish
a variety of specialized services to the Racine
business community, which it does not now enjoy.
Among these are advice on international banking
transactions, advice on industrial development, facilities for specialized types of lending, and advice
and assistance in handling larger and more complex trust accounts than American can now
handle.
Emphasis has been placed on the international
banking aspect. Applicant states that, while larger
Racine firms sell abroad as a matter of course,

LAW DEPARTMENT
many of the smaller firms, which may actually be
ready for foreign markets, may not even recognize
the opportunity, or understand the availability of
banking counsel in this field. According to Applicant, these firms are too small to be visited by
specialists from international departments of big
city banks, and they remain unserved. If the application were approved, First Wisconsin would presumably educate and back up American's personnel in offering advice of this kind. However, it
seems doubtful that any business in Racine with
foreign trade potential would miss an opportunity
to increase its business because a local bank could
not give guidance on foreign banking. Milwaukee
is only 25 miles, and Chicago 67 miles, distant
from Racine, and it does not seem reasonable to
assume that the larger banks in these cities would
not give service to Racine firms which requested
advice and counsel in these matters.
Similarly, an industrial development committee
was established in Racine in 1961, under the
leadership of a vice-president of American. If
American were a member of Bankshares' system,
Applicant states, the well-established industrial
development department of First Wisconsin would
help and advise this committee and lend prestige
to American's efforts. Since American is already
actively participating in the committee's work,
however, the Board considers that any added assistance that might be lent by the larger Milwaukee bank is not of significant weight toward approval of the present application.
In a third category, specialized lending, Bankshares states that American has refused numerous
loan requests in the past because it lacked lending
officers or analytical personnel and data or legal
counsel with appropriate background and experience. These requests have ranged from legally
complex financial arrangements with political
subdivisions to unsecured credit requests of small
and medium-sized businesses where audited statements were unavailable. Applicant states that its
extensive centralized credit information is made
available to all banking offices of its members,
and that additional assistance would be provided
American with respect to credit analysis and collation and preservation of credit data, and in other
ways, which would tend to overcome these handicaps. Although furnishing this data and expert assistance might to some extent serve the convenience of the Racine community and thus weigh




185
slightly in favor of approval, there is no evidence
that needs in this respect are going unmet in the
community, and the weight accorded this consideration cannot be very substantial.
American hired a full-time trust officer in 1960.
Prior to that time, the trust department had been
operated primarily as a convenience for the bank's
commercial customers. The application states that,
in a number of instances, trust business has gone
outside Racine because local facilities were inadequate, and that this number would be reduced by
American's affiliation with Applicant. However,
Applicant concedes that a number of large accounts would probably always be placed outside
Racine. American's department appears to have
been growing satisfactorily, and between American and First National, trust business of a nature
likely to be required by the local community will
probably be adequately served without the help
Applicant could give through the larger and more
highly developed trust facilities of First Wisconsin.
Essentially, then, the banking needs of the community are being served at present, but Applicant
argues that Racine and Wisconsin banks are entitled to a "fair share" of banking business generated in Racine, and that, if the independent local
banks cannot attract this share, then the facilities
of a holding company and of its more powerful
member banks should be brought into the community to capture and hold what rightfully belongs there. Had Congress intended such regional
splitting up of the national banking market to be
a basis for approving bank holding company expansion, it would have so stated. It did not so
direct the Board.
This is not to say that the banks in a community
should not be strong and supple enough to serve
the banking needs of that community. Where
banking needs were going unmet, and where considerations under the remaining factors were not
adverse to holding company acquisitions, then the
Board has granted its approval to those acquisitions.
Considerations under the fourth factor, then,
lend some but only slight weight for approval.
Competitive effect. The United States Court of
Appeals for the Eighth Circuit recently held that,
under the fifth factor, the Board must view "the
structure of the entire industry of banking" in a
relevant area, and not the holding company and
the bank concerned alone. To do otherwise, the

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FEDERAL RESERVE BULLETIN • FEBRUARY 1963

Court held, "would be to force the Board to act
more or less in a vacuum. Realities must be considered." 3
Holding companies now control roughly a third
of the deposits in Wisconsin banks, and of this
amount, Bankshares controls more than half.
More important, the development pattern of the
three Milwaukee-based holding companies, Applicant, Marine, and Bank Stock, has involved acquiring (in the case of Applicant, selectively retaining) dominant or near-dominant banks in the
more densely populated areas of the State. Marine
has offices in three of the State's Standard Statistical Metropolitan Areas (Milwaukee, Madison,
and Green Bay); Bank Stock has offices in the
Milwaukee Metropolitan Area; and if Applicant
is permitted to acquire American, it would have
offices in the Milwaukee, Madison, and Racine
Metropolitan Areas and in three (Eau Claire,
Fond du Lac, and Oshkosh) of the State's twelve
cities having 1960 populations in excess of 25,000
which are not located within the four metropolitan
areas which have been mentioned. These four
metropolitan areas and three cities contained in
the aggregate 45.5 per cent of the State's 1960
population and, as of June 30, 1962, 20.5 per
cent of all banking offices in the State. As of that
date, banks in those areas and cities held 53.4 per
cent of the deposits of all banks in the State, and
the three Milwaukee-based holding companies
held 59.2 per cent of that 53.4 per cent; the acquisition of American by Applicant would increase
the proportion to 60.6 per cent.
Bankshares is a leading factor in this increasing tendency toward holding company dominance
of the larger and more profitable banking markets.
Five Bankshares banks rank first, fourth, nineteenth, twenty-first, and twenty-ninth in the State.
More significant, in Milwaukee, Eau Claire, Fond
du Lac, Oshkosh, and Madison, a Bankshares
bank is largest in the city and in the respective
county. True, the record does not suggest that the
system has been at all predatory in its relations
with the remaining, smaller banks in these areas.
Deposits of smaller banks in these areas have
shown greater relative growth during the last
decade than have deposits of holding company
banks. But this fact could as well be due to public
preference for local banks, rather than to lack of
3

Northwest Bancorporation v. Board of Governors,
303 F. 2d 832 at 842 (8th Cir. 1962).




competitive vigor. Or it might be due, in part at
least, to a tendency on the part of larger banks to
concentrate on serving the larger, and more
profitable, accounts and a willingness to leave
small customers to smaller banks.
The existence of a tendency to concentrate activity in larger banks, in the denser, more profitable markets, is borne out by the fact that of 19
banks sold by Applicant between 1934 and 1944,
11 had approximate deposits of $1 million, and 8
more had deposits of less than $4.5 million. Applicant's two remaining small banks are both
recently established, in rapidly growing sections
of the Milwaukee area. As the Board indicated in
its Statement in connection with the denial of the
application of Morgan New York State Corporation to become a bank holding company,4 where
one or more of the larger banks in an area affiliates
with a holding company, the smaller banks are
left with a longer uphill climb in their efforts to
catch up—their existing competitive disadvantage
is increased. The resulting competitive situation
may not be unbalanced unduly, at least as yet, but
bolstering the position of the big banks necessarily has that tendency. Any tendency to extend
the sphere of Bankshares' influence at the same
level must, therefore, be viewed with particular
caution.
Turning from the general competitive picture
in the State to that in the Racine area, it appears
that neither the deposits and loans of Bankshares'
subsidiaries, other than First Wisconsin, which
originate from Racine, nor the deposits and loans
of American, which originate from the five
counties where Bankshares' present subsidiaries
are located, are significant.
As of March 6, 1962, First Wisconsin had deposit relationships with 14 large industrial concerns located in Racine whose aggregate deposits
were over $4 million. These deposits represented
balances maintained by the firms in connection
with large loans, aggregating over $11 million,
made to them by First Wisconsin, and Applicant
stated that in each case the credit requirements of
the firm were greater than the combined loan limit
of all Racine banks. Moreover, First Wisconsin
was merely one of the large banks located in
various sections of the country with which these
concerns had banking relationships. While American might conceivably have been able to partici4

1962 Federal Reserve

BULLETIN

567.

LAW DEPARTMENT

pate, in a small way, in some of the loans, it was
hardly an effective competitor of First Wisconsin.
Entering the Bankshares system would, if anything, increase the proportion of such loans which
might, from time to time, fall to the share of
American.
The impact of approval on competition in
Racine would be felt, rather by the remaining independent local banks, chiefly in respect to their
ability to attract and hold accounts of small to
medium-size firms. If it is true that the small individual depositor prefers a locally owned bank,
he would lose one such alternative source of banking facilities through approval, but five would remain, four of them relatively small. Farmers &
Merchants Bank has deposits of $4.8 million,
North Side Bank of $15.7 million, West Racine
Bank of $12.2 million, and Bank of Elmwood,
which was organized in 1960, of $2.6 million.
As to medium-sized business accounts, on the
other hand, the proposed affiliation would enable
American further to widen the gap between the
two large and the four smaller Racine banks. At
present, when a business customer of one of the
smaller banks grows to the size where it will need
larger credit lines and more varied services than
that bank, or any group at Racine banks, can
provide, it may go outside the city, but its local
business, presumably, remains with and continues
to nourish its original local bank. If a larger
Racine bank, bolstered by holding company affiliation, could meet all of those needs, there could
be a tendency for all the banking of the firm to be
transferred to that bank, thus inhibiting the ability
of the smaller banks to grow into rounded service
institutions and, by sharing in locally generated
banking business, augment the number competing
in the provision of a broad range of services in
the Racine market. Applicant argues that large
banks and smaller banks are intrinsically different
species, but it must be remembered that American
was once a small bank, and grew to its present size
in the normal course of business life. In the
Board's judgment, approval of this application
would inhibit the development and maintenance
of a vigorous competitive atmosphere over the
full range of banking services in Racine.
A further consideration as to competition has
been urged by the Department of Justice. A director of Applicant is also a director of American's




187
larger competitor in Racine, and it has been suggested that, for this reason, effective competition
between the two sizable Racine banks would be
reduced if American entered Applicant's fold.
Since the Board has denied the application on
other grounds, it does not find it necessary to pass
on the degree to which a link of this kind might
reduce future competition.
Conclusions. Evaluating the whole picture, it
appears that approval of this application might
produce some small advantages under the management factor, and to the convenience, although not,
apparently, to the needs of the Racine community
or area. These advantages are outweighed however, in the Board's judgment, by the dangers implicit in the situation under the competitive factor.
Acquisitions by larger holding companies in the
State of the first or second biggest banks in larger
industrial areas may, if continued, result in more
and more communities being dominated by one or
another holding company system. This is not to say
that the Board would not, in an appropriate case,
approve further holding company formations or
acquisitions in Wisconsin,5 but it does mean that
each such application will be scrutinized with particular care as to the effect of an increase in size
and extent of an applicant's system, and of bank
holding companies in the relevant communities
and area generally, on the public welfare and the
preservation of banking competition.
On the basis of all the relevant facts as contained in the record before the Board and in the
light of the factors set forth in Section 3(c) of the
Act and the underlying purposes of the Act, it is
the Board's judgment that the transaction here
proposed would not be consistent with the public
interest and that the application should therefore
be denied.
FIRST WISCONSIN BANKSHARES
CORPORATION, MILWAUKEE, WISCONSIN
In the matter of the application of First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, for prior approval of the acquisition of 80 per
cent or more of the voting shares of Merchants &
Savings Bank, Janesville, Wisconsin.
5
See the Board's Order and Statement in Matter of
the Application of Valley Bancorporation.

188

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

ORDER DENYING APPLICATION

There has come before the Board of Governors,
pursuant to Section 3(a) (2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842) and Section 222.4(a) (2) of Federal Reserve Regulation
Y (12 CFR 222.4(a)(2)), an application on behalf of First Wisconsin Bankshares Corporation,
Milwaukee, Wisconsin, for the Board's prior approval of the acquisition of 80 per cent or more
of the voting shares of Merchants & Savings Bank,
Janesville, Wisconsin.
As required by Section 3(b) of the said Act, the
Board gave notice of receipt of the application to
the Commissioner of Banks of the State of Wisconsin, soliciting his views and recommendation.
By letter of May 25, 1962, the Commissioner of
Banks recommended denial of the application.
However, the letter was not received within the
period of thirty days within which the receipt of
such a recommendation would, under the Act,
have required the Board to hold a formal hearing
on the application.
Notice of Receipt of Application was also published in the Federal Register on April 12, 1962
(27 F.R. 3530), which provided an opportunity
for submission of comments and views regarding
the proposed acquisition. The Department of
Justice submitted to the Board a Statement of the
United States in Opposition to the proposed acquisition. The Applicant filed with the Board a
Rebuttal to the said Statement of the United
States. Following the expiration of the time for
filing views and comments, the Board ordered a
public proceeding for the oral presentation of
views, notice of which was published in the Federal Register on June 27, 1962 (27 F.R. 6057).
In accordance therewith, the said proceeding was
conducted before the Board on August 7, 1962.
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that said
application be and hereby is denied.
Dated at Washington, D. C , this 31st day of
January, 1963.
By order of the Board of Governors.
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]




STATEMENT

UNDER BANK

HOLDING COMPANY ACT

First
Wisconsin
Bankshares
Corporation
("Bankshares" or "Applicant"), Milwaukee, Wisconsin, a registered bank holding company, has
filed an application pursuant to Section 3 (a) (2)
of the Bank Holding Company Act of 1956 ("the
Act") for the Board's approval of the acquisition
of 80 per cent or more of the outstanding voting
shares of Merchants & Savings Bank ("Merchants"), Janesville, Wisconsin.
Bankshares owns seven banks and one trust
company operating a total of 24 offices in five
counties in Wisconsin. As of June 30, 1962,1 the
seven banks and the trust company had total deposits of approximately $875 million, of which
approximately $683 million were held by First
Wisconsin National Bank, Milwaukee, with 13
offices. Two of the other six banks and the trust
company are located in Milwaukee County, with
one office each and about $12 million of total deposits combined. The other four banks are located
in Fond du Lac (Fond du Lac County), Eau
Claire (Eau Claire County), Madison (Dane
County), and Oshkosh (Winnebago County).
Merchants, with about $22 million in total
deposits, operates its only office in Janesville, Rock
County, about 71 miles southwest of Milwaukee.
As stated in the Board's Order, the recommendation of denial by the Wisconsin Commissioner of
Banks was not received in time to make mandatory
a formal hearing on this application. It is nevertheless appropriate for the Board to take his views
into account. The grounds of the Commisisoner's
recommendation were, in part, that in addition to
controlling more than 50 per cent of the volume
of deposits in Milwaukee the Applicant already
controls the "largest and most dominant bank"
in four other Wisconsin cities and would, by the
acquisition of Merchants, gain control of the
"largest and most dominant bank" in Janesville;
that Merchants
"currently is well managed, has an adequate
reserve for successor management, and is in
a position to adequately meet the credit needs
of the community in cooperation with other
existing banks in said city";
and that
"In summary
1

. growth and expansion of

All statistics herein are as of June 30, 1962, except
as otherwise indicated.

189

LAW DEPARTMENT
holding companies in the State of Wisconsin
should be halted if monopoly of banking
operations is to be avoided, particularly when
such growth and expansion involves the acquisition of the dominant independent banks
in the respective areas where such banks
are located."
With respect to this application, Section 3(c) of
the Act requires the Board to take into consideration the following factors: (1) the financial history and condition of the company and the bank
concerned; (2) their prospects; (3) the character
of their management; (4) the convenience, needs,
and welfare of the communities and the area
concerned; and (5) whether or not the effect of
such acquisition would be to expand the size or
extent of the bank holding company system involved beyond limits consistent with adequate and
sound banking, the public interest, and the preservation of competition in the field of banking.
Banking Factors. Consideration of the financial
history and condition of both Applicant and Merchants discloses nothing that would constitute a
reason for either approval or disapproval. Merchants appears to have been soundly and successfully operated since its organization in 1875 without being party to any mergers, reorganizations,
or the like, except for its absorption in 1922 of a
bank that had failed. In spite of an asserted loss
of business to larger banks and out-of-State banks,
the ten-year period ended December 31, 1961, saw
Merchants' deposits grow by more than 40 per
cent, and the bank has remained well capitalized.
At the same time, the Bankshares system has a
sound record in the operation of its banks and its
control of Merchants would not be expected to
have any adverse effect on the condition of that
bank.
The past performance of the holding company's
banks indicates favorable prospects for the system, and there is no reason for supposing that
affiliation of Merchants with this system would adversely affect that bank's prospects. However, on
the basis of the bank's past performance, present situation, and the prospects for the economy
of the area served by the bank, its prospects would
be favorable without the proposed holding company affiliation.
This latter conclusion takes into account assertions by Applicant that Merchants, while
strongly and capably managed at present, lacks




sufficient management depth to ensure continuity
of quality leadership and that the bank, on the
basis of past experience, anticipates difficulty in
recruiting and retaining adequate personnel. There
is some ground for belief that affiliation with Bankshares would facilitate provision for management
succession, but it appears that Merchants has
consistently obtained competent management in
the past, and the evidence that it cannot continue
to do so is not strong. Consequently, while considerations relative to the management factor may
be regarded as favorable in a slight degree, they
do not argue strongly for approval of the application.
Convenience, needs, and welfare. Since the
Bankshares subsidiary nearest to Merchants is
about 42 miles distant in Madison, Dane County,
and since the addition of Merchants to the system
would not substantially affect the service capacity
of the system's banks individually or as a group,
consideration of the convenience, needs, and welfare of the communities and area involved is
properly focused on the area served by Merchants and the effect which its affiliation with
Bankshares would be expected to have on banking
service in that area now and in the future.
The City of Janesville, comprising about 12
square miles with a population of about 35,000,
substantially represents the primary service area2
of Merchants, whose only office is located in the
city's principal commercial district. Janesville is
the largest city in Rock County and is a principal
industrial and trading center of the County. There
are four other banks in Janesville, with an aggregate of about $35 million in total deposits, the
largest of these having about $17 million as compared with $22 million for Merchants. One of the
four, the Bank of Janesville, with a little over $1
million in deposits, was recently organized by and
is now owned by directors and principal stockholders of Merchants. While its size limits its present importance in the local banking scene, the
Bank of Janesville should be regarded more as an
affiliate than as an independent competitor of
Merchants.
Besides the Janesville banks, there are eleven
banks in Rock County, seven of which are believed by Applicant to draw a substantial amount
of their banking business from Janesville. Of these
2

The area from which the bank draws about 75 per
cent of its deposits.

190

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

seven, four are in the $1 million to $4 million deposit range, the other three being two commercial
banks and one mutual savings bank in Beloit,
with about $34 million, $20 million, and $14 million, respectively, in total deposits. Thus, it appears that banking service is being provided to
Janesville and the surrounding area in varying
degrees by a number of banks. The Applicant asserts, however, that there remain banking needs
that the affiliation of Merchants with Bankshares
could help fill, and that also, through improvements in present banking service, such affiliation
would be of benefit to the community and the
area.
With respect to lending services, the Applicant
alleges that large businesses with operations in
Janesville now turn to outside sources, in particular the financial centers of Chicago and New York,
for their credit needs. It is urged that, through
participations with Bankshares' other subsidiaries,
Merchants, as a subsidiary, could make available
an effective lending limit of $5 million that would
aid in retaining and recovering the loan accounts
of large customers. In other lending activities such
as instalment loans, equipment loans, and inventory financing, and in other fields such as international banking, trust services, investment
portfolio management, and technical services, the
Applicant urges that the advice and assistance it
could provide to Merchants would substantially
improve the scope and quality of the service
offered by Merchants and therefore benefit the
area it serves. Anticipated assistance in the provision of management succession and easier access to additional capital are also cited for their
indirect beneficial effect on the bank's service
capacity.
Conceding the alleged advantages of access to
the experience and facilities of the holding company organization that could be afforded to Merchants as a member of the Bankshares system, the
question is not so much how a particular bank
may improve or expand its services as whether
such improvement or expansion is indicated for
the provision of adequate and convenient banking service to the community and area. While all
the Applicant's presentations of fact and opinion
on this aspect of the application have been considered, the Board is not convinced that the Janesville area so lacks scope and quality in banking
service as to indicate a need for the step here pro-




posed. To the extent service is desired beyond the
capacity of the area's banks, the resources of competitive correspondent banking alternatives would
seem adequate to the demand for local service.
The fact that large national industries or business concerns have operations in or near a community does not necessarily mean that the community must be in a position to satisfy all their
banking needs or even that such apparent convenience is desired by the businesses in question.
Large industries locate their offices all over the
country even though they are aware that they
will be turning directly to the financial centers for
their major credit needs. Geographical proximity
to sources of adequate credit is not a prime consideration to the larger business borrowers; moreover, it is not inimical to the welfare of a community in Wisconsin that it is unable to compete
on an equal footing with New York, Chicago, or
even Milwaukee, in the credit service it can afford
to large concerns with local operations. Nor is it
inimical to the interests of individuals and the
smaller local businesses that their credit needs
do not have to compete with those of the largest
concerns in the area. The extent to which economic growth in the Janesville area can be accelerated by better banking and credit facilities
depends more on the quality and adequacy of
service to the smaller businesses of the area than
to the large businesses with alternatives elsewhere.
Furthermore, any increase the affiliation might
effect in Merchants' ability to service the larger
credit accounts locally would not necessarily
mean that the banking resources generated thereby
would be wholly retained by Merchants. In general effect as to such accounts the affiliation would
represent at best an improvement in the correspondent banking service available in Janesville,
and as the other banks in the system (notably
First Wisconsin National Bank in Milwaukee)
made their resources and facilities available to
Merchants so would they be expected to participate in the benefits of the business thereby attracted to the system. Depending on the policies
and practices within the system, Merchants might
fare better in this respect than it would as an
arm's-length correspondent; nevertheless, only a
portion of the business attracted from out of town
to Merchants as an affiliate would represent increased economic benefit to Janesville, At that,
for the purposes of the Act less importance would

LAW DEPARTMENT
attach to such economic benefit than would attach if the area's economy were not prospering.
For the above reasons, the Board does not believe that a strong case for approval has been
presented under the fourth factor.
Effect on adequate and sound banking, the public interest, and banking competition. For the most
part, the information on distribution of banking
resources and offices in Wisconsin does not, on
its face, present a picture of a situation that is
now manifestly hostile to healthy competition or
that would be substantially altered in that direction by the proposed acquisition. Nor does it appear that the proposed acquisition would so extend the holding company system as to be inconsistent with adequate and sound banking. The
situation in the pertinent markets of the State is
such, however, that if the proposed acquisition
would have a tendency contrary to the statutory
aim of preserving banking competition, such fact
must be viewed adversely even though the acquisition's direct effects might be slight.
The nearest Bankshares' subsidiary to Merchants is in Madison, 42 miles distant, and Milwaukee, where First Wisconsin National is located,
is 71 miles away. Thus, while it appears that the
latter bank, as the largest bank in Wisconsin, draws
some kinds of business from a State-wide market,
the elimination of present competition between
Merchants and Bankshares' subsidiaries by the
proposed acquisition is not a significant consideration.
As regards concentration of banking resources,
consideration is to be given to the position of the
Bankshares system in the markets in which it
operates, to the position of Merchants in its market, and to the probable effect of the proposed acquisition on these positions. With some $875 million of deposits, the Bankshares banks comprise
the largest banking organization in the State, that
amount representing about 18 per cent of the total
for the State. Of the $875 million more than 75
per cent is held by First Wisconsin National Bank,
Milwaukee, the "keystone" bank of the system
and the largest in the State. That bank's deposits
represent over 40 per cent of the total deposits of
banks in Milwaukee County. In each of the other
four counties in which Bankshares has subsidiaries,
their deposits represent from about 27 per cent
to about 45 per cent of the totals for all banks in
each county.




191
It cannot be said that these figures necessarily
indicate an undue competitive advantage on the
part of Bankshares' banks in their markets, particularly in view of the generally lower rates of
growth of Bankshares' banks as compared with
other banks in the same areas. The fact remains,
however, that the system's present subsidiaries not
only comprise the largest banking organization in
the State, but also are individually the largest banks
in their respective counties.
Merchants is the largest bank in Janesville, and
in the County is second only to Beloit State Bank,
Beloit. Merchants' $22 million of total deposits
represent about 39 per cent of the total deposits of
all banks in Janesville. Other banks in the area
offer considerable competition, but Merchants'
size gives it a competitive advantage not only in
serving credit needs too large for the other banks
in the Janesville area but also in drawing other
banking business—both that relate to the large
credit accounts and other business not so related—
all of which could be handled by the other banks.
Since it appears, apart from questions of convenience, needs, and welfare, that membership in
the Bankshares system would increase Merchants'
effective capacity to supply business credit and
serve specialized business needs, to the extent such
added capacity were utilized the affiliation would
set Merchants further apart as the bank for business customers in Janesville and thus expand its
potential for dominance. The acquisition would
thus tend to restrict the range of opportunities
within which other Janesville banks could effectively compete for the banking business of the
Janesville area.
If Merchants were thus enabled to pre-empt an
even greater share of Janesville's banking business than it now has without having to rely on the
success of its direct competitive efforts, the similar efforts of the other banks would be in part
negated and the future growth and development
of those banks would be further inhibited. This,
in turn, would dull their very incentive to compete and thereby lessen the vigor of banking
competition in the area.
As discussed previously, there seems to be no
such void in the banking service required in
Janesville that the impact of the acquisition of
Merchants by Bankshares would work immediate
major changes in the area's competitive picture,
but it does appear to the Board that such effects

192

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

as would result would be contrary to the public's
interest in the preservation of competition.
The addition of Merchants to the Bankshares
system could also be regarded as contributing to
the protection of First Wisconsin National Bank
in its position as the leading bank in a State financial center. As discussed in connection with the
fourth factor, the acquisition of Merchants would
not necessarily result in a substantial shift of the
banking business of Janesville concerns to the
Bankshares' banks; but the affiliation of the largest
bank in the State with the largest bank in a fifth
area of the State outside Milwaukee would tend
contrary to flexibility and vigor of competition in
the broader commercial and industrial market
served by Milwaukee banks.
Conclusion, The declared aims and desires of
the parties to a proposal such as that before the
Board are not to be disregarded. However, even
granting full force to the assertions of the proponents as to the benefits that would flow to both
the bank and the holding company from the
affiliation, they do not add up to the degree of
public benefit which would make it consistent
with the terms and purposes of the Act to permit
the absorption of a strong and vigorous independent bank, the largest in its own area, by the
largest banking organization in the State. The
responsibility imposed on the Board by Congress
to restrain the aggregation of banking resources
through the holding company device is not limited
to situations where immediate adverse effects may
be foreseen, but extends also to those where already existing competitive advantage would be increased without foreseeeable compensating benefit to the public.
Accordingly, viewing the relevant facts in the
light of the general purposes of the Act and the
factors enumerated in Section 3(c), it is the judgment of the Board that the proposed acquisition
would not be consistent with the statutory objectives and the public interest and that the application should be denied.
THE MARINE CORPORATION,
MILWAUKEE, WISCONSIN
In the matter of the application of The Marine
Corporation, Milwaukee, Wisconsin, for prior
approval of the acquisition of 80 per cent or more




of the voting shares of The Beloit State Bank,
Beloit, Wisconsin. Docket No. BHC-65
ORDER DENYING APPLICATION UNDER BANK
HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to Section 3 (a) (2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842) and
Section 222.4(a)(2) of Federal Reserve Regulation Y (12 CFR 222.4(a)(2)), an application on
behalf of The Marine Corporation, Milwaukee,
Wisconsin, for the Board's prior approval of the
acquisition of 80 per cent or more of the voting
shares of The Beloit State Bank, Beloit, Wisconsin.
As required by Section 3(b) of the said Act,
the Board gave notice of receipt of the application
to the Commissioner of Banks for the State of
Wisconsin. Notice of receipt of the application was
also published in the Federal Register on June 20,
1962 (27 F.R. 5828), affording opportunity for
submission of comments and views regarding the
proposed acquisition.
Within 30 days after having been notified of the
Board's receipt of the application, the Commissioner of Banks for the State of Wisconsin advised
the Board in writing of his recommendation that
the application be disapproved. In such circumstances, the Board is required by Section 3(b) of
the Act to order a hearing. Accordingly, the Board
issued an Order for Public Hearing, which was
published in the Federal Register on July 21, 1962
(27 F.R. 6958), and a hearing was held before a
duly selected Hearing Examiner on August 14 and
15, 1962, at which testimony and exhibits bearing
on the application were received.
Applicant has filed a Brief and Proposed Findings of Fact and Conclusions of Law, and the
Hearing Examiner has filed with the Board a
Report and Recommended Decision recommending approval of the application. In addition, the
United States Department of Justice has submitted
Objections to Hearing Examiner's Recommended
Decision and the Applicant has filed a Reply to
Department of Justice Objections.
Having considered all matters properly before
the Board in this proceeding,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that the said
application be and hereby is denied.

193

LAW DEPARTMENT
Dated at Washington, D. C , this 31st day of
January, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and
Mitchell. Voting against this action: Governor King.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

The Marine Corporation ("Applicant"), Milwaukee, Wisconsin, a bank holding company, has
applied, pursuant to Section 3(a) (2) of the Bank
Holding Company Act of 1956 ("the Act"), for
the Board's prior approval of the acquisition of
80 per cent or more of the voting shares of The
Beloit State Bank ("Beloit State" or "Bank"),
Beloit, Wisconsin.
Background. Following the filing of the application and pursuant to requirement of the Act, views
on the application were requested of the Commissioner of Banks for the State of Wisconsin. Notice
of receipt of the application was also transmitted
to the United States Department of Justice and
was published in the Federal Register on June 20,
1962 (27 F.R. 5828).
By letter dated July 13, 1962, the Commissioner
recommended to the Board that the application be
disapproved. This recommendation was made
within 30 days of the Board's notice to the Commissioner of receipt of the application and, therefore, as required by Section 3(b) of the Act, the
Board, by Order dated July 18, 1962, scheduled
a public hearing to commence on August 14,
1962. Applicant and the Commissioner were directly notified, as required by the statute, and
notice of the hearing was published in the Federal Register on July 21, 1962 (27 F.R. 6958).
The hearing was held in Chicago, Illinois, on
August 14, 1962, and in Beloit, Wisconsin, on
August 15, 1962, before Hearing Examiner
Charles W. Schneider, who was selected for such
purpose by the United States Civil Service Commission pursuant to Section 11 of the Administrative Procedure Act (5 U.S.C. 1010). Witnesses
called and examined by Applicant were also subjected to examination by counsel for the Board,
and exhibits were introduced on behalf of the
Applicant and of the Board. No witnesses opposing
the application appeared at the hearing, although




the letter of the Commissioner recommending disapproval and a Statement of the United States in
Opposition, filed by the Department of Justice,
were received in evidence.
Subsequent to the hearing, Applicant filed a
Brief and Proposed Findings of Fact and Conclusions of Law. On November 9, 1962, the Hearing Examiner filed his Report and Recommended
Decision with the Board, recommending approval
of the application. Thereafter, the Department of
Justice submitted Objections to Hearing Examiner's Recommended Decision, and the Applicant
filed a Reply to Department of Justice Objections.
On the basis of the factual record made at the
hearing, including the Hearing Examiner's report
and the pleadings described above presenting argument based upon the hearing record, the matter
is now before the Board for decision.
Views and recommendation of supervisory authority. As noted, the Commissioner of Banks for
the State of Wisconsin has recommended disapproval of the application. His letter to the Board
containing this recommendation stated in part
that—
". . . the major bank holding companies of
Wisconsin are engaged in a struggle for control of our dominant independent banks and,
unless stopped at this point, will ultimately
lead to monopoly control of banking in the
State of Wisconsin."
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following five factors: (1) the financial history
and condition of the holding company and bank
concerned; (2) their prospects; (3) the character
of their management; (4) the convenience, needs,
and welfare of the communities and the area concerned; and (5) whether the effect of the acquisition would be to expand the size or extent of the
bank holding company system involved beyond
limits consistent with adequate and sound banking, the public interest, and the preservation of
competition in the field of banking.
Financial history and condition. Applicant began operations as a bank holding company on
December 31, 1958, and at the present time controls 10 banks operating in the State of Wisconsin. These banks, together with their deposits as

194

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

of March 26, 1962,1 are as follows: Marine National Exchange Bank, Milwaukee ($173 million);
Wisconsin Marine Bank, Milwaukee ($32 million); Security State Bank, Madison ($21 million); 2 National Manufacturers Bank of Neenah
($18 million); Peoples Trust and Savings Bank,
Green Bay ($17 million); Capitol Marine Bank,
Milwaukee ($15 million); Cudahy Marine Bank,
Cudahy ($14 million); South Milwaukee Marine
Bank, South Milwaukee ($9.3 million); Waukesha
County Marine Bank, Pewaukee ($9.2 million);
and Oak Creek Marine National Bank, Oak Creek
($1.3 million). In addition, the Board has given
its approval to Applicant's acquisition of Waukesha Marine National Bank, Waukesha (a new
bank, not yet open). In terms of total deposits,
Applicant is the third largest of the holding companies headquartered in the State of Wisconsin,
and (as of December 31, 1961) the fifteenth
largest in the United States.
Since Applicant's principal assets are the stocks
of its subsidiary banks, the condition of those
banks is the principal factor bearing on the financial condition of Applicant. Total deposits and
capital accounts of Applicant's subsidiary banks
are $308 million and $29 million, respectively, and
on the basis of all available information the financial condition of these banks appears to be satisfactory. Accordingly, the Board finds, as did the
Hearing Examiner, that Applicant's financial
history and condition are satisfactory.
Beloit State was organized and began operations in 1892 and has shown a relatively consistent pattern of growth. Deposits have increased
six-fold since 1940. Since 1955 this deposit growth
has been largely in time deposits; from year-end
1955 to March 26, 1962, while total deposits were
increasing from $24 million to $34 million, demand deposits actually declined slightly (by $300
thousand), a situation which appears attributable,
in large part, to a decline in large commercial and
industrial demand accounts. Beloit State has loans
of $16 million and total assets of $38 million.
From December 31, 1956, to March 26, 1962,
Beloit State's capital accounts increased from $2
million to $2.9 million from retained earnings and
1
Unless otherwise indicated, all figures used herein
are of this date.
2
This bank was acquired by Applicant on June 29,
1962, and allfiguresherein have been adjusted, where
necessary, to reflect this acquisition.




its reserve for bad debts increased from $258
thousand to $656 thousand. The Hearing Examiner found, and the Board agrees, that the financial history and condition of Beloit State are
satisfactory.
Prospects. The prospects of Applicant are intimately related to the prospects of its subsidiary
banks. Each present subsidiary is located in a
prosperous and growing area of the State. Six of
these subsidiaries are located in Milwaukee
County: Marine National Exchange Bank, located
in downtown Milwaukee, is the third largest bank
in the City and State; Capitol Marine Bank is
located in the northeast section of Milwaukee in
a prosperous business, industrial, and residential
area; South Milwaukee Marine Bank is located
in South Milwaukee, a growing suburb of the City
of Milwaukee; Cudahy Marine Bank is located in
Cudahy, another suburb of Milwaukee, which
has experienced substantial population growth and
industrial development in the last decade; Wisconsin Marine Bank has experienced a striking recent
growth and is located in a section of the south
side of the City of Milwaukee which is being redeveloped; and Oak Creek Marine Bank is located
in a growing community in the southeastern
corner of Milwaukee County with its service area
bounded on the north by the city limits of Milwaukee. The Waukesha County Marine Bank,
Pewaukee, is located in the county to the west of
Milwaukee County, and its head office is approximately 20 miles west and somewhat north of
the downtown business district of the City of Milwaukee. Peoples Trust and Savings Bank is located
in downtown Green Bay, a prosperous community
located approximately 115 miles north of Milwaukee. The National Manufacturers Bank of
Neenah, the second largest bank in the cities of
Neenah and Menasha, is located approximately 70
miles northwest of Milwaukee in Winnebago
County. The recently acquired Security State Bank
is located in a rapidly growing trade area on the
east side of the city of Madison, 77 miles west of
Milwaukee in Dane County. The Waukesha
Marine National Bank, when opened, will be
located in downtown Waukesha, 18 miles west of
the downtown business district of Milwaukee.
Each of these banks appears to have good prospects, and therefore the Board concludes, as did
the Hearing Examiner, that the prospects of Applicant are satisfactory.

LAW DEPARTMENT
So far as concerns Beloit State, Applicant expresses the view that the prospects for continued
growth and expansion and development of its
services are good if it can meet the challenge arising from the expansion of its primary trade area
and the increasing competition from banks in the
large metropolitan centers for the credit and deposit business of the principal industrial concerns
in its primary trade area. This latter point was the
subject of considerable attention and emphasis,
both in the application and during the course of
the hearing, and, in the final analysis, may be
characterized as the primary consideration upon
which Applicant seeks to justify the proposed
acquisition.
It is possible, as contended by Applicant, that
if Beloit State were to become affiliated with Applicant's holding company system, some of the
credit and service requirements of the large industrial concerns in the Beloit area might be
more readily accomodated locally, and that this,
in turn, might enable Beloit State to recapture
some of the loan and deposit business of these
firms which has migrated to the large financial
centers such as Chicago and New York. Assuming, without conceding, the correctness of Applicant's assertion that a major portion of the recaptured deposits could be expected to remain
with Beloit State and be utilized in the Beloit area,
nevertheless this is only one of the economic considerations which has a bearing on the prospects
of Beloit State. The City of Beloit is in the center
of an area which has demonstrated a vigorous upward trend in population and business over the
past two decades, and according to a population
study prepared for the Beloit City Planning Commission in March 1962, there is every indication
that this trend will continue. Based on Beloit
State's pattern of growth to date and taking into
account its dynamic management, it appears reasonable to conclude that it will capture a fair share
of the new banking activity inherent in the expansion of population and business in the vicinity
of Beloit, and that effective steps will be taken by
Bank to keep pace with the demand from the
community at large for new and improved banking
services. The Hearing Examiner found Beloit
State's prospects to be good and, in the Board's
opinion, this would be true whether or not it is
affiliated with Applicant, although its prospects




195
would probably be bettered to some degree by
consummation of the proposed acquisition.
Management. Applicant has 21 directors; 15 are
officers and/or directors of Marine National Exchange Bank, including its president, 3 are presidents of other subsidiary banks (Cudahy Marine
Bank, National Manufacturers Bank of Neenah,
and Wisconsin Marine Bank), 1 is a director of
Oak Creek Marine National Bank, and only 2 have
no official relationship with Applicant's subsidiaries. Applicant's officers are drawn predominantly from the ranks of officers of Marine National Exchange Bank, Applicant's largest subsidiary. Collectively, these directors and officers
represent considerable knowledge and experience
in the field of banking, and in the Board's opinion
the character of Applicant's management is satisfactory. This is in accord with the finding of the
Hearing Examiner.
Applicant states that the present management of
Beloit State is competent, and all indications support this comment. Its Board of Directors includes
the President of Beloit College and the presidents
of four large local manufacturing concerns, which
gives Bank access to a pool of mature and thoughtful business judgment. Beloit State's officers are
relatively young and appear to be able and aggressive. In light of the foregoing, the Board is of the
view that the character of Bank's management is
satisfactory, which is consistent with the Hearing
Examiner's finding that management is "apparently outstanding."
Applicant claims, however, that notwithstanding
the present quality of Beloit State's management,
Bank is finding it increasingly difficult to fill management vacancies and attract adequate personnel,
and that this situation bodes ill for the future unless access is had to the pool of experienced personnel in Applicant's system. Certainly this contention merits careful consideration by the Board.
However, the record shows that during the past
five years Beloit State has been able to find and
employ five capable executives. Viewed in perspective, there is no indication that Beloit State's
problems with regard to management succession
and replacement differ markedly from those facing
the banking industry in general or, more particularly, other banks of similar size and operating circumstances. Thus, while it is recognized that staffing problems might be solved more readily as a
member of a holding company system, the Board

196

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

cannot conclude that affiliation with Applicant is
the only reasonable means of insuring continued
vitality and competence in Bank's management
ranks, and therefore does not regard this consideration as weighing significantly in favor of approval of the application.
Convenience, needs, and welfare of the communities and the area concerned. Beloit State's
only office is located in the City of Beloit, Rock
County, Wisconsin, which is immediately north of
the Illinois-Wisconsin border, 107 miles northwest
of Chicago, 73 miles southwest of Milwaukee, 48
miles southeast of Madison, and 13 miles south of
Janesville. Bank's primary service area encompasses all of the City of Beloit and almost all of
the Town of Beloit and the Town of Turtle; the
estimated population of this area, as of the date of
the application, was 45,541.
Besides Beloit State, with deposits of $34 million, there are two other banks in the City of
Beloit—the First National Bank and Trust Company and the Beloit Savings Bank (an insured
mutual savings bank), having deposits of $20 million and $14 million, respectively. All three banks
are located within a block of each other.
Rock County had a population of 113,913 at
the time of the 1960 census, representing a 22.8
per cent increase over the preceding 10 years. In
addition to the 3 Beloit banks, there are 13 other
banks in the County. Beloit State is the largest of
these 16 banks, followed by Merchants & Savings
Bank, Janesville (deposits $21 million), First National Bank & Trust Company, Beloit (deposits
$20 million), First National Bank of Janesville
(deposits $16 million), and Beloit Savings Bank
(deposits $14 million). The 11 remaining Rock
County banks range in deposits from $9.2 million
down to $1.2 million.
According to Applicant, the trade area served
by Beloit State would benefit in the following ways
from approval of the proposed acquisition:
(a) Bank would be able to maintain and add to
its experienced staff, both on the management level
and in the various service areas, thereby bringing
to the area a degree of specialization in banking
services which is now lacking.
(b) Bank would be better able to compete with
the large metropolitan banks in serving the large
industrial concerns located in its primary service
area, both in terms of credit demands and with
respect to highly specialized counsel such as in




the field of foreign trade, thereby attracting larger
deposit balances from these firms which would increase the strength of Bank and enhance its
growth, leading to improvement in the financial
strength and stability of the community. A collateral consideration also advanced is that local
availability of the necessary banking services could
attract new concerns to the Beloit area and encourage existing firms to expand operations in
Beloit rather than elsewhere.
(c) Bank would be better able to develop its
instalment loan business, a service for which there
is great potential in the Beloit area.
(d) Bank would be able to provide better trust
and investment services, particularly in the field
of corporate fiduciary operations.
In addition to the foregoing, it is claimed that
affiliation with Applicant would give Beloit State
access to improved operational features such as
automation, portfolio management and analysis,
system and procedure studies, participation in
joint advertising programs, credit investigation and
review, centralized purchasing, personnel training
and development, coordinated fringe benefit administration, and coverage in group insurance
policies; also, that new capital would be more
readily available when required. Presumably, it is
Applicant's position that these incidental advantages of Bank's affiliation would redound to the
benefit of the individuals and businesses in the
Beloit area by making Bank stronger and more
efficient, thereby enabling it better to serve its
customers.
With respect to the circumstances bearing on
the fourth statutory factor, the Hearing Examiner
concluded that—
"On the basis of the evidence presented the
program would appear to be in the public interest, in that it would contribute to the convenience, needs, and welfare of the community and the area concerned and introduce
desirable competitive forces within the affected banking structure. It would seem reasonable to conclude that strengthening a local
financial institution so as to enable it to serve
local needs with greater adequacy, and thus to
compete more effectively with out-of-area
banks for area business should provide a
broader competitive base, and consequent
better service, and thus further the legitimate
interests of the local community. In this sense

LAW DEPARTMENT
the tendency of the result would appear to be
to diffuse and to moderate existing concentration of banking power and resources. It
would thus seem that unless there are substantial countervailing considerations the application should be approved. * * * "
Although agreeing in principle with the conclusion
of the Hearing Examiner concerning the favorable
impact of the circumstances bearing on the fourth
statutory factor in this case, the Board does not
regard the evidence relating thereto as being quite
so persuasive.
There is no evidence of record to indicate that
there are banking needs within Beloit State's service area which are presently unserved. Nor would
it appear that the welfare of the community would
be materially affected by consummation of the
proposed transaction.
Applicant asserts its belief that should Beloit
State become affiliated with Applicant's holding
company system, a substantial portion of the large
business concerns in and around Beloit would
thereafter utilize Bank's service to a greater extent,
resulting in Bank's acquiring some of the deposits
of these businesses now held by banks in Chicago,
Milwaukee, and New York. While it appears
equally likely that a substantial part of any such
deposits moving to Beloit State from the banks in
the large financial centers might in fact be transferred to other subsidiaries of Applicant, principally Marine National Exchange Bank, to the
extent that Applicant's management found it advantageous to leave these deposits in Beloit State,
there could be, as Applicant argues, some positive
influence on the economy of the Beloit area. However, former customers attracted back to Beloit
State by the larger loan and service potential of
the holding company system may well be borrowers as well as depositors, and it may be questioned whether their additions to the local pool of
loanable funds (through recaptured deposits)
would exceed their drains upon the local pool of
loanable funds (through repatriated loans).
To be sure, the management of the holding company system and that of its larger customers may
arrange the distribution of loans, deposits, and
services through the holding company system in
any desired fashion that conforms to legal limitations. Nevertheless, the long-run incentives for
management to make such distribution in ways
which enlarge the net lending potential of Beloit




197
State will arise out of the useful services available
through Bank and the profitable opportunities for
investment in the area which it serves. With regard
to this point, there is no indication in the evidence
before the Board of a relatively profitable unsatisfied margin of local credit demands in the Beloit
area, nor are there signs that the growth of the
Beloit area has been or will be hampered by reason
of inadequate bank credit. Thus, there can be no
firm reason to believe that the proposed acquisition would have a significant impact in this respect
on the welfare of Beloit and environs.
So far as concerns the convenience of banking
services in Beloit, the record supports the conclusion that the general banking requirements of
the majority of Beloit's residents are adequately
and conveniently served by the local banks, and
that the principal beneficiaries, in terms of convenience, of the proposed acquisition would be
the few large business enterprises in the Beloit
area which might benefit from having a local conduit for counsel and services of a highly specialized nature, such as foreign trade and corporate
fiduciary activities, as well as from having an augmented supply of credit available through a local
source.
Certainly Bank's desire to accommodate this
segment of the business community as well as the
public at large is a legitimate and laudable objective, and it appears in the present case, whatever the usual situation with regard to correspondent relationships may be, that Beloit State has
found resort to its correspondent banks for credit
and service assistance unsatisfactory, compounding the difficulties which it has faced and foresees
in aspiring to the patronage of the large businesses
in the Beloit area. Possibly Beloit State could, by
diligent search, find a correspondent or correspondents which would be willing to engage in a
viable and mutually satisfactory working relationship.3 By the same token, in light of Beloit State's
past history and the enterprising character of its
present management, it might reasonably be expected to take necessary action to broaden its
services. However, the fact of the matter is that
were the proposed affiliation to take place it is
3
It may well be that this has already been accomplished, since shortly before the public hearing Marine
National Exchange Bank in Milwaukee, the largest
bank in Applicant's holding company system, became
Beloit State's principal correspondent.

198

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

reasonable to predict that Beloit State might well
be in a position better to meet at least part of the
banking requirements of the firms in question, and
the local availability of this alternative source of
service could reasonably be regarded as representing a greater convenience to such firms.
Thus, while the circumstances surrounding the
application here under consideration which have a
bearing on the statutory factor of convenience,
needs, and welfare of the community and area
involved resolve themselves into a question primarily of the convenience of Beloit State's present
and potential customers, and in this regard the
issue is one essentially of the convenience of the
large industrial concerns in Bank's service area,
the Board regards the contribution to the convenience of this important segment of the community as weighing, although not heavily, in favor
of approval of the application.
Effect on adequate and sound banking, the public interest, and competition. The fifth statustory
factor which the Board is directed to consider is
whether the proposed acquisition would expand
the size or extent of the holding company system
involved beyond limits consistent with adequate
and sound banking, the public interest, and the
preservation of competition in the field of banking.
As pointed out by the Board in the Morgan New
York State Corporation case (1962 Federal Reserve BULLETIN (May) pp. 579 et seq.), while
each of the statutory factors is important and no
single one controlling, in evaluating the weight
and significance of the various considerations
which are found to exist with respect to a given
proposal the Board must bear in mind the overall purposes of the statute. The legislative history
of the Act reveals that a principal impetus for its
enactment was the belief of the Congress that
there was need for regulatory control over affiliations of banks through the holding company device because, uncontrolled, such activity could
lead to undue concentration of banking resources
and activities as well as restraint or inhibition of
competition.
The first point to be considered in relation to
this factor is the effect of the proposed acquisition
in this case upon the size and extent of Applicant's holding company system.
Applicant, with its 10 operating subsidiary banks
having 12 banking offices in the State of Wiscon-




sin and controlling $308 million in deposits,4 ranks
as the third largest bank holding company headquartered in Wisconsin and (as of December 31,
1961) the fifteenth largest (out of 46) in the
United States. Although only a bit over one-third
(36%) as large as the largest Wisconsin holding
company in terms of deposits, if the deposits of
the principal bank in each system are deducted
from the ratio, Applicant is almost three-quarters
(73%) the size of the largest.
If this application were to be approved, the
aggregate deposits of Applicant's subsidiaries
would increase to $343 million and its banking
offices to 13. This would make Applicant the second largest Wisconsin holding company in terms
of total deposits. The proposed acquisition would
give Applicant representation in six Wisconsin
counties.
Beloit State (the largest bank in the City of
Beloit and in Rock County) has deposits of $34
million and operates one banking office, which
represents 50.7 per cent and 25.0 per cent, respectively, of the deposits and banking offices in
the City of Beloit and 23.2 per cent and 5.9 per
cent, respectively, of the deposits and banking
offices in Rock County.5
There is no indication that consummation of the
acquisition here under consideration would be inconsistent with adequate and sound banking, either
in Beloit or elsewhere. However, the impact of the
acquisition upon the preservation of competition
in the field of banking, and, more broadly, the
public interest, deserves close attention.
Applicant claims that the proposed acquisition
would not result in any adverse effect upon banking competition in the Beloit area. Apart from the
fact that none of Applicant's present subsidiary
banks is located in or does any significant amount
of business in Beloit State's primary service area,
it is suggested that the present pattern of competition between Beloit State and the two other local
banking institutions would not be disturbed, because the objective and effect of the proposed
acquisition would be to strengthen Beloit State's
4

Excludes the Marine National Bank of Waukesha,
acquisition of which has been approved by the Board
but which is not yet open for business, but includes
Security State Bank, Madison, which was acquired on
June
29, 1962.
5
Data includes deposits of $14 million and one
office of a mutual savings bank in Beloit.

LAW DEPARTMENT
ability to compete with large metropolitan banks
for the business of large corporate clients in the
Beloit area, which neither of the other local banks
is in a position to seek. Indeed, it is argued, the
competitive picture of banking in the community
will actually be enhanced, since by affiliation with
Applicant Beloit State will be better able to service
the banking demands of the large local businesses,
thereby bringing to the community a new alternative source of banking.
This line of argument was found persuasive by
the Hearing Examiner, and he concluded that
"there is no apparent reason to apprehend that affiliation of the Bank with Applicant will adversely
alter existing competitive relationships as between
the Beloit banks." The Board does not agree.
It may well be that the proposed transaction
would, through the benefits of direct affiliation
with the third largest Wisconsin bank holding
company (which would become second if the application were to be approved), serve to place
Beloit State in a position to compete more vigorously with other banks in Chicago, New York,
and elsewhere. On balance, however, it may be
questioned whether, in fact, the impact of Beloit
State's enhanced competitive strength could be or
would be channeled only into the recapture of
business now handled by the large metropolitan
banks; many of the improved and expanded services which Applicant claims will be instituted by
Beloit State following affiliation would, perforce,
redound to the benefit of the Bank in serving not
only large corporate clients but the public at large.
The Board is not unmindful of the evidence
adduced which purports to show that independent
banks in certain Wisconsin communities have
flourished in the face of competition with a local
bank holding company subsidiary. However, there
is nothing to indicate that, as applied to the Beloit
area, the nature of the banks involved or the economic, demographic, or geographic circumstances
are comparable; nor is it clear as to what the explanation for this phenomenon is or the extent to
which it may be true in other locations. In this
posture of the record, the Board does not feel at
liberty to infer that Beloit State's affiliation with
Applicant would not place the other banks in
Beloit and, to a lesser extent, in Rock County at a
disadvantage in competing with Bank for business.
It is the opinion of the Board that consummation of the proposed acquisition would increase




199
the local market dominance of what is already the
largest bank in the City of Beloit and in Rock
County, thereby having a potential long-range
detrimental competitive effect on the remaining
smaller independent banks located therein, and
this negative consideration is sufficient to outweigh
the favorable circumstances found to exist with
respect to the first four statutory factors in this
case and to call for disapproval of the application.
A further aspect of the competitive question to
which consideration has been given is the effect
which consummation of the proposed acquisition
would have on the concentration of banking resources in the State of Wisconsin.
The three largest Wisconsin bank holding companies together account for 42 offices (5.8 per
cent) and 31.7 per cent and 34.2 per cent, respectively, of the deposits and loans of the insured
commercial banks in the State; and if this application were to be approved, these three holding
companies would control 6.0 per cent of the commercial banking offices in Wisconsin, and 32.4 per
cent and 35.0 per cent, respectively, of the deposits and loans of these offices.
The Hearing Examiner concluded that Applicant's acquisition of Beloit State would not tend to
monopoly control of banking in the State of Wisconsin. While this may be true, the Board's responsibility under the Act requires it to consider
more than the question of monopoly control.
Perhaps, viewed in the abstract, the extent to
which Beloit State's acquisition would add to the
total commercial banking offices and deposits
under holding company control in the State or in
the County involved would not be considered substantial. However, since the three largest bank
holding companies in Wisconsin already control a
significant portion of the deposit and loan business of banks in the State, under circumstances
such as those here presented, where one of the
large holding companies proposes to add the
largest bank in a trade area (indeed, Beloit State
ranks 17th in amount of deposits in the State)
to an already significant pattern of control of
banking resources by the large holding companies
in the State, the Board would consider itself remiss
in its statutory duties were it to grant approval
without the most clear-cut showing of countervailing benefits.
Conclusion. All things considered, it is the conclusion of the Board that, taking into account the

200

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

present dominant position of Beloit State in its
trade area and the existing degree of control of
banking resources by the three large holding companies in the State of Wisconsin, Applicant's
acquisition of Bank would be inimical to the preservation of competition in the field of banking

and contrary to the public interest. This adverse
consideration is not sufficiently offset, in the
Board's judgment, by favorable considerations
under other statutory factors as to warrant approval of the application.

Announcements
APPOINTMENT OF DIRECTOR

On January 25, 1963, the Board of Governors
announced the appointment of C. Hunter Green
of Louisville, Kentucky, as a director of the Louisville Branch of the Federal Reserve Bank of Saint
Louis for the unexpired portion of a term ending
December 31, 1965. Mr. Green is Vice President
and General Manager, Southern Bell Telephone
and Telegraph Company, Louisville. As a director
of the Louisville Branch he succeeds William H.
Harrison, President, Taylor Drug Stores, Inc.,
Louisville, whose term expired December 31,1962.
SUPPLEMENT TO BANKING AND
MONETARY STATISTICS

Another pamphlet, entitled "Currency," Section 11
of Supplement to Banking and Monetary Statistics,
is now available for distribution. Copies may be
obtained for 35 cents each from the Division of
Administrative Services, Board of Governors of




the Federal Reserve System, Washington 25, D. C.
For announcements of previous pamphlets, see
BULLETINS for January 1962, p. 38; March 1962,
p. 300; August 1962, p. 993, and October 1962,
p. 1295.
BANKING AND MONETARY STATISTICS

The annual banking and monetary statistics on
pp. 268-75 of this BULLETIN are complete except
for reserves and borrowings of member banks,
which will be included in the March BULLETIN.
ADMISSION OF STATE BANK TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM

The following bank was admitted to Membership
in the Federal Reserve System during the period
January 16, 1963, to February 15, 1963.
Wisconsin
Chippewa Falls

. Northwestern State Bank

National Summary of Business Conditions
Released for publication February 14

Industrial production, nonfarm employment,
and retail sales continued to change little in January. Commercial bank credit rose further. Between mid-January and mid-February, bond yields
increased somewhat.
INDUSTRIAL PRODUCTION

Industrial production in January was unchanged
from the revised December index of 119 per cent
of the 1957-59 average. Output of consumer goods
increased, but production of equipment and materials declined somewhat. In both December and
January production was limited by strikes and
severe weather.
Auto assemblies in January remained at the
advanced level of the previous six months. Output of home goods recovered further, returning to
the high of last spring; gains were particularly
large for television sets. Production of consumer
staples was maintained at the record level reached
last summer.
Output of construction materials declined further in January, and production of crude oil and
some other nondurable materials was curtailed.
Output of primary metals changed little. In early
February, steel ingot production increased somewhat.
INDUSTRIAL PRODUCTION
1957-59 -• 100

140
130
FINAL
PRODUCTS ,

120

J

CONSTRUCTION ACTIVITY

New construction put in place, which was revised downward for December, increased in January to the November seasonally adjusted annual
rate of %62Vi billion. Residential building rose 2
per cent further while most other types of private
activity and public construction changed little.
EMPLOYMENT

Seasonally adjusted employment in nonfarm
establishments in January remained at the level
prevailing since mid-1962. Employment was reduced in transportation because of the dock strike
affecting Eastern and Gulf ports from December
23 to January 27. Employment in other activities
showed only small changes, with manufacturing
down and trade up. In manufacturing, both employment and the average workweek were somewhat below their levels in mid-1962. The rate of
unemployment in January was 5.8 per cent of the
civilian labor force, compared with 5.6 per cent
in December and 5.8 per cent in November and
January 1962.
DISTRIBUTION

Preliminary retail sales figures for January were
V2 per cent below the advanced November-December level. Sales declined at department stores and
at most other types of retail outlets other than the
automotive group. Dealer deliveries of new autos,
after declining from the near-record rate reached
in October, rose substantially in January. Dealer
stocks of new autos increased somewhat more than
seasonally but were only 2 per cent higher than a
year earlier while sales were up 12 per cent.
COMMODITY PRICES

NONDURABLE
MANUFACTURES

I,

L
1959

1

L
1961

I

J
1963

Federal Reserve indexes, seasonally adjusted. Monthly
ures, latest shown are lor January.




fig-

The wholesale commodity price index continued
to change little between mid-January and midFebruary. Apart from a rise in steel scrap, prices
of sensitive materials changed little and prices of
industrial products generally were stable. Livestock prices declined about 5 per cent, reflecting
mainly sharp decreases in cattle.

201

202

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

BANK CREDIT, MONEY SUPPLY, AND RESERVES

Total commercial bank credit, seasonally adjusted, rose further in January by $1.2 billion, an
amount not quite as large as in other recent
months. Security holdings increased contraseasonally, but total loans changed little following a sharp
rise in December. The money supply declined
$600 million between the second half of December
and the second half of January, following substantial growth in late 1962. Time and savings deposits at commercial banks rose $1.7 billion, a
larger amount than the monthly increases in late
1962.
Total reserves, which usually decline in January, changed little. Reserves were supplied principally through currency inflow and were absorbed
through increases in Treasury deposits at the Reserve Banks, an outflow of gold, and a $350 million reduction in Federal Reserve holdings of U. S.

Government securities. Required reserves increased further, and excess reserves declined.
Member bank borrowings at the Federal Reserve,
which had been temporarily high in December,
were reduced; in late January and early February,
however, they increased somewhat.
SECURITY MARKETS

Yields on U. S. Government securities and on
State and local government bonds rose somewhat
between mid-January and mid-February while
those on corporate bonds changed little. Rates on
3-month Treasury bills, at around 2.95 per cent,
were near their 1962 highs.
Common stock prices increased slightly further on balance, and trading remained active. By
mid-February average prices had recovered twothirds of the decrease from the peak in December
1961 to the low in late June 1962.
INTEREST RATES

RETAIL TRADE
1957-59 = 100

RETAIL SALES

TOTAL

DEPARTMENT STORES

/\f"^

\
—

TOTAL IK5S
AUTOMOIIVE OKOUP>^\

?

?

!

T

!

?

\

/•

>t

f TREASURY lilLLS

T

Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest for stocks is December, for other series, January.




f\\ .

—

Discount rate, range or level for all F. R. Banks. Weekly
average market yields for U. S. Government bonds maturing
in 10 years or more and for 90-day Treasurey bills. Latest
figures shown are for week ending February 8.




Guide to Tabular Presentation

SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp
I, n,
in, iv
n.a.
n.e.c.
S.A.
N.S.A.

Estimated
Corrected
Preliminary
Revised
Revised preliminary

IPC
A
L
S

Quarters
Not available
Not elsewhere classified
Monthly (or quarterly) figures adjusted for
seasonal variation
Monthly (or quarterly) figures not adjusted
for seasonal variation

U

Individuals, partnerships, and corporations
Assets
Liabilities
Financial sources of funds: net change in
liabilities
Financial uses of funds: net acquisitions of
assets
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or (3)
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

Flow of funds
Jan. 1963
Selected assets and liabilities of Federal business-type activities
Jan. 1963
Semiannually
Banking offices:
Analysis of changes in number of
On, and not on, Federal Reserve Par List,
number of.

82-89
90

Feb. 1963

266

Feb. 1963

267

Annually
Bank holding companies:
List of, Dec. 31, 1961
June 1962
Banking offices and deposits of group banks,
Dec. 31, 1961
Aug. 1962




Page

762
1075

204

Annually—cont.
Banking and monetary statistics, 1961

Issue

Page

(Feb. 1963 268-75
{Mar. 1962 362-63
|May 1962 652-55

Banks and branches, number of, by class and
State
Apr. 1962
Income and expenses:
Federal Reserve Banks
Feb. 1963
Member banks:
/May 1962
rflIpnHarvpar
Calendar year
|Ju{y 1 % 2
Operating ratios
Apr. 1962
Insured commercial banks
July 1962
Stock Exchange firms, detailed debit and credit
balances
Sept. 1962

482-83
264-65
644-51
9Q2

484-86
903
1234

Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; margin requirements; reserve requirements.
Federal Reserve Banks
.
Bank debits; currency in circulation
Money supply; banks and the monetary system
Commercial and mutual savings banks, by classes.
Commercial banks, by classes . .
....
Weekly reporting member banks. .
Business loans

206
210
212
214
216
218
222
224
227

Interest rates
Security prices; stock market credit; open market paper. ,
Savings institutions .
...
Federal
finance
Security issues. . . .
Business finance . . .
Real estate credit
Consumer credit

228
229
230
232
237
239
241
244

Industrial production
Business activity
Construction
Employment and earnings
Department stores
Foreign trade
.
Wholesale and consumer prices
...
National product and income series . .
Flow of funds, saving and investment

248
252
252
254
256
257
258
260
262

Earnings
Changes
Banking
Banking

264
266
267
268




and expenses of Federal Reserve Banks during 1962.
in number of banking offices in the United States. . .
offices on Federal Reserve par list and not on par list.
and monetary statistics, 1962.

Guide to tabular presentation.
Index to statistical tables.

204
299

The data for F. R. Banks, member banks, and
department stores, and consumer credit are
derived from regular reports made to the
Board; production indexes are compiled by the
Board on the basis of data collected by other
agencies; figures for gold stock, currency, Federal finance, and Federal business-type activi-

ties are obtained from Treasury statements;
the remaining data are obtained largely from
other sources. For many of the banking and
monetary series back data and descriptive text
are available in Banking and Monetary Statistics and its Supplements (see list of publications at end of the BULLETIN).

205

206

BANK RESERVES AND RELATED ITEMS

FEBRUARY 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
Period
or
date

U. S. Govt. securities

Total

Discounts
Repur- and Float i
Bought chase
adoutagree- vances
right ments

Total 2

Gold
stock

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

Deposits, other
than member bank
reserves,
with F. R. Banks

For-

Member bank
reserves
Other
F. R.
accounts

Otheri

With
F. R
Banks

Currency
and
coin3

Total

Averages of
daily figures
210
4,400
61 1,317 4,024 2,018
5,455
272
12 2,208 4,030 2,295
7,609 2,402
83 2,612 17,518 2,956
170 2,404 22,759 3,239 10,985 2,189
652 24,744 20,047 4,322 28,452 2,269

30
81
616
592
625

22,879
22,483
23,276
22,028
21,711

4,629 27,806 1,290
4,701 29,139 1,280
4,806 30,494 1,271
4,885 30,968
767
4,982 30,749
805

615
271
569
602
443

920
571
745
466
439

353
264
290
390
365

21,689
21,942
22,769
20,563
19,482

5,008
5,064
5,144
5,230
5,311

1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec

179
179
1,933
1,933
2,510
2,510
2,219
2,219
23,708 23,708

1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec

20,345
23,409
24,400
25,639
24,917

20,336
23,310
23,876
25,218
24,888

142
9
657
99
524 1,633
448
421
407
29

,117 21,606
,375 25,446
,262 27,299
,018 27,107
992 26,317

1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec

24,602
24,765
23,982
26,312
27,036

24,318
24,498
23,615
26,216
26,993

284
267
367
96
43

,389 26,853
,633 27.156
,443 26;186
,496 28,412
,426 29,435

1960—Dec
1961—Dec

27,248 27,170
29,098 29,061

78
37

1962—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct.. .
Nov..,
Dec...

28,519
28,384
28,570
29,143
29,503
29,568
29,581
30,088
29,921
30,241
30,195
30,546

28,478
28,377
28,524
29,015
29,457
29,510
29,540
30,074
29,865
30,178
30,064
30,474

41
7
46
128
46
58
41
14
56
63
131
72

1963—Jan

30,198 30,148

978
250
8
5
381

30
164
739
1,531
1,247

376 2, 314
350 2,211
248 11J 473
292 12,812
493 16,027

2,314
2,211
11,473
12,812
16,027

739 17,391
796 ?0 310
180
832
908 19,920
929

17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,899
304 18,932

31,265
31,775
31,932
32,371
32,775

777
772
768
691
396

434
463
385
470
524

459
372
345
262
361

394
983 19,
247
998
186 1,063 19,420
337 1,174
348 1,195 18 628

94 1,665 29,060 17,954 5,396 33,019
152 1,921 31,217 16,929 5,587 33,954

408
422

522
514

250
229

495 1,029
244 1,112

16 688 2 595 19,283
17 259 2,859 20,118

33,291
32,848
32,996
33,235
33,327
33,626
33,989
33,962
34,004
34,111
34,584
C
35,281

441
449
439
428
419
402
398
405
398
404
401
C
398

417
426
448
485
551
514
490
524
500
517
472
587

234
211
215
220
221
269
273
200
211
216
202
222

288
272
272
350
351
322
312
335
296
320
293
290

17 195 2 894
16 916 2,655
16 939
611
17 083 2,640
17 122 r2 701
17 196 2 728
17 272
771
17 144 r2 780
17 227 2 807
17 382 2 823
16 706 2 895
16 932 3 105

50

101 2,278 32,663 15,950 5,568 34,574

422

777

226

299

48

36
40
109
218

1,27'
1,363
2,240
2,526

30,631
30,780
31,401
31,685

16,975
16,961
16,920
16,889

5,588
5,590
5,588
5,584

33,579
33,937
34,072
34,171

416
423
424
421

501
460
600
511

216
247
215
207

258
228
219
238

356
79
89
72
94

2,355 31,695
2 0 5 9 30,972
2,059
1 8 7 0 30,529
1,870
786 30,185
1,786
1,227 29,678

16,889
16,883
16,839
16,839
16,832

5,586
5,587
5,586
5,589
5,590

33,919
33,661
33,386
33,070
32,793

429
434
440
442
450

441
380
435
439
424

290
240
232
220
213

28

122
120
12:
108

1,117
1,050
1,655
1,340

29,873
29,791
29,913
29,778

16,804
16,789
16,790
16,790

5,584
5,585
5,586
5,588

32,776
32,888
32,870
32,857

460
448
447
439

359
444
433
470

840
706
716
564
911

93
118
156
134
128
154
109
143
91
76
129
305

1,807 30 ,468
1,290 29,839
',293 30,063
,317 30,634
,326 30,991
,508 31,265
,736 31,475
,330 31,600
,760 31,807
,705 32,057
694 32,053
2,298 33,218

16,852
16,793
16,707
16,564
16,456
16,434
16,310
16,136
16,079
16,050
15,978
15,978

5,588
5,586
5,588
5,588
5,594
5,601
5,602
5,598
5,548
5,55f
5,55:
C
5,561

1,042
1,096
1,049
985
1,048
971
654
764
799
710
925
1,048

n

n,

20,089
19,571
19,55O
19,723
19,823
19,924
r
20,043
r
19,924
20,034
20,205
19,601
20,037
r

976 16 909 P3 132

Week ending—
1961
Dec. 6.
13.
20.
27.

29,274 29,274
29,334 29,334
29,007 29,007
28,845

1,143
1,131
1,102
1,106

17 082
16 906
17 277
17 506

2
2
2
2

682
836
957
842

19,764
19,742
20,234
20,348

297 1,053
261 ',043
29:
,040
305
,043
296
,04f

17
17
17
17
16

740
421
130
094
882

3
2
2
2
2

062
871
926
878
876

20,802
20,292
20,056
19,972
19,758

223
197
197
227

27
252
274
285

17
16
16
16

125
914
904
721

2
2
2
2

573
606
676
764

19,698
19,520
19,580
19,485

1962
Jan.

3
10
17
24
31

28,931
28,784
28,520
28,279
28,310

28,720
28,717
28,501
28,279
28,310

Feb.

7
14
21
28

28,588
28,575
28,090
28,285

28,588
28,575
28,062
28,285

Mar. 7.
14.
21.
28.

28,433
28,502
28,487
28,679

28,419
28,463
28,415
28,651

14
39
72
28

156
118
198
151

1,339
1,252
1,446
1,248

29,974
29,917
30,176
30,121

16,77:
16,724
16,709
16,666

5,587
5,590
5,586
5,587

32,908
33,066
33,048
32,951

440
441
446
433

401
461
460
481

214
224
219
197

283
,100
234
,053
224
,02
318 1,028

16,987
16,751
17,048
16,966

2
2
2
2

497
597
617
682

19,484
19,348
19,665
19,648

Apr. 4.
18.
25.

29,150
29,281
29,030
29,033

28,996
29,134
28,957
28,882

154
147
73
151

140
125
140
150

1,029
1,156
1,412
1,500

30,361
30,603
30,622
30,722

16,609
16,609
16,585
16,523

5,591
5,589
5,584
5,586

33,050
33,27-'
33,356
33,244

433
43:
425
428

400
458
480
518

220
252
204
209

351 1,025
327 1,030
364
960
35.
963

17,080
17,027
17,002
17,115

2 ,583
2 477
2 684
2,763

19,663
19,504
19,686
19,878

2.
9.
16.
23.
30.

29,188
29,634
29,532
29,341
29,560

29,093
29,467
29,511
29,341
29,560

95
16'
21

128
112
129
112
15

1,35
1.245
1,276
1,66~
1,19

30,704
31,025
30,970
31,153
30,935

16,494
16,490
16,456
16,434
16,434

5,590
5,594
5,595
5,593
5.59<

33,133
33,26^
33,406
33,327
33,33'

419
41
423
41
418

607
502
537
599
52-

213
224
219
23'
208

958
366
372
956
342
996
327 1,132
344 1,130

17,091
17,369
17,098
17,138
17,007

2,777
2,48.2,717
2,693
2,802

19,868
19,852
19,815
19,831
19,809

May

For notes see opposite page.




211
6'
19

,04:
,02:
,163
,156

FEBRUARY 1963

207

BANK RESERVES AND RELATED ITEMS

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds

Factors supplying reserve funds
F. R. Bank credit outstanding
Period
or
date

U. S. Govt. securities

Discounts
and Float
Bought RepuradTotal out- chase
agreevances
right ments

Total 2

Treas- Curury
Treascur- rency
ury
in
Gold rency
cash
cirstock
outholdstand- culaings
tion
ing

Deposits, other
than member bank
reserves,
with F. R. Banks

asry

Member bank
reserves
Other
F. R.
accounts With CurForF. R. rency Total
eign Other i
Banks and3
coin

Averages of
daily figures
Week ending—
1962
117
107
180
216

1,211 31,198
1,304 31 ,115
1,779 31 ,423
1,668 31 ,236

16,434
16,435
16,434
16,433

5,597
5,602
5,604
5,600

33,534
33,663
33,654
33,584

413
402
400
396

474
503
509
550

209
211
274
343

367 1,077 17,155 2,646 19,801
339 1,056 16,976 2,662 19,638
337
996 17,291 2,747 20,038
266
886 17,244 2,818 20,062

153
81
178
74

1,498 31 ,597
1,627 31 ,729
2,039 31 ,561
1,968 31 ,315

16,435
16,412
16,298
16,269

5,600
5,602
5,601
5,603

33,863
34,155
34,091
33,901

391
394
388
404

533
452
496
551

330
294
315
221

290
301
298
317

699
700
607
641

17,527
17,447
17,265
17,152

2,713
2.694
2,829
2,850

20,240
20,141
20,094
20,002

85
171
145
171
92

346 31,066
150 31,559
279 31,642
684 31,795
287 31,433

16,168
16,148
16,148
16,147
16,112

5,604
5,603
5,596
5,597
5,601

33,813
33.938
34,059
34,003
33,870

414
417
402
397
404

428
488
598
553
502

234
217
198
189
192

343
331
375
325
314

643
692
703
827
820

16,962
17,226
17,050
17,247
17,044

2,876
2,589
2,763
2,763
2,870

19,838
19,815
19,813
20,010
19,914

105 1,134 31,685 16,098 5,556
89
400 31,921 16,093 5,550
36
136 31,955 16,067 5,544
152
176 31,702 16,068 5,548

33,977
34,167
34,045
33,882

404
392
390
401

459
503
579
494

175
204
222
219

315
293
284
283

866
839
774
760

17,143
17,165
17,273
17,278

2 696
2,787
2,886
2.913

19,839
19,952
20,159
20,191

5,552
5,555
5,551
5,551
5,552

33.909
34,102
34,256
34,115
34,042

407
410
397
398
406

476
513
480
519
541

217
243
214
211
207

323
314
336
315
311

754
751
717
684
672

17,352
17,706
17 445
17.476
16,872

2,822
2,627
2.861
2,882
2,935

20,174
20,333
20,306
20,358
19,807

15,977
15,978
15,978
15,978

5,555
5,550
5,550
5,551

34,231
34,560
34,684
34,803

410
401
394
400

392
523
464
488

184
216
193
214

302
309
289
262

822
798
,020
,023

16,878
16,589
16,783
16,597

2,681
2,828
2,902
3,033

19,559
19,417
19,685
19.630

32 ,373
32,629
~~163
33J733

15,977
15,977
15,978
15,978

5,556
5,559
5,560
5,564

34,860
35,226
35,366
35,471

390
402
399
395

500
478
669
665

207
207
208
210

315
268
277
295

,068
,068
,011
,026

16,565
16,517
16,771
17,212

2,964
3,010
3,182
3,113

19,529
19,527
19,953
20,325

2,684 34 ,104
2,728 33,286
2,392 32,784
2,307 32,464
1,615 31
",916

15,978
15,978
15,963
15,928
15,928

5,568
5,572
5,563
5,567
5,571

35,349
35,022
34,694
34,361
34,080

399
423
412
429
432

628
711
767
823
837

280
226
232
225
220

319 1,054 17,623 3,456 21,079
306
991 17,157 3,139 20,296
298
980 16,927 *>3,174 *>20,101
281
960 16,881 *3,034 ^19,915
297
966 16,583 ^3,048 ^19,631

1,885 32,448 15,977 5,557 34,782
2,903 33,871 15,978 5,567 35,338

381
380

585
597

203
247

305 c 1,078 16,648 '3,346 '19,994
393 l,006 17,454 3,234 20,688

^5,567 ^34,081

P416

821

197

327

968

June 6
13
20
27

29.837
29,672
29,433
29,320

29.837
29,672
29,356
29,233

July

25

29,884
29,962
29,304
29,230

29,707
29,870
29,304
29,230

Aug. 1
8
15
22
29

29,592
30 194
30.177
29.902
30,019

29,592
30,194
30,160
29,890
30,019

30.412
30 396
29,748
29,340

30,264
30,269
29,748
29,340

148
127

29,959
30,682
30,480
29 931
29,888

29,946
30.546
30,385
29,931
29,853

13
136
95

28

30,235
30,378
30,104
30,012

30,048
30,138
30,044
29,994

187
240
60
18

170
156
105
103

1,247 31 ,686
1,300 31 ,868
2,056 32 ,299
2,109 32 ,259

5
12
19
26

30,411
30,698
30,493
30,510

30,223
30,603
'30,493
30,489

188
95

93
109
164
308

1,832
1,755
2,443
2,842

30,598
30,404
30,227
29,898
30,123

30,478
30,404
30,227
29,898
29,975

120

716
65
80
172
101

30,454 30,200
30,820 30,478

254
342

30,289 30,110

179

,?:::::::

18

Sept

Oct.

-,!:::::
19
26
3
10
17
24

31
Nov. 7
14
21

Dec.

177
92

35

"ii

74 1,747 31,816 16,068
56 '
,416 16,067
82
,229 16.067
67
083 32,116 16,052
91
475 31,491 16,006

1963
Jan.

2
9
16
23
30

148

End of month
1962
Nov
Dec
1963

87 1,511 31,959

16,644 *3,284 19,928

Jan
Wednesday
Dec. 1962
5
12
19
26

30,285
30,678
30,489
30,634

30,275
30,651
30,489
30,489

30,478
0,266
30,038
29,863
30,306

30,478
30,266
30,038
29,863
30,054

145

191
238
317
248

1,602 32 ,117
1,696 32,664
2,770 33 ,643
2,562 33,529

15,978
15,978
15,978
15,978

5,559
5,560
5,560
5,568

35,066
35,334
35,437
35,572

407
405
404
395

359
532
708
602

218
213
207
229

316
261
296
316

1,077
1,006
1,017
1,093

252

2,913 33,589
2,200 32
",625
2,175 32 ,383
650 1,651 32,245
",713
150 1,178 31

15,978
15,978
15,928
15,928
15,928

5,572
5,573
5,565
5,568
5,571

35,267
34,889
34,549
34,218
34,080

416
429
425
438
423

694
813
780
863
779

248
241
200
232
219

289
292
287
276
325

993
989
958
958
968

16,211
16,451
17,113
16,867

3,060
3,432
3,463
3,299

19,271
19,883
20,576
20,166

1963
Jan.

1 Beginning with 1960 reflects a minor change in concept, see Feb.
1961 BULL., p.
2

164.

Includes industrial loans and acceptances, when held. (Industrial
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.




17,233 3,520 20,753
16,523 3,440 19,963
16,677 ^3,391 20,068
16,756 ^3,340 20,096
16,419 "3,340 *>19,759

3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed
thereafter. Beginning with Oct. 1962 figures are estimated except for
weekly averages.

208

BANK RESERVES AND RELATED ITEMS

FEBRUARY 1963

RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
City of Chicago

New York City
Period

BorrowFree
ings
reat
Reserves
Excess
F. R.
quired
Banks

Total
held

1929—June
1933—June
1939—Dec
1941_Dec
1945_Dec
1947_Dec

2,314
2,275
i 2,160 1,797
11,473 6,462
12,812 9,422
16,027 14,536
17,261 16,275

42
363
5,011
3,390
1,491

986

Borrowings
at
ReF.
R.
quired Excess Banks

Reserves

Reserves

Total
held

974
184
3
5
334
224

-932
179
5,008
3,385
1,157
762

762
861
5,623
5,142
4,118
4,404

755
792
3,012
4,153
4,070
4,299

7
69
2,611
989
48
105

174

Borrowings
at
ReF.
R.
Excess
quired
Banks

Reserves
Free
reserves

Total
held
161
211
1,141
1,143
939
1,024

161
133
601

1
78
540

192
38

-167
69
2,611
989
-144
67

848
924
1,011

295
14
13

Free
reserves

63

-62
78
540
295
14
7

1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954_Dec

17,391
20,310
21,180
19,920
19,279

16,364
19,484
20,457
19,227
18,576

1,027

826
723
693
703

142
657
1,593
441
246

885
169
-870
252
457

4,742
5,275
5,357
4,762
4,508

4,616
5,231
5,328
4,748
4,497

125
44
30
14
12

58
151
486
115
62

67
-107
-456
-101
-50

1,199
,356
,406
,295
,210

1,191
1,353
1,409
1,295
1,210

8
3
-4
1
-1

5
64
232
37
15

3
-61
-236
-36
-16

1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec

19,240
19,535
19,420
18,899
18,932

18,646
18,883
18,843
18,383
18,450

594
652
577
516
482

839
688
710
557
906

-245
-36
-133
-41
-424

4,432
4,448
4,336
4,033
3,920

4,397
4,392
4,303
4,010
3,930

35
57
34
23
-10

197
147
139
102
99

-162
-91
-105
-81
-109

,166
,149
,136
,077
,038

1,164
1,138
1,127
1,070
1,038

2
12
8
7

85
97
85
39
104

-83
-86
-77
-31
-104

1960—Dec
1961—Dec
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

19,283 18,527
20,118 19,550

756
568

87
149

669
419

3,687
3,834

3,658
3,826

29
7

19
57

10
-50

958
987

953
987

4

20,089
19,571
'19,550
19,723
19,823
19,924
'20,043
'19,924
20,034
20,205
19.601
20,037

'19,464
19,069
19,077
19,213
19,320
'19,433
19,514
19,358
'19,579
19,721
19,012
19,468

'625

'555
434
'382
441
'440
'391
'440
'439
'375
419
470
265

3,811
3,680
3,693
3,752
3,724
3,781
3,766
3,709
3,718
3,774
3,627
3,863

3,763
3,664
3,705
3,692
3,713
3,774
3,732
3,684
3,723
3,736
3,601
3,817

48
17
-12
60
11
7
34
24
-4
38
27
46

7
6
12
10

484
589
569

70
68
91
69
63
100
89
127
80
65
119
304

41
11
-24
50
10
-12
18
7
-19
34
13
-62

987
955
964
940
990
976
1,000
1,017
1,021
1,036
1,007
1,042

1963—Jan

^20,041 ^19,574

^467

99

^368

*>3,857 *>3,840

P18

502
'473

510
'503
'491
'529
'566
'455

19
16
17
15
4
14
108

982
954
949
953
983
977
989
1,013
1,022
1 ,032
1 ,001
1,035

-4
-22

5
1
15
-13
7
-1
10
4
-1
5
6
7

-3
-6
-20
3
-3
6
-14
-10
-7
-11
p-6

P1,O38

i,037

-180
64
1
59
36

1,026
1,003
973
976
97

1,025
998
976
964
971

5
—4
11
1

-34
5
-12
10
-3

2
-2
4
5

5
-16
-25
-22
-5

Week ending
20,802
20,292
20,056
19,972
19,758

20,076
19,682
19,452
19,271
19,227

726
610
604
701
531

341
64
69
44
60

385
546
535
65
471

4,00:
3,88'
3,733
3,747
3,745

4,003
3,823
3,730
3,688
3,709

-1
64
3
59
36

19,838
19,815
19,813
20,010
19,914

19,404
19,325
19,216
19,468
19,379

434
490
597
542
535

70
156
130
156
73

364
334
46'
386
46:

3,768
3,706
3,667
3,716
3,691

3,753
3,704
3,630
3,704
3,677

37
12
15

15
-15
29
-27
7

,024
,012
997
,026
,024

1,016
1,010
999
1,022
1,019

Sept. 5.
12.
19.
26.

19,839
19,952
20,159
20,191

19,418
19,427
19,643
19,687

421
525
516
504

94
77
25
141

327
448
491
363

3,697
3,676
3,777
3,751

3,689
3,664
3,749
3,744

12
28
8

-3
28
-29

,024
,015
,024
,031

1,021
1,009
1,026
1,025

Oct.

3.
10.
17.
24.
31.

20,174
20,333
20,306
20,358
19,807

19,728
19,854
19,821
19,853
19,353

446
479
485
505
454

63
44
71
56
79

383
435
414
449
375

3,810
3,779
3,721
3,772
3,735

3,785
3,764
3,729
3,755
3,675

25
15
-8
18
61

19
15
-22
15
61

,037
,042
,035
,041
,014

1,032
1,040
1,035
1,042
1,009

7.
14.
21.
28.

19,559
19,417
19,685
19,630

19,010
18,846
19,078
19,080

549
571
607
550

158
144
93
95

391
427
514
455

3,667
3,561
3,598
3,658

3,655
3,541
3,593
3,598

12
20
5
60

-6
11
-27
60

,017
977
,014
,014

1,012
974
1,008
1,008

6

5.
12.
19.
26.

19,529
19,527
19,953
20,325

19,149
19,081
19,438
19,764

380
446
515
561

92
107
163
307

288
339
352
254

3,658
3,708
3,840
3,971

3,678
3,669
3,826
3,92"

-20
39
14
49

-31
34
-25
-7

,011
998
,032
,07''

1,011
991
1,034
1,065

-2
3
-4
5

21,079
20,296
2>20,!01
^19,915
*19,631

20,045
19,858
*>19,578
^19,430
*>19,267

714
63
79
170
99

320
375
P444

4,180
3,973
3,81i
3,81

4,030
3,934
3,818
3,793
^3,746

149
39

-150
39
-8

,102
,063
,028
,030

1,09!
1,056
1,029
1,025
^1,020

1962- Jan.

Aug.

Nov.

Dec.

1963—Jan.

For notes see opposite page.




1,034

438
»523

*>485
P364

*>3,75

179
"*2

15

11
39
126
299

no n. or

34

3
6
6
5
C

2

-7
-3
-5
-12
c

4
-7
-9
-2

-35
-13
5

7
2
9
10
7

-55
6
-12
-3
P-8

FEBRUARY 1963

209

BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Country banks

Other reserve city banks
Reserves

Period
Total
held
1929—June
1933—j u n e
1939_Dec
1941—Dec
1945—Dec
1947—Dec

1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962—Jan
Feb
Mar

Apr
May
June
July
Aug
Sept
Oct
Nov

Dec

Excess

Reserves
Free
reserves

12
120
1,188
1,303
418
271

409

1
96
123

-397
62
1,188
1,302
322
148

232
184
120
85
91

50
354
639
184
117

182
-170
-519
-99
-26

7,865
7,983
7,956
7,883
7,912
7,851
8,308
8.257
8,047
8,065
8.158
8J74
'8,209
8,266
8,129
8,166
8,175
7,951
8,100

60
96
86
57
41
100
59

398
300
314
254
490
20
39

-338
-203
-228
-198
-449
80
20

^8,106
8,576
8,431
8,307
8,276
8,163
8,172
8,151
8,158
8,232
8,138
8,154
8,157
8,211
8,223
8,232
8,299
8,287
8,281
7,943
7,967
7,929
8,006
8,022
8,005
7,992
8,105
8,275
8.455
8,301
8 151
8 077

761

1950—Dec
1951—Dec .
1952—Dec
1953—Dec
1954—Dec

Required

Borrowings at
F. R.
Banks

749

648
3 140
4,317
6,394
6,861
6 689
7,922
8,323
7,962
7,927

528
1,953
3,014
5,976
6,589
6,458
7,738
8,203
7,877
7,836

7,924
8,078
8 042
7,940
7,954
7,950
8,367
8 311
8,094
8,106
8,195
'8,234
8,270
'8,306
'8,182
'8,189
8,203
7,992
8,178

1963—Jan

58

Total
held
632

441
1 568

2,210
4,576
4,972
4,761
5,756
6,094
5,901
5,634

54

34

20

47

25

22

41
37
'60
'61
r
40
r

26
28
21
45
40

15
9
'39

52

47

'5

'23
29
41
78

26
24
60
130

'-3
5
-19
-52

5,716
5,859
5,906
5,849
6,020
6,689
6,931
6 979
6,842
'6,787
6,836
'6,875
6,896
6 972
7,017
'7,106
7,192
6,975
6,953

P\0

60

"-50

^7,029

8,526
8,356
8,266
8,172
8,119

50
75
41
103
44

107
35
40
15
23

-57
40

8,142
8,121
8,088
8,199
8,104
8,126
8,120
8,181
8,200
8,206
8,268
8,267
8,244
7,905
7,938
7,901
7,988
7,969
7,987
7,952
8,073
8,225
8,318
8,248
8,131
8 036

30
30
70
33
34

27
66
49
52
21

4
—34
21
-19
13

7,197
6,971
7,043
6,973
6,878
6,874
6,945

6,991
7,035
7,061

29
37
30
22

20
24
3
62

9
13
27
-39

6,964
7,104
7,147
7,186

26
31
20
37
38

28
11
16
26
30

-2
20
11
8

7,095
7,213
7,263
7,264
7,115

29
28
19
53

78
69
40
64

-49
-41
-21
-11

6,909
6,950
7,067
6,936

18
40
31

-22
-6
-49

51

40
47
80
116

6,855
6,829
6,978
7,004

137

315

-178
19
-28
— 74

'16

Required
610

344
897

1,406
3,566
4,375
4,099
5,161
5,518
5,307
5,032
5,220
5,371
5,457
5,419
5,569
6,066
6,429
'6 462
6,405
6,358
6,410
6,449
6,473
6,526
6,531
'6,668
6,779
6,459
6,515

Excess

Borrowings at
F. R.
Banks

Free
reserves

126
3

-305
-30
668

4

800

46
57

965
540

663
596
576
594
602

29
88
236
105
52

634
508
340
489
550

497
488
449
430
450
623
502

159
144
172
162
213
40
31

338
344
277
268
237
583
471

5l8

26

22
96
671
804
1,011
597

327

r

'492

437

33

404

'"429
425
'425
423
445

32
24
37
34
29

'397
401
'388
389
416

486

45

441

438
413
515
439

30
31
32
48

408
382
483
391

^6,590

M39

27

6,522
6,505
6,480
6,446
6,428

676
466
564
527
450

21
29
18
28
33

655
437
546
499
417

6,493
6,491
6,499
6,543
6,580
6,582
6,633
6,687
6,717
6,705
6,782
6,791
6,812
6,766
6,404
6,430
6,489
6,504
6,473
6,469
6,505
6,552
6,605
6,620
^6,600

381
455
492
492
481

40
54

340
401

382
470
460
469

56
29
19
24

326
441
441
445

391
431
473
452
349

28
24
32
25
44

363
407
441
427
305

505
520
511
432

22
50
21
31

C

382
359
472

39
51
41

'343
308
431

452

61

391

737
338

35

702

27
13

311
P493

Week ending—
1962—Jan.

3
10

17
24 .
31
Aug.

.

1
8
15
22
29

Sept

5
. . .
1 2 : : : : :
::'•;•

19
26..
Oct.

Nov

Dec.

3
10.. .
17
24.. .
31
7.
14
21
28
5
12 . .
19
26

1963—Jan.

2
9 .
16
23
30

*>7,948

53
20
41

1 This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Oct. 1962 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through




34
48

U5
53

88
21

-65

7,342
6,958
"7,106
*>6 996
*>6,877

?6 577

C

H20

50

38
34

33
38

443
454

483
470
556
401

r>286

Nov. 1959; thereafter on closing figures for balances with F. R. 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
day.
Borrowings at F. R. Banks: Based on closing figures.

210

DISCOUNT RATES

FEBRUARY 1963
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks

Advances and discounts under
Sees. 13 and 13a 1

Federal Reserve Bank

Rate on
Jan. 31
Boston
New Y o r k . . .
Philadelphia..
Cleveland....
Richmond.. .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Effective
date

Previous
rate

Advances to all others under
last par. Sec. 13 3

Advances under
Sec. 10(b) 2
Rate on
Jan, 31

Aug. 23, 1960
Aug. 12,1960
Aug. 19,1960
Aug. 12,1960
Aug. 12,1960
Aug. 16,1960
Aug. 19,1960
Aug. 19,1960
Aug. 15,1960
Aug. 12,1960
Sept. 9, 1960
Sept. 2, 1960

Effective
date

Rate on
Jan. 31

Previous

Aug. 23, 1960
June 10, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16,1960
June 10, 1960
Aug. 19,1960
Aug. 15,1960
Aug. 12,1960
Sept. 9, 1960
June 3, 1960

Aug. 23, 1960
Aug. 12, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
Aug. 19, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
Sept. 2, 1960

1
Advances secured by U.S. Govt. securities and discounts of and
advances secured by eligible paper. Rates shown also apply to advances
secured by securities of Federal intermediate credit banks maturing
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper may have
maturities not over 6 months and 9 months, respectively, and advances

Effective
date

Previous
rate

f
5
4%
5

4j/ 2

secured
by FICB securities are limited to 15 days.
2
Advances secured to the satisfaction of the F. R. Bank. Maximum
maturity:
4 months.
3
Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum
maturity: 90 days.

FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)

Effective
date

Range
or level)—
ail F. R.
Banks

In effect Dec. 31, 1932
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb. 2
Mar. 16
Jan. 11
May 14
Aug. 27
Sept. 4
Apr. 11
Oct. 15
30
Apr. 25
May 10
Jan. 12
19
Aug. 13
23

F. R.
Bank
of
N. Y.
21/2

Effective
date

Aug. 21

Range
or level)—
' all F. R.
Banks

1950

Jan. 16
23
Feb.

1934

18
1935
H/2
1%

1937
1
1

5

1953

1954

13

21
Apr. 18
May 9
Aug. 15

Apr. 14
16
May 21
1955

m\

Sept

Nov. 18
23
1946

Apr. 13
20
Aug. 24

'V
1948

1

TJ

18
11/2
11/2

Aug. 9
23

1956

NOTE.—Discount rates under Sees. 13 and 13a (as described in table
above). For data before 1933, see Banking and Monetary Statistics,
pp. 439-42.
The rates charged by the F. R. Bank of N. Y. on repurchase contracts




*

•

%

:

:

3
10
14
Aug. 12
Sept. 9

3 -3%
3%

:

:

:

:

:

:

Oct. 24
Nov. 7

June

1957

1
Preferential rate of % of 1 per cent for advances secured by U. S.
Govt. securities maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of and advances secured by eligible paper.

*

Mar. 6
16
May 29
June 12
Sept. 11
18

U.Y.V.
- il:::::

1942

F. R.
Bank
of
N. Y.

1958

Jan. 22
24
Mar. 7

15

Apr. 14
15
May 2
Aug. 4

Range
(or level)—
all F. R.
Banks

Effective
date

1957—Cont.
Nov. 15
Dec. 2

1933
31/2

F. R.
Bank
of
N. Y.

1959

1960
4
31/2
3

f

1963
In effect Jan. 31.

against U. S. Govt. securities was the same as its discount rate except
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
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,
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3,
2.75; 1962—Mar. 20-21, 2.75.

211

RESERVE REQUIREMENTS

FEBRUARY 1963
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS

RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)

(Per cent per annum)

Net demand deposits 2

Effective date
Time deposit

Jan. 1
1936

Jan. 1
1957

Jan. 1
1962

Effective date 1

Central
reserve
city
banks 3

Reserve
city
banks

Country
banks

Savings deposits held for:

{ k

3

Less than 1 year
Postal savings deposits held for:
1 year or more
Less than 1 year

}2Vt

3

Other time deposits payable in: 1
1 year or more
6 months-1 year
90 days-6 months
Less than 90 days

} 2*

3
2%

1

{ k

1

For exceptions see Oct. 1962 BULL., p. 1279.
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in
any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member
bank is located. Effective Feb. 1, 1936, maximum rates that may be
paid by insured nonmember commercial banks, as established by the
F.D.I.C., have been the same as those in effect for member banks.
Maximum rate payable on all types of time and savings deposits:
Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2%
per cent.

(Per cent of market value)

Regulation

Oct. 16, July 28, July 10,
1960
1962
1958

Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

90
90

70
70

50
50

90

70

50

NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
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.

Country
banks

26

22

16

7%

71/2

1949—May 1,5
June 30, July 1..
Aug. 1,11
Aug. 16, 18
Aug. 25
Sept. 1
1951—Jan 11, 16
Jan. 25, Feb. 1.
1953—July 1,9
1954—June 16,24
July 29, Aug. 1.

24

21
20

7
6
5

7
6

i*

g*
11*
19

15
14
13
12
13
14
13

6

6

5

5

1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov.
Dec.

23
24
22
21
20

27, Mar. 1.
20, Apr. 1..
17
24
1
24
1

20
19
18

8*
11*
17%

12

5

171/2
17

16%
12

16%
4

4

12

4

4

7
14

3
6

3
6

1962—Oct. 25, Nov. 1..
16%

Present legal requirement:
Minimum
Maximum

Effective date

Central
reserve
and
reserve
city
banks

In effect Dec. 31, 1948..

In effect Feb. 1, 1963...

MARGIN REQUIREMENTS

Time deposits

10
422

1
When two dates are shown, first-of-month or midmonth dates record
changes at country banks, and other dates (usually Thurs.) record changes
at 2central reserve or reserve city banks.
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due3 from domestic banks.
Authority of the Board of Governors to classify or reclassify cities as
central
reserve cities was terminated effective July 28, 1962.
4
Before July 28, 1959, the minimum and maximum legal requirements
for central reserve city banks were 13 and 26 per cent, respectively, and
the maximum for reserve city banks was 20 per cent.

NOTE.—All required reserves were held on deposit with Federal Reserve
Banks, June 21, 1917, until late 1959. Since then, member banks have
also been allowed to count l vault cash as reserves, as follows: Country
banks—in excess of 4 and 2 /i per cent of net demand deposits effective
Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and
reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959
and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash.

DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item

All
member
banks

New
York
City

City
of
Chicago

Reserve city banks
Country
banks

Other

Item

All
member
banks

Four weeks ending Dec. 12, 1962
Gross demand :
131,522
Total
Interbank
14,731
U. S. Govt
5,280
Other
(11,512
Net demand 1
108,194
Time
78,310
Demand balances due
from domestic banks. . 7,500
Currency and coin
2,977
Balances with F. R.
Banks
16,615
Total reserves held
19,592
Required
19,097
Excess
495

City
of
Chicago

Country
banks
Other

Four weeks ending Jan. 9, 1963

25,138
4,218
1,013
19,907
19,867
8,914

6,390
1,301
287
4,802
5,371
2,962

50,498
7,414
1,951
41,133
41,018
30,148

49,497
1,797
2,030
45,670
41,938
36,286

159
248

99
41

2,003
915

5,239
1,773

3,407
3,655
3,635
20

968
1,009
1,005
4

7,091
8,006
7,974
32

5,149
6,922
6,484
438

1 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.




New
York
City

Gross demand:
137,309
Total
Interbank
15,504
U. S. Govt
5,325
Other
116,479
Net demand 1
12,126
Time
79,737
Demand balances due
7,918
from domestic banks.
Currency and coin
3,223
Balances with F. R.
17,190
Banks
Total reserves held
20,413
Required
19,776
Excess
637

21,411
4,536
1,186
21,756
21,536
9,367

6,758
1,335
336
5.087
5,695
3,049

52,646
7,748
2,029
42,869
42,361
30,663

50,427
1,886
1,774
46,767
42,534
36,65S

158
278

104
45

2,189
994

5,468
1,906

3,713
3,991
3,928
63

1,023
1,068
1,062
6

7,290
8,284
8,216
68

5,164
7,070
6,570
500

NOTE.—Averages of daily figures. Balances with F. R. Banks are as
of close of business; all other items (excluding total reserves held and
excess reserves) are as of opening of business.

212

FEDERAL RESERVE BANKS

FEBRUARY 1963

CONSOLIDATED STATEMENT OF CONDITION
(In millions of dollars)
Wednesday

End of month

1963

Item

1963

1962

Jan . 3 0

J a n . 23

Jan. 16

Jan. 9

Jan. 2

Jan.

Dec.

Jan.

14, 385
1, 275

14, 363
1, 276

14.363
1,279

14,415
1,277

14,430
1,266

14,385
1,275

14,430
1,266

15 388
1,154

15, 660

15, 639

15,642

15,692

15,696

15,660

15,696

16,542

437

418

371

323

282

449

288

483

150

87
1
59
23

74
1
59
25

86
1
54
57

87

59
20

649
1
59
22

37
1
52
58

79
50

2 , 053

1. 862

2,017

2,230

2,442

2 109

2 442

3 032

13, 182
10, 682
4 , 137

n 182
10, 682
4 , 137

13,182
10,702
4,137

13,182
10,717
4,137

13.182
10,717
4,137

13,182
10,682
4,137

13,182
10 717
4,137

1 680
20 008
3,812

30, 054

2 9 . 863

30,038

30,266

30,478

30,110
179

30,478
342

28,532

30, 306

2 9 , 863

30,038

30,266

30,478

30,289

30,820

28,532

30, 535

30 594

30,208

30,425

30,676

30,448

30,968

28,706

4, 806
104

5 , 570

105

6,562
104

5,971
104

6,908
104

4,846
104

6,518
104

4,405
111

115
361

120
341

120
326

95
305

52 787

53,333

52,915

110
367
51,984

81
276
53,931

*
317

52, 018

91
284
54,041

50,564

2 9 , 100

?9 217

29,494

29,782

30,110

29,111

30,151

27 844

16 419

16 756

16,523
813
241

17,454
597
247

287

292

16 872
362
229

276

17,233
694
248

16,644
821
197

325

863
232

16,677
780
200

289

327

424

286

17, 742

18 127

17,944

17,869

18,464

17,989

18,722

17,749

3, 628
70

3 919
64

4,387
67

3,771
67

3,335
68

3,584
73

3,499
69

50 540

51 327

51,892

51,489

3,995
65
52,634

50,503

52,530

49,161

471
934
73

470
934
56

470
934
37

470
934
22

469
934
4

471
934
76

467
934

448
888
67

52 018

52 787

53,333

52,915

54,041

51,984

53,931

50,564

Assets

Cash
Discounts and advances:
Other
Held under repurchase agreement
U. S. Govt. securities:
Boupht outright:
Bills
Certificates Special
Other
Notes . . .
Total bought outright
Held under repurchase agreement

252

Total U. S. Govt. securities

Cash items in process of collection
Bank premises
Other assets:
Denominated in foreign currencies
All other
Total assets

62
10

45

Liabilities
F. R. notes
Deposits:

779
219

U. S Treasurer—General account
Other
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends *

..

Total liabilities
Capital Accounts
Capital paid in
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
U. S. Govt. securities held in custody for foreign

84

84

84

85

86

84

86

120

7, 107

7 143

7,138

6,977

6,955

7,033

6,990

5,403

Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank). .
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Govt. securities
Total collateral.
i No accrued dividends at end-of-December dates.




31,627

31,757

31,891

31,996

32,10?

31,595

32,117

30,077

7,517
55
25,231

7,576
174
25,172

7,598
27
25,152

7,617
21
25,163

7,699
43
25,124

7,517
24
25,231

7,643
16
25,179

8,309
26
23,105

32,803

32,922

32,777

32,801

32,866

32,772

32,838

31,440

FEBRUARY 1963

213

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH BANK ON JANUARY 31, 1963
(In millions of dollars)

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

St. MinneLouis apolis

Chicago

Kansas
City

Dallas

San
Francisco

Assets
Redemption fund for F. R. n o t e s . . . .

14,385
1,275

719
73

3,759
301

782
75

1,124
111

991
100

766
76

2,438
230

588
53

329
28

637
51

622
39

1,630
138

Total gold certificate reserves

15,660

792

4,060

857

1,235

1,091

842

2,668

641

357

688

661

1,768

735
449

63
36

145
70

77
26

59
39

49
36

76
36

63
74

22
21

38
12

19
15

39
16

85
68

87

5

15

5

2

3

4

34

*

1

16

1

1

Other cash
Discounts and advances:
Secured by U. S. Govt. securities...
Other
Acceptances:
Bought outright
Held under repurchase agreement..
U. S. Govt. securities:
Held under repurchase agreement..

Cash items in process of collection...
Other assets:
Denominated in foreign currencies.
All other
Total assets

62
10

62

10
30,110
179

1,528

7,436
179

1,659

2,531

1,983

1,645

5,098

1,203

620

1,313

1,224

3,870

30,448

1,533

7,702

1,664

2,533

1,986

1,649

5,132

1,203

621

1,329

1,225

3,871

5,999
104

424
3

1,153
8

277
6

163
4

301
7

269
13

655
11

130
89

436
5
5
25

1,015
24

5
19

6
20

3
8

5
16

6
15

15
46

3,010

3,633

3,073

15
62
9,053

4
14

2,875 13,257

519
7
10
32
4,434

431
13

110
367
53,872

356
3
6
21

2,188

1,206

2,380

2,244

6,519

1,752

7,071

1,814

2,604

2,446

1,721

5,415

1,264

566

1,196

882

3,115

620
63
9
*

4,506
139
2 60

765
55
11

1,256
37
17

729
64
9

892
36
10

2,518
103
27

612
50
6

834
52
8

1,011
61
11

264

1

2

4

1

1

*

430
40
4
1

2

*

2,471
121
25
51

17,989

692

4,969

832

1,312

806

939

2,649

668

475

896

1,083

2,668

4,488
68

358
3

802
18

275
4

376
5

306
4

329
3

766
11

202
3

129
2

222
3

193
3

530
9

2,805 12,860

2,925

4,297

3,562

2,992

8,841

2,137

1,172

2,317

2,161

6,322

127
251
19

27
54
4

44
87
6

22
44
5

26
51
4

66
132
14

16
32
3

11
22
1

20
40
3

27
53
3

63
124
10

2,875 13,257

3,010

4,434

3,633

3,073

9,053

2,188

1,206

2,380

2,244

6,519

Liabilities
F. R. notes
29,846
Deposits:
Member bank reserves
16,644
U. S. Treasurer—General account..
821
197
Other
327
Total deposits
Other liabilities and accrued dividends.
Total liabilities

52,391

Capital Accounts
Capital paid in

471
934
76

Other capital accounts

Total liabilities and capital accounts.. 53,872

22
44
4

Ratio of gold certificate reserves to
deposit and F. R. note liabilities
combined (per cent):
Jan. 31 1963
Dec 31 1962
Jan. 31 1962

32 7
31.8
35.7

32.4
35.9
39.9

33.7
30.0
37.6

32.4
36.1
33.2

31.5
34.5
35.4

33.5
29.8
36.6

31.7
31.3
32.9

33.1
31.0
36.5

33.2
31.6
33.4

34.3
37.1
35.4

32.9
32.4
31.8

33.6
30.1
32.6

30 6
31.9
34 5

Contingent liability on acceptances
purchased for foreign correspondents . . .
...
..
....

84

4

3 23

5

8

4

5

12

3

2

3

4

11

,654

1 338

664

1 ?3F

950

130

Federal Reserve Notes—Federal Reserve Agent's Accounts

F. R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Elisible oaoer

•

Total collateral

• •

*

31,595

1,8V7

7,517
24
25,231

443

1,600

465

670

704

450

1 ,400

1,500

2 ,250

1,927

I ,450

4 ,500

550

?90
16
1 ,000

800

6,000

350
*
1 ,050

215

1 ,404

800

2 ,800

32,772

1 ,847

7,600

1 ,970

2 ,920

2 ,634

1 ,900

5 ,900

1 ,400

680

1 ,306

1,015

3 ,600

7,444

1,901

s

1 After deducting $80 million participations of other F. R. Banks.
After deducting $137 million participations of other F. R. Banks.

2




? 8??

? ,608

1 ,817

3 After deducting $61 million participations of other F. R. Banks.

214

FEDERAL RESERVE BANKS; BANK DEBITS

FEBRUARY 1963

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday

End of month

1963

Item
Jan. 23

Jan. 16

150
148
2

650
648
2

87
1

75
72
3

87
84
3

87
85
2

38
35
3

129
78
51

79
37
42

81
38
43

82
35
47

84
36
48

111
71
40

72
27
45

110
70
40

45
8
37

30,306
511
5,021
11,756
10,773
2,094
151

29,863
370
4,811
11,664
10,773
2,094
151

30,038
356
4,958
11,686
10,793
2,094
151

30,266
410
4,998
11,805
10,808
2,094
151

30,478
411
5,164
11,850
10,808
2,094
151

30,289
4,154
1,256
11,861
10,773
2,094
151

30,820
665
5,252
11,850
10,808
2,094
151

28,532
5,500
1,408
10,380
8,751
2,227
266

Netherlands
guilders

Swiss
francs

Acceptances—Total..
Within 15 d a y s . . . .
16 days to 90 days.

Jan. 9

Jan. 2

1962

Jan. 30
Discounts and advances—Total.
Within 15 days
16 days to 90 days
91 days to 1 year

U. S. Government securities—Total..
Within 15 days i
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

1963
Jan.

Dec.

Jan.

i 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)

Total

End of period

Pounds
sterling

84
134
439
418
317
350
214

1962—Apr..
May.
June.
July.
Aug.
Sept.
Oct..

Belgian
francs

50
50
50

Canadian
dollars

50
50
40
50
40

French
francs

German
marks

50
50
50
50
1
1
1

32
32
27
16
16
31
31

250
250
250
251
127

Italian
lire

1
1
1
1
5
15
5

1

1
11
1
5

10

BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts
(billions of dollars)
Period

Leading centers

All
reporting

centers
N.S.A.

New York
S.A

]N.S.A.

6 others
S.A

2

N.S.A.

l

Annual rate of turnover
of demand deposits l
Leading centers

337 other
reporting3
centers
S.A.

New York

N.S.A.

S.A

N.S.A.

6 others 2
S.A.

N.S.A.

337 other
reporting3
centers
S.A.

N.S.A.

343

S.A

4

N.S.A.

1955.
1956.
1957.
1958.
1959.

2 ,043. 5
2 ,200. 6
2 ,356. 8
2 ,439. 8
2 ,679. 2

766.9
815.9
888.5
958.7
1 ,023.6

431 .7
462 .9
489 .3
487 .4
545 .3

845 .0
921 .9
979 .0
993 .6
1,110 .3

42 .7
45 .8
49 .5
53 .6
56 .4

27 3
28 8
30.4
30 0
32 5

20.4
21 .8
23 .0
22 .9
24 .5

22.3
23.7
25.1
24.9
26.7

1960.
1961.
1962.

2 ,838. 8
3 ,111. 1
3 ,436. 4

1 ,102.9
1 ,278.8
1 ,415.8

577 .6
622 .7
701 .7

1,158 .3
1,209 .6
1,318 .9

60 .0
70 .0
77 .8

34 8
36 9
41 2

25 .7
26.2
27 .7

28.2
29.0
31.3

1962—Jan
Feb
Mar
Apr
May....
June
July
Aug
Sept
Oct
Nov
Dec
1963—Jan
1

294. 6
'239. 4
293. 2
281. 5
'295. 4
291. 8
279 7
'281 0
263 3
307 4
288 2
320 9

110. 3
103. 3
118. 1
118. 1
119. 1
115. 7
114. 4
115. 8
120. 9
124. 5
122. 2
134. 2

118.1
94.3
124.7
117.2
122.1
121.9
111.4
110.8
109.7
127.5
116.5
141.6

58. 2
54. 4
57. 5
59. 1
57. 6
57. 9
59. 0
57. 4
58. 1
61. 0
61. 1
60. 9

61 .5 109.3
49 .0 105.4
59 .7 107.9
58 .0 111.3
59 .8 110.3
59 .4 108.8
57 .5 '112.2
57.5 110.7
53 .4 107.6
62 .8 112.4
59.4 r 113.1
63 .7 l l l . 3

115 .1
96.1
108 .8
106 .3
'113 .5
110 .5
110 .7
'112 .7
100 .1
117 .2
112.3
115 .6

70. 9
68. 1
78. 2
78. 4
78.8
77. 3
77. 3
78. 8
82. 2
82 9
80. 7
88 9

71 .6
64 .6
80.5
76 .9
79 .0
83 .0
76 .1
74 .3
81 .1
82 .3
80 .4
93 .7

40.6
38.4
40.9
41.7
40.8
41.3
42.1
41.1
41.8
43.7
43.5
43.4

40 3
36 3
43 2
42 6
41 5
43.0
41 2
39 9
41 2
43 0
42 9
44 .4

27 7
27 1
27 6
28.2
28 0
27 8
28 6
28 3
27 3
28 5
28 5
27 7

27 .6
25 .9
27 .7
27 .3
28 .4
28 .7
28 .5
27 .9
27 .3
28.5
28 .9
28 .5

31. 0
30. 2
31. 0
31. 6
31. 7
31. 6
31. 9
31. 8
31. 1
32. 5
32. 5
31. 3

325 9

128. 1

137.2

62. 8

66 .3

116.3

122 .4

83 7

84 .5

>44.1

,43 .7

,28 8

,28 .7

,32. 6

Excludes interbank and U. S. Govt. demand accounts or deposits.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.




3 Before Apr. 1955, 338 centers.
4 Before Apr. 1955, 344 centers.

31.0
28.7
31.7
31.3
31.9
32.5
31.9
31.0
30.9
32.3
32.6
32.6
i

>32.6

FEBRUARY 1963

215

U. S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency

Total
in circulation 1

Total

Coin

$1 2

$2

$5

$10

$20

Total

$50

$100

$500

$1,000

1939
1941
1945
1947
1950

7,598
11,160
28,515
28 868
27,741

5,553
8,120
20,683
20,020
19,305

590
751
1,274
1,404
1,554

559
695
1,039
1,048
1.113

36
44
73
65
64

1,019
1,355
2,313
2,110
2,049

1,772
2,731
6,782
6,275
5,998

1,576
2,545
9,201
9,119
8,529

2,048
3,044
7,834
8,850
8,438

460
724
2,327
2,548
2,422

919
1,433
4,220
5 070
5,043

191
261
454
428
368

425
556
801
782
588

20
24
7
5
4

32
46
24
17
12

1955
1956
1958
1959
I960

31,158
31,790
32 193
32,591
32,869

22,021
22,598
22,856
23,264
23,521

1,927
2,027
2,182
2,304
2,427

,312
,369
,494
,511
,533

75
78
83
85
88

2,151
2,196
2,186
2,216
2,246

6,617
6,734
6,624
6,672
6,691

9,940
10,194
10,288
10,476
10,536

9,136
9,192
9,337
9,326
9,348

2,736
2,771
2 792
2,803
2,815

5,641
5,704
5 886
5,913
5,954

307
292
275
261
249

438
407
373
341
316

3
3
3
3
3

12
14
9
5
10

1961—Dec . .

33,918

24,388

2,582

,588

92

2,313

6,878 10,935

9,531

2,869

6,106

242

300

3

10

1962—Jan .
Feb
Mar
Apr .
May
June
July
Aug
Sept
Oct .
Nov
Dec

32,774
32,880
33,018
33,159
33,518
33,770
33,869
33,932
33,893
34,109
34,782
35,338

23,400
23,530
23,651
23,742
24,057
24,267
24,327
24 364
24,305
24,440
24,991
25,356

2,552
2,562
2,580
2,612
2,637
2,652
2,671
2,687
2,701
2,727
2,756
2,782

,485
,477
,484
,497
,515
,516
1,512
1,502
1,518
1,542
1,570
1,636

91
91
91
92
93
93
94
93
93
94
94
97

2,178
2,178
2,188
2,190
2,225
2,231
2,214
2,210
2,211
2,228
2,294
2,375

6,575
6,644
6,686
6,680
6,789
6,837
6,814
6,832
6,801
6,819
7,009
7,071

9,374
9,350
9,367
9,418
9,461
9,503
9,542
9,568
9,588
9,669
9,791
9,983

2,804
2,791
2,795
2,812
2,831
2,850
2,868
2 870
2,864
2,882
2,924
2,990

6,027
6,017
6,032
6,066
6,089
6,111
6,134
6 163
6,188
6,254
6,333
6,448

239
239
238
238
238
239
239
237
237
237
237
240

297
296
294
294
295
295
294
291
291
289
289
293

3
3
3
3
3
3
3
3
3
3
3
3

5
5
5
5
5
5
5
5
5
5
4
10

End of period

Large denomination currency

2

i Outside Treasury and F. R. Banks. Before 1955 the totals shown as
in circulation were less than totals of coin and paper currency shown by
denomination by amounts of unassorted currency (not shown separately).

10,519
10,579
10,622
10,670
10,798
10,937
11,021
11,040
10,980
11,031
11,268
11,395

$5,000 $10,000

Paper currency only; $1 silver coins reported under coin.

NOTE.—Condensed from Circulation Statement of United States
Money, issued by the Treasury.

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Held in the Treasury
Kind of currency

Gold
Gold certificates
F R notes .
. .
...
Treasury currency—Total
Standard silver dollars
Silver bullion
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement
Total

Dec. 31 1962
Nov 30 1962
Dec. 31 1961

1

...

4

Total outstanding As security
Dec. 31,
against
1962
gold and Treasury
cash
silver
certificates

1

Dec. 31,
1962

Nov. 30,
1962

Dec. 31,
1961

30 084
5,254

29 594
5,188

28 694
5,224

15,978
(15,696)
32 119
5,567

(15,696)

2 282

(2,215)

71
27

487
2,139
(2,215)
1,759
663
347
173

76
2,139

18

8

385

378

346

3

229
17

1,986
1 739
658
315
172

1,942
1 726
652
318
172

2 090
1 622
614
314
238

5 53,665
5 53.055
5 53,067

(17,912)
(17,928)
(18,952)

5,066
5,002
4,928

35,338

3 12,880

380
381
422

2,816
1 964
287

1
4
*

Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Estimated
totals
for Wed. dates shown in table on p. 207.
2
Includes $156 million reserve against United States notes.
3
Consists of credits payable in gold certificates: (1) the Gold Certificate
Fund—Board of Governors, F.R.S., and (2) the Redemption Fund for
F.R.
notes
4
Redeemable from the general fund of the Treasury. Beginning with
Aug. 1962, excludes $58 million which was determined, pursuant to the
Old Series Currency Adjutment Act, to have been destroyed or lost.




For
F. R.
Banks
and
Agents

Currency in circul ition
Held by
F. R.
Banks
and
Agents

4
28

12,880
12,890
13,799

34,782

33,918

5 Does not include all items shown, as some items represent the security
for other items; gold certificates are secured by gold, and silver certificates
by standard silver dollars and monetized silver bullion. Duplications
are shown in parentheses.
NOTE.—Condensed from Circulation Statement of United States
Money issued by the Treasury. For explanation of currency reserves and
security features, see the Circulation Statement or the Aug. 1961 BULL
p. 936.

216

MONEY SUPPLY

FEBRUARY 1963
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted

Not seasonally adjusted

Money supply
Period
Total

Currency Demand
deposit
component component

Money supply

Time
deposits
adjusted1

Total

Currency Demand
deposit
component component

Time
deposits
adjusted1

U. S.
Govt.
demand1
deposits

1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec

135.2
136.9
135.9
141.2
142.0

27.8
28.2
28.3
28.6
28.9

107.4
108.7
107.5
112.6
113.2

50.2
52.1
57.5
65.5
67.4

138.6
140.3
139.3
144.7
145.6

28.4
28.8
28.9
29.2
29.5

110.2
111.5
110.4
115.5
116.1

49.6
51.4
56.7
64.6
66.6

3.4
3.4
3.5
3.9
4.9

I960—Dec
1961—Dec
1962—Dec

141.2
145.7
147.9

28.9
29.6
30.6

112.2
116.1
117.3

72.7
82.5
97.5

144.7
149 A
151.6

29.6
30.2
31.2

115.2
119.2
120.4

72.1
81.8
96.6

4.7
4.9
5.6

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

145.9
145.5
145.7
146.1
145.7
145.6
145.7
145.1
145.3
146.1
146.9
147.9

29.7
29.7
29.9
30.0
30.0
30.1
30.2
30.2
30.2
30.3
30.5
30.6

116.3
115.8
115.8
116.0
115.7
115.4
115.5
114.9
115.1
115.8
116.4
117.3

84.1
85.8
87.5
88.7
89.6
90.7
91.8
92.5
93.4
94.6
96.0
97.5

149.0
145.3
144.2
146.2
143.6
144.0
144.3
143.8
145.0
146.5
148.2
151.6

29.5
29.3
29.6
29.8
29.8
30.0
30.3
30.3
30.3
30.4
30.8
31.2

119.5
115.9
114.6
116.4
113.8
113.9
114.0
113.5
114.6
116.1
117.5
120.4

83.5
85.4
87.4
88.9
89.9
91.1
92.2
93.0
93.8
94.9
95.4
96.6

3.8
4.6
5.1
3.8
7.0
7.2
7.1
6.8
7.2
7.3
6.0
5.6

148.5

30.7

117.9

99.1

151.6

30.5

121.1

98.4

4.8

146.1
146.2

30.3
30.3

115.8
115.9

94.3
95.0

145.7
147.2

30.6
30.3

115.2
117.0

94.7
95.2

8.2
6.5

146.7
147.1

30.4
30.5

116.3
116.6

95.6
96.4

148.4
148.0

30.7
30.8

117.7
117.2

95.5
95.3

5.4
6.6

Dec
1963—Jan.p...
Half month
1962—Oct.

1
2
Nov. 1
2

Dec.

1
2

147.5
148.3

30.6
30.5

116.9
117.8

97.0
97.9

150.5
152.6

31.2
31.2

119.4
121.4

96.1
97.0

5.0
6.1

1963—Jan.

1

149.3
147.8

30.7
30.7

118.7
117.1

98.6
99.6

152.8
150.5

30.8
30.3

122.0
120.2

98.0

5.4
4.1

2

Not seasonally adjusted

Not seasonally adjusted

Money supply
Week
ending—
Total

Currency Demand
deposit
compo- component
nent

Time
deposits
adjusted i

U.S.
Govt.
demand
deposits i

Money supply

Week
ending—
Total

Currency
component

Demand
deposit
component

Time
deposits
adjusted i

U.S.
Govt.
demandx
deposits

1961—Oct. 4..
11.,
18.,
25.,

142.6
143.6
145.0
145.0

29.2
29.6
29.5
29.3

113.3
113.9
115.5
115.7

81.3
81.5
81.5
81.6

8.1
6.2
6.9
6.2

1962—Oct. 3.,
10.
17.
24.
31.

144.9
145.4
146.8
146.7
147.7

30.2
30.6
30.5
30.4
30.2

94.3
94.6
94.9
95.1
95.3

145.8
146.0
147.1
145.9
146.0

29.2
29.7
29.7
29.8
29.8

81.7
81.7
81.7
81.3
81.4

5.6
5.8
4.8
6.5
6.1

8.2
8.9
7.4
6.9
5.8

Nov. 1.,
8.,
15.,
22.,
29.,

116.6
116.3
117.4
116.1
116.2

114.7
114.8
116.3
116.3
117.5

Nov. 7.,
14.
21.
28.

148.2
148.7
147.9
147.8

30.7
30.8
30.9
30.7

117.5
117.9
117.1
117.1

95.5
95.5
95.1
95.3

6.1
4.7
6.7
6.5

Dec. 6.,
13.,
20.,
27.,

147.2
148.8
150.7
149.5

30.0
30.2
30.2
30.4

117.2
118.7
120.5
119.1

81.6
81.7
81.7
81.9

5.4
3.5
4.1
6.1

Dec. 5.
12.
19.
26.

149.1
150.7
152.6
152.2

30.9
31.2
31.2
31.4

118.1
119.5
121.4
120.8

95.8
96.2
96.6
96.9

6.3
4.5
4.5
6.4

1962—Jan. 3.
10.
17.,
24.
31.

152.1
149.7
149.5
148.1
147 A

30.0
29.9
29.6
29.3
29.0

122.2
119.7
119.9
118.8
118.3

82.3
82.8
83.5
83.9
84.3

6.0
4.6
3.1
2.9
3.8

1963—Jan.

153.4
152.4
152.7
151.5
149.2

30.9
31.0
30.6
30.4
30.1

122.6
121.5
122.1
121.1
119.1

97.5
97.8
98.3
98.7
99.0

6.8
6.0
4.2
4.2
4.1

146.9
146.3

29.4
29.5

117.6
116.9

84.8
85.3

4.7
3.7

Feb.

Feb. 7.
14.
1

At all commercial banks.

NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL.,
pp. 941-51. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and




6.
13.

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
Treasury, the F. R. S., and the vaults of all commercial banks. Time
deposits adjusted are time deposits at all commercial banks other than
those due to domestic commercial banks and the U. S. Govt.

217

BANKS AND THE MONETARY SYSTEM

FEBRUARY 1963

CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital

Assets

Other
securities

Total
assets,
netTotal
liabilities
and
capital,
net

Bank credit

Date
Gold

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1959—Dec.
1960—Dec.
1961—Dec.

Treasury
currency
outstanding

U. S. Government securities
Total

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

Loans,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

29.
30.
30.
31.
31.
31.
30.
31.
31.
30.

4,037
4,031
17,644
22,737
20,065
22,754
22,706
19,456
17,767
16,889

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,311
5,398
5,585

58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43,023
171,667 60,366
255,435 135,867
266,782 144,704
285,992 154,017

5,741
10,328
23,105
29,049
128,417
107,086
96,560
93,497
95,461
102,308

5,499
8,199
19,417
25,511
101,288
81,199
72,894
65,801
67,242
72,715

216
1,998
2,484
2,254
24,262
22,559
20,778
26,648
27,384
28,881

26
131
1,204
1,284
2,867
3,328
2,888
1,048
835
712

11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,071
26,617
29,667

64,698
48,465
75,171
90,637
191,785
188,148
199,009
280,202
289,947
308,466

55,776
42,029
68,359
82,811
180,806
175,348
184,384
256,020
263,165
280,397

8,922
6,436
6,812
7,826
10,979
12,800
14,624
24,186
26,783
28,070

1962—Jan. 31.
Feb. 28.
Mar. 28.
Apr. 25.
May 30.
June 30.
July 25.
Aug. 29*
Sept. 26*
Oct. 31*
Nov. 28*
Dec. 26*

16,800
16,800
16,600
16,500
16,400
16,435
16,200
16,100
16,100
16,000
16,000
16,000

5,600
5,600
5,600
5,600
5,600
5,598
5,600
5,600
5,600
5,600
5,600
5,600

282,600
283,000
284,800
287,400
288,900
293,212
291,700
293,900
297,100
300,700
301,700
307,800

150,000
151,500
153,300
154,900
156,200
159,463
158,200
159,400
162,800
164,200
164,900
169,600

102,700
101,400
100,400
100,600
100,900
101,052
100,300
101,000
100,300
102,200
102,200
103,300

73,500
72,300
71,000
71,000
70,700
70,722
70,500
70,200
70,600
71,600
71,500
72,000

28,500
28,400
28,800
29,000
29,600
29,663
29,200
30,100
29,100
30,000
30,100
30,600

700
700
700
700
700
667
700
700
700
700
700
600

29,800
30,200
31,100
31,800
31,800
32,697
33,200
33,600
33,900
34,300
34,500
35,000

305,000
305,400
307,000
309,400
310,900
315,245
313.500
315,600
318,700
322,300
323,200
329,400

276,300
276,400
278,100
280,700
281,600
286,968
284,800
285,300
289,200
291,900
292,800
300,400

28,600
29,000
28,900
28,700
29,300
28,275
28,600
30,300
29,500
30.300
30,400
29,000

1963—Jan. 30*>

16,000

5,600

305,100 166,800

103,000

72,100

30,300

600

35,200

326,600

296,600

30,100

DETAILS OF DEPOSITS AND CURRENCY
Related deposits (not seasonally adjusted)

Money supply
Seasonally adjusted *

Not seasonally adjusted

Currency
outside
banks

Currency
outside
banks

Date
Total

Demand
deposits
ad-

justed

1929—June
1933—June
1939—Dec.
1941—Dec
I945—Dec.
1947—Dec.
1950—Dec.
1959—Dec.
1960—Dec.
1961—Dec.

29
30
30
31
31
31....
30....
31....
31....
30....

1962—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

3 1 . . . . 143,700
2 8 . . . . 144,400
2 8 . . . . 144,000
2 5 . . . . 145.800
3 0 . . . . 143.500
30
143,300
2 5 . . . . 144.300
29*... 142,900
26*... 144,400
31*... 145,100
28*... 145,700
26*... 147,300

1963—Jan. 30*...

110,500
114.600
140,200
139,200
144,800

146,600

Total

2

Demand
deposits
ad-

justed

2

Commercial
banks

26,100 84,400
24,600 90.000
28 200 112,000
28,200 111,000
28,700 116,100

3,639 22,540 28.611
4 761 14 411 21 656
6,401 29,793 27,059
9 615 38,992 27,729
26,490 75,851 48,452
26,476 87,121 56,411
25,398 92,272 59,247
29,422 115,402 101,779
29,356 115,102 108,468
30,053 120,525 121,216

19,557
10 849
15,258
15,884
30,135
35,249
36,314
65,884
71,380
82,145

8,905
9 621
10,523
10,532
15,385
17,746
20,009
34,947
36,318
38,420

29.100
29,300
29,200
29,200
29,200
29,300
29,400
29,300
29 300
29.400
29,600
29,500

145,600
143,600
141,900
145,800
141,900
142.522
144.200
141,600
143,500
146.800
147,600
152,400

28,700
28,900
28,900
28,900
29,300
30.433
29,500
29.500
29,400
29,700
30,100
30,700

117,000
114.800
113,000
116,900
112,600
112,089
114,700
112,100
114,100
117,100
117,500
121,700

123,400
125,200
127.600
128,400
130.000
132,106
132,600
133,800
135.200
136,400
136,800
138,600

84,200
85,800
87,700
88,600
90,100
91,734
92,000
93,100
94,000
95,000
95,300
96,700

29,600 119,000 141,100

98,800

30.000 116,600 148,600

1
Series begin in 1946; data are available only for last Wed. of the month.
For description of series and back data see Feb. 1960 BULL., pp. 133-36.
2 Other than interbank and U. S. Govt., less cash items in process of
collection.
3
Other than interbank, Treasurer's open account, and those of Postal
Savings
System in banks.
4
Before June 30, 1947, includes a small amount of demand deposits.
Beginning with June 1961 includes amounts reported by insured mutual
savings banks as demand deposits, previously reported as time deposits
or 5other liabilities.
Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($l,5C0 million to time and $400
million to demand deposits).




Total

Foreign,
Postal
Mutual Savings net 5
Syssavings
tem
banks *

26,179
19 172
36,194
48 607
102,341
113,597
117,670
144,824
144.458
150,578

114,600
115,100
114,800
116,600
114.300
114,000
114,900
113,600
115,100
115.700
116,100
117,800

u. s

Time 3

149

1 186
1,278
1,313
2,932
3,416
2,923

365

Government
At

Treasury

cash
holdings

204
264

commercial
and

savings
banks

At

F.R.
Banks

1 895
24,608
1,452
2,989
5,319
6,193
6,219

36
35
634
867
977
870
668
504
485
465

381
852
846

948
770
651

1,217 2,409
,498 2,215
> 141 2,287
,682 1,336
1,518 1,293
391
J,203
377
5,184
422
1,497

38,600
38,800
39,200
39,200
39,300
39,791
40,000
40,200
40,600
40,800
41,000
41,400

600
600
600
600
600
581
600
600
600
600
500
500

1,300
1,300
1,300
1,300
1,300
1,508
1,300
1,200
1,300
,200
,200
,400

500
400
400
400
400
379
400
400
400
400
400
400

5,200
5,400
6,500
4,200
7,500
9,841
5,800
7,700
8,300
6,600
6,200
7,000

400
400
500
600
600
612
600
500
500
500
600
600

41,700

500

1,300

400

4,500

800

NOTE.—Includes all commercial and mutual savings banks, F. R. Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
For description of statement and back figures (except for seasonally
adjusted money supply), see Jan. 1948 BULL., pp. 24-43, except that
stock of F. R. Banks held by member banks is included in other securities
and in capital and misc. accounts, net, and balances of the PSS and the
ESF with the Treasury are netted against capital and misc. accounts, net.
Except on call dates, figures are partly estimated and are rounded to
nearest $100 million.

218

COMMERCIAL AND MUTUAL SAVINGS BANKS

FEBRUARY 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Loans and investments

Class of bank
and date

AD banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31 <.
1960—Dec. 31...
1961—June 30..
Dec. 30..

Total

61,126
40,227
134,924
238,623
242,192
256,700

Loans

Total
assets—
Total
Securities
liaCash
assets i bilities
1
and
capital Total
U.S. Other
acGovt.
counts2

Deposits
Interbank1

26,615 25,511 8,999 27,344 90,908 81,816
10,982
30,362 101,288 8,577
577 35
35,415 177,332 165,612
14,065
43,002 81,199 10,723
,.__ 38,388 175,091 161,865 12,793 240
44,764 67,242:......
242 26,617 53,022 298,126 266,196 17,080 1,800
46,164 68,104 27,923 46 457 295,567 262.547 13,633
462
54,318 72,715 29,667 57 368 321,394 287,176 17,914
482

3,920 130, 180 128,090
7,170 126; 370 129,710
9,559 128 845 131,855
5,530 127 ,510 132,290
7,450 124 960 133,550
8,090 128 160 134.880
6,330 134
136,120
136,510
5,990
138,350
6,780
140,790
4,220 132

2,360 26 560 13,920
2,070 26 780 13,926
796 27 036 13,934
1,930 26 880 13,931
2,750 27 100 13,932
2,610 27, " ~ 13,928
2,780 27,
13,925
2,500 27;
13,938
3,220 27;
13,943
2,670 27;
13,950

44,349
105,921
1,343 94,367
5,945 133,379
6,362 125,161
5,946 141,920

15,952
30,241
35,360
71,641
79,380
82,429

23 7,173 14,278
219 8,950 14,011
10,059 14,181
163 20,986 13,472
443 21,745 13,463
471 22,459 13,432

3 920 130,120
170 126,310
9; 554 128,785
5 530 127,450
7. 450 124,900
090 128,100
330 133,970
990 132,230
780 136,700
220 132,920

88,910
90,380
92,034
92,310
93,350
94,250
95,300
95,550
96,990
99,100

2,360 22,750 13,407
2,070 22,930 13,414
786 23,183 13,422
1,930 23,020 13,419
2,750 23,200 13,421
2,610 23,330 13,417
2,780 23,560 13,414
2,500 23,680 13,427
3,220 23,780 13,432
2,670 23,840 13,439

19,539 5,961 23,123 68,121 61,71 10,385
140 1,709 37,136
2,179 69,640
78,338 6,070 29,845 138,304 129,670 13,576
64 22
57,914 7,304 ",845
132,060 122,528 12,353
50 1,176 80,609
32
49,106 16,579 45,756 216',577 193,029 16,436 1,639 5,287 112,393
50,361 17,696 40 084 213,719 189,226 13,077
276 5,731 105,568
303 5,381 119,595
54,058 19,308 49 579 235,11" 209,630 17,195

12,347
24,210
28,340
57,272
64,574
67,157

4 5,886
208 7,589
54 8,464
130 17,398
382 18,027
438 18,638

6,619
6,884
6,923
6,174
6,141
6,113

3,506 109,04s
6,463 105,629
8,734 108,014
4,952 106,611
6,695 104,280
7,284 106,702
5,700 112,045
,301 110,181
,165 114,220
,785 110,954

72,602
73,85'
75,162
75,331
76,122
76,794
77,667
77,932
79,245
81,060

2,31 18,877
2,002 19,015
735 19.179
1,870 19,060
2,68r 19,212
2,585 19,281
2,722 19,466
2,42: 19,546
3,15' 19,635
2,614 19,697

6,074
6,073
6,070
6,062
6,060
6,053
6,054
6,056
6,050
6,046

Commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31 «.
1960—Dec. 3 1 . .
1961—June 3 0 . .
Dec. 3 0 . .

50,746 21,714
124,019 26,083
116,284 38,057
199,509 117,64r
201,848 117,953
215,441 124,925

21,808
90,606
69,221
61,003
61,824
66,578

217,390 126,610
217,960 127,480
220,670 129,193
220,410 128,730
222,140 130,430
225,270 132,840
228,460 134,400
229,060 134,840
234,970 139,860
231,840 136,420

64,650 26,130 45 390 269 ,180 237,200 13,730
64,400
080 45 390 269;690 237,580 13,200
64,443
034 48 728 276,220 245,298 14,400
64,180 27,500 44,600 271,520 239,640 13,830
63,850
860 44, 670 273,230 240,050 13,840
64,250
180 46. 630 278 400 245,480 14,530
65,450 28,610 49 690 284 790 251,370 15,260
65,400
283;110 249,480 15,190
820 47,
65,870
290,340 256,140 15,160
240 48:
65,920 29,500 45,730 284,610 250,860 14,100

Oct. 3 1 * .

Nov. 28*.
Dec. 26*.
1963—Jan. 30*.
Member banks:
1941—Dec.
1945—Dec.
1947_Dcc.
1960—Dec.
1961—June
Dec.
1962—Apr.
May
June
July
Aug.
Sept.
Oct.

43,521
107,183
97,846
165,61"
168,049
179,599

25
30
30
25
29
26*
31*

180,87: 107,424
181,180 107,980
183,497 109,212
183,008 108,767
184,398 110,331
186,641 112,240
189,420 113,711
189,619 113,865
195,195 118,52
192,301 115,289

Nov. 28*
Dec. 26*
1963—Jan. 30*

Mutual savings banks:
1941—Dec. 3 1 . . .
1945 - D e c . 3 1 . . .
1947 —Dec. 31 « . .
I960—Dec. 3 1 . . .
1961—June 3 0 . . .
Dec. 3 0 . . .
1962—Apr.
May
June
July
Aug.

25..
30..
30..
25..
29*.

Sept. 26*.
Oct. 31*.
Nov. 28*.
Dec. 26*.
1963—Jan. 30*.

For notes see end of table.




18,021
22,775
32,628
99,933
99,992
106,232

31..
31..
31..
31..
30..
30..

Time*
Other

23 8,414 14,826
227 10; 542 14,553
66 11,948"14,714
167 24,539 13,986
452 25,405 13,977
482 26.227 13,946

July 2 5 . .
Aug. 29*.
Sept. 26*.
Oct. 31".
Nov. 28*.
Dec. 26*.
1963—Jan. 30*.

25..
30..
30..
25..
29».
26*.

U.S.
Govt.

26,479
44,355
45.613
105 935
1,346 94,381 53,105
5,949 133,408 107,959
6,368 125,219 116,865
5,952 141,979 120,848

70,950 31 ,810 46. 190 312 940 276,440 13,730
70,680 31 ,770 46 i210 313 720 276.,970
~" 3,200
70,722 32,697 49:612 320,638 285,186 14,400
70,460 33,190 45,440 316
279 680 13,830
70,160 33 ,560 45 480 318
280 310 13,840
70,560 33,880 47.480 323,
286, 170 14,530
71,600 34 300 50 560 330;
292. 250 15,260
71,530 34.540 48 280 328.
290; 500 15,190
15,160
72,000 34 960 49 440 336;
297 560 14,100
72,100 35 230 46,610 330,950 292,610

1962—Apr.
May
June
July
Aug.
Sept.

Bor- Total Number
row- capital
acof
ings counts
banks

Demand
Demand Time

259,680 156,920
260,500 158,050
263,542 160,123
263,570 159 ,920
265,700 61,980
269,080 164,640
272,380 166,480
273,310 167,240
279,440 172,480
276,600 169,270

1962—Apr. 2 5 . .
May 3 0 . .
June 3 0 . .

Other

7,225 26,551 79,104 71,283
7,331 34,806 160,312 150,227
9,006 37,502 155,377 144,103
229,843
20,864 52,
52,150 257,552 229
22,071-45,595 253,749 224,997
248,689
23,937 56,432
432 278,561
278

520
520
526
520
510
510
510
520
510
520

10,982
14,065
12,792
240
17,079 1,799
13,633
461
17,914
481

52,103 21,345 39,662 226,233 198,67- 13,178
51,913 21,287 39,702 226,556 198,978 12,689
52,065 22,219 42,853 232,359 206,05' 13,796
51,6ir 22,629 39;001 227,806 200,482 13,241
51,149 22,918 39, 107 229 231 200,667 13,232
51,271 23,130 40,87' 233 279 204. 995 13,878
52,238 23,471 43,686239, 009 210 328 14,577
52,097 23,657 41,564 237; 050 208;259 14,502
52,625 24,046 42,541 243,824 214,412 14,442
52,749 24,263 40,024 238,565 209,589 13,449

520
520
525
520
510
510
510
520
510
520

340
345
351
347
338
33'
339
34!
340
341

10,379 4,901 3,704 1,7716.208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
39,114 27,122 6,239 5,752
40.344 28,211 6,281 5,852
41,259 29,393 6,136 5,730

793
609
886
872
862
936

11,804
17,020
19,71
40,574
41,818
42,833

10,533
15,385
17 763
36,353
37,551
38,487

10,527
15,371
17,745
36,318
37.487
38,420

1,241
1 592
1,889
3,553
3,660
3,768

548
542
533
514
514
514

5,680
5,690
5,663
5,690
5,700
5,700
5,690
5,720
5,720
5,730

800
820
884
840
810
850
870
830
920
880

43,760
44,030
44,418
44,680
45,050
45,370
45,490
45,760
46,070
46,340

39,240
39,390
39,888
40.040
40 260
40,690
40,880
41,020
41,420
41,750

39,180
39,330
39,821
39,980
40,200
40,630
40,820
40,960
41,360
41,690

3,810
3,850
10 3,853
3 860
3 900
3,920
3,890
3,950
3.940
3,950

513
512
512
511
511
511
511
511
511
511

42,290
42.540
42,872
43,160
43,560
43,810
43,920
44,250
44,470
44,760

30,310
30,570
30,930
31,190
31,550
31,800
32,080
32,400
32,620
32,850

6,300
6,280
6,278
6,280
6,310
6,310
6,150
6,130
6,130
6,180

219

COMMERCIAL AND MUTUAL SAVINGS BANKS

FEBRUARY 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank J
Other
liaCash
assetsi bilities
and
Demand
capital Total i DeU.S. Other
acTime
Govt.
mand
counts 2
U.S.
Govt. Other

Loans and investments

Class of bank
and date
Total

Reserve city member baaks:
New York City:s
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1960—Dec. 31
1961—June 30
Dec. 30

Loans

19,862
32,887
27,982
39,767
38,741
43,538

17,932
30,121
25,216
33,761
32,225
36,818

4,202
6
866 12,051
4,640
17 6,940 17,287
4,453
12
267 19,040
5,289 1,216 1,217 21,833
4,211
167 1,380 19,832
5,296
191 1,267 23,129

807
1,236
1,445
4,206
6,635
6,935

8,063
8,292
9,552
7,578
7,942
8,026
8,488
10,491
8,863
8,600
8,731

39,851
39,746
41,910
38,990
39,576
40,085
40,868
43,634
41,204
43,549
42,626

32,214
32,586
35,039
32,065
31,775
32,214
33,033
35,766
33,746
35,675
34,799

3,859
3,902
4,517
3,923
3,836
3,844
3,990
4,350
4,298
4,034
4,119

7,620
7,922
8,098
8,003
8,167
8,276
8,322
8,423
8,721
9,153
9,467

1,566 4,363
1,489 7,459
1,739 6,866
2,046 9,219
1,899 9,068
2,603 10,383

4,057
7,046
6,402
8,197
8,037
9,283

,035
,312
,217
,380
,125
,624

127
1,552
72
61
327
10
380
14
369

476
2,419
3,462
719
4,201
913
4,899 1,530
4,602 1,920
5,268 2,008

1,912
1,928
1,893
1,860
1,801
1,870
1,997
2,073
2,102
2,010
1,969

9,592
9,720
10,009
9,795
9,852
10,247
10,469
10,815
10,738
11,115
10,860

8,421
8,524
8,810
8,584
8,580
8,934
9,087
9,380
9,450
9,686
9,481

,177
,118
,128
,203
,193
,201
,243
,281
,326
,268
,140

18
19
18
17
17
17
15
15
15
14
15

158
356
546
256
361
384
440
366
279
418
218

4,676
4,548
4,520
4,489
4,353
4,554
4,569
4,826
4,879
4,953
4,956

1,776 8,518
2,042 11,286
2,396 13,066
18,668
5,554 18
5,870 16,529
",216
6,438 20

24,430
51,898
49,659
83,464
82,141
90,815

22,313
49,085
46,467
75,067
73,557
81,883

4,356
6,418
5,627
7,989
6,335
8,350

104
30
22
326
62
62

69,238 42,984 18,891 7,363 16,641 87,944
25
69,433 43,304 18,585 7,544 16,523 88,089
30
70,145 43,824 18,627 7,694 17,602 89,885
30
70,305 43,969 18,482 7,854 16
25
16,409 88,886
29 (old basis) 70,333 44,540 17,987 7,806 16,180 88,626
29 (new basis) 69,597 44,049 17,819 7,729 16,027 87,722
69,932 44,389 17,809 7,734 16
16,897 88,950
26*
71,007 45,155 17,947 7,905 17,046 90,244
31*
71,264 45,211 18,088 7,965 16,881 90,307
28*
73,145 46,768 18,198 8,179 17,963 93,332
26*
72,053 45,692 18,143 8,218 16,172 90,467
30*

78,042
77,911
80,631
78,686
78,317
77,524
78,946
80,217
79,777
82,662
80,101

6,675
6,314
6,622
6,633
6,662
6,646
7,010
7,235
7,139
7,334
6,555

77
78
75
79
74
74
66
71
69
68
65

banks:*
31
31
31
31
30
30

6,948
7,167
7,659
6,995
6,619
6,709
6,421
6,684
6,346
6,744
7,009

3,527
3,144
3,513
3,624
3,734
3,762
3,842
3,819
3,906
4,013
4,150

City of Chicago:3
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1960—Dec. 31
1961—June 30
Dec. 30

2,760
5,931
5,088
7,050
7,020
7,606

954
1,333
1,801
4,485
4,249
4,626

1,430
4,213
2,890
1,882
2,058
2,041

376
385
397
683
714
940

1962—Apr.
May
June
July
Aug.
Aug.
Sept.
Oct.
Nov.
Dec.
1963—Jan.

7,504
7,631
7,937
7,765
7,883
8,201
8,293
8,552
8,456
8,911
8,682

4,557
4,592
4,672
4,510
4,570
4,761
4,879
4,961
5,029
5,340
5,101

1,880
1,926
1,936
1,907
1,923
2,001
2,028
2,175
2,025
2,163
2,217

,067
,113
,329
,348
,390
,439
,386
,416
,402
,408
,364

15,347
40,108
36,040
62,953
63,670
68,565

7,105
8,514
13,449
40,002
39,747
42,379

6,467
29,552
20,196
17,396
18,053
19,748

25
30
30
25
29 (old basis]
29 (new basis]
26*
31*
28*
26*
30*

Other reserve city: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1960—Dec. 31
1961—June 30
Dec. 30

Country member
1941—Dec.
1945—Dec.
1947—Dec.
1960—Dec.
1961—June
Dec.
1962—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1963—Jan.

25
30
30
25
29
26*
31*
28*
26*
30*

,
,
,
,
,

For notes see end of table.




Time

12,896 4,072 7,265 1,559 6,637
26,143 7,334 17,574 1,235 6,439
20,393 7,179 11,972 1,242 7,261
0,301
27,726 18,465 6,980 2,282 10
28,220 18,054 7,642 2,524 8,616
30,297 19,535 7,862 2,900 11 ,164

1962—Apr. 25
29,855 19,380
May 30
29,534 19,223
June 30
30,396 19,224
29,471 18,852
July 25
Aug. 29 (old basis] 29,672 19,319
Aug. 29 (new basis) 30,090 19,619
30,497 20,234
Sept. 26*
31,196 20,693
Oct. 31*
30,371 20,119
Nov. 28*
32,899 22,142
Dec. 26*
31,808 20,649
1963—Jan. 30*

1962—Apr.
May
June
July
Aug.
Aug.
Sept.
Oct.
Nov.
Dec.
1963—Jan.

Bor- Total Number
row- capital
of
acings counts
banks

12,518
35,002
36,324
67,890
69,139
73,131

5,890
5,596
10,199
36,981
37,942
39,693

4,377
26,999
22,857
22,848
22,608
24,407

74,275
74,582
75.019
75,467
76,510
77,919
78,665
79,528
80,240
79,758

40,503
40,861
41,492
41,436
41,902
42,738
42,902
43,506
44,274
43,847

24,384
24,235
23,843
24,228
24,620
25,013
25,432
25,638
25,520
25,380

2,250
2,408
3,268
8,060
8,588
9,031

208
211
210
214
210
210
208
205
211
210
213

1,648

121 3,634
283 3,683

3,554

36
37
37
15
15
13

1,065
606
381
393
1,225
1,242
1,384
1,333
935
1,331
l,08f

3,714
3,741
3,761
3,748
3,764
3,806
3,809
3,853
3,849
3,867
3,897

13
13
13
13
13
16
16
16
16
17
17

35
10
35

288
377
426
822
848
870

13
12
14
10
10

2,392
2,483
2,598
2,619
2,656
2,778
2,820
2,892
2,951
3,033
3,152

73
75
34
75
117
122
163
267
66
224
132

877
884
894
890
895
925
930
944
941
951
956

9
9
9
9
12
12
12
12
13
13

491
8,221
405
1,960
2,241
2,103

12,557 4,806
24,655 9,760
28,990 11',423
,525
42,
39,721 25,199
",381
44,986 26

1
73
131
81

1,967
2,566
2,844
6,423
6,684
6,997

351
359
353
217
205
206

1,280
2,688
3,670
1,927
2,639
2,599
2,839
2,063
1,918
2,375
1,400

41,,266 28,744
39,611 29,220
40,601 29,663
,367 ",680
29
40,367
39,126 29 ,816
38,620 29 ,585
39,,259 29,772
40,781 30,067
40,611 30,040
30,546
42,339 30
40,765 31,316

1,013
1,058
240
1,159
1,058
1,036
938
892
1,216
1,365
1,178

7,106
7,162
7,201
7,181
7,214
7,142
7,148
7,190
7,201
7,237
7,263

206
206
206
207
200
194
193
193
195
191
189

860
1,373
1,918
937
1,315
1,332
1,459
1,287
910
1,421
769

19,667
19,178
20,296
18,988
18,247
18,552
19,054
21,501
19,606
20,857
20,231

195 2,120
30 2,259

6,402
10,632
10,778
14
14,740
13,039
15,595

19,466
46,059
47,553
84,126
83,769
90,376

17,415
43,418
44,443
76,004
75,407
81,646

792
,207
,056
,778
,406
,925

225
5,465
432
1,783
1,730
1,641

10,109 6,258
24,235 12,494
28,378 14,560
395 29,011
43,395
41,413 30,820
46,211 31,832

23
23
121
40

1,982
2,525
2,934
6,599
6,861
7,088

6,219
6,476
6,519
5,932
5,911
5,885

9,388 13,046
9,486 12,959
9,685 13,806
9,803 13,154
9,988 13,184
10,168 13,495
[0,331 14,076
10,384 13,718
10,446 13,968
10,531 13,152

88,846
89,001
90,555
90,135
91,177
92,992
94,316
94,801
95,828
94,612

79,997
,467
79,957
,355
81,577
,529
81,147
,482
81,995
,541
83,929
,635
84,965
,711
85,286 1,739
86,389 1,806
85,208 1,635

1,208
2,046
2,601
1,832
2,380
2,546
1,984
2,194
1,951
1,398

43,439 33,846
"',227
42,292 34
42,596 34 ,803
42,767 35 ,029
,483
42,
43.820 35 ,880
44,9 36 ,285
45,085 36 ,220
46,071 36,513
",125
45,002 37

168
263
80
243
282
100
230
206
237
222

7,180
7,228
7,323
7,241
7,339
7,394
7,479
7,555
7,580
7,581

5,846
5,845
5,842
5,833
5,838
5,832
5,833
5,833
5,829
5,827

220

COMMERCIAL AND MUTUAL SAVINGS BANKS

FEBRUARY 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Securities
Class of bank
and date

Total

Loans

Cash
assets i
IT ^1
U. o.

Other

Govt.
Insured commercial
L
K ,
Dames:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..

Total
assets—
Total
liabilities
and
capital
accounts 2

Deposits
Interbank i

Other

Bor- Total Number
row- capital
acof
ings counts
banks

Demand

Total i
jje-

mand

Time

U. S.
Govt.

Time
Other

25,788
34,292
36,926

76,820
157,544
152,733

69,411
10, 654
1,762 41,298 15,699
147,775
13, 883
23,740 80,276 29,876
141,851 12,615
54 1,325 92,975 34,882

10 6,844 13,426
215 8.671 13,297
61 9,734 13,398

65,669 20,198
58,348 20,143
60,468 20,451
66,026 23,531
63,921 26,630

48,689
49,158
51,836
56,086
48,415

236,724
242,828
255,669
276,600
274,318

214,485
218,474
228,401
247,176
243,856

67 18,154
602 19,206
149 20,628
462 22,089
773 22,810

27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178

14,977
20,114
22,024

43,433
90,220
88,182

10,936
10,892
11,140
13,006
14,962

26,781
27,464
28,675
31.078
26;860

128,397
132.636
139,261
150,809
149,559

15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125

8,145
9,731
10,822

24,688
48,084
43,879

22,259
621 13,874 4,025
3, 739
44,730
8,166 24,168 7,986
4, 411
40,505 3,978
15
381 27,068 9,062

1 2,246 1,502
130 2,945 1,867
9 3,055 1,918

1958—Dec. 31..
1959—Dec. 31..
I960—Dec. 31..
1961—Dec. 30..
1962—June 30..

55,588
55,264
58,073
63,196
64,256

5,568
5,396
5,439
6,302
7,257

16,407
16,045
17,081
18,501
15,993

73,620
73,090
77,316
84,303
82,800

66,102
65,069
68,118
74,119
72,329

10
240
20
213
355

Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..

5,776
14,639
16,444

3,241 1,509 1,025
2,992 10,584 1,063
4,958 10,039 1,448

2,668
4,448
4,083

8,708
19.256
20,691

7,702
18,119
19,340

262

1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..

28,759
30,939
32,411
34,320
35,681

13,682
15,534
17,169
18,123
19,409

11,381
11,546
11,368
11,972
11,860

3,696
3,859
3,874
4,225
4,412

5,504
5,651
6,082
6,508
5,563

34,737
37,132
39,114
41,504
41,975

31,696
33,795
35,391
37,560
37,814

426
451
484
543
440

Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 3H

1,457
2,211
2,009

455
318
474

761
1,693
1,280

241
200
255

763
514
576

2,283
2.768
2,643

1,872
2,452
2,251

177

1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..

1,568
1,480
1,498
1,536
1,507

484
534
550
577
580

707
589
535
553
523

377
358
413
406
404

301
309
314
346
313

1,927
1,858
1,883
1,961
1,902

1,532
1,429
1,443
1,513
1,442

146
150
159
177
165

3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703

3,431
4,962
4,659

10,992
22,024
23,334

9,573
20,571
21,591

439

190

3,613
5, 504
6,045
14, 101
167 13,758 7,036

18 1,288 7,662
11 1,362 7,130
12 1,596 7,261

572
601
643
719
605

185
103
160
178
174

428
545
657
565
819

20
34
33
33
52

National member
banks *
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..

Nonmember
commercial banks :
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31*
1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
Insured mutual
savings banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..

49,290 21,259 21,046 6,984
121,809 25,765 88,912 7,131
114,274 37,583 67,941 8,750
183,596
188,790
198,011
213,904
219,163

99,277
102,615
107,546
116,402
119,241

7,233
16,849
18,454

52,627
59,962
63,694
67,309
69,771

31,435
34,817
36,240
38,924
39,442

35,714
31,761
32.712
36^88
34,508

18,585
15,052
16,394
17,971
17,557

15,653 2,209 4,241 129,214 63,168
15,500 1,358 5,037 130,720 65,858
16,921 1,667 5,932 132,533 71,348
17,737
333 5,934 141,050 82,122
14,235
388 9,529 127,990 91,714

39,458
1,088 23,262 8,322
6, 786
84,939
9, 229
14,013 45,473 16,224
82,023 8,375
35
795 53,541 19,278
116,714
119,638
124,911
135,511
133,728

30,327
32,419
33,910
35,856
37,188

14,165
16,068
17,719
18,700
19,989

12,088
12,134
11,904
12,525
12,383

4,074
4,216
4,287
4,631
4,816

5,805
5,961
6,396
6,854
5,876

36,664
38,990
40,997
43,465
43,877

33,227
35,224
36,834
39,073
39,256

1,693
10,846
12,683

642
3,081
3,560

629
7,160
8,165

421
606
958

151
429
675

1,958
11,424
13,499

1,789
10,363
12,207

28,980
30,580
33,794
35,660
36,989

19,180
20,942
23,852
25,812
27,179

5,215
5,016
4,787
4,690
4,708

4,585
4,622
5,155
5,158
5,102

752
686
766
828
779

30,189
31,743
35,092
37,065
38,366

27,277
28,577
31,502
33,400
34,581

For notes see end of table.




97,730
110,299
117,092
124,348
128,613

9,035
8,947
9,829
10,359
8,154

767
514
611
104
123

2.292
2,742
3,265
3,315
5,424

69,808 34,812
71,015 36,421
71,660 39,546
76.292 45,441
69,256 50,770

6.192 1,420 1,530 40,640 16,320
6,102
825 1,763 39,974 16,406
6,608 1,028 2,022 40,733 17,727
6,835
199 2,066 43,303 21,716
5,641
227 3,310 38,758 24,392
129
244

4
22
20
27
30
38

329
181

457
425

53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
419
533
645
553
795

13,101
13,107
13,119
13,108
13,104

4 3,640 5,117
78 4,664 5,017
45 5,409 5,005
43
340
111
225
379

9,643
10,302
11,098
11,875
12,243

5,817
5,962
6,299
6,763
6,936

4,578
4,542
4,530
4,513
4,500

1,734
1,691
1,644
1,600
1,570

6
959 6,810
7 1,083 6,416
7 1,271 6,478

18,766
19.732
20,140
21,456
19,976

12,063
13,059
14,095
14,979
16,565

13
21
19
24
38

2,696
2,944
3,232
3,452
3,633

6,793
6,878
6,948
6,997
7,036

185

1, 291
1, 905
18 1,392

253
365
478

13
4
4

329
279
325

852
714
783

163
83
132
148
137

9
13
13
12
24

325
311
293
307
320

6
12
14
8
13

332
350
358
370
372

399
366
352
323
318

1
2
2
1
1

890
873
846
869
795

19,655
20,605
20,986
22,325
20,771

12
2
3
3
4
6
5

12,387
13,370
14,388
15,286
16,886

1,789
10,351
12 12,192
28 27,243
28 28,544
29 31,468
256 33,137
275 34,300

3,028
3,294
3.590
3,822
4,005

7,192
7,244
7,300
7,320
7,353

1 1,034

164

1,252

52
192
194

2,473
2,654
2,998
3,191
3,259

241
268
325
330
331

7
9
3
11
9

221

COMMERCIAL AND MUTUAL SAVINGS BANKS

FEBRUARY 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Securities
Total
Interbank 1
Other
liaCash1 bilities
assets
and
Demand
capital Total 1 DeU.S. Other
Time
acmand
Govt.
counts 2
U.S. Other
Govt.

Loans and investments

Class of bank
and date
Total

Noninsured mutual savings
banks:
1941—Dec 31
1945 Dec 31 4
1947—Dec. 31
1958—Dec
1959—Dec.
I960 Dec
1961—Dec
1962 June

31
31
31
30
30

. . . .

Loans

Bor- Total Number
row- capital
acof
ings counts
banks
Time

8,687
5,361
5,957

4,259
1,198
1,384

3,075 1,353
3,522
641
3,813
760

642
180
211

9,846
5,596
6,215

8,744
5,022
5,556

6
2
1

8,738
5,020
2 5,553

7,341
6,981
5,320
5,600
5,882

4,177
4,184
3,270
3,581
3,751

2,050 1,113
1,848
949
1,453
597
1,446
572
1,570
561

169
143
107
108
104

7,589
7,200
5,481
5,768
6,052

6,763
6,405
4,850
5,087
5,306

1
1

6,762
6,404
4,850
4 5,083
15 5,291

1 Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and2 $400 million demand to other demand).
Includes other assets and liabilities not shown separately.
3 See note 4 on page 217.
4
Beginning with Dec. 31, 1947, the series was revised. A net of 115
noninsured nonmember commercial banks with total loans and investments of about $110 million were added, and 8 banks with total loans
and investments of $34 million were transferred from noninsured mutual
savings to nonmember commercial banks.
5 These data reflect the reclassification of New York City and city of
Chicago as reserve cities effective July 28, 1962. For details see Aug.
1962 BULL., p. 993.

6 See note 6, Oct. 1962 BULL., p. 1315.

1

6

1,077
558
637

496
350
339

746
705
555
577
594

278
249
189
184
181

1
1

NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959).
Commercial banks include all nonmember and member commercial
banks; stock savings banks and nondeposit trust cos. are included with
commercial banks. Member banks include 1 national bank in the
Virgin Islands that became a member in May 1957, 2 noninsured nondeposit trust cos. and, before July 1962, mutual savings banks that
became members of the Federal Reserve System during 1941 (3 before
Jan. 1960, 2 until June 1961, and 1 until July 1962). These banks were
excluded from commercial banks.
Comparability of figures for classes of banks is affected somewhat
by changes in F. R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL.,
pp. 870-71.

LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted

Not seasonally adjusted

Securities

Period
Total 1

Loans*

Securities
Total i

U. S.
Govt.

Other

Loans l
U.S.
Govt.

Other

161.6
166.4
181.0
185.7

88.0
91.4
95.6
107.8

57.3
57.0
64.9
57.6

16.3
17.9
20.5
20.4

164.5
169.3
184.4
189.5

89.7
93.2
97.5
110.0

58.6
58.2
66.4
58.9

16.3
17.9
20.6
20.5

I960
1961 2
1962*

194.5
209.6
227.6

114.2
121.1
134.8

59.6
64.7
63.8

20.7
23.8
29.0

198.5
214.4
233.1

116.7
123.9
138.0

61.0
66.6
65.9

20.9
23.9
29.2

1962 Jan
Feb
Mar
Apr
May
June
July

210.7
213.3
215.2
215.0
216.4
220.3
217.8
220.3
222.0
224.4
225.8
227.6

120.8
122.6
123.8
124.5
124.8
126.6
126.1
127.3
129.7
131.7
132.3
134.8

65.7
66.1
66.1
64.6
65.5
66.6
64.1
65.0
64.3
64.1
64.4
63.8

24.2
24.6
25.3
25.9
26.1
27.1
27.6
28.0
28.0
28.6
29.1
29.0

210.9
211.6
212.4
214.8
215.3
219.2
217.8
219.0
223.1
225.7
226.7
233.1

119.6
121.1
122.6
124.0
124.8
127.7
126.1
127.3
130.6
131.6
132.4
138.0

67.2
66 0
64.4
64.7
64,4
64 4
64 2
63 9
64.3
65 5
65.4
65.9

24.1
24.5
25.4
26.1
26.1
27.0
27 5
27.9
28.2
28.6
28.8
29.2

228.8

134.9

64.3

29.6

229.0

133.6

65.9

29.5

1956
1957
1958
1959

. .

Sept p
Oct p p
Nov.
Dec* 2
1963 Jan p

...

. .

. .

.

.

.

.

.

1 Adjusted to exclude interbank loans.
2 Data for Dec. are estimates for Dec. 31, 1962.




NOTE.—Data are for last Wed. of month (except for June 30 and
Dec. 31 call dates). For description of seasonally adjusted series and
back data, see July 1962 BULL., pp. 797-802.

222

COMMERCIAL BANKS

FEBRUARY 1963

LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans

Class of
bank and
call date

Total: 2
1947—Dec. 31.
1960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Sept. 28.

116,284
199,509
215,441
220,670
224,950

38,057
117,642
124,925
129,193
132,340

18,167
43,125
45,172
45,909
,
46,780

1,660
5,676
6,248
6
6,360

198,011
213,904
219,163
223,438

165,619
179,599
183,497
186,518

New York City: 3
1941—Dec. 3 1 . . 12,896
1945—Dec. 3 1 . . 26,143
1947—Dec. 3 1 . . 20,393
1960—Dec. 3 1 . .
1961—Dec. 30..
1962—June 30..
Sept. 28..

27,726
30.297
30,396
30,511

City of Chicago: 3
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1960—Dec. 3 1 . .
1961—Dec. 30..
1962—June 30..
Sept. 28..

99,933 39,288 3,509 3,124
106,232 40,931 3,934 3,877
109,212
" 41,435 4,220 3,088
111,993 42,210 3,948 3,360

Country:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
I960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Sept. 28.

4,072 2,807
7,334 3,044
7,179 5,361

Nonmember: 2
1947—Dec. 31.
1960—Dec. 31.
1961—Dec. 30.
1962- June 30.

412 169
2,453 1,172
545 267
1,574
1,956
1,512
1,686

399
467
409
397

2,760
5,931
5,088

732
954
1,333
760
1,801 1,418

48
211
73

52
233
87

7,050
7,606
7,937
8,345

4,485
4,626
4,672
4,945

2,690
2,609
2,659
2,745

322
354
265
248

134
137
147
145

18,465
19,535
19,224
20,060

300
205
225

114 194
427 1,503
170 484

564
669
611

20
42
23

183
471
227

2
4
5

9,499 2 ,589
10,165 2,811
10,,719 3,007
10,,854 2,890

508
591
424
499

293
438
416
397

29
116
240
478

614
18,454 5,432 1,205
33,910 17,719 3,838 ,167
35,856 18,700 4,241 2,314
37,188 19,989 4,474 2 ,580

20
161
179
165

156
269
306
306

36,981
39,693
41,492
42,556

3,216
3,261
3,148
3,205

7,994
11,356
8,226
8,377

2,884 18,868 30,72 17,300 3 ,150
2,098:26,145
.
26,426 20,068 3,462
3,577 25,886 26,23122 ,883 3,747
3,479 23,860 28,137:23,821 4,009

196
221
278
338

6,402
9,229
6,467
6,124

2,296 15,072 25,335 14,141
1,842 21,390 21 ;598 16,691
16
2.984 21,367 21 24719,321
2,901 19,563 22 73420,129

6,980
7,862
7,659
6,596

1,422
2,117
1,989
1,142

578
442
492
497

95
51
149

40 4,213
26 2,890

1,430

256
133
132

,467
235

421
476
456
514

1,882
2,041
1,936
2,006

132
478
200
184

37
92
151
64

197
229
298
309

2,439
2,617
2,899
3,074

729
606
638

830
629
604

3,272
2,806
2,247
2,290

1,964
2,635
3,158
3,486

317
265
355
370

153 1,022
749 1,864
248 2,274

182
181
213

193
204
185

663 1,050
607
728
743
816
844
741 1,150
782
975 1,216

76
124
179
179

311
1,623 5,331
7,265
272 17,574
477 3,433 3,325 10,339
238 11,972 1,002
640
558 9,772

9,005
9,590
10,272
10,674

909 17,396
8,721
9.172 998 19,748
9,682 1,129 18,627
9,650 1,177 17,769

1,823
528
4,377
1,881
707 359 26,999
3,827 1,979 224 22,857
1,147
1,251
1,256
1,308

1 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans
continue to be shown net,
2
Breakdowns of loan, investment, and deposit classifications are not




6,034 53 ,205 5,276 3,729
19,013 30,998 17,570 3,294
26
"',336 26,64120
'",345 3,592
,041 26,453 23,165 3,869
24 ,000 28,37024
" ,090 4,130

1,708
2,496
2,931
2,667

295
1,527
6,467
751 5,421
508
956 820
1,459
855 387 29,552 1,034 6,982 5,653 15,883 1,126
916
373 2,358 1,901 15,563 1,342 1,053
3,147 1,969 351 20,196

4
17
15

659
648
818

12,518 5,890 1,676
35,002 5,596 1,484
36,324 10,199 3,096

7,789
2,920
2,114
3,
3,530

522
287
564

868 1,930 940
1,799
934 2,072 1,220
1,711
1,774 1,084 2,075 1,321
1,771 1,202 2,079 1,348
22
36
46

351
470
556
797

16,223 887
16,879 ,076
17,077 1,184
",092 1,028
17

123
80
111

32
26
93

739
784
727
705

40,002
42,379
43,824
44,432

2,193
8,072
11,488
8,320
8,490

Certifi- Notes Bonds
cates

971
3,494
3,653
19,539
3,007 15,561 3,090 2.871
3,455 1,900 057 78,338 2,275 16,985 14,271 44,807 3,254 2,815
7,130 4,662 839 57,914 1,987 5,816 4,815 45-,295 4,199 3,105

39
47
113

500
376
568
572

Bills

State
and
local Other
govt. secursecu- ities
rities

4,773
988
4,505
21,046
3,159 16,899 3,651 3,333
4,677 2,361 1,132 88
88,912 2,455 19,071 16,045 51,342 3,873 3,258
9,266 5,654 914 67,941 2,124 7,552 5,918 52
"',347 5,129 3,621

40
49
114

719
976
888
926

67,890
73,131
75,019
77,759

Total

,564
947 6,726 22,518 21 ,622 2,694 49 ,106
,827 1,014 6,893 23, 987 22,852 3,198 54,058
"",065
1,699 1,453 6,789 25,362 24^06 3,480 52
"'
,655 1,943 6,972 26,358 24,297 3,594 51,323

10,876
11,278
10,980
11,520

62,953
68,565
70,145
69,903

U. S. Government
securities

117,092 42,957 5,628 3,247 ,811
965 7,090 28,602 26,263 2,883 60,468
124,348 44,965 6,211 4,030 2,107 1,027 7,296 30,211 27,708 3,396 66,026
128,613 45,717 6,766 3,234 ,981 1,469 7,200 31,915 29,299 3,692 63,921
131,755 46,595 6,328 3,512 1^27 2,022 7,421 33,114 29,700 3,811 63,853

Other reserve city:^
1941—Dec. 3 1 . . 15,347 7,105 3,456
1945—Dec. 3 1 . . 40,108 8,514 3,661
1947—Dec. 3 1 . . 36,040 13,449 7,088
I960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Sept. 28.

Other
to
in- Other
dividuals

9,393 5,723 947 69,221
830 1,220
115
3,284 1,833
966 7,106 28,713 26,396 2,901 61,003
4 """ 2 1 3 4 1,033 7,311
,847 3,412 66,578
,444 3,713 64,443
3,254 2,005 1,474 7,221 .
3,530 1,950 2,040 7,440 33,240 29 ,850 3,830 64,390

Member, total:
1941_Dec. 31. 43,521 18,021 8,671 972 594 598
1945—Dec. 31. 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 31. 97,846 32,628 16,962 1,046 811 ,065
1960—Dec. 3 1 . .
1961—Dec. 30..
1962—June 30..
Sept. 28..

Investments

For
To
purchasing
financial
or carrying institutions
Total
Comloans i
mer- Agri- securities
and
Real
cial culinvest- Total 2 and
esments
tur- To
tate
inal broduskers To
To
To
trial
and
deal- others banks others
ers

All insured:
1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662
1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606
1947__Dec. 31. 114,274 37,583 18,012 1,610 823
" " 1,190
' '"
1960- Dec. 31.
1961—Dec. 30.
1962—June 30.
Sept. 28.

1

12,449
13,242
13,728
14,145

10,550
11,132
11,792
12,054

2,266 1,061

379 6,205 4,774
418 6,341 4,995
431 6,682 5,439

738
727
827
808

110
481 3,787 1,222
630 5,102 4,544 16,722 1,342
480 2,583 2,108 17,687 2,006

,028
,067
,262

2,817
7,240
3,614
566 9,560
2,667 1,075 9,405
3,493 1,049 8,839

6,752
7,530
8,146
8,532

,308
,500
,539
,718

11,318
206 1,973 1,219 7,920 1,078
11,904 1,670
624 3,941 5,668 3,431
272 4,947 5,046 3,655
12,525 2,259
645 4,675 5,210 3,845
12,383 1,853

625
857
976
971

647 22,848
751 24,407
732 23,843
760 24,953
109
207
214
233

9,111
7,382
7,563
7,898

4,817
5,710
6,867
6,894

2,031
794 5,461
3,020
741 8,605
1,611 1,267 8,186
1,305 1,291 7,275

11,903
10,667
10,696
11,571

available before 1947; summary figures for earlier dates appear in the
preceding table.
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.

223

COMMERCIAL BANKS

FEBRUARY 1963

RESERVES A N D LIABILITIES BY CLASS O F BANK
(In millions of dollars)

Demand deposits
DeBalReCur- ances mand
serves rency
with
dewith
doand
posits
F.R.
mestic
coin
adBanks
banks* justed5

Class o f
bank and
call date

Interbank

Time deposits

Certified
and
officers'
checks,
etc.

U.S.
Govt.

State
and
local
govt.

1,343
5,945
5,946
9,554
8,600

6,799
11,674
12,242
11,814
11,590

2,581
4,602
5,056
4,437
3,790

673 1,762
12,396 1,358 8,570 37,845 9,823
15,810 1,829 11,075 74,722 12,566 1,248 23,740
17,796 2,145 9,736 85,751 11,236 1,379 1,325

3,677
5,098
6,692

1,077
2,585
2,559

114,292
121,671
113,136
114,922

5,932
5,934
9,529
8,573

11,582
12,149
11,727
11,508

4,564
5,023
4,390
3,745

12,396 1,087
15,811 1,438
17,797 1,672

6,246 33,754 9,714
671 1,709
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176

3,066
4,240
5,504

1,009
2,450
2,401

16,720
16,918
16,839
16,999

2,518
2,813
2,399
2,553

8,582
8.724
7,182
7,291

5,287
5,381
8,734
7,653

9,016
9,487
9,107
8,961

1941—Dec 3 1 . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

5,105
4,015
4,639

93
111
151

141 10,761
78 15,065
70 16,653

3,595
866
607
3,535 1,105 6,940
3,236 1,217
267

319
237
290

450
1,338
1,105

11,282
15,712
17,646

1960—Dec.
1961—Dec.
1962—June
Sept.

3,398
3,286
3,495
3,338

199
240
165
184

147
143
106
99

15,352
17,089
15,796
15,710

4,105 1,184 1,217
4,330
967 1,267
3,643
874 1,918
3,579
784 1,544

305
333
327
310

2,476
2,583
2,390
1,892

1,021
942
1,070

43
36
30

298
200
175

2,215
3,153
3,737

1.027
1,292
,196

127
8
20 1,552
72
21

233
237
285

34
66
63

2,152
3 160
3,853

899
889
916
996

33
37
31
35

171
158
94
113

3,968
3,809
3,728
3,869

1,327
1,578
1,083
1,194

53
45
44
42

327
369
546
477

298
315
330
325

102
124
109
104

4,499
4,830
4,082
4,255

1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
t947_Dec. 31....

4,060
6,326
7,095

425
494
562

2,590 11,117
2,174 22,372
2,125 25,714

4,302
6,307
5,497

54
491
110 8,221
131
405

1,144
1,763
2,282

286
611
705

1960—Dec.
1961—Dec.
1962—June
Sept.

31....
30...
30....
28....

7.354
7,533
7,406
7,435

753
858
764
771

2,610
2,542
2,111
2,081

34,357
36,187
33,710
33,232

7,688
8,107
6,394
6,668

301
243
228
223

1,960
2,103
3,670
3,008

3,329
3,520
3,191
2,928

Country:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .

2,210
4.527
4,993

526
796
929

3,216 9,661
4,665 23,595
3,900 27,424

790
1,199
1,049

2
225
8 5,465
432
7

5,070
5.210
5,023
5,230

1,534
1,678
1,438
1,564

5,655
5,881
4,872
4,998

40,917
43,575
40,321
41,855

1,755
1,910
1,512
1,575

23
15
17
17

544
828
876
787

3,947
5,099
5.446
4,617

13,595
20,525
21,994
20,489

385
578
649
553

55
65
70
52

Total: 2
1947—Dec.
1960—Dec.
1961—Dec.
1962—June
Sept.

31....
31....
30....
30....
28«...

AH insured:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1960—Dec.
1961—Dec.
1962—June
Sept.

31....
30....
30....
28«...

Member, total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1960—Dec.
1961—Dec.
1962—June
Sept.

31....
30....
30....
28

New York City:*

31....
30....
30....
28....

City of Chicago:*
1941—Dec 31
1945—t> e c 3i t
1947—Dec 3 1 . . . .
1960—Dec.
1961—Dec.
1962—June
Sept.

31....
30....
30....
28....

17,796
16,720
16.918
16,839
17,000

16,720
16.918
16,839
16,999

Other reserve city: 3

1960—Dec.
1961—Dec.
1962—June
Sept.

31....
30....
30....
28

Nonmember: 2
1947—Dec.
1960—Dec.
1961 Dec
1962—June

31
31 , ,
30
30...,

4

2,216
3,346
3,689
3,185
3,420

3,326
3,670
3,168
3,401

10.216
13,681
14,169
11,799
12,260

13,409
13,871
11,524
11,832

87,123
115,120
122,654
114,043
115,810

94,594
100,660
93,555
94,666

DoFormestic4 eign 6

11,362
15,453
16,574
13,185
13,600

15,339
16,440
13,053
13,482

14,875
15,924
12,633
13,017

1,430
1,627
1,340
1,215
1,100

1,582
1,298
1,182
1,088

1,561
1,270
1,163
1,065

IPC

Bor- Capital
row- acings counts

240
84,987
117,103 1,799
481
124,622
525
112,534
430
114,330

111
262
283
300
270

158
70
54

59
103
111

116,388 1,667
333
123,878
388
111,874
395
113,672

262
283
300
268

140
64
50

50
99
105

4,244 99,134 1,639
303
4,654 105,454
351
4,080 94,826
352
3,448 95,901

237
260
274
245

3,559
4,371
5,096
4,916

6
17
12

10
12

29
20
14

778
1,206
1,418

1 648
195 2,120
30 2,259

19,051 1,216
191
20,213
17,580
210
17,589
208

27
38
53
48

203
162
221
230

3,976
6,735
7,824
8,073

3,554
283 3,683
381 3,761
567 3,839

2

9

476
719
902

288
377
426

61
14
18
18

2
5
7
7

7
8
10
15

1,521
1,996
2,581
2,788

11,127
22,281
26,003

104
30
22

20
38
45

953
1,152
907
834

37.986
40,315
36,504
36,093

326
62
75
78

85
110
110
88

1,370
2,004
2,647

239
435
528

8,500
21,797
25,203

30
17
17

31
52
45

1,783
1,641
2,601
2,623

5,083
5,320
5,261
5,398

713
796
676
618

37,598
40,095
36,660
37,964

37
37
48
48

122
108
104
102

167
657
565
819

1,295
2,658
2,755
2,707

180
357
402
356

12,284
17,970
19,168
17,708

190
160
178
174

Beginning with 1942, excludes reciprocal bank balances.
5 Through 1960, demand deposits other than interbank and U. S.
Govt., less cash items in process of collection; beginning with 1961
demand deposits other than domestic commercial interbank and U. S.
Govt., less cash items in process of collection.
6 Beginning with June 1961, reclassiftcation of deposits of foreign
central banks reduced foreign interbank demand deposits by about $400
million and interbank time deposits by about $1,500 million. These
amounts are now included in demand and time deposits of individuals,
partnerships, and corporations.




IPC

U.S.
Govt. State
Inter- and
and
bank Postal local
Sav- govt.
ings

36,544
72,593
83,723

33,061
62,950
72,704

866
4,544
5,465
6,341
6,180

65 10,059
34,383
66,836 163 20,986
76,680 471 22,459
85,393 786 23,183
87,890 1,510 23,690

492 15,146
496 29,277
826 33,946
4,481
5,412
6,290
6,131

66,605 149 20,628
76.426 462 22,089
85,124 773 22,810
87,623 1,496 23,325

418 11,878
399 23,712
693 27,542

20,652
23,962
26,847
27,274

146 6,082
219 12,224
337 14,177
1,562
1,891
2,158
2,178

4 5,886
208 7,589
54 8,464

53,477 130
62,526 438
69,793 735
71,788 1,455

243 4,542
160 9,563
332 11,045
1,787
2,310
2,706
2,493

10 6,844
215 8,671
61 9,734

35
35
34
112

17,398
18,638
19,179
19,562

822
870
894
933

1,967
2 2,566
1 2,844
73
81
240
638

6,423
6,997
7,201
7,168

4 1,982
11 2,525
23 2,934

27,327
29,834
32,541
33,654

23
40
80
139

6,599
7,088
7,323
7,621

6
172 6,858
25
985 13,378
23 1 094 14 169
26 1,245 15,614

12
33
33
52

1,596
3,590
3 822
4,005

NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U. S. possessions except for member
banks. During 1941 3 mutual savings banks became members of the
FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until
July 1962) are included in member banks but are not included in all insured
or total banks. Comparability of figures for classes of banks is affected
somewhat by changes in F. R. membership, deposit insurance status, and
the reserve classifications of cities and individual banks, and by mergers,
etc.
For other notes see opposite page.

224

WEEKLY REPORTING MEMBER BANKS

FEBRUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Loans
Total
and
loans
Cominvestand
ments Loans merinvest_J
cial
_ J
ments * justed 2 justed 2 and
industrial

Wednesday

Agritural

To brokers
and dealers

To financial institutions

To others

U.S.
U . S . Other
Govt. Other
sese- Govt.
sesecuricuricuri- curities
ties
ties
ties

Bank

Foreign

Nonbank

Do- Pers.
mes- and
tic
sales
com- finan. Other
mer- COS.,
cial
etc.

Real
estate

V aluaAll

other

tion
reserves

Total—
Leading Cities
1962
Jan

2 363
2,221
2,116
1,982
2,011

137
116
111
110
111

1,358
1,358
1,348
1,348
1,353

674 2,277 3,729
644 1,800 3,421
654 1,718 3,394
630 1,394 3,115
628 1,845 3,184

2,430
2,377
2,360
2,325
2,332

13,403
13,404
13,407
13,406
13,420

16 940 [ 696
16,909 ,700
16,853 j70?
16,827
701
r
16,902 ,705

34,779
34,807
35,075
35,166

1,493
849 2,169
1,503
863 2,309
1,526 1,824 2,632
1,529 1,604 2,748

86
82
88
97

1,334
1,348
1,358
1,369

613 1,945 3,420
618 1,889 3,544
625 1,799 3,935
650 2,135 4,237

2,700
2,726
2,776
2,774

15,415
15,470
15,483
15,504

18,251 ,745
18,299 ,748
18 339 I 741
18,374 ,741

82,947
80,842
80,801
79,536
79,457

35,351
34,937
34,612
34,291
34,295

1,562 1,569 2,833
1,552 1,087 2,513
1,544 1,453 2,714
1,540
837 2,564
537 2,531
1,527

113
109
112
98
95

1,413
1,383
1,381
1,378
1,387

669 2,127
651 1,739
645 1,926
645 1,242
651 1,893

4,563
3,881
3,660
3,495
3,694

2,802
2,760
2,753
2,756
2,740

15 519
15,520
15,565
15,585
15,626

18 454
18,351
18,275
18,262
18,290

901
,90^
,913
,915
,916

29,405
28,705
28,637
28,319
28,813

18,834
18,322
17,984
17,555
17,769

11,047
10,901
10,768
10,673
10,685

11
11
11
11
11

1,372
1,316
1,193
1,123
1,139

29
23
22
24
24

442
448
448
445
445

331
303
309
292
290

577
605
534
590
652

1,162
1,013
1,060

490
467
455
457
449

839
839
833
837
837

3,226
3,209
3,215
3 201
3,246

489
489
490

490
490

30,534
30,637
31,846
32,083

29,671
30,031
31,326
31,410

19,594
19,748
20,855
20,922

11,545
11,456
11,577
11,592

7
631 1,114
676 1,209
10
16 1,305 1,426
17 1,089 1,529

14
14

400

281
284

863
606

1,088
1,150
520 1,309
673 1,456

558
569

1,234
1,254
1,227
1,236

3,223
3,222
3,199
3,198

501
501
501

32,216
31,132
31,544
30 488
30,940

31,709
30,434
30,860
30,198
30,192

21,075
19,913
19,985
19,447
19,368

11,751
11,570
11,373
11,248
11,317

17
17
11
11
12

945

17

1,606
698 1,193
684 1,083
290 1,058
748 1,197

562

1,209
1,208
1,224
1,221
1,230

3,205
3,167
3,147
3 172
3,193

549
SS4
554
554

17
24.

11

92,649
91,502
91,239
90,523
r
90,895

90,949
90,307
90,055
89,719
r
89,702

55,451
54,807
54,536
53,998
r
54,101

21,750
21,600
21,462
21,308
r
21,3O3

1,292
1,296
1,314
1,311
1,306

473
290
264
118

991
905
923
859

180

13,714
13,700
13,638
13 626
r
13,656

,207
,211
,212
211
^15

5
12
19
26

97,524
98,069
99,314
99,992

96,442
96,786
98,035
98,530

59,770
60,073
61,065
61,389

23,234
23,351
23,498
23,574

1,486
1,493
1,510
1,512

218

^44
,247
240
^40

101,005
99,248
99,394
98,236
98,344

99,385
98,207
98,152
97,284
97,199

61,872
60,929
60,816
60,089
60,089

23,600
23,367
23,239
23,043
22,978

1,545
1,535
1,533
1,529
1,515

122 631
120,812
120,410
119
432
r
120,360

120,354
119,012
118,692
118,038
r
118,515

74,285
73,129
72,520
71,553
r
l1,870

32,797
32,501
32,230
31,981
r
31,988

128,058
128,706
131,160
132,075

126,113
126,817
129,361
129,940

79,364
79,821
81,920
82,311

133,221
130,380
130,938
128,7^4
129,284

131,094
128,641
129,012
127,482
127,391

24
31

29,982
29,310
29,171
28,909
29,465

5
12
19
26

3
10
17
24
31

Dec

. .

5
12
19
26

1,303
1,307
1,325
1,322
1,317

847
571
424
208
329

1963
Jan

. . . . .

2
9
16
23
30

New York City
1962
Jan

3...
10.
17

Dec

374
281
160
90
149

14
15

405

411
416

287
301

892
984

585
574

sot

1963
Jan

2

9

16
23

10

1,567
647 1,354
927 1,483
645 1 358
388 1,304

428

317

314
313

507

549

19
15

415
412

16

404

15

408

312

916
910
900
903

872

108
93
89
86
87

908

343 1,700 2,567 1,940 12,564
341 1,195 2,408 1,910 12,565
345 1,184 2,334 1,905 12,574
804 2,223 1,868 12,569
338
338 1,193 2,200 1,883 12,583

1.055
187 ,100
519 ,206
,?19
515

72
68
74
82

934

332

1,082 2,332
334 1,283 2,394
338 1,279 2,626
349 1,462 2,781

2,142
2,157
2,191
2,200

14,181
14,216
14 256
14,268

15,028
15,077
15 140
15,176

624
440

96
90
97
82
80

985
968

352 1,620 2,957
337 1,041 2,688
1,242 2,577
333
952 2,437
339 1.145 2,497

2,240
2,202
2,202
2,200
2,194

14.310
14 312
14,341
14,364
14,396

15,249 ,352
IS 184
353
15,128 1,359
15,090 1 ,361
15,097 1 ,362

312

558
551
556

546

Outside
New York City
1962
Jan

Dec

3
10

943
947
953

1963
Jan

2
9
16
23
30

.

.

For notes see p. 226.




526

192
149

,266
159
PM
,206
->?7

969

974
979

332

WEEKLY REPORTING MEMBER BANKS

FEBRUARY 1963

225

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Cash assets

Investments

3

U. S. Government securities
Wednesday
Total

Bills

Certificates

Notes and bonds
maturing—

Other
securities

Total

With- 1 to After
in
1 year 5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

Currency
and
coin

Reserves
with
F. R.
Banks

All
other
assets

Total
assets—
Total
liabilities
and
capital
accounts

Total—
Leading Cities
1962
Jan,

3.........
10.........
17
24.........
31..

Dec.

5.........
12
19.........
26..

Jan.

2.........
9.........
16
23

33,960
33,662
33,954
34,312
'34,467

5,972
5,754
6,073
6,090
6,204

,379
,385
,387
,416
,451

5,411
5,356
5,398
5,418
r
5,481

17,852
17,878
17,792
17,811
r
17,778

3,346
3,289
3,304
3,577
r
3,553

12,109
12,221
12,218
12,173
12,178

18,637
17,582
17,547
17,242
'17,196

3,374
3,089
2,963
3,103
'2,893

190
163
165
155
159

,637
,652
,587
,626
,532

13,436
12,678
12,832
12,358
12,612

4,587
4,661
4,588
4,605
4,782

160,721
155,834
156,434
152,915
'155,432

31,277
31,231
31,619
31,808

4,231
4,225
4,640
4,921

2,278
2,288
2,317
2,346

4,006
4,037
4,042
r
3,992

14,573
14,513
14,450
'14,386

6,189
6,168
6,170
6,163

15,472
15,765
15,822
15,821

16,885
17,419
18,032
18,162

3,014
3,029
3,128
3,187

145
151
156
188

,616
,861
,831
,959

12,110
12,378
12,917
12,828

4,764
A,112
4,753
4,848

163,590
165,587
169,242
168,379

32,369
31,961
32.409
32)116
315986

5,487
5,164
5,651
5,353
5,205

2,368
2,363
2,360
2,348
2,358

3,996
3,988
3,929
3,961
3,958

14,330
14,286
14,299
14,297
14,277

6,188
6,160
6,170
6,157
6,188

15,778
15,838
15,802
15,830
15,948

18,596
17,386
17,467
17,459
17,078

3,761
3,006
3,137
2,898
2,853

181
163
184
173
168

,816
,761
,665
,687
,659

12,838
12,456
12,481
12,701
12,398

4,972
4,831
4,831
4,817
4,925

173,985
166,627
168,749
163,546
163,742

7,659
7,440
7,664
7,838
8,099

1,979
1,809
1,993
2,075
2,261

435
454
451
466
472

1,086
1,087
1,090
1,091
1,172

3,498
3,476
3,507
3,487
3,495

661
614
623
719
699

2,912
2,943
2,989
2,926
2,945

4,457
4,087
4,088
3,934
3,964

119
87
109
75
68

273
258
241
231
220

3,971
3,666
3,659
3,560
3,603

2,010
2,120
2,051
2,069
2,123

41,180
39,996
40,112
39,095
40,583

6,240
6,297
6,509
6,521

1,359
1,440
1,665
1,744

471
475
475
474

673
691
709
683

2,473
2,430
2,383
2,355

1,264
1,261
1,277
1,265

3,837
3,986
3,962
3,967

3,522
4,026
4,264
4,037

118
119
99
96

277
309
292
295

3,062
3,521
3,805
3,551

1,943
1,967
1,961
2,004

40,719
41,706
43,975
42,545

6,668
6,527
6,905
6,743
6,752

1,859
1,781
2,195
2,030
2,032

495
494
490
483
491

701
685
689
703
708

2,323
2,315
2,321
2,307
2,306

1,290
1,252
1,210
1,220
1,215

3,966
3,994
3,970
4,008
4,072

4,505
3,962
3,979
4,207
4,076

116
90
110
100
94

275
265
246
247
248

4,028
3,538
3,537
3,778
3,651

2,082
2,025
2,059
1,996
2,036

44,893
41,783
42,985
40,956
41,561

26,301
26,222
26,290
26,474
'26,368

3,993
3,945
4,080
4,015
3,943

944
931
936
950
979

4,325
4,269
4,308
4,32.7
r
4,309

14,354
14,402
14,285
14,324
r
14,283

2,685
2,675
2,681
2,858
r
2,854

9,197 14,180
9,278 13,495
9,229 13,459
9,247 13,308
9,233 '13,232

3,255
3,002
2,854
3,028
'2,825

,364
,394
,346
,395
,312

9,465
9,012
9,173
8,798
9,009

2,577
2,541
2,537
2,536
2,659

119,541
115,838
116,322
113,820
114,849

25,037
24,934
25,110
25,287

2,872
2,785
2,975
3,177

1,807
1,813
1,842
1,872

3,333
3,346
3,333
r
3,309

12,100
12,083
12,067
r
12,031

4,925
4,907
4,893
4,898

11,635
11,779
11,860
11,854

13,363
13,393
13,768
14,125

2,896
2,910
3,029
3,091

,339
,552
,539
,664

9,048
8,857
9,112
9,277

2,821
2,805
2,792
2,844

122,871
123,881
125,267
125,834

25,701
25,434
25,504
25.373
25)234

3,628
3,383
3,456
3,323
3,173

1,873
1,869
1,870
1,865
1,867

3,295
3,303
3,240
3,258
3,250

12,007
11,971
11,978
11,990
11,971

4,898
4,908
4,960
4,937
4,973

11,812
11,844
11,832
11,822
11,876

14,091
13,424
13,488
13,252
13,002

3,645
2,916
3,027
2,798
2,759

,541
,496
,419
,440
,411

8,810
8,918
8,944
8,923
8,747

2,890
2,806
2,772
2,821
2,889

129,092
124,844
125,764
122,590
122,181

1963

30
New York City
1962
Jan.

Dec.

3
...
10.........
17.........
24.........
31...... ....

5...
12

19
26
1963
Jan.

2.........

9.........
16.
23...
30...
Outside
New York City
1962
Jan.

3..,..
10.........
17.........
24.........

31...
Dec.

5
12

19
26
1963
Jan.

2....
9
16
23
30

For notes see p. 226.




226

WEEKLY REPORTING MEMBER BANKS

FEBRUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Deposits

Borrowings

Demand
Wednesday

Total
unadjusted 4

Demand
deposits
adTot<ll 6
usted ~

Time

Domes-

IPC

Other time

State
tic
and
For- U.S. comlocal eign 7 Govt. mer- Total 8
Govt.
cial
Danks

Savings

IPC

From

State
and
Forlocal eign 7
Govt.

F. R. From
Banks others

Other
liabilities

Ca Pitiil
accou

Total—
Leading Cities
1962
jan

Dec

65,644 97,958 70 118 5 00? ,796 4,033 3 415 41 603
135 363 65 7?9 93, 305 68,433 4,796 1,706 ,786 9J 011 4?,058
370 4? 36?
135, 548 65,050 93 186 69,069 4,757 ,604 1,877
132,778 64, 762 90, 158 66, 793 4,870 1 ,577 2,082 1,678 42, 620
139,

3

10
17
24
31

'134,698 '64, 350 '91, 839 '67,

141, 566
5
143, 58?
12
19 . ... 147,798
146,207
26

204 1 ,632 3,220

851 7,246
9 999
9 j 99?

9 ,259

,258
'30,563 r 6,427 3,021 2 ,266
859 '30,641
548
068 2 ,262

175

5 000 1 593 3,388
6? 76? 9? 315 66
78?
930
65,0?9 93,988 69 143 4 857 ,665 2,339
66 3?6 97 533 70 345 4 759 ,721 3,600 9 310
,807 4,772 1,867
66, 263 96, 196 69, 603 4,788

30 775 5 945
1?0
'30 461 '6,309
'30,47?

49 751

34 535 8 713 3

7 ,440

49 594 34,57? 8,9?4
291 ,458
49 765 34 607 9 00? 3 351 7,453
50, 011 34,712 9,080 3,344 2,521

763
236
27 9 031
246 ?,184
47 1,547
52 2,011
167
165
290
212

9
9

5, 198 1?,963
5
99?
5,491 1?,965
5, 578 12,965
030
5,641

583 5,66? 13 61?
5 6?4 13,595
490 5,57? 13,597
836 5,497 13,627

1963
Jan

2
9
16
23
30

152,495 65 843 10? 109 71 531

145 ?80 64 787 94 677
147 033 65 447 96 160
142 086 64,401 90 951
142 022 64, 495 90,720

5 175

50 386 34 970 9 ??1

,849 4,749 4,

68 378 4 749
704 2,916
944
70 075 4 939
761 2,682 9 518
05?
866
1
438
67
4
1,765 2,566
66 791 5,054 1,716 2,760 11 010

50 603 34 993
50 873 35 047
51 135 35 106
51 302 35,143

3 410

,483

9 765 3 475 ,514
9 384 3 537
545
9,463 3 595 <*
-,611
9 542 3 622 .,635

566
75
54 9 453
76 ? 607
595 1 799
107 2 398

5
5
5
5
5

13,630

?08 13,63?
417 13 616
445 13,
558 13,657

New York City
1962
Jan

3

10
17

24
31
Dec

5
12

19
26

33 ?46

349 18 185

17 074

32 354 17 033
32 ?63 16 686
659 16 5?8
32 816 16 449

?5
75
?4
75

387
?04
534
597

?98

6 897

973 1 990

168

3 356
3 18?
3 951
3 140

6 967
7 059
7
7 219

2 985 1 993
3 004
036
3 044 9 051
119
3 069

163
18?
187
194

944 3 137
633 7 976
1,286 893 3 119
?89 1,369 1,404 9 894

8
8
8
8

3 915 ? 61?
3 979 7 769
3 935
810
3 950 9 837

231
223

882
360 1 395 1,441
979 1 ?77
857 ^ 196
348 1,345 773 3 ??4
751 1 348 736 3 10?
306 1,295 757 3 083

8

999

9
9
9
9

045
111
193
?44

1,396 1,246

17 776
17 845
17 353
17 745

780 1,316
789 1 713
?35 1,173
?78 1,169
759 1 ?33

33 15?
34 076
36 150
34 778

15 667
16 48?
17 340
17 087

?4 468 16 578
75 167 17 564
77 ?56 18 46?
95 806 17 995

?54
178
030
369
857

16 849
16 416
16 519
16 073
16 ?64

25
75
?4
?4

1,249

519
534
570
977

684
859
894
97?

730

,668
,677
,679
,683
,678
,754
,756
,738
,782

456 9 694

3 674

014
954
15 1 161 9 998
651
11?
946 3

3 674
3 675
3 673
3 693

75 1 011
38 1 717
90 1 34?
1 33?

3
3
3
3

110

667

9 6?4
9 59?
9 6?9

814
801
801
806.

1963
Jan

2

9
16
23

30

37
34
35
33
33

18 341

133 17 116
919 17 605

176 16 751
613 17 043

4
4
4
4

974 9 864
001 9 855
017
867
040 7 87?
050 7 89?

919

1
1 ?04

,760
I 791

226 ,816
868
777
774 1,892

ii
67
4

580

581
665
987 7 713
078
807
9

,458

817
2 8?O
3 870
3
3 815

Outside
New York City
1962
Jan.

3
10

17.
24
31
Dec.

5
12
19
26

106 ,315 48 ,570 71 ,609 51 ,933 4 710
103 009 48 696 67 918 50 ,657 4 516

4 468
103 ?85 48 364 67 98? 51
101,119 48 ?34 65 6?4 49 440 4 635

400 2,787 10,117
390 1,267 9 655
391 1,343 9 188
404 1,512 8 4? 5
383 2,243 8 ,035

34 ,706
35 ,091
35 303
35 495
'35 ,640

27 ,302 3 ,955 2 ,683
'27 437 '4 177 7 ,759

578
58?

810
834

579
583

'27 ,572 '4,429 2 ,874

584

126 1,307 2 ,504
27 1 077 7 407
,493
9 ,466
52 1,065 2 ,513

'77 457 '4
773
519 r4,376

9

231 1 073
896
47

9,289
9 318
9 790
9 797

108 ,414
109 556
111 ,148
111 ,429

47 ,095
48 .547
48 ,986
49 ,176

67 ,847
68
70 ,277
70 ,390

49 ,651
51 ,579
51 ,883
51 ,678

4 ,722
4 598
4 ,488
4 ,499

424
43?
435
438

2,444
1,706
2,707
3,368

9 ,145
8 954
9 ,191
8 ,973

40 ,567
40 735
40 ,871
41 ,039

30 ,620
30 643
30 ,672
30 ,762

6 ,101
6 155
6 ,192
6 ,243

2 ,986
3 060
3 ,120
3 ,121

686
70?
715
739

92 1,572 2 ,995
404 3 ,000
127
200 1,148 2 ,980
212 ,504 2 ,868

'9,337
9,798
9 794
9,791
9,821

115 ,241
111 ,102
112 ,003
108 ,717
108 ,165

48 ,994
48 ,371
48 ,928
48 ,328
48 ,231

73 ,847
69 ,544
70 ,241
66 ,775
66 ,107

53 ,190
51 ,262
52 ,470
50 ,301
49 ,748

4 ,765
4 ,477
4 ,591
4 ,615
4 ,748

454
427
416
417
421

3,308
2,059
1,909
1,830
2,003

10,439
9 ,748
9 ,294
8 ,336
7 ,927

41 ,394
41 ,558
41 ,762
41 ,942
42 ,058

30 ,946
30 ,992
31 ,025
31 ,066
31 ,093

6 ,357
6 ,410
6 ,517
6 ,591
6 ,650

3 ,198
3 ,262
3 ,311
3 ,368
3 ,398

723
723
729
743
743

75 1,324 2 ,639
54 1,249 2 ,627
64 1,149 2 ,752
528
812 2 ,732
103
,320 2 ,751

9,813
9,812
9,796
9,801
9,842

'101 ,882 '47 ,901 '66 ,242

,383 '4 912

1963
Jan.

2
9
16
23
30

1 After deduction of valuation reserves.
2
Exclusive of loans to domestic commercial banks and after deduction
of 3valuation reserves; individual loans items are shown gross.
Excludes cash items in process of collection.
4 Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U. S. Govt., less cash items in process of collection.




6 Includes certified and officers' checks and deposits of mutual savings
banks,
not shown separately.
7
Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign
branches
of U. S. banks other than reporting bank.
8
Includes U. S. Govt., postal savings, domestic commercial interbank,,
and mutual savings banks, not shown separately.

FEBRUARY 1963

227

BUSINESS LOANS OF BANKS

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(Net change in millions of dollars)
Month

Week
Industry

1963

1963
Jan.
23

Jan.
30
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products. . .
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
,
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
,
All other types of business, mainly
services

20
-8
3

-10

Jan.
16

Jan.
9

-2
-8

-25
-10
-15
-17

-11
-11

-4
11
3

-75
-16
-11
-13
-15

-14
8
-1
6
-3

-24
28
-11
3

17
19
-27
-7

5

-37
-17

-56
-11

9
A

Net change in classified loans
Commercial and industrial changes—
all weekly reporting banks

n

Jan.
2

Jan.

1962
Dec.

Nov.

1
2
-3
-3
-12

-12
-17

-31
8
-9

-3
-56
-58
-12
-49

17
64
1
-92

-112
-7
-3

-4
-33
-6
-30
-5

-205
-38
-24
-28
-16

129
-64
11
-4
-37

232
19
-108
-169

74
-58
31
-128

5
65
11
97

-183
-67

197
-27

Q

-7
-19
-38

242
-14
-7
-119

-157
-20

-28
-28

95
9

-93

Quarter

Half year

1962

1962

IV

III

2nd

-25
-13
62
-44
-158

-49
31
-15
-48
140

416
-275
-112

111
96
12
-154
7

91
133
60
117

61
-13

346
-46

14

56
-19
-35
71

-58
14

39
-12

31
25

1st

-74
19
47
-91
-18

-131
89
96
126
128

-14
37
164

528
-179
43
-129
-105

-497
289
-67
76
174

-25
87
63
36

-161
52
52

66
220
123
154

178
-237
34
61

309
29

-223
164

655
-17

-510
182

-119
-50
27
50
112
-152

42

49

-43

-18

49

-57

209

87

283

127

290

205

23

-315

-293

-353

116

-821

329

375

893

640

116

1533

196

-321

-325

-414

185

-871

486

390

1103

709

340

1812

434

NOTE.—Data for sample of about 200 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial and
industrial loans of all weekly reporting member banks and about 70 per

cent of those of all commercial banks.
End-of-week date shown. Figures for periods other than week are
based on weekly changes.

BANK RATES ON SHORT-TERM BUSINESS LOANS
(Per cent per annum)

Area
and
period

All
loans

Size of loan
(thousands of dollars)
1
10

10—
100

100—
200

200
and over

Year:
19 large cities:
1954
1955
1956
1957
1958
1959

3.6
3.7
4.2
4.6
4.3
5.0

5.0
5.0
5.2
5.5
5.5
5.8

4.3
4.4
4.8
5.1
5.0
5.5

3.9
4.0
4.4
4.8
4.6
5.2

3.4
3.5
4.0
4.5
4.1
4.9

I960
1961
1962

5.2
5.0
5.0

6.0
5.9
5.9

5.7
5.5
5.5

5.4
5.2
5.2

5.0
4.8
4.8

4.96
4.98
5.01
4.99
5.02

5.84
5.89
5.88
5.86
5.88

5.52
5.54
5.53
5.53
5.55

5.21
5.21
5.25
5.21
5.28

4.78
4.81
4.84
4.82
4.85

.

.

Quarter: 1
19 large cities:
1961—Dec
1962—Mar
June
Sept
Dec

l Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL.,
pp. 228-37. Bank prime rate was 31/4 per cent Jan. 1,1954-Mar. 16,1954.
Changes thereafter occurred on the following dates (new levels shown, in




Area
and
period

All
loans

Size of loan
(thousands of dollars)
1—
10

10—
100

100—
200

200
and over

Quarter—cont.: i
New York City:
1961—Dec
1962—Mar
June
Sept
Dec

4.77
4.78
4.79
4.77
4.78

5.66
5.65
5.64
5.60
5.61

5.37
5.36
5.35
5.35
5.33

5.04
5.04
5.09
5.14
5.12

4.66
4.68
4.68
4.65
4.68

7 northern and
eastern cities:
1961—Dec
1962—Mar
June
Sept
Dec

4.96
4.97
5.00
5.00
5.05

5.82
5.85
5.83
5.87
5.85

5.51
5.53
5.52
5.51
5.55

5.22
5.17
5.21
5.20
5.23

4.81
4.83
4.86
4.87
4.92

11 southern and
western cities:
1961—Dec
1962—Mar
June
Sept
Dec

5.24
5.28
5.33
5.32
5.33

5.94
6.01
6.01
5.98
6.01

5.62
5.66
5.65
5.65
5.68

5.31
5.35
5.39
5.28
5.41

5.00
5.03
5.12
5.12
5.10

per cent): 1954—Mar. 17, 3; 1955—Aug. 4, 3 % ; Oct. 14, 3V4; 1956—
Apr. 13, 3 % ; Aug. 21, 4; 1957—Aug. 6, 4 % ; 1958—Jan. 22, 4; Apr. 21,
3 % ; Sept. 11, 4; 1959—May 18, 4%; Sept. 1, 5; and 1960—Aug. 23, 4%.

228

INTEREST RATES

FEBRUARY 1963
MONEY MARKET RATES
(Per cent per annum)

Prime
coml.
paper,
4- to 6months *

Period

U . S. Government securities (taxable) 3

Finance
CO.

paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days *

3-month bills

6-month bills

9- to 12-month issues

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

Bills
(market
yield)

Other 4

3- to 5year
issues 5

1960
1961
1962

3.85
2.97
3.26

3 54
2.68
3.07

3 51
2.81
3.01

2.928
2.378
2.778

2.87
2.36
2.77

3.?47
2.605
2.908

3.20
2.59
2.90

3 41
2.81
3.01

3 55
2 91
3 02

3 99
3 60
3.57

1962 Jan
Feb
Mar

3.26
3.22
3.25
3.20
3.16
3.25
3.36
3.30
3.34
3 27
3.23
3.29

3.05
3.00
3.02
3.09
2.95
3.02
3.20
3.12
3.13
3.04
3.08
3.16

3.00
3.00
3.00
3.00
2.91
2.90
3.07
3.11
3.09
3.03
3.00
3.00

2.746
2.752
2.719
2.735
2.694
2.719
2.945
2.837
2.792
2.751
2.803
2.856

2.72
2.73
2.72
2.73
2.68
2.73
2.92
2.82
2.78
2.74
2.83
2.87

2.965
2.955
2.883
2.838
2.789
2.804
3.085
3.005
2.947
2.859
2.875
2.908

2.94
2.93
2.87
2.83
2.78
2.80
3.08
2.99
2.93
2.84
2.89
2.91

3.19
3.21
2 98
2.90
2 91
2.89
3.17
3 10
2.99
2 90
2.94
2.94

3.08
3.11
2 99
2.94
2 98
3 02
3.23
3 13
3.00
2 90
2 92
2.95

3.84
3.77
3 55
3.48
3 53
3.51
3.71
3 57
3.56
3 46
3.46
3.44

3.34

3.18

3.07

2.914

2.91

2.962

2.96

3.00

2.97

3.47

3.38
3.38
3.38
3.30
3.25

3.23
3.25
3.15
3.13
3.13

3.00
3.04
3.06
3 10
3.13

2.926
2.920
2.884
2.923
2.917

2.89
2.90
2.90
2.93
2.93

2.966
2.966
2.932
2.976
2.972

2.94
2.95
2.95
2 99
2.99

2.95
2.96
3.00
3 03
3.02

2.99
2 99
2.96
2 97
2.95

3.44
3.45
3.44
3 50
3.50

Apr

May
June
July
Aue
Sept
Oct

Nov
Dec
1963—Jan
Week ending—
1963 Jan
5
12
19
26

Feb

2

1 Averages of daily offering rates of dealers.
2
Averages of daily rates, published by finance cos., for varying maturities3 in the 90-179 day range.
Except for new bill issues, yields are averages computed from daily
closing bid prices.

*5 Certificates of indebtedness and selected note and bond issues.
Selected note and bond issues.

BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds

United
States
(longterm)

Period

Corporate bonds

State
local

By selected
rating

imd

Stocks
Dividend/
price ratio

By
group

Total i

Aaa

Baa

Aaa

Baa

Industrial

Railroad

Public
utility

Preferred

Common

Common
5.88
4 74

4.01
3.90
3 95

3.69
3.60
3 30

3.26
3.27
3 03

4.22
4.01
3.67

4.73
4.66
4 61

4.41
4.35
4 33

5.19
5.08
5.02

4.59
4.54
4 47

4.92
4.82
4 86

4.69
4.57
4 51

4.75
4 66
4 50

3.46
2 98
3 37

4 08
4.09
4.01
3 89
3.88
3.90
4.02
3.97
3.94
3.89
3.87
3.87

3.55
3.40
3.30
3.21
3.21
3.31
3.37
3.38
3.28
3.21
3.15
3.22

3.21
3.08
3.03
2.98
2.98
3.06
3.10
3.10
3.01
2.94
2.89
2.93

4.01
3.83
3.66
3.55
3.55
3.65
3.72
3.74
3.66
3.62
3.53
3.57

4.70
4.70
4.67
4 63
4.58
4.59
4.63
4.64
4.61
4.57
4.55
4.52

4.42
4.42
4.39
4 33
4.28
4.28
4.34
4.35
4.32
4.28
4.25
4.24

5.08
5.07
5.04
5.02
5.00
5.02
5.05
5.06
5.03
4.99
4.96
4.92

4.57
4.57
4.52
4 46
4.42
4.45
4.52
4.51
4.45
4.40
4.39
4.40

4.92
4.90
4.88
4.86
4.83
4.86
4.90
4.90
4.88
4.85
4.83
4.76

4.61
4.62
4.60
4 56
4.50
4 47
4.48
4.50
4.49
4.46
4.42
4.41

4 59
4.52
4 48
4 45
4.45
4 52
4 59
4.55
4.50
4 49
4.45
4.42

2 97
2.95
2 95
3 05
3.32
3 78
3 68
3.57
3.60
3 71
3.50
3.40

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

Week ending—
1963—Jan. 5
12.
19
26
Feb. 2

3.87
3.87
3.87
3.91
3.90

3.22
3.22
3.20
3.21
3.23

2.94
2.94
2.94
2.95
2.97

3.57
3.57
3.55
3.55
3.57

4.51
4.50
4.49
4.49
4.48

4.22
4.21
4.20
4.21
4.21

4.93
4.92
4.91
4.91
4.90

4.40
4.39
4.37
4.37
4.37

4.73
4.73
4.72
4.71
4.70

4.39
4.38
4.38
4.37
4.38

4.40
4.38
4 35
4.30
4.28

3.41
3.31
3 31
3.26
3.25

4-11

20

5

5

120

30

30

40

40

40

14

500

I960
1961
1962
1962

Tan
Feb
Mar

.

...

Apr

M^ay
June
July
Sept
Oct
Nov
Dec

..

i Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as fohowsr U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.




Earnings/
price ratio

Total i

5 00
6 41
6.22

500

figures Corp. bonds: Averages of daily figures. Both of these series are
from Moody's Investors Service series.
Stocks: Standard and Poor's Corp. series. Dividend/price ratios are
based on Wed. figures; earnings/orice ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.

229

SECURITY MARKETS

FEBRUARY 1963
SECURITY PRICES

Common stocks

Bonds
Standard and Poor's index
(1941-43= 10)
Period

U.S.
Govt.
(longterm)

Municipal
(highgrade)

Corporate
(highgrade)

Manufacturing
Total

Industrial

Railroad

Volume
of
trading
Trade,
(thoufisands
nance, Minof
and
ing shares)
service

Securities and Exchange Commission index
(1957-59= 100)

Public
utility

Total
Total

Durable

Trans- Public
Non- portautiltion
duity
rable

73.8 3,042
92.5 4,085
98.0 3,820

1960
1961....
1962....

86.22
87.55
86.94

103.9
107.8
112.0

94.7
95.2
95.6

55.85 59.43 30.31 46.86
66.27 71.42 32.84 60.18
62.38 65.54 30.56 59.16

113.9 110.9 117.3 104.9 95.8 129.3 127.4
134.2 126.7 129.2 124.4 105.7 168.4 160.2
127.
118.0 116.5 119.4 97.8 167.2 155.0

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

85.34
85.17
86.21
87.69
87.87
87.61
86.07
86.64
87.02
87.73
87.96
87.96

109.9
110.5
111.9
113.7
113.5
111.2
110.2
110.1
112.1
114.4
114.5
113.0

94.5
94.5
94.9
95.4
95.9
95.7
95.4
95.3
95.8
96.6
96.6
96.6

69.07
70.22
70.29
68.05
62.99
55.63
56.97
58.52
58.00
56.17
60.04
62.64

140.4
142.8
142.9
138.0
128.3
114.3
116.0
119.5
117.9
114.3
122.8
128.0

1963—Jan

87.81

113.0

97.4

65.06 68.00 34.06 63.35 132.6 123.6 119.2 127.7 107.3 173.0 155.8 106.8 4,574

Week ending—
1963—Jan. 5
12
19
26
Feb. 2

88.00
88.01
87.99
87.50
87.55

113.2
113.7
113.5
112.5
111.9

96.8
96.8
97.7
97.7
97.8

63.41
64.60
65.06
65.60
66.17

72.99
74.22
74.22
71.64
66.32
58.32
59.61
61.29
60.67
58.66
62.90
65.59

66.28
67.49
67.99
68.58
69.18

33.77
34.23
33.45
32.31
30.71
28.05
28.29
28.09
27.68
27.40
30.47
32.24

33.
34.17
33.86
34.13
34.47

62.69
63.70
64.51
63.86
58.84
53.32
55.51
56.96
56.96
55.63
57.69
60.24

61.65
63.01
63.41
63.81
64.27

NOTE.—Annual data are averages of monthly data. Monthly and
weekly data are computed as follows:
U. S. Govt. bonds, derived from average market yields in preceding
table on basis of an assumed 3 per cent, 20-year bond, averages of daily
figures.
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.

130.6
132.2
133.0
134.5
135.2

130.8
133.4
133.5
128.2
119.0
105.7
106.9
110.4
108.9
105.6
114.0
119.1

121.8
123.3
123.8
125.3
126.0

133.6
134.4
134.0
128.0
117.5
103.2
104.4
109.1
106.2
102.5
110.7
114.0

117.2
118.9
119.4
121.1
121.4

128.1
132.6
133.1
128.5
120.6
108.
109.2
111.7
111.5
108.4
117.3
123.8

126.1
127.4
127.9
129.4
130.2

108.5
110.5
107.4
103.
98.5
90.2
90.0
90.6
88.5
86.6
97.2
102.3

106.4
107.2
106.9
108.7
108.8

181.4
183.0
184.2
180.3
167.1
151.1
156.7
160.7
158.2
154.3
162.0
167.9

170.3
171.8
174.5
175.5
176.9

175.2
176.4
175.2
172.0
161.6
141.3
139.4
143.6
141.6
135.9
145.4
151.8

153.5
156.3
155.8
157.7
158.2

104.1
109.7
106.6
103.9
97.5
88.3
90.9
92.7
92.3
91.3
97.7
101.5

104.2
106.0
107.3
109.6
110.2

3,677
3,481
3,113
3,263
5,045
4,770
3,532
3,368
3,310
3,423
4,803
4,048

4,484
4,779
4,761
4,663
4,274

Common stocks, Standard and Poor's index based on averages of daily
figures; Securities and Exchange Commission index on weekly closing
prices.
Volume of trading, average daily trading in stocks on the N. Y. Stock
Exchange for a 5Vi-hour trading day.

STOCK MARKET CREDIT
(In millions of dollars)
Customer credit

Month

1959—Dec
1960—Dec
1961 Dec
1962 Jan .
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

Nov
Dec

Total
securities
other than
U. S. Govt.
securities
4,461
4,415
5,602

. . .

5,464
5,426
5,457
5,491
5,408
4,938
4,876
5,073
5,156
5,165
5,285
5,494

Net debit balances with
N. Y. Stock Exchange
firms secured by—
U. S. Govt.
securities

Other
securities

150

3,280
3,222
4,259

95
35
34
34
34
36
35
32
29
23
27
25
24
24

4,111
4,066
4,083
4,079
4,000
3,605
3,562
3,773
3,887
3,864
3,951
4,125

1963—Jan.
NOTE.—Data in the first three cols, and last col. are for end of month,
in the other cols., for last Wed.
Net debit balances and broker and dealer credit; ledger balances of
member firms of the N. Y. Stock Exchange carrying margin accounts, as
reported to the Exchange. Customers' debit and free credit balances
exclude balances maintained with the reporting firm by other member
firms of national securities exchanges and balances of the reporting firm
and of general partners of the reporting firm. Balances are net for each
customer—i.e., all accounts of one customer are consolidated. Money
borrowed includes borrowings from banks and from other lenders except
member firms of national securities exchanges.




Broker and dealer credit

Bank loans to others than
brokers and dealers for purchasing and carrying—

Money borrowed on—

Customers'
net
free
credit
balances

Other
securities

U S. Govt.
securities

Other
securities

167
'138
125

1 181
1,193
1,343

221

2 362
2,133
2,954

1,135
1,219

111
133
105
117
91
92
83
80
81
81
82
97

J TSl
,360
,374
,412
,408
,333
,314
,300
.269
1,301
1,334
1,369

142
48
51
71
52
57
44
46
32
35
49
29
28
35

2,860
2,812
2,912
3,015
2,845
2,194
2,091
2,472
2,689
2,596
2,558
2,785

1,225
[,190
1,154
110
,205
1,374
1,252
,130
1,091
1,126
1,151
.216

95

1,387

32

U. S. Govt.
securities
r

2,895

996

...

Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks. Before July 1959, loans for purchasing or
carrying U. S. Govt. securities were reported separately only by N. Y.
and Chicago banks. Accordingly, for that period the fifth col. includes
any loans for purchasing or carrying such securities at other reporting
banks. Composition of series also changed beginning with July 1959;
revised data for the new reporting series (but not for the breakdown of
loans by purpose) are available back through July 1958 and have been
incorporated.

230

OPEN MARKET PAPER; SAVINGS INSTITUTIONS

FEBRUARY 1963

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances

Commercial and finance
company paper

Based on—

Held b y End of period

Accepting banks

Own
acct.

Foreign
corr.

72
94
64
36
173

69
66
49
75
74

50
76
68
82
230

621
878
775
675
K060

261
278
254
357
403

329
456
349
309
669

2
46
83
74
122

896

376

51

126

1,234

485

969

804
788
774
763
733
731
736
721
748
824
841
865

359
305
298
218
216
234
273
216
204
201
245
288

45
44
42
36
33
60
43
35
36
34
38
110

120
113
100
94
112
85
80
71
68
69
88
86

1,294
1,309
1,284
1,281
1,251
1,232
1,175
1,234
1,225
1,239
1,264
1,301

477
472
474
479
462
473
485
488
520
502
525
541

946
915
889
826
787
751
705
667
674
679
719
778

Placed
directly2

Total

2,183
2,672
3 2,751
3,202
4,497

506
551
840
677
1,358

1,677
2,121
3 1,911
2,525
3,139

967
1,307
1,194
1,151
2,027

227
287
302
319
662

155
194
238
282
490

1961—Dec

4,686

1,711

2,975

2,683

1,272

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

5,556
5,520
5,713
5,640
5,917
5,864
6,169
6,575
6,573
6,970
7,070
5,961

1,762
1,762
1,876
1,883
1,869
1,878
2,002
2,119
2,228
2,417
2,501
2,088

3,794
3,758
3,837
3,757
4,048
3,986
4,167
4,456
4,345
4,553
4,569
3,873

2,621
2,559
2,498
2,392
2,345
2,342
2,306
2,277
2,281
2,367
2,476
2,650

1,163
1,093
1,072
981
949
965
1,009
937
952
1,025
1,086
1,153

Total

1956
1957
1958
1959
I960

Own Bills
bills bought

Total

F. R.
Banks

Goods stored in or
ImExshipped between
ports
ports
points in—
Dollar
Others
from
into
exUnited United change
States States
United Foreign
States countries

Placed
through
dealers 1

1
As reported by dealers; includes finance co. paper as well as other
commercial
paper sold in the open market.
2
As reported by finance cos. that place their paper directly with
investors.

227
296
244
162
308

148
232
263
249
524

117

293

819

74
106
86
74
96
145
143
138
144
160
173
186

271
223
182
158
145
117
93
72
73
110
145
171

853
844
867
855
855
857
881
912
870
917
914
974

3 Beginning with Nov. 1958, series includes all paper with maturity
of 270 days or more. Figures on old basis for Dec. were (in millions):
total $2,739; place directly, $1,899.

MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Securities

Loans
End of period

1941
1945

Mortgage

Other

4,787
4,202

89
62

1954
1955
1956
1957
1958
1959 4

14,845
17,279
19,559
20,971
23,038
24,769

188
211
248
253
320
358

1960
1961

26,702
28,902

416
475

1961—Nov.
Dec.

28,680
28,902

469
475

1962—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
Nov.

29,145
29,333
29,563
29,833
30,087
30,398
30,688
31,000
31,243
31,548
31,820

455
461
508
468
537
519
506
560
563
536
586

U.S.
Govt.

3,592
10,650
8,755
8,464
7,982
7,583
7,270
6,871
6,243
6,160
6,172
6,160
6,245
6,322
6,531
6,315
6,331
6,296
6,285
6,311
6,314
6,152
6,133

State
and
local
govt.

Corporate
and
other i

1,786
1,257
608
646
675
685
729
721
672
677
677
677
669
651
633
607
587
582
577
568
563
548
542

3,548
3,366
3,549
4,344
4,971
4,845
5,076
5,040
5,042
5,040
5,064
5,065
5,090
5,055
5,057
5,069
5,135
5,149
5,151
5,154
5,181

1 Includes securities of foreign governments and international organizations and U. S. Govt. agencies not guaranteed, as well as corporate
securities.
2 See note 4, p. 217.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings
Banks Association of the State of New York.
4
Data reflect consolidation of a large mutual savings bank with a
commercial bank.




Cash
assets

Other
assets

Total
assets—
Total
liabili- Deposits 2
ties
and
surplus
accts.

Other
liabilities

Surplus
accounts

Mortgage loan
commitments 3

Number Amount

829
606

689
185

11,772
16,962

10,503
15,332

38
48

1,231
1,582

1,026
966
920
889
921
829

380
414
448
490
535
552

29,350
31,346
33,381
35,215
37,784
38,945

26,351
28,182
30,026
31,683
34,031
34,977

261
310
369
427
526
606

2,738
2,854
2,986
3,105
3,227
3,362

89,912
65,248

1,664
1,170

874
937

589
640

40,571
42,829

36,343
38,277

678
781

3,550
3,771

58,350
61,855

1,200
1,654

847
937

642
640

42,529
42,829

37,892
38,277

857
781

3,779
3,771

59,882
61,855

1,533
1,654

837
884
896
817
829
883
837
808
852
867
832

655
661
676
671
670
675
678
677
702
697
683

43,071
43,378
43,897
43,766
44,100
44,421
44,706
45,073
45,388
45,502
45,776

38,446
38,611
39,083
39,032
39,216
39,642
39,814
40,029
40,458
40,644
40,791

845
944
973
923
1,016
921
1,021
1,127
996
955
1,025

3,780
3,823
3,840
3,811
3,868
3,859
3,871
3,917
3,934
3,904
3,960

68,614
65,839
69,223
73,401
78,707
79,248
84,357
83,803
88,882
93,526
99,616

1,588
1,644
1,698
1,817
1,897
1,940
1,994
2,088
2,122
2,229
2,323

NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in BULLETIN; the latter are for call dates and
are based on reports filed with U. S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves.

231

SAVINGS INSTITUTIONS

FEBRUARY 1963
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period

Statement value:
1941
1945

Total
assets

Total

Business securities

United State and Foreign1
States
local

Total

Bonds

Stocks

Mortgages

Real
estate

Policy
loans

Other
assets

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

687
1 ,240

10,174
11,059

9,573
10,060

601
999

6,442
6,636

1,878
857

2,919
1,962

1,840
1,738

1954
1955
1956
1957

84,486
90.432
96,011
101,309

12,262
11,829
11,067
10,690

9,070
8,576
7,555
7,029

1,846
2,038
2,273
2,376

1 ,346
1 ,215
1 ,239
1 ,285

37,300
39,545
41,543
44,057

34,032
35,912
38,040
40,666

3,268
3,633
3,503
3,391

25,976
29,445
32,989
35,236

2,298
2,581
2,817
3,119

3,127
3,290
3,519
3,869

3,523
3,743
4,076
4,338

1958
1959
1960
1961

107,580
113,650
119,576
126,816

11,234
11,581
11,679
11,896

7,183
6,868
6,427
6,134

2,681
3,200
3,588
3,888

1 ,370
1 ,513
1 ,664
] ,874

47,108
49,666
51,857
55,294

42,999
45,105
46,876
49,036

4,109
4,561
4,981
6,258

37,062
39,197
41,771
44,203

3,364
3,651
3,765
4,007

4,188
4,618
5,231
5,733

4,624
4,937
5,273
5,683

Book value:
1959—Dec
1960—Dec

113,650
119,576

11,599
11,699

6,858
6,428

3,221
3,606

,520
,665

48,840
51,063

45,157
46,967

3,683
4,086

39,237
41,815

3,678
3,796

4,620
5,233

5,676
5,980

1961—Nov
Dec

126,007
126,816

12,161
11,915

6,396
6,135

3,879
3,902

,886
1,878

53,548
53,967

48,921
49,149

4,627
4,818

43,868
44,250

3,990
4,011

5,701
5,735

6,739
6,938

1962—Jan
Feb
Mar
Apr
May....
June
July
Aug
Sept
Oct
Nov

127,311
127,731
128,108
128,569
128,931
129,144
130,002
130,596
131,069
131,735
132,505

12,155
12,196
12,248
12,341
12,323
12,237
12,418
12,459
12,451
12,609
12,720

6,314
6,335
6,257
6,351
6,325
6,230
6,406
6,385
6,337
6,368
6,405

3,958
3,960
4,078
4,064
4.050
4,058
4,062
4,090
4,104
4,080
4,062

1,883
1,901
1,913
1,926
1,948
1,949
1,950
1,984
2,010
2,161
2,253

54,329
54,519
54,704
54,965
55,274
55,445
55,697
55,927
56,165
56,359
56,509

49,506
49,657
49,814
50,039
50,307
50,491
50,706
50,908
51,099
51,246
51,352

4,823
4,862
4,890
4,926
4,967
4,954
4,991
5,019
5,066
5,113
5,157

44,378
44,494
44,637
44,751
44,946
45,142
45,340
45,576
45,758
46,051
46,380

3,973
3,992
3,989
4,010
4,024
4,043
4,097
4,106
4,110
4,124
4,134

5,768
5,792
5,834
5,880
5,927
5,981
6,038
6,079
6,114
6,151
6,185

6,708
6,738
6,696
6,622
6,437
6,296
6,412
6,449
6,471
6,441
6,577

i Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance cos. in the United States.

Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market value. Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item, separately, but are included in total, in "other assets."

SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Assets
End of
period

Mortgages

U.S.
Govt.
securities

Liabilities

Cash

Other i

Total
assets 2 —
Total
liabilities

Savings
capital

Reserves
and
undivided
profits

Borrowed
money 3

Loans in
process

Other

Mortgage
loan
commitments

1941.,
1945.,

4,578
5,376

107
2,420

344
450

775
356

6,049
8,747

4,682
7,365

475
644

256
336

636
402

1954.,
1955.,
1956.,
1957.,

26.108
31.408
35.729
40,007

2,013
2,338
2,782
3,173

1,971
2,063
2,119
2,146

1,469
1,789
2,199
2,770

31,633
37,656
42,875
48,138

27,252
32,142
37,148
41,912

2,187
2,557
2,950
3,363

950
1,546
1,347
1,379

1,244
1,411
1,430
1,484

1958.
1959.
I960.,
1961.

45.627
53.141
60,070
68,833

3,819
4,477
4,595
5,222

2,585
2,183
2,680
3,298

3,108
3,729
4,131
4,743

55,139
63,530
71,476
82,096

47,976
54,583
62,142
70,851

3,845
4,393
4,983
5,721

1,444
2,387
2,197
2,863

1,161
1,293
1,186
1,547

713
874
968
1,114

1,475
1,285
1,359
1,908

1961—Nov
Dec
1962—Jan
Feb
Mar....
Apr....
May..
June..
July...
Aug...
Sept...
Oct....
Nov...

68,069
68,833

5,177
5,222

2,850
3,298

4,801
4,743

80,897
82,096

69,340
70,851

5,293
5,721

2,445
2,863

1,558
1,547

2,261
1,114

2,028
1,908

69,368
69,968
70,769
71,616
72,587
73,631
74.525
75,542
76,385
77,345
78,137

5,408
5,503
5,539
5,493
5,480
5,413
5,459
5,448
5,490
5,521
5,556

2,933
3,031
3,162
3,084
3,094
3,357
2,963
2,924
3,012
3,110
3,234

4,628
4,668
4,761
4,851
5,264
5,206
5,012
5,117
5,194
5,238
5,448

82,337
83,170
84,231
85,044
86,425
87,607
87,959
89,031
90,081
91,214
92,375

71,342
71,920
72,854
73,240
74,022
75,449
75,467
76,115
76,985
77,820
78,728

5,745
5,748
5,751
5,747
5,753
6,042
6,047
6,047
6.063
6,077
6,081

2,480
2,384
2,301
2,427
2,525
2,890
2,979
3,071
3,166
3,202
3,173

1,488
1,539
1,657
1,795
1,911
1,985
2,010
1,999
2,006
1,992
1,941

1,282
1,579
1,668
1,835
2,214
1,241
1,456
1,799
1,861
2,123
2,452

1,988
2,150
2,335
2,474
2,616
2,556
2,551
2,518
2,472
2,439
2,431

1 Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2 Before 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage pledged shares. Beginning with January 1958,
no deduction is made for mortgage pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.




833
843
862

3 Consists of advances from FHLB and other borrowing.
NOTE.—Federal Savings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns. in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.

232

FEDERAL FINANCE

FEBRUARY 1963
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions

Receipts from the public,
other than debt

Net
rects. Change
Less:
or
Equals * payts.
in
Invest.
Total
debt
by
payts.
(direct agen. &
& agen.) trust*

Period
Budget,
net

Plus:
Trust
funds

Equals:
Total
Budget
rects.2

Less:
Intragovt. i

Plus:
Trust
funds

1,629
-434
1,056

491
470
1,386

-2,669
6,755
6,612

18,462
20,891
23,016
24,109

4,002 94,804 -13,144
777
3,129 94,301
5,003 99,528 - 2 , 2 8 6
4,185 107,711 - 5 , 8 2 4

9,656,
3,371
2,102
11,010

-1,181
953
870
465

2,160
597
536
923

8,678
1,821
698
9,621

12,533
12,010
12,099
12,357

2,990
1,278
2,907
1,507

50,840
2,408
53,898 - 9 , 2 1 7
53,814
3,393
58,136 - 9 , 1 1 4

-1,307
8,098
'2,911
6,142

1,052
-1,484
-1,950
-894

7,160

1,934

519

8,576

292

-716

-860

7,395
6,858
7,749
7,289
7,229
8,102
7,252
8,541
7,327
8,524
8,070
7,57:"

2,322
2,027
2,040
1,867
1,591
2,252
1,859
2,08:
2,36:
2,197
2,04^
1.811

991
-82
1,525
83
-340
730
-203
46
1,049
573
95
-53

8,726
8,967
8,263
9,074
9,160
9,624
9,314
10,577
8,639
10,14c
10,021
9,436

67,915
77,763
77,659
81,409

16,950
20,534
23,583
24,325

3,161 81,660
3,167 95,078
3,946 97,242
3,789 101,887

80,342
76,539
81,515
87,787

Half year:
1961—Jan.-June..
July-Dec...
1962—Jan.-June.
July-Dec...

42,330
35,826
45,583
39,126

13,442
10.673
13,652
11,856

2,497
1,782
2,007
1,935

53,249
44,680
57,207
49,023

41,298
43,165
44,622
47,286

7,967

1.484

577

8,868

5,357
6,729
9,104
5,754
7.024
11,615
3,566
7,089
10,053
3,030
7,027
8,360

866
2,743
1,828
1,587
4,053
2,575
1,194
3,447
1,622
1,377
2,531
1,684

250
-98
245
279
222
1,109
190
204
53:
253
265
491

5,968
9,567
10,685
7,060
10,850
13,077
4,567
10,328
11,140
4,150
9,289
9,548

Oct

Equals *
Net

-549
6,791
9,053

Fiscal year—1959...
196@...
1961...
1962...

Nov
Dec

Less:
Noncash
debt

3,593
4,156 94,694
'4,414 104,738 - 6 , 8 0 9
5
,721
111,949
4,414

79,518 21,773
78.157 '24,260
84,709 25,508

1962-^Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

Less:
Adjustments^

2,946 98,287 77,565 21,285
'4,425 97,929 84,463 '24,689
3,942 106,230 91,908 24,456

Cal. year—1960
1961....
1962

Month:
1961—Dec

Net cash borrowing
or repayment

Payments to the public,
other than debt

-2,758
608
600
450
-641
2,422
-2,014
784
1,690
2,386
3,453
-674
-4,747
-62
-249
4,266
2,501 - 2 , 3 0 9
-5,998
2,974
-732
3,258
112 - 1 , 9 8 4

68 - 2 , 4 2 6
402
9,180
440
521
6,172
865
114

30

102
1,243
-737
31
53
366
223 - 1 , 1 9 3
329
39
1,482
-737
85
2,168
133
41 - 1 , 2 7 8
564
101
778
-940
2,344
1,511
411
21 - 1 , 7 0 6
-624
121
3,206
-353
1,262
449 6 1,548
289
- 9 3 6 6-1,337

Effects of operations on Treasurer's account
Net operating transactions
Period

Net financing transactions
Agencies & trusts

Budget
surplus
or
deficit

Trust
funds

Clearing
accounts

Market
issuance
of
s e c . ••

Fiscal year—1959.
1960.
1961.
1962.
Half year:
1961—Jan.-June
July-Dec.,
1962—Jan.-June
July-Dec.
Month:
1961—Dec
1962—Jan
Feb
Mar
M*ay!!!!!
June
July
Aug
Sept
Oct

Nov
Dec

-12,427
1,224

-3,856
-6,378
1,032

-7,339
962
-8,160

Invest.
in U. S.
Govt.
sec.-•

Operating bal.
Held
outside
Treasury

Treasurer's
account

Balance

F. R.
banks

Tax
and
loan
accts.

Other
net
assets

71
1,023

213

-29
-149
285
566

-733
658

1,112
-714
-435
-435

8,363
1,625
2,640
9,230

-23
-4
-222
118

-4,399
2,654
-1,311
3,736

5,350
8,005
6,694
10,430

535
504
408
612

3,744
6,458
5,453
8,815

1,071
1,043
833
1,003

906
-1,338
1,551
-502

266
-137
703
-598

-240
394
263
-62

-710
1,221
-1,656
1,135

-1,246
7,198
2,032
5,269

-274
199
-81
4

283
-200
3,935
-2,922

6,694
6,494
10,430
7,509

408
465
612
597

5,453
5,157
8,815
6,092

833
872
1,003
820

-1,511
-359
565

807

-450

106

168

540

-842

95

234

6,494

465

5,157

872

-2,038
-129
1,356
-1,535
-205
3,513
-3,686
-1,452
2,727
-5,494

-1,455
716
-212
-279
2,461
320
-664
1,365
-739
-821
485
-127

337
-66
915
10
-449
-44
-163
-356
541
151
-440
-332

165
102
55
-43

1,137

345
470
-8%
864
2,222
-973
-325
3,966
-2,344
2,569
3,323
-1,920

4
12
-62
395
-319
-111
85
-52
60
-39
6 1,355
i-1,406

-1,513
644
1,293
-924
2,145
2,290
-4,051
2,151
738
-2,750
591
400

4,981
5,626
6,919
5,995
8,140
10,430
6,380
8,530
9,268
6,518
7,109
7,509

362
449
403
569
526
612
390
478
400
513
585
597

3,552
4,172
5,568
4,150
6,623
8.815
5,089
7,210
7,919
5,131
5,728
6,092

1,067
1,005
948
1,276
991
1,003
901
842
949
874
796
820

-1,042

788

-21
5

-119
46
41
10
3
-42

-437

13

455
-2,182
-642
992
-1,470

572
796
-382
626

1 Primarily interest payments by Treasury to trust accounts and accumuations to U. S. employees trust funds.
23 Includes small adjustments not shown separately.
Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts,
and (4) Govt. sponsored enterprises.
4
Excludes net transactions of Govt. sponsored enterprises.




Change
in
gross
direct
public
debt

Treasurer's account
(end of period)

Change in
cash balances

5 Primarily military defense, military assistance, and atomic energy.
6 Includes $1,412 million of 2% percent Treasury bonds of 1960-65
acquired by Treasury for retirement on Dec. 15, 1962, in exchange for
various issues on Nov. 15, 1962.
NOTE.—Treasury Dept. & Bureau of the Budget.

233

FEDERAL FINANCE

FEBRUARY 1963
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)

Selected excise taxes
(IRS data)

Budget receipts
Transfers to trusts

Period
Net 2

Indiv. taxes

High- R.re-R.
way tire.

Oldage

Refunds

Total

Withheld

Other

525
607
571
564

5,114 83,904 29 ,001
5,237 96,962 31 ,675
5,976 99,491 32,978
6,266 103,818 36,246

11,733
13,271
13,175
14,403

Fiscal year—1959...
1960
1961...
1962...

67,915 7,920 2,074
77,763 10,122 2,539
77,659 11,490 2,798
81,409 11,545 2,949

Half year:
1961—Jan.-June
July-Dec
1962—Jan.-June
July-Dec

42,330
35,826
45,583
39,126

6,728
4,741
6,802
5,311

1,301
1,533
1,415
1,672

274
278
288
291

5,104
885
5,380
805

7,967

458

255

47

67

5,357
6,729
9,104
5,754
7,024

152
1,620
1,119
729
2,181
1,001
436
1.699
911
536
1,129
600

233
207
248
230
264
233
281
332
287
276
218
277

11
81
50
13
82
51
12
86
50
14
77
51

73
743
1,813
1,417
101
233
165
193
111
200
73
64

Month:
1961—Dec
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

11,615
3.566
7,089
10,053
3,030
7,027
8,360

56,421
43,575
60,243
47,553

Corporation
taxes

18.092
22;179
21,765
21,296

Employment
taxes

Excise
taxes

10,760 8,854
11,865 11,159
12,064 12,502
12,752 12,708

16,362 9,990 12,927
17,652 3,189
8,259
18,593 11,213 13,036
8,810
18,958 3,319

Other
receipts

Liquor

Mfrs,
Torebacco and
tailers

5,464
6,813
7,007
6,412

3,002
3,194
3,213
3,341

1,807
1,932
1,991
2,026

4,315
5,114
5,294
5,536
2,570
2,656
2,880
n.a.

5,826
6,394
6,358
6,808

7,439
5,024
7,686
5,608

3,877
3,057
3,357
4,050

1,528
1,754
1,587
n.a.

984
1,035
991
n.a.

8,980 2,935

428

3,322

1,013

505

777

254

165

1,245
5,124
2,896
1,017
5,287
3,024
1,199
5,298
2,980
1,156
5,195
3,131

2,325
786
832
4,330
955
1,985
299
169
2,092
235
117
407

466
400
5,879
445
469
5,377
525
431
3,533
460
412
3,450

1,009
967
1,140
959
1,157
1,126
1,106
1,188
1,103
1,150
1,125
1,136

353
2,080
1,188
745
2,266
1,054
450
1,786
962
551
1,208
652

561
416
419
657
524
780
961
573
744
516
478
780

224
189
313
245
305
311
257
289
290
363
339

140
116
215
158
169
192
148
197
171
190
182

5,959
9,773
12,354
8,153
10,658

13,346
4,540
9,445
11,414
4,068
8,533
9,553

1,524
1,356
1,509
n.a.
n.a.
n,a.

Budget expenditures

Total 2

National
defense5

Fiscal year—1959..
I960..
1961..
1962..

80.342
76,539
81,515
87,787

46,491
45,691
47,494
51,103

3,780
1,832
2,500
2,817

Half year:
1961—Jan.-June.
July-Dec..
1962—Jan.-June.
July-Dec..

41,298
43,165
44,622
47,286

24,269
23,980
27,123
25,953

1,334
1,634
1,183
1,317

7,160

4,286

7,395
6,858
7,749
7,289
7,229
8,102
7,252
8,541
7,327
8,524
8,070
7,572

4,290
4,099
4,598
4,314
4,786
5,036
3,954
4,448
4,035
4,610
4,566
4,344

Period

Month:
1961—Dec
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Agriculture

Natural
resources

Commerce
and
transp.

145
401
744
1,257

6,590
4,882
5,173
5,895

1,670
1,714
2,006
2,147

2,017
1,963
2,573
2,774

412
482
775
1,024

2,310
3,567
2,328
4,590

948
1,179
968
1,331

172

80

550

237
236
233
273
-110
314
95
276
204
358
327
57

96
101
140
141
155
142
135
187
141
187
187
187

394
371
504
363
300
396
664
1,126
570
978
531
721

Intl.
affairs

Space
research

1961

Hous- Health,
ing
&
& com. labor
debel. welfare

Education

970
122
320
349

3,877
3,690
4,244
4,524

1,359
1,262
1,512
1,339

112
346
3
364

2,289
2,397
2,127
2,556

166

206

-21

154
167
134
143
161
209
191
247
268
231
219
175

190
258
311
214
231
308
156
300
224
232
212
215

41
72
19
-10
-29
-90
190
23
-19
-23
72
121

1962

General
Govt.

Veterans

Interest

732
866
943
1,076

5,287
5,266
5,414
5.403

7,671
9,266
9,050
9,198

1,466
1,542
1,709
1,875

535
462
614
578

2,755
2,725
2,678
2,663

4,463
4,502
4,696
4,936

856
938
937
979

409

68

485

788

157

467
123
367
381
297
492
460
348
415
454
470
409

113
108
102
84
98
109
84
131
125
61
79
98

764
733
780
780
831
834
806
813
826
814
843

186
118
161
175
129
168
138
195
150
182
156
158

503 1
457
449
438
434
397
442
492
401
440
443
445

1962

1961

Item
II

III

IV

III

III

IV

Net

23 .3
25 .1

24. 6
26. 5

24 .9
26 .2

25.3
26.9

24.6
27.8

- 1 .8

-1. 9

- 1 .4

-1.6

-3.2

For notes, see opposite page.




III

IV

Not seasonally adjusted

Seasonally adjusted
Cash budget:
Receipts. . .
Payments..

II

IV

26.8
26.8

27 .6
28 .0
- .3

27.3
29.3
-2.0

24.8
23.4

28 .5
27 .4

26. 7

21 .3
27 . 2

26. 2
26. 0

31 . 0
27 .7

26 . 0
28 .5

23.0
29.6

1.4

1 .1

-3. 3

- 5 .9

3

3 .2

- 2 .5

-6.6

23. 4

234

U.S. GOVERNMENT SECURITIES

FEBRUARY 1963

TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
debt i

End of period

Total
gross
direct
debt 2

3

Marketable
Total
Total

Bills

Certificates

Notes Bonds 4

1941—Dec
1945—Dec
1947 Dec

64.3
278.7
257.0

57.9
278.1
256 9

50.5
255.7
225.3

41.6
198.8
165 8

2.0
17.0
15 1

38.2
21 2

6.0
23.0
11 4

33 6
120.6
118 0

1955 Dec
1956—Dec
1957—Dec
1958 Dec
1959 Dec

280.8
276.7
275.0
283.0
290.9

280.8
276.6
274.9
282.9
290.8

233.9
228.6
227.1
236.0
244.2

163.3
160.4
164.2
175.6
188.3

22.3
25.2
26.9
29.7
39.6

15.7
19.0
34.6
36.4
19.7

43.3
35.3
20.7
26.1
44.2

81.9
80.9
82.1
83.4
84.8

I960 Dec
1961 Dec

290.4
296.5

290.2
296.2

242.5
249.2

189.0
196.0

39.4
43.4

18.4
5.5

51.3
71.5

1962 Jan
Feb
Mar

296.9
297.4
296.5
297.4
299.6
298.6
298.3
302.3
300.0
302.6
305.9
304.0

296.5
297.0
296.1
297.0
299.2
298.2
297.9
301.8
299.5
302.1
305.4
303.5

250.8
250.8
249.7
251.2
251.2
249.5
250.1
252.5
251.0
254.3
257.2
255.8

197.6
197.6
196.5
198.1
198.2
196.1
196.9
199.3
197.9
201.3
204.2
203.0

43.9
44 2
43.0
43.4
43.7
42.0
42.8
43.6
42.2
46.1
47.8
48.3

5.5
12.4
12.4
12.4
13.5
13.5
13.5
20.4
17.8
17.9
22.7
22.7

303.9

303.4

257.1

204.0

48.9

22.7

May
June
July
Aus
Sent
Oct
Nov 7
Dec
1963—Jan

1
Includes some debt not subject to statutory debt limitation (amounting
to $371 million on Jan. 31, 1963), and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by U. S. Govt. agencies and trust funds, which
totaled $12,146 million on Dec. 31, 1962.
4 Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces

Convertible
bonds

Nonmarketable Special
issues 6
SavTotal 5 ings
bonds
8 9
56.9
59 5

6.1
48.2
52 1

7.0
20.0
29.0

11.4
10.8
9 5
8.3
7.1

59.2
57.4
53 4
52.1
48.9

57.9
56.3
52.5
51.2
48.2

43.9
45.6
45.8
44.8
43.5

79.8
75.5

5.7
4.6

47.8
48.6

47.2
47.5

44.3
43.5

71.6
64.4
64.5
64.5
65.4
65.5
65.5
58.1
58.1
57.6
53.7
53.7

76.6
76.6
76.6
77.8
75.5
75.0
75.0
77.2
79.8
79.7
80.0
78.4

4.5
4 5
4.4
4.3
4.3
4.3
4.3
4.2
4.1
4.0
4.0
4.0

48.6
48 7
48.8
48.8
48.7
49.2
49.0
49.0
48.9
48.9
49.0
48.8

47.5
47.5
47.6
47 6
47 6
47.6
47.7
47.7
47.7
47.7
47.7
47.5

42.3
42.8
42.8
42.1
44.3
44.9
43.8
45.4
44.6
43.9
44.2
43.4

53.7

78.6

4.0

49.2

47.7

42.2

leave bonds, adjusted service bonds, certificates of indebtedness—Foreign
series, and Rural Electrification Administration bonds, and before 1956,
tax6 and savings notes, not shown separately.
Held only by U. S. Govt. agencies and trust funds.
7 Includes $1.4 billion of 2% per cent partially tax-exempt bonds,
acquired by Treasury for retirement on Dec. 15, 1962, in exchange for
various issues on Nov. 15, 1962.
NOTE.—Based on daily statement of U. S. Treasury.

OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
End of
period

Total
gross
debt

Held by the public

U.S.
Govt.
agencies
and
trust
funds !

F. R.
Banks

Total

Commercial
banks 2

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
govts.

Individuals
Savings
Other
bonds securities

Foreign
and
international 3

Other
misc.
investors 4

1941_Dec
1945—Dec
1947_Dec

64.3
278.7
257.0

9.5
27.0
34.4

2.3
24.3
22.6

52.5
227.4
200.1

21.4
90.8
68.7

3.7
10.7
12.0

8.2
24.0
23.9

4.0
22.2
14.1

.7
6.5
7.3

5.4
42.9
46.2

8.2
21.2
19.4

.4
2.4
2.7

.5
6.6
5.7

1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec

278.8
280.8
276.7
275.0
283.0

49.6
51.7
54.0
55.2
54.4

24.9
24.8
24.9
24.2
26.3

204.2
204.3
197.8
195.5
202.3

69.2
62.0
59.5
59.5
67.5

8.8
8.5
8.0
7.6
7.3

15.3
14.6
13.2
12.5
12.7

19.2
23.5
19.1
18.6
18.8

14.4
15.4
16.3
16.6
16.5

50.0
50.2
50.1
48.2
47.7

13.5
14.5
15.4
15.8
15.3

6.3
7.5
7.8
7.6
7.7

7.6
8.1
8.4
9.0
8.9

1959—Dec
1960—Dec

290.9
290.4

53.7
55.1

26.6
27.4

210.6
207.9

60.3
62.1

6.9
6.3

12.5
11.9

22.6
19.7

18.0
18.7

45.9
45.7

22.3
19.3

12.0
13.0

10.1
11.2

1961—Dec

296.5

54.5

28.9

213.1

67.2

6.1

11.4

19.4

18.7

46.4

18.8

13.4

11.6

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

296.9
297.4
296.5
297.4
299.6
298.6
298.3
302.3
300.0
302.6
305.9
304.0

53.8
54.2
54.5
53.7
55.9
56.5
55.5
57.1
56.4
56.1
57.9
55.6

28.5
28.4
29.1
29.2
29.6
29.7
29.8
30.4
29.8
30.2
30.5
30.8

214.6
214.8
213.0
214.4
214.1
212.5
213.0
214.9
213.7
216.3
217.5
217.6

67.8
66.6
64.0
65.3
65.2
65.0
64.5
64.5
64.6
65.9
65.4
66.5

6.2
6.3
6.6
6.3
6.3
6.3
6.3
6.3
6.3
6.1
6.1
6.1

11.6
11.5
11.5
11.5
11.5
11.3
11.5
11.5
11.4
11.5
11.5
11.5

20.4
21.4
20.2
20.4
20.8
19 3
'19.8
'20.9
'18.8
r
19.8
'21.7
20.3

19.0
19.1
19.5
19.6
19.7
19.7
19.9
19.9
19.8
19.6
19.3
19.6

46.5
46.6
46.6
46.6
46.6
46.6
46.7
46.8
46.8
46.8
46.9
46.9

18.8
18.8
19.1
18.9
18.5
18.5
'18.9
'18.9
'19.1
'18.9
'18.9
18.7

12.9
13.0
13.6
13.3
13.5
14.1
14.2
14.6
15.0
15.4
15.4
15.3

11.2
11.5
12.0
12.5
11.8
11.6
11.3
11.5
11.9
12.3
12.2
12.7

1
Includes the Postal Savings System.
2 Includes holdings by banks in territories and insular possessions,
which amounted to about $70 million on Dec. 31, 1961.
3 Includes investments of foreign balances and international accounts
in the United States.




4
Includes savings and loan assns., dealers and brokers, nonprofit
institutions, and corporate pension funds.

NOTE.—Reported data for F. R. Banks and U. S. Govt. agencies and
trust funds; Treasury estimates for other groups.

FEBRUARY 1963

235

U. S. GOVERNMENT SECURITIES
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year

1-5
years

5-10
years

10-20
years

Over
20 years

38,813
34,384
40,984
40,737
39,034

61,609
72,298
66,360
61,614
61,640

23,625
18,684
19,782
31,140
33,983

16,494
13,224
11,976
7,342
4,565

8,085
10,979
13,419
15,545
15,539

260
591
583
1,050
865

111
891
669
2,139
726

1,909
2,431
1,860
1,426
1,425

1,882
1,602
1,594
2,603
2,731

1,917
1,461
1,756
1,437
1,309

650
1,140
2,022
2,578
2,583

18,654
15,223
17,650
17,521
17,741

2,626
3 217
3,349
2,445
2,723

16,028
12,006
14,301
15,076
15,018

6,524
10,711
8,737
10,740
10,834

677
1,179
2,227
1,967
2,094

765
243
204
147
68

28
28
63
78
83

154,227
153 515
158,600
162,534
162,553

58,765
57,125
65,526
67,869
67,952

36,757
35 638
39,512
44,348
44,662

22,008
21,487
26,014
23,521
23,290

53,176
59,156
55,763
49,448
49,381

21,066
15,903
15,961
26,570
29,158

13,812
11 520
10,016
5,758
3,188

7,407
9,811
11,334
12,889
12,873

51,841
54,260
59 073
56,976
58,004

11,198
14,697
21,149
18,487
19,885

5,011
6,976
9 962
8,404
9,838

6,187
7,721
11,187
10,083
10,047

28,778
31,596
30,751
26,753
26,348

9,235
5,654
5,043
10,945
11,163

2,173
1,775
1,724
348
191

457
538
407
443
417

Mutual savings banks:
1959 Dec 31
I960—Dec. 31
1961—Dec. 31
1962 Nov 30
Dec. 31

6,129
5,944
5,867
5,822
5,793

486
480
686
632
635

191
144
181
234
252

295
336
505
398
383

1,401
1,544
1,514
1,397
1,337

2,254
1,849
1,708
2,089
2,210

1,427
897
662
393
306

560
1,174
1,298
1,311
1,305

Insurance companies:
1959—Dec. 31
I960—Dec. 31
1961—Dec. 31
1962 Nov 30
Dec 31 . .

9 175
9,001
9,020
9,319
9,265

1,024
940
1,228
1,307
1,259

416
341
442
577
552

608
599
786
730
707

2,279
2,508
2,222
2,212
2,175

2,422
2,076
1,625
1,956
2,223

2 396
1,433
1,274
946
718

1,054
2,044
2,671
2,898
2,890

Nonfinancial corporations: 2
1959—Dec. 31
I960—Dec 31
1961—Dec. 31
,
1962—Nov. 30
Dec 31

10,741
10 547
11,340
10,750

8,340
8 697
9,619
9,063

5,599
5 466
7,076
6,551

2,741
3,231
2,543
2,512

2,269
1 747
1,510
1,524

58
72
170
149

39
22
17
5

33
8
24
9

Savings and loan associations: 2
1959—Dec. 31
I960—Dec. 31
1961—Dec. 31
1962—Nov. 30
Dec 31

2 454
2,760
2 870
2,862

322
446
331
437

163
155
170
254

159
291
161
183

858
895
857
817

473
617
999
1,030

396
371
203
105

406
431
480
473

State and local governments: 3
1959—Dec. 31
I960—Dec. 31
1961—Dec. 31
1962—Nov. 30
Dec. 31

10 957
10,893
11,443
11,716

3,933
3,974
4,182
4,447

2 643
2,710
2,992
3,282

1,290
1,264
1,190
1,165

1,785
1,320
1,039
1,059

828
842
1,263
1,505

1,382
1,250
933
688

3,029
3,507
4,026
4,017

All others:
1959—Dec.
I960—Dec.
1961—Dec.
1962—Nov.
Dec.

60,158
60,440
64,762
64,162

28,413
29,346
33,311
32,227

19,772
20,596
24,896
23,935

8,641
8,750
8,415
8,292

18,596
17,314
15,679
16,121

4,965
6,054
9,148
10,877

5,598
4,713
2,918
1,175

2,587
3,012
3,707
3,761

Type of holder and date

Total
Total

Bills

Other

188,269
189,015
195,965
204,221
203,011

78,456
73,830
84,428
88,580
87,284

39,643
39,446
43,444
47,843
48,250

7,394
8,116
8,484
Ul,233
9,638

1,037
1,482
1,252
3,190
1,591

26,648
27 384
28,881
30,454
30,820

31
31
31
30
31

Commercial banks:
1959—Dec 31
I960—Dec. 31
1961—Dec. 31
1962 Nov. 30
Dec. 31

All holders:
1959—Dec.
I960—Dec.
1961—Dec.
1962—Nov.
Dec

31
31
31
30
31

U. S. Govt. agencies and trust funds:
1959—Dec. 31
I960—Dec. 31
1961—Dec 31
1962—Nov. 30
Dec 31
Federal Reserve Banks:
1959—Dec. 31
I960—Dec. 31
1961—Dec. 31
1962—Nov. 30
Dec. 31
Held by public:
1959—Dec.
1960—Dec.
1961—Dec
1962—Nov.
Dec.

31
31
31
30
31

1

1 Includes $1,412 of 2% per cent partially tax exempt bonds, acquired
by Treasury for retirement Dec. 15, 1962, in exchange for various issues
on Nov. 15, 1962.
2 First reported separately in the Feb. 1960 Survey. Monthly figures
for Feb.-May 1960 shown in the Sept. 1960 Treasury Bull. pp. 55-56.
3 First reported separately in the Dec. 1961 Survey. Monthly figures
for Dec. 1960-Sept. 1961 shown in the Feb. 1962 Treasury Bull, pp. 59-60.
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U. S. Govt. agencies and trust funds and F. R. Banks,




but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date and the
number of reporting owners surveyed were: (1) about 90 per cent by the
6,159 commercial banks, 508 mutual savings banks, and 812 insurance
cos. combined; (2) about 50 per cent by the 473 nonfinancial corps, and
488 savings and loan assns.; and (3) about 60 per cent by 480 State and
local govts.
Holdings of "all others," a residual throughout, include holdings of
all those not reporting in the Treasury Survey, including investor groups
not listed separately.

236

IT. S. GOVERNMENT SECURITIES

FEBRUARY 1963

DEALER TRANSACTIONS
(Par value, in millions of dollars)
U. S. Government securities
By maturity

By type of customer

Period

U.S. Govt
agency
securities

Dealers and brokers
Tota

Within
1 year

1-5
years

5-10
years

After
10 years

U.S.
Govt.
securities

Commercial
banks

Other

All
other

1961—Dec

1,653

1,328

228

45

52

540

29

698

386

69

1962—Jan
Feb
Mar
Apr
May....
June....
July....
Aug
Sept
Oct
Nov
Dec

1,717
1,970
1,675
1,689
1,694
1,681
1,682
1,603
1,913
1,967
1,770
2,071

1,478
1,520
1,332
1,350
1,338
1,357
1,457
1,318
1,432
1,517
1,266
1,446

149
295
217
180
218
191
139
158
293
263
262
366

64
95
69
114
114
100
63
94
147
159
210
222

26
60
56
45
24
33
23
33
40
28
33
38

538
565
569
541
564
553
529
542
571
682
550
610

25
36
33
42
35
29
34
27
42
40
32
38

716
832
659
653
662
652
621
600
766
744
722
881

438
537
414
453
433
446
498
435
534
502
466
543

98
83
80
90
90
89
82
78
105
115
70
88

1,750
1,833
1,808
2,203

1,292
1,160
1,154
1,540

272
410
382
390

156
232
218
234

30
32
54
38

554
580
482
701

22
40
37
40

758
746
847
969

416
467
443
494

71
66
105
81

3,061
1,862
2,094
1,636
1,438

2,471
1,445
1,673
1,265
1,163

299
236
262
230
163

269
132
118
104
81

21
49
40
37
23

864
621
638
559
484

47
34
47
25
36

1,179
702
876
632
534

971
505
534
420
384

116
70
80
124
55

Week ending—
1962—Dec.

5.
12.
19.
26,

Week ending—
1963—Jan.

2.
9.
16.
23.
30.

NOTE.—The transactions data combine market purchases and sales of
U. S. Govt. securities dealers reporting to the F. R. Bank of N. Y. They
do not include allotments of and exchanges for new U S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-

ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.

DEALER POSITIONS

DEALER FINANCING

(Par value, in millions of dollars)

(In millions of dollars

U. S. Government securities, by maturity
Period

After
5 years

All
maturities

Within
1 year

1-5
years

1961 - D e c

2,939

2,655

260

23

86

1962—Jan
Feb .
Mar.
Apr .
May.
June.
Julv .
Aug .
Sept..
Oct...
Nov..
Dec.

2,778
2,265
3.056
3.771
3.642
3.777
2,881
2.647
3.177
3,569
4.013
4,268

2,589
1,914
2,721
3,388
2,985
3,398
2,818
2,484
2,643
2,991
3,309
3,829

184
297
228
252
403
261
94
72
323
383
447
365

5
54
106
131
255
118
-32
91
211
194
256
74

93
115
168
193
196
293
232
165
190
248
204
215

3,734
4,223
4,070
4,055

2,788
3,392
3,364
3,555

561
518
452
344

385
314
254
157

200
209
206
202

4,035
3,899
4,367
4,511

3,680
3,575
3,946
4,001

272
265
361
423

83
60
60
87

199
180
193
288

-

Week ending—
1962—Nov.

7..
14..
21..
28..

Commercial banks

U. S.
Govt.
agency
securities

All
sources

Period

5. .
12..
19..
26..

Corporations i

All
other

3,088

725

744

,345

275

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

2,740
2,296
3,025
3,621
3,738
3,900
3,053
2,597
3,332
3,528
4,100
4,378

482
426
855
976
978
1,092
636
460
943
1,074
1,170
1,563

596
449
637
835
769
720
521
405
660
707
716
839

,341
,218
1.299
,354
1,612
1,798
1,631
1,438
1,307
1,301
1,666
1,566

320
203
235
456
379
290
266
294
421
445
548
411

4,125
4,015
4,194
4,071

1,429
1,083
1,175
998

698
616
827
758

1,415
1,682
1,713
1,820

584
634
479
495

4,055
3,842
4,519
4,560

1,215
897
1,782
1,905

569
608
914
961

1,756
1,897
1,503
1,334

514
441
318
360

Week ending—

NOTE.—lit figures include all securities sold by dealers under repurchase* contrai ts regardless of the maturity date of the contract unless the
contract is matchet t y a reverse repurchase (resale) agreement or delayed
delivery sale with h< same maturity and involving the same amount of
securities. Iiclud<d in the repurchase contracts are some that more
clearly represent iny- stments by the holders of the securities rather than
dealer tradin; positions.
A verag-es of a ail> f gures based on number of trading days in the period.




Elsewhere

1961—Dec

1962—Nov.

7...
14...
21...
28...

Week ending—
Dec.

New
York
City

Week ending—
Dec.

1

5...
12...
19...
26...

All business corps, except commercial banks and insurance cos.

NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
note of the opposite table on this page.

237

FEDERAL FINANCE; SECURITY ISSUES

FEBRUARY 1963

U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTSTANDING JANUARY 31,1963
(In millions of dollars)
Issue and coupon rate

Amount

Issue and coupon rate

Treasury bills—Cont.
2,101
July 25, 1963
2,106
Aug. 1,1963
2,100
Oct. 15, 1963
2,101
Jan. 15, 1964
2,101
2,101 Certificates
2,001
Feb. 15, 1963
3,005
May 15, 1963
2,009
Aug. 15, 1963
2,002
Nov. 15, 1963
2,001
2,001
2,001 Treasury notes
2,002
Feb. 15, 1963
2,001
Feb. 15, 1963
702
Apr. 1,1963
701
May 15,1963
800
May 15, 1963
801
Oct. 1,1963
801
Nov. 15, 1963
801
Apr. 1,1964
800
May 15, 1964
802
May 15, 1964
801
Aug. 15, 1964
800
Aug. 15, 1964
2,004
Oct. 1,1964
800
Nov. 15, 1964

Treasury bills
Feb. 7,1963.
Feb. 14,1963.
Feb. 21, 1963.
Feb. 28,1963.
Mar. 7,1963.
Mar. 14, 1963.
Mar. 21,1963.
Mar. 22, 19631
Mar. 28, 1963.
Apr. 4, 1963.
Apr. 11, 1963.
Apr. 15, 1963.
Apr. 18, 1963.
Apr. 25, 1963.
May 2,1963.
May 9,1963.
May 16,1963.
May 23, 1963.
May 31, 1963.
June 6, 1963.
June 13,1963.
June 20,1963.
June 27, 1963.
July 5, 1963.
July 11, 1963.
July 15, 1963.
July 18, 1963.

Amount

800
800
2,500
2,496

Issue and coupon rate

Amount

Treasury notes—Cont.
Apr. 1,1965
IV
May 15, 1965
4*
Oct. 1,1965
IV
Nov. 15, 1965
3V
Feb. 15,1966
3*
Apr. 1,1966
\\
Aug. 15,1966
Oct. 1,1966
IV
Apr. 1,1967
IV
Aug. 15,1967
3}
Oct. 1,1967
IV

5,719
5,284
6,851
4,856

2%
3V4
IK
4
3*4
\Vi
4%
IVi
4*4
l*/A
5
3V4
VA
4%

1,487 Treasury bonds
2,259
June 15, 1962-tf7...2Vi
533
Aug. 15, 1963
2Vi
1,183
J3ec. 15, 1963-68... 2Vi
3,027
Feb. 15, 1964
3
506
June 15, 1964-69...2Vi
3,011
Dec. 15, 1964-69...2V4
457
Feb. 15, 1965
2%
4,933
Mar. 15, 1965-70...2Vi
3,893
May 15, 1966
ZVA
2,316
Aug. 15, 1966
3
5,019
Nov. 15, 1966
3%

490
4,195

* Tax anticipation series.

Mar. 15, 1966-71.. .2^2
June 15, 1967-72...2Vi

Amount

Treasury bonds—Cont.
Sept. 15, 1967-72...2%
Nov. 15, 1967
3%
Dec. 15, 1967-72...2V4
May 15, 1968
3%
Aug. 15, 1968
3y4
Feb. 15,1969
4
Oct. 1,1969
4
Aug. 15,1971
4
Nov. 15, 1971
3%
Feb. 15,1972
4
Aug. 15, 1972
4
Nov. 15, 1974
3%
May 15, 1975-85...4%
June 15, 1978-83... 3 #
Feb. 15, 1980
4
Nov. 15, 1980
3%
May 15, 1985
3%
Feb. 15,1990
3V4
Aug. 15, 1987-92... A\k
Feb. 15, 1988-93
4
Feb. 15, 1995
3
Nov. 15, 1998
3Vi

466
2,113
315
3,286
3,114
675
4,454
357
270
5,282
57

3#
3%
3%
3H

Issue and coupon rate

1,952
3,604
2,800
2,460
1,258
1,844
2,538
2,806
1,246
2,344
2,579
1,171
470
1,592
1,480
1,915
1,131
4,914
365
250
2,601
4,460

1,462
4,317
1,816
2,700
2,633
2,544
4,682
2,423
3,597
1,484
2,438 Convertible bonds
1,411
Investment Series B
1,325
Apr. 1, 1975-80... 2%

3,957

NOTE.—Direct public issues only. Based on Daily Statement of
U. S. Treasury.

NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Type of issuer 3

Type of issue
Period
Total

General
obligations

Revenue

PHAi

U.S.
Govt.
loans 2

State

1954
1955
1956
1957
1958
1959

6,969
5,976
5 446
• 6,925
7,526
7,695

3,380
3,770
3,577
4,792
5,447
4,778

3,205
1,730
1 626
1,967
1,777
2,409

374
474
199
66
187
333

9
2
44
99
115
176

I960
1961

7,302
8,562

4,677
5,721

2,097
2,406

403
315

125 1,110
120 1,928

680
793
675

516
376
371

150
326
297

885
1,189
644
896
934
789
649
562
434
638

497
803
395
601
668
554
404
250
343
371

348
299
241
180
256
206
236
200
68
252

1961—Oct
Nov
Dec
1962—Jan
Feb
Mar.....
Apr
M!ay . .
June....
July
Auc . . .
Sept.. . .
Oct

79
1
33
80
101

106

Issues for new capital

2 047
1,408
800
1,489
1,993
1,686

Special
district
and Other*
stat.
auth.
1 463
1,097
983
1,272
1,371
2,120

Use of proceeds 3
Total
Education

Roads Utiland
bridges ities «

Housing 7

Veter- Other
purans*
poses
aid

3 459
3,472
3 664
4,163
4,162
3,889

6 789
5,911
5 383
6,568 6,874
7,708 7,441
7,423 7,588

1 432
1,516
1 455
2,524
2,617
2,314

2 136
1*362
698
1,036
1,164
844

1 270
*881
[ 399
I',516
1,412
1,989

456
570
258
113
251
402

162
169
110
333
339
355

1,985 4,206
2,164 4,470

7,112 7 257
8,298 8,460

2 411
2,821

1 007
1,167

I 318
.700

425
385

201
478

I 894

678
789
606

193
150
194

58
284
112

125
101
162

30
80
9

65

208
175
128

706
876
805 1,132
1,130
628
704
874
896
910
841
784
841
611
640
543
558
422
412
627

324
386
220
274
348
326
190
127
172
203

252
265
137
111
31
67
62
33
31
12

94
157
147
152
233
128
146
151
85
132

33
87
4
106
58
*

15
12
6

225
103
39

76
402
325

378
288
311

7
7
8
14
10
29
9
6
23
15

218
202
72
66
206
173
34
62
60
150

348
296
198
266
230
163
179
184
54
232

320
691
374
563
498
453
436
317
320
256

1
Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to the local authority.
* Beginning with 1957, coverage is considerably broader than earlier.
3 Classifications before 1957 as to use of proceeds and type of issuer
are based principally on issues of $500,000 or more; smaller issues not
classified. As a result some categories, particularly education, are understated relative to later data.
* Municipalities, counties, townships, school districts, and before 1957
small unclassified issues.




Total
amount
delivered*

716
614
877

106
7

25

100

\A\A
I 454
,6^7
,683
909

172
211
120
230
241
164
213
126
127
280

5
Excludes U. S. Govt loans. Based on date of delivery to purchaser
(and
payment to issuer), which occurs after date of sale.
6
Water,
sewer, and other utilities.
7
Includes urban redevelopment loans.
* Beginning with 1957 this figure differs from that shown on the following page, which is based on Bond Buyer data. The principal difference
is in the treatment of U. S. Govt. loans.

NOTE.—Beginning with 1957, Investment Bankers Assn. data; par
amounts of long-term issues. Based on date of sale unless otherwise
indicated. Before 1957, based on Bond Buyer data.

238

SECURITY ISSUES

FEBRUARY 1963
NEW SECURITY ISSUES
(In millions of dollars)
Proposed use of net proceeds,
all corporate issues 5

Gross proceeds, all issues 1
Noncorporate

Corporate

New capital

Period
Total
U.S.
Govt. 2

U.S.
Govt.
agency 3

U.S.
State
and
local

1954.. . .
1955
1956
1957
1958
1959

29,765 12,532
26,772 9,628
22,405 5,517
30,571 9,601
34,443 12,063
31,074 12,322

458 6,969
746 5,977
169 5,446
572 7 6,958
2,321 7,449
707 7,681

I960
1961

27,541 7,906
35,494 12,253

1,672
1,448

7,230
8,345

Bonds

Stock
Total

Other

4

Total

Publicly
offered

Total

Privately Pre- Complaced ferred mon

New Other
Total money 6 purposes

9,516
10,240
10,939
12,884
11,558
9,748

1 ,488
,4^0
8 ,002
9 ,957
q ,653
l

4,003
4,119
4,225
6,118
6,332
3,557

3,484
3,301
3,777
3,839
3,320
3,632

816
635
636
411
571
531

579 10,154
302 13,147

8 ,081
9 ,425

4,806
4,706

3,275
4,720

409 1,664 9,924 9,653 8,758
895
449 3,273 12,874 11,979 10,829 1,150

289
182
334
557
1,052
616

1,213
2,185
2,301
2,516
1,334
2,027

9,365 7,490 6,780
10,049 8,821 7,957
10,749 10,384 9,663
12,661 12,447 11,784
11,372 10,823 9,907
9,527 9,392 8,578

Retirement
of
securities

709 1,875
864 1,227
721
364
663
214
915
549
814
135
271
895

1961—Nov
Dec

2,404
2,094

357
341

225

789
654

46
4

987
1,094

762
784

414
217

348
567

41
26

184
284

961
1,071

948
1,000

908
930

40
70

13
71

1962—Jan.
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct..
Nov.

3,506
2,537
1,877
4,075
2,149
2,422
1,663
4,056
1,568
2,199
1,857

1,589
361
372
1,506
352
363
358
2,408
300
359
327

246
156

866
1,123
621
877
897
760
641
559
426
646
595

159
13
38
14
99
67
34
17
34
157
112

647
884
847
1,217
801
1,232
630
922
632
1,037
824

504
7?8
638
881
667
1 ,063
565
840
472

273
497
386
654
247
488
200
All
176
540
295

232
232
253
227
420
575
366
363
295
372
All

2
9
5
120
14
46
32
24
51
49
24

141
146
204
216
120
124
32
58
110
77
28

632
866
823
1,185
785
1,214
621
907
618
1,021
815

592
859
807
1,113
760
1,132
582
749
579

507
792
709
1,033
621
953
504
620
441
795
525

85
67
97
80
139
180
78
129
138
93
213

39
7
16
72
25
82
39
159
39
134
78

461

150
175

772

ooo

737

:Proposed us as of net proceeds, major groups of corporate issuers
Manufacturing
Period

Commercial and
miscellaneous

Transportation

Public utility

Communication

Real estate
and financial

RetireRetireRetireRetireRetireRetirement of
New
New
ment of
ment of
New
ment of
ment of
New
ment of
New
New
secu- capital8
secu- capital8
secu- capital8
secucapital8
secu- capital 8
secu- capital8
rities
rities
rities
rities
rities
rities
1954
1955 .
1956 . . . .
1957
1958
1959

2,044
2,397
3,336
4,104
3,265
1,941

190
533
243
49
195
70

831
769
682
579
867
812

1960 . .
1961

1,997
3,708

79
306

794
1,095

93
51
51
29
13
28
30
46

1961—Nov..
Dec..

215
306

10
18

61
151

7

1962 Jan
Feb..
Mar
Apr..
May.
June.
Julv
Aug..
Sept..
Oct..
Nov..

205
131
318
384
270
342
217
218
166
170
266

14
2
2
67
5
14
31
4
21
19
4

99
52
75
103
100
90
28
47
56
48
53

*
2
3
1
4
7
1
1
2

1 Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2 Includes guaranteed issues.
3 Issues not guaranteed.
* Foreign governments, International Bank for Reconstruction and
Development,
and domestic nonprofit organizations.
5
Estimated gross proceeds less cost of flotation.




501
544
694
802
778
942

?70
338
20
14
38
15

? ,675
,254
2 ,474
,821
,605
3 ,189

990
174
14
51
138
15

651
1,045
1,384
1,441
1,294
707

672
680

39
26

2 ,754
,892

51
104

1,036
1,427

1

362
168

40

56
32
23
45
74
28
38
48
24
71
54
27
32

1
*
*
*

15

89
148
193
377
198
410
118
110
148
141
193

24
4
16
56
4
142
14
108
53

788
1,812
1,815
1,701
1,014
1,801

273
56
17
67
47
6

2,401
2,176

71
36

80
42

174
302

2
6

73
362
21
88
64
79
88
120
67
257
3

102
122
126
134
91
163
107
183
88
246
189

1
1
10
1
3
7

60
77
21
4
118
*
1
378

*
4
2
2
*

3
1
5
3

6

For plant and equipment and working capital.
7 Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8 AH issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.

239

BUSINESS FINANCE

FEBRUARY 1963

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1961
Industry

1957

1958

1959

1960

1962

1961
I

II

HI

rv

I

II

III

Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Nondurable goods industries (79 corps.):1
Sales
Profits before taxes
Profits after taxes
Durable goods industries (101 corps.):2
Sales
Profits before taxes
Profits after taxes.»
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits after taxes
Chemicals and allied products (21 corps.):
Sales
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales
Profits before taxes
Dividends
. ...
Machinery (25 corps.):
Sales
...
Profits after taxes
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Dividends

114,229 105,134 118,423 123,126 122,632 28,651 31,233 29,541 33,207 33,291 34,602 31,986
13,349 10,466 14,090 13,463 13,293 2,693 3,478 2,961 4,161 3,908 4,096 3,241
7,177 5,714 7,440 7,121 7,180 1,436 1,838 1,618 2,288 2,033 2,096 1,710
4,192 4,078 4,342 4,464 4,710 1,103 1,111
1,117 1,380 1,154 1,158
1,163
41,704 41,541 45,442 47,277 49,226 11,831 12,133 12,205 13,056 12,793 12,984 12,999
5,010 4,402 5,648 5,570 5,659 1,324 1,385 1,406 1,545 1,461
1,501
1,515
2,944 2,574 3,210 3,210 3,246
772
816
757
796
921
815
835
1,776 1,785 1,912 1,953 2,036
486
512
486
488
513
516
577
72,525 63,593 72,981 75,849 73,406 16,820 19,100 17,336 20 151 20 499 21 619 18 987
8,339 6,065 8,442 7,893 7,634 1,368 2,094 1,555 2,616 2,447 2,595
1,726
4,233 3,140 4,231 3,911 3,935
1,282
874
679 1,066
822 1,367 1,217
2,416 2,294 2,430 2,510 2,674
625
618
644
647
629
803
642

9,987 10,707 11,303 11,901 12,578
1,024 1,152 1,274 1,328 1 424
497
555
604
631
672
312
289
344
367
392

3,021
319
150
95

3,154
360
170
96

3,233
379
179
99

3,169
365
174
101

3,231
336
160
103

3,267
355
167
103

3,331
379
181
104

10,669 10,390 11,979 12,411 12,788
1,823 1,538 2,187 2,010 2,015
948
829 1,131 1,061 1 063
111
737
795
799
843

2,979
438
229
193

3,250
514
267
189

3,210
499
260
191

3,348
564
306
270

3,372
545
279
198

3,567
586
297
196

3,467
571
294
199

13,463 12,838 13,372 13,815 14,409
919 1,187 1,267 1,255
1,325
791
1,075
969 1,026 1 011
512
516
521
518
528

3,488
354
272
129

3,398
270
214
134

3,424
292
243
131

4,100
339
283
133

3,771
343
262
139

3,612
300
227
142

3,730
336
251
141

22,468 19,226 21,035 20,898 20,155
2,977 2,182 2,331 2,215 2,020
1,540 1,154 1,222 1,170 1 090
873
802
831
840
844

4,396
309
166
207

5,189
560
295
208

5,235
550
299
208

5,335
602
329
221

5,733
620
320
209

5,535
505
269
210

4,978
367
194
209

15,115 14,685 17,095 16,826 17,531
1,457 1,463 1,890 1,499 1,675
734
729
934
763
837
422
416
448
482
497

4,137
362
178
121

4,367
398
202
125

4,295
384
191
124

4,732
530
267
128

4,537
454
225
129

4,916
490
240
129

4,647
436
221
132

23,453 18,469 22,731 25,738 22,781
2,701 1,332 2,985 3,185 2,788
1,354
706 1,479 1,527 1 408
758
805
833
807
967

5,293
478
223
205

6,309
840
417
207

4,604
319
173
207

6,577
1,151
596
348

6,904
1,096
531
215

7,515
1,253
596
216

5,708
589
287
216

10,491
1,058
737
438

9,189
625
382
356

2,129
27
— 12
86

2,289
137
74
91

2,355
184
122
67

2,414
278
200
112

2,296
133
66
84

2,408
186
105
91

2,332

9,670 10,195 11,129 11,906 12,594
2,579 2,704 2,983 3,163 3 331
1,413 1,519 1,655 1,793 1,894
1,069 1,134 1,219 1,307 1,375

3,314
918
523
343

3,007
767
447
344

3,050
802
447
335

3,223
844
477
353

3,399
1 051
585
366

3,209
835
472
371

3,260
887
488
356

2,090
587
290
210

2,139
614
307
214

2,156
620
310
218

2,230
657
326
225

2,245
648
320
231

2,296
678
335
232

2,300
683
337
235

Public Utility
Railroad:
Operating revenue. . . .
Profits after taxes
Electric power:
Operating revenue
Profits before taxes
Dividends
Telephone:

Dividends

6,467
1,562
788
613

9,565
843
602
419

6,939
1,860
921
674

9,825
845
578
406

7,572
2,153
1,073
743

* Includes 17 cos. in groups not shown separately.
2 Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power. Federal Power Commission data for Class A and B
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.




9,514
648
445
385

8,111
2,326
1,155
806

8,615
2,478
1,233
867

Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and tho Long
Lines and General departments of American Telephone and Telegraph
Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series sec
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp.
215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power).
Back data available from Division of Research and Statistics.

240

BUSINESS FINANCE

FEBRUARY 1963

CORPORATE PROFITS, TAXES, AND DIVIDENDS

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES

(In billions of dollars)

(In millions of dollars)

Profits
before
taxes

Period

In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits

44.7
43.2
37.4
47.7

21.2
20.9
18.6
23.2

23.5
22.3
18.8
24.5

12.1
12.6
12.4
13.7

11.3
9.7
6.4
10.8

,

45.4
45.6
50.9

22.4
22.3
24.8

23.0
23.3
26.0

14.4
15.0
15.9

1960—III.
IV.

46.5
45.3

22.6
22.0

23.9
23.3

1961—1...
II..
III..
IV..

39.8
44.8
46.3
51.4

19.4
21.9
22.6
25.1

1962—1...

50.1
50.9
51.1

24.4
24.9
24.9

1956
1957
1958
1959
1960
1961
19621

II..
III.

All types
Period

Bonds and notes

New Retire- Net
New
issues ments change

Stocks

Retire-

Net
change

New

Retire-

Net
change

8.6
8.3
10.1

1954
1955
1956
1957
1958
1959

11,694
12,474
13,201
14,350
14,761
12,855

5,629 6,065 7,832
5,599 6,875 7,571
5,038 8,162 7,934
3,609 10,741 9,638
5,296 9,465 9,673
4,858 7,998 7,125

4,033
3,383
3,203
2,584
3,817
3,049

3,799
4,188
4,731
7,053
5,856
4,076

3,862
4,903
5,267
4,712
5,088
5,730

1,596
2,216
1,836
1,024
1,479
1,809

2,265
2,687
3,432
3,688
3,609
3,922

14.1
14.2

9.8
9.0

1960
1961

12,958
16,745

4,760
6,967

8,198 8,044
9,778 9,205

3,010
4,090

5,034 4,914
5,114 7,540

1,751
2,876

3,164
4,664

20.3
22.9
23.7
26.3

14.7
14.8
14.9
15.5

5.6
8.1
8.7
10.8

1961—III.
IV.

3,594
4,338

1,750
1,991

1,844 2,011
2,347 2,432

1,213
852

798 1,582
1,581 1,908

537
1,140

1,046
766

25.6
26.1
26.1

15.8
15.8
15.8

9.8
10.3
10.3

1962—1..
II..
III.

3,226
4,097
2,744

1,406
1,633
1,634

1,820 1,668
2,463 2,606
1,110 1,816

730
793
1,082

938 1,558
1,813 1,491
734
928

676
840
552

882
651
376

NOTE.—Securities and Exchange Commission estimates reflect cash transactions only.
Unlike data shown on p. 238 new issues exclude foreign and include offerings of open-end
investment cos., sales of securities held by affiliated cos., special offerings to employees,
and also new stock issues and cash proceeds connected with conversions of bonds into
stocks. Retirements include similar issues, and also securities retired with internal funds
or with proceeds of issues for that purpose shown on p. 238.

1

Preliminary estimates by Council of Economic
Advisers.
NOTE.—Dept. of Commerce estimates. Quarterly data
are at seasonally adjusted annual rates.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets

End of period

Net
working
capital

Total

94.9
103.0
107.4
111.6
118.7
124.2
129.0

194.6
224.0
237.9
244.7
255.3
277.3
286.0

1961—in
IV

136.0
137.4

1962 I
II
Ill

139.0
141.1
142.1

1954
1955
1956
1957
1958
1959
I960

.

...

.

U.S.
Govt.
securities

Cash

33.4
34.6
34.8
34.9

Current liabilities

Notes and accts.
receivable
Inventories

U.S.
Govt. i

Other

2.4

65.3
72.8
80.4
82.2
81.9
88.4
91.6

Notes and accts.
Accrued
payable
Federal
income
U.S.
taxes
Other
Govt.i

Other

Total

3.1

2.4
2.3
2.4

10.2

99.7
121.0
130.5
133.1
136.6
153.1
157.0

2.3
1.7
1.7
1.8

Other

36.3
36.1

22.8
19.9

2.8
2.8
2.9
3.1

71.2
86.6
95.1
99.4
106.9
117.7
125.1

294.9
303.0

36.0
39.0

18.6
19.4

3.2
3.4

131.5
134.5

93.5
95.2

12.1
11.5

159.0
165.6

1.8
1.8

104.5
109.5

12.4
14.1

40.3
40.3

305.7
310.5
317.5

35.6
36.1
36.3

20.2
19.3
18.8

3.4
3.3

136.0
140.0
145.4

97.7
98.7
100.3

12.7
13.1
13.3

166.7
169.4
175.4

1.8
1.8

3.4

109.5
111.6
115.7

13.6
13.6
14.6

41.8
42.4
43.2

19.2
23.5
19.1
18.6

37.4

2.3
2.6

18.8

i Receivables from, and payables to, the U. S. Govt. exclude
mounts offset against each other on corps.' books.

4.2
5.9
6.7
7.5
9.1

59.3
73.8
81.5
84.3

1.9

99.3
103.1

15.5
19.3
17.6
15.4
12.9
15.0
13.5

22.5
25.7
29.0
31.1
33.3
37.0
38.6

NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan associations, and insurance cos.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)

Year

Total

Manufacturing

Transportation
Mining

1954
1955
1956
1957
1958
1959

26.8
28.7
35.1
37.0
30.5
32.5

11.0
11.4
15.0
16.0
11.4
12.1

I960
1961
1962 3

35.7
34.4
37.1

14.5
13.7
14.8

1.0

1.0
1.1

Railroad

Other

1.0

.9

1.5

4.2

1.7

6.5

1.0
1.2

.9
1.2

1.6
1.7

4.3
4.9

7.5
8.4

1.2

1.4

1.8

6.2

2.0
2.7

.9
1.0

.8
.9

1.5
2.0

6.1
5.7

2.6
2.7

7.2
8.2

1.0

1.9

5.7

3.1

.7
.9

1.9
2.0

5.5
5.5

1 Includes trade, service, finance, and construction.
Includes communications and other.
3 Anticipated by business.

2




ComPublic muniutili- cations Other i
ties

3.0

Quarter

Total

Mfg.
and
mining

1961—11...
III..
IV..

8.6
8.7
9.5

3.6
4.1

Public
utilities

All
other 2

.7
.6
7

1.4
1.5
1.5

2.9
3.2

3.4
4.0
4.0

4.6

.6
.9
.7
.7

3.6

.4

3.7

7.4

8.4

3.2

8.5

i:1.1

1962—1... 8.0
I I . . 9.5
9.6
III..
IV3. 10.3
1963—13.. 8.5

Transportation

Total
(S.A.
annual
rate)

2.9

33.5
34.7
35.4

1.1
1.4
1.5
1.5

2.9
3.3

3.4
3.5

35.7
37.0
38.4
38.4

1.1

3.3

37.7

NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.

241

REAL ESTATE CREDIT

FEBRUARY 1963
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)

Other
holders 2
Financial
holdinsti- 1 U . S .
Indiers tutions
agen- viduals
and
cies
others

End of period

Farm

] ""Jonfarm

All properties

A 11

1- to 4-family houses

Multifamily and
commercial properties

3

A 11

holders

Total

Finan. Other
instiholdtutions 1 ers

Total

Finan. Other
instiholdtutions 1 ers

FinanAll
Other
cial
holdinsti- 1 holders'*
ers tutions

1941
1945

37 6
35 5

20 7
21.0

4.7

2.4

12 2
12.1

31.2
30.8

18.4
18.6

11.2
12.2

7.2
6.4

12.9
12.2

8.1
7.4

4.7

6.4
4.8

1.5
1.3

4.9
3.4

1956
1957
1958
1959

144 5
156.6
171.9
190.9

111 2
119.7
131.5
145.5

6.0
7.5
7.8

134.6
146.1
160.7
178.7

99.0
107.6
117.7
130.9

83.4
89.9
98.5
109.2

15.6
17.7
19.2
21.6

35.6
38.5
43.0
47.9

23.9
25.8
28.8
31.9

11.7
12.7
14.2
16.0

9.9

10.0

27 3
29.4
32.7
35.4

10.5
11.3
12.2

3.9
4.0
4.2
4.5

6.0
6.5
7.1
7.7

I960
1961?
1962P

207 1
225.5
249.9

157 6
172.6
192.3

11.2
11.8

38.3
41.1

194.0
211.3
234.3

141.3
153.0
168.7

117.9
128.7

23.4
24.3

52.7
58.3
65.6

35.0
38.9

17.7
19.4

13.1
14.2
15.5

4.7
5.0

8.4
9.2

I960—IV

207.1

157.6

11.2

38.3

194.0

141.3

117.9

23.4

52.7

35.0

4.7

8.4

210.3
215.2
220.1
225.5

160.2
164.4
168 4
172.6

11.3
11.2
11.4
11.8

38.9
39.6
40.3
41.1

197.0
201.5
206.1
211.3

143.2
146.3
149.6
153.0

119.7
122.8
125.8
128.7

23.5
23.5
23.8
24.3

53.7
55.1
56.5
58.3

35.7
36.7
37.7
38.9

13.3
13.7
14.0
14.2

4.7
4.8
4.9
5.0

8.6
8.9
9.1
9.2

230.2
236 8
243 2
249.9

176.0
181 6
186 9
192.3

12.1
12.1
12.1

42.1
43 2
44.2

215.7
221.9
227.9
234.3

155.9
160.1
164.3
168.7

130.9
135.0
138.9

25.0
25.1
25.4

59.9
61.8
63.6
65.6

40.0
41.3
42.6

17.7
18.0
18.4
18.9
19.4
19.8
20.4
21.0

13.1

1961—IP

14.5
14.9
15.2
15.5

5.1
5.3
5.4

9.4
9.7
9.9

UP
IIIP

iyp

1962 JP

l\p

HI?
IVP

1
Commercial banks (including nondeposit trust cos. but not trust
depts.), mutual savings banks, life insurance cos., and savings and loan
assns.
2 U. S. agencies are FNMA, FHA, VA, PHA, Farmers Home Administration, and Federal land banks, and in earlier years RFC, HOLC,
and FFMC. Other U. S. agencies (amounts small or current separate
data
not readily available) included with individuals and others.
3
Derived figures; includes small amounts of farm loans held by savings
and loan assns.

4.8

4
Derived figures; includes debt held by Federal land banks and Farmers
Home Administration.
NOTE.—Based onfdata from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Administration, Public Housing Administration, Veterans Administration, and Comptroller of the Currency.
Figures for first three quarters of each year are F. R. estimates.

MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings

l

Residential

End of period
Total
Total

FHAinsured

VAguaranteed

Conventional

4,906
4,772

3,292
3,395

1955
1956
1957
1958
1959

21,004
22,719
23,3^7
25,523
28,145

15,888
17,004
17,147
18,591
20,320

4,560
4,803
4,823
5,476
6,122

3,711
3,902
3,589
3,335
3,161

7,617
8,300
8,735
9,780
11,037

I960
1961

28,806
30,442

20,362
21,225

5,851
5,975

2,859
2,627

I960—in

3 28,693
28,806

20,399
20,362

5,906
5,851

1961 I
II

in
rv

28,864
29,383
29,920
30,442

20,281
20,595
20,953
21,225

1962—1
II
III

30,844
32,194
33,268

21,211
22,049
22,662

Other
nonfartn

Farm

Total
Total

FHAinsured

VAguaranteed

4,812
4,208

3,884
3,387

3,819
4,379
4,823
5,461
6,237

566
521
1,297
1,336
1,367
1,471
1,588

17,457
19,746
21,169
23,263
24,992

15,568
17,703
19,010
20,935
22,486

4,150
4,409
4,669
5,501
6,276

5,773
7,139
7,790
8,360
8,589

11,652
12,623

6,796
7,470

[,648
1,747

26,935
29,145

24,306
26,341

7,074
8,045

2,919
2,859

11,574
11,652

6,651
6,796

,643
1,648

26,430
26,935

23,835
24,306

5,793
5,820
5,905
5,975

2,776
2,726
2,676
2,627

11,712
12,049
12,372
12,623

6,906
7,072
7,227
7,470

,677
,716
,740
,747

27,447
28,015
28,589
29,145

6,003
6,195
6,214

2,547
2,593
2,617

12,661
13,260
13,831

7,817
8,218
8,628

,816
,927
978

29,833
30,638
31,504

1,048
856

1
Includes loans held by nondeposit trust cos., but not bank trust depts.
23 Data for 1941 and 1945, except for totals, are special F. R. estimates.
Reflects a $40 million reclassification of loans from commercial
and industrial to real estate by 1 bank.

NOTE.—Second and fourth quarters, Federal Deposit Insurance'Corp.




2

Residential

1941
1945

rv

Mutual savings bank holdings

Conventional

Other
nonfarm

Farm

900
797

28
24

5,645
6,155
6,551
7,073
7,622

1,831
1,984
2,102
2,275
2,451

58
59
57
53
55

8,986
9,267

8,246
9,028

2,575
2,753

54
51

6,832
7,074

8,941
8,986

8,062
8,246

2,542
2,575

53
54

24,800
25,318
25,892
26,341

7,353
7,634
7,811
8,045

9,111
9,192
9,231
9.267

8,336
8,492
8,850
9,028

2,597
2,645
2,(46
2,753

50
51
51
51

26,940
27,632
28,484

8,340
8,662
8,984

9,392
9,502
9,647

9,208
9,469
9,853

2,842
2,954
2,968

51
51
52

series for all commercial and mutual savings banks in the United States
and possessions;?first and third quarters, estimates based on FDIC data
for insured banks beginning in 1962. For earlier years the basis for
first and third quarter estimates included F. R. commercial bank call
data and data from National Assn. of Mutual Savings Banks.

242

REAL ESTATE CREDIT

FEBRUARY 1963

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired

Loans outstanding (end of period)

Nonfarm

Nonfarm

Period
Total
Total

1941
1945

FHAinsured

VAguaranteed

Farm

l

Total

Other i

Total

976

FHAinsured

6,442
6,636

5,529
5 860

815
1 394

VAguaranteed

Farm
Other

4,714
4 466

913
776

6,623
6,715
5,230
5,277
5,970

6,108
6,201
4,823
4,839
5,472

971
842
653
1,301
1,549

1,839
1,652
831
195
201

3,298
3,707
3,339
3,343
3,722

515
514
407
438
498

29,445
32,989
35,236
37,062
39,197

27,172
30,508
32,652
34,395
36,353

6,395
6,627
6,751
7,443
8,273

6,074
7,304
7,721
7,433
7,086

14,703
16,577
18 180
19,519
20,994

2,273
2,481
2,584
2,667
2,844

6,086
6,785

5,622
6,233

1,401
1,388

291
220

3,930
4,625

464
522

41,771
44,203

38,789
41,033

9,032
9,665

6,901
6,553

22,856
24,815

2,982
3,170

1961—Nov
Dec

588
878

542
826

110
134

25
44

407
648

46
52

43,868
44,241

40,709
41,070

9,677
9,664

6,570
6,552

24,462
24,854

3,159
3,171

1962—Jan
Feb
Mar
Apr
May
June
July

560
457
521
481
591
576
625
637
566
719
727

495
40C
452
425
535
532
580
597
530
673
683

122
98
104
86
99
103
129
118
109
139
142

34
27
33
28
39
33
36
38
41
54
46

339
275
315
311
397
396
415
441
380
480
495

65
57
69
56
56
44
45
40
36
46
44

44,378
44,494
44,637
44,751
44,946
45,142
45,340
45,576
45,758
46,051
46,380

41,209
41,304
41,425
41,516
41,683
41,856
42,030
42,247
42,413
42,686
43,003

9,726
9,766
9,797
9,821
9,853
9,884
9,970
10,005
10,051
10,107
10,182

6,532
6,507
6,498
6,478
6,461
6,444
6,431
6,412
6,403
6,397
6,389

24,951
25,031
25,130
25,217
25,369
25 528
25,629
25,830
25,959
26,182
26,432

3,169
3,190
3,212
3,235
3,263
3,286
3,310
3,329
3,345
3,365
3,377

1955
1956.
1957.,
1958
1959 .
1960
1961..

..

.

....

SeDt
Oct
Nov

1
Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38
million on July 31, 1959.

NOTE.—Institute of Life Insurance data.

monthly figures may not add to annual totals and for loans outstanding,
the end-of-Dec. figures may differ from end-of-year figures, because
monthly figures represent book value of ledger assets whereas year-end
figures represent annual statement asset values, and because data for
year-end adjustments are more complete.

For loans acquired, the

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS

NONFARM MORTGAGE RECORDINGS

Period

Total i

New
construction

Total i

Loans outstanding (end of period)

Loans made

Home
pur- Total
chase

2

FHAinsured

1,379
1,913

437
181

581
1,358

4,578
5,376

1956
1957
1958
1959

10,325
10,160
12,182
15,151

3,699
3,484
4,050
5,201

4,620
4,591
5,172
6,613

35,729
40,007
45,627
53,141

1,486
1,643
2,206
2,995

6,643
7,011
7,077
7,186

1960
1961
1962*?

14.304
17,364
20,722

4,678
5,081
5,965

6,132 60,070
7,207 '68,834
8,517 78,932

3,524
4,167
4,477

7,222 49,324
7,152 '57,515
7,010 67,445

1,500

417

598 '68,834

4,167

7,152 '57,515

1,323
1,303
1,611
1,661
1,857
1,936
1,839
2,036
1,731
1,953
1,750
1,723

353
362
464
512
584
572
515
540
495
543
505
520

550
509
633
635
739
823
796
920
746
823
708
636

'69,363
'69,964
'70,766
'71,608
'72,585
'73,631
r
74,511
'75,527
'76,371
'77,333
78,137
78,932

4,203
4,240
4,276
4,311
4,333
4,355
4,378
4,399
4,414
4,425
4,459
4,477

7,160
7,158
7,169
7,120
7,133
7,120
7,105
7,097
7,086
7,081
7,069
7,010

27,600
31,353
36,344
42,960

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941
1945

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218

1955
1956
1957
1958
1959

28,484
27,088
24,244
27,388
32,235

10,452
9,532
9,217
10,516
13,094

J.932
,799
1,472
1,460
1,523

5,617
5,458
4,264
5,204
5,832

1,858
1,824
1,429
1,640
1,780

29,341
31,157

12,158
13,662

1,318
.160

4,520
4,997

1,557
1,741

2,779
2,763

2,754
2,579

1,209
1,132

97
96

440
399

173
156

2,696
2,682
2,670
2,745
2,836
2,891
2,973
2,933
2,929
2,925

2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333
2,861
3,208
2,883

1,041
971
1,172
1,210
1,350
1,391
1,382
1,501
1,285
1,403
1,270

88
79
90
89
100
107
107
123
104
116
105

400
374
442
482
534
542
549
563
476
554
490

138
114
120
131
154
177
201
201
183
191
178

Period
S.A.2

1960
1961

Nov
Dec

1962
58,000
58,566
59,321
60,177
61,119
62,156
63,028
64,031
64,871
65,827
66,609
67,445

1 Includes loans for repair, additions and alterations, refinancing, etc.
not2 shown separately.
Beginning with 1958 includes shares pledged against mortgage loans.
NOTE.—Federal Home Loan Bank Board data.




..

217

1961

1961

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.?'

By type of lender (N.S.A.)

N.S.A.

ConVAguarvenanteed tional 2

1941
1945

Dec

OF $20,000 OR LESS

(In millions of dollars)

(In millions of dollars)

1962
Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov

1 Includes amounts for other lenders, not shown separately.
2
Three-month moving average, seasonally adjusted by Federal Reserve.
NOTE.—Federal Home Loan Bank Board data.

FEBRUARY 1963

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMLLY PROPERTIES

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
(In millions of dollars)

(In billions of dollars)
VA-guaranteed

FHA-insured

Period
New
homes

Existing
homes

Projects i

Property
imTotal 3
prove-2
New
ments
homes

665

257

217

20

171

1956
1957
1958
1959

3,461
3,715
6,349
7,694

1,133
880
1,666
2,563

1,505
1,371
2,885
3,507

130
595
929
628

692
869
868
997

5,868
3,761
1,865
2,787

3,910
2,890
1,311
2,051

1,948
863
549
730

1960
1961
1962

6,293
6,546
7,184

2,197
1,783
1,849

2,403
2,982
3,421

711
926
1,079

982
855
834

1,985
1,829
2,652

1,554
1,170
1,357

428
656
1,292

553

153

273

62

65

197

112

84

617
474
541
515
560
643
678
670
576
673
649
589

179
150
157
132
140
137
144
157
144
193
172
145

1962—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

301
248
261
240
263
267
289
308
287
353
321
284

74
26
70
88
87
143
164
130
62
54
86
95

63
50
53
56
70
96
81
75
83
72
70
65

192

227
175
205
182
184
207
219
247
231
285
254
236

127
95
115
99
96
108
109
120
114
136
124
115

99
80
90
83
88
99
110
127
117
149
129
121

1

Monthly figures do not reflect mortgage amendments included in annual totals.
Not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—Federal Housing Administration and Veterans Administration data. FHAinsured loans represent gross amount of insurance written; VA-guaranteed loans, gross
amounts of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived
from data on number and average amount of loans closed.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY

Total

FHAinsured

VAguaranteed

Purchases

Sales

1956
1957
1958
1959

3,047
3,974
3,901
5,531

978
1,237
1,483
2,546

2,069
2,737
2,418
2,985

609
1,096
623
1,907

5
3
482
5

360
764
1,541
568

1960
1961
1962

6,159
6,093
5,923

3,356
3,490
3,571

2,803
2,603
2,353

1,248
815
P740

357
541

576
631
355

1961—Dec

6,093

3,490

2,603

127

2

631

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

6,186
6,248
6,231
6,151
6,120
6,035
5,989
5,969
5,951
5,944
5,949
5,923

3,566
3,618
3,653
3,616
3,627
3,571
3,557
3,556
3,552
3,555
3,575
3,571

2,620
2,630
2,578
2,535
2,493
2,464
2,432
2,413
2,399
2,389
2,374
2,353

124
102
97
60
82
52
34
35
32
39
57
26

7
80
106
76
101
47
19
12
11
19
18

637
605
613
562
527
504
485
442
429
431
366
355

Dec

.

. ..

NOTE.—Federal National Mortgage Association data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage
Company, the Defense Homes Corporation, the Public Housing Administration and Community Facilities Administration.




1945

18.6

4.3

4.1

.2

14.3

1956
1957
1958
1959

99.0
107.6
117.7
130.9

43.9
47.2
50.1
53.8

15.5
16.5
19.7
23.8

28.4
30.7
30.4
30.0

55.1
60.4
67.6
77.0

1960
1961^
1962^

141.3
153.0
168 7

56.4
59.1

26.7
29.5

29.7
29.6

84.8
93.9

141.3

56.4

26.7

29.7

84.8

1961_I
II . . .
HI
IV*

143.2
146.3
149.6
153.0

57.1
57.8
58.7
59.1

27.4
28.0
28.8
29.5

29.7
29.8
29.9
29.6

86.1
88.6
90.9
93.9

1962—1^
UP
IIIP
IVP

155.9
160.1
164.3
168.7

59.9
60.4
61.0

30.3
30.9
31.5

29.6 95.9
29.5 99.7
29.5 103.3

....

NOTE.—For total debt outstanding, figures are
FHLBB and F.R. estimates. For conventional,
figures are derived.
Based on data from Federal Home Loan Bank
Board, Federal Housing Administration, and Veterans
Administration.

(In millions of dollars)
Mortgage
transactions
(during
period)

Commitments
undisbursed

..

ConvenFHA- VA- tional
guarinsured anteed

FEDERAL HOME LOAN BANKS

(In millions of dollars)

End of
period

Total
Total

I960—IV

2
3

Mortgage holdings

End of
period

Existing
homes

1945

1961—Dec.

Governmentunderwritten

Mortgages

Mortgages
Total

243

REAL ESTATE CREDIT

Period

Advances

Repayments

Advances outstanding
(end of period)
Total

Short- Longterm ! term 2

Members
deposits

1945

278

213

195

176

19

46

1956
1957
1958
1959

745
1,116
1,364
2,067

934
1,079
1,331
1,231

1,228
1,265
1,298
2,134

798
731
685
J 109

430
534
613
942

683
653
819
589

I960
1961
1962

1,943
2,882
4,111

2,097
2,200
3,294

1,981
2,662
3,479

1,089
,447
>,005

892
1,216
1,474

938
1,180
1,213

1961—Dec

510

135

2,662

1,447

1,216

1,180

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

265
145
204
382
295
503
480
312
279
383
252
611

608
236
281
209
189
165
387
225
180
338
275
200

2,320
2,228
2,151
2,323
2,429
2,767
2,860
2,948
3,046
3,091
3,068
3,479

1,293
1,228
1,170
1,244
1.319
1,569
1,708
1,787
1,835
1,876
1.821
2,005

1,027
1,000
981
1,079
[,110
1,198
1,151
:1,161
1,211
1,215
1,246
1,474

995
1,007
1,109
1,096
1,107
1,192
976
954
984
1,016
1,028
1,213

1
Secured or unsecured loans maturing in 1 year or less.
2 Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.

NOTE.—Federal Home Loan Bank Board data.

244

CONSUMER CREDIT

FEBRUARY 1963
TOTAL CREDIT
(In millions of dollars)
Instalment

End of period

Total

Other
consumer
goods
paper

Total

Automobile
paper

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

1956
1957
1958
1959

42,334
44,970
45,129
51,542

31,720
33,867
33,642
39,245

14,420
15,340
14,152
16,420

I960
1961.
1962 . .

56,028
57,678
63,447

42,832
43,527
48,232

1961—Dec

57,678

1962—Jan
Feb
Mar
Apr
May
June..
July

56,711
56,093
56,275
57,314
58,318
59,108
59,364
60,003
60,126
60,626
61,473
63,447

1939
1941
1945

.

.

•

Sept
Oct
Nov
Dec

Noninstalment
Repair
and modernization
loans J

Singlepayment
loans

Total

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

8,606
8,844
9,028
10,630

1,905
2,101
2,346
2,809

6,789
7,582
8,116
9,386

10,614
11,103
11,487
12,297

3,253
3,364
3,627
4,129

4,995
5,146
5,060
5,104

2,366
2,593
2,800
3,064

17,688
17,223
19,373

11,525
11,857
12,855

3,139
3,191
3,290

10,480
11,256
12,714

13,196
14,151
15,215

4,507
5,136
5,579

5,329
5.324
5,642

3,360
3,691
3,994

43,527

17,223

11,857

3,191

11,256

14,151

5,136

5,324

3,691

43,265
43,074
43,211
43,837
44,495
45,208
45,650
46,204
46,310
46,722
47,274
48,232

17,155
17,191
17,348
17,671
18,032
18,410
18,680
18,933
18,881
19,083
19,307
19,373

11,720
11,496
11,407
11,498
11,598
11,726
11,754
11,824
11,861
11,986
12,186
12,855

3,151
3,123
3,113
3,128
3,169
3,200
3,226
3,260
3,277
3,289
3,302
3,290

11,239
11,264
11,343
11,540
11,696
11,872
11,990
12,187
12,291
12,364
12,479
12,714

13,446
13,019
13,064
13,477
13,823
13,900
13,714
13,799
13,816
13,904
14,199
15,215

4,930
4,988
5,146
5,241
5,400
5,428
5,402
5,469
5,481
5,442
5,526
5,579

4,784
4,192
4,074
4,319
4,544
4,596
4,457
4,491
4,495
4 663
4,825
5,642

3,732
3,839
3,844
3,917
3,879
3,876
3,855
3,839
3,840
3,799
3,848
3,994

i Holdings of financial institutions; holdings of retail outlets are included in other consumer goods paper.
NOTE—Consumer credit estimates cover loans to individuals for
household, family, and other personal expenditures, except real estate

mortgage loans. The
Jan. 1959 (except for
for Hawaii beginning
see BULL. Apr. 1953.

Charge
accounts

Service
credit

Personal
loans

estimates include data for Alaska beginning with
instalment credit held by sales finance cos.) and
with Aug. 1959. For a description of the series
Back data are available upon request.

INSTALMENT CREDIT
(In millions of dollars)
Financial insitutions
End of period

Total
Total

Commercial
banks

Sales
finance
cos.

ConCredit sumer
Other i
unions finance
*

4,503
6,085
2,462

3,065
4,480
1,776

1,079
1,726
745

1,197
1,797
300

132
198
102

1956
1957
1958
1959

31,720
33,867
33,642
39,245

26,977
29,200
28,659
33,570

11,777
12,843
12,780
15,227

9,117
9,609
8,844
10,319

2,014
2,429
2,668
3,280

1960
1961
1962

42,832
43,527
48,232

37,218
37,935
41,796

16,672
17,008
18,909

11,472
11,273
12,183

1961—Dec.

43,527

37,935

17,008

1962—Jan..,
Feb..
Mar..

43,265
43,074
43,211
43,837
44,495
45,208
45,650
46,204
46,310
46,722
47,274
48,232

38,002
37,904
37,995
38,497
39,032
39,639
40,062
40,537
40,597
40,896
41,285
41,796

16,964
16,967
17,062
17,366
17,686
18,024
18,235
18,427
18,443
18,613
18,765
18,909

1939
1941
1945

,

M*ay*.
June.
July.
Aug..
Sept.
Oct..
Nov.,

Dec.

Total

Department
stores 2

Furniture
stores

Appliance
stores

Automobile
dealers 3

Other

657
759
629

1,438
1,605
686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

2,940
3,124
3,085
3,337

1,129
1,195
1,282
1,407

4,743
4,668
4,983
5,676

1,408
1,393
1,882
2,292

1,187
1,210
1,128
1,225

377
361
292
310

502
478
506
481

1,269
1,226
1,175
1,368

3,923
4,330
4,973

3,670
3,799
4,131

1,481
1,525
1,600

5,615
5,595
6,436

2,414
2,421
3,013

1,107
1,058
1,073

333
293
279

359
342
284

1,462
1,481
1,787

11,273

4,330

3,799

1,525

5,595

2,421

1,058

293

342

1,481

11,468
11,361
11,283
11,359
11,440
11,570
11,682
11,796
11,787
11,860
11,986
12,183

4,283
4,288
4,333
4,426
4,520
4,616
4,681
4,783
4,814
4,874
4,928
4,973

3,782
3,783
3,795
3,826
3,836
3,876
3,907
3,948
3,969
3,974
4,009
4,131

1,505
1,505
1,522
1,520
1,550
1,553
1,557
1,583
1,584
1,575
1,597
1,600

5,263
5,170
5,216
5,340
5,463
5,569
5,588
5,667
5,713
5,826
5,989
6,436

2,158
2,153
2,227
2,339
2,430
2,522
2,545
2,609
2,675
2,737
2,835
3,013

1,036
1,018
998
991
991
988
989
999
998
1,002
1,019
1,073

287
283
278
275
274
276
275
275
273
273
274
279

339
336
330
320
310
302
298
296
299
298
292
284

1,443
1,380
1,383
1,415
1,458
1,481
1,481
1,488
1,468
1,516
1,569
1,787

1 Consumer finance cos. included with 'other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.




Retail outlets

3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.

245

CONSUMER CREDIT

FEBRUARY 1963
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS

INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES

(In millions of dollars)

(In millions of dollars)

Automobile
paper
Purchased

Direct

Other
consumer
goods
paper

Total

End of period

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1956
1957
1958
1959

11,777
12,843
12,780
15,227

3,651
4,130
4,014
4,827

2,075
2,225
2,170
2,525

2,464
2,557
2,269
2,640

1,469
1,580
1,715
2,039

2,118
2,351
2,612
3,196

I960
1961
1962

16,672
17,008
18,909

5,316
5,391
6,181

2,820
2,860
3,393

2,759
2,761
2,811

2,200
2,198
2,238

3,577
3,798
4,286

1961—Dec

17,008

5,391

2,860

2,761

2,198

3,798

1962—Jan
Feb
Mar
Apr
May
June
July

16,964
16,967
17,062
17,366
17,686
18,024
18,235
18,427
18,443
18,613
18,765
18,909

5,379
5,398
5,457
5,569
5,692
5,823
5,922
6,008
6,009
6,091
6,160
6,181

2,885
2,911
2,965
3,056
3,144
3,229
3,270
3,295
3,259
3,305
3,357
3,393

2,718
2,690
2,656
2,653
2,682
2,716
2,734
2,726
2,732
2,746
2,762
2,811

2,170
2,147
2,132
2,143
2,165
2,188
2,206
2,224
2,235
2,246
2,250
2,238

3,812
3,821
3,852
3,945
4,003
4,068
4,103
4,174
4,208
4,225
4,236
4,286

Sept
Oct
Nov
Dec

End of period

Total

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

1,197
1,797
300

878
1,363
164

115
167
24

148
201
58

56
66
54

1956
1957
1958
1959

9,117
9,609
8,844
10,319

7,238
7,393
6,310
7,187

1,277
1,509
1,717
2,114

32
31
36
72

570
676
781
946

I960
1961
1962

11,472
11,273
12,183

7,528
6,811
7,438

2,739
3,100
3,123

139
161
170

1.066
1,201
1,452

1961 Dec

11,273

6,811

3,100

161

1,201

1962—Jan
Feb
Mar
Apr

11,468
11,361
11 283
11,359
11,440
11 570
11,682
11,796
11,787
11,860
11 986
12,183

6,754
6,745
6,772
6,864
6,991
7 122
7,228
7,327
7,296
7,350
7 440
7,438

3,345
3,243
3,134
3,093
3,027
2,997
2,981
2,969
2,957
2,952
2,967
3,123

162
162
163
165
167
168
171
171
172
172
171
170

1,207
1,211
1,214
1,237
1,255
1,283
1,302
1,329
1,362
1,386
[,408
1,452

June
July
Aug • • • •
Sept
Oct
Nov
Dec

See NOTE to first table on previous page.
See NOTE to first table on previous page.

INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS

NONINSTALMENT CREDIT
(In millions of dollars)

(In millions of dollars)

Total

End of period

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

789
957
731

81
122
54

24
36
20

15
14
14

669
785
643

1956
1957
1958
1959

6,083
6,748
7,035
8,024

954
1,114
1,152
1,400

624
588
565
681

404
490
595
698

4,101
4,555
4,723
5,244

I960
1961
1962

9,074
9,654
10,704

771
743
769
743

800
832
882
832

5,837
6,257
6,976

9,654

1,665
1,819
2,077
1,819

9,570
9,576
9,650
9,772
9,906
10,045
10,145
10,314
10,367
10,423
10,534
10,704

1,798
1,801
1,824
1,862
1,895
1,934
1,962
2,007
2,018
2,039
2,058
2,077

733
729
731
732
736
746
749
758
758
760
760
769

819
814
818
820
837
844
849
865
870
871
881
882

6,220
6,232
6,277
6,358
6,438
6,521
6,585
6,684
6,721
6,753
6,835
6,976

1961—Dec
1962—Jan
Feb
Mar
Apr
May
July
Sept
Oct
Nov
Dec

..

.

6,257

NOTE.—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holding consumer instalment loans.
See NOTE to first table on previous page.




Singlepayment
loans

Charge accounts

Service
Other
credit
DeOther Credit
finan- partcial
retail cards 2
ment
1 outlets
institutions stores

End of period

Total

1939
1941
1945

2,719
3,087
3,203

625
693
674

162
152
72

236
275
290

1,178
1,370
1,322

1956
1957
1958
1959

10,614
11,103
11,487
12,297

2,843
2,937
3,156
3,582

410
427
All
547

893
876
907
958

3,842
3,953
3,808
3,753

260
317
345
393

2,366
2,593
2,800
3,064

1960
1961
1962

13,196
14,151
15,215

3,884
4,413
4,704

623
723
875

941
948
927

3,952
3,907
4,203

436
469
512

3,360
3,691
3,994

1961—Dec...

14,151

4,413

723

948

3,907

469

3,691

1962—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...

13,446
13,019
13,064
13,477
13,823
13,900
13,714
13,799
13,816
13,904
14,199
15,215

4,240
4,294
4,391
4,544
4,614
4,671
4,662
4,657
4,666
4,662
4,680
4,704

690
694
755
697
786
757
740
812
815
780
846
875

804
635
594
620
636
612
569
570
614
638
688
927

3,501
3,085
3,025
3,249
3,444
3,505
3,388
3,394
3,353
3,507
3,629
4,203

479
472
455
450
464
479
500
527
528
518
508
512

3,732
3,839
3,844
3,917
3,879
3,876
3,855
3,839
3,840
3,799
3,848
3,994

Commercial
banks

1
2

518
597
845

Includes mail-order houses.
Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.

246

CONSUMER CREDIT

FEBRUARY 1963

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Automobile paper

Total

Other consumer
goods paper

Period
S.A.1

N.S.A.

S.A.1

N.S.A.

S.A.1

N.S.A.

Repair and
modernization loans
S.A.1

N.S.A.

Personal loans
S.A.1

N.S.A.

Extensions
1956
1957
1958
1959

39,868
42,016
40,119
48,052

15,515
16,465
14,226
17,779

11,721
11,807
11,747
13,982

1,582
1,674
1,871
2,222

11,051
12,069
12,275
14,070

1960
1961
1962

49,560
48,396
55,389

17,654
16,007
19,509

14,470
14,578
16,129

2,213
2,068
2,113

15,223
15,744
17,638

1961—Dec

4,409

4,835

1,469

1,320

1,402

1,795

167

148

1,371

1,572

1962—Jan
Feb
Mar
Apr
May

4,327
4,356
4,499
4,659
4,650
4,623
4,669
4,619
4,491
4,682
4,961
4,823

3,878
3,611
4,392
4,737
4,950
4,923
4,720
4,862
4,098
4,913
4,932
5,373

1.504
,546
1,582
1,675
1,655
1,621
1,631
1,602
1,505
1,685
,797
.678

1.355
1,318
1,616
1,732
1,837
1,810
1,751
1,731
1,309
1,816
1,701
1.533

1,280
1.276
1,328
1,345
1,338
1,344
1,368
1,325
1,308
1,335
1,425
.469

1,116
973
,196
,319
,383
,384
,290
,345
1,255
,432
,499
.937

171
166
174
182
183
187
189
179
170
169
168
172

126
126
160
181
216
201
199
209
176
191
177
151

1.372
1,368
1,415
1,457
1,474
1,471
1,481
1,513
1,508
1,493
1,571
1.504

1.281
1,194
1,420
1,505
1,514
1,528
1,480
1,577
1,358
1,474
1.555
1,752

Julv
Oct
Nov
Dec

Repayments
1956
1957
1958
1959

. ..

I960
1961
1962

.

37,054
39,868
40,344
42,603

14,555
15,545
15,415
15,579

10,756
11,569
11,563
12,402

1,370
1,477
1,626
1,765

10,373
11,276
11,741
12,857

45,972
47,700
50,684

16,384
16,472
17,359

13,574
14,246
15,131

1,883
2,015
2,014

14,130
14,967
16,180

1961 Dec

4,061

4,041

1,375

1,307

1,233

1,200

169

161

1,284

1,373

1962 Jan
Feb
Mar
Apr
May

4,048
4,084
4,121
4,166
4,211
4,202
4,283
4,261
4,289
4,298
4,380
4,376

4,140
3,802
4,255
4,111
4,292
4,210
4,278
4,308
3,992
4,501
4,380
4,415

1.401
1,390
1,415
1,435
1,447
1,433
1,456
,446
1,440
1,491
[.490
l',518

1.423
1,282
1,459
1,409
1,476
1,432
1,481
[,478
1,361
1,614
1,477
1.467

1.190
1,236
1,231
1,247
1,260
1,260
1,296
,281
1,298
1,261
[.302
^293

1.253
11,197
1,285
1,228
[,283
,256
1,262
,275
1,218
1,307
,299
[.268

165
167
168
168
173
170
170
172
169
165
163
171

166
154
170
166
175
170
173
175
159
179
164
163

1.292
1,291
1,307
1,316
1,331
1,339
1,361
1,362
1,382
1,381
1,425
1.394

1.298
1,169
1,341
1,308
1,358
1,352
1,362
[,380
1,254
1,401
1,440
1.517

July
AUB

Sept
Oct
Nov
Dec

Net change in credit outstanding

2

1956
1957
1958

2,814
2,148
-225
5 601

960
920
— 1,189
2,268

965
238
184
1,602

212
197
245
463

678
793
534
1 269

1960
1961
1962

3 588
696
4 705

1,270
-465
2 150

896
332
998

330
53
99

1 093
777
1,458

1961 Dec

348

794

94

13

169

595

1962 Jan
Feb
Mar
Apr
May

279
272
378
493
439
421
386
358
202
384
581
447

-262
-191
137
626
658
713
442
554
106
412
552
958

103
156
167
240
208
188
175
156
65
194
307
160

-68
36
157
323
361
378
270
253
-52
202
224
66

90
40
97
98
78
84
72
44
10
74
123
176

-137
-224
-89
91
100
128
28
70
37
125
200
669

July
Sect
Oct
Nov
Dec

1 Includes adjustment for difference in trading days.
2 Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction
of outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and




-2

-13

87

199

6
-1
6
14
10
17
19
7
1
4
5
1

-40
-28
-10
15
41
31
26
34
17
12
13
-12

80
77
108
141
143
132
120
151
126
112
146
110

-17
25
79
197
156
176
118
197
104
73
115
235

sales of instalment paper, and certain other transactions may increase
the amount of extensions and repayments without affecting the amount
outstanding.
For a description ofjthe series in this and the following table see Jan.
1954 BULL., pp. 9-17. Back data upon request.

247

CONSUMER CREDIT

FEBRUARY 1963

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)

Total

Commercial banks

Period
S.A.i

N.S.A.

S.A.1

N.S.A.

Sales finance
companies
S.A.1

Other financial
institutions

N.S.A.

S.A.1

N.S.A.

Retail outlets
S.A.1

N.S.A.

Extensions
1956
1957
1958
1959

39,868
42,016
40,119
48,052

14,463
15,355
14,860
17,976

9,619
10,250
9,043
11,196

9,148
9,915
9,654
10,940

6,638
6,495
6,563
7,940

1960
1961
1962

49,560
48,396
55,389

18,269
17,711
20,360

11,456
10,667
12,118

12,073
12,282
13,623

7,762
7,736
9,288

1961—Dec

4,409
4,327
4,356
4,499

1962 Jan.
Feb

Mar

4,659
4,650

Apr
May

July.
Aug.
Sept
Oct..

Nov
Dec

4,623
4,669

.
. . .

4,619
4,491

4,682
4,961
4,823

4,835

1,571

1,469

3,878
3,611
4,392
4,737
4,950
4,923
4,720
4,862
4,098
4,913
4,932
5,373

1.575
,642
,637
,726
,710
,720
,708
,679
,643
,722
,813
,772

J.49R
,418
,648
,816
,881
1,862
,789
,773
.486
i;806
1,701
1,682

1,123
977
955
955
1,010
1,007

1,101

1,077

1,241

638

1,024

884
788

j nss
,054
,112
,149
,150
,139
,146
,177
,138

942
913
1,116
1,154
1,205
1,194
1,152
1,233
1,015
1,136
1,231
1,332

720
705
795
774
783

554
492

772

786

937

984
971

1,008
1,059
1,081
1,069
1,068

944

863

992

1,021
1,104
1,183

1,108
1,070
1,183

144

1,208
1,143

831
792
766

795
836
725

691

759
805
710
788
734
863
930
1,176

Repayments

13,362

8,949

8,415

6,328
6,499

1956
1957
1958
1959

37,054
39,868
40,344
42,603

14,360
14,647
15,560

9,759
9,842
9,742

9,250
9,365
10,020

6,490
7,281

1960
1961
1962

45,972
47,700
50,684

16,832
18,294
18,450

10,442
10,943
11,439

11,022
11,715
12,570

7,676
6,749
8,225

1961—Dec

4,061

4,041

1,512

1,435

943

928

1,005

1,084

601

594

1962—Jan.
Feb

4,048
4,084

4,140
3,802

1.502
1,493
1,520
1,514
1,526
1,526
1,546
1,555
1,562
1,546
1,579
1,594

1.542
1,415
1,553
1,503
1,561
1,524
1,578
1,581
1,470
1,636
1,549

920
981
966

911
895
1,015
941
978
951
957
954
872

1,023
907
1,042
1,032
1,071
1,055
1,052
1,064

609
607

952
965
960
956
932
936
949
937
983

1.017
1,003
1,018
1,042
1,047
1,038
1,055
1,054
1,062
1,071
[.105
1,060

664
585
645
635
682
680
691
709
688
750

Mar

Apr
May
June
July
Sept
Oct
Nov.
Dec

4,121
4,166
4,211
4,202
4,283
4,261
4,289
4,298

4,380
4,376

4,255
4,111
4,292
4,210
4,278
4,308
3,992

4,501
4,380
4,415

1,538

1,035
944
986

962

1,080
1,120
1,162

617
658
673

678
726
720
729
732
759
739

767
729

Net change in credit outstanding 2
1,176
1 066

1956
1957
1958
1959

2,814
2 148
-225
5,601

2,447

I960
1961
1962

3,588

1,446

696

335

4,705

1,901

1961—Dec

348

794

59

1962 Jan..
Feb
Mar
Apr
May.
June
July
Aug
Sept
Oct
Nov
Dec

279

-262
-191
137

149

272
378

493
439
421
386
358
202
384
581
447

626
658

713
442
554
106
412
552
958

73
117
203
184
194
162
124

81
176
234
178

34
-44

3
95
304
320
338
211
192
16
170
152
144

1
Includes adjustment for differences in trading days.
2Net changes in credit outstanding equal extensions less repayments
except: (1) in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii, and (2) in certain months
when data for extensions and repayments have been adjusted, as necessary




670
491

733
665
289
986

235
—75
315
693

1,152
-199
910

1,051

-61
-20

—765
1,475

—63

180
279
-26
-11
67
42
32
28
39
8
72
167
200

578

,053

841

173

72

157

37

430

195

38
51
94
107
103
101
91
123

-81
6
74
122
134

-111
98
178

-332
-93

-107
-78
76
81
130
112
114

9

76

73
126
197

73
103
83

139
100
169
53
56
111
170

116
110

94
105
72
37
63
77
-14

46
124
123
106
19
79
46
113
163
447

to eliminate duplication resulting from large transfers of paper. In
those months the differences between the two for some types of holders
do not equal the changes in outstanding credit. Such transfers do not
affect total instalment credit outstanding.
See also Note to previous table.

248

INDUSTRIAL PRODUCTION: S.A.

FEBRUARY 1963

MARKET GROUPINGS
(1957-59- 100)
1957-59 1961
proaverporage
tion

Grouping

1961
Dec.

1962
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct. r

Nov. r Dec.

100.00 109.8 115.6 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.5 119.2

Total index

Equipment, including defense....
Materials

47.35
32.31
15.04
52.65

111.3
112.7
108.3
108.4

116.9
117.9
114.9
114.8

115.7
116.5
112.7
113.7

116.8
117.3
115.0
115.5

118.2
118.8
116.1
116.9

118.5
119.1
117.0
117.1

120.2
121.1
118.5
117.0

120.6
120.9
120.1
117.1

121.7
121.7
121.8
117.0

121.6
120.9
123.2
117.7

122.0
121.8
123.2
118.1

121.5
120.8
123.6
117.2

121.5
120.8
123.3
117.7

121.6
120.7
123.2
117.1

Consumer goods
3.21 111.8 130.8 127.8 123.7 122.6 129.4 132.8 126.8 135.2 134.1 135.3 135 8 135 4 137 2
1.82 108.6 136.1 132.8 125.5 123.8 133.9 140.8 129.3 142.4 140.0 141.2 142.1 141.1 142.0
1.39 116.0 123.7 121.1 121.4 121.0 123.5 122.3 123.6 125.7 126.3 127.5 127.5 128.0 130.9

Automotive products
Auto parts and allied products
Home Hoods and avoarel
Home goods
Appliances, TV, and radios
TV and home radios
Miscellaneous home goods
Apparel, knit goods, and shoes

.

Consumer staples
Processed foods
Beverages and tobacco
Drugs soap and toiletries
Newspapers, magazines, and books.
Fuel oil and gasoline
Residential utilities
Electricity
Gas

...

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

110.5
112.2
109.9
110.7
107.8
112.8
114.5
109.0

117.2
120.3
116.3
119.0
108.5
120.1
125.2
114.6

114.1
118.8
114.0
115.4
110.1
118.5
124.8
'109.1

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

114.0
110.5
109.5
120.7
114.9
119.2
107.6
124.9
125.3
124.0

116.1
111.6
110.7
125.2
115.2
122.7
110.0
128.9
129.3

11.63
6.85
2.42
1.76
.61

110.1
107.4
127.0
103.4
93.4

26.73
3.43
7.84
9.17
6.29

119.0
122.6
120.3
117.7
127.5
121.5
126.3
'113.8
118.0
113.2
113.7
127.5
116.6
124.8
111.3
131.5
131.3

120.1
124.4
123.8
120.1
134.2
123.8
125.6
'114.2
117.1
113.6
106.9
125.8
115.7
125.1
110.4
132.3
131.6

121.2
126.0
124.2
120.7
133.9
124.5
129.5
'114.8
118.8
114.3
109.1
129.9
117.4
126.9
112.3
134.0
133.6

121.7
126.2
123.3
122.9
124.7
126.5
129.3
'115.6

120.1
122.7
118.5
120.9
112.0
124.3
126.2
'115.4

115.8
111.3
108.4
123.6
116.2
124.2
110.1
131.1
131.7

116.5
120.4
116.0
114.9
118.8
121.0
125.1
'112.2
116.6
111.5
109.9
126.6
116.9
124.3
111.1
130.8
131.1

119.2
112.8
109.0
131.9
117.7
130.7
115.0
138.4
139.5

116.4
113.4
135.2
113.8
90.3

113.4
112.2
136.3
107.0
87.8

116.3
113.4
139.3
109.0
94.3

118.0
114.2
141.7
111.6
99.9

119.3
115.1
144.0
109.7
102.6

121.2
116.7
144.4
111.2
105.6

104.8
107.9
105.7
105.2
101.2

111.8
120.3
113.4
106.5
114.3

110.8
120.5
113.1
103.0
116.9

113.1
119.2
114.5
107.3
120.1

115.1
124.1
116.9
109.9
118.1

116.2
134.7
120.3
110.7
114.6

25.92
9.11
3.03
6.07
7.40

112.1
110.5
111.3
110.0
120.6

118.0
114.9
117.1
113.8
132.0

116.6
113.1
114.1
112.6
128.8

117.8
115.0
116.7
114.2
130.4

118.6
115.8
119.7
113.9
132.5

9.41
6.07
2.86
2.32
1.03
1.21
.54

107.1
102.0
121.0
121.7
114.8
129.1
118.0

109.9
103.4
126.0
127.0
119.9
135.2

110.5
103.7
127.5
128.4
121.9
136.4

110.5
103.2
128.0
128.5
122.4
136.1

110.2
103.2
128.0
128.2
121.3
136.4

119.8
122.2
115.8
120.7
102.1
127.9
125.2

119.3
121 1
116.7
124.0
96 1
125.8
122.3
116.1

119.8
122.1
118.1
127.3
92 3
125.8
123.9
116.2

120 A
124 5
120.4
130.0
93 3
125.2
128.9
116.3

120.3
115.9
110.9
131.5
117.7
128.3
111.7
136.4
141.4

118.7
121.2
115.2
119.3
103.7
125.4
123.4
'114.9
119.7
115.6
108.0
131.0
117.0
127.0
108.4
136.0
140.4

120 6
115.7
111.9
132.0
117.0
128.9
114.0
136.2
139.3

119 1
114.0
109.5
131.6
116.4
128.0
112 8
135.5
137.6

119 7
114.3
112.1
130 8
116.4
129.0
112 0
137.4
139.9

120 1
114 2

123.1
118.5
144.8
114.9
110.4

124.4
119.0
145.6
121.0
110.4

125.6
119.2
144.7
124.2
110.8

126.2
118.9
144.9
125.2
116.6

126.6
120 4
143.8
125.6
117.3

126.2
120 ^
144.4
124.5
117.6

126.1
119 9
144.5
126.9
123.8

114.6
134.5
119.5
111.4
104.5

113.7
127.0
120.8
111.8
99.4

113.8
134.2
119.3
112.1
96.4

114.8
130.6
119.2
112.6
98.5

114.9
129.7
121.3
113.3
r
98.5

114.0
127.6
121.0
111.2
99.1

114.0
126.9
120.4
111.2
102.3

113.0
128.4
120.3
108.4
102.8

117.9
114.1
113.1
114.6
131.3

119.3
116.1
115.9
116.2
133.9

120.5
116.9
117.5
116.6
135.9

120.3
116.1
117.2
115.5
135.3

120.7
116.5
116.4
116.6
135.5

121.5
118.1
118.6
117.9
136.7

120.5
116.2
115.9
116.3
135.2

121.5
118.2
120.5
117.1
137.6

121.3
117.2
117.9
116.8
138.6

110.9
104.6
127.7
127.6
122.7
134.1

110.9
103.6
130.2
130.4
121.6
140.5

111.8
104.5
131.4
131.9
122.6
142.4

112.6
106.1
130.9
132.4
124.1
142.0

112.0
105.5
129.1
130.1
122.0
139.5

112.7
106.6
130.2
130.4
122.7
139.5

113.1
106.5
131.9
132.3
124.3
141.7

114.1 111.6
107.2 103.3
133.1
133.6
123.5
144.9

116.1
112 7

Equipment
Industrial eouiDinent
Commercial equipment
Freight and passenger equipment...
Farm equipment

3.41
Materials
Consumer durable
Equipment

..

NCetal materials n e e
Nondurable

materials

.

. . .

Containers
General business suDDlies
Nondurable materials n e e
Mineral fuels
Nonresidential utilities
Electricity.
General industrial
•
Gas

•

••

Supplementary groups of
consumer goods
A utomotive and home soods
ADDirel and staDles
See NOTE om opposite page.




7.80 112.0 124.6 122.6 121.8 122.7 126.5 128.9 r 126.5 127.9 126.3 127.6 127.1 127.6 129 7
24.51 112.9 115.8 '114.3 '115.6 '117.1 '116.5 '117.9 118.4 '119.2 H18.6 '119.6 118.4 118.4 119.2

FEBRUARY 1963

249

INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
(1957-59- 100)
1957-59 1961
proaverporage
tion

Grouping

1962

1961
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.r

Nov. r Dec.

100.00 109.8 115.6 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.2 119.5 119.2
Durable
Nondurable
Mining
Utilities

86.45
48.07
38.38
8.23
5.32

109.7
107.0
112.9
102.6
122.8

115.9
114.5
117.7
104.7
127.3

114.4
113.2
115.9
104.0
128.8

116.3
115.4
117.3
104.3
129.0

117.4
116.5
118.6
104.8
128.8

118.1 118.8 118.9 119.7 120.3 120.4 119.7 119.9 119.7
118.5 118.2 117.7 118.7 119.8 119.5 118.6 119.0 119.®
117.5 119.6 120.3 121.0 120.8 121.5 120.9 121.0 120.6

12.32
6.95
5.45
1.50
5.37
2.86

102.2
98.9
96.5
107.5
106.5
105.2

112.0
111.0
110.6
119.2
113.3
110.0

111.5
111.9
112.9
117.6
111.0
107.3

115.1
117.5
117.7
122.0
111.9
108.6

115.3
116.6
118.5
120.6
113.6
110.2

114.1
112.4
112.6
118.6
116.3
113.7

108.3
101.3
96.5
120.8
117.4
115.7

106.3
96.8
89.5
118.2
118.5
116.4

106.3
96.6
87.8
117.9
118.8
115.6

108.2
99.1
92.1
112.9
119.9
115.2

108.2
99.6
92.8
118.4
119.3
115.1

107.1
98.9
91.0
120.1
117.8
114.2

108.5
100.7
95.3
121.2
118.5
112.8

107.6
100.2
95.7
118.3
117.2
112.5

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

108.8
110.4
106.5
115.7
103.6
111.9
95.7
115.8

116.6
116.8
111.6
123.6
113.7
127.9
100.6
119.8

115.4
115.6
110.1
122.9

116.8
117.5
112.4
124.3
113.4
126.2
101.5
118.5

118.2
120.2
115.2
126.8
113.4
126.3
101.4
119.0

121.2
122.9
117.8
129.7
116.8
134.4
100.7
122.3

122.9
124.5
120.0
130.4
119.4
139.1
101.6
122.6

122.9
125.9
121.8
131.3
116.8
132.0
103.0
124.7

124.8
125.4
121.9
130.1
122.1
141.3
104.7
124.9

125.6
126.5
124.6
129.0
122.0
138.1
107.3
125.8

124.9
126.4
123.9
129.6
121 5
137.8
106.7
124.3

124.6
125 6
123.0
129.0
121.8
138.1
107.2
124.2

124.4
125.3
122.8
128.6
121.5
137.3
107.2
125.0

124.9
125 9
121.3
132.1
121 9
138.0
107.1
124.8

105.5 104.8 104.6 106.1 105.5 105.9 105.5 106.2 102 6
128.1 129.8 132.4 133.5 132.3 133.0 133.5 135.1 136.0

Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products..
Fabricated metal products
Structural metal parts
Machinery and related products
Machinery
Electrical machinery
Transportation equipment
Aircraft and other e q u i p m e n t . . . .
Instruments and related p r o d u c t s . . .

Clay, glass, and stone products

112.5

126.9
99.6

118.9

4.72 104.5 104.7 101.5 106.6 105.9 108.9 110.1 110.7 109.9 112.1 112.5 108.9 110.5 109.6
2.99 106.3 106.0 104.4 105.1 104.8 110.3 111.9 112.5 113.7 114.9 114.9 113.2 113.3 110.6
1.73 101.3 102.4 96.5 109.2 107.9 106.4 107.1 107.5 103.4 107.4 108.3 101.5 105.8 107.9
3.05 114.1 120.8 117.6 118.2 121.5 126.1 127.3 127.4 127.3 125.8 126.8 125.3 125.5 125.5
1.54 115.3 123.2 118.3 120.8 124.0 126.6 129.3 129.2 127.7 128.3 129.2 128 2 129.3 128 9
1.51 112.8 118.3 116.9 115.5 119.0 125.5 125.2 125.5 126.9 123.3 124.4 122.3 121.7 122.0

Nondurable manufactures

7.60
2.90
3.59
1.11

108.4
106.9
112.1
100.2

115.8
114.1
119.8
107.3

112.4
113.4
115.5
100.1

113.6
114.6
116.0
103.0

114.8
116.8
116.5
104.0

114.8
115.0
117.6
105.5

115.2
116.1
118.3
102.9

115.8
117.1
118.4
103.8

115.5 115.2 116.7 115.7 115.4 115 3

Textile mill products
Apparel products
Leather and products
Paper and products . . . . . . .
Printing and publishing

8.17
3.43
4.74
1.53

112.4
113.7
111.5
106.0

115.7
119.3
113.0
107.9

115.1
117.3
113.5
108.6

116.2
119.0
114.2
109.4

116.9
120.7
114.1
108.6

115.7
117.5
114.4
107.5

117.0
119.9
114.9
107.9

116.7
119.6
114.7
108.6

118.0
121.1
115.7
110.3

118.1
120.5
116.3
111.8

118 2
120.9
116.2
111.3

117 2
120.8
114.6
108.2

117.9
122.1
114.8
109.7

Chemicals, petroleum, and rubber....
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

11.54
7.58
3.84
1.97
1.99

118.8
123.3
129.6
108.7
111.9

125.9
130.0
139.0
110.7
125.1

124.1
128.4
138.6
112.2
119.6

125.8
131.1
140.4
111.1
120.5

126.7
131.8
141.0
114.0
119.9

126.6
131.6
142.2
109.6
124.0

130.8
135.7
145.8
112.6
130.2

132.6
137.1
147.7
115.1
132.8

133.2
137.6
149.7
113.4
136.1

133.2
138.3
150.7
112 1
134.8

133.7
139.0
151.0
113 6
133.4

134.2
139.5
153.1
113 6
134.1

133.6 134.2
139.0 139.0
152.4
113 0 i i 3 2
133.4

Foods

11.07
10.25
8.64
1.61
.82

110.4
110.3
110.6
107.9
110.8

112.0
112.0
112.4
108.7
112.4

111.2
111.4
112.0
108.1
109.1

111.7
111.7
112.2
109.3
111.1

113.5
113.2
113.4
112.2
116.8

112.1
112.3
113.6
105.2
110.3

112.8
112.9
113.9
107.3
112.5

112.5
112.9
113.5
109.4
108.2

114.2
114.3
115.1
109.7
113.4

113.8
114.0
115.5
105.9
112.0

114 7
114.6
115.5
109 8
116.0

113 5
113.9
114.6
109.9
108.6

114.1 114 2
114.0 114 1
114.7 114.9
110.5
115.2

6.80
1.16
5.64
4.91
4.25
.66
.73

100.9
90.1
103.1
104.9
103.0
116.8
91.3

103.1
96.9
104.4
105.0
102.8
118.7
100.8

102.9
98.0
103.9
105,0
102.7
119.8
96.5

102.3
95.2
103.8
105.1
103.2
117.4
95.0

102.9
96.3
104.2
104.8
102.4
120.4
100.2

104.0
97.6
105.3
106.2
104.1
119.7
99.2

102.6 103.0
92.2 91.8
104.7 105.3
106.3 107.4
104.1 105.6
120.5 119.2
93.7 91.1

104.7
91.8
107.4
109.5
107.7

104.1
93.7
106 2
108.3
106.7

105.2
93.8
107 5
109.6
107 8

105.3
94.0
107 6
109.4
107 2

105.5
96.3
107 4
109.8
107 5

beverages,

and

tobacco.......

Food manufactures

116.6 117.1 115.9 114.5 112.6 112.6
119.2 118.1 120 5 121 4 122.3 122 ?
100.5 100.6 106.6 100.8 100.7

115 3
119.6
112.3
100.5

Mining
Coal oil and gas
Coal
Crude oil and natural gas
Crude oil
Gas and gas liquids
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

"92.3 "93.0

101.9
93 2
103 7
105 7
103 2

"9K5

1.43 110.5 111.9 109.4 113.9 113.9 112.5 115.7 112.0 112.8 112.0 109.5 106.7 109.3 105.8
.61 111.9 125.0 129.4 131.7 128.9 120.0 116.6 109.5 110.4 104.1 97 8 96.8 106 2 115 0
.82 109.4 102.2 94.5 100.6 102.7 106.9 115.1 113.8 114.5 117.9 118.2 114.0 111.6 99.0

Utilities
Electric
Gas

4.04 123.2 128.0 129.8 129.6 129.5 129.3 131.8 135.1 136.2 134.5 134.2 134.5 136.3
1.28 121.5 125.4 125.5 126.9 126.5 124.2 123.6 123.8

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

250

INDUSTRIAL PRODUCTION: N.S.A.

FEBRUARY 1963

MARKET GROUPINGS
(1957-59- 100)

Grouping

Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials

1957-59 1961
pro- averporage
tion

1961
Dec.

1962
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct. r Nov. r Dec

100.00 109.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.5 117.2
47.35
32.31
15.04
52.65

111.3
112.7
108.3
108.4

115.2
115.1
115.4
112.9

113.8
113.9
113.6
112.6

116.7
116.9
116.1
116.1

118.6
118.7
118.3
117.6

118.6
118.5
118.6
118.2

118.5
118.2
119.1
118.0

122 J
122.2|
122.0
119.1

119.5
117.6
123.5
115.1

121.3
121.3
121.1
118.7

117.5
116.5
119.6
110.7

119.4
118.8
120.6
116.1

125.0
126.5
122.0
119.7

125.3
126.7
122.5
119.9

3.21 111.8 137.6 131.1 130.0 131.3 138.6 138.5 133.1
1.82 108.6 152.4 139.4 136.8 139.9 150.0 149.3 137.1
1.39 116.0 118.1 120.2 121.0 120.1 123.6 124.2 127.9

129.8
136.7
120.7

79.4
43.4
126.8

124.9
120.0
131.3

148.1 145.1 143.7
160.6 159.4 157.6
131.6 126.3 125.6

Consumer goods
Automotive products
Autos
Auto parts and allied products
Home goods and apparel
Home goods
Appliances, TV, and radios..
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods...
Apparel, knit goods, and shoes..

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

110.5
112.2
109.9
110.7
107.8
112.8
114.5
109.0

111.9
119.6
113.1
115.1
107.4
124.9
122.9
105.4

109.2
112.1
108.2
109.5
104.6
113.8
115.2
106.9

119.3
119.9
120.8
121.5
118.8
119.8
118.8
118.9

122.9
124.2
127.2
132.5
112.2
121.3
123.0
121.8

120.5
122.4
121.3
125.8
108.7
121.9
124.1
118.8

117.6
121.0
117.2
120.8
107.1
120.1
126.3
114.8

120.8 107.7 119.6 124.0 123.9 120.1 110.9
125.5 110.7 117.8 130.6 131.1 128.3 122.5
124.3 99.6 103.6 127.5 128.1 124.8 113.6
129.9 107.1 101.7 127.1 127.5 128.1 122.1
108.5 78.4 108.9 128.6 129.7 115.4 89.6
123.5 116.8 126.7 131.4 131.6 129.6 130.2
128.5 119.0 127.3 133.6 134.2 131.3 126.6
116.8 105.0 121.2 118.4 117.8 113.2 101.2

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

114.0
110.5
109.5
120.7
114.9
119.2
107.6
124.9
125.3
124.0

113.0
108.0
95.7
123.9
115.2
126.1
112.8

113.4
104.6
95.5
123.6
116.2
135.7
114.8

113.5
103.9
100.2
126.2
116.3
132.3
113.3

114.4
104.7
109.3
126.2
117.8
128.7
109.5

114.1
106.3
109.7
127.7
115.7
122.8
105.1

115.1
107.4
116.6
128.7
116.2
120.0
108.6

119.7
112.0
125.0
133.2
115.9
124.3
113.4

11.63
6.85
2.42
1.76
.61

110.1
107.4
127.0
103.4
93.4

116.9
114.1
137.5
110.2
85.7

114.5
111.9
135.6
104.9
88.7

117.5
112.8
138.3
111.4
104.5

120.2
114.3
140.4
117.3
114.0

121.3
115.7
141.3
116.2
120.2

122.0
116.8
142.7
116.1
114.9

124.6
119.6
145.2
119.5
113.7

122.0
117.8
142.7
117.6
99.6

122.6
118.8
145.0
116.6
94.1

124.9
120.0
147.1
118.2
111.4

125.3
119.7
146.2
124.3
108.0

124.3
118.8,
146.1
122.01
106.6

126.2
120.6
147.0
122.8
116.8

26.73
3.43
7.84
9.17
6.29

104.8
107.9
105.7
105.2
101.2

110.8
129.9
115.7
100.5
109.3

109.5
128.1
115.0
94.8
113.9

113.4
126.9
116.7
100.2
121.2

115.3
128.4
119.0
103.4
120.9

116.9
128.4
120.9
109.6
116.3

116.5
130.6
119.7
114.7
107.1

116.1
123.6
119.8
118.8
103.6

108.7
117.4
115.4
113.8
88.4

111.3
107.5
116.1
119.4
95.7

116.8
130.5
119.4
119.9
101.5

116.6
134.1
120.2
116.7
102.5

115.5
136.0
121.7
111.0
103.1

112.0
138.7
122.7
102.3
98.3

25.92
9.11
3.03
6.07
7.40

112.1
110.5
111.3
110.0
120.6

115.1
109.1
101.9
112.7
128.0

115.7
109.5
107.3
110.6
128.8

118.8
113.5
114.4
113.
134.3

120.0
116.6
119.7
115.0
135.1

119.4
117.2
116.5
117.5
133.9

119.7
117.3
117.1
117.4
135.9

121.3
118.2
123.4
115.6
136.6

112.7
108.7
112.5
106.8
124.9

121.1
118.5
128.0
113.7
134.8

122.7
121.9
126.3
119.7
135.3

123.4
121.6
121.7
121.5
137.9

122.9
119.2
113.9
121.8
139.0

118.3
111.3
102.6
115.6
134.4

9.41
6.07
2.86
2.32
1.03
1.21
.54

107.1
102.0
121.0
121.7
114.8
129.1
118.0

110.8 111.5 111.7 111.4 110.2 109.2 112.3 107.0 112.8 113.6 113.6 113.7 112.4
105.7 105.9 106.8 106.2 105.4 102.5 104.8 96.4 103.7 104.8 106.7 107.8 105.6

118.9
116.1
113.6
125,3
114.8
125.7
114.2

125.0
124.2
117.8
133.9
117.6
127.6
112.3

128.0
131.0
116.4
132.4
119.9
128.9
113.5

124.5
126.0
113.9
134.2
118.1
122.7
110.1

119.5
117.5
105.9
131.2
116.4
124.3
111.5

116.8
110.5
130.8
116.1
115.6

134.5 152.8 146.6 140.8 130.3 121.6 126.9 134.0 139.1 139.7 128.1 130.1

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment

3.41

Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.c.c
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other.
Gas

124.0 126. 123.1 124.6
118.7 121.3 119.2 122.0
130.5 132.4 128.6 129.0

122.3
120.1
126.2

126.6 133.6 136.1 140.3 139.3 134.2 130.7
121.6 123.7 120.6 125.4 125.2 127.0 123.9
133.1 144.7 152.2 156.1 154.3 143.1 139.0

Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.




7.80 112.0 127.0 120.1 124.3 127.4 129.3 128.4 128.8 118.8 102.2 128.3 138.1 135.2 131.2
24.51 112.9 111.3 112.1 114.8 116.1 115.3 115.1 119.1 116.0 124.3 125.9 123.0 118.1 113.3

251

INDUSTRIAL PRODUCTION: N.S.A.

FEBRUARY 1963

INDUSTRY GROUPINGS
(1957-59« 100)

Grouping

Total index.

1957-59 1961
proaverporage
tion

1962

1961
Dec.

Jan.

100.00 109.8 114.0 113.1

Feb.

Mar.

Apr.

May

June

Aug.

116.4 118.1 118.3 118.2 119.9 113.9 117.

Sept.

Octr

Nov. r Dec.

122.2 122.5 120.5 117.2
727.3
121.0
121.7
106.3

777.4
119.3
114.9
102.7

108.4 97.6 104.5 110.
98.7 82.9 92.0 98.5
91.3 76.8 86.6 92.8
125.5 104.9 111.8 119.
120.9 116.7 120.7 125.3
116.4 113.9 115.8 118.6

109. 109.0
99.9 101.7
96.3
93.7
122.4 121.2
121.3 118.6
117.9 116.0

106.0
96.8
93,3
109.3
117.8
114.8

123.4
126.7
123.6
130.8
117.0
133.6
101.6
124.1

127.0
127.0
120.7
135.3
126.3
148.3
106.7
125.6

727.7
126.2
120.5
133.6
127.2
149.
107.8
127.2

127.6
126.8
122.4
132.7
127.6
148.9
108.7
126.4

86.45
48.07
38.38
8.23
5.32

109.7
107.0
112.9
102.6
122.8

114.0
115.1
112.6
104.6

112.7
112.9
112.5
103.1

116.6
116.6
116.6
103.7

118.6
118.6
118.6
103.5

119.1
119.6
118.4
104.9

119.0
118.8
119.1
105.5

120.4
119.2
121.8
107.5

Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts

12.32
6.95
5.45
1.50
5.37
2.86

102.2
98.9
96.5
107.5
106.5
105.2

110.7
108.3
107.8
110.1
113.9
112.2

112.5
115.3
115.2
115.6
108.8
106.2

117.5
123.0
122.8
123.8
110.4
106.9

119.0
123.8
124.4
121.9
112.7
108.2

116.5
117.7
116.0
123.8
115.1
110.7

109.8
103.9
97.5
127.2
117.4
113.4

Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment...
Instruments and related products..
Ordnance and accessories

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

108.8
110.4
106.5
115.7
103.6
111.9
95.7
115.8

119.4
117.7
112.6
124.4
119.8
140.0
102.
121.4

116.7
116.2
111.9
122.0
115.2
132.1
100.6
119.0

119.0
119.8
115.5
125.6
116.0
131.1
102.2
118.3

121.4
122.9
119.6
127.2
117.9
133.4
103.6
119.4

122.7
123.7
121.5
126.7
119.8
139.7
101.2
121.0

123.2
123.9
121.9
126.5
120.9
141.9
101.2
121.4

Manufacturing, total...
Durable
Nondurable
Mining
Utilities

July

114.0
113.6
114.5
101.0

117.6
112.8
123.6
106.4

122.8
120.4
125.8
106.5

123.
121.7
125.5
107.

Durable manufactures

119.8
119.3
119.1
119.6
118.0
135.0
102.7
122.2

113.4
121.1
118.0
125.2
97.1
87.0
104.8
125.0

123.8
127.6
121.
136.1
116.6
128.9
105.4
125.2

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.72 104.5 96.5
2.99 106.3 100.7
1.73 101.3 89.1

Furniture and miscellaneous..
Furniture and fixtures......
Miscellaneous manufactures.

3.05 114.1 122.6 113.7 777.0 720.7 727.5 725.3 126.4 722.5 729.7 737.9 732.7 729.6 727.4
1.54 115.3 125.7 116.2 120.6 122.5 123.6 124.3 127.9 124.8 132.1 133.1 133.3 131.4 131.5
1.51 112.8 119.5 111.1 113.4 117.5 120.0 122.2 124.9 120.2 126.0 130.6 130.9 127.9 123.2

91.0
99.6 100.4 108.3 775.9 775.3 772.5 720.7 779.4 775.3 110.2 99.6
94.0 97.7 100.6 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.9 102.9
85.9 102.9 100.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 103.8 93.9

Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

7.60
2.90
3.59
1.11

108.4 107.8
106.9 110.1
112.1 108.4
100.2 99.6

109.0
111.1
109.7
101.6

119.5
116.9
124.6
110.1

722.0
119.1
128.1
109.7

775.0 775.5 777.9 702.4 779.5 777.4 775.9 774.4 704.7
115.0 119.6 121.2 100.9 118.3 115.9 115.6 114.9 108.1
124.3 119.5 119.6 107.0 124.0 122.3 122.6 119.2 105.7
105.5
99.1 104.2 91.9 107.9 105.2 102.3 98.2

Paper and printing
Paper and products
Printing and publishing.
Newspapers

8.17
3.43
4.74
1.53

112.4
113.7
111.5
106.0

111.7
108.3
114.1
107.4

111.8
114.4
109.9
100.0

775.7
121.5
112.2
105.2

775.9
123.7
115.5
110.8

118.4
122.0
115.8
114.1

777.7
120.0
116.0
115.0

777.5 705.7 777.2 779.5 122.4
122.0 107.8 123.5 122.0 127.3
114.3 109.5 112.7 117.9 118.9
108.6 96.0 101.7 112.1 117.7

720.5
123.0
119.2
120.7

Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

11.54
7.58
3.84
1.97
1.99

118.8
123.3
129.6
108.7
111.9

123.2
127.9
139.0
109.0
119.5

124.4
127.7
138.6
110.5
125.7

727.5
132.2
143.5
109.4
127.5

128.4
133.8
144.8
110.0
126.1

129.4
135.8
145.2
106.3
127.8

757.0
137.1
146.8
110.9
127.6

134.2
138.7
147.7
117.4
133.5

725.5
131.2
142.5
117.9
113.0

732.7
137.9
148.0
116.6
125.4

734.2
138,1
149.2
118.1
135.1

735.4
139.4
151.6
114.2
141.6

133.0 737.4
138.4 136.9
153.3
111.3 i i i 15
134.2

Foods, beverages, and tobacco...
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

110.4 105.7 103.1
110.3 106.8 102.7
110.6 108.5 105.3
107.9 97.0 89.2
110.8 91.5 107.9

103.6
103.1
104 6
95.0
110.5

106.0
105.3
105.0
106.5
115.0

107.3
107.0
106.6
109.4
110.1

709.5
108.9
107.5
116.5
116.6

114.7
114.5
111.8
129.1
116.9

775.2
116.4
115.7
120.3
100.4

722.4
122.5
123.7
116.0
121.2

727.4
128.1
130 5
114.8
119.4

723.5
123.9
126.1
111.7
118.3

775.4 707.4
115.3 108.5
118.1 110.9
100.3
117.0

100.9
90.1
103.1
104.9
103.0
116.8
91.3

105.3
95.4
107.4
109.5
107.0
125.5
92.8

104.6
96.1
106.3
108.6
105.7
126.7
91.2

104.0
94.9
105.9
107.9
105 9
120.5
92.4

707.4
93.
103.0
104.7
103.1
114.8
91.9

703.5 96.2 102.8 103.8
103.8 60.7 98.6 99 2
103.4 103.6 103.7 104.7
105.1 104.8 104.9 106.
104.0 103.6 103.7 104.9
111.9
92.0
95^7 *95li

705.5
102.5
106.1
107.6
105.6

705.2
100.2
107.5
109.6
106.7

777.3
108.6
113.3
100.0

Mining
105.5
95.9
107.5
108.0
104.8
128.5
103.8

Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

6.80
1.16
5.64
4.91
4.25
.66
.73

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
,

1.43 110.5 100.5 91.8 96.2
98.5 705.5 725.0 725.5 723.9 723.5 779.7 774.5 705.5
.61 111.9 103.0 101.6 106.3 105.3 112.9 133.7 134.8 126.6 119.5 113 2 105.6 96.2
.82 109.4 98.6 84.6 88.7 93.5 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2

105.4
95.1
107.6
108.5
105.3
128.9
101.3

704.3
92.3
106.7
108.7
105.2

'9313
95.2
94.8
95.5

Utilities
Electric.
Gas

4.04 123.2 128.5 137.5 133.2 131.6 125.7 124.5 130.8 135.3 139.8 139.5 131.6 130.4
1.28 121.5

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

252

BUSINESS ACTIVITY

FEBRUARY 1963
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing 2

Industrial production
Major market groupings
Period

Final products
Total

MateCon
rials
sumer EquipMfg.
goods ment

Total

Constrution
contracts

Major industry
groupings

Mining

Utilities

Nonagricultural
employEmment— ployTotal» ment

Prices 3

Freight Departloadings

Payrolls

store
sales

Consumer

Wholesale
commodity

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
1951
1952
1953
1954

74.9
81.3
84.3
91.3
85.8

72.8
78.6
84.3
89.9
85.7

78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9

76.9
83.8
84.3
92.6
85.9

75.8
81.9
85.2
92.7
86.3

83.2
91.3
90.5
92.9
90.2

49.5
56.4
61.2
66.8
71.8

61
63
67
70
76

86.0
91.0
92.9
95.6
93.3

99.4
106.1
106.1
111.6
101.8

68.9
80.3
84.5
93.6
85.4

117.1
121.5
115.0
116.6
104.6

72
76
78
80
80

83.8
90.5
92.5
93.2
93.6

86.8
96.7
94.0
92.7
92.9

1955
1956
1957
1958
1959

96.6 93.9 93.3 95.0 99.0 97.3
99.9 98.1 95.5 103.7 101.6 100.2
100.7 99.4 97.0 104.6 101.9 100.8
93.7 94.8 96.4 91.3 92.7 93.2
105.6 105.7 106.6 104.1 105.4 106.0

99.2
104.8
104.6
95.6
99.7

80.2
87.9
93.9
98.1
108.0

91
92
93
102

105

96.4
99.7
100.6
97.8
101.6

105.5
106.7
104.7
95.3
100.0

94.8
100.2
101.4
93.5
105.1

115.3
115.9
108.2
93.8
97.9

88
94
96
99
105

93.3
94.7
98.0
100.7
101.5

93.2
96.2
99.0
100.4
100.6

I960
1961
1962

108.7 109.9 111.0 107.6 107.6 108.9
109.8 111.3 112.7 108.3 108.4 109.7

101.6
102.6

115.6
122.8

105
108

103.4
102.9
P105.2

99.7
95.6
»98 6

106.6
105.2

95.3
91.2

106

103.1
104.2

100.7
100.3

nn 3

1961—Dec

115.6 116.9 117.9 114.9 114.8 115.9

104.7

127.3

119

103.7

97.3

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
SeDt
Oct
Dec .
1963—Jan

114.3
116.0
117.0
117.7
118.4
118.6
119.3
119.7
119.8
r
119.2
119.5
119.2

115.7
116.8
118.2
118.5
120.2
120.6
121.7
121.6
122.0
121.5
'121.5
121.6

116.5
117.3
118.8
119.1
121.1
120.9
121.7
120.9
121.8
'120.8
r
120.8
120.7

112.7
115.0
116.1
117.0
118.5
120.1
121.8
123.2
123.2
'123.6
'123.3
123.2

*>119.0 ^122.1 *>121.9 H22A

113.7
115.5
116.9
117.1
117.0
117.1
117.0
117.7
118.1
'117.2
'117.7
117.1

114.4 104.0 128.8
116.3 104.3 129.0
117.4 104.8 128.8
118.1 105.5 128.1
118.8 104.8 129.8
118.9 104.6 132.4
119.7 106.1 133.5
120.3 105.5 132.3
120.4 105.9 133.0
'119.7 105.5 133.5
'119.9 '106.2 '135.1
119.7 102.6 136.0

115 103.5
119 104.2
131 104.4
121 105.1
117 105.4
120 105.6
117 105.8
118 105.6
113 105.7
117 105.9
123 '105.8
138 105.8

P116.2

P119.4 ^102.5 P131.5

^105.7

1
Employees only, excludes personnel in the armed forces.
2 Production workers only.
3 Prices are not seasonally adjusted.

NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Corp. monthly index of dollar
value of total construction contracts, including residential, nonresidential,

109
114

111.6

95.6

113

104.5

100.4

96.8 110.8
97.7 112.7
98.4 113.4
99.6 114.8
99.8 113.7
99.9 113.5
99.7 113.1
98.7 112.5
98.8 115.2
98.6 113.2
'97.9 '113.3
97.9 114.3

93.9
96.8
96.6
96.1
94.0
89.9
89.6
90.2
90.0
90.3
94.1
90.5

110
Mil
117

pin

104.5
104.8
105.0
105.2
105.2
105.3
105.5
105.5
106.1
106.0
106.0
105.8

100.8
100.7
100.7
100.4
100.2
100.0
100.4
100.5
101.2
100.6
100.7
100.4

*97.4 HU.6

88.2

«114

113

115
111
114
115
117

110
118

100.6

and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
Freight carloadings: Based on data from Association of American
Railroads.

CONSTRUCTION CONTRACTS
(In millions of dollars)
1961
Type of ownership and
type of construction

1962

1 Q C1

Dec.

Jan.

Total construction

V7,

41,303 7 7T7 7 6S8

By type of ownership:
Public
Private

1? ^47
24, 588

13,599 1 091
27,705 1 621

1? 115
8, 897

18,039 1
883
13.010
704
10,255

By type of construction:
Residential. ••
Public works and utilities.

••
• •

9??

Feb.

Mar.

7 ,749

3,986

877

1 ,736 1 ,871
1 .1P0 1 .IP?
8S3

615

893
664

NOTE.—Dollar value of total contracts as reported by the F . W. Dodge
Corp.; does not include data for Alaska or Hawaii. Totals of monthly




Apr.

May

June

July

,860 4,009 3,900 3,747

Aug.

Sept.

Oct.

,773 3,425

Nov.

Dec.

,188 3,198

1
1,475 1 711 1,227 1,331 1,231 1
1,003 1
1,100
2,511 2 ,650 2,782 2,569 2,516 2 ,591 2 ,174 2,422 2 ,089 2,009

1,552
1,325
1,108

1
1 JO? 1,275
943
915

1,656
1,242
1,002

1,623 1 ,651 1 SIP 1 610 t 361
1,197 1 ,177 1
1,075 1
926
802
735
740
761

data exceed annual totals because adjustments—negative—are m a d e to
accumulated monthly data after original figures have been published .

253

CONSTRUCTION

FEBRUARY 1963
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period

Total

Total

Public

Nonfarm
residential

Business
Total

Industrial

Commercial

Public
utility

Other
nonresidential

Total

Military

Highway
3,680
3,861
4,431
4,954
5,545
5,870
5,464
5,818
6,254

1954
1955
1956
1957
1958

39,234
44,164
45,815
47,845
48,950

27,556
32,440
33,067
33,766
33,493

15,379
18,705
17,677
17,019
18,047

8,403
9,980
11,608
12,535
11,058

2,030
2,399
3,084
3,557
2,382

2,212
3,218
3,631
3,564
3,589

4,161
4,363
4,893
5,414
5,087

3,774
3,755
3,782
4,212
4,388

11,678
11,724
12,748
14,079
15,457

[,003
1,287
1,360
1,287
1,402

1959 l
I960
1961
1962?

56,555
55,556
57,399
61,095

40,344
39,603
40,365
43,389

24,962
22,546
22,499
24,846

11,044
12,354
12,811
13,284

2,106
2,851
2,759
2,814

3,930
4,180
4,663
4,964

5,008
5,323
5,389
5,506

4,338
4,703
5,055
5,259

16,211
15,953
17,034
17,706

1,488
1,386
,368
1,266

59,166
. . . 56,714
57,748
58,279
60,764
62,678
62,084
62,829
62,358
63,517
62,610
61,954

41,077
39,909
40,553
41,747
43,472
44,842
44,908
45,244
44,976
43,843
44,059
44,264

23,187
22,245
22,507
23,484
25,018
26,118
25,987
25,957
25,813
25,013
25,432
25,811

12,875
12,622
12,897
12,973
13,119
13,354
13,516
13,835
13,692
13,478
13,424
13,397

2,590
2,592
2,653
2,792
2,886
2,950
2,962
2,936
2,930
2,885
2,820
2,788

4,928
4,756
4,795
4,793
4,752
4,865
5,110
5,273
5,214
5,018
4,967
4,979

5,357
5,274
5,449
5,388
5,481
5,539
5,444
5,626
5,548
5,575
5,637
5,630

5,015
5,042
5,149
5,290
5,335
5,370
5,405
5,452
5,471
5,352
5,203
5,056

18,089
16,805
17,195
16,532
17,292
17,836
17,176
17,585
17,382
19,674
18,551
17,690

924
1,211
1,328
1,381
1,354
1,549
1,170
1,244
1,164
[,492
ftftt

62,590

45,003

26,334

13,531

2,773

5,086

5,672

5,138

17,587

1962—Jan
Fcb .
Mar
Apr
May
JUly
Aug
Sept
Oct
Nov

Dec p .
1963 Jan P

7,250
5,414
5,771
5,057
5,830
5,989
5,876
6,195
6,140
7,786
6,922
6,343

Sewer
and
water

985

Other

1,085
1,275
1,344
1,387

6,013
5,491
5,682
6,494
7,123

1,467
1,487
[,581
1,754

7,386
7,616
8,267
8,432

1,636
1,666
1,715
1,775
[,805
1,807
1,802
1,771
1,754
1,764
1,755
1 .738

8,279
8,514
8,381
8,319
8,303
8,491
8,328
8,375
8,324
8,632
8,871

1 764

Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Depts. of Commerce and Labor.

i Beginning with 1959, includes data for Alaska and Hawaii.
NOTE.—Monthly data are at seasonally adjusted annual rates.

NEW HOUSING STARTS
(In thousands of units)
By area

Annual rate,

1

By type of ownership

(private only)
Total

Period
Total

Nonfarm

Governmentunderwritten

Private
Metropolitan

Nonmetropolitan

Total

1family

2family

Multifamily

Public
Total

FHA

VA

1954
1955
1956

1.220

1957
1958
1959

,329
1,118
,042
,209
,379

897
976
780
700
827
946

324
353
338
342
382
432

1,202
1,310
1,094
993
1,142
1,343

1,077
1,190
981
840
933
1,079

34
33
31
33
39
49

90
87
82
120
170
215

19
19
24
49
68
36

583
670
465
322
439
458

276
111
195
193
337
349

307
393
271
128
102
109

1959
I960
1961
1962*>

1,554
,296
1,365
483

1,077
889
948
1 046

All
407
417
438

1,517
1,252
1,313
1 455

1,234
995

56
44

227
214

975

44

295

37
44
52
29

458
336
328
339

349
261
244
261

109
75
83
78

4
2
1

23

17

6

23
20
27
33
34
31
33
36
26
30
25
20

18
15
21
25
26
24
25
28
20
23
19
16

4
5

1961

Dec

1 295

1,255

87

63

24

82

56

2

25

1962

Jan
Feb
Mar
Apr
May

1,273
1,152
1,431
1,542
,579
1,425
1,466
1,529
1,289
1,550
V 1,591
V I 499

1,247
1,134
1,407
1,521
1,566
1,399
1,447
1,500
1,261
1,504
Pl,576
*>1,479

83
78

60
56
84
111
112
96
98
99
83
93
83
71

23
22
34
41
44
43
42
49
33
43
39
26

81
76

54
54

115

80

147
154

101
107

136

96

136
146
114
134
P121
P 95

95
101
76
91
81

3
3
5
5
5
4
4
4
4
4
4

23
20
31
41
42
36
36
41
34
39
36

July
Aug
Sept

Oct
Nov
Dec

118

152
156
140

139
148
115
136
2>122
*96

i Beginning with 1959, based on revised definition of metropolitan areas.
NOTE.—Beginning with 1959, Census Bureau series includes both
arm and nonfarm series developed initially by the Bureau of Labor




3

5
2
3
4
2
2
3

P2

n

6

8
8
7

7
8
6

7
6
5

Statistics, for which annual totals are given including overlap for 1959.
Data from Federal Housing Administration and Veterans Administration
represent units started, based on field office reports of first compliance
inspections.

254

EMPLOYMENT

FEBRUARY 1963
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force

Total noninstitutional
population

Period

Total
labor
force

Employed^
Total

Not in the

Unemployment2
rate
(per cent)
S.A.

Unemployed

Total

In nonagricultural
industries

In
agriculture

64,708
65,011
63,966
65,581

58,135
58,789
58,122
59,745

6,572
6,222
5,844
5,836

2,822
2,936
4 681
3,813

48,348
49,699
50 666
51,420

4.2
4.3
6 8
5.5

66,681
66.796
67,846

60,958
61,333
62,657

5,723
5,463
5,190

3,931
4,806
4,007

52,242
53,677
55,400

5.6
6.7
5.6

1956
1957
1958
1959

118,734
120,445
121,950
123,366

70,387
70,746
71,284
71,946

67,530
67,946
68,647
69,394

I960 3
1961
1962

125,368
127,852
130,081

73,126
74,175
74,681

70,612
71,603
71,854

1962—Jan
Feb.
Mar.
Apr
May
June
July

129.118
129,290
129,471
129,587
129,752
129,930
130,183
130,359
130,546
130,730
130,910
131,096

72,564
73,218
73,582
73,654
74,797
76,857
76,437
76,554
74,914
74,923
74,532
74,142

69,721
70,332
70,697
70,769
71,922
74,001
73,582
73,695
72,179
72,187
71,782
71,378

65,058
65,789
66,316
66,824
68,203
69,539
69,564
69,762
68,668
68,893
67,981
67,561

60,641
61,211
61,533
61,863
62,775
63,249
63,500
63,993
63,103
63,418
63,098
63,495

4,417
4,578
4,782
4,961
5,428
6,290
6,064
5,770
5,564
5,475
4,883
4,066

4,663
4,543
4,382
3,946
3,719
4,463
4,018
3,932
3,512
3,294
3,801
3,817

56,554
56,072
55,889
55,933
54,956
53,072
53,746
53,805
55,631
55,808
56,378
56,954

5,8
5 6
5 5
5.5
5.4
5.5
5.3
5.8
5.8
5.5
5.8
5.6

131,253

73,323

70,607

65,935

61,730

4,206

4,672

57,930

5.8

Sept
Oct
Nov
Dec
1963—Jan

C

1
2
3

Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.

NOTE.—Information relating to persons 14 years of age and over is
obtained on a sample basis. Monthly data relate to the calendar week
that contains the 12th day; annual data are averages of monthly figures.
Bureau of Labor Statistics estimates.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)

1956
1957
1958
1959 l

Contract
construction

Transportation &
public
utilities

Trade

Finance

Service

Government

822
828
751
731

2,999
2,923
2,778
2,955

4,244
4,241
3,976
4,010

10,858
10,886
10,750
11,125

2,429
2,477
2,519
2,597

6,536
6,749
6,811
7,105

7 277
7,626
7,893
8,190

16,762
16,267
16,750

709
666
647

2,882
2,760
2,696

4,017
3,923
3,925

11,412
11,368
11,571

2,684
2,748
2,793

7,361
7 516
7,757

8,520
8,828
9,185

54,434
54.773
54,901
55,260
55,403
55,535
55,617
55,536
55,583
55,647
55,597
55,617

16,456
16,572
16,682
16,848
16,891
16,923
16,908
16,795
16,805
16,781
16,695
16,690

653
653
654
656
659
652
648
646
641
638
636
623

2,594
2,694
2,648
2,734
2,716
2,671
2,738
2,731
2,715
2,716
2,696
2,655

3,906
3,914
3,927
3,935
3,936
3,934
3,913
3,932
3,928
3,935
3,918
3,923

11,384
11,447
11,460
11,546
11,596
11,621
11,652
11,627
11,612
11,594
11,600
11,595

2,772
2,774
2,776
2,778
2,786
2,788
2,792
2,796
2,799
2,813
2,822
2,821

7,640
7,675
7,681
7.675
7,692
7,749
7,783
7,805
7,809
7,831
7,846
7,874

9 029
9,044
9,073
9,088
9,127
9,197
9,183
9,204
9 274
9 339
9,384
9,436

55,551

16,636

623

2,648

3,846

11,649

2,828

7,885

9,436

53,737
53.823
54,056
54,849
55,209
55,777
55,493
55,709
56,252
56,333
56.214
56;482

16,370
16,452
16,525
16,636
16,682
16,870
16,782
16,931
17,127
17,028
16,891
16,733

647
642
640
647
657
661
648
658
651
645
638
626

2,298
2,282
2,328
2,589
2,749
2,839
2,982
3,031
2,978
2.936
2,801
2,533

3,863
3,863
3,880
3,904
3,924
3,965
3,948
3,963
3,959
3,959
3,934
3,939

11,270
11,188
11,223
11,470
11,476
11,582
11,540
11,558
11,627
11,682
11,842
12,426

2,747
2,749
2,754
2,770
2,780
2,808
2,839
2,841
2,813
2,807
2,808
2,807

7,510
7,545
7,573
7,690
7,769
7,881
7,884
7,867
7,856
7,870
7,830
7,803

9,032
9,102
9,133
9,143
9,172
9 } 171
8 870
8,860
9 241
9,406
9,470
9,615

54,842

16,550

617

2,346

3,804

11,532

2,803

7,751

9,439

Period

Total

Manufacturing

,

52,408
52,904
51,423
53,380

17,243
17,174
15,945
16,667

54,347
54,077
55,325

I960
1961
1962*>

Mining

fEASONALLY ADJUSTED

1962—Jan
Feb
Mar
Apr
May
July
SeDt
Oct
Nov p
Dec
1963

.

Jan v

NOT SEASONALLY ADJUSTED

1962—Jan
Feb
Mar
Apr
May
July
Sect
Oct
Nov v
Dec
1963
1

Jan P

. .

Data includes Alaska and Hawaii beginning with 1959,

NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period




ending nearest the 15th of the month. Proprietors, self-employed
persons, domestic servants, unpaid family workers, and members of the
armed forces are excluded.

FEBRUARY 1963

255

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted

Seasonally adjusted
Industry group

1963

1962

Total

7

1962

Jan.

Nov.

Dec.*

Jan. *'

Jan.

1963
Jan."

12,197

12,324

12,324

12,265

12,118

12,518

12,371

12,193

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.

6,760
96
535
308
448
966
834
977
998
1,067
224
307

6,875
101
543
317
459
885
847
1,031
1,029
1,119
228
316

6,888
101
541
317
451
898
850
1,022
1,035
1,132
227
314

6,860
100
545
316
447
895
845
1,014
1,037
1,121
228
312

6,764
97
507
308
432
969
840
982
1,008
1,111
225
288

6,994
102
547
323
465
894
865
1,017
1,060
1,160
231
332

6,937
102
530
319
447
900
860
1,019
1,054
1,169
229
309

6,868
101
516
316
431
898
851
1,019
1,047
1,167
229
293

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products.
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

5,437
1,184
78
799
1.062
472
594
512
129
290
317

5,449
1,168
79
780
1,093
476
597
520
120
300
316

5,436
1,176
76
778
1,090
478
585
518
120
301
314

5,405
1,168
75
774
1,080
475
583
520
119
301
310

5,354
1,109
79
793
1,062
470
592
509
127
294
319

5,524
1,188
84
788
1,113
481
604
519
120
309
319

5,434
1,148

5,325
1,094
76
769
1,080
473
581
517
118
305
312

80
780
1.098

480
590
516
519
307
317

for, the pay period ending nearest the 15th of the month.

NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES

Average weekly earnings
(dollars per week; N.S.A.)

Average hours worked
(per week; S.A.)
Industry group

Jan.

1962

1963

1962
Nov.

Jan.

Nov.

Average hourly earnings
(dollars per hour; N.S.A.)

1963
Decv>

1693

Jan.?

Total

39.8

40.4

40.3

40.2

98.42

97.44

40.3
40.6
38.1
39.4
39.5
40.6
40.5
41.3
40.3
40.8
40.8
39.3

41.1
41.4
39.7
40.6
40.9
40.1
41.3
41.7
40.5
42.9
40.9
39.3

41.0
41.6
39.7
40.4
40.5
40.2
40.7
41.6
40.4
42.3
41.2
39.5

40.7
41.5
40.2
40.5
40.5
40.4
41.2
41.5
40.5
41.2
40.8
39.4

94.88
103.17
115.21
73.48
75.66
92.97
122.81
102.36
110.27
95.91
118.66
99.14
77.03

97.36

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
,
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.

106.19
118.69
79.00
80.16
100.28
117.91
105.63
112.75
98.66
128.27
101.76
78.01

107.27
120.96
78.01
81.58
97.84
120.39
106.04
114.26
100.21
129.73
102.18
79.40

105.82
120.67
77.62
79.00
97.63
121.39
105.78
113.71
98.82
123.55
100.78
78.79

2.56
2.81
1.97
1.94
2.39
3.01
2.54
2.67
2.38
2.88
2.43
1.97

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
,
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

39.2
40.4
36.6
40.3
34.7
42.3
38.1
41.5
41.9
40.9
37.8

39.4
41.0
39.4
39.9
36.1
42.5
38.1
41.4
41.6
40.9
36.9

39.6
40.9
38.5
40.2
36.3
42.8
38.3
41.4
41.7
41.0
37.5

39.4
40.9
39.1
40.0
35.3
42.3
38.2
41.5
42.1
41.3
37.2

84.24
90.45
66.25
66.17
57.62
100.20
105.36
109.56
128.44
99.31
66.18

86.72
93.52
72.35
68.45
60.62
103.28
108.49
111.37
127.71
101.84
64.03

86.94
94.12
74.66
68.45
59.95
104.68
109.62
112.17
126.38
103.00
64.84

86.24
94.02
75.07
67.26
58.97
103.15
107.54
112.05
130.31
103.16
66.29

2.16
2.25
1.81
1.65
1.67
2.38
2.78
2.64
3.08
2.44
1.71

NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.




2.59
2.86
2.00
1.96
2.44
2.97
2.57
2.73
2.43
2.99
2.47
1.97

2.61
2.88
1.99
1.98
2.44
2.98
2.58
2.74
2.45
3.01
2.48
2,00
2.20
2.31
1.92
1.69
1.68
2.45
2.83
2.70
3.11
2.51
1.74

256

DEPARTMENT STORES

FEBRUARY 1963

SALES AND STOCKS, BY DISTRICT
(1957-59= 100)
Federal Reserve district

Period

United
States
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

88
94
96
99
105
106
109
114

91
96
96
99
104
106
112
114

80
89
95
100
105
108
112
116

93
97
98
99
104
104
107
110

92
96
98
98
104
108
110
113

89
95
97
98
105
'105
'108
113

81
90
94
99
107
107
'110
117

95
99
100
97
104
104
105
110

90
96
97
98
104
103
'104
109

85
93
97
99
104
106
108
109

88
93
94
99
107
108
111
114

84
92
96
99
105
100
102
108

82
91
93
98
109
110
115
123

1961—Dec

113

116

116

1962—Jan
Feb
Mar
Apr
May

110
'111
117
113
115
111
114
115
117
110
118

113
101
122
113
110
112
115
117
116
110
'120
116

112
112
119
119
113
108
113
117
120
112
121
118

1961 Dec

204

224

213

1962—Jan.
Feb
Mar
Apr
May

83
83
96
112
110
105
96
104
117
113
141
P2U

86
72
94
115
108
108
87
96
117
115
147
225

90
87
99
113
109
105
86
94
120
120
152
216

85
94
99
98
103
109
110
117

88
96
97
99
104
108
'111
116

78
89
97
99
104
110
'109
115

95
99
98
103
105
105
112

Dec

113

'115

112

1962—Jan
Feb
Mar
Apr
May

114
115
116
115
117
118
118
118
118
120
118

114
115
117
116
115
115
118
115
114
116
116
118

112
114
113
112
113
113
113
116
116
118
119
120

1961—Dec

'103

'107

1962—Jan
Feb
Mar
Apr
May
June
July

102
108
116
118
117
112
112
117
125
135
135

100
106
115
117
116
109
108
114
123
134
137
110

Minne- Kansas
Dallas
apolis
City

Saa
Francisco

SALES
1955
1956
1957
1958
1959
I960
1961
1962
SEASONALLY ADJUSTED

July
Sept
Oct
Nov .
Dec

114

112

'114

108

'107

108

112

106

120

110
104
110
111
115
107
109
112
113
106
111
112

112
109
118
112
117
110
114
109
116
108
116
114

109
111
115
109
115
110
112
'116
118
107
119

110
118
126
108
117
115
118
118
121
112
125
122

104
103
112
108
112
108
111
113
115
107
113
113

98
108
111
107
113
105
112
108
113
104
111
115

104
103
109
116
108
106
112
111
110
103
114
111

105
114
118
115
116
111
116
113
118
108
117
PH7

101
110
106
104
108
107
112
107
113
100
109
112

119
120
123
118
121
123
123
124
122
121
128
P127

203

210

208

'204

191

'187

190

'193

'183

'218

80
75
95
112
110
102
84
92
113
112
145
202

84
81
93
114
111
102
95
99
114
109
141
211

77
78
'93
113
110
'102
94
103
118
115
142
2>211

85
91
105
115
111
104
106
109
114
113
139
219

77
75
93
108
111
103
92
101
116
111
'136
201

75
78
90
105
113
97
94
103
114
110
133
201

74
78
87
112
103
106
88
106
118
111
130
196

79
82
97
111
113
105
105
111
119
111
133
^203

79
80
91
103
104
96
102
108
109
102
'126
193

90
95
99
110
117
112
119
121
117
145
2>231

87

86
93
102
97
101
113
112
116

90

86

99
100
96
104
108
'110
118

98
102
97
101
107
108
118

89
97
100
97
103
108
109
119

93
102
103
98
99
103
'111
117

88
98
102
97
101
108
108
112

90
99
100
98
103
109
111
113

'79
'91
99
98
104
106
'103
112

81
92
96
97
107
114
'115
125

'108

115

114

'110

113

119

110

111

'105

118

110
110
112
111
112
112
113
113
112
114
'112
112

114
114
114
115
115
117
116
115
118
118
116
114

116
'118
118
118
116
119
119
117
117
119
121
122

112
111
114
114
114
115
120
116
119
125
123
130

114
114
116
113
116
121
122
123
122
124
122
121

112
114
115
117
121
117
117
116
115
117
119
121

111
113
113
114
112
113
109
110
113
113
'113
109

111
113
114
114
115
114
115
115
111
111
108
111

111
113
114
111
114
115
114
112
110
113
'112
110

121
122
124
124
127
128
127
126
127
129
'118
108

105

'98

105

105

98

101

106

104

103

'97

108

102
106
114
116
115
106
102
113
121
134
138
112

96
103
112
116
114
106
103
109
119
131
'132
102

98
106
114
116
115
111
112
115
125
135
138
105

101
108
119
121
118
'113
'112
119
126
135
138
112

101
108
116
117
113
107
110
116
126
140
144
115

102
106
116
118
119
117
119
122
129
135
136
108

100
106
116
121
120
111
112
117
123
133
135
108

99
106
111
112
111
104
107
111
120
128
'131
105

101
107
114
116
114
109
110
112
116
123
126
103

96
106
115
115

109
115
125
125
125
123
123
126
132
143
129
118

'112

NOT SEASONALLY ADJUSTED

July
AUR

Sept .
Oct
Nov
Dec

r

STOCKS
1955
1956
1957
1958
1959
I960
1961
1962
SEASONALLY ADJUSTED
1961

July
Scot
Oct
Nov
Dec
NOT SEASONALLY ADJUSTED

Sept
Oct
Nov
Dec

NOTE.—Based on retail value figures; sales are average per trading day;
stocks are as of end of month or averages of monthly data.




112
108
109

115
117
127
128
101

For description of series and for back data beginning with 1947, see
July 1962 BULL., p. 803.

257

DEPARTMENT STORES; FOREIGN TRADE

FEBRUARY 1963

DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales

Amounts (millions o f dollars)

Period

Outstanding
orders

Stocks
plus
outs,
orders

Receipts

3.0
3.0

J1

41

L.O

4.0

10
10

449
458
458
464
498

2.9
3.0

L.I
t.l

4.0
4.1

1.0
1.0

493
517
534

3.1
3.1
3.2
1.5
3.5
4.1

Sales

Stocks

Outstanding
orders

Receipts

New
orders

Stocks

1953
1954

406
409

1,163
1,140

421
388

408
410

401
412

1955
1956
1957
1958
1959

437
454
459
462
488

1,195
1,286
1,338
1,323
1,391

446

444

470
461
437
510

459
461
462
495

494
506
526

1,474
1,485
1,594

518
'529
571

496
»-512
535

1961—Dec.

••976

1,421

r

r

1962 Jan .
Feb

408
360
472
502
507
472
406
482
493
556
657
998

1,408
1,466
1,576
1,589
1,571
1,509
1,490
1,571
1,700
1,845
1,892
1,508

I960
1961
1962

r

. .

Mar

Apr.
May

.

. .

July
Aug
Scot. .
Oct
Nov
Dec. 37

.

. . . .

NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts
reported by a selected group of department stores whose 1961 sales
were about 45 per cent of estimated total department store sales. Sales
are total for month, stocks and outstanding orders are as of end of month.

394
476
532
498
457
499
679
724
675
706
666
549
386

r

r

616
410
418
582
515
489
410
387
563
622
701
704
614

3.1
3.0
3.0

451
495
474
548
474
531
590
432
514
653
661
587
451

!o1
1.1

3.2
3.1

1.1
1.2
.4
1.2
1.5
1.1
.9
1.0

3.2
3.7
3.3

1.4
1.8
1.4

3.3

3.4
3.3
2.9
1.5

1.4
1.2
.8
.4

4.1
4.1
4.1
r 4.3

4.2
4.4
1.9
4.6
5.6
4.4

4.1
4.1
4.6

55
4.9
4.5
3.7
1.9

4.7

1.0
10
1.1
10
1.0
1.0
.6
1.0
12
1.2
1.0
1.0
.9

10
1.2
1.3
1.3
1.1
.6

Receipts and new orders: monthly totals derived from reported figures
on sales, stocks, and outstanding orders.
For further description see Oct. 1952 BULL., pp. 1098-1102. Back
figures may be obtained upon request.

MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports

:

Imports

2

Export surplus

Period

Month:
Jan...
Feb...
Mar..
May!!
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
Quarter:

ii!!..
in...
IV...
Year 3..

1960

1961

1962 '

1960

1961 r

1962

1,561
1,566
1,518
1,622
1,659
1,634
1,707
1,625
1,647
1,668
1,681
1,645

1,646
1,739
1,713
1,658
1,581
1,599
1,680
1.661
i;673
1,788
1,737
1,740

1,681
1,853
1,632
1,799
1,774
1,862
1,716
1,650
1,935
1,503
1,705
1,855

1,246
1,348
1,290
1,349
1,269
1,277
1,271
1,256
1,221
1,206
1,162
1,125

1,151
1,146
1,159
1,159
1,155
1,177
1,368
1,262
1,280
1,317
1,303
1,296

1,315
1,313
1,332
1,374
1,384
1,344
1,354
1,374
1,498
1,339
1,420
1,353

315
218
228
273
390
357
436
369
426
462
519
520

495
593
554
499
426
422
312
399
393
471
434
444

366
540
300
425
390
518
362
276
437
164
285
502

4,645
4,915
4,979
4,994

5,098
4,838
5,014
5,265

5,166
5,435
5,301
5,063

3,884
3,895
3,748
3,493

3,456
3,491
3,910
3,916

3,960
4,102
4,226
4,112

761
1,020
1,231
1,501

1,642
1,347
1,104
1,349

1,206
1,333
1,075
951

19,609

20,152

20,901

15,017

14,713

16,397

4,592

5,439

4,504

1
Exports of domestic and foreign merchandise; excludes Dept. of
Defense shipments of grant-aid military equipment and supplies under
Mutual Security Program.




r

1960

1961

r

1962

r

2
General imports including imports for immediate consumption plus
entries into bonded warehouses.
3 Sum of unadjusted figures.

NOTE.—Bureau of the Census data.

258

PRICES

FEBRUARY 1963
CONSUMER PRICES
(1957-59* 100)
Housing
All
items

Period

Food
Total

Rent

Gas
and
electricity

Solid
and
petroleum
fuels

ApHouse- House- parel
hold
furnish operation
ings

Transportation

Medical
care

Personal
care

Read- Other
goods
ing
and
and
recrea- services
tion

1929
1933
1941
1945

59.7
45.1
51.3
62.7

55.6
35.3
44.2
58.4

61.4
67.5

85.4
60.8
64.3
66.1

88.3
86.4

45.2
53.6

56.6
42.7
54.4
73.9

53.3
62.9

56.2
42.8
51.9
71.2

51.2
55.4

50.6
57.5

47.6
63.6

57.3
75.0

58.2
67.3

1953
1954

93.2
93.6

95.6
95.4

92.3
93.4

90.3
93.5

91.4
92.5

90.9
90.6

103.7
101.9

87.9
89.5

97.8
97.3

92.1
90.8

83.9
86.6

88.1
88.5

93.3
92.4

92.8
94.3

1955
1956
1957
1958
1959

93.3
94.7
98.0
100.7
101.5

94.0
94.7
97.8
101.9
100.3

94.1
95.5
98.5
100.2
101.3

94.8
96.5
98.3
100.1
101.6

94.9
95.9
96.9
100.3
102.8

91.9
95.9
100.8
99.0
100.2

100.0
98.9
100.5
99.8
99.8

90.8
93.7
97.3
100.2
102.4

96.7
98.4
99.7
99.8
100.7

89.7
91.3
96.5
99.7
103.8

88.6
91.8
95.5
100.1
104.4

90.0
93.7
97.1
100.4
102.4

92.1
93.4
96.9
100.8
102.4

94.3
95.8
98.5
99.8
101.8

I960
1961

103.1
104.2

101.4
102.6

103.1
103.9

103.1
104.2

107.0
107.9

99.5
101.6

100.1
99.5

104.8
105.9

102.1
102.8

103.8
105.0

108.1
111.3

104.1
104.6

104.9
107.2

103.8
104.6

1961—Dec

104.5

102.0

104.4

105.0

107.8

102.8

99.2

106.4

103.5

106.0

112.5

105.2

108.2

104.9

1962—Jan
Feb
Mar
Apr
May

104.5
104.8
105.0
105.2
105.2
105.3
105.5
105.5
106.1
106.0
106.0
105.8

102.5
103.1
103.2
103.4
103.2
103.5
103.8
103.8
104.8
104.3
104.1
103.5

104.4
104.6
104.6
104.6
104.7
104.8
104.8
104.8
104.9
105.0
105.1
105.2

105.1
105.2
105.3
105.4
105.5
105.6
105.7
105.8
105.9
106.1
106.2
106.2

107.8
107.9
107.9
107.8
107.7
107.7
108.0
108.0
108.0
108.0
108.1
108.1

103.9
104.0
103.6
102.4
100.1
99.4
99.7
100.1
101.3
102.4
103.6
104.8

98.7
99.3
99.5
99.3
99.0
99.1
99.0
98.5
98.7
98.8
98.7
98.6

106.5
106.9
107.1
107.1
107.4
107.4
107.5
107.4
107.6
107.6
107.8
108.1

101.8
102.0
102.7
102.7
102.7
102.8
102.9
102.5
104.6
104.9
104.3
103.9

106.0
106.0
105.9
107.2
107.3
107.3
106.8
107.4
107.8
108.1
108.3
108.0

112.6
113.0
113.6
113.9
114.1
114.4
114.6
114.6
114.7
114.9
115.0
115.3

105.6
105.8
105.9
106.3
106.4
106.1
106.8
106.8
106.8
106.9
107.1
107.6

108.5
109.1
109.2
109.4
109.5
109.2
110.0
110.3
110.0
109.5
110.1
110.0

104.9
105.0
105.1
105.1
105.1
105.2
105.6
105.5
105.6
105.6
105.6
105.6

July
Sect
Oct
Nov
Dec

NOTB.—Bureau of Labor Statistics index for city wage-earner and
clerical-worker families.

WHOLESALE PRICES: SUMMARY
(1957-59-* 100)
Other commodities
Period

1953.
1954.

All
com- Farm Processed
modi- products foods Total
ties

92.7 105.9
92.9 104.4

97.0
97.6

TexFuel
tiles, Hides,
etc.
etc.
etc.

90.1 102.8
90.4 100.6

94.1
89.9

95. 9
94 6

Non
Chem- Rub- Lum- Paper'
Ma- Furni- meber,
Metals chin- ture, tallic
icals, ber,
etc.
etc.
etc.
ery
etc.
etc.
minerals
96.1
97.3

86.3
87.6

99. 4
97. 6

88.7
88.8

83.6
84.3

82.2
83.2

92.9
93.9

86. 9
88. 8

MisTo- cellabacco neous

89.8 105.4
93.8 110.5

94.6 99.1
100.7 89.5 94 <5 96.9 99.2 10? 3 91.1 90.0 85.8 94.3 91
100.7 94.8 97. 4 97.5 100.6 103. 8 97.2 97.8 92.1 96.9 95. ? 95.1 98.1
100.8 94.9 102. 7 99.6 100.2 98. 5 99.0 99.7 97.7 99.4 98. 9 98.0 96.6
98.9 96.0 98. 7 100.4 100.1 97. 4 100.1 99.1 100.1 100.2 99. 9 99.7 101.5
100.4 109.1 98. 7 100.0 99.7 104. 1 101.0 101.2 102.2 100.4 101. 2 102.2 101.9

1955.
1956.
1957.
1958.
1959.

93.2 97.9 94.3 92.4
96.2 96.6 94.3 96.5
99.0 99.2 97.9 99.2
100.4 103.6 102.9 99.5
100.6 97.2 99.2 101.3

1960.
1961.

100.7
100.3

96.9 99.9 101.3 101.5 105.2 99 6 100.2
96.0 100.6 100.8 99.7 106.2 100. 7 99.1

99.9 100. 4 101.8 101.3 102.4 100.1 101. 4 102.5 99.3
96.1 95. 9 98.8 100.7 102.3 99.5 101. 8 103.2 103.9

1961--Dec

100.4

95.9 r 101.0 100.9 100.3 108.2 100 6

98.1

94.5

94 6

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
Nov
Dec

100.8 97.9 101.8 101.0 100.3
100.7 98.2 101.7 100.8 100.4
100.7 98.4 101.4 100.8 100.5
100.4 96.9 100.0 100.9 100.5
100.2 96.2 99.5 100.9 100.7
100.0 95.3 99.8 100.7 100.8
100.4 96.5 100.8 100.8 100.9
100.5 97.6 101.5 100.6 100.8
101.2 100.6 103.3 100.8 100.6
100.6 98.7 101.5 100.7 100.5
100.7 99.3 101.3 100.7 100.5
100.4 97,3 100.9 100.7 100.6

101. 0
100. 4
98.9
100.2
99. 7
99. 6
100. 0
99.
100. 8
100. 8
100. 8
100. 9

98.4
98.1
98.0
97.9
97.7
97.6
97.2
97.0
96.9
97.1
97.0
96.8

94.3
93.3
93.8
92.9
93.2
93.0
92.7
92.7
92.8
93.1
r
93.7
94.4

94. 7
95. ?
96. 2
96. 8
97. 1
97. 3
97. 5
91 4
97. 0
96. 6
96. ?
95. 9

See next page for composition of other commodities.




108.2
107.7
107.4
106.9
107.2
108.0
107.5
107.0
107.5
107.4
107.3
106.8

99.6 100.b r 102.2
99.9
99.9
101.0
101.3
100.8
100.5
100.0
99.7
99.5
99.3
99.1
99.0

100.7
100.6
100.4
100.3
100.2
99.8
99.7
99.8
99.7
99.4
r
99.3
99.4

102.3
102.3
102.3
102.3
102.3
102.2
102.3
102.3
102.3
r 102.2
102.2
102.1

99.3 101. 6 103.8 106 3
99.3
99.1
99.0
98.9
99.0
98.9
98.8
98.7
98.6
r 98.5
98.6
98.5

101. 9
102. 1
102. 2
102. 4
102. 1
101. 9
101. 6
101. 6
101. 5
101. 6
101. 6
101. 5

103 8
103.8
104.0
104.0
105.1
104.1
104.0
104.2
104.2
104.5
104.5
104.3

106.7
105.6
105.6
106 0
106.0
105.4
107 6
107.2
109.1
108 7
109 8
110.2

FEBRUARY 1963

259

PRICES
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1961

1962

1961
Dec.

Oct.

Nov.

Dec.

89.2
Woodpulp
101.1
Wastepaper
Paper
96.2
98.1
Paperboard
101.8
Converted paper and paperboard....
Building paper and board
99.3
108.2
89.0 Metals and Metal Products:

95.0
93.8
102.0
89.7
101.2
99.7

91.3
96.1
102.3
94.0
100.0
96.3

89.4
96.0
102.2
'94.1
99.7
96.6

89.4
94.6
102.2
94.1
99.7
96.8

Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products

100.2
100.8
102.0
104.4
104.2
94.5
98.6

98.7
97.9
103.7
103.7
'97.2
92.7
98.2

98.4
98.3
103.7
103.8
'97.5
'92.8
98.1

98.7
97.7
103.7
103.8
97.5
93.6
98.2

103,1

103.8

103.9

103.8

108.5
107.6
108.4

109.6
108.0
109.3

110.2
108.2
109.3

110.3
108.3
109.3

102.6
103.0

103.7
103.6

103.7
103.7

103.
103.

100.9
99.4
100.3

102.2
98.0
100.4

102.5
97.6
100.4

102.5
97.3
100.4

100.5

100.5

100.5

100.5

101.6 Furniture and Other Household Dura106.1
bles:
108.7
104.9
103.3
Household furniture
102.2
Commercial furniture
99.2
Floor coverings
94.9
Household
appliances
98.0
Television, radios, and phonographs.. 93.8
103.6
102.3
Other
household
durable
goods
123.0

104.0
102.5
96.8
93.0
90.7
102.9

104.1
102.5
96.8
'93.1
90.7
102.9

104.2
102.5
96.4
92.9
90.7
102.8

96.2
101.8
102.4
103.3
105.0
102.8
101.7

96.6
103.3
102.9
103.4
105.0
89.4
102.2

96.6
103.3
102.9
103.4
105.0
89.4
102.4

96.6
103.2
102.7
103.5
105.0
89.4
102.4

102.0
100.5
116.2

102.2
101.5
117.4

102.2
101.5
117.4

102.2
101.2
117.4

100.9
108.6
98.8
104.2
101.1

101.2 101.2
112.8 '114.9
98.7
98.7
104.4 104.4
101.6 '101.7

101.3
115.7
98.7
104.4
101.5

Dec.

Oct.

Nov.

Dec.

87.2
98.4
92.4
98.1
105.5
96.0
103.9
94.5

97.5
98.5
98.6
97.5
102.5
103.1
103.1
89.7

'96.4
99.5
98.3
97.6
r
102.4
112.4
106.9
90.1

106.1 '107.6
95.9 100.0
110.2 107.7

107.7
100.1
108.0

107.6
99.6
108.0

100.4
101.2
82.6
84.7
96.0
113.1
103.4
102.3

96.4
103.0
80.2
95.2
80.9
86.2
90.9
104.6

96.3
102.5
80.2
'92.2
'79.8
88.7
91.8
r
101.2

101.9
97.7
93.2
111.4
101.2
123.1

101.0
99.6
93.6
129.5
101.7
121.6

100.7
100.1
93.6
130.3
101.7
r
127.8

95.7
102.8
80.2
85.2
78.6
90.0 Machinery and Motive Products:
91.8
100.4
Agricultural machinery and equip....
Construction machinery and equip.. .
Metalworking machinery and equip...
General purpose machinery and
equipment
100.7
100.2
Miscellaneous machinery
93.7
Special industry machinery and equip143.3
ment (Jan. 1961= 100)
101.6
Electrical machinery and equip
127.9
Motor vehicles
Transportation equip., RR. rolling
stock (Jan. 1961= 100)

112.5
110.5
108.5
104.2

108.8
106.5
108.6
104.8

107.1
106.8
108.6
105.0

98.6
103.6
118.4
102.5
98.2
98.9

97.2
97.7
103.6 103.6
122.7 '122.3
102.7 102.7
98.1
98.1
98.9

Pulp, Paper, and Allied Products:

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products

,

Processed Foods :
Cereal and bakery products
Meat, poultry, and
fish
,
Dairy products and ice cream
Canned and frozen fruits, and vegetables
,
Sugar and confectionery
,
Packaged beverage materials
,
Animal fats and oils
,
Crude vegetable oils
Refined vegetable oils
,
Vegetable oil and products
Miscellaneous processed foods
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products....
Silk products
Apparel
Other textile products
Hides, Skins, Leather; and Products:
Hides and skins
Leather.
Footwear
Other leather products
Fuels and Related Products, and Power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Crude petroleum and natural gasoline
Petroleum products, refined

102.7

98.1 Nonmetallic Mineral Products:
Flat glass
Concrete i n g r e d i e n t s . . . . . . .
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals.

Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products

97.1
103.6
97.1
97.3
78.4
103.6
104.7
99.1

96.1
103.8
93.9
95.1
76.7
103.4
99.0
99.5

93.8
89.9
99.4

92.7
86.4
100.0

92.8
'88.0
'99.7

95.9
103.8
92.9
94.7
72.8
102.8
99.6 Tobacco Products and Bottled Beverages:
99.5
Tobacco products
Alcoholic beverages
Nonalcoholic beverages
94.7
89.0
99.7 Miscellaneous Products:

93.7
100.9
92.7

96.7
102.3
91.9

96.3
102.3
91.5

95.9
102.1
90.8

95.9
103.8
r
93.9
95.1
r
75.9
103.1
99.2
99.5

Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
NOTE.—Bureau of Labor Statistics Index.




1962

Group

Group

Toys, sporting goods, small a r m s . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products

260

NATIONAL PRODUCT AND INCOME

FEBRUARY 1963

GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1962

1961
Item

1929

1933

1941

1950

1958

1959

1960

1961

1962
IV

GTOSS national product

104.4

Gross private domestic investment

1.4
16.2
1.4
8.7
.5
3.6
1.0
5.1
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4

18.1
6.6
3.5
3.1
6.9
4.5
4.0

.8
7.0
6.3

.2
2.4
2.3

Exports
Government purchases of goods and services..
Federal
National defense
Other
State and local
Gross national product in constant (1954)
dollars

\

I

IV

81.9 195.0 293.2 313.5 328.5 338.1 356.7 346.1 350.2 354.9 358.2 363.5
9.7 30.4 37.3 43.6 44.8 43.7 47.5 46.6 46.3 47.2 47.1 49.6
43.2 99.8 141.6 147.1 151.8 155.2 162.0 157.2 159.9 161.3 163.0 163.9
29.0 64.9 114.3 122.8 131.9 139.1 147.1 142.3 144.1 146.3 148.1 150.1

79.0
9.2
37.7
32.1

.....

in

56.0 125.8 284.6 444.5 482.7 503.4 518.7 553.9 538.6 545.0 552.0 555.3 563.5
46.4
3.5
22.3
20.7

Personal consumption expenditures
Durable goods
Nondurable goods

Residential, nonfarm
Other
Producers* durable equipment
Change in business inventories

n

I

50.0 56.6
24.2 35.5
14.1 18.0
10.1 17.4
18.9 23.1
6.8 - 2 . 0
6.0 - 2 . 9

72.7

40.2
22.3
17.9
25.9
6.6
6.5

72.4
40.7
21.1
19.7
27.6
4.1
3.7

69.3
41.6
21.0
20.5
25.5
2.1
1.9

76.6
44.5
23.3
21.2
28.9
3.2
3.2

76.6
43.2
22.8
20.4
27.4
6.0
5.9

75.9
41.6
21.2
20.5
27.6
6.7
6.6

77.4
44.5
23.3
21.2
28.9
4.0
3.9

76.3
46.1
24.3
21.8
29.2
1.0
1.0

76.2
45.0
23.8
21.3
29.9
1.2
1.1

1.1
6.0
4.8

.6
13.1
12.5

1.2
22.7
21.5

-.8
22.9
23.6

2.9
26.4
23.5

4.0
27.3
23.3

3.3
28.4
25.2

3.8
28.3
24.5

3.7
28.2
24.5

3.7
29.0
25.3

2.5
28.3
25.8

3.2
28.2
25.0

8.5
1 3
1 i
K3

8.0 24.8
16.9
2.0
j 13.8
2.0 \ 3.2

7.2

6.0

39.0
19.3
14.3
5.2
.1
19.7

93.5
52.6
44.8
8.3
.5
40.8

97.2
53.6
46.2
7.9
.5
43.6

99.7 107.4 117.3 112.1 115.2 116.0 118.2 120.7
53.2 57.0 62.4 59.5 61.9 62.1 62.7 63.4
45.7 49.0 53.4 50.8 53.0 53.2 54.0 54.2
8.7
9.2
8.1
9.7
9.6
9.5
9.6 10.1
.9
.6
.6
.6
.6
.6
.8
.8
46.5 50.4 55.0 52.6 53.3 54.0 55.5 57.3

7.8

181.8 126.6 238.1 318.1 401.3 428.6 440.2 447.9 471.9 463.4 467.4 470.8 471.6 477.7

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For explanation of series see U.S. Income

and Output (a supplement to the Survey of Current Business) and the
July 1962 Survey of Current Business.

NATIONAL INCOME
(In billions of dollars)
1961
Item

1929

1933

1941

1950

1958

1959

1960

1961

1962

1962

rv

n

I

III

IV

National income

87.8

40.2 104.7 241.9 367.4 400.5 415.5 427.8 457.5 444.0 448.9 456.7 459.8

ConipeMation of employees

51.1

29.5

64.8 154.2 257.1 278.5 293.7 302.2 321.6 309.9 315.2 321.7 323.8 325.8

50.4
45.5
.3
4.6

29.0
23.9
.3
4.9

62.1 146.4 239.8 258.5 271.3 278.8 295.8 286.1 289.9 295.9 297.8 299.7
51.9 124.1 196.6 213.1 222.9 227.0 239.7 232.5 235.0 240.1 241.4 242.2
5.0
9.8
1.9
9.9
9.9 10.2 11.0 10.8 11.2 11.2 10.9 10.6
8.3 17.3 33.5 35.4 38.5 41.6 45.2 42.8 43.7 44.6 45.5 46.9
7.8 17.3 20.1 22.4 23.4 25.8 23.8 25.2 25.8 25.9 26.1
2.7

Private
Military

Employer contributions for social insurance

Business and professional
Farm

Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment

.7

.5

.1
.6

.1
.4

2.0
.7

4.0
3.8

8.0
9.4

9.7
10.4

11.4
11.0

12.0
11.4

13.5
12.3

12.2
11.6

13.3
12.0

13.4
12.3

13.5
12.4

13.6
12.5

14.8

5.6

17.4

37.5

46.1

46.5

46.2

47.8

49.8

49.5

49.1

49.5

49.7

50.9

8.8
6.0

3.2
2.4

10.9
6.5

23.5
14.0

32.5
13.5

35.1
11.4

34.2
12.0

34.8
13.1

36.8
13.0

36.0
13.6

36.2
12.9

36.8
12.8

37.0
12.8

37.3
13.6

5.4

2.0

3.5

9.0

12.2

11.9

11.9

12.3

12.8

12.5

12.6

12.8

12.9

12.9

10.1 - 2 . 0

14.5

35.7

37.2

47.2

45.6

45.5

51.0

51.1

50.4

50.7

51.0

.2
.5
-.4
2.1
-2.4

77.0
7.6
9.4
4.5
4.9

40.6
17.9
22.8
9.2
13.6

37.4
18.6
18.8
12.4
6.4

47.7
23.2
24.5
13.7
10.8

45.4
22.4
23.0
14.4
8.6

45.6
22.3
23.3
15.0
8.3

50.9
24.8
26.0
15.9
10.1

51.4
25.1
26.3
15.5
10.8

50.1
24.4
25.6
15.8
9.8

50.9
24.9
26.1
15.8
10.3

51.1
24.9
26.1
15.8
10.3

.5 - 2 . 1

-2.5

-5.0

-.3

-.5

.2

.2

-.3

.3

-.2

-.1

.8

4.5

5.5

14.8

16.4

18.1

20.0

22.2

21.0

21.5

22.0

22.5

23.0

9.6
1.4
8.3
5.8
2.4

6.4

5.0

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.




16.4

FEBRUARY 1963

261

NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1961
1Q90

T

1Q33

IQKfi

1Q41

|QfO

IV
104.4
Less : Capital consumption allowances • •
Indirect business tax and nontax liability
Business transfer payments
...
Statistical discrepancy
Plus: Subsidies less current surplus of gov-

7.2

9.0

7.0
.6
.3

7.1
.7
.9

11.3
.5
.4

— .1

.1

87.8

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance....

10.1 - 2 . 0
.2
.3

Equals: Personal income
Less: Persona! tax and nontax payments

Less: Personal consumption expenditures...

Disposable personal income in constant (1954)
dollars

II

HI

IV

19.1

38.6

41.0

43.2

45.3

47.6

47.0

47.5

48.3

23.7 39.3 42.6 46.5 48.2 51.6 49.7 50.2 51.4 51.8
.8
2.1
2.1
1.8
2.1
2.1
2.1
2.1
2.1
2.1
- . 7 - 1 . 5 - 3 . 0 - 3 . 4 - 3 . 1 - 3 . 3 — 1 9 — 1.4 - 4 . 0 —4 3

52.9
2.1

.2

.4

1.1

.5

1.7

1.7

46.6

2.0

1.8

47.5

1.8

1.8

1.6

40.2 104.7 241.9 367.4 400.5 415.5 427.8 457.5 444.9 448.9 456.7 459.8
14.5
2.8

35.7
6.9

37.2
14.8

47.2
17.6

45.6
20.6

45.5
21.6

51.0
23.9

51.1
22.1

50.4
23.6

50.7
23.9

51.0
24.0 "l4.2

2.6
1.3
4.5
.5

14.3
4.8
9.2
.8

24.5
6.2
12.4
1.8

25.4
7.1
13.7
2.1

27.3
7.8
14.4
2 1

31.3
7.3
15.0
2 1

32.4
7.4
15.9
2 1

31.6
7.2
15.5
2 1

31.9
7.3
15.8
2 1

32.0
7.4
15.8
2 1

32.3
7.5
15.8
2 1

.9
1.0
5.8
.6

1.5
1.2
2.1
.7

85.8

47.2

2.6

7.5

3.3

20.8

42.3

46.8

51.4

1.0

2.0
1.3

18.2
2.6

36,6
5.7

40.4
6.4

44.0
7.4

1.3
1.4

Federal
State and local

I

56.0 125.8 284.6 444.5 482.7 503.4 518.7 553.9 538.6 545.8 552.0 555.3 563.5

8.6

Equals: National income

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

1962

1OSQ

33.5
7.6
16.4
2 1

96.3 228.5 360.3 383.9 400.8 416.4 440.5 427.3 432.0 439.5 442.6 448.0
52.8

57.6

45.0
7.8

49.1
8.5

54.6
46.7
8.0

56.4
48.0
8.4

57.7

58.5

58.7

49.2
8.5

49.9
8.6

50.1
8.7

83.1

45.7

93.0 207.7 317.9 337.1 349.4 363.6 382.9 372 6 375.6 381.8 384.1 389.3

79.0

46.4

81.9 195.0 293.2 313.5 328.5 338.1 356.7 346.1 350.2 354.9 35S.2 363.5

4.2

-.6

11.1

12.6

24.7

23.6

20.9

25.6

26.2

26.5

25.4

26.9

26.0

25.8

134.9 102.1 175.1 231.0 296.3 310.7 317.3 327.3 341.6 334.5 336.6 340.9 342.1 345.8

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)
1961
1961

Item

1962

1962?
Dec

Jan.

Feb.

Mar.

Apr,

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec. p

416.4 440.5 430.5 428.8 431.9 435.2 438.3 439.7 440.7 441.9 443.0 443.5 445.6 448.2 450.4

Total personal income.

278.8 295.8 288.3 287.4 290.3 292.2 295.3 296.0 296.9 297.8 298.1 298.0 298.5 299.8 300.7
Wage and salary disbursements....
Commodity-producing industries... 110.8 117.2 114.9 113.8 115.2 116.
118.2 118.2 118.1 118.4 118.1 117.9 117.8 117.8 117.8
87.5 93.6 91.5 90.8 92.0 92.8 94.4 94.5 94.5 94.5 94.1 94.0 93.9 94.0 94.0
Manufacturing only
,
72.9 76.2 74.5 74.4 75.0 75.4 75.8 76.1 76.2 76.4 76.6 16.1 76.9 77.1 11A
Distributive industries
43.4 46.3 44.9 44.9 45.1 45.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47.2 47.5
Service industries
51.8 56.2 54.0 54.4 55.0 55.4 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57.7 58.0
Government
Other labor income.

11.4

12.3

11.6

11.8

12.0

12.1

12.2

12.3

12.4

12.4

12.4

12.4

12.5

12.5

12.5

Proprietors* income....
Business and professional.
Farm

47.8
34.8
13.

49.8
36.8
13.0

49.7
36.2
13.5

49.2
36.1
13.1

49.0
36.2
12.8

49.3
36.4
12.9

49.4
36.6
12.8

49.6
36.8
12.8

49.6
36.8
12.8

49.6
36.9
12.7

49.8
37.©
12.5

49.9
37.0
12.9

50.3
37.1
13.2

50.9
37.3
13.6

51.4
37.4
14.0

Rental income

12.3

12.8

12.5

12.6

12.6

12.7

12.7

12.8

12.8

12.8

12.9

12.9

12.9

12.9

12.9

Dividends

15.0

15.9

15.9

15.6

15.8

15.9

15.8

15.8

15.8

15.7

15.7

16.0

16.1

16.2

17.0

Personal interest income.

27.4

29.7

28.4

28.6

28.8

29.0

29.2

29.4

29.6

29.8

30.0

30.2

30.4

30.6

30.8

Transfer payments

33.4

34.6

34.0

33.9

33.8

34.5

34.2

34.2

34.1

34.2

34.5

34.5

35.5

35.8

35.7

9.7

10.5

9.9

10.3

10.4

10.4

10.5

10.5

10.5

10.5

10.5

10.4

10.5

10.5

10.6

Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income

for

399.1 423.2 412.7 411.6 414.8 418.0 421.2 422.6 423.5 424.8 425.9 426.4 428.2 430.4 432.2
17.3

17.3

17.8

17.2

17.1

Note.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.




17.2

17.1

17.1

17.2

17.1

17.1

17.1

17.4

17.8

18.2

262

FLOW OF FUNDS/SAVING

FEBRUARY 1963

SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)

Transaction category,
or sector

1960
1957

1958

1959

1960

III
I.

1961

1962

1961
IV

II

III

IV

II

III

Saving and investment

A
B
C
D
E
F
G

Gross national saving
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfin. business
U.S. Government
State and local govt
Financial sectors

109.4 94.1 115.6 120.4 116.9 118.6 114.9 106.0 116.4 119.3 126.1 127.6 129.3 124.9
68.6 68.1 73.9 72.4 76.9 72.2 71.9 71.3 77.3 77.3 81.8 83.0 79.8 82.3
12.0 11.9 12.4 12.7 12.7 12.6 12.7 12.6 12.7 12.8 13.0 13.6 13.0 13.0
26.3 25.0 35.6 31.5 35.0 29.3 28.8 28.2 34.2 36.2 41.2 40.6 40.2 38.1
3.7 - 8 . 0 - 4 . 5
4.3 - 5 . 3
1.7 - 5 . 0 - 6 . 6 - 4 . 3 - 5 . 2 - 5 . 9
4.6
.2 - 4 . 1
-3.7 -5.0 -4.0 -3.4 -4.5 -3.6 -4.2 -4.3 -3.9 -4.3 -5.7 -4.8 - 4 .
-5.7
2.1
2.1
3.1
1.7
2.9
2.1
1.1
2.6
4.0
2.8
3.4
.9
.9
1.3

H
I
J

Gross national investment
Consumer durable goods
Business inventories

110.8 94.3 114.7 117.9 114.8 116.0 112.5 104.3 111.3 118.8 124.6 124.7 126.4 123.4
40.4 37.3 43.6 44.8 43.7 44.5 44.0 40.8 43.5 44.0 46.6 46.3 47.2 47.1
6.6
6.0
2.1
4.0
2.1
4.0
4.1
2.1 - 1 . 1 - 3 . 6
1.0
6.7
1.6 - 2 . 0

K
L
M
N

Gross pvt. fixed investment
Consumer and nonprofit
Nonfin. business
Financial sectors

0

Net financial investment

P

Discrepancy (A—H)
II.

Net funds raised—Nonfin. sectors..
Loans and short-term securities
Long-term securities and mtgs
By sector
D U.S. Government
E
Short-term securities
F
Other securities
G Foreign borrowers
H
Loans
1
Securities
J
Pvt. domestic nonfin. sectors
K
Loans
L
Consumer credit
M
Bank loans n.e.c
N
Other loans
0
Securities and mortgages
P
State and local oblig
Q
Corporate securities
R
7- to 4-family mortgages
S
Other mortgages
T Net sources of credit ( = A)
U
Chg. in U.S. Govt. cash bal
V
U.S. Govt. lending
W
Foreign funds
X
Pvt. insur. and pension reserves..
V
Sources n.e.c

Other securities and mtgs

AI

Less security debt
III.

E
F
G
H

68.3
21.7
45.8

67.1
20.1
46.2

68.1
22.0
45.2

67.5
21.6
45.0

63.7
20,3
42.5
.8

65.5
19.5
45.2

68.5
19.3
48.4

70.8
21.2
48.8
.8

69.2
21.9
46.5

73.5
20.3
52.4
.8

75.5
20.7
53.9
.8

K
L
M
N

.4 - 1 . 7
.9
-.2

.7
2.5

1.8
2.2

1.2
2.6

2.2
2.3

3.4
1.7

.2
5.0

2.3
.6

1.1
1.5

2.6
2.9

1.7
2.8

1.4

O
P

32.5
12.8
19.7

36.2
7.8
28.4

46.3
19.3
27.0

31.9
20.4
11.4

34.0
.3
33.7

30.0
26.9
3.1

44.3
17.0
27.3

56.0
4.5
51.6

54.7
28.8
25.9

61.5
34.9
26.5

63.9 41.5
20.9 - 7 . 1
43.0 48.5

.4
8.7 - 2 . 2
7.4 - 2 . 7 - 2 . 4
9.3 15.3
4.7 15.0
5.5 - 5 . 1
11.3 12.2 -10.8 22.0 16.6 - 4 . 6
11.4 22.1
3.8
20.9 - 8 . 2 - 7 . 9
2.4 - 4 . 2 -16.0
8.2 -22.2 - 7 .
2.8
3.1
.8
2.0
2.7
4.8
1.7
3.1
3.7
.2
1.4
2.6 -U0
2.4
1.9
3.7
2.4
3.2
.7
.7
'.6
.2
.7
.8
.6
.9
1.1
43.1
36.3 36.2 32.8 33.3 26.7 35.3 37.4 45.1 42.7
1.7
7.6 12.2
14.1 11.0
5.8
6.0
8.4
1.7
8.8
4.4
1.0
6.1
1.3
3.3
2.4
.2
-.2
4.1
3.1
2.9
1.7
5.6
2.3
2.4
.4
3.3
7.3
-.1
*
3.7
4.9
2.4
2.2
3.6
2,4
1.1
.9
2.9
1.9
29.1 25.3 30.4 26.8 24.9 25.1 33.5 30.0 32.9 33.9
5.6
4.7
3.7
5.1
3.7
6.7
4.9
4.3
7.7
3.9
6.0
5.4
5.4
7.0
5.9
4.7
6.2
5.0 12.3
4.7
13.2 10.4 12.1 10.5 10.0 10.2 11.8 12.4 14.2 13.5
5.8
6.1
6.0
7.3
5.8
5.2
5.4
5.5
8.0
5.5

7.6 - 4 . 4
4.1 -18.6
3.6 16.1
1.5
-.3
.3 - . 7
1.2
.4
54.8 46.2
16.6 14.3
6.7
4.5
5.3
4.4
4.6
5.3
38.2 31.9
6.1
3.2
7.0
3.9
16.0 15.6
9.1
9.3

D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S

61.5
3.6
3.3
3.5
8.6
3.0

63.9 41.5
6.4 - 4 . 3
4.4
2.0
2.0
1.7
9.7
9.8
2.9
7.3

T
U
V

w

34.0 39 4
31.5 27.3
26.8 24.8
8.8 -10.5
18.0 35.3
5.7 23.0
12.4 12.3
4.7
2.6

38.4 24 9
32.2 26.0
26.5 28.1
.6
5.4
25.9 22.7
13.7
9.8
12.2 13.0
5.7 - 2 . 1

Z
AA
AB
AC
AD
AE
AF
AG

42.8
3.3
39.5

-1.3
8.6
5.5 - 1 . 2
9.5
-6.4
2.3
1.4
1.1
.9
1.3
.5
32.4 31.9
6.8
3.1
2.6
.1
2.3
1.8
1.9
1.1
25.6 28.8
4.6
5.5
8.8
8.0
8.6 10.1
3.5
5.2
32.5
.2
2.4
-.1
7.0
3.2

42.8
.1
1.7
3.
7.8
4.8

Pvt. Domestic Nonfin. Sectors 19 8 25.2
Deposits and U.S. Govt. secur.... 10.5 17.8
Deposits
11.0 20.6
Demand dep. and curr
-1.4
4.9
Time and svgs. accounts
12.4 15.7
At commercial banks....
5.5
6.9
At savings instit
6.8
8.7
U.S. Govt. securities
- A -2.8

AH

A
B
C
D

4.3
-1.3

66.2
22.1
43.2
.8

58.6
18.1
39.8
.7

Financial flows—Summary

A
B
C

Z
AA
AB
AC
AD
AE
AF
AG

64.6
18.1
45.7

H
I
J

52.7
19.2
33.5

36.2
.8
2.4
3.2
8.2
6.8

46.3
.1
2.8
2.5
8.7
5.1

31.9 34.0 30.0
1.4 - 1 . 4 - 5 . 4
1.8
2.6
1.7
2.8
5.9
3.8
7.7
7.5
9.0
2.1
6.1
3.7

44.3
2.7
-.5
-.8
7.5
.7

56.0 54.7
5.5 - 2 . 4
5.1
4.8
3.8
4.1
9.2 10.2
13.4
4.1

30 0 14.8
23.3
7.7
10.8 13.6
.3 - 1 . 3
10.5 14.9
2.1
5.3
8.4
9.6
12.5 - 5 . 9

27.2
23.2
24.
3.9
20.1
8.8
11.4

12 2 13 2 20.9
9.2 15.4
7.8
20.3 20.9 24.3
2.2
1.1
1.1
18.2 19.8 23.2
8.2
9.1
12.1
10.0 10.8 11.2
-12.5 -11.7 - 8 . 9

34 8
26.8
25.8
3.7
22.2
10.9
11.3
.9

19.1
19.0
19.3
2.2
17.1
6.5
10.6
-.3
.6
.6

52.7
.6
3.8
3.6
8.8
5.8

7.0
.2

6.8
-.3

5.3
1.3

5.3
.9

3.7
-.3

5.6
.1

11.0
3.0

37.2 30.8
11.0 - 6 . 2
23.1 23.1
3.1 13.9

34.5
2.8
20.7
11.0

43.9
7.8
27.9
8.2

43.2
9.4
23.5
10.3

42.5
8.4
24.0
10.0

32.7
8.2
21.9
2.6

39.8
9.3
26.0
4.5

54.8 48.1
15.5 - 1 . 9
31.3 32.3
17.7
8.1

43.9
11.0
24.7
8.2

49.1 45.9
- . 2 -1.4
40.7 32.0
8.6 15.3

A
B
C
D

17.0
9.3
9.0
1.9

5.5
10.6
10.
4.6

10.0
9.3
10.2
5.0

17.4
12.0
10.7
3.7

16.2
9.0
11.2
6.8

17.2
10.7
10.3
4.3

12.0
11.4
10.1

15.2
10.9
9.2
4.5

25.0
11.7
11.0
7.2

17.5
14.1
12.6
4.0

20.1
13.8
9.9
.1

19.6
12.9
11.1
5.4

13.4
15.2
11.4
5.8

E
F
G
H

37.2
2.1
22.6
5.8
7.9
8.9
3.3
4.4
.5
1.6
.1
.1 - 1 . 2
.6
.1
3.7
-1.2

30.8
2.
10.6
1.1
1.1
8.4
3.6
5.2
5.9
1.8
1.0
2.9
*
3.3

34.5
2.9
15.3

43.9
2.1
26.5
5.6
9.4
11.5
3.7
4.9
3.7
2.0

43.2
3.4
23.5
4.1
9.4
10.0
3.5
5.5
2.0
1.4
1.4
-.8
3.1
2.2

42.5 32.7 39.8
3.1
4.0
2.8
21.3 20.9 29.9
6.5
.7 - 2 . 0
9.7 11.7 11.9
10.9 11.2 11.5
3.3
3.4
3.7
4.2
4.0
4.2
3.4
.1
2.6
1.3
1.6
1.5
1.9
.9
1.3
.1 - 2 . 5
-.2
1.2 - 1 . 3
2.2
5.0
2.1 - 5 . 2

54.8
1.7
28.0
9.6
7.8
10.6
4.0
5.2
6.0
2.0
.2
3.7
1.0
8.9

48.1 43.9
.9
1.1
27.5 31.4
8.3 - 3 . 6
6.3 22.7
12.9 12.3
3.9
4.7
6.3
4.0
6.1
4.2
2.7
3.3
.9
*
2.0
.7
1.7 - 1 . 9
1.9
.5

49.1
.9
32.5
6.3
13.8
12.4
4.9
4.9
7.1
2.1
1.2
3.7
-.8
-.3

45.9
1.3
23.8
1.3
9.6
13.0
4.8
4.9
6.8
1.3
.3
5.3

-.4

8.3
.9

11.7
2.4
-.4 -3.

1.7 AH
2.8 AI

Financial institutions

Net funds advanced—Total
U.S. Govt. securities
Other securities and mtgs
Loans
By sector
Banking system
Savings institutions
Insurance and pension funds
Finance n.e.c

1
Net sources of funds—Total
J
Gross saving
K Deposit claims
L
Demand deposits and curr
M
Time dep. at comm. banks
N
Other savings accounts
O Svg. through Life insurance
P Svg. through pension funds
Q Credit market instruments
R
Investment co. shares
S
Corporate bonds
T
Loans
U Security credit
V Other sources, net

22.3
17.6
5.5
4.3
7.2
8.4
2.3
22.3
2.6
11.5
-.8
5.4
6.9
2.7
4.4
2.2
1.2
.6

4c

5.8
9.5
3.5
4.7
3.5
1.5
1.4
.4
.5
4.1

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Jan. 1963 BULL., p. 85.




3.9
1.4

X
Y

.9
1.9

263

FLOW OF FUNDS/SAVING

FEBRUARY 1963

PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)

Transaction category,
or sector

1961

1960
1957

1958

1959

1960

1961

III

IV

1962
III

IV

III

I. Demand deposits and currency
A
B
C
D
E
F
G
H
I
J
K
L
M

Net incr. in banking system liability.
U. S. Govt. deposits
Other
Net increase in assets, by sector...
U.S. Govt
Other domestic sectors
Consumer and nonprofit
Nonfinancial business
State and local govts
Financial sectors
Rest of the world
Discrepancy—U.S. cash
Other

A
B
C
D
E
F

Net increases-Total..
At commercial banks- Total.
Corporate business
State and local govts....
Foreign depositors.....
Consumer and nonprofit

G
H

At savings institutions
Memo—Consumer and nonprofit
organ.—Total

II.

4.1
.7
1.4 - 1 . 4
2.8
2.1
3.9
.8
1.7 - 1
4.1
2.2
1.5
1.4
1.7
2.2
.9 - 1 , 6 - 1 . 6
.6
1.4
.7
1.2
.6
.2
.4
.8
*
-.2
.1
-.3
1.0
-.2
.6

16.8
7.9
.9
.7
.9
5.3

9.5
1.1
-.4
5
-'.9
3.0

15.2
5.8
.8
1.3
.3
3.2

20.9
9.4
1.3
.9
.6

8.9

8.4

9.5

14.0

11.3

12.8

8.2
-1.2
9.5

9.3
5.5
3.8

-2.7
-5.1
2.4

8.3
A
-2.8
-'.9 - 2 . 2
-2.2
-.7
1.3 -1.4
* -.2
-.4
.5
11.0
-.8
10.1
-.5
2.2
-.7
7.9
.2
A
.3
.3
-.9
.2
.2

9.3
12.5
6.3
-2.0
8.3
4.4
1.8
-6.2
-7.1
.3
-7.4
.6
.2
1

-2.6
-5.9
-3.

.3
-.9
.7
.3
.3
.2
*
-1.5

5.6
.1
5.5
4.8

-2.0
-5.4
3.4
-1.9
-5.7
2.9
5.0
-2
-.7
1.4
.9
.3
-.5

9.6
6.5
5.5 - 2 . 4
2.7
3.8
4.1 10.
5.3
4.5 11.3
1.0
8.9 - 3 . 0
4.4
7.
1.9
1.6
1.5 - 2 . 4
-.1
.6
6.0
1.9 - 1 . 7
2.6
1.1
1.5
.9
.4
1.0
-.9
1.7 - 3 . 4
.5
1.8
.3
2.5

-3.6
3.6
-7.
-.2
3.5
-5.6
2.
-6.4
-3.3
1.4
2.0
.1
-3.6

6.3
6.4
AA
6.0
\\l
-4.4
1.7
.2
-.9
.4
1.5

1.3
-4.3
5.5
1.8
-3.0
5.8
2.8
-.4
2.2
1.2
-1.1
-1.3

Time and savings accounts

III.
A
B
C

5.8
1.1
.1
.6
5.6
.2
6.3
.1
-.6
6.1
.3
2.5
2.7 - 2 . : - 1 . 7
.2
.3
.5
.7
.i
.1
-.1
.9 - . 2
-.5

-.8
.2
-1.0

U. S. Govt. Securities

12.3
5.4
.3
*
5.2
6.9

6.6
11.5
18.0

12.0

Total net issues
Short-term direct.
Other

-.9
5.5
-6.4

Net acquisitions, by sector
Pvt. domestic nonfin. sectors...
Consumers and nonprofit. . .
Svg. bds. & postal svg. dep.
Securities
Corp. nonfin. business
State and local govts
Financial sectors
Banking sysiem
Monetary authorities
Commercial banks
Savings institutions
Insurance and pension funds.
Finance n.e.c
Rest of the world

-1.1

A

1.0
.4

20.6
9.7
2.0
2.1
.3
5.0

22.9
11.7
5.6
.9
-.3
5.5

10.0

10.9

11.2

14.4

15.8

16.7

7.2 - 3 .
-2.7
11.3 12.2 -10.8
- 4 . 2 -16.0
8.2

-2.7
-3.0
.3
2.8
2.7
.7
2.0
- A

3.0

19.4
9.4
1.6
2.1
1.2
4.4

7.2
Q
-'.2
.7
-.8
-.9
.2
7.8
7.4
7.5
5.9
.5
-.1
.3

23.4
11.9
1.2
.8
.7

18.4 19.2
7.8
6.3
.8 - 2 . 4
.9
.9
1.3
.6

8.8

4.8

7.2

11.5

10.6

12.9

20.1

15.4

19.6

35.0
22.7
4.8
2.1
-.5
16.0
12.3
28.3

-.2
9.5 16.2
3.3 14.3
22.0 16.6 - 4 . 6
11.4 22.1
22.2 - 7 . 1 20.9 - 8 . 2 - 7 . 9

-2.6
-.2
9.5 16.2
-11.7 - 8 . 9
.9 - . 3
-7.8 -8.0 - 4 .
5.1
.5
.3
.5
.8
-8.4
-8.2
-4.6
4.4
-3.3 -1.6
4.1 - 5 . 1
-.6
.6
1.0 - . 3
8.4
8.2
9.3 15.5
7.1 10.7 13.9
8.3
n
2.2
1.5
9.0
4.9
10.5 12.4
.3
1.2
-.2
.7 - 1 . 2
-.9
-'.3
2.0
. 1,9
-.7
.7
.5
-.7
1.0

-3.8
-12.5
-3.3
2
-3.1
-7.4
-1.
9.4
8.6
1.2
7.4
-1.1

26.2
13.8
2.6
.3
.2

22.6
9.6
.6
.4
-.1

10.8
13.0

G

21.7

H

7.8 - 2 . 4
4.1 - 1 8 . 6
3.6 16.1

A
B
C

12.4
23.0

3.3 14.3
7.8
4.7
2.6
5.7
6.3 - 1 . 0
2.8
1.2
-.1
.1
5.2
-.8
2.6
-1.0
1.3
.8
-.6
2.2
2.1
-1.9
11.0 - . 2
-2.3
8.6
.8
2.0
5.5
.3
-4.3
3.1
.6
1.2
1.7 - 1 . 0
*
.6
.7
-1.3
-.1
*
.4
2.3
.7

-2.4
-2.1
.5
.4
.1
-3.1
.5
-1.4
-3.1
-.3
-2.8
.4
.3
1.0
1.1

IV. Other securities
A
B
C
D
E

Total net issues, by sector..
State and local govts
Nonfinancial corporations.
Finance companies
Rest of the world

14.6
4.6
8.8
.6
.5

14.9
5.5
8.0

11.8
4.7
5.4
1.0
.7

11.2
3.7
5.4
1.4
.7

13.7
5.1
7.0

13.2
4.9
6.2
1.4
.6

12.0
3.7
5.9
1.9
.6

F
G
H
I
J
K
L
M
N
O
P
Q

Net purchases
Consumers and nonprofit org..
State and local govts
Corp. business
Commercial banks
Insurance and pension funds...
Finance n.e.c
Security brokers and dealers.
Investment cos.—net
Purchases
Net issues
Rest of world

14.6
5.1
1.3
.1
1.0
6.5

14.9
3.
1.5
.5
2.4
6.5

'.2
3

-'.1
- A
1.1
1.6

11.8
3.0
1.3
.7
.2
7.0
-.5

11.2
2.3
1.5
.3
.4
7.0
-.5
*

13.2
1.9
1.5
.2
1.5
7.9
.4
.9
-.3
1.1
1.4
.1

A
B
C

Total net borrowing.
1- to 4-family
Other

12.1
8.6
3.5

Net acquisitions
Consumer and nonprofit org.,
U.S. Government.
Commercial banks
Savings institutions
Insurance sector
Mortgage companies

12.1
1.9
1.4
.6
5.7
2.4
-.3

V.

VI.

18.4
3.9
12.3
1.3
.9

12.5
5.6
6.0
.2
.7

13.4
6.7
4.7
.9
1.1

12.9
7.7
4.7

15.5
6.
7.0
1.2
1.2

7.8
3.2
3.9
.3
.4

A
B
C
D
E

12.0 10.5
.3
.4
1.5
1.5
.1
.2
2.2
2.8
7.8
6.0
.2 - 1 . 5
.2 - . 8
-.5
-.4
1.2
.8
1.3
1.6
.4

18.4 12.5 13.4 12.9 15.5
7.8
7.0 - 2 . 8
1.6
3.8 - 2 . 0 - 2 . 8
1.6
1.5
1.8
1.3
1.9
1.7
.4
.5
.7
.6
.6
.5
1.3
3.7
3.1
4.6
6.0
3.7
9.0
7.2
8.7
5.6
7.2
6.9
1.0
-.1
- . 8 -4.2
2.6 - 2 . 5
1.9
- . 2 -2.3
2.1
-.6
*
.
8
1
.
1
1
.
3
.6 - 1 . 6
-.1
1.2
1.6
2.0
2.7
-.4
1.5
2.0
2.7
3.3
2.1
1.3
1.5
.1
.3
.5 - . 1
.1
.5

F
G
H
I
J
K
L
M
N
O
P
Q

.5

1.2
1.8
.4

i!o
1.5
.3

13.7
1.5
1.6
.4
2.7
7.7
-.4
.2
-.6
1.4
2.0
.3

15.3
10.1
5.2

19.0
13.2
5.8

16.2
10.4
5.8

18.2
12.1
6.1

15.7
10.5
5.2

15.4
10.0
5.4

15.7
10.2
5.5

17.3
11.8
5.5

18.4
12.4
6.0

21.5
14.2
7.3

21.5
13.5
8.0

25.1
16.0
9.1

24.9
15.6
9.3

15.3
2.2
.3
2.1
7.8
2.0
.5

19.0
1.7
2.2
2.6
9.5
2.4
.2

16.2
2.3
1.2
.7
8.8
2.8

18.2
1.3
.6
1.6
11.0
2.7
.6

15.7
1.9
1.4
.6
8.9
2.3
.1

15.4
1.8
1.1
.3
9.5
2.6
-.3

15.7
2.3

17.3
1.0
-.2
1.8
10.9
2.7
.5

18.4
1.2
1.0
1.8
11.2
2.0
.8

21.5
.6
1.7
1.9
12.4
3.3
1.2

21.5
4.5
1.0
2.1
11.7
2.1
-.3

25.1
1.6
-.2
5.1
13.6
3.2
1.2

24.9
2.2
.1
4.8
13.4
3.2

2.3
1.2
2.1
1.4
.4
2.0
.5
-.2
.6
.3
.5
.4
- . 4 -1.1

7.4
5.3
3.8
.9
.7
.2
1.6

2.8
2.8
2.6

2.4 - 1 . 4
-.3
2.2
.3 - . 2
1.7
.1
1.9
.3 - 1 . 9
-.3
.5
.8
.5
- . 6 -2*.l - 1 . 0

5.1
1.5
*
.9
.5
.1
3.3

8.9
6.5
4.6
1.7
.2
1.3
.3

48
2.9
1.7
.7

6.3
5.1

6.2
3.9
3.1
.9
-.2
*
1.8

c

'.9
1.2
.2

— \l

Mortgages

9.5
2.7

Bank loans n.e.c.

Total net borrowing
Nonfinaneial business
Corporate
Nonfarm noncorporate.
Farm
Rest of the world
Financial sectors

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Jan. 1963 BULL., p. 85.




10.5
4.3
5.0
.9
.2

3.1 - 1 . 4
2.0
-.4
1.6
1.2
.1 - 1 . 7
.3
.1
.7
.1
.1 - 1 . 3

\.9
-.4

4.4
.7
.1
.9

264

FEDERAL RESERVE BANKS, 1962

FEBRUARY 1963
EARNINGS AND EXPENSES OF

Total

Item

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Current Earnings
Acceptances . .
U. S. Govt. securities

.

All other
Total current earnings

$4,131,703
1,256,123
1,039,308,345
3,502,378
309,786

$211,180 $1,059,944
1 256 123
53,177,710 258,585,831
164,612
959,652
15,310
69,855

$155,057

$215,615

$238,006

$235,404

58,879,903
203,138
16,983

87,613,782
329,224
22,166

67,479,038
157,607
13,388

56,157,918
185,626
25,104

1,048,508,335

53,568,812 261,931,405

59,255,081

88,180,787

67,888,039

56,604,052

Current Expenses
Salaries:
Officers
Employees

.

Traveling expenses
Postage and expressage
Telephone and. telegraph
Printing and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals.
All other
Inter-Bank expenses

....

..

.

...

Subtotal
Assessment for expenses of Board of Governors.
Total
Less: Reimbursement for certain fiscal agency
and other expenses
Net expenses

7,062,662
95,592,862
16,649,188
545,108
2,073,512
19,941,300
1,758,454
7,760,954
357,332
4,742,684
6,451,769
1,890,550
1,462,343
119,550

401,138
5,936,672
1,010,221
20,734
120,532
1,672,284
93,988
577,681
28,850
645,461
413,761
118,902
33,579
4,962

1,370,883
22,400,775
3,679,983
75,872
329,803
2,697,255
386,033
1,584,215
40,222
841,790
488,050
255,725
236,762
6,384

475,632
4,886,087
876,069
24,234
94,334
969,838
77,755
446,238
14,630
153,972
270,528
100,407
110,447
6,648

593,547
7,919,279
1,395,365
63,203
181,136
1,606,532
128,943
574,959
36,611
396,539
950,616
172,893
171,597
29,676

535,840
6,265,040
1,154,385
37,977
154,912
1,840,828
117,891
527,909
30,692
201,031
546,369
159,618
93,464
7,768

548,610
5,673,421
1,052,408
87,318
178,036
1,718,292
183,366
551,683
33,233
271,074
521,939
137,127
76,745
10,042

4,341,484
8,035,546
2,847,248

109,530
757,305
115,157
47,935

933,445
978,260
654 562
-689,060

421,541
449,148
99,847
58,616

450,403
614,211
443,419
95,275

413,863
472,075
113,206
-13,820

499,895
512,569
141 434
57,841

181,632,542
8,030,028
6,654,900

12,108,692
557,926
315,200

36,270,959
1,544,290
1,817,000

9,535,971
434,062
383,300

15,824,204
610,137
623,300

12,659,048
684,469
301,900

12,255,033
820,290
355,900

196,317,470

12,981,818

39,632,249

10,353,333

17,057,641

13,645,417

13,431,223

20,181,336

1,128,939

3,516,910

952,464

1,913,784

1,117,061

1,401,607

176,136,134

11,852,879

36,115,339

9,400,869

15,143,857

12,528,356

12,029,616

872,372,199

41,715,933 225,816,066

49,854,212

73,036,931

55,359,683

44,574,436

492,364
119,711

110,867
35,128

167,498
50,035

130,618
32,588

107,685
20,488

Profit and Loss

Additions to current net earnings:
Profits on sales of U. S. Govt. securities
(net)
All other
Total additions
Deductions from current net earnings
Net deductions from (—) or additions to
current net earnings

1,990,257
699,764

102,782
42,533

2,690,022

145,315

612,075

145,995

217,533

163,206

128,173

2,745,800

208,816

408,192

84,103

177,976

66,024

1,111,068

-63,501

203,884

61,891

39,557

97,181

-982,895

Net earnings before payments to Treasury

872,316,422

41,652,432 226,019,950

49,916,103

73,076,488

55,456,865

43,591,542

Dividends paid.

27,412,241
799,365,981

1,296,552
7,419,208
37,797,780 210,885,742

1,565,035
45,863,269

2,547,615
66,832,373

1,272,977
50,222,987

1,481,974
38,318,568

Transferred to surplus
Surplus, January 1

45 538 200
888,313,200

2 558 100
7,715 000
42,112,000 242,996,100

2,487,800
51,281,600

3,696,500
83,271,900

3,960,900
40,141,400

3,791 000
47,453,600

Surplus, December 31

933,851,400

44,670,100 250,711,100

53,769,400

86,968,400

44,102,300

51,244,600




-55,779

FEDERAL RESERVE BANKS, 1962

FEBRUARY 1963
FEDERAL RESERVE BANKS
Chicago

St. Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

Item
Current Earnings

$875,033

$144,619

$53,485

$366,300

175,591,640
486,831
44,435

41,509,385
119,079
10,376

21,999,161
80,555
11,501

4 5 , 468,307

176,997,939

41,783,459

22,144,702

46 011,767

147,100
30,060

$269,378

5307 ,682 Discounts and advances
Acceptances
42,036,531 130 ,809 ,139 U. S. Govt. securities
472
196,133
,821 Foreign currencies
32 ,536 All other
18,072
42,520,114 131 ,622 ,178

Total current earnings
Current Expenses
Salaries:
Officers
Employees
Retirement and other benefits
Fees—Directors and others
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
All other
Inter-Bank expenses

939,235
35,323
132,333
255,778
102,684
483,907
20,694
203,526
168,853
145,864
80,102
5,044

447,369
4,081,128
764,874
37,361
136,744
1,001,622
119,523
365,136
28,975
269,887
692,696
129,491
47,236
1,509

546 ,774
11 ,058 ,525

87,259
281,345
102,147
24,008

320,708
524,656
172,517
45,125

89,979
448,779
212,780
58,244

512 ,391
1 ,278 ,010
198 ,239
137 ,755

9,895,165
347,608
228,000

6,734,047
245,504
152,100

10,185,411
457,249
280,200

8,933,333
175,781
374,700

Subtotal
20 ,770 ,516
902 ,342 F. R. currency
896 ,200 Assessment for expenses of Board of Governors

10,470,773

7,131,651

10 922,860

9,483,814

22 ,569 ,058

627,475
13,993,493
2,346,374
49,116
242,465
2,726,481
200,642
1,245,726
36,415
749,888
1,323,687
293,969
332,523
37,038

566,717
5,226,166
923,553
26,850
135,843
1,095,003
95,457
439,324
34,901
181,247
239,228
137,417
53,084
1,571

407,250
3,144,641
557,993
36,895
113,726
740,231
60,483
244,194
10,285
334,379
344,037
95,074
148,135
1,965

227,881
1,395,464
490,052
141,474

274,589
323,724
103,888
36,603

26,460,163
1,250,370
927,100
28,637,633

541,427

5 007,635

j

3,806,210

1,252,806

634,389

1 500,994

936,767

24,831,423

9,217,967

6,497,262

9 421,866

8,547,047

152,166,516

32,565,491

15,647,439

36 589,901

1 ,948 ,728
50 ,225
253 ,648
2 ,617 ,156
191 ,689
719 ,982
41 ,824
493 ,890
492 ,005
144 ,063
78 ,669
6 ,943

Total

Less: Reimbursement for certain fiscal agency
2 ,019 ,405
and other expenses
20 ,549 ,653

Net expenses
Profit and Loss

33,973,067 111 ,072 ,524 Current net earnings

336,027
130,050

79,230
16,637

41,395
20,958

86,574
49,429

80,701
129,938

Additions to current net earnings:
Profits on sales of U. S. Govt. securities
254 ,516
(net)
52 ,269
All other

466,077

95,867

62,353

136,003

210,640

306 ,785

226,167

86,140

34,417

62,605

82,713

239,910

9,727

27,936

73,398

127,927

152,406,426

32,575,218

15,675,375

36 ,663,299

34,100,994 111 ,181 ,730 Net earnings before payments to Treasury

3,849,832
139,999,295

940,346
30,331,971

634,325
13,564,350

1 157,408
33 264,791

1,573,113
3 ,673 ,856 Dividends paid
28,872,781 103 ,412 ,074 Paid Treasury (interest on F. R. notes)

8,557,300
123,515,200

1,302,900
30,403,400

1,476,700
20,232,500

2 ,241,100
37 ,383,900

3,655,100
4 ,095 ,800 Transferred to surplus
49,808,900 119 ,712 ,700 Surplus, January 1

132,072,500

31,706,300

21,709,200

39 ,625,000

53,464,000 123 ,808 ,500 Surplus, December 31

Total additions

197 ,579 Deductions from current net earnings

Net deductions from (—) or additions to




109 ,206 current net earnings

265

266

BANKING OFFICES

FEBRUARY 1963

N U M B E R O F BANKING O F F I C E S IN T H E U N I T E D STATES
Commercial banks

]

M u t u a l savings
bai iks
All
banks

Type of office and type of change

Member

Nonmember

Total
Total

National

State 1

Insured

Total

Noninsured

Insured 1

Noninsured

1,343
852
783
650
444
425
399
366
352
323
308

68
52
194
202
223
239
241
268
325
330
331

511
496
339
327
304
283
278
249
189
184
180

52
67
41
37
37
39
42
47
44
50

32
124
165
257
296
305
318
381
427
466

103
47
65
109
109
120
129
105
116
121

-1

-2

2
1
331

2
-4
180

38
1
-1

6
2
-2

Banks (head office):
Dec
Dec.
Dec.
Dec
Dec.
Dec
Dec
Dec.
Dec
Dec.
Dec

31 1934 .
31 1941 .
31, 1947 2
31 1951 .
31, 1956
31 1957
31 1958 . . .
31, 1959
31 1960
31, 1961
31 1962

.

..

.

16,063
14,826
14,714
14,618
14,167
14,090
14,020
13,991
13,986
13,946
13,938

15,484
14,278

6,442
6,619
6,923
6,840
6,462
6,393
6,312
6,233
6,174
6,113
6,047

5,462
5,117
5,005
4,939
4,651
4,620
4,578
4,542
4,530
4,513
4,503

980
,502
1,918
1,901
1,811
1,773
1,734
1,691
1,644
1,600
544

9,042
7,662

14,181
14,089
13,640
13,568
13,501
13,474
13,472
13,432
13,427

7,261
7,252
7,181
7,178
7,192
7,244
7,300
7,320
7,380

7,699
6,810
6,478
6,602
6,737
6,753
6,793
6,878
6,948
6,997
7,072

3,133
3,699
4,332
5,383
7,955
8,609
9,286
10,099
10,969
11,896
12,932

3,007
3,564
4,161
5,153
7,589
8,204
8,861
9,652
10,483
11,353
12 345

2,224
2,580
3,051
3,837
5,886
6,378
6,924
7,492
8,133
8,899
9,649

1,243
1,565
1,870
2,370
3,809
4,178
4,534
4,973
5,509
6,044
6,640

981
1,015
1,181
1,467
2,077
2,200
2.390
2,519
2,624
2,855
3.009

783
984
1,110
1,316
1,703
1,826
1,937
2,160
2,350
2,454
2,696

7* 3
932
1,043
1,275
1,666
1,789
1,898
2,118
2,303
2,410
2,646

116

Branches, additional offices, and facilities:
Dec.
Dec
Dec.
Dec
Dec.
Dec.
Dec
Dec.
Dec
Dec.
Dec.

31, 1934
31 1941 . .
31, 1947 2
31 1951 .
31 1956
31, 1957
31 1958
31, 1959
31 1960
31 1961 .
11, 1962.

.

126

Changes Jan.-Dec. 3 1 , 1 9 6 2
Banks:
New banks -' .
Suspensions
Reopenings
Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations ^
Other changes 5 . .
Interclass changes:
N o n m e m b e r t o State member
State member t o nonmember
National t o State
State t o national
Noninsured t o insured
Net change
.
.
N u m b e r of banks D e c . 3 1 , 1962
Branches and additional offices:
D e novo
Banks converted
.
.
Discontinued
Interclass changes:
N o n m e m b e r t o State member
State member t o nonmember
National to State
.
. . .
State t o national

.

.

183

67

63

4

-167
-18
-4
—1

-164
-18
-4

-103
-13

-72
-8

-31
-5

-61
-5

5
-26

-2

-8
13,938
918
167
— 50

103

-59
-4

A
1

13
2
1
-

2
1
3
1

5
-26
-6
10

-6
13

-3

-5
13,427

-66
6,047

-10
4,503

-56
1,544

60
7,380

-5
25
6
-8
18
75
7,072

874
164
-47

641
131
-36

486
97
-27

155
34
-9

233
33
-11

225
33
-11

6
— 16
— 13
38

-15
55

6
-16
2
-17

-6
16
13
— 38

-6
16
13
— 36

2

. . . .

-2
-18
-15
308
8

1,035

991

751

596

155

240

234

6

1
39

-1
5

12,655

12,068

9,404

6,423

2,981

2,664

2,614

50

466

121

8
-7

8

6
-7

6
-7

2

2

245

217

2
32

2
32

n

1

in

1
277

1
State member bank and insured mutual savings bank figures both
include, 1941 to 1959 inclusive, 3 member mutual savings banks not
included in the total for commercial banks; and subsequent figures
reflect the withdrawal of 1 from membership in 1960, 1 in 1961, and 1
in 1962. State member bank figures also include noninsured trust cos.
without deposits (1 beginning 1954, 2 beginning 1962).
2
Series revised as of June 30, 1947. The revision resulted in a net addition of 115 banks and 9 branches.
3
Exclusive of new banks organized to succeed operating banks.
4
Exclusive of liquidations incident to succession, conversion, and
absorption of banks.




-2
1

5
25
6
-10

.

Net change
N u m b e r of branches a n d additional offices, D e c .
31, 1962
Banking facilities: 6
Established
Discontinued .
.
.
..
Interclass changes:
State member t o national
Net change
N u m b e r of facilities D e c 31 1962

183
-2
1

-1
-1
28

5
Ceased banking business.
6
Provided at military and other Govt. establishments through arrangements made by the Treasury Dept.

NOTE.—Beginning with 1959, figures include all banks in Alaska and
Hawaii. One national bank in Alaska with no branches and 1 in the
Virgin Islands with 1 branch (2 in 1961) have been included in this series
since 1954 and 1957, respectively. Other banks in territories and possessions are excluded. Beginning 1961, 3 branches in New York City of 2
insured nonmember Puerto Rican banks are also included.

267

FEDERAL RESERVE PAR LIST

FEBRUARY 1963

NUMBER OF BANKING OFFICES ON AND NOT ON PAR LIST
On par list

Not on par list
(nonmember)

Total
Member

Total

F. R. District,
State, or other area

Total, including Puerto Rico
and Virgin Islands: 1
Dec 31 1961
Dec 31 1962
F. R. District, Dec. 31, 1962:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas...
San Francisco

Banks

Branches
and offices

Banks

Branches
and offices

Banks

Branches
and offices

Banks

Branches
and offices

13,345
13,341

11,465
12,459

11,709
11,724

11,143
12,127

6,110
6,045

8,917
9,667

5,599
5,679

2 226
2,460

391

886
2,180

391

886
2,180

253

696
1,917

547
592
883

881
1,405
2,499
1,476
1,312
1,799
1,179
377

State or area, Dec. 31, 1962:
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut . .
Delaware
District of Columbia
Florida

Nonmember

239
12
10
241
123
174
62
19
12

807

1,134
1,535
662
1,287
445
161
155
192
3,015
108
43
203
67

547
592
883

763
864
2,499
1,200
710
1,796
1,104
375

7
231
56
72

158
10
10
137
123
174
62
19
12

1,964

807

1,134
1,406
599
1,287
364
114
155
180
3,015

451
456
527

421
430
1,005
474
470
764
632
162

7
231
56
72

94
5
4
78
62
105
29
6
9

105
43
203
45

1,964

631
982

909
494
806

242
64
110
117
2,699
96
35
164
39

1,821
6
183
28
65

138

190

96
136
356

263
176
152

342
434
1,494
726
240
1,032
472

497
105
122
50
45
63

322
332

118
541

129
63

276
602
3
75

47
12

9
8
39
6
143

81
104

7?

1

48
28
7

337

16

297

15

140

12

157

3

40

419
7

141
105

144
7

133
105

123
38

275

Illinois
Indiana
Iowa
Kansas . .
Kentucky
Louisiana
Maine

93
4
366
194
38
184
203
152

31
995
438
671
593
351
93
44

93
4
366
194
38
184
170
152

17
525
225
163
212
99
54
28

86
4
249
22
27
124
133
106

76
5

10
67

31
996
438
671
593
351
196
44

68
2

14
470
213
508
381
252
39
16

121
162
371
693

301
443
672
6

121
162
371
291

301
443
672
6

55
113
214
207

185
365
547
6

116
78
125

192
623

162
44

58
571

86
44

34
169

66
49
157
84

52
26

24
402

122
421
7

3
19
45

122
421
7

3
19
45

88
136
5

3
16
39

34
18

34
285
2

6

73

3

73

3

52

2

21

1

239

517

239

517

204

461

35

56

69

60
370
96
60
564
387
48
633

69

37
318
33
40
357
228
13
482

38

23
52
63
20
207
159
35
151

31
279

....

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Montana
. .
Nebraska
Nevada.
.
New Hampshire

.

.

New Jersey
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

. .

60
370
156
157
564
391
48
633

1,580

609
33
744
32
213
946

1,580

489
11
744
32
213
946

1,501

263
5
649
28
184
784

10

104

10

104

5

73

5

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont .
Virginia
NVashin gton
^Vest Vircinia
Wisconsin

142
171
293
1,045
49

186
69
255
44
83

84
68
221
1,016
49

32
56
81
574
21

126
36
174
25
68

52
12
140
442
28

50
292

40
367
323

50
292

177
44
242
44
83

29
193

19
270
308

21
99

162

34
109
159

Wyoming
Puerto Rico ^
Virgin Islands ^

56
11

92
182
569

. . . .

162

92
182
569

1
131
6

56
11
1

40
367
323

1
131
6

1
Puerto Rico and the Virgin Islands assigned to the New York District
for purposes of Regulation J, "Check Clearing and Collection." Member
branches in Puerto Rico and all except 2 in the Virgin Islands are branches
of 2New York City banks.
Includes 3 New York City branches of 2 insured nonmember Puerto
Rican banks.

NOTE.—Includes all commercial banking offices in the United States,




41
1

3\
1
15
6

si

>•>

Georgia.
Hawaii

.

Branches
and offices

1 636
1,617

481

213
64
5
6
59
61
69
33
13

Banks

7
117
172
11
60
37
46

i
103

33

402
134
52

76

226
6
95
4
29
162
31

60
97

120
22

51
8
68
19
15
21
97
15

58
103
72
29

58
73
410

131

15
11

116

4

9
25
13

Puerto Rico, and the Virgin Islands on which checks are drawn, including 277 banking facilities. Number of banks and branches differs
from that in the preceding table because this table includes banks in
Puerto Rico and the Virgin Islands but excludes banks and trust cos. on
which no checks are drawn. Nonmember branches in Puerto Rico include
6 branches of Canadian banks.

268

WEEKLY REPORTING MEMBER BANKS, 1962

FEBRUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Total
loans
and
investments 1

Wedne-sday

1961—Dec. 27
1962

Loans
and
investments

Loans

_J

justed

2

justed

2

Commercial
and
industrial

Agritural

657 1,509

3, 769 2,365 13, 399 16,877 1,554

571
424
208
329

116
| 98?
011

137 1.358
116
,358
111
,348
110
,348
,353
111

674 2.277
644
,800
654
,718
630
,394
628
,845

3, 7?9 2,430
3
2,377
3 , 394 2,360
3, 115 2,325
3, 184 2,332

389

1, 946

109

640

345

117, 866
117, 877
117, 8?9
118, 9?8

71, 705
72, 099
71, 901
7?, 886

Mar. 7 . * . . . .
14
21 . .
28

119, 657
120, 246
121
121, 349

117, 995 72, 294 32, 203
118, 435 72, 981 32, 607
650 33 145
119, 478
119, 538 74, 030 33, 014

4

3?, 038 1,314
32, 117 1,318
3?, 176 1,315
3?, ?04 1,322

1,318
1,323
1,328
1,322

837

9

?03

105

581

?

?50

109

866

9' 308

7 5 , 930

120, 816
121, 640
122, 872
122, 806

74, 677
75 075
76, 025
75 90?

32
3?
33
33

791
894
328
354

1,381
1,389
1,387
1,383

499
713
789
597

75
75
75
75

900
539
339
0?6

33
33
33
3?

183
?78
038
954

1,381
1,384
1,396
1,408

360
418
44?

146 1,221
1,214
1,218
1,230
1,230

18 . .
25
2

June

123, 697

122 496
123, 547
124 238
124 345

6

13
20

27

July

4
11
18 . .
25

124 658 122 775
123 934 1?? 506
123 475 122
121 657
123
124 o p 122 314

1

133

134
112
115

121, 909
May
9
122, 038 120, 379
080
121, 31?
16. . . . 123
122, 548 120, 83?
23
122, 354 1?0 660
30

11

1,329
74, 054 32, 970 1,350
74, 671 3? 987 1,354
778 1,364
74 483
33, 064

110
107

440 2, 108
582 2, 065
472 J 13?

7 3 , 874

120, 91?
120, 992
122 684
122, 089

J

595 1, 966
322 1, 996

119,
119, 628
121, 069
120, 48?

Apr

687 2J, 276
319
1,025

132
118
117

,357
,362
,361
,360

649

,373
,375
,374
,374

627
640
672

,383
,396
,413
,412

700

704

643
650
629

13 403 16,940
13, 404 16,909
13 407 16 853
406 16,827
13, 4?0 16,902

3 036 2,292 13, 415 16,865 1,705
3, 064 2,295 13, 452 16,888 1,711
079 2,285
475 16,847 1,712
3,
3, ?74 2,301 n,
13, 497 16,894 1,713

,662
,811
,704
,811

3, 191 2,249 13, 484
3, 257 2,266 13, 546
3, 348 2,271 n, 599
3, 351 2,273 13, 6?0

16,882
16,928
16,913
16,958

1,715
1,720
1 719
1,719

,710 3, 309 2,257 13, 6?4 16,989
,364 3, 194 2,280 13, 703 17,068
,615 3, ?50 2,316 13, 757 17 159
,607 3,
2,324 n, 840 17,231

1,721
1,720
1 723
1,723

702
693

,788
,659
,768
,716
,694

3 47? 2,288
3, 267 2,272
334 2,312
3,
3,
2,308
3 316 2,320

1,724
1,723
1 719
1,717
1,716

692

718
696
700

1,372 1,371 9 541
1,377
929 2 357
4?9
160
33
1,377 1,102
75,
546
154
74, 719 3? 978 1,384
?
3?
854 1,378
74, 647
487

121
93
91

,416
,418
,416
,398
,408

2
1
1
1

022
940
939
936

92
93
91
92

,381
,354
,339
,333

690
707
741
749

,680
,907
,366
,539

3
3
3
3

436
430
670
549

2,334 14, 084 17,685 1,718
2,385
161 17,728 1,719
2,448 14, 227 17,784 1,718
2,490
?68 17,872 1,721

513
423
449
289

1
1
1
1

980
776
749
755

89
91
86
83

,317
,311
,319
,314

767
770
753
736

,883
,428
,204
,556

3
3
3
3

703
471
453
359

2,486
2,484
2,521
2,528

363
199
452
349
298

1 916
1 886
009
1 876
1 9?6

92
79
83
79
80

,303
,299
,306

3?, 937
75, 073 32, 910

106
96

701
681

13. 874
13, 923
990
n, 041
14,
14, 068

17,894
17,877
17.831
17,818

1,724
1,726
1,725
1,724

,898 3 717 2,542 14, 5?5
[,798 3 480 2,536 14, 54?
1,720 3 60? 2,584 14, 604
5?? 3 557 2,582 14 656
2,037 3 505 2,599 14, 696

17,895
17,856
17,847
17,869
17,883

1,728
1,728
1,730
1,730
1,728

17,905
17,931
17,970
18,034

1,734
1,735
1,733
1,734

22
29

15

149
717
3?8
068

75
75
76
75
75

73?
?36
074
9?4
975

33
33
33
33
33

1,300

740
753
739
740
744

Sept. 5
12
19
26

124 ,449
124 ,909
126 ,065
125 ,344

122
123
124
124

592
149
252
140

76
76
78
78

211
957
259
178

33 ,392
33 ,590
33 ,881
34 ,063

1,243
1,263
1,286
1,296

304 1 ,976
827 2 ,040
1,440 2 ,180
188
1,178

80
82
82
81

1,298
1,295
1,290
1,269

704
681
666
650

1,857 3 684 2,631 14, 728
1,760 3 525 2,648 14, 810
1,813
637 2,683 14, 877
1,204 3 530 2,696 14, 9?7

126 ,698
.. 126 ,104
126 ,955
125 ,924
127 ,402

124 ,897
124 344
125 ,093
124 ,200
125 ,533

77 ,726
77 708
77 ,981
77 ,441
78 ,765

34 ,081
34 ,085
34 ,221
34 ,009
34 ,290

1,318
1,327
1,340
1,351
1,384

661
758
823
614
1,186

2 ,131
2
2; "142
2,069
2,196

83
80
82
80
81

1,270
1,272
1,285
1,288
1,301

642
652
648
653
663

1,801
1,760
1,862
1,724
1,869

3 ,572
3 4?9
3 ,422
3 ,314
3 ,432

2,707
2,724
2,737
2,703
2,712

14
15
15
15
15

940
008
084
155
203

18,062
17,991
17,939
17,947
18,065

1,741
1,741
1,742
1,742
1,748

7
14
21
28

126 ,479
126 ,688
127 ,170
126 ,979

124 ,672
124 ,798
125 ,459
125 ,472

78 ,432
78 ,980
79 ,037
78 ,861

34 ,322
34 ,617
34 ,787
34 ,680

1,421
1,442
1,452
1,480

887
948
700
661

2,004
2,020
2,082
2,077

80
81
85
82

1,320
1,322
1,321
1,334

644
644
621
623

1,807
1,890
1,711
1,507

3 ,431
3 ,456
3 ,445
3 ,371

2,763
2,767
2,734
2,714

15
15
15
15

231
309
384
399

18,076
18,120
18,172
18,183

1,747
1,746
1,746
1,743

5
12
19
26

128 ,058
128 ,706
131 ,160
132 ,075

126 ,113
126 ,817
129 ,361
129 ,940

79 ,364
79 ,821
81 ,920
82 ,311

34 ,779
34 ,807
35 ,075
35 ,166

1,493
1,503
1,526
1,529

849
863
1,824
1,604

2,169
2.309
2,632
2,748

86
82
88
97

1,334
1,348
1,358
1,369

613
618
625
650

1,945
1,889
1,799
2,135

3 ,420
3 ,544
3 ,935
4 ,237

2,700
2,726
2,776
2,774

415
13 470
504
\l 483

18,251
18,299
18,339
18,374

1,745
1,748
1,741
1,741

Oct.

3
10 ..
17
24
31

Nov

Dec.

For notes see p. 270.




17,558
17,536
17,557
17,570
17,625

14, 311
14, 400
14 469
14, 506

121
122
122
122

8

1,696
1,700
1 702
1,701
1,705

,838
,760
,551
,728

122 947
124 437
123 850
124

Aug

Valuation
reserves

125 1,343

119, 704
119, 637
119 380
120, 656

7

Feb.

All

other

363

14

24
31

Domes- Pers.
and
tic
Other
com- Finan.
COS.,
meretc.
cial

Real
estate

847

21
28

17

Foreign

]Vonbank

2 379

74, ?85 3? 797 1,303
73,
501 1,307
7? 5?0 3? ?30 2,325
71, 553 3 1 , 981 1,322
71, 870 3 1 , 988 1,317

10

U . S . Other U . S .
Govt. se- Govt. Other
sesecurisecurities
curi- curities
ties
ties

Bank

1,019

120, 354
119, 01?
118, 69?
118, 038
118, 515

3

To others

122, 565 121, 056 74, 569 32, 920 1,270
122 631
120, 81?
120 410
119, 43?
120, 360

Jan

To brokers
and dealers

To financial institutions

269

WEEKLY REPORTING MEMBER BANKS, 1962

FEBRUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Cash assets

Investments

3

U. S. Government securities
Wednesday
Total

Bills

Certificates

Notes and bonds
maturing—

Other
securities

Total

With- 1 to After
in
lyear 5 years 5 years

1,421 5,359 17,894 3,405

Balances
with
domestic
banks

Balances
with
foreign
banks

ReCurrency serves
with
and
F. R.
coin
Banks

All
other
assets

Total
assets—
Total
liabilities
and
capital
accounts

1961—Dec. 2 7 . . . .

34,247

6,168

12,240

19,025

3,262

238

1,863

13,662

4,520 161,739

1962—Jan.

3....
10....
17....
24....
31....

33,960
33,662
33,954
34,312
34,467

5,972
5,754
6,073
6,090
6,204

,379
,385
,387
,416
,451

5,411
5,356
5,398
5,418
5,481

17,852
17,878
17,792
17,811
17,778

3,346
3,289
3,304
3,577
3,553

12,109
12,221
12,218
12,173
12,178

18,637
17,582
17,547
17,242
17,196

3,374
3,089
2,963
3,103
2,893

190
163
165
155
159

1,637
1,652
1,587
1,626
1,532

13,436
12,678
12,832
12,358
12,612

4,587
4,661
4,588
4,605
4,782

160,721
155,834
156,434
152,915
155,432

Feb.

7....
14....
21....
28....

33,914
33,564
33,492
33,510

5,779
5,497
5,366
5,498

,436
,461
;>,352
>,367

5,509
5,553
6,047
6,074

17,668
17,581
16,265
16,150

3,522
3,472
3,462
3,421

12,247
12,214
12,436
12,532

16,910
17,079
16,739
17,099

2,657
2,960
2,786
2,873

151
158
147
157

1,457
1,542
1,474
1,464

12,645
12,419
12,332
12,605

4,785
4,804
4,665
4,795

152,692
154,972
153,059
156,834

Mar. 7 . . . .
14....
21....
28....

32,908
32,585
32,556
32,214

4,995
4,944
4,952
4,598

2,355
2,351
2,361
2,390

6,073
6,051
6,090
6,145

15,921
15,218
16,065
14,991

3,564
4,021
4,088
4,090

12,793
12,869
13,272
13,294

17,022
17,201
17,717
17,163

2,682
2,996
2,823
2,790

158
153
178
166

1,407
1,523
1,485
1,531

12,775
12,529
13,231
12,676

4,754
4,717
4,615
4,592

152,914
155,945
155,794
154,769

Apr.

31,923
31,851
32,441
32,097

4,248
4,266
4,381
4,037

2,364
2,348
2,351
2,365

6,317
6,296
6,341
6,339

14,881
14,836
14,834
14,808

4,113
4,105
4,534
4,548

13,405
13,723
13,957
13,902

17,363
17,096
17,248
17,295

2,899
2,772
2,871
2,774

172
153
154
152

1,361
1,515
1,531
1,571

12,931
12,656
12,692
12,798

4,602
4,555
4,544
4,541

155,342
155,576
158,148
155,779

32,069
31,667
32,125
32,320
32,256

3,874
3,432
3,831
3,970
3,962

2,370
2,371
2,171
2,147
2,121

6,455
6,501
6,536
6,635
6,608

14,805
14,798
14,584
14,525
14,535

4,565
4,565
5,003
5,043
5,030

13,910
13,639
13,758
13,793
13,757

17,241
16,853
17,393
16,825
17,132

2,968
2,667
2,922
2,640
2,887

137
153
136
153
164

1,443
1,478
1,489
1,540
1,581

12,693
12,555
12,846
12,492
12,500

4,701
4,600
4,478
4,489
4,572

159,588
155,410
159,508
155,769
156,349

4....

18*.'.!'.
25....
Mav 2 . . . .
9....
16....
23....
30....
June

6
13....
20....
27....

32,266
32,255
32,526
32,418

3,980
4,065
4,184
3,997

2,141
2,138
2,210
2,215

6,651
6,718
6,694
6,749

14,476
14,406
14,756
14,798

5,018
4,928
4,682
4,659

13,873
14,310
14,321
14,486

17,208
17,459
17,783
17,665

2,850
2,945
2,866
2,805

139
151
141
172

1,446
1,583
1,538
1,620

12,773
12,780
13,238
13,068

4,582
4,521
4,508
4,551

156,780
159,476
159,739
159,214

July

4....
11....
18....
25....

32,195
32,237
32,245
31,745

3,822
3,896
4,024
3,624

2,124
2,105
2,109
2,095

6,800
6,778
6,759
6,754

14,814
14,808
14,731
14,668

4,635
4,650
4,622
4,604

14,680
14,730
14,687
14,886

18,112
17,194
17,725
17,010

3,112
2,921
2,895
2,807

156
162
154
155

1,419
1,616
1,566
1,582

13,425
12,495
13,110
12,466

4,612
4,594
4,596
4,641

162,132
159,345
159,679
156,239

Aug.

1....
8....
15....
22....
29....

31,638
30,959
31,747
31,450
31,075

3,573
3,035
3,283
3,103
2,833

2,085
2,077
2,971
2,980
2,968

6,737
6,664
7,251
7,356
7,485

14,667
14,626
12,967
12,790
12,564

4,576
4,557
5,275
5,221
5,225

14,944
14,954
14,896
14,954
15,018

17,453
17,178
17,448
17,473
17,089

2,911
2,683
2,999
2,679
2,674

152
150
159
164
161

1,483
1,499
1,508
1,569
1,630

12,907
12,846
12,782
13,061
12,624

4,754
4,725
4,559
4,443
4,599

159,825
156,300
161,317
157.527
157,219

5.;;;

19
26....
Oct. 3 . . . .
10....
17....
24....
31....

31,370
30,917
30,944
30,818

3,194
3,034
3,081
2,963

2,939
2,921
2,885
2,116

7,530
7,432
7,431
5,938

12,466
12,366
12,357
14,092

5,241
5,164
5,190
5,709

15,011
15,275
15,049
15,144

17,329
17,576
17,622
17,464

2,901
2,964
2,971
2,822

157
159
152
141

1,525
1,670
1,628
1,654

12,746
12,783
12,871
12,847

4,628
4,589
4,568
4,544

158,747
161,224
161,527
159,833

31,995
31,513
31,846
31,444
31,432

4,310
3,972
4,356
4,019
4,017

2,102
2,096
2,096
2,105
2,098

5,925
5,884
5,863
5,819
5,758

13,989
13,925
13,916
13,871
13,897

5,669
5,636
5,615
5,630
5,662

15,176
15,123
15,266
15,315
15,336

18,025
17,171
17,712
17,211
17,390

3,004
2,762
2,979
2,790
2,975

147
144
144
146
245

1,506
1,609
1,591
1,610
1,585

13,368
12,656
12,998
12,665
12,585

4,560
4,569
4,510
4,520
4,710

162,241
160,490
164,094
160,500
164,676

Nov. 7 . . . .
14....
21....
28....

30,952
30,594
31,034
31,124

3,605
3,271
3,727
3,854

2,090
2,099
2,273
2,276

5,743
5,703
3,942
3,975

13,826
13,794
14,761
14,763

5,688
5,727
6,331
6,256

15,288
15,224
15,388
15,487

16,994
17,195
17,207
17,530

2,883
3,094
2,933
3,204

160
138
147
158

1,561
1,709
1,550
1,802

12,390
12,254
12,577
12,366

4,715
4,731
4,592
4,682

162,229
163,804
163,263
162,359

Dec.

31,277
31,231
31,619
31,808

4,231
4,225
4,640
4,921

2,278
2,288
2,317
2,346

4,006
4,037
4,042
3,992

14,573
14,513
14,450
14,386

6,189
6,168
6,170
6,163

15,472
15,765
15,822
15,821

16,885
17,419
18,032
18,162

3,014
3,029
3,128
3,187

145
151
156
188

1,616
1,861
1,831
1,959

12,110
12,378
12,917
12,828

4,764
4,772
4,753
4,848

163,590
165,587
169,242
168,379

Sep..

i

5....
12....
19....
26....

For notes see following page.




270

WEEKLY REPORTING MEMBER BANKS, 1962

FEBRUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Deposits

Borrowin gs

Time

Demand
Wednesda y

Total
unadusted 4

Demand
de:
posits
ad- 5 Total 6 IPC

justed

1961—Dec. 27.. 40,742 66,343 99,270 71,156

Other

State
Forand
local eign 7
Govt.

Domestic
U.S.
Total«
Govt. commer-

Other time
Savings

IPC

cial
banks

State
and
Forlocal eign 7
Govt.

Cap-

ital
acFrom From liabilF. R. others ities counts
i
Banks

4,863 1,822 4,557 12,741 41,472 30,082 5,969 2,851 2,243

482 2,081 5,461 12,973

1962—Jan.

3..
10..
17..
24..
31..

39, 561
35, 363
35,548
132,778
134,698

65, 644
65,729
65,050
64,762
64, 350

97,958 70, 118
93, 305 68,433
93, 186 69,069
90, 158 66,793
91, 839 67, 128

5,002
4, 796
4, 757
4, 870
5,204

1,796
1,706
1,604
1,577
1,632

4,033 3,415
1,786 13,011
1,877 12,370
2,082 11,678
3,220 11, 175

41, 603
42, 058
42, 362
42, 620
42, 859

30,225
30,422
30,461
30, 563
30, 641

5,945
6, 120
6,309
6,427
6,548

2, 851
2,922
2, 992
3,021
3,068

2, 246
2, 259
2, 258
2, 266
2, 262

236
27
246
47
52

2,763
2,031
2, 184
547
2,Oil

5,198 12,963
5,421 12,992
5,491 12,965
5 578 12,965
5,641 13,030

Feb.

7..
14..
21..
28..

131,692
133, 878
132, 395
135,777

63,445
63,071
62, 148
63, 104

88,483
90,519
88,735
91, 871

4,973 1,567
4, 686 1 570
604
4,951
5,234 1 595

2,324
421
507
2,489
3,445 o]867
316
167
3,
11,

43, 209
43, 359
43, 660
43, 906

'30,801
'30,907
'31,012
'31,082

'6,722
'6,756
'6,923
'7,058

3,098
3, 108
3, 139
3, 169

2, 250
2, 248
2, 244
2, 245

105
138
79
45

2, 160
2 141
1,809
2, 126

5
5
5
5

672
766
738
789

13,063
13,049
13,038
13 097

Mar. 7..
14..
21..
28..

131, 627
134, 706
134 681
134 070

62, 286
63,090
61,904
62, 229

87,295 64, 183
90,060 67, 160
89 903 64 573
89, 015 63 936

4, 896
4,489
4, 617
4, 848

2,179 11,349
1,779 11,410
1,594 H, 125
4,277 10, 844

44, 332
44, 646
44 778
45, 055

'31,258
r
31,400
'31,518
'31,634

r

7 , 327
7 , 455
7 , 468
r
7 , 614

3, 126
3, 149
3, 176
3,212

2, 264
2, 284
2, 254
2, 237

298
43
341
150

2 141
2 403
2 211
2, 154

5
5
5
5

743
703
484
297

13 105
13 090
13,077
13 098

4..
11..
18..
25..

134 932
135, 109
137 241
135 077

62,012
63, 723
64, 345
64,321

89
89
91
89

447
536
691
274

4, 885 1 649 3,092 12 067
4, 770 1 650 1 489 11 566
652
994 11,785
4, 933
5, 146 1 715 2 593 10 796

45
45
45
45

296
398
445
513

r

r

r

r

7 , 704
7 , 746
7 , 823
r
7 , 804

3.238
3^ 287
3, 351
3 381

2, 248
2, 231
2, 213
2, 223

67
247
224
266

2
1
2
1

075
847
169
976

5
5
5
5

115
202
373
318

13
13
13
13

153
171
141
142

r

7, 860
7 , 964
'8, 061
'8 169
'8 322

3,426
3 420
3 394
3 404
3 403

2, 245
2, 256
2, 267
2, 264
2, 265

36
36
174
44
38

2
1
2
2
1

098
948
186
120
804

5
5
5
5
5

498
330
478
434
473

13
13
13
13
13

225
237
220
217
253

'8
'8
'8
'8

3
3
3
3

2
2
2
2

26 1 979 5 505
73 2 297 5 524
410 1 723 5 343
825 5 356
291

13
13
13
13

274
265
247
274
322
311
270

Apr.

64,941
67, 133
64, 523
66, 501

636 64
711 66
796 67
564 66

1
1
1
1

580
652
683
663

31,741
31,765
'31,695
'31,740

9..
16..
23..
30..

134
138
134
135

859
450
954
781

61 842
60,657
60 857
61 621

88
92
88
89

959 63
378 64
675 62
297 63

458
380
770
589
705

5,771
5 366
5 179
5 404
5 404

1 731
684
1 685
1 622
1 601

4
4
5
5
5

744 11
201 10
725 11
521 10
028 10

297
997
439
390
357

45
45
46
46
46

670
900
072
279
484

'31,776
'31, 891
'31 976
'32 066
'32 116

June

6..
13..
20..
27..

135
138
139
138

996
317
016
468

61
62
62
61

89
91
92
91

341 63
487 66
150 65
391 64

718
761
457
022

5
4
4
4

1 658
1 654
1 ,723
1 ,716

3
3
5
6

907 11
314 11
486 11
594 10

436
455
228
672

46
46
46
47

655
830
866
077

'32
'32
'32
'32

July

4..
11..
18..
25..

141 339 60 865 94 152 64 819
138 884 61 567 91 629 65 190
138 776 61 768 91 537 65 639
135 872 62 819 88,615 64,644

5 100 1,718 6 626 11 911
4 632
,645 4 450 11 989
969 11 917
4 595 1 7«P
4 771 1,655 3 557 10 864

Aug.

1..
8..
15..
22.
29.

138 ,769
134 ,707
140 ,054
136 ,323
135 ,630

62
61
60
60
60

451
308
518
484
638

91 ,527 65 ,116
87 ,326 63 ,018
92 ,583 64 ,914
88 ,735 62 ,687
87 ,901 62 ,583

5
4
4
4
4

Sept

5.
12.
19.
26.

137 ,348
139 ,636
140 ,077
138 ,524

60 ,899
62 ,094
61 ,758
61 ,073

89 ,625 63 ,769
91 ,735 66 ,878
92 ,174 65 ,687
90 ,421 64 ,190

4 ,819 1,571 4 ,451
4 ,389 1,575 3,247
4 ,426 1,593 5 ,052
4 528
,554 5 ,418

Oct.

3.
10.
17.
24.
31.

141 ,070
139 ,490
142 ,578
139 ,300
143 ,170

60 ,744
61 ,377
61 ,511
62 ,311
63 ,025

92 ,845 64 ,085
91 ,059 64 ,492
94 ,071 67 ,053
90 ,684 65 ,269
94 ,512 66 ,996

4 ,631
4 ,491
4 ,350
4 ,623
5 ,017

,533
1,500
1,534
1,689
1,681

7 ,022 12 ,121
4 ,868 12 ,168
4 ,829 12 ,814
3,986 11 ,542
4 ,283 12 ,030

48 ,225
48 ,431
48 ,507
48 ,616
48 ,658

Nov

7.
14.
21.
28.

140,067
141 ,813
141 ,422
140 ,862

61 ,472
62 ,197
61 ,986
63 ,007

91 ,261 65 ,092
93 ,047 67 ,537
92 ,687 66 ,268
91 ,839 65 ,916

4 ,815
4 ,743
4 ,970
4 ,938

1,672
1,617
1,576
1,552

3,092 12 ,656
3 ,043 12 ,617
4 ,314 12 ,093
3,634 12 ,030

5.
12
19*.
26.

141 ,566
143 ,582
147 ,298
146 ,207

62 ,762
65 ,029
66 ,326
66 ,263

92 ,315 66 ,229
93 ,988 69 ,143
97 ,533 70 ,345
96 ,196 69 ,603

5 ,000 1,593 3,388
4 ,857 ,665 2 ,339
,721 3 ,600
4 ,759
4 ,788 1,807 4 ,772

May 2.. 138 731 63 071 93 061

Dec.

504
769
226
472

181
878
688
829

129
953
848
697
622

1,671
1,611
1,644
1,605
1,565

4 369 11 301
3 ,070 11 ,498
5 ,321 11 ,871
5 ,413 11 077
4 ,917 10 920

1 After deduction of valuation reserves.
2
Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loan items are shown gross.
34 Excludes cash items in process of collection.
Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U. S. Govt., less cash items reported as in process of collection.




11 ,934
12 ,244
12 ,092
11 ,449

12 ,282
11 ,930
12 ,310
11 ,867

194
287
384
539

r

r

r

r

399
506
451
511

422
411
401
402

264
244
247
241

47 187 32 740 8 437
405
228
47 255 32 887 8 415 3 319 ! 252
47 239 32 981 8 343 3 283
251

47 257 33 044 8 296 2 273 2 263

11

47 242
114
47 ,381
242
47 ,471
304
47 ,588 33 374
47 ,729 33 404
33
47 ,723 33 481
47 ,901 33 552
47 ,903 33 631
48 ,103 33 735

8
8
8
8
8

251
260
296
354
428

3 252
233
3 239
3 246
3 ,255

2
2
2
2
2

269
289
274
259
282

45
10
634

?

5 ,147 13
5 ,224 13
s 302 13
5,364 13

133
566
268
494
77

2 136
2 ,219
,188
2 ,002
2 ,547

361
5 ,426
<;,436
372
354
5 ,453
5 ,370 13 338
5 ,575 13 ,390
13
5 ,483 13 ,423
5,448 13 ,414
,424 13 ,398
,344 13 ,429

279
,916
697
72 1,657

274

\l

8 402
8 548
8 457
8 ,544

3 ,222 2 264
3 ,216
230 !
3 ,238 2 224 !
3 ,253
216

58
147
40
741

2 ,435
2 ,579
2 ,588
1 ,795

33 ,921
34 ,058
34 ,126
34 ,185
34 ,246

8 ,566
8 ,647
8 ,664
8 ,696
8 ,688

3 ,218
3 ,188
3 ,165
3 ,148
3 ,144

2 177
2 185
199
2 232
2 ,231

117
54
136
122
160

*•>,343
2 ,247
2 ,616
2 ,311
2 ,433

48 ,806
48 ,766
48 ,735
49 ,023

34 ,355
34 ,343
34 ,418
34 ,459

S ,654
8 ,628
8 ,476
8 ,590

3 ,118
3 ,074
3 ,087
3 ,192

2 ,336
2 ,374
2 ,408
2 ,435

548
69
105
55

2 ,640
2 ,875
2 ,623
2 ,233

5 ,478 13 ,569
5 ,573 13 ,540
5 ,632 13 ,577

49 ,251
49 ,594
49 ,765
50 ,011

34 ,535
34 ,572
34 ,607
34 ,712

8 ,713
8 ,924
9 ,002
9 ,080

3 ,216
3 ,291
3 ,351
3 ,344

2 ,440
2 ,458
2 ,453
2 ,521

167
165
290
212

2 ,583
2 ,621
2 ,49C
2 ,836

5 ,662
5 ,624
5 ,572
5 ,497

1

I

5 ,243 113,468
5 ,231 13 ,468
5 ,282 13 ,482
5 ,281 13 ,486
5 ,352 13 ,561

5,385 13 ,589

13 ,612
13 ,595
13 ,592
13 ,627

6 Includes certified and officers' checks and deposits of mutual savings
banks,
not shown separately.
7
Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign
branches
of U. S. banks other than reporting bank.
8
Includes U. S. Govt., postal savings, domestic commercial interbank,
and mutual savings banks, not shown separately.

271

BUSINESS LOANS OF BANKS, 1962

FEBRUARY 1963

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(Net change in millions of dollars)

Jan.

Industry
Durable goods manufacturing:
Primary metals

Net change in classified loans

Apr.

Mar.

June

May

July

Aug.

Sept.

Oct.

Nov.

24
2
80
-14
19

-11
69
57
-9
31

-25
-44
-58
-26
-30

-8
14
56
-19
-35

160

8
25
55
41
51

-62
-40
-152
-26
90

-37

31

-101

52

35

9

-10
9
86

-12
14
68

101

25
-25
28
38

-8
-102
-7
12

-10
-34
32
2

87
37
67

-143

-104

24

45
-6

90
70

28
62

161

749

-315

7

424

'216

810

-236

76

500

-12
73
28
41
10

25
116
97
67
44

-37
-90
-30
-19
6

-91
15
2
28
54

-98
122
-26
22
18

-66
103
-1
89
31

-146
8
14
10

-13
-13
11
55

-41
-49
52
92

-109
4
48

-830
••-932

-25
-50

-55
Transportation equipment
Other fabricated metal products....
-31
Other durable goods
-38
Nondurable goods manufacturing:
-180
Food liquor and tobacco
22
Textiles, apparel and leather
-26
Petroleum refining
Chemicals and rubber
-73
-40
Other nondurable goods
Mining, including crude petroleum and
224
natural gas
-15
Trade * Commodity dealers
-81
Other wholesale
. . .
...
-138
Retail
Transportation, communication, and other
-265
public utilities
-23
Construction
-36
All other types of business, mainly services. . .

Commercial and industrial change—All weekly
reporting banks

Feb.

7

Dec.

8
17

64
1
-92
129

217
-153
6
-10
-63

-64

-11
-35

11
-51
17

-58

7
-26
25

14
39
-12

-37

-10
3
-1
-18

-19
42
32
25

3
42
32
30

12
126
19
148

5
65
11
97

74
-58
31
-128

3

94

212

61

197

10
21

23
-40

-4
26

-6
-13

-13
87

-27
209

-391

429

602

188

375

329

-400

488

621

227

390

486

Feb.
28

Mar.
7

Mar.
14

Mar.
21

Mar.
28

n

-13

88

71

11

-4

Week endin g—
Industry

Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products...
Other durable goods
Nondurable goods manufacturing:
Food liquor and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable poods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers.
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
.
.
All other types of business, mainly
services
Commercial and industrial change—
All weekly reporting banks • • •
For NOTE see end of table.




Jan.
3

-14
— 11
-68
-18
-1
-2
-19
16
-38
-15
192
14
-8
-95
-103
5

Jan.
10

Jan.
17

Jan.
31

Jan.
24

Feb.
21

19
-5
-10

1
7
9
13
-17

-14
38
8
8
13

-6
12
-13
1
10

-1
3
35
8
14

14
38
14
26
14

5
87
53
22
15

7
-12
-5
11

5
28
-34
-4
2

-45
51
-13
4
4

-6
31
4
2
4

-28
23
-2
12
7

-19
18
-14
13
4

-35
30
-13
1

7
27
22
59
11

-67
9
-7
4
8

-19

8
-19
-10
2

7
20
9
11

-5
-6
13

-6
-26
-7
20

-12
-1
14
11

2
-29
8
-10

-11
-19
26
40

29
38
2
36
11
-8
19
19
52

-64

-43

-1

-12

-14

74

71

-9

-12

-23

-11

-45
8

38

3
-39
4
-5
-7

-6
— 16
-8
-7
-22

-109
5
-6
-20
-6

-26
7
3
-8
-5

-49
1
-6

-15
-20
-25

30
-14
-25
-19
-70
1

Feb.
14

8
16
24
19
3

-8
-8
-2
4
2

15
-9

Feb.
7

A

-11
-5
19

23

-73

11

8

-3

20

8

-24
-20
-1
11

43

-48

-48

-20

-2

15

13

21

14

34

35

-17

-119

-249

-218

-231

-13

22

73

42

25

6

396

487

-140

-123

-296

-271

-249

n

'50

79

59

28

404

538

-131

-1

272

BUSINESS LOANS OF BANKS, 1962

FEBRUARY 1963

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS—Continued
(Net change in millions of dollars)
Week ending—
Industry

Durable goods manufacturing:
Machinery
.. .
Transportation equipment
Other fabricated metal products...
Other durable goods
.
Nondurable goods manufacturing:

APr.

Apr.

-41
-24
7
-1
3

6
-42
-19
1
—2

-14

-52

Apr.
18

A

2P/-

-7
-11
-10
-19
6

5
-14

May

May
9

May
16

May
23

-6
1
-31
-3

2
4
-7
14
24

-23
-3

—2

-80
20
50
22
27

-82
-15
-1
— 14
3

9
15
-12
20
67

-60
4
6
—1
6

41
26
3
11
13

-42

Q

-6

May
30

16
-7
-9
1
4

June
6
g
-5
-7
1
14

June
13

June
20

June
27

8
-10
-14
7
13

3
43
70
22
26

6
-3
6
12
-2

-39

44

51

4

2
<5
28
18
2

—- 211

15
-19
-4
— 10
2

-9
-5
23
34

2
-12
11
10

-2
-2
-6
-24

-5
3
-4
4

15
-36
10
3

-4
-21
-4
20

-34
-6
1

-15
-14
-3
-16

-10
-17
3
1

1
2
11

-38
19

-39
19

-66
5

-29
30

-6
20

3
36

-23
7

-49
-2

8
17

63
16

2

-4

-15

20

14

17

26

-7

-47
-2
5

25

30

2

Net change in classified loans

47

-115

-7

-240

156

-66

179

-146

-117

-73

74

394

28

Commercial and industrial change—
All weekly reporting banks

50

-94

-209

159

-27

213

-145

-124

-63

103

434

26

Textiles apparel and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
•
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
All other types of business, mainly
services

13
33
10
1
34
-7
18

14
-53

17

-26
T

-24

14
-10
_7
30

10
-8
16
17

9
3
39
14

3
4
-33
8

8
9

-1
4
12
8

-6
-12
9
-15
-3

9

Week ending—
Industry

Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
.
Other fabricated metal products...
Other durable goods
.
•
Nondurable goods manufacturing:
Textiles apparel and leather

July

July

July

July

Aug.

Aug.

Aug.

Aug.

Aug.

Sept.

Sept.

Sept.

Sept.

4

11

18

25

1

8

15

22

29

5

12

19

26

-14
-24
-89
-6
-9

-15
2
-5
-20
-4

8
22
40
8
5

-1
-8
5
-2
10

1
17
46

-11
7
-7
5

16
-18
-18
-12
-5

-10
9
8
-10
9

-8
-2
-40
14
4

7
44
89
1
14

1
18
1
-14
4

6
-5
-23
-34
-27

-65
-11
7
-2
8

22
9
12
-21
-3

-23
26
3
3
6

46
32
-2

-28
12
-5
-7
7

35
21
-1
—8
5

29
10
-6

32
15
5
6

67
-20
-2
-1
5

32
-18
15
2
6

-10
14
19
8

4
-4
1
-7

2
10

5
25

2
-2
15

-16
20
8
-17

-1
16

2
31

11
-16

- Q

-7
6
1

-7
16
-9
-3

8
-6

12
4

7
29

11
5
4

-16
16

35
7

-16

15
26

49
7

12
-17

-8
-32

69
8

48
23

103
-3

-1

-33
-17
-35
-2
-21

-24
2
124

3
31
-1

-44
-6
10

Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas

-36

Other wholesale
Retail
Transportation, communication, and
other public utilities
•
Construction
All other types of business, mainly
services

-2
-19

-20

c

c4

-4
3

3
-9

21
-6

1
11

5
5

-3
-11

5

7

10

-31

-17

-36

16

29

12

11

-22

-7

8

-27

30

2

21

Net change in classified loans

-172

92

-215

-96

187

-26

239

15

15

-44

165

306

175

Commercial and industrial change—
All weekly reporting banks

-171

95

-240

'-84

192

-26

240

58

24

-50

198

291

182

For NOTE see end of table.




-29

273

BUSINESS LOANS OF BANKS, 1962

FEBRUARY 1963

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS—Continued
(Net change in millions of dollars)
Week ending—
Industry

Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products. . .
Other durable goods
Nondurable goods manufacturing:
food liquor and tobacco
Textiles, apparel and leather
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
All other types of business, mainly
services
Net change in classified loans
Commercial and industrial change—
All weekly reporting banks

Oct.

Oct.

Oct.

Oct.

Oct.

Nov.

Nov.

Nov.

Nov.

Dec.

Dec.

Dec.

Dec.

3

10

17

24

31

7

14

21

28

5

12

19

26

-18
-23
-14
-10

-10
-13
-3
1

2
-4
-2
-10
-10

_3
-27
-13
-7
-10

3
-1
-6
-3
-9

—5
5
8
-5

8
20
9
-8
-8

1
16
-19
9
5

2
4
51
3
o

—4
-23
23
-3
-80

70
-8
-12
-4
-7

9
-13
1
-3
6

118
-45
-14
-1
-13

-27
-52
8

-3
8
-3
-1
-1

46
6
10
39
-2

46
-42
10
-1
1

-19
-29
-4
2
-10

21
-33
-2
-22
-3

14
-9
-12
2
-12

102

-30

48
-35
23
4
-19

8
10
-2

-8
-15
18
5
-20

16
17
10
18

9
25
2
36

3
27
20
44

-1
34
-13
25

-14
24
-1
25

30
19
19

15
11
58

6
8
15
36

-16
17
-24
-16

40
-7
9
7

3
-20
-9
-14

20
-10
16
-43

10
-21
15
-78

19
—2

-3
4

-74
-9

132
10

1

25
4

17
-7

18
-10

18
-13

-25
-7

19
2

185
-10

— ?5

14
-10

16
46
-3
-18

—5
-5
9
-8
Q

n

-13

-47

4

6

37

-44

67

51

12

52

41

68

48

2

19

118

-199

248

9

282

181

-97

88

-37

233

45

136

-212

281

32

295

170

'107

99

28

268

91

18

NOTE.—Data for sample of about 200 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial and
industrial loans of all weekly reporting member banks and about 70 per




—1
16
-6
8
-1

cent of those of all commercial banks.
End-of-week date shown. Monthly figures are based on weekly changes.

274

INTEREST RATES, 1962

FEBRUARY 1963
MONEY MARKET RATES
(Per cent per annum)

Period

Prime
coml.
paper,
4- to 6-J
months

U . S. Government securities (taxable) 3

Finance
CO.

paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days i

3-mo nth bills

6-month bills

9- to 12-month issues

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

Bills
(market
yield)

Other 4

3- to 5year
issues 5

2.746
2.752
2.719
2.735
2.694
2.719
2.945
2.837
2.792
2.751
2.803
2.856

2.72
2.73
2.72
2.73
2.68
2.73
2.92
2.82
2.78
2.74
2.83
2.87

2.965
2.955
2.883
2.838
2.789
2.804
3.085
3.005
2.947
2 859
2.875
2.908

2.94
2.93
2.87
2.83
2.78
2.80
3.08
2.99
2.93
2.84
2.89
2.91

3.19
3 21
2.98
2.90
2.91
2.89
3.17
3.10
2.99
2.90
2.94
2.94

3.08
3 11
2.99
2.94
2.98
3.02
3.23
3.13
3.00
2 90
2.92
2.95

3.84
3.77
3.55
3.48
3.53
3.51
3.71
3.57
3.56
3.46
3.46
3.44

3.26
3.22
3.25
3.20
3.16
3.25
3.36
3.30
3.34
3.27
3.23
3.29

3.05
3.00
3.02
3.09
2.95
3.02
3.20
3.12
3.13
3.04
3.08
3.16

3.00
3.00
3.00
3.00
2.91
2.90
3.07
3.11
3.09
3.03
3.00
3.00

3.25

3.00

3.00

2.594

2.66

2.845

2.90

3.02

3.04

3.81

27

3 25
3.35
3.30
3.20

3.00
3.09
3.11
3.03

3.00
3.00
3.00
3.00

2.703
2.823
2.770
2.688

2.72
2.78
2.73
2.67

2.941
3.073
2.970
2.875

2.96
3.02
2.90
2.89

3.06
3.12
3.27
3.25

3.07
3 13
3.09
3.04

3.79
3.83
3.87
3.85

3
10
17.....
24

3.13
3.18
3.25
3.25

3.00
3.00
3.00
3.00

3.00
3.00
3.00
3.00

2.705
2.695
2.759
2.849

2.69
2.70

2.81
2.74

2.939
2.898
2.952
3.031

2.92
2 92
3.00
2.93

3.26
3.24
3.26
3.18

3.04
3 06
3.14
3.20

3.88
3 83
3.78
3.73

Mar

3
10
17
24
31

3.25
3.25
3.25
3.25
3.25

3.00
3.00
3.00
3.00
3.09

3.00
3.00
3.00
3.00
3.00

2.664
2.721
2.804
2.689
2.719

2.69
2.74
2.74
2.70
2.73

2.847
2 883
2.972
2.854
2.857

2.87
2 oo
2.91
2.84
2.86

3.10
3 05
3.02
2.93
2.90

3.09
3 04
3.02
2.96
2.93

3.62
3 60
3.61
3.49
3.50

Apr

7
14
21
28

3.25
3.25
3.19
3.13

3.13
3.13
3.08
3.06

3.00
3.00
3.00
3.00

2.757
2.720
2.723
2.740

2.72
2.74
2.72
2.73

2.875
2 814
2.825
2.837

2.82
2.84
2.82
2.83

2.86
2.86
2.95
2.95

2.88
2 94
2.96
2.98

3.43
3 47
3.48
3.52

May

5
12
19...
26

3 13
3.13
3.13
3.20

3.00
3.00
2.96
2.88

3.00
2.95
2.88
2.88

2.748
2.720
2.646
2.700

2.74
2.67
2.67
2.69

2.845
2.816
2.744
2.795

2.83
2.77
2.77
2.77

2.94
2.90
2.91
2.92

2.97
2 91
2.99
3.04

3.52
3 47
3.55
3.57

June 2.
9
16-....
23...
30

3.25
3.25
3.25
3.25
3.25

2.88
2.99
3.00
3.03
3.11

2.88
2.88
2.88
2.88
2.98

2.656
2.691
2.671
2.721
2.792

2.68
2.65
2.69
2.73
2.84

2.743
2.787
2.758
2.800
2.872

2.76
2.74
2.76
2.80
2.90

2.88
2.86
2.86
2.88
2.97

3.00
2.97
2.97
3.03
3.12

3.53
3.50
3.46
3.50
3.60

July

7
14
21
28

3.28
3.38
3.38
3.38

3.17
3.25
3.25
3.16

3.00
3.00
3.10
3.13

2.930
2.974
2.983
2.892

2.92
2.97
2.95
2.88

3.008
3.096
3.133
3.103

3.00
3.09
3.13
3.09

3.06
3 12
3.26
3.22

3.18
3.22
3.27
3.25

3.66
3.71
3.73
3.71

* 11
18
25...

3.38
3.33
3 25
3.28

3.13
3.13
3.13
3.13

3.13
3.13
3.13
3.13

2.874
2.802
2.867
2.837

2.85
2.83
2.84
2.82

3.075
2.990
3.060
2.984

3.03
3.03
3.00
2.96

3.19
3.19
3.11
3.04

3.22
3.19
3.15
3.08

3.68
3.64
3.58
3.51

Sept. 1
8
15
22
29

3.30
3 25
3 35
3 ^8
3.38

3.10
3.13
3 13
3.13
3.13

3.08
3.06
3 06
3 10
3.13

2.806
2.834
2 789
2 796
2.749

2.80
2.82
2 78
2 77
2.75

2.916
2.977
2 911
2 962
2.938

2.93
2.95
2 93
2 93
2.90

3.02
3 04
3 00
2 98
2.93

3.06
3.08
3 01
2 97
2.95

3.52
3.56
3 59
3 57
3.51

Oct

6
13
20
27...

3 38
3.25
3 25
3.25

3 20
3.02
3.00
3.00

3 13
3.00
3.00
3.00

~> 752
2.760
2.749
2.742

2 75
2.76
2.74
2.74

2 902
2.864
2.843
2.828

2 89
2.86
2.84
2.83

2 90
2.87
2.92
2.91

2 92
2.91
2.88
2.89

3 44
3.46
3.46
3.48

Nov

3
10...
17...
24

3 15
3.22
3.25
3.25

2.95
3.03
3.11
3.13

3.00
3.00
3.00
3.00

2.686
2.841
2.801
2.833

2.74
2.82
2.82
2.84

2.774
2.927
2.846
2.892

2.82
2.87
2.86
2.90

2.90
2.92
2.94
2.95

2.87
2.89
2.91
2.94

3.45
3.43
3.46
3.49

Dec

1
8
15
22.. .
29

3.25
3 25
3.25
3 28
3.38

3.13
3.13
3.14
3.19
3.19

3.00
3.00
3.00
3.00
3.00

2.853
2.861
2.807
2.861
2.894

2.86
2.85
2.84
2.88
2.89

2.936
2.945
2.861
2.901
2.924

2.94
2.91
2.88
2.90
2.93

2.97
2.94
2.93
2.94
2.95

2.95
2.97
2.94
2.94
2.96

3.48
3.48
3.44
3.41
3.41

Jan
Feb
Mar
Apr
May.
July
Aug
Sept
Oct
Nov
Dec
Week ending—
1961—Dec. 3 0 . . .
1962 Jan

6
13
20

Feb.

§

1
Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3 Except for new bill issues, yields are averages computed from daily
closing bid prices.




!
i
I

4
5

Certificates of indebtedness and selected note and bond issues.
Selected note and bond issues.

FEBRUARY 1963

INTEREST RATES, 1962

275

BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds

Period

United
States
(longterm)

Jan

Feb
Mar

Apr
May
June
July .
Aug
Sept
Oct

.

.

.

.

Nov
Dec

Week ending—
1961 Dec 30
1962

Corporate bonds
By selected
ratings

State and local

Stocks
Dividends /
price ratio

By
group

Total*
Total1

Aaa

Baa
4.01
3.83
3.66
3 55
3.55
3.65
3.72
3.74
3.66
3 62
3.53
3.57

4.70
4.70
4.67
4 63
4 58
4.59
4 63
4.64
4.61
4 57
4.55
4.52

4.08
4.09
4.01
3.89
3.88
3 90
4.02
3.97
3.94
3.89
3.88
3.87

3.55
3.40
3.30
3 21
3.21
1 31
3.37
3.38
3.28
3.21
3.15
3.22

3.21
3.08
3.03
2 98
2.98
3.06
3.10
3.10
3.01
2.94
2.89
2.93

Aaa

Baa

Industrial

Railroad

Public
utility

Preferred

Common

4.42
4.42
4.39
4 33
4.28
4.28
4 34
4.35
4.32
4 28
4.25
4.24

5.08
5.07
5.04
^ 02
5.00
5.02
5.05
5.06
5.03
4 99
4.96
4.92

4.57
4.57
4.52
4 46
4 42
4.45
4 52
4.51
4.45
4 40
4.39
4.40

4.92
4.90
4.88
4 86
4 83
4.86
4 90
4.90
4.88
5 85
4.83
4.76

4.61
4.62
4.60
4 56
4 50
4.47
4 48
4.50
4.49
4 46
4.42
4.41

4.59
4.52
4.48
4 45
4 45
4.52
4 59
4.55
4 50
4 49
4.45
4.42

2.97
2.95
2.95
3 05
3 32
3.78
3 68
3.57
3 60
3 71
3.50
3.40

4.07

3.62

3.31

4.04

4.72

4.44

5.10

4.60

4.93

4.62

4.64

2.86

Jan

6
13
20
27

4.06
4.08
4.08
4.08

3.59
3.57
3.54
3.50

3.26
3 22
3.19
3.17

4.04
4.04
4.00
3.96

4.71
4.70
4.70
4.70

4.43
4.42
4.42
4.41

5.11
5.09
5.08
5.08

4.59
4.57
4.57
4.57

4.93
4.92
4.92

4.62
4.61
4.61
4.61

4.64
4.59
4.59
4.57

2.88
2.97
3.00
3.00

Feb.

3
10

3.44
3.40
3.35
3.39

3.12
3.09
3.04
3.08

3.88
3.83
3.78
3.81

4.70
4.70
4.70
4.70

4.42
4.42
4.43
4.42

5.07
5.08
5.08
5.07

4.57
4.58
4.57
4.57

4.91

17
24

4.10
4.09
4.08
4.12

4.91
4.91
4.90

4 61
4.62
4.63
4.63

4 55
4.53
4.54
4.49

2 98
2.93
2.93
2.95

Mar

3
10
17
24
31

4.08
4.06
4.02
3.97
3.96

3.39
3.32
3.26
3.26
3.25

3.08
3.03
3.00
3.00
3.01

3.81
3.71
3.59
3.61
3.60

4.69
4.68
4.67
4.66
4.65

4.42
4.40
4.39
4.39
4.38

5.05
5.05
5.04
5.02
5.02

4.55
4.53
4.52
4.50
4.49

4.89
4.89
4.88
4.88
4.87

4.62
4.62
4.61
4.60
4.59

4.51
4 48
4.47
4.49
4.48

2.97
2 98
2.93
2.94
2.96

Apr.

7
14
21
28

3.90
3.89
3.88
3.90

3.24
3.24
3.21
3.17

3.01
3.01
2.97
2.93

3.57
3.57
3.55
3.52

4.65
4.63
4.62
4.61

4.37
4.34
4.33
4.31

5.03
5.02
5.01
5.01

4.48
4.46
4.45
AAA

4.87
4.86
4.86
4.85

4.59
4.58
4.56
4.54

4.49
4 44
4.46
4.42

3.03
3 04
3.05
3.07

3.87
3.85
3.87
3.90

3.16
3.17
3.18
3.24

2.92
2.93
2.94
3.00

3.52
3.52
3.52
3.58

4.61
4.59
4.58
4.57

4.30
4.29
4.28
4.27

5.02
5.00
4.99
4.98

4.43
4.43
4.42
4.41

4.85
4.84
4.82
4.81

4.54
4.52
4.49
4.48

4.43
4.42
4.43
4.44

3.16
3.23
3.23
3.39

3.27
3.30
3.31
3.29
3.32

3.04
3.05
3.06
3.05
3.08

3.60
3.64
3.65
3.62
3.67

4.57,
4.58
4.58
4.59
4.61

4.28
4.28
4.28
4.29
4.29

4.98
5.00
5.01
5.02
5.03

4.42
4.43
AAA
4.45
4.48

4.81
4.83
4.86
4.86
4.88

4.48
4.48
4.46
4.46
4.46

4.54
4.53
4.50
4 50
4.54

3.57
3.57
3.76
3 81
3.97

May

5

.

19

26
June

2

.

4.91

30

3.89
3.88
3.87
3.90
3.95

July

7
14
21
28

3.99
4.03
4.03
4.02

3.35
3.36
3.36
3.39

3.09
3.09
3,09
3.11

3.70
3.70
3.72
3.77

4.62
4.63
4.63
4.64

4.32
4.34
4.33
4.35

5.04
5.05
5.04
5.04

4.50
4.52
4.51
4.52

4.89
4.90
4.89
4.90

4.47
4.48
4.48
4.49

4.59
4.59
4.58
4.59

3.69
3.62
3.71
3.70

Aug

4
11
18
25

4.03
4.00
3.98
3.94

3.42
3.44
3.41
3.33

3.13
3.15
3.13
3.05

3.78
3.80
3.78
3.10

4.65
4.64
4.65
4.63

4.37
4.36
4.36
4.34

5.07
5.07
5.07
5.05

4.54
4.54
4.52
4.50

4.90
4.91
4.91
4.91

4.50
4.51
4.51
4.50

4.58
4 57
4.55
4.51

3.61
3 63
3.56
3.49

3.94
3.96
3.95
3.94
3.93

3.31
3.30
3.29
3.27
3.26

3.03
3.02
3.02
3.01
3.00

3.66
3.66
3.66
3.66
3.65

4.63
4.62
4.61
4.61
4.60

4.33
4.33
4.32
4.31
4.31

5.05
5.04
5.03
5.03
5.02

4.48
4.47
4.46
AAA
AAA

4.90
4.89
4.88
4.88
4.87

4.50
4.50
4.50
4.50
4.49

4.52
4.50
4.50
4 50
4.49

3.56
3.59
3.55
3 54
3.72

3.90
3.90
3.88
3.89

3.26
3.25
3.17
3.16

3.00
2.99
2.89
2 88

3.65
3.65
3.59
3.58

4.59
4.57
4.57
4.57

4.29
4.28
4.27
4.27

5.00
4.99
4.98
4.98

4.42
4.40
4.40
4.39

4.85
4.85
4.85
4.85

4.48
4.46
4.46
4.46

4.50
4.47
4.48
4.51

3.72
3.66
3.68
3.79

3.87
3.86
3.87
3.88

3.15
3.15
3.15
3.15

2 88
2 88
2.89
2.89

3.53
3.53
3.53
3.53

4.57
4.56
4.55
4.55

4.26
4.25
4.25
4.24

4.99
4.97
4.96
4.95

4.40
4.40
4.40
4.39

4.86
4.85
4.84
4.83

4.45
4.42
4.42
4.42

4.49
4.49
4.43
4.44

3.69
3.55
3.52
3.49

3.88
3.89
3 88
3.86
3.85

3.17
3.21
3 22
3.22
3.22

2.89
2.92
2 93
2.94
2.94

3.54
3.57
3 57
3.57
3.57

4.54
4.54
4 52
4.52
4.52

4.25
4.26
4 25
4.24
4.23

4.94
4.93
4 92
4.92
4.93

4.39
4.39
4 40
4.40
4.40

4.80
4.79
4 77
4.76
4.75

4.42
4.42
4 42
4.40
4.40

4.43
4.44
4 42
4.42
4.41

3.43
3.39
3.40
3.41
3.39

4-10

20

5

5

120

30

30

40

40

40

14

500

9

16
23

Sep

1
8
15

22
29

Oct

6
13

20
27
Nov. 3
10
17

24
Dec

1
8
15

22 . .
2Q

Number of issues

. . . .

1

Includes bonds rated Aa and A, data for which are not shown sepirately. Because of
issues, the number of
arately.
ot a limited number of
ot suitable issue
oroorate bonds in some groups has varied somewhat.
corporate
NOTE.—Computed as follows: U.S. Govt. bonds: Averages of daily
figures for bonds maturing or callable in 10 years or more.
State and local govt. bonds: General obligations only, based on Thurs.




Earnings /
price ratio
Common

5.00
6.41
6 22

500

figures Corp. bonds: Averages of daily figures. Both of these series are
from Moody's Investors Service series.
Stocks: Standard and Poor's Corp. series. Dividend/price ratios are
based on Wed. figures; earnings/price ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.




Financial Statistics

* International *
Reported gold reserves of central banks and governments. . .

278

Gold production .

279

Net gold purchases and gold stock of the United States. . .

280

Estimated foreign gold reserves and dollar holdings...

281

International capital transactions of the United States...

282

U. S. balance of payments .

291

Money rates in foreign countries. . .

291

Foreign exchange rates. .

293

Guide to tabular presentation. . .

204

Index to statistical tables. .

299

The figures on international capital transactions
are collected by the F. R. Banks from reports
made on Treasury foreign exchange forms collected by the F. R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-




piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at end of the BULLETIN).

277

278

GOLD RESERVES

FEBRUARY 1963

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Intl.
Monetary
Fund

United
States

Estimated
rest of
world

Argentina

37,620
38,105
38,810
39,490
40,185
40,530

1,808
1,692
1,180
1,332
2,407
2 439

21,753
22,058
22,857
20,582
19,507
17,804

14,060
14,355
14,775
17,575
18,270
20,285

372
224
126
60
56
104

144
107
126
162
154
147

41,155

2 077

16 947

22,130

190

2 079
2,096
2,098
2 099
2 106
2,110
2 136
2,155
2,175
2 179
2,190
2,195

16 847
16,795
16,643 22J550
16 519
16,458
16,527 22,650
16 182
16,139
16,081 »23,090
16,026
16 014
16,057

190
165
164
114
114
102
78
74
71
68
64

Denmark

Dominican
Republic

Ecuador

El Salvador

31
31
31
31
31
31

12
11
11
11
10
10

23
22
22
22
20
20

28
28
31
31
30
30

1961—Dec

31

3

19

1962 Jan
Feb
Mar
Apr
May

31
31
31
31
31
31
31
31
31
31
31
31

3
3
3
3
3
3
3
3
3
3
3
3

19
19
19
19
19
19
19
19
19
19
19
19

Estimated
total
world i

End of
period
1955
1956
1957
1958
1959
I960
1961 Dec

. ...

1962 Jan.
Fcb
Mar
Apr
May

. ...
41,290
41,285

Julv
A.Ug

Sept
Oct
Nov .
Dec

*41,345

End of
period

Cuba

1955
1956
1957
1958
1959
I960

136
136
136
80
50
1

.

..

July
AUg
Sept
Oct
Nov .
Dec
End of
period

Ireland,
Rep. of

Iraq

1955
1956
1957
1958
1959
I960.....

8
14
20
34
84
98

18
18
18
18
18
18

1961—Dec

84

1962—Jan
Feb
Mar
Apr
May

98
98
98
98
98
98
98
98
98
98

July . . .
Aug
Sept
Oct
Nov
Dec .

.

For notes see end of table.




Italy

Lebanon

Australia

Belgium

Austria

928
925

Brazil

Canada

323
324
324
325
327
287

1,134
1,103
1,100
1,078
960
885

71
71
103
194
292
293

1,270
1,134
I 170

162

303

I 248

285

164
164
167
170
174
177
180
182
184
186
187
190

303
304
344
363
363
363
419
419
419
429
439
454

I 277
1,291
1,297
I 315
I 318
1,335
I 335
1,342
1,341
t 341
I 340

285
285
285
285
286
286
286
286
286
286
286

950
962
964
963
913
669
674
683
689
695
702
708

France

Germany,
Fed.
Rep. of

Greece

Guatemala

35
35
35
35
38
41

942
924
581
750
1,290
1,641

920
1,494
2,542
2,639
2,637
2,971

11
10
13
17
26
76

27
27
27
27
24
24

18

47

2,121

3,664

87

18
18
18
18
18
18
18
18
18
18
18

47
46
61
62
62
62
62
62
61
61
61
61

3,664
3,664
3,666
3,666
3 667
3,667
3,667
3,667
3 668
3 669
3 669
3,679

87
87
91
86
89
96
92
86
86
81
77

18

2,120
2,144
2,171
2,207
2,235
2,270
2,417
2,450
2 481
2,513
2,545
2,587

Mexico

Finland

NetherNew
lands Zealand

352
338
452
1,086
1,749
2,203

74
77
91
91
102
119

142
167
180
143
142
137

865
844
744
,050
1,132
1,451

33
33
33
33
34
35

18

2,225

140

112

1,581

18
18
18
18
18
18
18
18
18
18
18
18

2,228
2,228
2,229
2,234
2,240
2,242
2,244
2,244
2,241
2,239
2,237
2,243

140
140
140
140
140
151
172
172
172
172
172

111
110
109
109
107
106
106
98
97
95

1,581
1,581
1,581
1,581
1,581
1,581
1,581
1,581
1,581
1,581
1,581
1,581

915

365

Norway

946

Colombia

Congo,

44
46
40
40
43
45

86
57
62
72
71
78

116
122
81
83
42

48

88

48
47
46
46
45
45
44
44
43
43
43
43

89
89
91
91
92
93
93
94
83

Chile

India

Indonesia

Iran

247
247
247
247
247
247

81
45
39
37
33
58

131
138
138
141
140
130

24

247

43

130

24
24
24
24
24
24
24
24

247
247
247
247
247
247
247
247
247
247
247

43
43
43

130
130
129
129
129
129
129
129
129
129
129
129

247

Pakistan

oftii«

Peru

Philippines

Portugal

South
Africa

45
50
45
43
30
30

48
49
49
49
50
52

35
35
28
19
28
42

16
22
6
10
9
15

428
448
461
493
548
552

212
224
217
211
238
178

1

30

53

47

27

443

298

1

30
30
30
30
30
30
30
30
30
30
30
30

53
53
53
53
53
53
53
53
53
53
53
53

47
47
47
47
47
47
47
47
47
47
47
47

27
28
30
31
33
34
35
36
37
38

444
444
446
446
447
454
455
467
469
469
471
471

343
361
379
386
407
432
446
468
488
501
r
509
499

FEBRUARY 1963

279

GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)

End of
period

Spain

Sweden Switzerland

Turkey

U.A.R.
(Egypt)

United
King-2
dom

112
112
112
112
104
104

144
144
144
144
133
134

174
188
188
174
174
174

2,120

Thailand

Syria

Uruguay

Venezuela

Yugoslavia

Bank
for
Intl.
Settle-3
ments

403
603
719
719
652
401

16
18
14
17
10
4

121
59
24
-42
-134
-19

244
268
254
126
40
55
56

1955
1956
1957
1958
1959
I960

132
132

276
266

101
57
68
178

219
204
191
170

1,597
1,664
1,706
1,925
1,934
2,185

3,231

180
180
180
180

1961—Dec

316

180

2,560

104

139

174

3,318

180

401

6

115

331
341
351

181
181
181
181
181
182
182
181
181
181
181
181

2 505
2,481
2,444
2 424
2,409
2,409
2 459
2,459
2,453
2,452
2,421
2,667

104
104
104
104
104
104
104
104
104
104
104

140
140
140
140
140
140

174
174
174
174
174
174

140

174

140
140
140
140
140

174
174
174
174
174

3 410
3,424
3,452
3 472
3,525
3,433
2 915
2,848
2 792
2,822
2,884
2,806

180
180
180
180
180
180
180
180
180
180
180
180

401
401
401
401
401
401
401
401
401
401
401

6
6
6
6
6
6
3
3
3
3
4

176
176
171
162
165
203
209
210
200
172
151
-50

1962 Jan
Feb
Mar
Apr .
May

. .

376

400
409

July
Aue
Sept

429

429
428
438
437
446

Oct

Nov
Dec

..

19
19
24
24
19
19

i Includes reported gold holdings of central banks and govts. and
international organizations, unpublished holdings of various central banks
and govts., estimated holdings of the U.K. Exchange Equalization
Account, and estimated official holdings of countries from which no
reports are received; excludes U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
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.

216
186

2,133
2,273
3,069
2,736

EPUEF*

61
46
62

2 Beginning with Dec. 1958, Exchange Equalization Account gold
and convertible currency reserves, as reported by the U.K. Treasury;
before that time, reserves of gold and U.S. and Canadian dollars.
3 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets
minus gold deposit liabilities.
4
Europeans Payments Union through Dec. 1958 and European Fund
thereafter.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold" Section 14,
Supplement to Banking and Monetary Statistics.

GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)

Africa
World
production 1

Period

North and South America
Congo, United
Rep.
of the States

South
Africa

Rhodesia

Ghana

510.7
556.2
596.2
618.0
702.2
748 4
803.1

18.4
18.8
18 8
19 4
19 8
19.6
20.1

24.1
22.3
27.7
29.8
32.0
31.3
34.0

1961—Nov
Dec

69.2
67.8

1-6
6

4.1
3.4

1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

70.6
67.4
72.9
72.3
74.0
75.2
76 3
76.6
76.1
78 1
78.5

6
6

3.5
3.2
3.5
3.0
3.4

1955
1956
1957 .
1958
1959

940.0
975.0
1,015-0
1,050.0
1,125 0

.

1,175.0
1,220.0

I960
1961

Nov

.

.

. . .

13.0
13.1
13.1
12.3
12.2
11.1
8.1

7
6
5

1.6
6
I 6
7

1.6

1
Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Gold exports.

NOTE.—Estimated world production based on reports of the U. S.




65.7
65.3
63.0
61.6
57.2

58.8
54.8

3.1
4.0
4.6
4.8
4.3
3.8

Canada
159.1
153.4
155.2
158.8
156.9
161.1
155.5
13.0
12.9
12.6
11.4
12.8
12.4
12.3
11.8
11 9
12.0
11.7
12 5
12.1

Other

Mex- Nica-2 Brazil Colom- Ausbia
ico ragua
tralia
13.4
12.3
12.1
11 6
11.0
10.5
9.4
.9

8.1
7.6
6.9
7.2
7.3
7.0
7.7

3.9
4.3
4.2
3.9
3.8
4 1
4.4

13.3
15.3
11.4
13.0
13.9
15.2
14.0

36.7
36.1
37.9
38.6
38.1
38.0
37.5

.4

1 -1

3.1

.5

.4

.7
.9
1.1
.9
.6

.4
.4
.4
.3
.4

.8
6
.8
.7

.4
4
.4
.3

1

4
*)

3.3
2.9

2 9
3.1

2 6
3.0

.9
->
1.2
1

3.3
3 3
3.4

India
7.4
7.3
6.3
6.0
5.8
57
5.7
.5

All
other*

66.2
63.0
62.2
69.8
64.8
64 2
65.7

5

.5
5
5
4
.5

.5
5

.5

Bureau of Mines. Country data based on reports from individual countries
and of the Bureau of Mines except Brazil, data for which are from
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.

280

U. S. GOLD

FEBRUARY 1963

NET GOLD PURCHASES OR SALES BY T H E UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1961
1954

Area and country

1956

1955

1957

1959

1958

1960

I

II

III

-81

-39
-28
-45

-17
-35
-98

-214

-58
-45
-55

-40
-5
-326

-47
62
-181

-59
35
-150

-20
-45
-64

*

-14

-11

-15

III
Western Europe:

-6
-226

Germany, Fed. Rep. of
Italy
Netherlands

-55

Spain

-68
-10

-378

Total

-8
100
4

18

-78

80

Canada
Latin American republics:

Other
Total

80
30
12
62

3

25

-5

— 16
-50
-20
-6

Bank for Intl. Settlements
Other

3
-34

31

8

Total

15

5

-1
-141
-173
-34

-30
-10

-249

-23
100
-25

-114
-324
-550
-36
-96

-156
-125
-306
-23
-53

- 8 2 7 -1,718

-754

20
-350
-32
-38

-144

-63

115

75

67

14

6

14

-28

-25

-246

-50
-20

-290

-90

-339

60

25

2

-30

-19

-9

-4

-1

-1

9

81

69

19

-100

-109

-9

-4

24

59

9

-15
- 9 7 i -101

-34

-20

-24

-16

-41

-20

-24

-16

-41

-4

-1

3

-2

-494

-291

-102

-434

-494

-291

-102

-434

*

18

-30
-4

-157
-28

-10

-5

*

18

-34

-186

-113

-5

-38

-6

-34
*

- 9 9 8 -1,969

-970

-288

-1

1

14

-3

-327

-68

80

172 - 2 , 2 9 4

-327

-68

280

-466

•
-399

—30
65
-16

-5

2 200

-56

190

200
56

Intl Monetary Fund
Grand total

-83
-39
-266

IV

-10

All other
Total foreign countries

-349
-261
-20
32
-215
-900
-178
-21

68 - 2 , 3 2 6

Asia:
Other

-84
-329

1962

1961

3-44

600
772 - 2 , 2 9 4

1 Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2 Proceeds from this sale invested by the IMF in U. S. Goyt. securities;
upon termination of the investment the IMF can reacquire the same

2 300

-1,041 - 1 , 6 6 9

-101

150

150

-820

-138

amount of gold from the United States.
3 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 2).

U. S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U. S. MONETARY AUTHORITIES
(In millions of dollars)
Changes in—

End of period
Gold stock

Year
Total

Total i

Treasury

1951
1952
1953
1954

22,873
23,252
22,091
21,793

22,873
23,252
22,091
21,793

22,695
23,187
22,030
21,713

1955
1956
1957
1958
1959

21,753
22,058
22,857
20,582
19,507

21,753
22,058
22,857
20,582
19,507

21,690
21,949
22,781
20,534
19,456

1960
1961
1962

17,804
17,063
16,156

17,804
16,947
16,057

17,767
16,889
15,978

Foreign
currency
holdings

Total

Total
gold

53
379
-1,161
-298

116
99

Month

Gold stock
Total

53 1962—Jan.... 16,963
F e b . . . . 16,948
379
Mar.... 16,873
-1,161
16,762
-298
M*ay*.'.'. 16,718
-40
-40
J u n e . . . 17,081
305
J u l y . . . 16,678
305
Aug.... 16,562
799
799
16,531
Sept...
-2,275
-2,275
16,364
Oct...
- 1 , 0 7 5 3-1,075
16,216
Nov...
16,156
Dec...
-1,703
-1,703
-741
-857
-907
- 8 9 0 1963—Jan.p... 16,103

1 Includes gold in Exchange Stabilization Fund.
2 For holdings of F. R. Banks only see pp. 212 and 214.
3 Includes payment of $344 million as increase in U. S. gold subscription to the International Monetary Fund.




End of period

Changes in—
Foreign
currency
holdings 2

Total

Total
gold

Total i

Treasury

16,847
16,795
16,643
16,519
16,458
16,527
16,182
16,139
16,081
16,026
16,014
16,057

16,815
16,790
16,608
16,495
16,434
16,435
16,147
16,098
16,067
15,978
15,977
15,978

116
153
230
243
260
554
496
423
450
338
202
99

-100
-15
-75
-111
-44
363
-403
-116
-31
-167
-148
-60

-100
-52
-152
-124
-61
69
-345
-43
-58
-55
-12
43

15,975

15,928

128

-53

-82

NOTE.—See Table 8 on page 289 for gold held under earmark at
F. R. 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.

281

GOLD RESERVES AND DOLLAR HOLDINGS

FEBRUARY 1963

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)

Gold&
shortterm
dollars

Area and country

Western Europe:
Austria • • • •
Finland
Germany Fed Rep of . . .
Greece
Italy
Netherlands
Norway
Spain
Sweden
Turkey
United Kingdom*
Other 2
Total

Latin America:
Brazil
Chile
Colombia
Cuba
Guatemala

.

Panama Republic of.
Peru
Uruguay
Venezuela
Other*. 4
Total
Asia:
India
Iran
Philippines
Thailand
Other
Total
All other:
Australia
South Africa
U.A.R. (Egypt)
Other 6
Total

. .

Gold&
U.S.
shortGovt.
term
bonds
& notes dollars

3
2
31
*
5
3
*
«
4
148
1
1
82
94
*
420
44

526
1,476
79
134
3,014
6,394
120
3,377
1,804
135
523
405
566
3,177
158
4,719
788

25,108

838

3,324

446

419
481
180
236
78
68
534
123
114
231
799
370

1
2
*
1
1
*
71

3,633

Mar. 31, 1962

Dec. 31, 1961

Sept. 30, 1961

Dec. 31, 1960

U.S.
Gold&
Govt.
shortbonds
term
& notes dollars

3
1
30
2
5
3
*
*
3
128
1
1
71
86
*
483
47

558
1,574
83
138
3,110
6,505
154
3,459
1,797
135
542
469
586
3,435
165
4,526
678

27,395

864

3,576

465

454
551
178
222
46
70
529
79
123
229
849
297

15

301
236
152
2,166
218
290
991

41
1
*
3
2

U.S.
Gold&
Govt.
shortbonds
term
& notes dollars

June 30, 1962

Sept. 3(), 1962*

U.S.
Govt.
bonds
& notes

Gold&
shortterm
dollars

*
8
29
2
3
3
2
93
1
1
92
83
*
388
46

640
1,593
83
133
3,664
6,289
206
3,429
1,888
131
584
568
607
3,360
163
4,864
667

*
2
29
2
3
3
*
*
2
85
1
1
123
83
*
440
46

744
1,511
78
135
3,643
6,467
187
3,533
1,857
142
610
588
639
3,290
162
4,402
695

*
*
30
2
3
3
*
*
2
91
1
1
102
86
*
418
47

U.S.
Gold&
Govt.
shortbonds
term
& notes dollars

U.S.
Govt.
bonds
& notes

3
8
30
2
4
3
*
*
3
126
1
1
93
83
*
435
48

594
1,616
80
138
3,360
6,200
189
3,416
1,822
142
532
516
584
3,262
160
4.941
728

27,914

840

28,280

751

28,869

820

28,683

786

3,704

459

3,454

423

3,566

227

4,169

240

1
1
*
1
*
*
5
1
1
1
1
77

425
513
153
235
44
70
606
87
131
237
819
255

1
1
*
1
*
•
5
1
1
1
1
192

407
492
160
228
40
82
615
82
137
255
801
305

1
1
*
1
*
6
1
*

1
1
*
1
*
*
6
1
*
1
1
156

301
499
147
228
37
58
528
85
154
272
780
380

1
1
*
1
*
*

1
188

310
511
176
252
38
76
609
87
137
259
765
360

1
*
1
1
132

3,627

89

3,575

204

3,604

200

3,580

168

3,469

144

6
1

45

333
120
167
1,953
174
344
1,130

3
2
*
45

325
119
161
1,894
212
368
1,168

6
1
*
3
1
*
45

321
137
165
2,054
195
410
1,215

6
1
*
3
1
*
41

296
125
155
5 2,210
213
431
1,207

6
1
*
3
1
*
41

293
76
157
2,344
198
430
1,266

6
1
*
3
1
*
41

4,354

92

4,221

57

4,247

56

4,497

52

5 4,637

52

4,764

52

235
207
196
600

*
*
*
35

238
251
189
579

*
*
*
38

260
330
189
635

*
*
*
39

268
415
190
631

*
*
*
42

281
471
193
640

*
*
*
39

315
535
186
664

*
*
*
39

536
1,312
85
87
2,160
6,447
139
3,080
1,779
112
636
327
397
"> 2,863
152
4,467
529

*
1
1

•

•

•

*

1,238

35

1,257

38

1,414

39

1,504

42

1,585

39

1,700

39

Total foreign countries 7 . . . 37,657

1,426

40,076

1,513

40,854

1,598

41,339

1,468

542,237

1,306

42,785

1,261

900

5,422

1,127

5,767

1,240

1,087

'6,565

1,009

6,994

861

2,555 ••548,802

2,315

49,779

2,122

525

5,979

504

International 4
Grand total f
Sterling area

6,337
43,994

2,326

45,498

2,640

46,621

2,838

5,558

536

5,863

567

5,841

520

1 Gold reserves are estimated.
2 In addition to other Western European countries includes unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets; see note 1 to table on gold reserves).
3 Includes other Latin American republics and the Inter-American
Development
Bank.
4
Data for short-term dollars exclude nonnegotiable, non-interestbearing special U. S. notes held by the Inter-American Development
Bank and the International Development Association.
5 Total short-term dollars include $109 million reported by banks
initially included as of June 30, of which $105 million reported for Japan.




r
r

6,394

47,733
6,357

474

6,328

6

Includes unspecified countries in Africa, Oceania, and Eastern
Europe, and all Western European dependencies located outside Europe
and Asia.
? Excludes gold reserves of the U. S. S. R.t other Eastern European
countries, and China Mainland.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and official and private short-term dollar holdings
(principally deposits and U. S. Treasury bills and certificates). 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.

282

INT'L CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Foreign
End of period

Grand1
total

International

Official

Total i

1,2

Europe

Other

Germany,
Fed.
Rep. of

United
Kingdom

Other

Total

1, 3

Canada

Latin
America i

Asia

1,623
2,019
2,198
2,439

2,575
2,403
2,408
2,422

1,946
2,205
2,780
3,115

All
Other

1957
1958
1959
I960

15,158
16,159
19,389
21,272

1,517
1,544
43,158
3,897

13,641
14,615
16,231
17,374

7,917
8,665
9,154
10,327

5,724
5,950
7,076
7,047

1,557
1,755
1,987
3,476

1,275
873
990
1,667

4,310
5,081
5,496
3,903

7,142
7,708
8,473
9,046

1961—Dec

22,415

3,690

18,725

10,966

7,759

2,841

2,226

5,250

10,317

2,758

2,371

2,892

387

1962 Jan
Feb
Mar
Apr
May
June. . .

22,362
22,667
r
23
083
r
23,267
r
23,404
'23,934

3,701
4,014
r
4
296
r
4,395
'4,485
'4,455

18,661
18,653
18,787
18,873
18,919
19,479

10,256
10,103
10,498
10,289
10,480
11,232

8,405
8,550
8,289
8,584
8,439
8,247

2,299
2,401
2,534
2,518
2,509
2,622

2,501
2,566
2,491
2,468
2,398
2,262

5,285
5,218
5,356
5,378
5,562
5,709

10,084
10,185
10,381
10,364
10,469
10,593

2,909
2,761
2,490
2,503
2,514
2,897

2,327
2,333
2,432
2,543
2,410
2,463

2,926
2,995
3,092
3,070
3,090
3,106

415
378
392
392

r
24,043
r
23,611
r

'4,455
r
4,737
r
4,895
4,819
4,841
4,932
4,934

19,588
18,874
19,252
19,696
20,361
20,242
20,050

11,232
10,801
11,140
11,696
12,134
12,139
12,154

8,356
8,073
8,112
8,000
8,227
8,103
7,896

2,622
2,543
2,592
2,799
2,823
2,770
2,730

2,264
1,853
1,846
1,802
1,853
1,884
1,617

5,709
5,220
5,289
5,460
5,593
5,658
5,843

10,595
9,616
9,726
10,061
10,268
10,312
10,191

2,897
3,120
3,416
3,480
3,894
3,667
3,343

2,464
2,489
2,418
2 413
2,388
2,421
2,621

3,212
3,200
3,233
3,280
3,345
3,360
3,426

June ^
July
Aug
Scot.
Oct
Nov»
Dec p

24,147
24 515
25,203
25,174
24,984

355
279
373
352

437
420
421
449
458
462
467

482
469

la. Other Europe

Total

Austria

Belgium

Denmark

Finland

1957
1958
1959
I960

4,310
5,081
5,496
3,903

349
411
331
243

130
115
138
142

112
169
137
54

64
69
71
46

354
532
655
519

154
126
186
63

1.079
1,121
,370

1961—Dec

5,250

255

326

52

91

989

67

1962—Jan
Feb
Mar
Apr
May

5,285
5,218
5,356
5,378
5,562
5,709
5,220
5,289
5,460
5 593
5,658
5,843

256
262
250
229
238
277
291

357

52
55
49
49
60
52
44
52

90
90
77
74
70
71
68

KO83
1,097
1,189
1,261
1,445
1,394
1,046
1,080
1,162
.205
1,272
1,154

76
85
98
104
103
110
100
98

End of period

July
Sept.
Oct
Nov.*
Dec.*>

328
319
293
293
258
204
184
170
190
195
174

316
325
319
305
329

France Greece

70
74
73
72
73

47
55
69
67

101
103
113
119

Italy

Neth- Norerlands way

Portugal Spain

Sweden

Switzerland

Turkey

Other*

967
969
678

8*52

18
20
31
18

360
694
590
393

877

203
339
485
328

93
130
95
82

142
163
138
84

24
36
86
149

260
303
213
227

,234

216

105

99

153

406

875

26

354

1,248
1,100
1,187
1,185
1,147
1,187
1,095
1,244
1,292
,310
1,296
,384

218
263
241
247
259
307
339
258

93
103
112
141
123
101
103

775
819
818
808
830
951
913
832
837
885
837
908

34
37

359
345
342
321

112
109
115
125

159
152
165
160
153
159
176
144
160
151
165
176

392
394
403
391
415
425

276
259
243
248

93
91
86
98
108
130
132
137
141
156
154
161

Neth.,
Antilles
and
Surinam

Panama,
Republic of

Peru

117

425
463
458
458
483
490

20
19
16
23
17
17
22
26
25
25

302
263
266
279
283
292
314
411

l b . Latin America

End of period

BoTotal * Argenlivia
tina

Brazil Chile

Colombia

Cuba

Dominican
Rep.

El
Sal- Guate- Mexico
vador mala

Uru- Veneguay zuela

Other

124
133
148
302

1, 7

1957
1958
1959
I960

2,575
2,403
2,408
2,422

137
150
337
315

26
22
24
23

132
138
151
194

75
100
185
135

153
169
217
158

235
286
164
77

54
40
37
37

27
26
28
24

65
42
37
44

386
418
442
397

73
79
88
72

136
146
129
123

60
77
82
72

55
82
62

51

835
494
277
398

1961—Dec

2,371

235

26

228

105

147

43

23

22

46

494

89

87

84

57

418

268

1962—Jan
Feb
Mar
Apr
May

2,327
2,333
2,432
2,543
2,410
2,464
2,489
2,418
2,413
2 388
2,421
2,621

228
217
243
221
209
208
231
210
230
187
205
208

23
23
24
24
24
25
23
21
22
24
22
23

252
241
207
255
236
225
201
198
213
180
176
204

99
95
114
110
110
131
113
106
104
112
101
133

119
139
137
140
142
159
149
143

41
40
39
38
37
37
37
36
36

26
28
34
42
43

24
29
28
29
34
35
36
33
31
25
21
22

48
54
58
57
55
52
42
37
34
33
33
41

473
474
506

86
88
92
97
90
87
96

79
83
82
90
91
87
87
87
85
84
87
98

79
80
90
92
90
90
96
104
107

68
80
75
75
72
79
73
87
92
90
85
101

397
381
400
447
379
364
436
394
379
417
406
405

285
283
303
308
308
334
351
374
370
403
399
445

July
Sept
Oct
Nov.*
Dec.P

For notes see following page.




145
152

136
148

8 15
15
15

48
43
42
40
35

44
42

516
490
503
474

454
431
437
494
531

93
94
92

94
97

103

103
105

283

INT'L CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

t. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
lc. Asia and AH Other
All other

As ia

End of period

Korea, PhilRe- ipTaiIsrael Japan pubwan
lic pines
of

Indo- Iran
nesia

Total

Hong
Kong

India

1,946
2,205
2,780
3,115

70
62
60

82
77
114

151
108
139

55
43
47

52
56
87

57

54

178

22

75

1,285
1,887

1961—Dec...

2,892

55

78

76

31

63

1,590

1962—Jan..
Feb..... . .
Mar
Apr. . . . . .

59
57
57

75
74
74

86
100
94

34
35
36

63
87
71

58
61

70
54

88
80

23
18

78
76

56

49

82

26

76

1,599
1,633
1,750
1,708
1,752
1,800

188
187
183

June.

2,926
2,995
3,092
3,070
3,090
3,106

June 5 .
July.......
Aug.......
Sept
Oct p
Nov
Dec.?'

3,212
3.200
3,233
3,280
3,345
3 360
3,426

56
60

49
39

82
79

76
76

60
57
63
62
65

39
46
49
46
41

83
33
39
26
28

26
32

1,906
1,903
1,942
2,040
2,104
2,111
2,177

1957
.
1958...
1959
1960

....

May

586
935

89
81
74
81
81

37
28
27
22
19

117
145
148

175
176
172

152

203

199

185
202
171
165

181
174

164
164
160
155
153
147
142
136

Congo, South U.A.R.
Thai- Other Total Aus- Rep.
land
tralia of
Africa (Egypt) Other
the

86
99
94

157
133
141

417
371
494

355
279
373

84

186

217

92

264

258

98
103
92

276
293
306

173
184

90
85

179

85

179
169
169
161
163
171
174

85
79
110

39
30
31

38
30
49

352

40
16
20

88

32

29

22

181

387

98

34

32

15

209

246
255
262

415
378
392

127
95
101

204
205
213

287
283

392
437

96
97

27
40

261

421

104

17
25

210
232

327

37

32
36
36
43
42
39

21
14
16

314
323

31
28
27

19

222

85
86

327
327

261
267

421
449

104
122

37
37

327
326
326
324
333

250
275
275
300
296

458
462
467
482
469

126
131
155
157
147

41
35
31
38
35

19
22

222
232

82
80
78
76
75

39
36
45
47
42
43
39

1958

1959

1960

44.1
36.0

34.4
35.8

34.8

18.0

63.1

13.8

10.3
20.9
37.9

21.0
38.0

36.2

23.5
15.2 14.8
60.2 111.6
2.5
4.7

3.5
5.0

10.6
14.2
18.4

48.8

68.3

14.6

13
12
13
17
14

153
125
162

232
236
226
227
234

Id. Supplementary Data 9 (end of year)
Area or country
Other Europe:
Bulgaria
Cyprus
Czechoslovakia J °.
Hungary
Iceland
Ireland, Republic of
Luxembourg.
Monaco
Poland 10
Rumania ^
Soviet Zone of Germany.
U. S. S. R . J1O
......
Yugoslavia 0 . . .
Other Latin ]America;
Bahamas l
Bermuda....
Costa Rica..
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
The West Indies federation ] }
Other Asia:
Aden
Afghanistan
Bahrain
Burma
Cambodia...

1958

3.5

10.0

16.1
5.9
4.9
.9
1.4
2.2
9.5

6.8
24.5
17.4
.5
7.7
6.3
11.3
3.4
31.6
1.7
4.5
.9
5.9
24.9

1959

1960

1961

1.2
.3
.7

.5
.5

1.2
.7
.9

1.3

2.7
5.4
7.2
5.3
4.0
.9
1.5
2.6
6.2

14.3
18.9
21.7
.5

10.5
12.8
12.5
6.7
32.6
2.2
11.0
.9
4.3
19.7

1.0
1.0

5.1
2.7
12.6
4.1
6.1
1.1
1.3
12.1
10.0

47.2
21.7
19.8
27.3
.4
10.7
15.0
11.9
4.6
11.3
2.3
9.8
.5
.9
10.9

1.0
3.1
3.2

16.1
3.4
7.2
1.5
1.3
4.8
11.6

Other Asia (Cont.):
Ceylon
China Mainland 1 ° .
Goa
Iraq
Jordan
Kuwait
Laos
Lebanon
Malaya
Nepal
Pakistan
Ryukyu Islands
Saudi Arabia
Singapore
Syria
Viet-Nam

77.5
33.5 All other:
13.3 Algeria
23.6 Ethiopia and Eritrea
.5 French Somaliland
9.9
Ghana
14.8 Liberia
17.3 Libya
4.9
Madeira Islands
n.a.
3.6
.6
n.a.
15.3

1
Excludes nonnegotiable, non-interest-bearing special U. S. notes
held by the International Development Association and the Inter-American
Development Bank.

agencies (including official purchasing missions, trade and ship
missions,
diplomatic and consular establishments, etc.).
4
Includes $1,031 million representing increase in U. S. dollar subscription to the IMF paid in June 1959.
5 These figures reflect the inclusion of data for banks initially included
ass of
oi June
junc 30.
J\>.
6 Includes Bank for International Settlements.
1
lerican Development Bank.
Beginning with 1960 includes Inter-America]




Area or country

2.5

2.8

1.2
1.2
5.6

2.3

2.5
9.4
1.4
1.8

6.9
1.4

1.8
9.6
5.0
6.3
1.2

1.9
4.2

.5

.6

27.8

18.7

.4
9.3
.9

13.0

20.3
17.6

16.8

Morocco (incl. Tangier)
43.5
Mozambique
2.9
New Caledonia
1.4
New Zealand
6.9
.2
Rhodesia and Nyasaland, Federation of...
Somali Republic
1.3
Sudan
5.2
Tunisia
.3

.6

5.6
.9

57.8

64.3

1.0
.7

6.4
1.0

2.0
.4

2.0
1.3
6.8
.3
.8
1.6
8.4

.9

2.2
1.4

35.1
3.9
3.5
1.9
2.8

1961

n.a.

34.6
.9
n.a.
1.6
27.1
n.a.
n.a.
4.4
n.a.
10.1
n.a.

24.9
3.2
2.6
7.9

.5
11.1
.8
1.1
21.9
5.4
.7
93.0
1.6
n.a.
4.0
n.a.
1.7
n.a.
1.2

8
Decline from September reflects reclassification of deposits for
changes
in domicile over the past few years from Cuba to other countries.
9
Except where noted, data based on reports by banks in the second
(N. Y.) F. R. District and are a partial breakdown of the amounts shown
in the
"other" categories in Tables la-lc.
1
o Based on reports by banks in all F. R. districts.
11 Before 1960, data for the Bahamas included with The West Indies
federation.
12 Excludes Jamaica.

NOTE.—For back figures and description of the data in this and the
following tables on international capital transactions of the United States,
see "International Finance" Section 15, Supplement to Banking and Monetary Statistics.

284

INT'L CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(In millions of dollars)
Payable in dollars

End of period, or area
and country

To banks and official institutions

To all other foreigners

Payable
in foreign
currencies

Total
Total

Deposits

U.S.
Treasury
bills and
certificates i

Other 2

Total

Deposits

U.S.
Treasury
bills and
certificates

Other 2

Total amounts outstanding
1957
1958
1959
I960

.

...

15,158
16,159
19,389
21,272

12,847
13,669
16,913
18,929

1961—Dec

22,415

19,909

1962 Jan
Feb
Mar
Apr
May

22,362
22,667
'23,083
'23,267
'23,404
'23,934

19,839
20,085
'20,445
'20,611
'20,743
'21,083

'24,043
'23,611
'24,147
24,515
25,203
25,174
24,984

'21,190
'20,878
'21,361
21,730
22,400
22,413
22,272

June

.

July
Aug
Sept
Oct
Dec.*

5,875

6,772
6,341
7,568
8,635
9,132

5,840
5,823
9,245
9,960

1.132
1,075
1,328
1,401

9,751
9,232
9,500

1,524

9,119
8,754
9,074
8,774
8,616

10,218
10,011
10,409
10,973

1,475
1,466
1,473
1,526
1,560
1,495

8,684
8,365
8,280
8,197
8,486
8,430
8,510

10,973
11,020
11,645
12,082
12,463
12,459
12,226

1,533
1,493
1,436
1,451
1,451
1,524
1.536

2,252
2,430
2,398
2,230
2,356
2,361
2,430
2,454

1,766
1,951
1,833
1,849

278
306
295
148

209
174
270
233

1,976

149

230

150

2,475
2,494
2,674

1,967
1,973
2,004
2,038
2,050
2,207

151
166
156
140
100

243
290
294
297
344

107

360

161
152
184
181
167

2,676
2,553
2,540
2,531
2,520
2,557
2,568

2,209
'2,087
'2,065
2,057
2,050
2,047
2,090

107

360
'354
'367

112
109
100
108
130
116

59
59
77
113

177
177

374
362
380
361

180
246
254
282
204
143

*
2
*
*
3

*
*
*
2

Area and country detail, Oct. 1n, 1962
Europe:
Austria
Belgium

. .

Finland
France

. •

319
190
55
73

.

Germany, Fed. Rep. of
Greece
Italy
Norway

•

. . . . .

Portusal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
Total

1,205

1,154

2,823
103
1,310

2,783
87
1,157

259

221

Cuba

. •

247

916

275
66

2,166
20

208
92

815
119
12

79

43

156

112

108

151
458
885

117
440
727

102
95
285

26

24

24

1,853

1,357

1,037

12
280

11
266

10,268

9,133

3,894

65
50
6
21

90
40
43
192

109

9
80

14
331
274
271

5
20
2
7

46

2
30
7
2
49

2
28
6
2
43

342
*

37
17

30
17

2

5

28
36

25
25

*
10

24

30

29

2
1
1

4

43

43

1
14
169

34
18
96

32
17
63

*
I
15

2

*

2

2

49

439

163

134
10

4

3
#

125
2

*
*
19

*
*
*
62

236
*
*

57

536

65

278

256

221

173

25

24

17

110
17
99
76

6
*
1
1
3

13

104
17
98
75
76
13

18
14

17
14

*
*

17

193

16
189

5

53

33

2
92

3,037

5,175

921

880

3,656

1,849

1,764

42

187
24
180
112
152
15

77
7
81
36
73
1

60
7
73
36
68

16

*

1
*
7
*
5

35
25

18
11

17
6

5

*
*
2
57

*

•

*

1
11

94

Latin America:
Brazil
Chile

317
160
48
72

79

1
10

40

4

El Salvador
Guatemala
Mexico
. .
Neth. Antilles and Suri-

33
437

16
243

14
186

92

39

26

Panama ReD of
Peru

84
103

11
40

10
39

1

73
63

64
62

90
417
403

38
186
276

32
186
145

6
25

106

52
230
124

45
225
108

2
4
7

5
2
9

*
*
1
3

2,388

1,152

907

54

192

1,231

1,157

18

56

4

Uruguay
Venezuela
Other

....

Total
For notes see end of table.




8

2

*
3

*

18

*

8
1

FEBRUARY 1963

285

CAPITAL TRANSACTIONS OF THE U. S.

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued
(In millions of dollars)
Payable in dollars
To banks and official institutions

Area and
country

To all othe r foreigners

Payable
in foreign
currencies

Total
Total

Deposits

U.S.
Treasury
bills and
certificates

Other 2

Total

Deposits

U. S.
Treasury
bills and
certificates

Other 2

Area and country detai , Oct. 31 ,1962—Cont.
Asia:
Hong Kong
India
Indonesia
Iran . . . .
Israel
Japan
Korea Rep of
Philippines .
Taiwan
Thailand
Other
Total

. .
..

. .

All other:
Australia
Congo Rep of the
South Africa
U A.R. (Egypt)
Other
Total
Total foreign countries.
International
Grand total

63
49

32
41

26
23

39
27
74

37
20
68

16
20
43

2,104
147
163
78

2,083
146
139
71

326
275

6
6

12
21

30
6

22
1
24
6

21
1
24
6

7

1,185
143
129
63

721

177

323
234

92
176

224
24

6
34

3
41

3,345

3,192

1,917

1,010

266

150

147

155
31
42
13
226

150
30
39
12
194

47
30
34
10
142

93

10

4
1
2
1
30

3
1
2
*
28

3
9
8

1
*

*

5

1
12

1
39

*
*

*

31
6
2
7
6

*
*
18

2
7
5

3
40

*

1
*

*

1
1

*

*

*

*

*

*
*

1

*

3

2

*

1

*
1

*
*
3

467

425

264

138

23

38

36

1

4

20,361

17,559

7,975

8,141

1,443

2,520

2,050

108

362

282

2,520

2,050

108

362

282

4,841

4,841

512

4 4,322

7

25,203

22,400

8,486

4 12,463

1,451

1 Includes nonnegotiable, non-interest-bearing special U. S. notes held
by the International Monetary Fund, which amounted to $3,012 million
on Dec. 31, 1962; excludes such notes held by the International Development Association and the Inter-American Development Bank, which
amounted to $276 million on Dec. 31.

2

Principally bankers' acceptances and commercial paper.
3 These figures reflect the inclusion of data for banks initially included
as of June 30.
4 Includes $3»002 million of nonnegotiable, non-interest-bearing special
U. S. notes held by the International Monetary Fund.

3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Europe
End of period

Total

2,199
2,542
2,623
3,614

1957
1958 .
1959
I960

GerFrance many,
Fed.
Rep. of
114
102
57
32

140
77
54
82

Switzerland

United
Kingdom

Other

Total

56
36

34
42

98
124

211
315

654
696

30
34

38
60

121
245

234
264

534
717

Italy

Canada

Latin
America

154
243
272
421

Asia

956
1,099
1 175
1,356

1,052

l,519

All
other

386
435

50
69

586

56
69

1961 Dec

r

4,746

42

165

35

105

181

239

767

537

1,838

85

1962 Jan
Feb
Mar
Apr

•-4,623
r
4,738
r
4,922
r
4,901
r
4,884
r
4,821

40
44

157
155

36
39

68
71

163
160

214
215

678
683

52
47
55
55

144
161
139
129

37
41
37
36

76
68
68
68

92
89

159
142
158
151

222
207
229
254

690
667
686
693

483 1,440
1,930
496 rr 1,470 rr2,000
540
l 510 r 2 087
517 1,535
2,081
453 r l 579 r 2 062
431 1,543 r 2,038

94
101
103
117

r
4,878
r
4,876
r

55
51
42
43
47
62
68

129
137
139
135
143
139
186

36
43
39
41
45
43
53

68
67
69
68
75
64
75

151
161
166
163
201
210
223

254
244
255
277
252
221
273

693
703
709
726
763
739
877

436
451
430
443
547
489
446

1,546 '2,087
1,540 r 2,058
1,522 r 2,044
1,521
1,981
1,524 1,983
1,563 1,940
1,618 2,013

117
124
127
138
135
133
146

May

June
June i
July
Aug
Sept
Oct .
Nov P
Decp

.

...

4,832
'4,809
4,952
4,864
5,101

1

These figures reflect the inclusion of data for banks initially included
as of June 30.
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to and acceptances made for foreigners; drafts drawn against




r

foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes convertible currencies
held by U. S. monetary authorities.
See also NOTE to Table 1.

286

1NTT CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
3a. Other Europe

Total

End of period

1957
1958...
3959..
i960....

6
7
4

211
315
234
264

....

Belgium

Austria

Denmark

2

65

11
14
18
13

25
65
56

Finland

Greece

4
6
8
9

Netherlands

Norway

29
56
38
33

23
22
7
17

6
7

5
6

Portugal

Spain

Sweden

Turkey

8
30
8
8

10
24
19
28

76
72
47
49

3
11

2
2
2
4

Yugoslavia
*
1

Other

10
9
18
19

1961—Dec

239

5

20

11

23

6

54

27

5

11

35

16

9

17

3962 Jan
Feb.
Mar
Apr.
May
June.
July

214
215
222
207
229
254
244
255
277
252
221
273

4
5
4

18
19
17

23
23
24

5
4
4

60
61
66

26
22
20

17
18
18

7
7
11

24
26
27

4
4
5

28
28

58
62
59

5
5

57
55

21
23
24

13
16
12

17
19
20

16
17

13
13
37

27
31

7
7
4
5
5
6
6
6

19
21
23

15
18
18

28
31
32
30

5
6
7
6

60
49
24
27

2
3
5
5
5
7
8
9
11

14
17
15

5
6
5

13
9
8
7
9

8
9
9

22
24
23
21

16
15
18
18

41
24
12
42

El
Sal- Guate- Mexico
vador mala

Neth.,
Antilles
and
Surinam

Panama,
Republic of

AUK.

Sept
Oct

Nov.**
Dec *"

7
6

19
19

7
7
7
7

15
16
21
31

11
11
11
12
10
10
14

26
27
28
27
28
35

12
18

6
6
S

6

21

23
23
22
22
26
28
26
27

3 b. Latin America

BoTotal Argentina
livia

End of period

1957 . .
1958
1959
1960. .

Colombia

Brazil Chile

Cuba

Dominican
Rep.

1961—Dec

r

l,519 192

6

117
225
186

127

125

19

13

8
10
15
22
17

1962 Jan
Feb
Mar

'1,440
r
l,470
r
l,510
'1 535
' 1 , 579
'1,543

179
184
205
203
204
188

5
6
5
5
5
6

129
130
137
161
173
200

126
125

18
19

12
11

14
16

139
154

134
160
160
156
163
143

18
18

10
12

14
15

'1,546
'1 540
r
l,522
r
l,521
1,524
1,563
1,618

189
177

6
6

200
199

154
164

143
147

17
18

15
15

158
161
174
174
188

138
137
151
138
131

17
17
17
17
17

15
14
13
19
24

3
3
3
4

956 28
1,099 40
1,175 60
1,356 121

Apr

May
June
June 1
July
AUK

Sept
Oct
Nov P1
Dec..-'

8
4
4
5
6

164
183
169
182
181

100
148

191
196
188
180
171

33
52
59
73

103

51
68
80

120
120

113
166

15
19

115
26

29
16

17
17

14
15

Peru

Uruguay

31
31
36
44

42
52
47
57

73
71
70

8
12
10
14

231
293
291
343

2

20

423

13

18
23
18
23
32

411
396

9
10

19
19
18
18
17
13

432
433

9
6
9
9
9
7

43
41
41
52
59
41

71
74

80
81

61
68

11
12

13
14

409
393

7
7

41
37

397
369
376
400
418

10
11
10
7
9

36
36
32
32
30

81
83

68
63

14
16
17
18
19

11
10
12
12
16

427
408

6

4
8

247
234

51
53
57
66

55

'144

74

61
62

'136
r
156
r
141
'132
'131
'122

71
68

60
61

86
86
87
84
85

Vene- Other
zuela

80
89
99
107
122

170
142

'122
'125
'122
'115
94
104
102

69
68

71
71
71
80
74
75
81
82
98

3c. Asia and All Other
Asia
End of period
Total

1957
1958
1959....
1960

Hong India
Kong

386
435

7
6

586

10

1,052

9

1961—Dec.

r

l,838

9

1962—Jan
Feb .
Mar
Apr
May
June.

'1,930
'2,000
r
2,087
r
2,081
r
2,062
r
2,038

10
9
10
12
11
11

'2,087
'2,058
'2,044
1,981
1,983
1,940
2,013

11
11
11
13
13
13
13

June i . . . . .
July
Aug
Sept
Oct...
Nov.*
Dec.* 3 ......

Fox notes see preceding page.




6
4
6

9
8
10

10
11
13
12
14

14
14
14

18
18
18
20

All other

Iran

Israel

Japan

22
27
29
33

24
23
14
24

806

31

36

30
28
28
30
32
24
24
24
25
23
21
23
25

Phil- Taiippines wan
53
67
24

9

19

'1.476

114

36
37
41
39
43
39

1,554
1,641
1,734
1,723
1,711
1,709

133

39
38
37
36
37
34
37

1,757
1,764
1,766
1.710
i;709
1,660
1,731

146
179
324

118
114
108
107
91

91
76
69
69

70
77
74

6
6

Thai- Other Total
land

Australia

Congo,
Rep.
of the

South
Africa

U.A.R. Other
(Egypt)
1
3

110
111
155
121

50
69
56
69

13
13
18
28

5
4

7

14
13
15
24

3

12
21
12
11

3

19
29
21
24

10

34

119

85

29

6

10

13

27

11
11
9
9
6
7

34

33
33
33
30
30

114
113
108
114
110
113

92
89
94
101
103
117

31
31
32
33
33
35

6
3
3
4
4
4

11
11
11
11
11
11

14
13
16
21
22
24

31
31
32
32
33
44

7
6
6
8
9
8
9

30
30
33
30
32
33
41

114
96
84
74
74
73
62

117
124
127
138
135
133
146

35
34
40
46
45
44
41

4
2
4
4
2

11
12
12
12
11
12
10

24
26
23
25
23
25
26

44
49
48
51
53
50
67

3

~>
2

2

287

INT'L CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(In millions of dollars)
Short-term
Payable in foreign currencies

Payable in dollars
End of period, or area
and country

Longterm—
total i

Loans to—
Total
Total

Banks and
official
institutions

Others

Collections
outstanding

Other

Total

Deposits
with
foreigners

Other

Total amounts outstanding
1957
1958
1959
1960

1,174
1,362
1,545
1,698

2,199
2,542
2,623
3,614

2,052
2,344
2,406
3,135

627
840
848
815

303
428
460
482

423
421
516
605

1,233

1961—Dec...

2,034

'4,746

'4,160

'1,028

618

694

'1,821

1962—Jan.. .
Feb..
Mar..
Apr...
May.
June.

2,060
2,096
2,153
2,100
2,094
2,189

'4,623
'4,738
'4,922
'4,901
'4,884
'4,821

'4,165
'4,296
'4,449
'4,443
'4,374
'4,342

1,017
1,102
1,228
1,251
1,318
1,328

617
623
644
679
570
539

708
715
732
726
711
698

1,823
1,855
1,845
1,788
1,775
1,778

June 2
July..
Aug..
Sept..
Oct.. .

2,189
2,209
2,200
2,184
2,131
2,144
2,155

'4,878
'4,876
'4,832
'4,809
4,952
4,864
5,101

'4,397
'4,386
'4,369
'4,317
4,327
4,295
4,558

1,338
1,304
1,274
1,277
1,243
1,195
1,312

543
559
604
592
631
643
650

703
701
698
690
706
718
740

1,813
1,822
1,793
1,759
1,747
1,738
1,857

NOV.P7

Dec.*

699
656
582

147
198
217
480

132
181
203
242

15
16
15
238

586

385

200

458
443
473
459
510
479

287
288
307
274
293
313

171
154
166
184
217
165

481
490
463
493
625
569
542

316
311
304
312
419
364
371

165
179
159
181
207
205
171

Area and country detail, Oct. 31, 1962

Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of...
Greece
Italy
Netherlands
Norway

58
7
10
9
24

7
16
10
31
47

7
12
9
31
40

3
1
*
3
9

13
32
7

143
6
45
49
27

111
5
43
40
27

24
*
7
4
5

24
15
75
24

22
14
40
24

187

2
3
13

1
1
6
25
11

20
5
17
12
2

27
*
10
1
17

33
*
2
10
1

27

3
4
1
14
21

2
3
6
8
3

3
6
7
6

2
2
35

2
2
22

69
6
28

24
3
2

12

27
2
15

132
.....

113
.....

40
9
23
2

2
10

Portugal
Spain
Sweden
Switzerland
Turkey

27
10
42
20

United Kingdom
Yugoslavia
Other

26
2

201
6
28

563

763

535

129

121

121

165

228

190

38

299

547

279

11

152

7

109

268

116

151

60
*
266
24
67
1

169
4
188
174
151
17

143
4
147
174
151
17

30

20

54
1
33
83
56

25

51
23
44
1

39
3
22
25
25
16

25

41
42
26

9
202

13
12
17
376

13
12
17
372

1
1
81

6
7
34

4
8
120

6
28
7
52
31

6
41
80
14
17

313

519

72

68

Total
Canada

-

Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands Antilles and
Surinam
Panama, Rep. of
Peru
Uruguay
Venezuela
Other
Total
For notes see end of table.




He

2
136

10

10
32
87
99
93
80

10
5

160
72

32
87
99
94
81

12
17

10
13
4
14
16

901

1,524

1,452

334

285

21
13
1

19

288

INTL. CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued
(In millions of dollars)
Short-term
Payable in dollars
Longterm—
total i

Area and
country

Payable in foreign currencies

Loans to—

Total

Banks and
official
institutions

Total

Collections
outstanding

Others

Other

Total

Deposits
with
foreigners

Other

Area and country detai I, Oct. 31, 1962—Cont.
Asia:
Hong Kong
India

3
16

13
17
*

13
18

5
6
*

12
28

•
21
37

21
37

3
4

Japan
Korea Rep. of.
PhiliDoines

62
*
61
1

1,670
5
70
9

Thailand
Other

3
10

1,709
5
70
9
32
69

32
68

634
*
48
3

196

1,983

44
40
29
2
58

45
2
11
23
53

Iran
Israel

...

Total
All other:
Australia
Con co Ret) of the
South Africa
U A R (EevDf)
Other
Total
Total foreign countries.

4

1
3

4
8
*

*
*
3
26

8
**

16
4

2
26

146
4
4
4

864
1
9
2

7
38

4

5
22

1,942

748

46

31
2
9
23
52

2
*

4

9
10

*
22

*

*
1

*

39

39

*

*

*

20
4

1

i

*

217

931

41

41

*

15
2
8
2
20

10

14

1

12

*

2

2

*
*
*

12
1

*
1

172

135

118

21

26

47

24

17

4

13

2,131

4,952

4,327

1,243

631

706

1,747

625

419

207

2
These figures reflect the inclusion of data for banks initially included
as of June 30.

* Mainly loans with an original maturity of more than 1 year.

5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITTES9 BY TYPE
(In millions of dollars)
U. S Govt. bonds & notes

Period

Purchases

Net purchases
or sales

Sales

Total
1959
I960
1961
1962»
1961—Dec
1962—Jan
Feb
Mar
Apr
May
July
Sept
Oct
NOV.P

Dec.P

^

Sales

2,158
2,167
3,161
2,509

435
252
223
34

-728

2 -286

2,593
2,419
3,384
2,543

32

54

1

286

273

58
269
272

-28
-125
-129
'-37
'-156
'-21
26
-211
-8
2-34
2 -67
2 62

257
238
268

220
208
234
211
260

86
30
144
142
104
142
115
146
135

528

141
299
136
119
347
334
110
319
105

2

-19
-62
-49

-24
'-93
'-18
31
-32
-44
2-32
2 -6
2 62

233
286
245
168
163

125
155
210
196

1 Includes small amounts of State and local govt. securities.
2 Excludes nonmarketable U. S. Treasury bonds, foreign currency
series, as follows (in dollar equivalents): issued and payable in Italian
lire (Oct., 25 million, Nov., 124 million, D e c , 50 million) and in Swiss
francs (Oct., 23[million, Nov., 28 million).




l

Purchases

527
-98
172

1,603
1,231
2,508

327

Foreign
countries

689
127
512

1,217
1,730
1,744
2 1,780

2 77
2 251
2 167

U. S. corporate securities

309
200
156
140
160
198
212

Foreign bonds

Net pur- Purchases or chases
sales

Sales

Foreign stocks

Net pur- Purchases or chases
sales

Sales

Net purchases or
sales

1,093

1,458
1,445
1,262
2,009

-512
—562
-460
-916

566
509
596
699

804
592
966
777

—370

14

64

107

-43

59

140

—81

37
30
34
22
26
-64
—32
7
-15
-5
12
-16

93
106
95
79
125
56
64
50
44

91
160
145
114
301
136
89
65
100
401
201
206

2
-53
-50
-35
-176

58
51
58
57
79
70
48
45
44
58

80
87
90
67
79
108
37
41
39
40
48

—22

946
883
802

251
70
60

-80

-24
-15
-57
— 151
— 131
-146

69
61

-238
-83
-78

— 36

—32
— 10

—38
11
4
4
18
22

61

NOTE.—Statistics include transactions of international organizations.
See also NOTE to Table 1.

289

INTL. CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

6. NET PURCHASES OR SALES BY FOREIGNERS OF U. S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Country or area

Type of security
Period

Total i
Belgium

Switzerland

United
Kingdom

254
171
166
129

15
-48
-17
-31

21
—2
-1
1
*

46
34
16

2
-2
1
-1

4
2
-1
-2

21
-6
6

13
—29

13

-1
*
-1

4c

— 10
-5
9
-1
-3

Bonds

435
252
223
34

363
202
323
86

73
50
-99
-51

5
5
4
-4

40
38
21
5

1961—Dec

14

15

-1

1

1

1962—Jan
Feb
Mar .
Apr

37

54

-17

5

30
34
22

36
20
21

-6
14

26
-64

28
-65

2
1

-32
7

-18
7

-13
*

-15

-9
-4
21
-4

-6
-2
-8
-12

*
1
-1
*
1
-2
*
*
*
*

1959
I960
1961
1962"

May

June
July
Aug

Sept
Oct

e

Nov v5
Dec.*
1

12
-16

Netherlands

France

Stocks

31
1
20
6

5

2

-1

*

-1
6

-3

18

-15

8
-10

Total
Europe

Canada

35
66
38
-7

379
234
232
98

-112

-25

5

3

10

—3

55

-2
—1

15
-28

Other
Europe

*
-1
*
2
j
2

-3
—2
2
-4

37
16
34

-30
-45
-43

-19
-9
17

43
-36

-6
1
-14

-23
1

-13
1

-10
-7
6
-15

-4
2
*
2

Latin
America

All
other i

40
36
44
-21

46
28
58

4

7

4

-3
3
3
-8

-1
2
-10
-4
*
-2
1
*
-3
«

-8
-9
4
8
*

10
2

NOTE.—Statistics include small amounts of State and local govt.
securities.

Includes transactions of international organizations.

7. NET PURCHASES OR SALES BY FOREIGNERS
OF LONG-TERM FOREIGN SECURITIES, BY AREA

8. DEPOSITS, U. S. GOVT. SECURITIES, AND GOLD HELD AT
F. R. BANKS FOR FOREIGNERS

(In millions of dollars)

(In millions of dollars)

Period

1959
1960 . .
1961
1962^

Total
Inter- foreign Europe
national countries
-157
— 147
-165

Canada

-593
— 498
-832
-829

-50
-117
-262
-161

-443
-196
-318
-353

Latin
Amer- Asia
ica

All
other

11
-107
-58
-89

-97
-41
-121
-175

-15
-36
-73
-50

1961—Dec...

-7

-116

-85

-28

1

-9

6

1962—Jan
Feb...

*
-96
-28
-21
-11
*
4
4
9
-4
-10
-4

-20

-9
-22
-57
-23
-22
-66
9
-14
8
29
4
2

22
2
8
2
-91
-31
8
3
-14
-125
-95
-41

_1
4
*
1
-3
-18
*
*
2
-2
*
-73

-9
-11
-5
-3
-26
c

-23
33
1
1
-23
3
-26
1
*
-24
2
7

Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov. P .
Dec. P .




6

-54
-24
-165
-117
-10
-14
-61
-128
-99
-142

—1

-5
-57
-6
-10
-36

Assets in custody
End of period

Deposits

U. S. Govt.
securities 1

Earmarked
gold

1958
1959
1960
1961

272
345
217
279

3,695
4,477
5,726
6,006

8,538
9,861
11,843
11,905

1962—Jan..
Feb..
Mar.
Apr..
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.

229
204
221
230
223
334
248
168
229
182
202
247

5,403
5,432
5,762
5,551
5,754
6,228
6,026
6,407
6,767
7,137
7,132
6,990

11,969
12,006
12,148
12,230
12,308
12,368
12,678
12,689
12,687
12,706
12,680
12,700

1963—Jan..

197

7,033

12,789

1
U. S. Treasury bills, certificates of indebtedness, notes, and bonds;
includes securities payable in foreign currencies.

NOTE.—Excludes deposits and U. S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and
international accounts (for back figures, see "Gold" Section 14, Supplement to Banking and Monetary Statistics).

290

ENTTL CAPITAL TRANSACTIONS OF THE U. S.

FEBRUARY 1963

9. 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
5th revised ser. l

5th revisecI ser.1
1961

Area and country

1962

1961

1962

1962
III
Europe:

Italy

Spain
Sweden

I

IV

II

II

1962
IllP

I

IV

III

II

2
25
3
1
41

2
31
5
1
32

2
27
5
1
33

7,
23
4
1
28

2
24
5
1
30

3
24
5
34

4
17
6
2
37

4
25
7
2
46

3
26

40
2
30
49
9

34
2
31
44
10

30
2
24
43
8

32
22
41
8

34
2
25
41
8

38
3
27
27
9

76
2
34
23
8

1
5

1
8

1
10

1
8

1
8

1
11

39

39

25

15

18

25

6
9
19
16

110
2
2

111
3
1

120
5
2

117
6
2

122
6
3

115
4
2

188
2
5

371

366

350

45

49

45

7i

€i

24
5
5
2

25
5
2
2

1
1

1

5
5

8

13
2
4
22
10

II

2
46

4
22
7
2
37

5
25
g
3
43

78
3
47
28
10

101
3
51
35
10

118
4
60
43
12

130
4
67
47
12

5
12
19
18

7
12
21
28

7
14
22
24

7
16
23
27

198
2
6

194
2
8

165
2
5

178
2
7

25
34
6
245
2
6

Turkey
Other
Total

Latin America:
Argentina
Bolivia
Chile
Cuba
Dominican Republic
El Salvador
Guatemala
Neth Antilles and Surinam

Other
Total
Asia:
Indonesia
Iran
Israel

Other
Total
All other:
Australia
South Africa
U A R. (Egypt)
Other
Total
International

.

4

49
106
62
37

13
6
15

341

341

460

516

560

552

609

654

47

58

67

655

607

687

679

723

822

€

8

9
2
23
5
3
1

34

36

32

75
4
3
2

9
1
265
3
2

36

27
4
2
2

91
17
14
7

(4
19
13
5

60
21
13
5

59
21
14
6

68
24
16
7

90

1

1

1

1

8
12

4
8

6

8

6
5

3
3
5
49
2

3
3
5
41
2

3
3
5
42
2

4
3
5
41
3

4
3
6
52
3

4
3
6
50
2

12
6
1
20
12

27
6
3
19
8

15
4
2
19
8

15
5

2
21
9

18
3
5

6
18
4

9
It
5

58

46

24

5
44
39

10
235

45

10
12
4
38
31

11
14

19
16

9
14
4
46
28

38
43

109

105

126

105

112

117

356

295

295

289

337

350

3
6
7

3
8
6

3
6

2
8

2
10

4
12
2

4
15
3

3
24
2

4
29

2

3
13
3

3
40

2

3

3

3

5

3

1

1

S

10

11

10

14

5
12

71
*
7
1
3
15

62
*
8
2
3
11

68
*
9
1
3
11

2
4
2
5
1
57
*
4
*

59
*
5*

66
1
5*
3
15

100
2
5
3
3
22

96
3
9
4
3
31

11!
3
9

5
17

80
1
8
7
3
20

101
3
11

16

63
1
7
2
3
19

122

114

115

98

107

111

129

155

176

192

223

12
*
42
13

11
*
13
18

13
*
11
2
15

13

13

17

10
10
18

25
3
8
15
14

23
2
9
15
17

25
3
10

18

22
2
10
11
19

24

141

14
*
121

25

12
1
16

17
22

12
32

30
*

44
*

42

43

46

45

63

64

64

6(

77

1

1

1

676

680

677

681

1,664

1,638

6

i Includes data for a number of firms reporting for the first time on
June 30, 1962 (5th revised series).
N OTE .—Reported by exporters, importers, and industrial and com-




4
27

616

•

665

32

1,783

5
3
33

17
7

4
30
2H

11

*

*

1

1,778

1,970

2,132

mercial concerns in the United States. Data exclude claims held through
U. S. banks, and intercompany accounts between U. S. companies and
their foreign affiliates.
See also NOTE to Table 1.

FEBRUARY 1963

291

U. S. BALANCE OF PAYMENTS
U. S. BALANCE OF PAYMENTS
(In millions of dollars)
1959

Item

1960

1961

1962

in

IV

6,952
4,922
2,030

6,656
4,673
1,983

7,638
5,308
2,330

6,995
5,015
1,980

7,806
5,497
2,309

7,126
4,898
2,228

5,276
3,400
1,106
770

5,595
3,458
1,381
756

6,078
3,682
1,697
699

5,974
3,974
1,278
722

5,882
3,946
1,184

6,318
4,077
1,495
746

6,487
3,973

1,885

1,544

1,357

578

1,664

-680
-232
-448

-694
-216
-478

-706
-218
-488

-633
-213
-420

-696
-231
-465

in

rv

Exports of goods and services, total .
Merchandise
Services2

5,950
4,058
1,892

6,448
4,343
2,105

6,280
4,615
1,665

Imports of goods and services, total..
Merchandise
Services
Military expenditures

6,228
3,847
1,595
786

5,944
3,974
1,216
754

5,740
3,830
1,139
771

Balance on goods and services1

-278

504

540

Unilateral transfers (net)
Private remittances and pensions..
Government nonmilitary grants...

-547
-214
-333

-675
-206
-469

-582
-201
-381

U.S. long- and snort-term capital (not)
Private, total
Direct investment
Portfolio and short-term investment
Government

-607
-557
-224

-595
-838
-419

- 8 8 3 -1,131 -1,088 -1,885 -1,372
-943 -1,545 -989
-653
-741
-327
-441
-303
-733
-331

-748
-228
-520
-540 -1,104 -1,863 -1,268 -1,166
-866
-637 -1,372
-955
-720
-196
-341
-324
-369
-496

-163
-220

-419
243

-350
-230

-410
-390

-616
-145

-812
-340

-631
415

-296
-467

-1,003
-491

-670
-402

-224
-446

1,440

620

851

1,014

1,239

1,156

506

185

916

1,460

752

428

809

1,109
164
167

425
123
72

586
215
50

740
180
94

548
54
637

254
-19
921

38
122
346

314
201
-330

626
20
270

881
123
456

402
160
190

550
85
-207

296
-37
550

146

74

-100

-90

-476

16

-296

243

-565

151

-64

1

Foreign capital and gold (net)
Increase in foreign short-term assets and Government securities.
Increase in other foreign assets...
Gold sales by United States 3
Errors and omissions..

-8

in

rv

6,882
5,008
1,874

6,581
4,691
1,890

7,270
5,145
2,125

6,820
5,012
1,808

6,045
3,858
1,429
758

6,018
3,551
1,670
797

5,385
3,484
1,179
722

837

563

-620
-202
-418

-624
-207
-417

Excludes military transfers under grants.
Includes military transactions.

-548
-383

752
1,113

1,784
730

1,488

639

-686
-221
-465

-659
-218
-441
-345
-355
-189
-166
10

-444

3 Beginning with the first quarter of 1961, net of change in convertible
currencies held by U.S. monetary authorities.
NOTE.—Dept. of Commerce estimates.

OPEN MARKET RATES
(Per cent per annum)
United Kingdom

Canada
Month

Treasury Day-tobills,
day
3 months 1 money 2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

France
Bankers'
allowance Day-today 3
on
deposits money

Germany
Treasury
bills,
60-90
days'*

1959—Dec
I960—Dec

5.02
3.53

4.30
3.16

3.72
4.64

3.61
4.44

2.85
3.88

2.00
3.12

4.07
3.70

3.75
3.75

1961—Dec

2.82

2.37

5.61

5.35

4.83

4.00

3.58

1962—Jan
Feb
Mar
Apr
May

3.08
3.11
3,10
3.08
3.36
4.48
5.47
5.15
5.03
4.46
3.81
3.88

2.69
2.63
2.81
312
3.00
3.55
4.89
5.03
4.99
4.64
3.82
3.75

5.65
5.65
5.13
4.50
4.14
3 98
4.09
4.02
3.93
3.92
4.03
3.86

5.35
5 41
4 86
4 26
3.94
3.80
3.90
3.79
3.69
3.71
3.77
3.64

4.78
4,72
4.32
3.70
3.24
3,30
3.33
3.32
3.36
3.16
3.31
3.30

4.00
4.00
3.46
2.93
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50

3.51
3.56
3.65
3.93
3.98
3.59
3.66
3.46
3.48
3.51
3.50

July
Aug
Sept
Oct
Nov...
Dec

1
Based on average yield of weekly tenders during month.
-3 Based on weekly averages of daily closing rates.
Rate shown is on private securities.
4
Rate in effect at end of month.
5
Based on average of lowest and highest quotation during month.




Netherlands

Day-to- Treasury
day
bills,
money 5 3 months

Day-today
money

Switzerland
Private
discount
rate

3.56
4.31

2.52
1.51

.50
.13

2.00
2.00

2.00

3.06

1.32

.11

2.00

1.88
1.88
2.00
2.13
2.13
2.25
2.38
2.50
2.50
2.63
2.63
2.63

2.00
2.06
3.13
2.75
2.56
3.31
2.94
2.50
3.06
2.50
2.56
3.50

1.31
1.02
1.81
2.13
2.46
2.32
2.21
1.53
1.57
1.96
1.85
1.98

.35
.80
L59
1.75
1.75
1.69
1.78
1.03
1.10
1.50
1.47
1.24

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.CO

NOTE.- For description of rates and back data, see "International
Finance,' Section 15 of Supplement to Banking and Monetary Statistics,
1962.

292

MONEY RATES

FEBRUARY 1963

CENTRAL BANK R ATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months

Rate as of
Jan. 31, 1962

1962

Country
Per
cent
Argentina
Belgium .
Brazil

...

Ceylon2
Chile

.....

.

• •

Costa Rica
Cuba
Denmark •
Egypt
El Salvador
Finland'
Greece

•• •••

India 4
Indonesia

•

Israel
Italy
Japan

Nicaracua
Norway
Pakistan
Peru
Philippine Republic 5
South Africa
Sweden

..

•

Switzerland
Thailand
Turkey
United Kingdom

...

Month
effective

6.0
5.0
4.25
10.0
3.0

Dec.
Mar.
Jan.
Apr.
Nov.

1957
1960
1962
1958
1957

3.35
4.0
15.27
5.0
3.0

Jan.
Aug.
Jan.
Aug.
Apr.

1962
1960
1962
1959
1939

6.0
6.5
5.0
3.0
6.0

Jan.
May
Nov.
Nov.
June

1960
1961
1956
1952
1961

6.75
3.5
3.0
6.0
3.0

Mar.
Oct.
May
Nov.
Jan.

1959
1960
1961
1960
1962

9.0
4.0
3.0
6 0
5.56

Dec.
May
Apr.
Nov.
Dec.

1960
1957
1946
1960
1961

6.0
3.5
7.3
4 5
3 5

Feb.
June
Sept.
June
Nov.

1955
1958
1961
1942
1959

7.0
6.0
3.5
4.0
9.5

Mar.
Apr.
Feb.
Jan.
Nov.

1961
1954
1955
1959
1959

6.0
2.0
4.5
4.0
5.0

Jan.
Jan.
Dec.
June
Jan.

1962
1944
1961
1961
1960

2 0
7.0
7.5
6.0
4.5

Feb.
Feb.
Mav
Nov.
Dec.

1959
1945
1961
1961
1960

Feb.

Mar.

Apr.

June

July

46

Aug.

Sept.

Oct.

Nov.

3 75

Dec.

3.42

3.37

3.32

3.77 16.0

6.0
5.0
3.5
10.0
4.0

3 5

5.5

5.0

4.0
4.0
14.62
5.0
3.0

4.0

14 62

6.0
6.5
5.0
5.0
6.0

5.0
8.0

7.0
5.5

4.5

5.44

4.70

4.31

Rate
as of
Jan. 31,
1963

Jan.

4.0

4.09

4.0

3.94

4.06

6 94

3.86

6 57

4.6

3.5

7.0
3.5
3.0
5.5
3.0
9.0
4.5
3.0
6.0
3.86
6.0
3.5
6.57
4.5
3.5
7.0
6.0
3.5
4.0
9.5

40
45

65 0

45

1 On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average rate but will not be more than the bank rate.
2 Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3 Rate shown is for advances only.
4
Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
s Beginning with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U. S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of development loans was reduced from 6 to 3 per cent.
6 On Mar. 8, 1962 the discount rate had been reduced to 5.5 per cent.
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate




May

1963

40

3 5
3.5

4.0

6.0
2.0
3.5
4.0
3.5
2.0
7.0
7.5
4.0
4.5

shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some of
these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—3.5 per cent for agricultural and industrial development
paper of up to 150 days, 3 per cent for economic development paper
of up to 5 years, and 2 per cent for specific small business, cooperative
and employee paper;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent "or sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commerical purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the Central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against government bonds or gold and 5 per cent on advances against securities of Venezuelan companies.

FEBRUARY 1963

FOREIGN EXCHANGE RATES

293

FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)

Australia
(pound)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

Denmark
(krone)

Finland
(markka)

France
(franc)

5.556
2.506
2 207
5.556
1.2730
I 2026
[.2076
l .9080

222.57
223.88
223.81
223.71
223.28
223.73

3.8539
3.8536
3.8619
3.8461
3.8481
3.8685

1.9906
2.0044
2.0012
2.0053
2.0052
2.0093

104.291
103.025
104.267
103.122
98.760
2 93.561

20.913
21.049
21.055
21.048
21.023
21.034

14.482
14 482
14.508
14 505
14.481
14.490

.3995
3118
.3115
3112
.3110
.3107

.2376
.2374
.2038
20 389
20.384
20.405

Dec

1.2056
[ 2054
.2081
n444
.9 600
.8601
.8130
.8121
.7874
.7392
.6830
.7057

223.98
224.27
224.32
224.22
224.07
223.77
223.63
223.41
223.18
223 21
223.26
223.37

3.8647
3.8643
3.8659
3.8690
3.8698
3.8700
3.8700
3.8700
3.8700
3.8701
3.8680
3.8694

2.0086
2.0086
2.0086
2.0080
2.0089
2.0098
2.0103
2.0105
2.0093
2.0094
2.0098
2.0098

95.678
95.335
95.277
95.232
2 92.394
91.911
92.654
92.777
92.848
92.914
92.849
92.924

21.051
21.039
21.058
21.059
21.057
21.039
21.036
21.021
21.008
21.009
21.011
21.013

14.527
14.522
14.534
14.510
14.496
14.511
14.483
14.458
14.443
14.442
14.455
14.498

.3108
3107
.3107
.3107
.3107
.3107
3106
.3106
.3106
.3106
.3106
.3106

20.403
20.402
20.405
20.405
20.405
20.405
20.405
20.405
20.405
20.405
20.405
20.404

1963—Jan

.7466

223.49

3.8694

2.0086

92.823

21.021

14.487

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Italy
(lira)

Japan
(yen)

Malaysia
(dollar)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

1957
1958
1959..
1960
1961 . .
1962

23 798
23.848
23 926
23.976
24 903
25 013

20.910
21.048
21.031
20.968
20.980
21.026

279.32
280.98
280.88
280.76
280.22
280.78

.16003
.16006
.16099
.16104
.16099
.16107

.27791
.27791
.27781
.27785
.27690
.27712

32.527
32.767
32 857
32.817
32 659
32.757

8.0056
8.0056
8 0056
8.0056
8 0056
8.0056

26 170
26.418
26 492
26.513
27 555
27 755

276.56
278.19
278.10
277.98
277.45
278.00

1962—Jan

25.028
25.011
25 012
25.006
25 009
25.039
25 084
25.020
24.996
24. %3
24.947
25 031

21.045
21.078
21.093
21.075
21.066
21.030
21 019
21.008
20.971
20.963
20.970
20 989

281.10
281.46
281.53
281.40
281.21
280.83
280 66
280.38
280.09
280.13
280.19
280.33

.16108
.16100
.16100
.16107
.16108
.16109
.16110
.16110
.16110
.16106
.16104
.16105

.27624
.27627
.27640
.27623
.27625
.27628
.27628
.27631
.27852
.27902
.27901
.27897

32.777
32.810
32.800
32.766
32.759
32.691
32 713
32.746
32.738
32.745
32.751
32 790

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8 0056
8.0056
8.0056
8.0056
8.0056
8.0056

27.730
27.631
27 687
27.772
27 821
27.806
27 821
27 742
27.755
27 748
27.748
27 779

278.31
278.67
278.74
278.61
278.43
278.05
277 88
277.61
277.32
277.36
277.42
277.56

24.966

20.996

280.48

.16104

.27894

32.817

8.0056

27.772

277.71

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

49 693
49 695
49.721
49.770

3.4900
3 4900
3.4967
3.4937
3.4909
3.4986

139.57
139.87

2 3810
2 0579
1.6635
1.6643
1.6654

19 331
19 328
19 324
19.349
19.353
19.397

23 330
23 328
23 142
23.152
23 151
23.124

279 32
280 98
280 88
280.76
280 22
280.78

Period

Official
1957
1958
1959. . .
I960
1961
1962
1962—Jan . .
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov

3
4

Period

Feb

Mar.. . .
Apr
May .
June
July
Aug
Sept
Oct
Nov
Dec

. .

1963—Jari

Period

Free

South Africa
(pound)

(rand)

531.056

6 20.405

1957
1958
1959
1960
1961
1962

14 008
14 008
14.028
14.018
14.000
14 010

1962—Jan
Feb
Mar
Apr... .
May
June
July
Aug .
Sept
Oct
Nov .
Dec

14.027
14 037
14.037
14 033
14.022
14.013
14.005
13 994
13.982
13.983
13 989
14.000

3.5000
3.4995
3.5014
3.5032
3.5050
3.5011
3.5000
3.4996
3.5018
3.4899
3.4900
3.4902

140.02
140.20
140.24
140.17
140.08
139.89
139.80
139.67
139.52
139.54
139.57
139.64

1.6650
1.6650
1.6651
1 6651
1.6651
1.6651
1.6651
1 6651
1.6659
1.6661
1.6662
1.6664

19.348
19.388
19.408
19 424
19.428
19.436
19.428
19.432
19.410
19.409
19.363
19.278

23.158
23.111
23.042
23 011
23.098
23.172
23.162
23 136
23.129
23.139
23.170
23.167

281.10
281.46
281.53
281 40
281.21
280.83
280.66
280.38
280.09
280.13
280.19
280.33

14 000

3.4900

139.72

1.6665

19.313

23.120

280.48

1963—Jan

. .

1 Quotations not available Mar. 20-Apr. 3, 1962.
2 Effective May 2, 1962, the par value of the Canadian dollar was set at
92.5
U. S. cents.
3
Based on quotations through Mar. 19, 1962.
45 Based on quotations beginning with Apr. 4, 1962.
A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
1963.




278.28
279 93
279.83
279.71
279.48

6
Effective Jan. 1, 1963, the franc again became the French monetary
unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960.

NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics.
1962.

BOARD OF GOVERNORS
of the Federal Reserve System
WM. M C C . MARTIN, JR.,

Chairman

A. L. MILLS, JR.
J. L. ROBERTSON

C. CANBY BALDERSTON, Vice Chairman

CHAS. N. SHEPARDSON

G. H. KING, JR.
GEORGE W. MITCHELL

RALPH A. YOUNG, Adviser to the Board

CHARLES MOLONY, Assistant to the Board

ROBERT L. CARDON, Legislative

CLARKE L. FAUVER, Assistant to the Board

Counsel

OFFICE OF THE SECRETARY

DIVISION OF BANK OPERATIONS—Cont.

MERRITT SHERMAN, Secretary

M. B. DANIELS, Assistant

KENNETH A. KENYON, Assistant

Secretary

Director

JOHN N. KILEY, JR., Assistant

Director

ELIZABETH L. CARMICHAEL, Assistant

Secretary

DIVISION OF EXAMINATIONS

LEGAL DIVISION

FREDERIC SOLOMON,

Counsel
THOMAS J. O'CONNELL, Assistant

General

Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant

LLOYD M. SCHAEFFER, Chief Federal
Examiner

General

Counsel
DIVISION OF RESEARCH AND STATISTICS
G U Y E. NOYES, Director
ALBERT R. KOCH, Associate

Director

ROBERT C. MASTERS, Associate Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
JAMES C. SMITH, Assistant Director
BRENTON C. LEAVITT, Assistant Director
ANDREW N. THOMPSON, Assistant Director

HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General

DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant

Director

DANIEL H. BRILL, Adviser
FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
KENNETH B. WILLIAMS, Adviser

JOSEPH E. KELLEHER,

Director

HARRY E. KERN, Assistant

Director

OFFICE OF THE CONTROLLER

DIVISION OF INTERNATIONAL FINANCE

J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant

RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser

Controller

A. B. HERSEY, Adviser
Adviser

SAMUEL I. KATZ, Associate
RALPH C. WOOD, Associate

OFFICE OF DEFENSE PLANNING

Adviser
Adviser

INNIS D. HARRIS,

DIVISION OF BANK OPERATIONS




Coordinator

DIVISION OF DATA PROCESSING
M. H. SCHWARTZ,

JOHN R. FARRELL, Director

GERALD M. CONKLTNG, Assistant

Director

DIVISION OF ADMINISTRATIVE SERVICES

LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser

ROBERT L. SAMMONS,

Reserve

Director

LEE W. LANGHAM, Assistant

Director

294

Director

FEDERAL RESERVE BANKS AND BRANCHES

295

Federal Open Market Committee
W M . M C C . MARTIN, JR.,
C. CANBY BALDERSTON
MALCOLM BRYAN
FREDERICK L. DEMING

Chairman

Vice

ALFRED HAYES,

GEORGE H. ELLIS
W. D. FULTON
G. H. KING, JR.
A. L. MILLS, JR.

Chairman

GEORGE W. MITCHELL
J. L. ROBERTSON
CHAS N. SHEPARDSON

RALPH A. YOUNG, Secretary

MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
GUY E. NOYES, Economist
HARRY BRANDT, Associate Economist
DANIEL H. BRILL, Associate Economist

J. HERBERT FURTH, Associate Economist
GEORGE GARVY, Associate Economist
W. BRADDOCK HICKMAN, Associate Economist
ROBERT C. HOLLAND, Associate Economist
ALBERT R. KOCH, Associate Economist
FRANKLIN L. PARSONS, Associate Economist
PARKER B. WILLIS, 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

K E N N E T H V. ZWIENER,

GEORGE A. M U R P H Y , 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

CHICAGO

WILLIAM J. KORSVIK, Assistant Secretary

Federal Reserve Banks and Branches
Chairman and Deputy Chairman of Boards of Directors
FEDERAL RESERVE
BANK O F —

CHAIRMAN AND
FEDERAL RESERVE AGENT

DEPUTY CHAIRMAN

BOSTON

ERWIN D. CANHAM

WILLIAM WEBSTER

N E W YORK

PHILIP D. REED

JAMES DECAMP WISE

PHILADELPHIA

WALTER E. HOADLEY

DAVID C. BEVAN

CLEVELAND

JOSEPH B. HALL

LOGAN T. JOHNSTON

RICHMOND

EDWIN HYDE

WILLIAM H. GRIER

ATLANTA

JACK TARVER

HENRY G. CHALKLEY, JR.

CHICAGO

ROBERT P. BRIGGS

JAMES H. HILTON

ST. LOUIS

ETHAN A. H. SHEPLEY

J. H. LONGWELL

MINNEAPOLIS

ATHERTON BEAN

JUDSON BEMIS

KANSAS CITY

HOMER A. SCOTT

DOLPH SIMONS

DALLAS

ROBERT O. ANDERSON

MORGAN J. DAVIS

SAN FRANCISCO

F. B. WHITMAN

JOHN D. FREDERICKS




296

FEDERAL RESERVE BULLETIN • FEBRUARY 1963
Presidents and Vice Presidents

Federal
Reserve
Bank of

Vice Presidents
(Vice Presidents in charge of branches are
listed in lower section of this page)

President
First Vice President

Boston.

George H. Ellis
E. O. Latham

D. Harry Angney
Ansgar R. Berge

Luther M. Hoyle, Jr.
O. A. Schlaikjer

Charles E. Turner
G. Gordon Watts

New York.

Alfred Hayes
William F. Treiber

Harold A. Bilby
Charles A. Coombs
Howard D. Crosse
Marcus A. Harris

Alan R. Holmes
Herbert H. Kimball
Robert G. Rouse
Walter H. Rozell, Jr.

H. L. Sanford
Robert W. Stone
Todd G. Tiebout
Thomas O. Waage

Philadelphia,

Karl R. Bopp
Robeit N. Hilkert

Hugh Barrie
John R. Bunting
Joseph R. Campbell

Harry W. Roeder
Norman G. Dash
David P. Eastburn
James V. Vcrgari
Murdoch K. Goodwin Richard G. Wilgus

Cleveland..,

W. D. Fulton
Donald S. Thompson

Roger R. Clouse
E. A. Fink

W. Braddock Hickman Martin Morrison
Fred S. Kelly
Paul C. Stetzelberger

Richmond..

Edward A. Wayne
Aubrey N. Heflin

Robert P. Black
J. G. Dickerson, Jr.

Upton S. Martin
John L. Nosker
Joseph M. Nowlan

Benjamin U. Ratchford
R. E. Sanders, Jr.

Atlanta

Malcolm Bryan
Harold T. Patterson

J. E. Denmark
J. E. McCorvey

L. B. Raisty

Brown R. Rawlings
Charles T. Taylor

Chicago

C. J. Scanlon
Hugh J. Helmer

Ernest T. Baughman
A. M. Gustavson
Paul C. Hodge

L. H. Jones
C. T. Laibly
Richard A. Moffatt

H. J. Newman
Leland M. Ross
Harry S. Schultz

St. Louis..,

Harry A. Shuford
Darryl R. Francis

Marvin L. Bennett
Homer Jones

Dale M. Lewis
Howard H. Weigel

Joseph C. Wotawa
Orville O. Wyrick

Minneapolis

Frederick L. Deming
A. W. Mills

Kyle K. Fossum
C. W. Groth

M. B. Holmgren
A. W. Johnson
H. G. McConnell

F. L. Parsons
M. H. Strothman, Jr.

Kansas City

George H. Clay
Henry O. Koppang

Wilbur T. Billington
John T. Boysen
D. R. Cawthorne

C. A. Cravens
Ray J. Doll
J. R. Euans
F. H. Larson

L. F. Mills
Clarence W. Tow
J. T. White

Dallas.

Watrous H. Irons
Philip E. Coldwell

James L. Cauthen
Ralph T. Green
Thomas A. Hardin

G. R. Murff
James A. Parker

Thomas W. Plant
W. M. Pritchett
Thomas R. Sullivan

San Francisco.

Eliot J. Swan
H. E. Hemmings

J. L. Barbonchielli
Paul W. Cavan

E. H. Galvin
David L. Grove

A. B. Merritt
D. M. Davenport 1

1

Assigned to Los Angeles Branch.

Vice Presidents in Charge of Branches of Federal Reserve Banks

Federal Reserve
Bank of

Branch

Vice Presidents

New York
Cleveland

Buffalo
Cincinnati
Pittsburgh

I. B. Smith
F. O. Kiel
Clyde Harrell

Richmond

Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

D. F. Hagner
E. F. MacDonald
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos

Atlanta

Chicago
St. Louis




Federal Reserve
Bank of

Branch

Vice Presidents

Minneapolis.... Helena
Kansas City
Denver
Oklahoma City
Omaha

C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus

Dallas

El Paso
Houston
San Antonio

Roy E. Bonne
J. L. Cook
Carl H. Moore

San Francisco

Los Angeles
Portland
Salt Lake City
Seattle

C. H. Watkins
J. A. Randall
A. L. Price
E. R. Barglebaugh

Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System, A more complete list, including periodic releases and additional reprints,
appeared on pages 1719-1722 of the December 1962 BULLETIN. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1961. 238 pp.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.

INDUSTRIAL PRODUCTION—1957-59 BASE.

Study by a
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DEBITS AND CLEARINGS STATISTICS AND THEIR

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ALL-BANK STATISTICS,

THE FEDERAL RESERVE ACT, as amended through

FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual

October 1, 1961, with an Appendix containing
provisions of certain other statutes affecting the
Reserve System. 386 pp. $1.25.

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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

1955. 390 pp. $2.75.
SUPPLEMENT TO BANKING AND MONETARY STATISTICS. Sec. 1 Banks and the Monetary System.

HISTORICAL CHART BOOK. Issued annually in Sep-

1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items 1962. 64 pp. $.50.
Sec. 14. Gold. 24 pp. $.35. Sec. 15. International Finance. 1962. 92 pp. $.65. Sec. 11 Currency. 1963. 11 pp. $.35.

tember. Annual subscription to monthly chart
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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959. 108

pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp.
Individual books $1.00 each; set of 3 books
$2.50.
INDUSTRIAL PRODUCTION—1959 REVISION. 1960.

REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp.
PUBLISHED INTERPRETATIONS

December 31, 1961. $2.50.

229 pp. $.50.




1962.

172 pp. $1.00 per copy; in quantities of 10 or
more for single shipment, $.85 each.

297

of the Board, as of

298

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

REPRINTS
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.

GROWTH IN INSTITUTIONAL SAVINGS. May

1962.

9 pp.
SURVEY OF COMMON TRUST FUNDS, 1961.

May

1962. 7 pp. (Also, similar reprint from May
1961 BULL.)

Feb. 1953. 16 pp.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. Mar. 1953. 16 pp.

MONETARY POLICY, BANK CREDIT, AND MONEY.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pp.

SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.

REVISION OF CONSUMER CREDIT STATISTICS. Oct.

REVISION OF MONTHLY DEPARTMENT STORE INDEXES. July 1962. 6 pp.

1956. 24 pp. (Also, similar reprint from Apr.
1953 BULL.)
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958. 15 pp.

I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.

•PART

THE GOVERMENT SECURITIES MARKET. Aug.

1959.

22 pp.

July 1962. 8 pp.
July 1962. 6 pp.

ECONOMIC AND CREDIT CONDITIONS. Aug.
REVISION OF MONEY SUPPLY SERIES. Aug.

Combined reprint. Sept. 1960. 31 pp.

1962.

11 pp.
REVISION OF WEEKLY DEPARTMENT STORE SALES
INDEX. Aug. 1962. 3 pp.
THE BALANCE SHEET OF AGRICULTURE,

1962.

Aug. 1962. 10 pp.
INTEREST RATES IN THE CURRENT CYCLE.

CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.

1962.

5 pp.

Sept.

1962. 9 pp.
INTEREST RATES AND MONETARY POLICY.

Sept.

1962. 28 pp.

IMPLEMENTATION OF THE 1959 ACT ON RESERVE
REQUIREMENTS. Dec. 1960. 6 pp.

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1962. 16 pp.

SMALL BUSINESS FINANCING: CORPORATE MANUFACTURERS. Jan. 1961. 15 pp.

U. S. BALANCE OF PAYMENTS IN 1962. Oct.

STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.

INDUSTRIAL

SECURITIES

1962.

8 pp.
PRODUCTION—1957-59

BASE.

Oct.

1962. 10 pp.

CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER
TIME DEPOSITS. May 1961. 2 pp. (Also, similar
reprint from July 1960 BULL.)

FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.

SURVEY OF FINANCE COMPANIES, MID-1960. Oct.

AUTOMATION AT COMMERCIAL BANKS. NOV. 1962.

1961. 21 pp. (Also, similar reprint from Apr.
1957 BULL.)
LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.

1961. 15 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.

1961. 3 pp.
1962.

9 pp.
Mid-January

1962. Feb. 1962. 5 pp.
CAPITAL FLOWS AND INTERNATIONAL PAYMENTS.

Mar. 1962. 8 pp.
MONETARY FUND RESOURCES AND THE INTERNATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp.




13 pp.
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. Nov. 1962. 6 pp. (Also, similar reprints from BULLS, for Dec. 1960, Mar., May,

Aug., and Nov. 1961, Mar., May, and Aug.
1962.)
A SECTORAL ANALYSIS OF VELOCITY. Dec.

THE MEANS OF ECONOMIC PROGRESS. Feb.
INTEREST RATES ON TIME DEPOSITS,

1962. 15 pp.

1962.

14 pp.
A NEW LOOK AT THE FARM DEBT PICTURE. Dec.

1962. 18 pp.
MONEY AND BANK CREDIT IN 1962.

Feb.

1962.

8 pp.
FARM DEBT AS RELATED TO VALUE OF SALES.

Feb. 1962. 9 pp.

Index to Statistical Tables
Acceptances, bankers', 228, 230, 274
Agricultural loans of commercial
banks, 222, 224, 268
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 217
Corporate, current, 240
Domestic banks, by classes, 218, 222, 224,
230, 268
Federal Reserve Banks, 212
Automobiles:
Consumer instalment credit, 244, 245, 246
Production index, 248, 249

Department stores:
Merchandising data, 257
Sales and stocks, 252, 256
Deposits (See also specific types of deposits):
Adjusted, and currency, 217
Banks, by classes, 211, 218, 223, 226, 230, 270
Federal Reserve Banks, 212, 289
Postal savings, 211, 217
Discount rates, 210, 292
Discounts and advances by Federal Reserve
Banks, 206, 212, 214
Dividends, corporate, 239, 240
Dollar assets, foreign, 281, 289

Bankers' balances, 223, 225, 269
(See also Foreign liabilities and claims)
Banking and monetary statistics for 1962, 268
Banking offices:
Changes in number, 266
On and not on, Par List, number 267
Banks and the monetary system, consolidated
statement, 217
Bonds (See also U. S. Govt. securities):
New issues, 237, 238, 240
Prices and yields, 228, 229, 275
Brokers and dealers in securities, bank loans to, 222,
224, 268
Business expenditures on new plant and equipment, 240
Business indexes, 252
Business loans (See Commercial and industrial loans)

Earnings and expenses, Federal Reserve Banks, 264
Earnings and hours, manufacturing industries, 252, 255
Employment, 252, 254, 255

Capital accounts:
Banks, by classes, 218, 223, 226, 270
Federal Reserve Banks, 212
Carloadings, 252
Central banks, foreign, 278, 292
Coins, circulation of, 215
Commercial banks:
Assets and liabilities, 218, 221, 222
Consumer loans held, by type, 245
Number, by classes, 218
Real estate mortgages held, by type, 241
Commercial and industrial loans:
Commercial banks, 222
Weekly reporting member banks, 224, 227, 271
Commercial paper, 228, 230, 274
Condition statements (See Assets and liabilities)
Construction, 252, 253
Consumer credit:
Instalment credit, 244, 245, 246, 247
Major parts, 244, 246
Noninstalment credit, by holder, 245
Consumer price indexes, 252, 258
Consumption expenditures, 260, 261
Corporate sales, profits, taxes, and dividends 239, 240
Corporate security issues, 238, 240
Corporate security prices and yields, 228, 229, 275
Cost of living (See Consumer price indexes)
Currency in circulation, 206, 215, 216
Customer credit, stock market, 229

Farm mortgage loans, 241, 242
Federal finance:
Cash transactions, 232
Receipts and expenditures, 233
Treasurer's balance, 232
Federal home loan banks, loans, etc., 243
Federal Housing Administration, loans, etc., 241,
242, 243
Federal National Mortgage Association, loans, etc. 243
Federal Reserve Banks:
Condition statement, 212
Earnings and expenses, 264
U. S. Govt. securities held by, 206, 212, 214.
234, 235
Federal Reserve credit, 206, 212, 214
Federal Reserve notes, 212, 215
Finance company paper, 228, 230, 274
Financial institutions, loans to, 222, 224, 268
Float, 206
Flow of funds, saving and financial flows, 262
Foreign central banks, 278, 292
Foreign currencies, convertible, holdings by U. S.
monetary authorities, 212, 214, 280
Foreign deposits in U. S. banks, 206, 212. 217, 223.
226, 270, 289
Foreign exchange rates, 293
Foreign liabilities and claims:
Banks, 282, 284, 287, 289
Nonfinancial concerns, 290
Foreign trade, 257
Gold:
Earmarked, 280
Net purchases by U. S., 280
Production, 279
Reserves of central banks and governments, 278
Reserves of foreign countries and international
institutions, 281
Stock, 206, 217, 280
Gold certificates, 212, 215
Govt. debt (See U. S. Govt. securities)
Gross national product, 260, 261

Debits to deposit accounts, 214
Demand deposits:
Adjusted, banks and the monetary system, 217
Adjusted, commercial banks, 214, 216, 223
Banks, by classes, 211, 218, 226, 270
Turnover of, 214
Type of holder, at commercial banks, 223




Hours and earnings, manufacturing industries, 252, 255
Housing starts, 253
Industrial production index, 248, 252
Instalment loans, 244, 245, 246, 247
Insurance companies, 231, 234, 235, 242

299

300

FEDERAL RESERVE BULLETIN • FEBRUARY 1963

Insured commercial banks, 220, 222, 266
Interbank deposits, 214, 218, 223
Interest rates:
Bond yields, 228, 275
Business loans by banks, 227
Federal Reserve Bank discount rates, 210
Foreign countries, 291, 292
Open market, 228, 274, 291
Stock yields, 228, 275
Time deposits, maximum rates, 211
International capital transactions of the U. S., 282
International institutions, 278, 280, 281
Inventories, 260
Investments {See also specific types of investments):
Banks, by classes, 218, 222, 225, 230, 269
Commercial banks, 221
Federal Reserve Banks, 212, 214
Life insurance companies, 231
Savings and loan associations, 231
Labor force, 254
Loans {See also specific types of loans):
Banks, by classes, 218, 222, 224, 230, 268
Commercial banks, 221
Federal Reserve Banks, 206, 212, 214
Insurance companies, 231, 242
Savings and loan associations, 231, 242
Loans insured or guaranteed, 241, 242, 243
Manufacturers, production index, 249, 252
Margin requirements, 211
Member banks:
Assets and liabilities, by classes, 218, 222
Banking offices, changes in number, 266
Borrowings at Federal Reserve Banks, 208, 212,
226, 270
Deposits, by classes, 211
Number, by classes, 219
Reserve requirements, by classes, 211
Reserves and related items, 206
Weekly reporting series, 224, 268
Mining, production index, 249, 252
Money rates {See Interest rates)
Money supply and related data, 216
Mortgages {See Real estate loans)
Mutual savings banks, 217, 218, 220, 230, 234, 235,
241, 266
National banks, 220, 266
National income, 260, 261
National security expenditures, 233, 260
Nonmember banks, 212, 220, 222, 223, 266
Par List, banking offices on, and not on, number, 267
Payrolls, manufacturing, index, 252
Personal income, 261
Postal Savings System, 211, 217
Prices:
Consumer, 252, 258
Security, 229
Wholesale commodity, 252, 258
Production, 248, 252
Profits, corporate, 239, 240
Real estate loans:
Banks, by classes, 222, 224, 230, 241, 268
Type of mortgage holder, 241, 242, 243
Type of property mortgaged, 241, 242, 243
Reserve requirements, member banks, 211




Reserves:
Commercial banks, 223
Federal Reserve Banks, 212
Foreign central banks and governments, 278
Foreign countries and international
institutions, 281
Member banks, 206, 208, 211, 223, 225, 269
Residential mortgage loans, 241, 242, 243
Sales finance companies, consumer loans of, 244,
245, 247
Saving:
Flow-of-funds series, 262
National income series, 261
Savings deposits {See Time deposits)
Savings institutions, principal assets, 230, 231
Savings and loan associations, 231, 235, 242
Securities, international transactions, 288, 289
Security issues, 237, 238, 240
Silver coin and silver certificates, 215
State member banks, 220, 266
State and municipal securities:
New issues, 237, 238
Prices and yields, 228, 229, 275
States and political subdivisions:
Deposits of, 223, 226, 270
Holdings of U. S. Goyt. securities, 234
Ownership of obligations of, 222, 230, 231
Stock market credit, 229
Stocks:
New issues, 238
Prices and yields, 228, 229, 275
Tax rceipts, Federal, 233
Time deposits, 211, 216, 217, 218, 223, 226, 270
Treasurer's account balance, 232
Treasury cash, 206, 215, 217
Treasury currency, 206, 215, 217
Treasury deposits, 206, 212, 232
Unemployment, 254
U. S. balance of payments, 291
U. S. Govt. balances:
Commercial bank holdings, by classes, 223, 226
Consolidated monetary statement, 217
Treaury deposits at Federal Reserve Banks, 206,
212, 232
U. S. Govt. securities:
Bank holdings, 217, 218, 222, 225, 230, 234,
235, 269
Dealer transactions, positions, and financing, 236
Federal Reserve Bank holdings, 206, 212, 214,
234, 235
Foreign and international holdings, 212, 281
International transactions, 288
New issues, gross proceeds, 238
Outstanding, by type of security, 234, 235, 237
Ownership of, 234, 235
Prices and yields, 228, 229, 274, 275
United States notes, outstanding and in circulation, 215
Utilities, production index, 249, 252
Vault cash, 206, 211,223
Veterans Administration, loans, etc., 241, 242, 243
Weekly reporting member banks, 224, 268
Yields {See Interest rates)

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