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FEDERAL RESERVE

B U LLETIN
January 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
i




Industrial Production Developments

9

Law Department
Announcements

18

National Summary of Business Conditions

22

Guide to Tabular Presentation

24

Financial and Business Statistics, U. S. (Contents on p. 25)

26

International Financial Statistics (Contents on p. 91)

92

Board of Governors and Staff

108

Open Market Committee and Staff; Federal Advisory Council

109

Federal Reserve Banks and Branches

109

Federal Reserve Board Publications

111

Index to Statistical Tables

113

Map of Federal Reserve System

Inside back cover

Volume 49 • Number i
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Industrial Production Developments
INDUSTRIAL PRODUCTION changed little
during the second half of 1962. In the fourth
quarter, however, consumer purchases of
new autos increased sharply, and new orders
for machinery and other equipment picked
up. These increases and an earlier liquidation of steel inventories strengthened business demands for materials.
Consumer buying of goods had been stable
through the summer. But after the upsurge
in auto sales in October purchases of other
goods also increased, and total retail sales
rose 2 per cent in the fourth quarter. Personal income advanced at a faster pace,
after increasing only 1 per cent from April
to September. Consumer demands were
strengthened also by a sharp rise in common stock prices and by more optimistic
views of economic prospects after the Cuban
crisis eased.
Increased shipments of final products to
business and government accompanied the

expansion in retail sales of goods. With total
final takings of goods rising in relation to
production in the fourth quarter, business
inventories changed little. Throughout 1962
shifts in the rate of accumulation and in the
composition of stocks significantly affected
trends in production, but over the year the
increase in both the value and physical quantity of business inventories was small by the
standards of earlier postwar business expansions, in part because of a stable price situation.
Resources continued to be available generally in excess of current demands throughout 1962. Also, prices of imported goods
declined. Consequently, competition among
domestic producers and distributors remained strong. Prices of sensitive industrial
materials changed little, and in contrast with
behavior in previous postwar business expansions, average prices of such materials
were only a little above their recession low

NEW ORDERS, SALES, AND INCOME rise in the autumn
while PRODUCTION changes little
1960-61:100
120
INDUSTRIAL
PRODUCTION

SS MATIRIALS
1963

1960

1962

NOTE.—Seasonally adjusted indexes. Retail sales, equipment
orders, and personal income based on Dept. of Commerce data.
Orders, for machinery and transportation eauipment other than




1960
motor vehicles, 3-month moving average plotted in third month.
Latest figures, D e c , except for orders (Nov.).

FEDERAL RESERVE BULLETIN • JANUARY 1963

of early 1961. For all industrial commodities
as a group, wholesale prices have been stable
since early 1959.
GENERAL TRENDS IN PRODUCTION

Three phases are evident in the behavior of
industrial production since the recession low
of early 1961. From February to August
1961 the total index rose rapidly—10 per
cent—as liquidation of inventories gave
way to replenishment and then to further expansion of stocks in line with the
growth in activity. The subsequent rise in
production to July 1962 was less rapid
and was interrupted by strikes and adverse
weather; the additional increase amounted
to 5 per cent. Then followed the period of
stability.
At the end of 1962 the Board's index of
industrial production was 120 per cent of
the 1957-59 average, 9 per cent above
the prerecession level 2Vi years earlier, in
the spring of 1960. This is about the same
amount by which the level in the spring of
1960 exceeded the prerecession high 3 years
earlier. However, there were important differences in comparisons of production by
major market groupings.
Output of business equipment at the end
of 1962 was 13 per cent higher than in the
spring of 1960, compared with a gain of
only 2 per cent over the 1957-60 period.
Output of defense equipment also rose substantially in the recent period, in contrast
with a decline in the earlier one. Expansion
in output of consumer goods in both periods
remained close to the postwar average annual rate of growth of 4 per cent. Thus, the
rate of increase in output of final products
was more rapid from the spring of 1960 to
late 1962 than over the preceding 3 years.
Production of industrial materials in-




creased less rapidly than output of final products both from the spring of 1960 to the end
of 1962 and in the earlier period. At the end
of last year output of materials was 14 per
cent higher than in the spring of 1957, in
contrast with an increase of 22 per cent in
final products.
The relationship between output and final
sales of finished products also has been
different in recent months from that in the
first half of 1960. This is especially so for
autos and other consumer products. In 1960,
auto assemblies exceeded sales by a wide
margin as dealers replenished their stocks
after the long steel strike. For appliances
and other major home goods, inventories
also were increasing rapidly at that time;
manufacturers' holdings, in physical terms,
rose by a fifth from November 1959 through
the following spring. Total value of business
inventory accumulation was at an annual
rate of $7.5 billion in the first half of 1960,
compared with little change in inventory
holdings in the latter part of 1962.
INDUSTRIAL MATERIALS

During 1962, and over the whole period
from early 1957, output of industrial materials expanded less than production of final
products—including defense equipment as
well as business equipment and consumer
goods. One reason is that business stocks of
materials were being reduced after the spring
of 1962 whereas they were being accumulated earlier in the 1961-62 expansion and
in 1955-57, as they usually are in business
expansions.
Over the longer period, a more fundamental reason is that efficiency in the use of
materials in manufacturing and in construction apparently has been increasing. Therefore, physical quantities of materials required per unit of output of final products

INDUSTRIAL PRODUCTION DEVELOPMENTS

and structures have been reduced. Another
reason—affecting iron ore, steel, and some
other materials—is that imports have increased and exports have declined since
1957.
The shift in relationship between output
of metal products and output of iron and
steel is apparent in the chart. Total production of autos, appliances, and business
equipment, which accounts for 15 per cent
of the industrial production index, reached
record levels in the fourth quarter of last
year. Output of major metal component
parts, which accounts for an additional 11
per cent of the total, reached a high in the
second quarter of 1962 and then leveled
off. Altogether, output of these metal components and final products in the fourth
quarter was about 10 per cent above a year
earlier and 25 per cent above the 1957-59
average. The physical volume of construction activity, which is another major market for steel and other metals, also increased
over those periods.
In contrast, iron and steel production
reached a peak in February-March when
stocks were being accumulated rapidly in
preparation for a possible midyear strike.
After negotiation of a new labor contract
at the end of March, iron and steel output
fell sharply while industrial activity in general continued to expand. Output reached
a low in July, 25 per cent below its March
peak, and liquidation of steel stocks was
rapid during the rest of the year. After only
a moderate recovery, iron and steel production in the fourth quarter was 10 per cent
below a year earlier and 5 per cent below
the 1957-59 average. However, production
increased during the quarter, and it continued to rise in early January 1963.
Without the marked inventory fluctuations in iron and steel and their impact on




the chemical, fuel, and other supplying industries, some of the rise in industrial production that occurred in the winter of 196162 would have occurred during the following spring and summer. The line shown on
the chart for output of nonferrous metals
and products provides a better indication of
changes in underlying demands in the metal
markets. Even in the nonferrous metal industries, however, strike threats and the
marked swings in steel operations affected
activity to some extent.
The chart also shows a longer-run shift
METAL PRODUCTS reached new highs

[

AUTO, APPLIANCE,
AND EQUIPMENT PARTS

STEEL declined in relation to metal products

r

1957

SB

59

60

'61

'62

NOTF.—Seasonally adjusted indexes. Latest figures. Dec.

FEDERAL RESERVE BULLETIN • JANUARY 1963

in production of the two groups of metals.
Among nonferrous metals, growth in domestic output of aluminum has exceeded the 20
per cent rise in total industrial production
since 1957. But output of other nonferrous
metals and of iron and steel has expanded
less or has declined.
The failure of steel production to keep
pace with the substantial advances in activity in major steel-consuming industries reflects several developments. In part because
of the sharp rise in steel prices through 1958,
other materials—concrete, glass, plastics,
and aluminum—have penetrated further into
markets for steel. Technological advances,
both in the production of steel and in its
use, have also reduced tonnage requirements
for many specific uses. Successive new models of automobiles were smaller in size and
weight until the 1962 model year, when that
trend was reversed. Moreover, since 1958
iron and steel imports have exceeded the
reduced volume of exports.
Industrial output of some basic materials
other than steel—such as coal and lumber—
has also been below levels prevailing before
the 1957-58 recession. However, consumption and output of most other materials have
kept pace with or exceeded the rise in total
industrial production. Output of clay, glass,
and textile materials has increased about 15
per cent since early 1957. The rise in output
of paper products has been larger—about a
fourth—and production of industrial chemicals has increased by more than a half.
AUTOMOBILE MARKETS

Sales of automobiles have risen irregularly
from the reduced rate in early 1961. By the
spring of 1962 sales, including those of imported cars, had risen to an annual rate of
about 7.1 million units, the highest since




1955. Sales declined in September, because
of reduced supplies, but then rose sharply
in October after the introduction of new
models. Although down by December, sales
in the fourth quarter were at an annual rate
of 7.7 million units. For 1962 as a whole,
sales totaled 7.1 million, including about
330,000 imported cars. In the record year
of 1955, sales were 7.5 million, including
58,000 imports.
Although list prices for the 1963 models
are about the same as for the 1962 models,
consumer outlays for automobiles have increased more than has the number of new
cars sold. Economy cars so far in the 1963
model year have accounted for 35 per cent
of the market—about the same share as in
the 1961 and 1962 model years. But the
trend has been away from stripped-down

NUMBER OF PASSENGER

CARS

Sales
(millions)

Sales to
registrations
(per cent)

1950
1951
1952
1953
1954

40.3
42.7
43.8
46.4
48.5

6.5
5.1
4.2
6.0
5.4

16.2
12.0
9.5
12.8
11.1

1955
1956
1957
1958
1959

•I

Total
registrations
(millions)

52.1
54.2
55.9
56.9
59.6

7.7
5.7
6.2
4.5
6.1

14.8
10.6
11.0
7.9
10.2

61.6
63.3
65.5

7.0
5.8
7.2

11.4
9.1
11.1

Calendar
year

1

1960
1961
1962

. ..

1950-62
average .

11.4

NOTE.—Registration data are from Bureau of Public Roads;
1962 estimated. Sales are based on domestic output and imports less exports and are not same as those cited in text

INDUSTRIAL PRODUCTION DliVLLOPVlIN I S

models and toward higher horsepower and
increased purchases of optional equipment.
Among the standard size cars, moreover,
demand has increased more for the higher
priced models. By the 1962 model year, output of the higher priced models of three leading makes had risen to about half of the
total, after falling to a low of less than a
third in the 1959 model year. The proportion increased further after introduction of
the 1963 models.
An important, although highly variable,
influence on new-car sales is replacement
demand. The number of passenger cars registered increased 60 per cent from 1950 to
1962. Over this period the ratio of new-car
sales to registrations fluctuated between a
high of 16 per cent in 1950, when the Korean War stimulated buying, and a low of
8 per cent in the 1958 recession. The proportion averaged 11 per cent over the whole
period. While sales in 1962 approached the
record number sold in 1955, the ratio of
sales to registrations was J1 per cent compared with 15 per cent in 1955.
Output of domestic autos since early 1961
has generally followed the pattern of sales.
Production rose from an annual rate of 4.3
million units in the first quarter of 1961 to
7.2 million in the fourth quarter of 1962,
This high rate was 140 per cent of the 195759 average. For the most popular models,
output was near capacity.
Since the rise in sales of domestic economy cars beginning in the 1 960 model year,
each year has seen an increase in the variety
of domestic makes and models. This has contributed to an increase in dealers' inventory
requirements. Total stocks of new domestic
autos reached a peak in the second half of
1960. Subsequently inventories declined
sharply, as shown in the chart, and then




AUTO OUTPUT at advanced I m l

Annual rat*
Millions of cars
9

Thousand]
of cart
BOO

DEALER STOCKS below •arllsr high

1000

1957

'SS

•59

'60

•61

'62

Noli:.—Seasonally adjusted series. Quarterly output at annual rates and end-of-quarter stocks, based on dala ironi
Ward's Automotive Reports. Latest figures, fourth quarter.

changed little. The level of stocks at the end
of 1962 was higher than before I960 but
was not high in relation to the advanced
rate of sales.
HOME GOODS AND APPAREL

Retail sales of clothing and of appliances
and home furnishings have shown a fairly
steady expansion since mid-1961, after only
a small decline in the 1960-61 recession. In
June of last year sales fell off, perhaps partly
in response to the sharp decline in common
stock prices. During the summer and early
autumn abnormal temperatures contributed
to reduced consumer demand for air conditioners and some other merchandise. Also
residential construction activity leveled off at
midyear, after a marked rise, and this curtailed the expansion in demands for appliances and home furnishings for installation
in new dwelling units.
Output of home goods and apparel has
shown larger cyclical fluctuations than re-

FEDERAL RESERVE BULLETIN • JANUARY 1963

tail sales of these goods, as demonstrated in
the chart. The timing and amplitude of such
fluctuations have been similar to those for
total industrial production. When output of
home goods and apparel approached its recession low at the beginning of 1961, both
manufacturers and distributors were reducing inventories. Over the next 6 months
production rose at a fast pace, partly because inventories had been declining. The
subsequent expansion in output, which continued for a year, was at a rate more nearly
in line with the rise in sales, and stocks increased steadily. This pattern of change in
output was similar to that after the recession
low in early 1958, except that in this expansion the rise in the second phase—after the
first 6 months—was slower than in 1958-59.
The decrease in retail sales of home goods
and apparel last June, when production of
such goods was at a high level, caused an

acceleration in the rate of inventory accumulation that probably was unplanned. As
a result, output of home goods was reduced
temporarily in the third quarter, and production of apparel leveled off. Among home
goods, production of radio and television
sets showed much less than its usual seasonal expansion. Small reductions in output
of appliances were followed by recovery toward the end of the year. Production of
furniture and rugs changed little from the
advanced level reached in June.
Recovery and renewed expansion in retail sales after mid-19 62 helped to halt the
accumulation of inventories. The current
relationship among sales, stocks, and production suggests that the course of production in the immediate future will be more
sensitive than usual to the behavior of retail
sales and new construction activity.
BUSINESS EQUIPMENT

OUTPUT OF HOME GOODS AND APPAREL
changes little after mid-1962

Ro,io l ( a U
1957-59 • 100

'•! iso

RETAIL STOCKS level off as SALES increase

•j 100

The business equipment grouping of industrial production is designed to measure output of capital goods other than the construction of new buildings. It includes equipment
produced for public as well as private use
and for export. Industrial equipment—used
mainly in manufacturing, mining, and utilities—accounts for more than a half of the
total; office machines and other commercial
equipment for nearly a fourth; and transport
and farm equipment for the remainder. Although the production measure differs from
data on private business investment outlays,
some of the same influences are apparent in
the two types of data.
Production developments. Output of busi-

NOTE.—Seasonally adjusted indexes. Output monthly. Retail
sales are 3-month moving average plotted in third month and
stocks end of month, based on value data for department
stores. Latest figures, Dec, except for stocks (Nov.).




ness equipment continued to expand through
the summer of last year, after production of
consumer goods and of materials had leveled
off. Output changed little from September to

INDUSTRIAL PRODUCTION DEVELOPMENTS

December at a level about 10 per cent higher
than a year earlier.
Gains were largest last year for farm
equipment and for trucks and some other
types of commercial transport equipment,
which are combined in the total for other
business equipment on the chart. Output of
these types of equipment had remained at
reduced levels until late in 1961, but then
began to rise rapidly as a result of the improvement in farm incomes and business
earnings.
Over longer periods, from the business
cycle peaks of 1960, 1957, and 1953, production of computing, telephone, office, service, and other commercial equipment has
shown the largest growth. Output of these
products remained at advanced levels during the recession in 1960 and then increased
substantially through 1961 and early 1962
to about 45 per cent above the 1957-59
average. The growth in outlays for these
products is not fully represented in the estimates of business investment outlays because of the increased portion of commercial
equipment purchased by government agencies and because of lack of information on
purchases by private financial, insurance,
real estate, and nonprofit institutions.
Production of industrial equipment was
already large in 1953, and it was somewhat
larger in late 1956 and early 1957. In both
periods, manufacturing industries and the
electric utilities were making substantial
additions to their capacity. Since 1957,
output of industrial equipment has shown
mainly cyclical fluctuations as demands have
been limited by ample capacity. The 1956
production peak was not surpassed until
last year, and then by a margin of only
about 5 per cent; it is likely that foreign
demands accounted for much of the increase
in output. The value of exports of all types




7
of machinery was about a fifth larger in
1962 than the 1956-57 average—a much
larger rise than that shown by prices.
Despite the large output of industrial
equipment last year, capacity probably did
not increase so much as in 1953 or in 195657. In manufacturing, output rose more
than capacity during 1962, and capacity
utilization probably increased further to an

NOTE.—Seasonally adjusted indexes. Other equipment combines market groups for farm equipment and freight and
passenger equipment. Latest figures, Dec.

estimated level of 87 per cent in the second
half of the year.
Surveys of manufacturers have indicated
that in recent years a major share of equipment has been purchased for replacement
and modernization rather than for capacity
expansion. Whatever the motivation for
capital outlays, industrial output per production-worker manhour has continued to
increase in line with the postwar trend of
4.5 per cent a year.
Trends in business capital outlays. Business

outlays for plant and equipment were 9 per
cent higher last year than in 1961, and for
the first time they exceeded the 1957 peak.

FEDERAL RESERVE BULLETIN • JANUARY 1963

Electric and gas utilities were the only major
group of companies that did not increase
outlays last year. Capital expenditures for
this group have shown a mild downtrend
from the high level of 1957 although electrical generating capacity has expanded at
an average annual rate of 7 per cent since
then. Outlays of the communication-commercial-miscellaneous group have risen
without interruption since 1958, and last
year they exceeded their 1956 peak by 20
per cent.
Spending by manufacturers, although up
8 per cent last year, remained moderately
below the 1956-57 level. Outlays of primary
metals companies and of motor vehicles
companies were substantially less than in
1956-57, when capacity was being increased
rapidly. Textile mills, on the other hand,
have increased their expenditures in recent
years. Outlays of the chemical and paper
industries, whose sales have continued to
grow rapidly, have been maintained in the
past 3 years close to their 1957 peaks. Finally, the machinery industries themselves
spent a record amount on plant and equipment last year.
Year-to-year changes in private capital
outlays have been relatively small since
1958. Large changes in several earlier years
—1947, 1949, 1951, 1956, and 1958—
followed wide swings in expectations that
accompanied sharp changes in capacity uti-




lization, shifts in the international situation,
or marked fluctuations in interest rates and
in the availability of funds from internal and
external sources.
In the recent period, some of the factors
that influence the planning of investment
programs have improved somewhat. The
rate of industrial capacity utilization rose
from the first to the second half of last year.
Moreover, with consumer buying and equipment orders up in the fourth quarter and
cuts in corporate and personal income tax
rates widely anticipated, expectations for a
further gain in capacity utilization strengthened. These developments also led to expectations for higher profits.
While aggregate corporate profits were
stable last year at the advanced level reached
in the fourth quarter of 1961, depreciation
allowances continued to rise and internal
funds—the sum of retained earnings and
depreciation—increased moderately further.
Changes made in depreciation schedules last
year and the tax credit for equipment outlays—in addition to reducing materially the
cost of many items of business plant and
equipment—tend to increase the volume of
internal funds available for capital investment, as would the anticipated reduction in
corporate tax rates. Since last spring, when
long-term interest rates declined, borrowed
funds have been available at rates moderately lower than a year ago.

Law Department
Administrative interpretations, new regulations, and similar material

Interest Rate on Time Deposits of European
Investment Bank

By the Act of October 15, 1962 (P. L. 87-827),
Section 19 of the Federal Reserve Act was
amended to exempt, for a period of three years,
time deposits of "foreign governments, monetary
and financial authorities of foreign governments
when acting as such, or international financial
institutions of which the United States is a member" from the limitations prescribed pursuant to
that section on the maximum rate of interest payable by member banks on time and savings deposits.
The Board has been presented with the question
whether this exemption is applicable to time deposits of the European Investment Bank.
The European Investment Bank was established
by treaty between six European nations, and its
stock is held by the member nations. The Bank
is engaged principally in making loans and guarantees to business enterprises in the member countries in furtherance of the objectives of the European Common Market.
The Bank cannot reasonably be regarded as a
"foreign government." Even if it may be considered an "international financial institution," it is
not one of which the United States is a member.
Clearly, it does not act as a "monetary" authority
of foreign governments. In a broad sense the
Bank's activities are of a "financial" nature; but,
in the light of the context of the statute and in
view of its purposes as evidenced by its legislative history, it is the Board's view that the Bank's
functions are not such as to warrant the conclusion that it is a "financial authority" of foreign
governments.
Accordingly, the European Investment Bank
does not fall within any of the categories of institutions described in the Act of October 15,
1962, and, consequently, time deposits of the Bank
in member banks of the Federal Reserve System
are not exempted from limitations on maximum
interest rates prescribed by the Board pursuant
to Section 19 of the Federal Reserve Act and the
Board's Regulation Q.




Limit on Investment by Bank Holding Company
System in Stock of Small Business Investment
Companies

In an interpretation of the Bank Holding Company Act of 1956 published at page 257 of the
Federal Reserve BULLETIN of March 1959, the
Board of Governors expressed the view that a
bank holding company could lawfully invest, in
stock of small business investment companies, up
to 1 per cent of "the holding company's capital
and surplus." That interpretation was based on
two statutory provisions: (1) Section 4(c)(4) of
the Holding Company Act (12 U.S.C. 1843),
which permits a holding company to acquire
shares of nonbank corporations "which are of
the kinds and amounts eligible for investment"
by national banks, and (2) Section 302(b) of the
Small Business Investment Act (15 U.S.C. 682),
which permitted a national bank to invest "1 per
cent of its capital and surplus" in SBIC stock.
(In 1961, this provision of the SBI Act was
amended to increase the permissible investment
from 1 per cent to 2 per cent.)
Further study of the effects of this interpretation, as it would apply to actual situations, has disclosed that it produces results inconsistent with
basic Congressional purposes embodied in the
Holding Company Act and the SBI Act and therefore requires modification and refinement.
In adopting Section 4(c)(4) of the Holding
Company Act, Congress intended, broadly speaking, to permit a holding company to invest in
corporate stock to the same extent as if it were
a national bank and its subsidiaries were branches.
Viewed from another angle, the Congressional intent was to allow a holding company system to invest in corporate stock (whether held by the holding company or by subsidiaries) to the extent that
the banking interests represented by the holding
company would permit such investment if those interests were embodied in a national bank rather
than a bank holding company. With respect to
the SBI Act, Section 302(b) thereof clearly was
intended to permit every national bank to invest
up to a specified percentage, now 2 per cent, of

10

FEDERAL RESERVE BULLETIN • JANUARY 1963

its capital and surplus in SBIC stock, regardless of
whether or not the bank was a subsidiary in a
holding company system.
In some situations the 1959 interpretation
would thwart these Congressional objectives. In
the case of a holding company that owned most of
the stock of its subsidiary banks and wrote up its
asset accounts to reflect the full underlying book
value of its bank stocks, the holding company
could invest in SBIC stock a substantially larger
amount than could its subsidiary banks in the
aggregate.1 This result would be even more noticeable in the case of a holding company with substantial nonbanking interests, permitted by the
exceptions provided in Section 4(c) of the Holding Company Act, since such interests would
further increase the "capital and surplus" of the
holding company. It is unreasonable to assume
that Congress intended, by enacting Section
4(c) (4), to increase the authority of holding companies to purchase corporate stock because of the
magnitude of the holding company's nonbanking
interests.
In other situations, the Congressional purpose
reflected by Section 302(b) of the SBI Act would
be defeated. Under Section 4 of the Holding Company Act, SBIC stock owned directly by subsidiary
banks is owned indirectly by the holding company.
In the case of a holding company that owns only
a slight majority (or a minority) of its banks'
stock, the capital and surplus of the holding company sometimes is markedly smaller than the aggregate capital and surplus of its subsidiary banks.
In such a case, the Board's 1959 interpretation
would prevent subsidiary banks from investing in
*An example may clarify this statement. If the
banks in a holding company system were national
banks with aggregate capital of $10 million, surplus
of $10 million, and undivided profits of $5 million,
those banks could invest in SBIC stock no more than
$400,000 (i.e., 2 per cent of $20 million, the banks'
capital and surplus). However, if the holding company owned all of the stock of those banks and showed
it on its books at total underlying value—the capital,
surplus, and undivided profits of the subsidiary banks
—the holding company could invest $500,000 in SBIC
stock (i.e., 2 per cent of $25 million, the holding
company's capital and surplus). The difference results, of course, from the fact that, in the case of
banks, "capital and surplus" does not comprise the
entire capital structure, whereas in the case of other
corporations (such as holding companies) "capital
and surplus" usually does include practically the entire capital structure.




SBIC stock to the extent permitted by Section
302(b) of the SBI Act, despite the legislative intent, reflected by the 1960 amendment of that law,
that even holding company banks should be able
to invest in SBIC stock up to the limit there
prescribed.2
For these reasons, the 1959 interpretation is
superseded. It is the position of the Board that,
under the provisions of Sections 4 ( a ) ( l ) and
4(c)(4) of the Bank Holding Company Act, the
total direct and indirect investments of a bank
holding company in stock of small business investment companies may not exceed:
(1) with respect to such stock owned or controlled by a subsidiary bank, 2 per cent
of that bank's capital and surplus;
(2) with respect to such stock owned directly
by a holding company that is a bank, 2
per cent of that bank's capital and
surplus; and
(3) with respect to such stock otherwise
owned or controlled directly or indirectly by the holding company, 2 per
cent of its proportionate interest in the
capital and surplus of each subsidiary
bank (that is, the holding company's
percentage of the bank's stock times the
bank's capital and surplus) less that
bank's investment in stock of small business investment companies.
This interpretation avoids the shortcomings of
the earlier interpretation. It permits every bank to
invest up to the full amount permitted by Section
302(b) of the SBI Act, despite the fact that a particular bank may be a subsidiary of a holding
company; this accords with the intent of Section
302(b). At the same time, in no case will it permit a holding company system to invest a greater
2
In the example presented in footnote 1, if the
holding company owned 60 per cent of its banks'
stock, those banks could invest in SBIC stock only
$300,000, rather than the $400,000 permitted by Section 302(b). The holding company's capital and surplus would be $15 million (i.e., 60 per cent of $25
million, the aggregate capital, surplus, and undivided
profits of the subsidiary banks), 2 per cent of which
would be $300,000. Accordingly, the subsidiary banks
themselves could not invest more than this amount
in SBIC stock, since stock owned by subsidiary banks
is indirectly owned by the holding company and
therefore the aggregate investment by the subsidiary
banks may not exceed 2 per cent of the holding company's capital and surplus.

11

LAW DEPARTMENT
amount in SBIC stock than could be invested, in
the aggregate, by the banks in the holding company system if they were national banks; this is
believed to accord with the general purpose
(actual or reasonably presumed) of Section
4(c)(4) of the Holding Company Act.
Capital Stack of Federal Reserve Banks
The Board of Governors, effective February 1,
1962, has revised Regulation I, pertaining to the
issue and cancellation of capital stock of Federal
Reserve banks to eliminate obsolete provisions
with respect to duties of the Federal Reserve
Agent; provide procedures to be followed in case
of merger or consolidation of a member bank with
a nonmember bank, conversion of a national bank
into a nonmember bank, and involuntary withdrawal of membership; and authorize the issuance
of two stock certificates in order to indicate stock
issued before March 28, 1942. The revised Regulation reads as follows:
REGULATION I
(12 CFR PART 209)

As Revised Effective February 1, 1963
ISSUE AND CANCELLATION OF CAPITAL
STOCK OF FEDERAL RESERVE BANKS

an amount of capital stock of the Federal Reserve
Bank of its district equal to six per cent of the paidup 4 capital and surplus of such national bank. If
the application is found to be in proper form it will
be approved by the Federal Reserve Bank effective
if and when the Comptroller of the Currency issues
to such bank his certificate of authority to commence
business. Upon approval, the applying bank shall thereupon 5 pay the Federal Reserve Bank of its district
one-half of the amount of its subscription and, upon
receipt of advice from the Federal Reserve Bank as
to the required amount, one-half of one per cent of
its paid-up subscription for each month from the
period of the last dividend, and upon receipt of the
payment for Federal Reserve Bank stock the Federal
Reserve Bank will issue a receipt therefor, place the
amount in a suspense account, and notify the comptroller of the Currency that it has been received.
When the Comptroller of the Currency issues his certificate of authority to commence business the Federal
Reserve Bank will issue a stock certificate as of the
date upon which the bank opens for business.
The remaining half of the subscription of the applying bank will be subject to call when deemed
necessary by the Board of Governors of the Federal
Reserve System.
§ 209.2—STATE BANK BECOMING MEMBER

Any State bank, Morris Plan bank, or mutual savings bank, desiring to become a member of the Federal Reserve System shall make application as provided in Part 208 of this chapter (Regulation H)
and, when such application has been approved by the
Board of Governors of the Federal Reserve System
and all applicable requirements have been complied
with, the Federal Reserve Bank will issue an appropriate certificate of Federal Reserve Bank stock as
provided in § 208.5(b) of this chapter.

§ 209.1—NATIONAL BANK IN PROCESS OF ORGANIZATION

Each national bank,1 while in process of organization,2 shall file with the Federal Reserve Bank of its
district an application on Form FR 30, and each
nonmember State bank converting into a national
bank,3 shall file an application on Form FR 30a, for
1
Under the provisions of section 19 of the Federal Reserve
Act (12 U.S.C. 466), national banks located in a dependency
or insular possession or any part of the United States outside
the States of the United States and the District of Columbia
are not required to become members of the Federal Reserve
System but may, with the consent of the Board, become members of the System. Any such bank desiring to be admitted
to the System under the provisions of section 19 should communicate with the Federal Reserve Bank with which it desires
to 2 do business.
A new national bank with no capital or board of directors
which is organized by the Federal Deposit Insurance Corporation pursuant to the provisions of section 11 (h) of the Federal
Deposit Insurance Act (12 U.S.C. 1821 (h)), should not apply
for stock of the Federal Reserve Bank of its district until
it is in process of organization as a national bank with capital
pursuant to the provisions of section ll(k) of the Federal
Deposit Insurance Act (12 U.S.C. 1821 (k)).
3
Whenever a State member bank is converted into a national
bank under section 5154 of the Revised Statutes (12 U.S.C.
35), it may continue to hold as a national bank its shares
of Federal Reserve Bank stock previously held as a State
member bank. If the aggregate amount of its capital and
surplus is increased or decreased, the national bank shall file
an application on Form FR 56, as provided in § 209.3, for
additional shares of Federal Reserve Bank stock or for cancellation of Federal Reserve Bank stock. The certificate of
stock issued in the name of the State member bank shall be
surrendered and canceled, and a new certificate will be issued
in lieu thereof in the name of the national bank, as provided
in § 209.13.




i 209.3-

-INCREASE OR DECREASE OF CAPITAL OR
SURPLUS

Whenever any member bank increases or decreases
the aggregate amount of its paid-up capital and surplus,6 it shall file with the Federal Reserve Bank of
its district an application on Form FR 56 for such
additional amount or for the cancellation of such
amount, as the case may be, of the capital stock of
the Federal Reserve Bank of its district as may be
necessary to make its total subscription to Federal
* Subscriptions to the capital stock of the Federal Reserve
Bank must be made in an amount at least equal to six per
cent of the amount of the capital and surplus of the applying
bank which is to be paid in at the time the Comptroller of
the Currency authorizes it to commence business. In order to
avoid the necessity of making applications for additional stock
in the Federal Reserve Bank, as additional instalments of the
capital and surplus of the applying bank are paid in, application may be made for stock in the Federal Reserve Bank in an
amount equal to six per cent of the authorized capital of the
applying bank, plus six per cent of the amount of surplus, if
any, which the subscribers to the capital of the applying bank
have agreed to pay in.
5
Payment may be made, if desired, at any time prior to
approval of the application.
6
If a member bank sets up a reserve for dividends payable
in common stock, such reserve will be regarded as surplus
for the purpose of determining the amount of Federal Reserve
Bank stock which the bank is required to hold, provided such
reserve is established pursuant to a resolution of the board of
directors, will become a part of the permanent capital of the
bank, and will not be used for any other purpose than the
payment of dividends in common stock.

12

FEDERAL RESERVE BULLETIN • JANUARY 1963

Reserve Bank stock equal to six per cent of its combined capital and surplus. After an application for
additional Federal Reserve Bank stock has been approved by the Federal Reserve Bank, the applying
member bank shall pay to the Federal Reserve Bank
of its district one-half of its additional subscription,
plus one-half of one per cent a month from the period
of the last dividend on such Federal Reserve Bank
stock, whereupon the appropriate certificate of stock
will be issued by the Federal Reserve Bank. The remaining half of such additional subscription will be
subject to call when deemed necessary by the Board
of Governors of the Federal Reserve System. After
an application for cancellation of Federal Reserve
Bank stock has been approved, the Federal Reserve
Bank will accept and cancel the stock which the
applying bank is required to surrender, and will pay
to the member bank a sum equal to all cash paid
subscriptions made on the stock canceled plus onehalf of one per cent a month from the period of the
last dividend, not to exceed the book value thereof.
§ 209.4—INCREASE OR DECREASE OF DEPOSITS BY
MUTUAL SAVINGS BANK

Whenever, as shown by the last report of condition as of a date preceding January 1 or July 1 of
each year, the total deposit liabilities of a mutual
savings bank which is a member of the Federal Reserve System have increased or decreased since the
last adjustment of its holdings of Federal Reserve
Bank stock, the bank shall file with the Federal Reserve Bank of its district an application on Form FR
56a for such additional amount or for the cancellation of such amount, as the case may be, of Federal
Reserve Bank stock of its district as may be necessary to make its total subscription to Federal Reserve
Bank stock equal to six-tenths of one per cent of
its total deposit liabilities as shown by such last report of condition, and Federal Reserve Bank stock
will be issued or canceled in the manner described
in § 209.3. In the case of any mutual savings bank
which is not permitted by the laws under which it
was organized to purchase stock in the Federal Reserve Bank and has a deposit with the Federal Reserve Bank in lieu of such subscription, such deposit
will be adjusted in the same manner as subscriptions
for stock.
§ 209.5

MERGER OR

CONSOLIDATION

(a) Whenever two or more member banks merge
or consolidate and such action results in the merged
or consolidated bank acquiring by operation of law 7
the Federal Reserve Bank stock owned by the other
bank or banks, and which also results in the merged
or consolidated bank having an aggregate capital
and surplus in excess of, or less than, the aggregate
capital and surplus of the merging or consolidating
7
Section 5 of the Federal Reserve Act provides that "Shares
of the capital stock of Federal Reserve Banks owned by member banks shall not be transferred or hypothecated." This
provision prevents a transfer of Federal Reserve Bank stock
by purchase, but does not prevent a transfer by operation of
law. Where one member bank purchases all or a substantial
portion of the assets of another member bank, the latter being
placed in liquidation, it is necessary for the liquidating bank
to surrender its Federal Reserve Bank stock, as provided in
§ 209.8, and for the purchasing bank, if its capital and surplus
is increased or decreased, to adjust its holdings of Federal
Reserve Bank stock as provided in § 209.3.
If the assets and obligations of a merging or consolidating




member banks, such merged or consolidated bank
shall, as provided in § 209.3, file with the Federal
Reserve Bank of its district an application on Form
FR 56 for such additional amount, or for the cancellation of such amount, as the case may be, of
Federal Reserve Bank stock of its district as may be
necessary to make its total subscription to Federal
Reserve Bank stock equal to six per cent of its combined capital and surplus. In any such case, the
merged or consolidated bank shall surrender to the
Federal Reserve Bank the certificates of Federal
Reserve Bank stock held by the merged or consolidated bank and a new certificate will be issued as
provided in § 209.13(6).
(b) Whenever a member bank merges or consolidates with a nonmber bank, under the charter of the
latter bank, an application on Form FR 86a shall be
filed with the Federal Reserve Bank for cancellation
of Federal Reserve Bank stock held by the member
bank. Upon approval of such application, the Federal
Reserve Bank will cancel such stock as of the date
the merger or consolidation takes effect, and will adjust accounts by applying to any indebtedness of the
merging or consolidating bank to such Federal Reserve Bank all cash paid subscriptions made on the
stock canceled plus one-half of one per cent a month
from the period of the last dividend, not to exceed
the book value thereof, and the remainder, if any, will
be paid to the merged or consolidated bank.
§ 209.6—CONVERSION

OF NATIONAL BANK

Whenever a national bank converts into a nonmember State bank, an application on Form FR 86b
shall be filed with the Federal Reserve Bank for cancellation of Federal Reserve Bank stock held by the
national bank. Upon approval of such application,
the Federal Reserve Bank will cancel such stock as
of the date the conversion takes effect, and will adjust
accounts in the manner described in § 209.5(6).
§ 209.7—INSOLVENCY

Whenever a member bank is declared insolvent
and a receiver8 appointed, the receiver shall, within
three months from the date of his appointment, file
with the Federal Reserve Bank of the district an
application on Form FR 87 for cancellation of Federal Reserve Bank stock held by the insolvent member bank. If the receiver fails to make application
within the time specified, the board of directors of
the Federal Reserve Bank will either issue an order
to cancel such stock, or, if the circumstances warrant
it, grant the receiver additional time in which to file
an application. Upon approval of such application or
upon issuance of such order, the Federal Reserve
Bank will cancel such stock as of the date of such
approval or order and will adjust accounts in the
manner described in §209.5(6).
member bank are transferred to a merged or consolidated
member bank by operation of law, no bank being placed in
liquidation, the merged or consolidated bank becomes the
owner of the Federal Reserve Bank stock of the merging or
consolidating bank as soon as the merger or consolidation
takes effect, and a new certificate representing Federal Reserve
Bank stock will be issued as provided in §209.13(6). Mergers
or consolidations under the acts of Congress providing for the
merger or consolidation of national banking associations (12
U.S.C. 215, 215a) meet all of these conditions.
8
The term "receiver" includes any person, commission, or
other agency charged by law with the duty of winding up the
affairs of the bank.

13

LAW DEPARTMENT
§ 209.8—VOLUNTARY LIQUIDATION

Whenever a member bank goes into voluntary
liquidation, as, for example, upon sale of assets to
another bank, the liquidating agent or some other
person or persons duly authorized by the stockholders
or board of directors to act on behalf of the bank
shall, within three months from the date of the vote
to place the bank in voluntary liquidation, file with
the Federal Reserve Bank of the district an application on Form FR 86 for cancellation of Federal Reserve Bank stock held by the liquidating member bank.
If such application is not filed within the time specified, the board of directors of the Federal Reserve
Bank will either issue an order to cancel such stock,
or, if the circumstances warrant it, grant additional
time in which to file an application. Upon approval
of such application, or upon issuance of such order,
the Federal Reserve Bank will cancel such stock as
of the date of such approval or order and will adjust
accounts between the liquidating member bank and
the Federal Reserve Bank in the manner described in
§209.5(6).
§ 209.9—OTHER CLOSED NATIONAL BANKS

(a) Whenever a national bank which has not gone
into liquidation as provided in section 5220 of the
Revised Statutes of the United States (12 U.S.C.
181), and for which a receiver has not been appointed, discontinues its banking operations for a
period of sixty days, the Federal Reserve Bank will
report the facts to the Comptroller of the Currency
with a statement of reasons why a receiver should
be appointed for the national bank. If such receiver
is appointed, the procedure prescribed in § 209.7 for
cancellation of Federal Reserve Bank stock held by
the national bank shall be followed.
(b) Whenever a national bank has been placed in
the hands of a conservator, the procedure prescribed
in § 209.7 for cancellation of Federal Reserve Bank
stock held by such bank shall be followed; provided
a certificate is furnished by the Comptroller of the
Currency to the effect that the conservator has been
authorized to apply for cancellation of Federal Reserve Bank stock, and that the bank is to be liquidated
and is not to be permitted to resume business or to
reorganize.
§ 209.10—OTHER CLOSED STATE MEMBER BANKS

Whenever a State member bank ceases to exercise
banking functions without being placed in liquidation
in accordance with the laws of the State in which it
is located and without a receiver9 appointed for it,
and such bank has not within sixty days of the
cessation of banking functions applied for withdrawal from membership in the Federal Reserve System as provided in Part 208 of this Chapter (Regulation H), the Federal Reserve Bank of the district in
which such State member bank is located will furnish the Board of Governors of the Federal Reserve
System with full information with reference to the
facts involved in the case and with a definite recommendation as to whether the Board should require
the State member bank to surrender its Federal Reserve Bank stock and terminate all rights and privi9
The term "receiver" includes any person, commission, or
other agency charged by law with the duty of winding up the
affairs of the bank.




leges of membership in the Federal Reserve System.
Upon receipt of this advice, if termination of membership of the State member bank appears desirable,
the Board will give the member bank notice of the
date upon which a hearing will be held to determine
whether its membership should be terminated. If, after
such hearing, the membership of a State bank is terminated, the Board will direct the Federal Reserve Bank
of the Federal Reserve district in which the member
bank is located to cancel the Federal Reserve Bank
stock as of the date of termination of membership
and adjust accounts in the manner described in
§2095(fc)
§209.11—VOLUNTARY WITHDRAWAL
MEMBERSHIP

FROM

Any State member bank desiring to withdraw from
membership in the Federal Reserve System shall
follow the procedure set forth in Part 208 of this
chapter (Regulation H), and when all applicable requirements of § 208.10 have been complied with the
Federal Reserve Bank will cancel the Federal Reserve Bank stock held by the member bank as of the
date of withdrawal from membership and will adjust
accounts in the manner described in § 209.5(&).
§ 209.12—INVOLUNTARY TERMINATION OF
MEMBERSHIP

Any State member bank whose membership has
been terminated for failure to comply with the provisions of the Federal Reserve Act or regulations of
the Board of Governors of the Federal Reserve System shall surrender its Federal Reserve Bank stock
as of the date membership is terminated and accounts
will be adjusted in the manner described in
§209.5(6).
§ 209.13—CANCELLATION OF OLD AND ISSUE OF NEW
STOCK CERTIFICATE

(a) Whenever a member bank changes its name
it shall surrender to the Federal Reserve Bank the
certificate of Federal Reserve Bank stock which was
issued to it under its old name. If the Federal Reserve
Bank has or is furnished with proof of the change
of name, it will cancel the certificate so surrendered
and will issue in lieu thereof to and in the name of
the member bank surrendering it a new certificate for
the number of shares represented by the certificate
so surrendered.
(b) If a member bank has filed an application for
an increase or decrease in its holdings of Federal
Reserve Bank stock pursuant to the provisions of
§ 209.3, or has acquired the Federal Reserve Bank
stock from another bank by virtue of a merger or
consolidation of the kind described in § 209.5(a), it
shall surrender the stock certificate previously issued
to it and the certificate representing any stock so
acquired, and the Federal Reserve Bank will issue a
new certificate for the number of shares represented
by the surrendered certificate or certificates decreased
by the number of shares canceled or increased by
the number of additional shares to be issued.
(c) In order to provide a convenient means for
identifying shares of Federal Reserve Bank stock
purchased and paid for prior to March 28, 1942,
as to which dividends are not subject to Federal

14

FEDERAL RESERVE BULLETIN • JANUARY 1963

taxation, the Federal Reserve Bank will endorse on
the back of the stock certificate an appropriate notation setting forth the number of shares represented
which were purchased and paid for prior to March
28, 1942, and the number of shares purchased and
paid for on or after that date. In lieu of issuing a
single certificate, the Federal Reserve Bank may issue
two certificates to each member bank holding both
classes of stock, one representing stock purchased
and paid for prior to March 28, 1942, and the other
representing stock purchased and paid for on or after
that date, in which case the former will be endorsed
to read: "This certificate represents shares of Federal
Reserve Bank stock which were purchased and paid
for prior to March 28, 1942." No endorsement will
be necessary on the latter certificate.

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 20th day of
December, 1962.
By order of the Board of Governors.

§ 209.14—FORMS

Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Shepardson. Voting
against this action: Governor Robertson. Absent and
not voting: Governors King and Mitchell.

All forms referred to in this part and all such
forms as they may be amended from time to time
shall be a part of the regulation contained in this
part.

(Signed) MERRITT SHERMAN,

Secretary.

[SEAL]

Order Under Bank Merger Act

STATEMENT

The Board of Governors of the Federal Reserve System has issued the following Order and
Statements with respect to an application for
approval of the merger of certain banks:

The Liberty Bank and Trust Company, Buffalo,
New York ("Liberty"), with deposits of $222.4
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 First National Bank of Batavia,
Batavia, New York ("First"), with deposits of
$14.5 million. The banks would merge under the
charter and title of Liberty, which is a Statechartered member bank of the Federal Reserve
System. As an incident to the merger, the sole
office of First would become a branch of the resulting bank, increasing the number of its offices
from 28 to 29.
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 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 request unless, after considering
all these factors, it finds the transaction to be in
the public interest.
Banking factors. The capital structure and condition of both Liberty and First, and the financial

LIBERTY BANK AND TRUST COMPANY,
BUFFALO, NEW YORK
In the matter of the application of Liberty Bank
and Trust Company for approval of merger with
The First National Bank of Batavia.
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 Liberty Bank
and Trust Company, Buffalo, New York, for the
Board's prior approval of the merger of that bank
and The First National Bank of Batavia, Batavia,
New York, under the charter and title of the former. As an incident to the merger, the main and
only 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




* Deposit and loan figures are as of June 30, 1962.

LAW DEPARTMENT
history of First are regarded as generally satisfactory. Until recent years, the rate of growth of
Liberty lagged behind that of the two larger Buffalo banks, Marine Trust Company of Western
New York ("Marine"), with deposits of $800.8
million, and Manufacturers and Traders Trust
Company ("Manufacturers"), with deposits of
$515.0 million. Marine is a subsidiary of Marine
Midland Corporation, a bank holding company
which operates banking offices in all nine banking
districts in New York. While Marine and Manufacturers were establishing branches or merging
with small independent banks in good locations,
Liberty remained static, with many of its in-town
branches located in areas which are deteriorating
or where economic growth has ceased.
Liberty has recently developed a program designed to acquire deposits, add banking facilities,
modernize and relocate existing offices, and improve customer relations. Three new branches
have been established in expanding suburban
areas, and five other branches have been acquired
by mergers with four relatively small banks in
Fredonia (with a branch at Brocton), East Aurora, Oakfield, and Orchard Park.
Prospects for earnings of Liberty and for First
are satisfactory, and the prospects for the resulting bank should be equally so. There is no evidence that the corporate powers of the banks are,
or would be, inconsistent with the Federal Deposit Insurance Act.
In this case, the circumstances relating to the
banking factors are largely neutral. While the
capital structure, anticipated financial condition
and history, future earnings prospects, management, and exercise of corporate powers of the
resulting bank would continue to be satisfactory,
it seems probable that these circumstances would
remain almost equally satisfactory in respect to
each were the application to be denied.
Convenience and needs of the communities to
be served. Buffalo is the second largest city in
New York State and 15th largest in the United
States. It is located in Erie County on the eastern
end of Lake Erie. The surrounding area contains
a large industrial region as well as Niagara Falls,
a major resort area. The population of Buffalo itself, roughly half a million, declined by eight per
cent between 1950 and 1960, reflecting population
shifts to suburban areas. The city is served by five
commercial banks, of which Liberty is the third




15
in size, and there is no evidence tending to show
that either the convenience or the needs of the
community are not being met satisfactorily at the
present time.
Batavia, seat of Genesee County, is about 40
miles east of Buffalo and about the same distance
west of Rochester, where many of its residents
are employed. It has a population of some 18,000
and is a residential and industrial community with
three banking facilities, consisting of First and
branches of the two largest Buffalo banks, Marine
and Manufacturers. Since these branches can offer
the varied services and higher lending limits provided by their parent banks, convenience and
needs of the community would continue to be
adequately served even if the proposed merger
were not consummated, although bringing Liberty
into Batavia would provide a more convenient
third choice of facilities of this kind.
The factor of convenience and needs of both
communities involved, then, like the banking factors, provides little support for, but is not inconsistent with, approval.
Competition. The only direct competition between First and Liberty involves Liberty's branch
at Oakfield, some seven miles northwest of Batavia. Of the total deposits ($5.8 million) of the
Oakfield branch, 6.5 per cent, and of its loans
($3.1 million) 11 per cent, originate in Batavia.
Some 60 depositors have accounts in both banks,
and First has deposits of $329 thousand from Oakfield equal to 5.7 per cent and loans of $134
thousand equal to 4.3 per cent of the deposits and
loans, respectively, of Liberty's branch. Accordingly, although these amounts represent nominal
percentages of the deposits and loans of First,
competition between the two could be said to be
moderate. This competition will be eliminated by
approval, and customers who now choose between
four banks, that is, between First and branches of
the three largest Buffalo banks, will have their
range of choice narrowed to three.
On the other hand, analysis of the situation in
Buffalo indicates a genuine need for a third large
bank to compete vigorously with Marine and
Manufacturers. The economy of the area is expanding, and while the two big banks have kept
pace with that expansion, Liberty has fallen considerably behind them. Due to the area pattern of
growth, one principal tool for banking expansion
there will be the opening of branches, either ac-

16

FEDERAL RESERVE BULLETIN • JANUARY 1963

quired by merger or where possible de novo, in
the suburbs and satellite communities of larger
centers, like Buffalo. In the case of Batavia, because of "head office protection" afforded First
by New York law, the only way in which Liberty
can open a branch is through merger with First.
Acquisition of First should be of some material
assistance to Liberty in its current effort to place
itself in a better competitive position vis-a-vis
Marine and Manufacturers.
While the Board considers it necessary to scrutinize with care the trend toward increasing banking concentration in western New York State, it
does not find that, under the circumstances of the
present case, the merger of First into Liberty will
disadvantage either the local banks near Batavia,
or the relatively small fourth and fifth ranking
banks in Buffalo. While the merger would eliminate some existing competition, on the other hand
it would enhance the position of Liberty as an
effective competitive force in Buffalo and the
surrounding area.
Summary and conclusion. In reaching a decision on an application under the Bank Merger Act
of 1960, the Board is required to consider all the
relevant factors and weigh them in order to reach
a judgment. In the present case, neither the banking factors nor the convenience and needs of the
community weigh for or against approval, and
there are both favorable and unfavorable considerations under the competitive factor. Although
the decision is a close one, the Board feels that,
on balance, permitting the merger of First into
Liberty would beneficially stimulate competition
in the Ninth Banking District of New York State.
For these reasons, the Board finds that the proposed merger would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR
ROBERTSON

Consummation of this merger would deprive
Batavia of its only unit bank, which is an exceptionally sound and well-managed institution
that effectively competes with Liberty Bank's Oldfield branch and with the branches in Batavia of
Marine Trust Company and Manufacturers and
Traders Trust Company.
The majority statement concedes that favorable
action on this application finds no support under
the so-called banking factors or with respect to
the needs and conveniences of the communities




involved. The banking public in and around Batavia has ready access to the full range of banking
services through the Batavia branches of Marine
and M & T, and Liberty's branch at Oakfield, and
The First National Bank of Batavia (which approval of this application will eliminate).
In support of approval of the application, the
majority states that consummation of the transaction would beneficially stimulate competition in
the Ninth Banking District of New York State.
That, of course, is the District containing the areas
in which Liberty competes with Marine and M & T.
I am unable to see how the merger will strengthen
the competitive position of Liberty in Buffalo,
unless the deposits acquired by Liberty from First
are siphoned away from the Batavia community
into Buffalo, a result which would weigh against
approval of the merger. Moreover, there is nothing in the record to indicate that Liberty will be
able to compete in and about Batavia in a stronger
or more constructive way than First does now.
Approval of the application means that both
present and potential competition between First
and Liberty will be eliminated. Members of the
banking public in the Batavia-Oakfield area will
not only have present alternative sources of banking service reduced from four to three, but they
will no longer have the opportunity of dealing
with a local independent bank; that many have
preferred to do so is evidenced by First's excellent
growth record. The removal from Batavia of
"home office protection" as a result of the merger
is unimportant in a community with a population
of only 18,000 and varied banking facilities
already in the area.
The Bank Merger Act was intended by Congress to curb bank mergers inimical to a competitive banking system. The steady reduction, through
mergers, in the number of unit banks, and the consequent elimination of competition were compelling considerations that prompted enactment of
the law, and the inadequacies of then existing
law with respect to the competitive factor in bank
absorptions was emphasized repeatedly during
Congress' consideration of the Act. (Senate Report No. 196, April 17, 1959, pp. 8, 14; House
Report No. 1416, March 23, 1960, pp. 3-5) In
the words of Senator Robertson, Chairman of
the Senate Committee on Banking and Currency,
the Act "seeks to make mergers of banks more
difficult". (105 Cong. Record, Part 6, p. 8131)

LAW DEPARTMENT
It is significant to note that the merger trend,
which gave rise to the Congressional concern resulting in enactment of the law, continues unabated; more commercial banks have been eliminated through mergers in 1962 than in any of
the three years preceding enactment of the Bank
Merger Act.
The statute and its legislative history reveal that
Congress intended to make approval of a bank
merger dependent on a positive showing that the
public interest would be benefited and rejected
the philosophy that doubts should be resolved in
favor of such mergers. The burden was placed on
the proponents of a merger to show that it would
promote the public interest. (House Report No.
1416, March 23, 1960, pp. 11-12; Senate Report
No. 196, April 17, 1959, pp. 19-21; 106 Cong.
Record, Part 6, p. 7258, Part 8, p. 9712)
It was specifically recognized during consideration of the legislation that any competitive disadvantage of a bank with respect to other banks in
a community was a proper matter to be taken
into consideration by the banking agency concerned in considering a merger application. However, it was emphasized that this would be just one
of the factors to be considered. As explained by
Senator Robertson, the mere fact that a bank was
under some competitive disadvantage would not
give it "a right to engage in a merger which
otherwise would be ruled out" under other factors
required to be considered by the agency concerned. (106 Cong. Record, Part 8, p. 9713)
In this case, there is no showing of advantage
to the public but only an expressed hope that consummation of the transaction in some way will
benefit the area by stimulating competition between Liberty (already a $222 million bank) and
the other two large Buffalo banks. To hold, in
these circumstances, that the transaction is in the
public interest (as the majority does) leaves the
statute without any real meaning or effect and




17
makes it an instrument conducive to further concentration of banking resources rather than an
effective regulation to curb mergers and thereby
counter the trend toward concentration of banking resources, which occasioned enactment of the
statute.
Indeed, it is difficult to conceive of a merger
application—short of one that would patently violate the antitrust laws—that would warrant denial, if the principle implicit in the decision of the
majority is adhered to in the future. That principle
appears to contemplate with approval a situation
in which a few banks control all the banking facilities of an area (or even a whole State). In this
case, seemingly, Liberty Bank has carte blanche
to absorb smaller banks in Western New York
until it achieves size parity with Marine and
M & T. Viewed realistically, this means that these
three may finally become the only banks in a large
part of the Ninth Banking District of New York,
with its numerous cities and towns and a population of more than a million. In this particular case,
approval of the application means that three
Buffalo banks will have the power to decide who
gets credit (and who does not) in Batavia, 40
miles away. Liberty admittedly has embarked on
an expansion program which has included the
recent acquisition of four banks, and it is understood that plans are in progress for applications
to acquire by merger two banks in other communities.
The implications arising from approval of the
present application for the continuation of healthy,
independent banks or the establishment of new
banks seem grave indeed, because of the encouragement that is being given by this decision to
constantly increasing concentration of banking
resources and power in the three large Buffalo
institutions.
I would deny the application.

Announcements
FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1
The Federal Reserve Banks have announced the following appointments of branch directors. The
appointments have been made for terms of three years beginning January 1, 1963, except where otherwise indicated.
Federal Reserve Bank
and Branch
New York
Buffalo

Cleveland
Cincinnati

Pittsburgh

Richmond
Baltimore

Charlotte

Atlanta
Birmingham

Jacksonville

J. MONROE HODGES, President, The Exchange National
Bank of Olean, New York. Mr. Hodges succeeds Howard
N. Donovan, President, Bank of Jamestown, New York.
W. WOODS, JR., President, The Third National Bank
of Ashland, Kentucky. Mr. Woods succeeds LeRoy M.
Miles, President, First Security National Bank and Trust
Company of Lexington, Kentucky.

JOHN

H. OWENS, President, The Citizens National Bank
of New Castle, Pennsylvania. Mr. Owens succeeds Samuel
R. Evans, President and Trust Officer, Windber Trust Company, Windber, Pennsylvania.
ALFRED

B. BROWNE, President, Union Trust Company of
Maryland, Baltimore, Maryland. Mr. Browne succeeds
James W. McElroy, Director, First National Bank of
Maryland, Baltimore, Maryland.
G. HAROLD MYRICK, Executive Vice President and Trust
Officer, First National Bank of Lincolnton, North Carolina.
(Reappointed)
JOSEPH

A. CALVIN SMITH, President, First National Bank, Greenville, Alabama. Mr. Smith succeeds R. J. Murphy, Executive Vice President, Citizens-Farmers & Merchants Bank,
Brewton, Alabama.
ARTHUR W. SAARINEN, President, Broward National Bank
of Fort Lauderdale, Florida. Mr. Saarinen succeeds
Leonard A. Usina, Chairman of the Board, Peoples National Bank of Miami Shores, Florida.

1
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. The announcement of appointments of branch directors made by the Board of
Governors was published on page 1627 of the December 1962 BULLETIN.




18

19

ANNOUNCEMENTS
Nashville

R. S. WALLING, President, First National Bank, McMinnville, Tennessee. Mr. Walling succeeds D. L. Earnest,
President, The Blount National Bank of Maryville, Tennessee.

New Orleans

J. R. MCCRAVEY, JR., Vice President, Bank of Forest,
Mississippi. Mr. McCravey succeeds Frank A. Gallaugher,
President, Jeff Davis Bank & Trust Company, Jennings,
Louisiana.

Chicago
Detroit
St. Louis
Little Rock

C. LINCOLN LINDERHOLM, President, Central Bank, Grand
Rapids, Michigan. (Reappointed)
H. C. ADAMS, Executive Vice President, The First National
Bank of De Witt, Arkansas. (Reappointed)

Louisville

JOHN H. HARDWICK, President, The Louisville Trust Company, Louisville, Kentucky. Mr. Hardwick succeeds Merle
E. Robertson, Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Kentucky.

Memphis

CHARLES

Minneapolis (2-year terms)
Helena

R. CAVINESS, President, National Bank of Commerce of Corinth, Mississippi. (Reappointed)
ROY G. MONROE, Chairman of the Board and President,
The First State Bank of Malta, Montana. (Reappointed)

E. OLSSON, President, Ronan State Bank, Ronan,
Montana. (Reappointed)

HARALD

Kansas City (2-year terms)
Denver

J. H. BLOEDORN, President, The Farmers State Bank of
Fort Morgan, Colorado. (Reappointed)
J. P. BRANDENBURG, President, First State Bank of Taos,
New Mexico. Mr. Brandenburg succeeds Cale W. Carson,
Chairman of the Board, First National Bank in Albuquerque, New Mexico.

Oklahoma City

R. L. KELSAY, Chairman of the Board and President, The
First National Bank in Hobart, Oklahoma. (Reappointed)
GUY L. BERRY, JR., President, The American National
Bank and Trust Company, Sapulpa, Oklahoma. Mr. Berry
succeeds C. L. Priddy, President, The National Bank of
McAlester, Oklahoma.

Omaha

F. DAVIS, President, The First National Bank of
Omaha, Nebraska. (Reappointed)

JOHN

Dallas




El Paso

CHAS. B. PERRY, President, First State Bank, Odessa,
Texas. (Reappointed)

20

FEDERAL RESERVE BULLETIN • JANUARY 1963
Houston

M. M. GALLOWAY, President, First Capitol Bank, West
Columbia, Texas. (Reappointed)

San Antonio

DWIGHT D. TAYLOR, President, Pan American State Bank,
Brownsville, Texas. (Reappointed)

San Francisco (2-year terms)
Los Angeles

DOUGLAS SHIVELY, President, Citizens State Bank of Santa
Paula, California. (Reappointed)
ROY A. BRITT, President, Citizens National Bank, Los
Angeles, California. (Reappointed)

Portland

D. S. BAKER, President, The Baker-Boyer National Bank,
Walla Walla, Washington. (Reappointed)
E. M. FLOHR, President, The First National Bank of Wallace, Idaho. (Reappointed)

Salt Lake City

J. E. BRINTON, President, The First National Bank of Ely,
Nevada. (Reappointed)
E. HOLT, President, Walker Bank & Trust Company,
Salt Lake City, Utah. (Reappointed)
REED

Seattle

CHAS. H. PARKS, Executive Vice President, Seattle-First
National Bank, Spokane and Eastern Division, Spokane,
Washington. (Reappointed)

M. F. HASTINGS, President, The First National Bank of
Ferndale, Washington. (Reappointed)

APPOINTMENT OF DIRECTOR

The Federal Reserve Bank of Cleveland has announced the appointment of John W. Humphrey,
of Cincinnati, Ohio, as a director of its Cincinnati Branch for the unexpired portion of a term
ending December 31, 1963. Mr. Humphrey is
President, The Philip Carey Manufacturing Company, Cincinnati, Ohio. As a director of the Cincinnati Branch, he succeeds Mr. Logan T. Johnston, President, Armco Steel Corporation, Middletown, Ohio, who was appointed a Class C director
of the Federal Reserve Bank of Cleveland, effective January 1, 1963.
CHANGES IN THE BOARD'S STAFF

Mr. G. Howland Chase, Assistant General Coun-




sel in the Legal Division, retired at the end of
December. Mr. Chase joined the Board's staff in
1932 and, except for the four-year period during
which he was Attorney and then Assistant Solicitor in the Office of the Solicitor before becoming
Assistant General Counsel in 1953, his entire service was in the Legal Division.
Mr. Robert Solomon was appointed an Associate Adviser in the Division of Research and
Statistics effective January 1, 1963.
Mr. Solomon, who joined the Board's staff in
1947, has been an economist in both the Division
of International Finance and the Division of Research and Statistics. In the latter Division he was
designated a Senior Economist in 1959, Chief of

21

ANNOUNCEMENTS
the Capital Market Section in 1960, and Assistant
to the Director in 1962.
Mr. Solomon received his A.B. degree from
the University of Michigan in 1942, his M.A. degree from Harvard University in 1947, and his
Ph.D. degree from the same institution in 1952.
EARNINGS AND EXPENSES OF THE FEDERAL
RESERVE BANKS IN 1962 AND 1961

The following table shows a condensed comparative statement of earnings and expenses of the
Federal Reserve Banks in 1962 and 1961. A detailed statement of earnings and expenses of each
Federal Reserve Bank in 1962 will appear in the
February Federal Reserve BULLETIN.




Item

1962

1961

Thousands of dollars
1,048,508
176,136

Current net earnings
Net deductions from (—) or additions to
current net earnings 1
Net earnings
Treasury
Dividends paid
Paid Treasury
notes)

before

(interest

Transferred to surplus

payments

on

F.

to

R.

941,648
161,275

872,372

Current earnings
Current expenses

780,373

-56

3,482

872,316

783,855

27,412

25,570

799,366

687,393

45,538

70,892

i Includes net profits on sales of U. S. Govt. securities of $1,990,000
in 1962 and $3,466,000 in 1961.

National Summary of Business Conditions
Released for publication January 15

generally remained at the high levels reached
last summer.
Output of iron and steel recovered somewhat
further in December although severe weather
curtailed operations in some areas over a twoweek period. Production of mineral fuels declined, in part because of the weather, but output
of most other nondurable materials continued to
increase.

Industrial production and construction activity
were unchanged in December, and retail sales
remained at the record high reached in November.
The rate of unemployment, although down slightly,
was at the average level for 1962. Commercial
bank credit and the money supply continued to
expand. Between mid-December and mid-January
common stock prices rose further.
INDUSTRIAL PRODUCTION

CONSTRUCTION

Industrial production in December was 120
per cent of the 1957-59 average, the same as in
November. From July to December 1962, the
index held between 119 and 120 per cent. While
output of consumer goods increased somewhat
in December, production of equipment and output
of materials were unchanged.
Auto assemblies remained at the advanced level
prevailing since last July, and preliminary production schedules for January indicate little change.
Output of home goods and apparel increased
further in December, returning to the May-June
high, although output of television sets was unchanged from the reduced October-November
level. Among consumer staples, newspaper publishing activity was reduced by strikes in two
major cities. Production of business equipment

New construction put in place, which was revised upward by 2 per cent to a seasonally adjusted annual rate of $62% billion in November,
changed little in December. Residential construction increased somewhat further while most other
types of private activity changed little. Public construction declined further but remained higher
than in the summer months.
DISTRIBUTION

Retail sales in December remained at the record high reached in November. Department store
sales increased less than seasonally and deliveries
of new autos declined further, but sales increased
at most other types of stores. A dock strike at
Eastern and Gulf ports beginning December 23
sharply curtailed foreign trade shipments and reduced domestic rail and truck traffic.

INDUSTRIAL PRODUCTION
1957-59 = 100
140

COMMODITY PRICES

130
~

TOTAL

y^*~

~~

-

FINAL
y^*"*
PRODUCTS v^C--*«-

- 120

The wholesale commodity price index was unchanged between mid-December and mid-January. Prices of hogs declined somewhat, as supplies expanded seasonally, but prices of cattle
and most other foodstuffs changed little. Prices
of industrial commodities generally remained
stable.

110
~

NONDURABLE
MANUFACTURES ,££?•

-

~

MAfERIALS

-

-

'"*•

_/

~

CONSUMER
//?*'
GOODS*/£/

100

~

BANK CREDIT AND RESERVES
'-

l%

*»

V/DURABLE

1

MANUFACTURES
1
1
1

EQUIPMENT
1

1

_
1

Total commercial bank credit, seasonally adjusted, continued to rise in December, reflecting
a substantial further increase in loans. Bank holdings of U.S. Government and other securities

1

Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for December.




22

23

NATIONAL SUMMARY OF BUSINESS CONDITIONS
showed a less-than-seasonal rise. The money supply increased considerably further, and time and
savings deposits at commercial banks continued
to expand rapidly.
Total and required reserves of member banks
increased in December. Excess reserves declined
and member bank borrowings from the Federal
Reserve rose. Reserves were supplied through an
increase in Reserve Bank float and Federal Reserve purchases of U.S. Government securities.
Currency outflow absorbed reserves.

Yields on corporate bonds declined somewhat
between mid-December and mid-January while
yields on State and local government issues and
on Treasury bonds changed little. Rates on 3month Treasury bills increased slightly to about
2.90 per cent.
Common stock prices rose further and trading
remained active. By mid-January, average prices
had recovered three-fifths of the decrease from
the peak in December 1961 to the low in late June.

RETAIL TRADE

INTEREST RATES

SECURITY MARKETS

1957-59 = 100
DEPARTMENT STORES

f\\

A

*

(

TREASURY BULS

Www

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




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 Treasury bills. Latest
figures shown are for week ending January 11.

Guide to Tabular Presentation

SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp

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

I,H,

in, iv
n.a.
n.e.c.
S.A.
N.S.A.

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
Aug. 1962
On, and not on, Federal Reserve Par List,
number of
Aug. 1962
Annually
Bank holding companies:
List of, Dec. 31, 1961
June 1962
Banking offices and deposits of group banks,
Dec. 31,1961
Aug. 1962




Page
82-89
90

1073
1074

762
1075

24

Annually—cont.
Banking and monetary statistics, 1961
Banks and branches, number of, by class and
State
Income and expenses:
Federal Reserve Banks
Member banks:
Calendaryear
Operating ratios
Insured commercial banks
Stock Exchange firms, detailed debit and credit
balances

Issue

Page

[Feb. 1962 238-44
{Mar. 1962 362-63
[May 1962 652-55
Apr. 1962 482-83
Feb. 1962 234-35
{ju?yl%2
902
Apr. 1962 484-86
July 1962
903
Sept. 1962

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

26
30
32
34
36
38
42
44
47

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

48
49
50
52
57
59
61
64

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

68
72
72
74
76
77
78
80
82

Selected assets and liabilities of Federal business-type activities.
Guide to tabular presentation
Index to statistical tables.

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-

90
24
113

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).

25

26

BANK RESERVES AND RELATED ITEMS

JANUARY 1963

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve fund 5

Factors absorbing reserve funds

F. R. Bank credit outstanding
Period
or
date

U. S. Govt. securities

Discounts
Repur- and Float i
Bought chase adoutTotal
agreeright ments vances

Total*

Gold
stock

Curury
cur- rency
in
rency
ciroutstand- culation
ing

Deposits, other
than member bank
Member bank
reserves
Treas- with reserves,
Other
F. R. Banks
ury
F. R
cash
acholdcounts With Curings Treas- ForF. R. rency Total
ury
and
eign Other i
Banks coin 3

Averages of
daily figures
210
61 1,317 4 024 2,018 4 400
272
12 2 208 4 030 2,295 5,455
83 2,612 17,518 2,956 7,609 2,402
170 2 404 22 759 3,239 10,985 2,189
652 24.744 20,047 4,322 28,452 2,269

m

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

179
179
1,933
1,933
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
23.876
25,218
24,888

9
142 J .117 21.606 22,879
657 ,175 25 446 22 483
99
,76? 27 299 23 276
524 1,633
421
448 1,018 27 107 22,028
99? 26,317 21,711
407
29

4,629
4.701
4.806
4.885
4,982

27,806 1,290
29,139 1,280
30,494 1.271
30,968
767
30,749
805

615
271
569
602
443

920
571
745
466
439

353
264
290
390
365

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

840 ,189 26.853
706
611 27,156
716
441 26 186
564 1,496 28,412
911 1,426 29,435

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

31.265
31,775
31,932
32,371
32,775

777
772
768
691
396

459
372
345
262
361

1960—Dec
1961—June

27,248 27,170
26,935 26,927

78
8

94 1,665 29,060 17,954 5,396 33,019
66 1,265 28,304 17,475 5,432 32,246

408
411

434
463
385
470
524
522
515

1961—Dec

29,098 29,061

37

152 1,921 31,217 16,929 5,587 33,954

1962—Jan
Feb . .
Mar
Apr
May
June
July

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

Nov. 1
8
15
22
29

28,052
28,495
28 466
28 588
28,874

28,039
28,466
28.380
28,461
28,760

Dec. 6
13
20
27

978
250
8
5
381

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

30
81
616
592
625

2 314
2,211
11,473
292 12 812
493 16,027

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

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

17,391
20.310
21,180
19,920
19,279

394
983
247
998
186 1 063
337 1,174
348 1,195

19,240
19,535
19,420
18.899
18,628 "*304

19,240
19.535
19 420
18,899
18,932

250
205

495 1,029
250 1,038

16,688 2.595 19,283
16,547 2,495 19,042

376
350
248

164
739
1,531
1,247

739
796
832
908
929

422

514

229

244 1,112 17,259 2,859 20,118

1,807 30.468
1,290,29,839
1,293 30.063
1,117 30,634
1,176 30,991
1,508 31,265
1 71631,475
1,110 31,600
1,760 31,807
1,705 32,057
I 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
5,552
5,552
5,562

33,291
32,848
32,996
33,235
33,327
33,626
33,989
33,962
34,004
34,111
34,584
35,280

441
449
439
428

417
426
448
485

234
211
215

419

551

220
221

405

524

399

500
517
472
587

2C0

288 1 042 17,195
272 1 096 16,916
272 1 049 16 939
350
985 17,083
351 1 048 17,122
322
971 17,196
654 17.272
335
764 17,144
296
799 17,227
320
710 17,382
925 16,706
290 1,048 16,932

76 1.7.18 7.9.404
93 1,130 29.760
125 1,186 29,817
92 1,74330,465
103 1.492 30.510

17,302
17.291
17,276
17,190
16,975

5,576
5,579
5,583
5.585
5,586

32,802
32.967
33 222
33,350
33,503

410

491

241

303

86
127
114

423
402
414

273
247
309
210

258
253
251

415

475
476
506
456

990 17,045
992 17 241
992 17.084
1,144 17,265
213 1,143 17,132

2 706
2 430
2.657
2 629
2,810

19,751
19,671
19.741
19 894
19,942

29 274
29 334
29,007
28,893

29,274
29 334
29,007
28,845 "**48

1,279 30,631
1 363 30,780
109 2,240 31,401
218 2,526 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

501
460

216
247

258
228

1 143 17,082
1 131 16 906
219 1,102 17,277
238 1,106 17,506

2 682
2 836
2,957
2,842

19,764
19 742
20,234
20,348

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

356 2,355 11.695

1,053
1,043
1 040
1,043
1,042

3,062
2,871
2,926
2,878
2,876

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

7
14
21
28

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

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

1,042 17,125 2,573 19,698
1,022 16,914 2,606 19,520
1,163 16,904 2,676 19,580
1,156 16,721 2,764 19,485

7.. .
14
21
28

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

4
11
18
25

29,150
29 281
29,030
29,033

Sept
Oct
Nov
Dec

131

72

93
118
156
134
128
154
109
14*
91
76
129
305

402
398
398
404
401

514
490

269
273
211
216
202

222

2,894 20,089
2,655 19,571
2 608 19.547
2,640 19,723
2 695 19,817
2,728 19,924
2.774 20.046
2,777 19,921
2,807 20,034
2 822 20,205
2,895 19,601
*>3,O83 ^20,015

Week ending—
1961
13
29

36
40

424
421

600
511

215
207

1962
Jan.

Feb.

Mar

Apr.

79
89
72
94

2,059
1,870
1,786
1,227

30',972
10.529
30,185
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

290
240
232

439
424

220
213

297
261
292
305
296

28

122
120
122
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

223
197
197
227

277
252
274
285

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

14
39
72

156 1,339 29,974 16,772
118 1,252 29,917 16,724
198 1,446 30,176 16,709
151 1.248 30,121 16,666

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

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

440
441
446

401
461

214
224

433

460
481

283 1,100 16,987 2,497 19,484
234 1,053 16,751 2,597 19,348
224 1,027 17,048 2,617 19,665
318 1,028 16,966 2,682 19,648

28,996
29 134
28,957
28,882

154
147

140 1,029 30.361
125 1.156 10 601
140 1,412 30,622
150 1,500 30,722

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

33,050
33,274
33,356
33,244

433
432

400
458

220
252

351 1,025 17,080 2,583
327 1 030 17 027 2 477
364
960 17,002 2,684
963 17,115 2,763
354

For notes see opposite page.




211
67
19

28

73

151

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

425
428

480
518

219
197

204
209

17,740
17,421
17,130
17,094
16,882

19,663
19 504
19,686
19,878

JANUARY 1963

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
U. S. Govt. securities

Period
or
date

Discounts
Repur- and Float i Total*
Bought
adTotal out- chase vances
right

Treas- Curury
rency
Gold
curin
stock rency
ciroutculastand- tion
ing

Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F. R. Banks Other
ury
F. R.
cash
acholdcounts With
Curings Treas- ForOther i
F. R. rency Total
eign
and
Banks coin 3

Averages of
daily figures
Week ending—
1962
May

16,494
,590
16.490
,594
16.456
,595
16.434
,593
16,434 5,594

33,133
33.267
33,406
33.327
33,331

419
419
423
419
418

607
502
537
599
524

213
224
219
237
208

366
958 17,091
372
956 17,369
342
996 17,098
327 1,132 17,138
344 1,130 17,007

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

153
81
178
74

1,498 31,597 16,435
1.627 31 .729 16.412
2,039 31,561 16.298
"
1,968 31 ,315 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

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
290
699 17.527 2,713 20,240
301
700 17,447 2 694 20 141
298
607 17,265 2 829 20 094
317
641 17,152 2,850 20.002

85
171
145
171
92

1,346 31 ,066
1.150 31 ,559
1,279 31.642
1,684 31,795
1,287 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

148
127

105
89
36
152

1,134 31,685 16.098
1,400 31 ,921 16,093
"
2,136 31 ,955 16,067
2,176 31 ,702 16,068

5,556
5,550
5,544
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

29.946
30,546
30.385
29.931
29,853

13
136
95
35

74
56
82
67
91

1,747 31 ,816
1,645 32 ,416
1,633 32 .229
2,083 32.116
1,475 31 ,491

16,068
16,067
16.067
16.052
16.006

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

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

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

187
240
60
18

170
156
105
103

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

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
822 16,878
309
798 16,589
289 1,020 16,783
262 1,023 16,597

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

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

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

30,223
30,603
39,493
30,489

188
95

93
109
164
308

1,832 32,373
1,755 32
,755 ",629
2,443 33
,163
2,842 33,733

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

30.201 29,953
30,454 30,200
30;820 30,478

248
254
342

219 1.171 31.625 15,978 5,554 34,109
71 1,885 32 ,448 15,977 5,557 34,782
38 2,903 33
,871 2-15,978 *>5,572 P 3 5 , 3 O 4

399
381
H13

513
585
597

182
203
247

309
827 16.821 r3.302 '20,123
305 1,078 16,648 '3,346 M9,994
393 1,013 17,454 *>3,231 ^20,685

30,324
30,123
30,191
30,059

30,127
30,123
30,067
30,059

197
'i24

579
108
139
103

740 31,677
452 31,717
044 32,409
848 32,046

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

5,556
5,550
5,551
5,552

34,446
34,651
34,843
34,801

412
411
398
397

325
467
310
552

194
233
213
209

319
819 16,696
325
743 16,415
262 1,027 16,884
263 1,026 16,327

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

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

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

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

6

29,837
29,672
29.433
29.320
29,884
29.962
29,304
29,230

29,707
29.870
29,304
29,230

29,592
30,194
30 177
29.902
30.019

29.592
30,194
30,160
29.890
30,019

Sept. 5
12
19
26

30.412
30 396
29 748
29.340

30,264
30.269
29.748
29,340

Oct.

3
10
17
24
31

29,959
30 682
30 480
29.931
29.888

Nov. 7
14

13
20
27
July

.........

18
25
Aug. 1
8
15
22
29

21
28

Dec.

5
12

19
26

177
92

128
112
129
112
151

1,351 30,704
1,245 31 025
1,276(30,970
1,667 31.153
1,191 30,935

117
107
180
216

29,837
29.672
29,356
29,233

June

95
167
21

1,211
1,304
1,779
1,668

31,198
'
31,115
31,423
31,236

2,777
2,482
2,717
2,693
2,802

19 868
19 851
19,815
19.831
19.809

Pi

1,068 16,565 2,964 19,529
1,068 16,517 3,010 19,527
1,011 16,771 3,181 19,952
1,026 17,212 ^3,115 ^20,327

End of month
1962
Oct
Nov
Dec
Wednesday
1962
Nov. 7
14
21

28
Dec. 5
12

19
26

145

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

BLLL., p.

164

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




1,077
1,006
1,017
l,093j

2,813
3,286
3,195
3,434

19,509
19,701
20,079
19.761

16,211 3,060 19,271
16,451 3,432 19,883
17,113 n 462^20,575
462
16,867 *3,3O2 ^20,169

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

28

BANK RESERVES AND RELATED ITEMS

JANUARY 1963

RESERVES AND BORROWINGS O F MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period

Reserves
Total
held

Required

Borrowings
at
Excess F.R.
Banks

Reserves
Free
reserves

Total
held

Required

Borrowings
at
Excess F.R.
Banks

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

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

42
363
5,011
3,390
1 491
986

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

142

4,742
5,275
5,357
4,762
4,508
4,432

4,616
5,231
5,328
4,748
4,497
4,397

125

1950 Dec.
1951—Dec
1952 Dec
1953—Dec
1954 Dec
1955—Dec

17,391
20,310
21,180
19,920
19,279
19,240

16,364
19,484
20,457
19,227
18,576
18,646

1,027
723
693
703
594

1,593
441
246
839

885
169
-870
252
457
-245

1956—Dec
1957 Dec
1958—Dec
1959—Dec
i960 Dec
1961—June

19,535
19,420
18,899
18,932
19,283
19,042

18,883
18,843
18,383
18,450
18,527
18,430

652
577
516
482
756
612

688
710
557
906
87
63

-36
-133
-41
-424
669
549

4,448
4,336
4,033
3,920
3,687
3,698

4,392
4,303
4,010
3,930
3,658
3,658

1961—Dec

20,118 19,550

568

149

419

3,834

3,826

1962 Jan
Feb
Mar
Apr
May

20,089 19,473
19,571 19,069
19,547 19,077
19,723 19,213
19 817 19,320
19,924 19,453
20,046 19,514
19,921 19,358
20,034 19,576
20,205 19,721
19,601 19,012
*20,015 ^19,458

616
502
470

70

546
434
379
441

July
Aug
Seot
Oct
Nov
Dec

826

510
497

657

68
91
69
63
100
89
127

434
371
443
436

471
532
563
458
484
589
*557

80
65
119
304

378
419
470
^253

3,811 3,763
3,680 3,664
3,693 3,705
3,752 3,692
3,724 3,713
3,781 3,774
3,766 3,732
3,709 3,684
3,718 3,723
3,774 3,736
3,627 3,601
2>3,863 *>3,817

City of Chicago

44

30
14
12
35
57
34
23
— 10
29
40
7
48
17
— 12
60
11

7
34
24

-4
38
27
P46

Reserves
Free
reserves

174

192
38

-167
69
2,611
989
— 144

Total
held
161
211
1,141
1,143
939

Required
161
133
601
848
924

1,024

1,011

58
151
486
115
62
197

67 1,199
— 107 1,356
- 4 5 6 1,406
— 101 1,295
-50
1,210
- 1 6 2 1,166

1.191
[,353
1,409
1,295
1,210
1,164

147
139
102
99

—91
-105
-81
-109
10
40

1,149
1,136
1,077
1,038
958
970

1,138
1,127
1,070
.038
'953
964

-50

987

Excess

57

Free
reserves

1
78

63

13

6

8

5

3

-4
1
-1
2
12
8
7
4
6

64

232
37
15
85
97
85
39
104
8
1
22

7

41

987

982

5

3

6
12
10
1
19
16
17

11
—24
50

955
964
940
990
976

954
949
953
983
977
989

1
15
-13
7

4
21
7
4
2
4
18

15
4
14
108

10
— 12
18
7

1,000
1,017
1,021
-19
34 1,036
13 1,007
P - 6 2 ^1,042

1,013
1,022
1,032
1,001

—1
10
4
5

PI,O35

6
Pi

-62
78
540
295
14

540
295
14

987

19

67

Borrowings
at
F.R.
Banks

9
6
13
18

7
3
-61

-236
-36
-16
-83
-86
-77
-31
-104
—4
5
-22
2
-3
—6
-20
3

-3
6
-14

-10
-1
-7

Week ending—
1961 Dec 6 . . . .
13
20
27

19 764
19,742
20,234
20,348

19 219
19,176
19,656
19,788

545
566
578
560

35
40
109
216

510
526
469
344

3 741
3,750
3,901
3,891

3,708
3,709
3,897
3,870

33
41
4
21

1962—July 4 . . . .

20,240
20 141
20,094
20,002

19,697
19,595
19,532
19,427

543
546
562
575

120
55
163
59

423
491
399
516

3,907
3,764
3,694
3,753

3,867
3,746
3,688
3,678

40
19
7
75

22....
29....

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
467
386
462

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

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

15
3
37
12
15

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

8
12
28
8

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

Nov. 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

19,529 19,149
19,527 19,081
*>19,952 ^19,437
^20,327 ^19,765

380
446
P515
P562

92
107
163
307

288
339
P352
^255

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

3,678
3,669
3,826
3,922

12
20
5
60
-20
39
14
49

18....
25
Aug. 1 . . . .

is!!!!

Oct.

Dec.

5
12....
19
26

For notes see opposite page.




33
41
-16
-65

978
950
997
1,009

976
950
995
1,006

1
1
2
3

30
11
40

10
8
-33
75

1,012
980
981
984

14
—5
-4
12

18
8
40
8

15
-15
29
-27
7

1,024
1,012
997
1,026
1,024

999
985
986
972
1,016
1,010
999
1,022
1,019

-3
28
-29

1,024
1,015
1,024
1,031

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

3
6

19
15
-22
15
61

1,037
1,042
1,035
1,041
1,014

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

5
4

18
9
32

-6
11
-27
60

1,017
977
1,014
1,014

1,012
974
1,008
J,008

5
3
5
6

11

-31
34
25
-77

1,011
998
1,032
1,074

1,011
991
1,034
1,065

7
-2
9

19
86

8
15
37
6
14
3

39
126

8
2
-2
4
5

6

5

1
60
2
4

-58
1

ii

10
-5
-15
10

2
18
3
23
26
10

5
-16
-25
-22
-5

10
9
3
18

-7
-3
-5
-12

1
9
9
2
5

4
5
-9
-2

40
16

-35
-13
5
6

2
4
3
4

-2
3
-4
5

BANK RESERVES AND RELATED ITEMS

JANUARY 1963

29

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

Other reserve city banks
Reserves

Period
Total
held

Required

Excess

Borrowings at
F. R.
Banks

Reserves
Free
reserves

Total
held

Required

Excess

Borrowings at
F. R.
Banks

610
344
897
1,406
3,566
4,375

22
96
671
804
1,011

327
126
3
4
46

597

57

540

663
596

29
88

634 )
508

Free
reserves

-305
-30
668
800
965

1929—June
1933—j une
1939—Dec
1941—Dec
1945—Dec
1947—Dec

761
648
3,140
4,317
6 394
6,861

749
528
1,953
3,014
5,976
6,589

12
120
1,188
1,303
418

409
58
1
96

-397
62
1,188
1,302
322

271

123

148

632
441
1,568
2,210
4 576
4,972

1950—Dec.
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec

6,689
7 922
8,323
7,962
7 927
7,924

6,458
7,738
8,203
7,877
7,836
7,865

232
184
120
85
91
60

50
354
639

4,761
5 756
6,094
5,901
5 634
5,716

4,099
5,161
5,518
5,307
5,032
5,220

576

236

340

184
117
398

182
-170
-519
-99
-26
-338

594
602
497

105
52
159

489
550 :
338 •

1956—Dec
1957_Dec
1958—Dec
1959_Dec
I960—Dec
1961—June

8,078
8 042
7,940
7,954
7 950
7,823

7,983
7,956
7,883
7,912
7,851
7,740

96
86
57
41
100
83

300
314
254
490
20
17

-203
-228
-198
-449
80
66

5,859
5,906
5,849
6,020
6,689
6,551

5,371
5,457
5,419
5,569
6,066
6,068

488
449
430
450
623
483

144
172
162
213
40
45

344
277
268 237
583
438'

8,367

8,308

59

39

20

6,931

6,429

502

31

471

8,311
8 094
8,106
8 195
8,231
8 270
8 309
8,179
8,192
8,203
7 992
"8,171

8,257
8 047
8,065
8 158
8,174
8 229
8,266
8,129
8,166
8,175
7 951
"8,097

54
47
41
37
57
41

34
25
26
28
21
45

20
22
15
9
36
—4

26
33
32
24
37
34

483
404
394
401
385
389

40

29

416

47
26
24
60
130

3
2

445

49
26
29
41
"74

5
-19
"-56

6,471
6,405
6,358
6,410
6,449
6,473
6,526
6,531
6,665
6,779
6,459
"6,509

509
437
426
425
422
423

43

6,979
6 842
6,784
6 836
6,872
6 896
6,972
7,017
7,103
7,192
6 975
"6,939

486
438
413
515
"430

45
30
31
32
48

441
408
382
483
"382

8,147
8,135
8 338
8,447

49
96
39
51

13
6
12
77

37
91
27
-26

6,849
6,811
6,959
6,951

6,387
6,382
6,425
6,465

462
428
534
486

21

27

8,197
8,232
8 377
8,498

18
51

441
395
516
435

4
11
18
25..

8,433
8,359
8,324
8,298

8,342
8,322
8,301
8,243

91
36
24
55

57
13
97
22

34
23
-73
33

6,888

6,488
6,542
6,556
6,532

399
496
538
433

29
31
15
35

369
464
523
398

Aug. 1
8
15
22
29

8,172
8,151
8.158
8,232
8,138

8,142
8,121
8,088
8,199
8,104

30
30
70
33

27
66
49
52
21

6,945
6,991
7,035
7,061

6,493
6,491
6,499
6,543
6,580

381
455
492
492

34

4
-34
21
-19
13

40
54
50
38

340
401
443
454

SeDt

IL:::::::;::'
19

26 .

8,154
8 157
8,211
8,223

8,126
8,120
8,181
8,200

20
24
3
62

9
13
27
-39

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

6,582
6,633
6,687
6,717

382
470
460
469

8 232
8,299
8,287
8,281
7,943

8 206
8,268
8,267
8,244
7,905

28
11
16
26
30

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

6,705
6,782
6,791
6,812
6,766

391
431
473
452
349

7 967
7,929
8 006
8,022

7 938
7,901
7 988
7,969

29
28
19
53

78
69
40
64

-2
20
4
11
8
-49
-41
-21
-11

56
29
19
24
28
24
32
25
44

326
441
441
445

3
10...
17
24
31

29
37
30
22
26
31
20
37
38

6 909
6,950
7 067
6,936

6 404
6,430
6,489
6,504

505
520
578
432

50
21
31

470
557
401

8,005
7,992
8,105
8,275

7,987
7,952
8,073
8,225

18
40
31
51

40
47
80
116

-22
-6
-49
-65

6,855
6,829
"6,977
"7,006

6,473
6,469
"6,504
"6,553

382
359
"472
M53

39
51
41
61

348
308
"431
"392

1961—Dec.
1962—Jan
Feb
Mar .
Apr
May .
June
July
Aug.
. ..
Sept
Oct . .
Nov
Dec
Week ending—
1961—Dec

July

Oct.

Nov

6
13
20

5 .

7
14

21
28

Dec.

5
12

19
26

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




7,037
7,094
6,966
6,874

481

34

447

36'^
407
441
427
305

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.

30

DISCOUNT RATES

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

Federal Reserve Bank

Rate on
Dec. 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. 133

Advances under
Sec. 10(b)2

Advances and discounts under
Sees. 13 and 13ai
Rate on
Dec. 31

Effective
date

Aug. 23, 1960
Aug. 12, I960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
Aug. 19, I960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
Sept. 2, 1960

Previous
rate

Rate on
Dec. 31

Aug. 23, 1960
Aug. 12, 1960
Aug. 19, 1960
Aug. 12. 1960
Aug. 12, I960
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 intenrediate credit barks rraturirig
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper rra> have
maturities not over 6 months and 9 months, respectively, and advances

Effective
date

Previous
rate

Aug. 23, 1960
June 10, 1960
Aug. 19, I960
Aug. 12, I960
Aug. 12, 1960
Aug. 16, I960
June 10, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
June 3, 1960

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)—
all F. R.
Banks

F. R.
Bank
of
N. Y.

Effective
date

Range
(or level)—
all F. R.
Banks

Aug. 21
1933
Mar. 3
4
Apr. 7
M a y 26
Oct. 20

3

-3

f

1958

1953
Jan. 16
23

Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15

,
1954

1934
Feb. 2
Mar. 16

18
1935

Feb. 5
15
Apr. 14
16
May 21

Sept

Jan. 11
M a y 14

1955
1937

1 -2

Aug. 27
Sept. 4

m

1942
Apr. 11
Oct. 15
30

1959

12.'!.'.'.'
p

t

-

,

!

:

:

:

:

:

•

Nov. 18
23

1946
Apr. 25
M a y 10
1948

1

3

1960
3
10
14
Aug. 12
Sept. 9

Apr. 13
20
Aug. 24
1957

i 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.
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




,

June

1956

Jan. 12
19

,

-li:::::::::

Mar. 6
16
M a y 29
June 12
Sept. 11
18

Aug. 4

e

,
,

Oct. 24
Nov. 7

**•&:::::
May 2

S

Range
F. R.
—)level
(or
Bank
a l F. R.
l
of
N. Y.
Banks

Effective
date

1957—Cont.
Nov. 15
Dec. 2

1950

In effect Dec. 31, 1932

F. R.
Bank
of
N. Y.

3

S

,

f

1962
In effect Dec. 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.

RESERVE REQUIREMENTS

JANUARY 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
Type of deposit

Jan. 1,
1936

Jan. 1,
1957

Jan. 1,
1962

Effective date*

Central Reserve
reserve
city
city
banks3 banks

Country
banks

Savings deposits held for:

} «

Less than 1 year

{ k

3

Postal savings deposits held for:

} *

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

{ 3»

3

} 2%

Less than 1 year

3

1

i 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.

Regulation

26

22

16

7%

7%

24

21
20
19%
19
18Vi
18
19
20
19

15
14
13
12

7
6
5

7
6

13
14
13

6

6

18

12

5

5

\p

11%
11

1958—Feb.
Mar.
Apr.
Apr.
I960—Sept.
Nov.
Dec.

§*

I*
23
24
22
21
20

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

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

12

16V4

1962—Oct 25 Nov 1

4

10
4 22

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.

4

12

4

4

7

16%

Maximum

90
90

5

16Vi

!!*
17*4

Present legal requirement:

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

Country
banks

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..

MARGIN REQUIREMENTS

Effective date

Central
reserve
and
reserve
city
banks

In effect Dec. 31. 1948..

In effect Jan. 1, 1963...
(Per cent of market value)

Time deposits

3
6

3
6

14

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 2
central 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
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was terminated effective July 28, 1962.
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 lvault 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

Reserve city banks
All
member
banks

New
York
City

City
of
Chicago

Country
banks
Other

Four weeks ending Nov. 14, 1962
Gross demand:
Total
Interbank
U. S. Govt
Other
Net demand 1 .
Time
Demand balances due
from domestic banks. .
Currency and coin
Balances with F. R.
Banks
Total reserves held
Required
Excess

129,611
14,598
5,202
109,811
107,403
78,054

24,925
4,171
1,091
19,663
19,924
8,678

6,326
1,283
4,736
5,367
2,909

7,334
2,832

118
228

16,953
19,785
19,265

3,456
3,684
3,656

520

28

49,542
7,360
1,845
40,337
40,699
30,163

48,818
1,784
1,959
45,075
41,413
36,304

88
38

1,953

5,175
1,696

974

1,012
1,009

7,160
8,030
7,997

3

33

307

870

5,363
7,059
6,603
456

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




Item

All
member
banks

New
York
City

City
of
Chicago

Country
banks
Other

Four weeks ending Dec. 12, 1962
Gross demand:
Total
131,522
Interbank
14,731
U. S. Govt
5,280
Other 1
111,512
Net demand
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
495
Excess

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

4,802
5,371
2,962

159
248

3,407
3,655
3,635
20

6,390
1,301

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

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

99
41

2,003

5,239
1,773

968

7,091
8,006
7,974

287

1,009
1,005
4

915

32

5,149
6,922
6,484
438

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.

32

FEDERAL RESERVE BANKS

JANUARY 1963

CONSOLIDATED STATEMENT OF CONDITION
(In millions of dollars)
Wednesday
Item

End of month

1962

1962

1961

Dec. 26

Dec. 19

Dec. 12

Dec. 5

Nov. 28

Dec.

Nov.

Dec.

Gold certificate account
..
Redemption fund for F. R. notes

14,430
1,266

14,444
1,256

14,446
1,254

14,465
1,240

14,465
1,241

14,430
1,266

14,465
1,241

15,445
1,170

Total gold certificate reserves

15,696

15,700

15,700

15,705

15,706

15,696

15,706

16,615

276

287

293

315

317

288

344

320

247

316
i

237

190

102

37

70

115

48
37

44
23

43
9

39

36

52
58

38

48
3

Assets

Cash
Discounts and advances:
Member bank borrowings
Acceptances—Bought outright
Held under repurchase agreement
U. S. Govt. securities:
Bought outright:
Bills
Certificates—Special
Other
. .
Notes
Bonds

2 453

30,489

30,275
10

30,059

30,478
342

30,200
254

28,722
159

30,489

30,651
27
30,678

30,285

30,059

30,820

30,454

28,881

30,873

30,968

30,515

30,198

30,968

30,563

29,062

7,449
105

5,583
105

5,422
105

5,631
105

6,518
104

5,194
105

6,125
111

154
246

149
241

149
218

204
197

81
276

54,814

53,039

52,429

52,358

53,931

154
202
52,268

52,470

30,289

30,194

29,956

29,692

30,151

29,679

28,802

16,867
602
229
322
18,020

17,113
708
207
296

16,451
532
213
261

16,211
359
218
316

16,327
552
209
263

17,454
597
247
424

16,648
585
203
305

17,387
465
279
320

18,324

17,457

17,104

17,351

18,722

17,741

18,451

3 038

4 679

3,887

3 820

3,783

3,584

3,309

3,825

85

81

83

78

78

73

80

59

51,537

53,373

51,621

50,958

50,904

52,530

50,809

51,137

467
888

467
888

465
888

465
888

464
888

467
934

464
888

445
888

103

86

65

118

102

52,995

Total assets

1,699
19 984
3,846

81
265

.

3 193

i3,i85
10 714
4,057

30,394

Bank premises
Other assets:
Denominated in foreign currencies
All other

2 244

i3 9 182
10 717
4,137

30,967

•

2 442

13,185
10,659
3,974

5,606
104

.

2,241

13,185
10,764
4,082

52,995

Total loans and securities

2,244

13,185
10,813
4,148

30,634

Total U. S. Govt. securities

2,505

13,182
10,717
4,137

30,489
145

Total bought outright
Held under repurchase agreement

2,453

13,182
10 717
4,137

54,814

53,039

52,429

52,358

237

Liabilities
F R. notes
Deposits:
Member bank reserves
U. S. Treasurer—General account
Foreign
Other

. . .

Total deposits
Deferred availability cash items
...
Other liabilities and accrued dividends 1

. . .

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

107

53,931

52,268

52,470

84

86

88

87

88

86

88

126

7,152

7,375

7,301

7,172

7,139

6,990

7,132

6,006

30 ,593

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.




32 ,071

31 ,931

31 ,825

31,626

31,486

32, 117

31,521

7 658

7 702

7 ,717

7,697

7,677

7, 643

7,697

8 ,375

114
25 ,088

47
25 ,014

44
24 ,974

26

54

24,909

24,709

16
2 5 , 179

24,909

28

10
22 ,925

32 ,860

32 ,763

32 ,735

32,632

32,440

3 2 , 838

32,634

31 ,310

JANUARY 1963

33

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH BANK ON DECEMBER 31, 1962
(In millions of dollars)

Item

Boston

Total

New
York

Philadelphia

Richmond

Cleveland

Atlanta

Chicago

St. MinneLouis apolis

Kansas
City

Dallas

San
Francisco

Assets
14,430
Gold certificate account
Redemption fund for F. R. n o t e s . . . . 1,266

892
72

3,395

918
76

1,255

789
71

221

576
53

361
28

624
51

540
40

1 821

112

895
100

2,364

303

15,696

964

3,698

994

1,367

995

860

2,585

629

389

675

580

1 960

492
288

45
24

95
42

53
16

28
20

37
26

47
22

44
51

20
15

32
10

15
10

19
10

57
42

*

15
1
52
58

*

1

F. R. notes of other Banks
Other cash

Discounts and advances:
32
Secured by U. S. Govt. securities...
Other
I
6
Acceptances:
52
Bought outright
Held under repurchase agreement..
58
U. S. Govt. securities:
Bought outright
30,478
342
Held under repurchase agreement..

*

139

14

5

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

7,527
342

1,679

2,451

2,068

1,757

5,160

1,260

628

1,241

1,239

3,995

30,968

Total loans and securities

1,473
1,473

7,995

1,680

2,451

2,069

1,762

5,161

1,260

628

1,255

1,239

3,995

8,115
104

721
3

1,605
8

721
7

572
5

606
13

1,329
24

287
6

209
4

920
11

4
13

122
67

8
22

4
19

4
17

11
46

3
11

2
6

360
7
3
12

309
13

81
276
56,020

476
3
5
15

4
12

11
36

3,247 13,532

3,242

4,624

3,727

3,331

9,251

2,231

1,280

2,337

2,186

7,032

1,797

7,235

1,863

2,680

2,525

1,791

5,528

1,295

577

1,222

911

3,219

829
46
12

4,644
117
2 58

1,201
38
24

761
28
12

906
28
14

2,672
86
36

650
32
9

432
33
6

826
21
11

960
35
15

2 748
88
35

Liabilities
F R notes
...
30,643
Deposits:
Member bank reserves
17,454
U. S. Treasurer—General account..
597
Foreign
247
Other
424

Deferred availability cash items
Other liabilities and accrued dividends.

289

15

10

9

19

4

1

5

4

18,722

Total deposits

825
45
15
5

891

5,108

890

1,278

811

957

2,813

695

472

863

1,014

2,930

5,181

489

795

320

190

196

189

178

688

18

5

5

502
4

699

4

404
4

531

73

13

3

2

3

3

9

3,181 13,156

3,161

4,494

3,661

3,254

9,053

2,183

1,247

2,277

2,106

6 846

125
251

27
54

43
87

22
44

26
51

66
132

16
32

11
22

20
40

27
53

62
124

3,247 13,532

3,242

4,624

3,727

3,331

9,251

2,231

1,280

2,337

2,186

7,032

36.1
32.7
35.6

34.5
32.6
35.3

29.8
35.4
36.9

31.3
34.1
35.3

31.0
32.8
34.6

31.6
34.8
35.3

37.1
33.5
35.7

32.4
34.0
33 8

30.1
33.8
33 8

31.9
31.1
36 5

5

8

4

4

12

3

2

4

5

11

1 ,368

672

1 ,268

970

,401

54,619

4

59

Capital Accounts
Surplus .
...
Other capital accounts

. . .

22
44

467
934

Total liabilities and capital accounts.. 56,020
Ratio of gold certificate reserves to
deposit and F. R. note liabilities
combined (per cent):
Dec. 31, 1962
Nov 30 1962
Dec 31 1961

31.8
32.8
34.8

35.9
32.2
39.8

Contingent liability on acceptances
purchased for foreign correspondents
..

86

4

30.0
32.2
32.1
3 24

Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
.
U S Govt securities
Total collateral
1
2

7

1

2

535

1 ,600

1 ,365

6 ,000

465
1
1,500

7 .600

1

,966

32,117

1 ,876

7,643
16
25,179
32,838

1 ,900

After deducting $59 million participations of other F. R. Banks.
After deducting $189 million participations of other F. R. Banks.




,864

2,646

670

688
1
1,964

500

1 ,400

350

130

800

1 ,400

4 ,500

1 ,050

550

290
14
,000

215

2 ,250

800

2 ,800

2 ,920

2,653

1 ,900

5 ,900

1 ,400

680

1 ,304

1,015

3 ,600

3

•

,883

After deducting $62 million participations of other F. R. Banks.

34

FEDERAL RESERVE BANKS; BANK DEBITS

JANUARY 1963

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

End of month

1962

Item

1962

1961

Dec. 26

Dec. 19

Dec. 12

Dec. 5

Nov. 28

248
244
4

317
313
4

238
234
4

191
187
4

103
98
5

38
35
3

71
66
5

130
113
17

85
49
36

67
30
37

52
18
34

39
11
28

36
11
25

110
70
40

38
10
28

51
14
37

30,634
519
5,125
11,937
10,808
2,094
151

30,489
421
4,992

30,678
347
5,170
12,060
10,856
2,015
230

30,285
310
5,016
11,972
10,781
1,981
'225

30,059
234
5,073
11,961
10,646
1,929
216

30,820
665
5,252
11,850

30,454
376
5,195
11,957

10,808

10,734

1,967
225

28,881
567
6,630
10,453
8,738
2,227
266

Netherlands
guilders

Swiss
francs

Discounts and advances—Total
Within 15 days
16 days to 90 days
Acceptances—Total
Within 15 days
16 days to 90 days
U. S. Government securities—Total
Within 15 days*
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

12,023

10,808
2,094
151

Dec.

Nov.

2,094
151

Dec.

1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.

CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U. S. dollar equivalents)

End of period

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

Belgian
francs

Pounds
sterling

Total

84
84
134
439
418
317
350

50
50
50

Canadian
dollars

50
50
40
50

French
francs

German
marks

50
50
50
50
50
1
1

32
32
32
27
16
16
31

250
250
250
251

Italian
lire

1
1
1
11
1
5
1

1
1
1
1
5
15

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

All
reporting
centers
N.S.A.

Leading centers
New York
S.A.

N.S.A.

1955
1956
1957
1958
1959

2,043.5
2,200.6
2.356.8
2 439 8
2,679.2
2,838.8
3 111 1
3,436.6

S.A.

766.9
815.9
888.5
958.7
1,023.6

1960
1961
1962 v

6 others

1,102.9
1,278.8
1,415.8

1961—Dec

286.6

114.0

120.3

1962 Jan
Feb
Mar

294.6
239.5
293.2
281.5
295.5
291.8
279.7
281 1
263.3
r
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

May
June
July
Aug
Sept
Oct
Nov
Dec

127.5
116.5
141.6

N.S.A.

337 other
reporting
centers 3
S.A.

55.0
58.2
54.4
57.5
59.1
57.6
57.9
59.0

57.4
58 1
'61.0
61.1
60.9

545.3
577.6
622.7
701.7
57.5
61.5
49.0
59.7
58.0
59.8
59.4
57.5
57.5

53 4
'62.8
59.4
63.7

N.S.A.

Leading centers

New York
S.A.

N.S.A.

845.0
921.9
979.0
993.6
1,110.3

104.8
109.3
105.4
107.9
111.3
110.3
108.8
112.3
110.7
107.6
112.4
113.1
111.4

6 others
S.A.

42.7
45.8
49.5
53 6
56.4

1,158.3
1,209 6
1,319.1

431.7
462.9
489 3
487.4

1
Excludes interbank and U. S. Govt. demand accounts or deposits.
2
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.




2

Annual rate of turnover
of demand deposits l

60.0
70 0
77.8

108.8
115.1
96.1
108.8
106.3
113.6
110.5
110.7
112.8
100.1
117.2
112.3
115.6

73.4
70.9
68.1
78.2
78.4
78.8
77.3
77.3
78.8
82.2
82.9
80.7
88.9

77.4
71.6
64.6
80.5
76 9
79 0
83.0
76 1
74.3
81.1
82.3
80.4
93.7

3 Before April 1955, 338 centers.

2

N.S.A.

337 c>ther
repoi•ting
centesrs 3
S.A.

27.3
28 8
30 4
30 0
32.5

20.4
21.8
23.0
22 9
24.5

34.8
36 9
41.2

25.7
26 2
27.7

C

38.7
40.6
38 4
40.9
41 7
40.8
41.3
42.1
41 1

41 8
'43.7
43.5

39.5
40.3
36.3
43.2
42.6
41.5
43 0
41 2

39 9
41 2
'43.0
42.9
P44.4

N.S.A.

C

26.8

27.5

27 7
27.1
27.6
28 2
28 0
27 8
28 6
28.3
27.3
28.5
28 5
P27.7

27 6
25 9
27.7
27 3
28.4
28 7
28 5
27.9
27.3
28.5
28 9
P28.5

U. S. CURRENCY

JANUARY 1963
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency

Total
in circulation 1

Total

Coin

$1 2

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

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

Nov
Dec

33,538
33,918

1962 Jan
Feb

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

End of period

1961

Mar

Apr
May . . .
June
July
Aug
Sept
Oct

Nov

...

Large denomination currency

$2

$5

$10

$20

Total

$50

$100

$500

$1,000

1 rm
,048
,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

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

24,154
24,388

2,563
2,582

1,534
1,588

90
92

2,246
2,313

6,866 10,856
6,878 10,935

9,384
9,531

2,814
2,869

6,021
6,106

241
242

299
300

3
3

5
10

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

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

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

91
91
91
92
93
93
94
93
93
94
94

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

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

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

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

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

239
239
238
238
238
239
239
237
237
237
237

297
296
294
294
295
295
294
291
291
289
289

3
3
3
3
3
3
3
3
3
3
3

5
5
5
5
5
5
5

559
695

1

2

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

$5,000 $10,000

5
5
4

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
Total outstanding As security
Nov. 30,
against
Treasury
1962
gold and
cash
silver
certificates

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

Nov 30 1962
Oct 31 1962
Nov 30 1961

.

4

.

Nov. 30,
1962

Oct. 31,
1962

Nov. 30,
1961

29,594
5,188

28,958
5,151

28 350
5,188

15,977
(15 706)
31'521
5,557

(15,706)

2271

(2,223)

84
25

487
2,139
(2,223)
1 753
658
347

84
2,139

16

9

378

373

342

4
I
4
*

281
23
4
25
*

1,942
1,726
652
318
172

1,933
1,707
647
318
173

2,068
1,612
609
318
239

5,002
4 962
4,772

34,782

173

553,055
552 346
552,602

(17,928)
(17 913)
(19,060)

1
Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Estimated
totals for Wed. dates shown in table on p. 27.
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.
* Redeemable from the general fund of the Treasury. Beginning with
Aug. 1962, excludes $58 million which was determined, pursuant to the
Old Series Currency Adjustment Act, to have been destroyed or lost.




For
F. R.
Banks
and
Agents

Currency in circulation *
Held by
F R.
Banks
and
Agents

312,890

381
399
398

2,816
1,843
344

12,890
12 875
13,894

34 109
33,538

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.

36

MONEY SUPPLY

JANUARY 1963
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted

Not seasonally adjusted

Money supply

Money supply

Period
Total

Demand
Currency
deposit
component
component

Time
deposits
adjusted1

Total

Demand
Currency
deposit
component
component

Time
deposits
adjusted i

U.S.
Govt.
demand
depositsl

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

1960—Dec...
1961—Dec...
1962—Dec. P.

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
149.4
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

1961—Dec.

145.7

29.6

116.1

82.5

149.4

30.2

119.2

81.8

4.9

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

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

I.

145.4
145.3

30.2
30.2

115.2
115.1

93.1
93.6

145.2
144.7

30.5
30.2

114.7
114.6

93.6
94.1

6.6
7.8

1.
2.

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.
95.

8.2
6.5

Nov. 1.
2.

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.
95.

5.4
6.6

Dec

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

Half month
1962—Sept.
Oct.

1.

Not seasonally adjusted

Not seasonally adjusted
Money supply

Money supply
Week
ending—
Total

Currency
component

Demand
deposit
component

142.0
143.6
144.6
142.3

29.4
29.4
29.3
29.1

112.6
114.2
115.3
113.3

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

Nov. 1..
8.
15.,
22.
29.

145.8
146.0
147.1
145.9
146.0

29.2
29.7
29.7
29.8
29.8

116.6
116.3
117.4
116.1
116.2

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

152.1
149.7
149.5

30.0
29.9
29.6

122.2
119.7
119.9

Time
deposits
adjusted 1

1961—Sept. 6.
13.
20.
27.

1962—Jan. 3.
10.
17.

U.S.
Govt.
demand
deposits!

Total

Currency
component

Demand
deposit
component

Time
deposits
adjusted *

U.S.
Govt.
demand
deposits *

82.3
82.8
83.5

1962—Sept. 5.
19!
26.

143.9
145.5
146.0
144.1

30.4
30.5
30.3
30.1

113.5
115.0
115.7
114.0

93.5
93.6
93.8
94.1

7.8
6.1
6.3
8.1

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

114.7
114.8
116.3
116.3
117.5

94.3
94.6
94.9
95.1
95.3

8.2
8.9
7.4
6.9
5.8

5.6
5.8
4.8
6.5
6.1

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

5.4
3.5
4.1
6.1

81.7
81.7
81.7
81.3
81.4

5.4
3.6
4.4
5.9
8.1
6.2
6.9
6.2

0.6
80.9
81.0

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

153.4

30.9

122.6

97.5

6.8

6.0
4.6
3.1

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




Week
ending—

1963—Jan.

2P.

9..
16..
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.

JANUARY 1963

37

BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital

Assets

Other
securities

Total
assets,
netTotal
liabilities
and
capital,
net

Bank credit

Date

Gold

Treasury
currency
outstanding

U. S. Government securities

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

Total

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

26
131
1,204
1,284
2,867
3,328
2,888
1,048
835
764

11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,071
26,617
27,923

64,698
48,465
75,171
90,637
191,785
188,148
199,009
280,202
289,947
292,816

55,776
42,029
68,359
82,811
180,806
175,348
184,384
256,020
263,165
265,604

8,922
6,436
6,812
7,826
10,979
12,800
14,624
24,186
26,783
27,212

Loans,
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
17,550

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,311
5,398
5,437

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
269,828 145,784

5,741
10,328
23,105
29,049
128,417
107,086
96,560
93,497
95,461
96,121

5,499
8,199
19,417
25,511
101,288
81,199
72,894
65,801
67,242
68,104

216
1,998
2,484
2,254
24,262
22,559
20,778
26,648
27,384
27,253

1961—Dec. 30.

16,889

5,585

285,992 154,017

102,308

72,715

28,881

712

29,667

308,466

280,397

28,070

1962—Jan. 31.
Feb. 28.
Mar. 28.
Apr. 25.
May 30.
June 30.
July 25.
Aug. 29»
Sept. 26*
Oct. 31 r
P
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

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1959—Dec.
1960—Dec.
1961—June

DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted i

Related deposits (not seasonally adjusted)

Date
Total

Currency
outside
banks

De-

mand
deposits
ad-

justed
1929 June
1933—June
1939—Dec.
1941—Dec
1945—Dec.
1947—Dec.
1950—Dec.
1959—Dec.
1960—Dec.
1961—June

29
30
30
31
31
3 1 . . . . 110,500
3 0 . . . . 114,600
3 1 . . . . 140,200
3 1 . . . . 139,200
30
140,900

Time 3

Not seasonally adjusted

Total

2

26,100 84,400
24,600 90,000
28,200 112,000
28,200 111,000
28,200 112,700

Currency
outside
banks

De-

mand
deposits
ad-

justed

26 179
19,172
36,194
48 607
102 341
113,597
117,670
144,824
144,458
139,649

Total

2

Commercial
banks

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
29,361 110,288 117,280

19,557
10 849
15,258
15 884
30,135
35,249
36,314
65,884
71,380
79,092

U.S. Government

ForPostal eign,
Mutual Savings net 5
Syssavings
tem
banks *

8,905
9*621
10,523
10 532
15,385
17,746
20,009
34,947
36,318
37,486

149
1,186
1^278
1,313
2 932
3,416
2,923

365
50

At

Treasury

cash
holdings

204

commercial
and

savings
banks

At

F.R.
Banks

381

36

391
377
379

1,895
24 608
1,452
2,989
5,319
6,193
6,638

35
634
867
977
870
668
504
485
408

264

948
770
702

1,217
,498
I 141
1,682
2,518
3,203
3,184
1,250

2,409
2,215
2*287
1,336
1,293

852
846

1961—Dec. 3 0 . . . .

144,800

28,700 116,100 150,578

30,053 120,525 121,216

82,145

38,420

651

1,497

422

6,219

465

1962—Jan. 3 1 . . . .
Feb. 2 8 . . . .
Mar. 28
Apr. 25
May 3 0 . . . .
June 30
July 2 5 . . . .
Aug. 29*\..
Sept. 26*>...
Oct. 31*...
Nov. 28 TP..
Dec. 26*...

143,700
144,400
144,000
145,800
143,500
143,300
144,300
142,900
144,400
145.100
145,700
147,300

29,100
29,300
29,200
29,200
29,200
29,300
29,400
29,300
29,300
29.400
29,600
29,500

28,700
28,900
28,900
28,900
29,300
30,433
29,500
29,500
29,400
29,700
30,100
30,700

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

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

[,300
1,300
1,300
1,300
1,300
[,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

114,600
115,100
114,800
116,600
114,300
114,000
114,900
113.600
115,100
115,700
116,100
117,800

145,600
143,600
141,900
145,800
141,900
142,522
144,200
141,600
143,500
146,800
147,600
152,400

117,000
114,800
113,000
116,900
112,600
112,089
114,700
112,100
114,100
117,100
117,500
121,700

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 barks in May 1961
reduced this item by $1,900 million ($1,500 million to time and S4C0
million to demand deposits).




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.

38

COMMERCIAL AND MUTUAL SAVINGS BANKS

JANUARY 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)

Loans and investments

Class of bank
and date

Total

Deposits

Total
assets—
Total
Securities
liaCash
bilities
assets i and
capital Total*
U.S.
acGovt. Other
counts2

Loans

Interbank1

Other

Demand
Demand

Time

U.S.
Govt.

All banks:
1941—Dec.
1945—Dec.
1947—Dec.
1960—Dec.
1961—June
Dec.

10.982
25,511 8 999 27 344 90 908 81.816
101.288 8 577 35 415 177 332 165,612
14.065
81.199 10 723 38 388 175 091 161,865 12,793
.
240
67.242 26 617 53 022 298 126 266,196 17,080 1.800
462
68 10427 923 46 457 295.567 262.547 13,633
482
72,715 29,667 57,368 321,394 287,176 17,914

3.1..
31..
31 «..
31..
30..
30..

61,126 26,615
140,227 30,362
134,924 43,002
238.623 144,764
242,192 146,164
256,700 154,318

1962—Mar. 2 8 . .
Apr. 2 5 . .
May 3 0 . . .
June 3 0 . .
July 2 5 . . .
Aug. 2 9 * . ,
Sept. 2 6 * . ,
Oct. 3 1 * . ,
Nov. 28 rP,
Dec. 26*.

257,520 155,460
259.680 156
.920
260,500 158
,050
263,542 160,123
263,570 159 ,920
265,700 161 ,980
269,080 164,640
272,380 166,480
273,310 167,240
279,440 172,480

70,960 31 100 45,560 310, 230
70,950 31 810 46, 190 312! 940
70.680 31 770 46,:
210 313. 720
70,722 32 697 49,612 320 638
440 316 200
70,460 33 190 45,•
70,160 33 560 45 480 318 280
770
70,560 33 880 47,480 323,
71,600 34 300 50,560 330, 280
71,530 34 540 48,280 328!870
72,000 34 960 49',440 336,410
:

50,746
124,019
116,284
199,509
201,848
215,441

21,808 7,225 26,551 79,104 71,283
90,606 7,331 34,806 160,312 150,227
69,221 9,006 37,502 155,377 144,103
61,003 20,864 52,150 257.552 229 ,843
61,824 22,071 45,595 253,749 224.997
66,578 23,937 56.432 278:561 248,689

Commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31 «.
1960—Dec. 3 1 . .
1961—June 3 0 . .
Dec. 3 0 . .
1962—Mar. 2 8 . .
Apr. 25. .
May 3 0 . . ,
June 3 0 . .
July 2 5 . .
Aug. 29*.
Sept. 26*.
Oct. 31 P .
Nov. 2 8 ' *
Dec. 26*.
Member banks:
1941—Dec.
1945—Dec.
1947—Dec.
1960- Dec.
1961—June
Dec.

31..
31..
31..
31..
30..
30..

1962—Mar. 2 8 . .
Apr. 2 5 . .
May 3 0 . .
June 3 0 . .
July 2 5 . .
Aug. 2 9 . .
Sept. 2 6 * .
Oct. 31 P .
Nov. 2$rP
Dec. 26*.

21,714
26.083
38,057
117,642
117,953
124,925

266. 340 234, 430 13.750
269; 180 237 200 13.730
269. 690 237 580 13.200
276.220 245 298 14.400
271; 520 239 640 13,830
273; 230 240, 050 13.840
278. 400 245 480 14.530
284, 790 251 370 15,260
283, 110 249^480 15,190
290. 340 256,140 15,160

43.521 18,021
107 183 22,775
97 846 32.628
165 619 99,933
168 049 99,992
179,599 106,232

19,539
78,338
57,914
49.106
50.361
54,058

179.254 106.600
180.872 107.424
181 180 107.980
183 497109 212
183 008108,767
184 398 110.331
186 641 112,240
'",711
189,420 113
189,619 113,865
195,195 118,524

52.036 20,618 39 091 224.114 196.595 13,209
52,103 21, 345 39 662 226
198.674 13,178
198.978 12,689
51,913 21 287 39 702 226,
52,065 22 219 42 853 232 359 206 057 13.796
51,612 22 629 39 001 227 806 200 482 13,241
13,232
51,149 22 918 39 107 229.231 200 667
13,878
51,271 23; 130 40,877 233.279 204 995
52,238 23 471 43,686 239,009 210,328 14,577
52,097 23 657 41 564 237,050 208,259 14,502
52,625 24 046 42s 541 243,824 214,412 14,442

5,961 23.123 68,121 61,717
6,070 29
.845 138.304 129 .670
7,304 32
,845 132 060 122 528
16,579 45.756 216 577 193.029
17.696 40 084 213.719 189,226
19,308 49 579 235,112 209 ,630

3,704 1,774
4,901
4.279 10,682 1,246
4.944 11,978 1,718
27.122 6,239 5,752
28,211 6,281 5,852
29,393 6,136 5,730

1962—Mar. 2 8 . .
Apr. 2 5 . .
May 3 0 . .
June 3 0 . .
July 2 5 . .
Aug. 29*.
Oct. 3 1 * .
Nov. 28 r *
Dec. 26*.

42,340
42,290
42,540
42,872
43 160
43 560
43,920
44,250
44,470

30,080
30,310
30.570
30,930
31,190
31.550
32,080
32,400
32,620

6,520
6,300
6,280
6.278
6,280
6.310
6,150
6,130
6,130

5,740
5,680
5,690
5,663
5,690
5.700
5,690
5,720
5,720

510
520
520
526
520
510
510
510
520
510

10,982
14.065
12,792
240
17,079 1,799
13,633
461
17,914
481

64.440 25,360 44. 680
64.650 26 130 45. 390
64.400 26 080 45. 390
64.443 27 034 48. 728
64 180 27 500 44. 600
63.850 27 860 44, 670
64.250 28 180 46. 630
65,450 28 610 49, 690
65,400 28 820 47. 450
65,870 29 240 48. 520

10,379
16.208
18.641
39 114
40 344
41,259




13,750
13.730
13.200
14,400
13,830
13,840
14,530
15,260
15,190
15,160

215,180 125.380
217,390 126.610
217.960 127.480
220,670 129.193
220,410 128.730
222,140 130 430
225,270 132.840
,400
228,460 134
229,060 134,840
234,970 139,860

Mutual savings banks:
1941_Dec. 3 1 . .
1945—Dec. 3 1 . .
1947- Dec. 31 *.
1960-Dec. 3 1 . .
1961—June 3 0 . .
Dec. 3 0 . .

For notes see end of table.

273, 720
276 440
276, 970
285, 186
279, 680
280; 310
286; 170
292, 250
290. 500
297; 560

Borrowings

510
520
520
525
520
510
510
510
520
510

Time3
Other

26,479
45.613
53,105
107 959
116,865
120,848

23 8,414 14,826
227 10,542 14,553
ill,948 14,714
66
167 24,539 13,986
452 25.405 13,977
482 26,227 13,946

6 260 125,980 127.220
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
030 136,120
6,330 134,1
5,990 132, 290 136,510
6,780 136, 760 138,350

2,420 26 470 13,930
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 27 250 13,933
2,780 27 450 13,925
2,500 27 630 13,938
3,220 27
,'720 13,943

44.355
105 935
1,346 94.381
5,949 133,408
6.368 125,219
5,952 141,979

44,349
105 921
1,3431 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

260 125.920
920 130,120
170 126,310
554 128.785
,530 127.450
450 124,900
090 128,100
,330 133,970
990 132,230
780 136,700

87 990
88 910
90,380
92,034
92,310
93,350
94,250
95,300
95,550
96,990

10,385
140 1.709 37,136
13.576
64 22 .179 69 640
12.353
50 1.176 80 609
16.436 1,639 5.287 112,393
13,077
276 5.731 105,568
17.195
303 5,381 119,595
335
340
345
351
347
338
337
339
343
340

105,552
109,048
105.629
108.014
106.611
104.280
106 702
112,045
110,181
114,220

12,347
24:210
28.340
57 272
64 574
67,157
71.868
72,602
73 852
75 162
75 331
76,122
76,794
77,667
77,932
79,245

793
609
886
872
862
936

11,804
17.020
19,714
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

800
820
884
840
810
870
830
920

43,890
43,760
44.030
44.418
44,680
45 050
45,490
45,760
46,070

39,290
39,240
39,390
39,888
40,040
40,260
40,880
41,020
41,420

39,230
39,180
39,330
39 821
39.980
40,200
40,820
40,960
41,360

(6)
(6)

Total Numcapital ber
acof
counts banks

7,173
8.950
10.059
20.986
21.745
22,459

14,278
14.011
14.181
13.472
13,463
13,432

2,420 22,
,630
2.360 22.750
2,070 22.
:.930
786 23,
,183
1,930 23.i
.020
2,750 23,
,200
2.61023,
,330
2,780 23,
,560
2,500 23,
,680
3,220 23,780

13,417
13.407
13.414
13,422
13.419
13,421
13,417
13,414
13,427
13,432

23
219
65
163
443
471

5,886
7.589
8,464
17 398
18,027
18.638

6,619
6,884
6,923
6,174
6,141
6,113

2,380 18,785
2,319 18,877
2,002 19.015
735 19,179
1,870 19 ,060
2.682 19,212
2,585 19,281
2,722 19
,466
2,423 19,546
3,157 19,635

6,085
6,074
6.073
6,070
6,062
6,060
6.053
6,054
6,056
6,050

1,241
1,592
1.889
3,553
3,660
3,768

548
542
533
514
514
514

4
208
54
130
382
438

3,840
3.810
3 850
10 3,853
3,860
3,900
3,890
3,950
3,940

513
513
512
512
511
511
511
511
511

39

COMMERCIAL AND MUTUAL SAVINGS BANKS

JANUARY 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments

Class of bank
and date

Total

Loans

Deposits
Total
assets—
Total
Other
Interbank i
Securities
liaCash bilities
assets 1 and
Demand
capital Total i DeU.S. Other
ac- 2
Time
Govt.
mand
counts
U.S.
Govt. Other

Reserve city member banks:
New York City: 5
559
4 07?
1941—Dec 31
1? 896
r,265
7 334 r L574 1 ?35
26 143
1945—Dec. 31
1947—Dec 31 .
. .. 20,393 7 179 n ,972 1 242
27726 18 465 (5,980
?8?
I960—Dec. 31
28 ,220 18 054
1961 June 30 .
r,642 2 524
30 ,297 19 535
Dec 30
2 ,900
1962—Mar. 28
Apr 25
May 30
June 30 . .
July 25
Aug. 29 (old basis)
Aug. 29 (new basis)
Sept. 26*
Oct 31 P
Nov. 28^
Dec. 26^

?9 650
29 ,855
?9 534
30 ,396
?9 471
29 ,672
30 ,090
30 ,497
,196
30 ,371
32 ,899

19
19
19
19
18
19
19
?0

494
380

224
85?
319
619
?34

?0 693

20 119
22 142

f5,826
t5,948
r, 167
^,659
f3,995
t 3,619
(3,709
3,421
f5,684
(5,346
(5,744

3 330
3 527
3 144
3 ,513
3 6?4
3 ,734
3 ,762
3 84?

6 637
6 439

19 86?
3? 887

7 261
10 301
8 616
11 ,164

27
39
38
43

8 480
8 063
8
9 ,552
7 578
7 ,942
8 .026
8 488

40
39
39
41
38
39
40
40

982
767
741
538

6
17,932 4202
866 12,051
30.121 L640
17 6,940 17,287
25,216 i t,453
12
267 19.040
33,761 t >.289 1,216 1,217 21,833
32,225 Il,2U
167 1,380 19,832
36,818 t5,296
191 1,267 23,129

32,496 5,885
32 214 ,859
32,586 5,902
K517
35,039 A
32,065 5,923
31,775 5,836
32,214 \5.844
33,033 5,990
3 819 10 491 43 634 35,766 i 1,350
,863 41 204 33,746 i
3 ,906 8
4 ,013 8 ,600 43 549 35,675 i 034
147
851
746
910
990
576
085
868

209
208
211
210
214
210
210
208

1 255
860
1 373
1,918
937
1,315
1,332
1.459
205 1 287
211
910
210 1,421

19,481
19,667
19,178
20,296
18.988
18.247
18,552
19,054
21,501
19,606
20,857

Bor- Total N urnrow- capital t>er
acings counts ba nks
Time

1 648
195
30 2, 259

807
1 ?36

1 445
4 ?06
6, 635
6 935
7 666
7, 620
7 9??
8, 098
8 003
8, 167
8 276
8 3??
8 4?3
8 721

1

1

1
1
1

121
283
073
065
606
381
393
225
242
384

1 333

3 554
3, 634
3, 683

3 689
3, 714
3 741
3 761
748
3 764
3 806
3 809
3 853

36

M
37

15
13

n

13

n
13
n
13
16
16
16

935 3, 849
153 1 331 3, 867

16
17

?88
377
4?6

13
12
14

35
10
35

8??
848
870

10
10
9

2 292
2 392
483
2 598
? 619
2 656
2 778
8?0

329
73
75
34
75
117
122
163

870
877
884
894
890
895
925
930

9S1

?67
66
224

944
941

9
9
9
9
9
9
12
1?

5

City of Chicago:
1941—Dec. 31
1945—Dec 31
1947—Dec. 31
I960—Dec. 31
1961—June 30
Dec. 30

,760

5 ,931

088
7 ,050
7 ,070
7 606

1962 Mar 28
Apr 25 . . .
May 30
June 30
. . .
July 25
Aug. 29 (old basis)
Aug. 29 (new basis)
Sept. 26*>
Oct 3\p
Nov. 28^ p
Dec 2 6 . . .
Other reserve city: 6
1941—Dec 31
1945—Dec 31
1947—Dec. 31
I960—Dec 31
1961—June 30
Dec. 30

15 ,347
40 ,108
36 ,040
62 ,953
63 670
68 ,565

1962—Mar. 28
Apr 25
May 30
June 30
July 25
Aug. 29 (old basis
Aug. 29 (new basis
Sept. 26^
Oct 31 P
Nov 28^
Dec 26 p
Country member
1941—Dec.
1945—Dec
1947 Dec
I960—Dec.
1961—June
Dec.

4 485
4 ?49
4 6?6

4 503
4 557
4 59?
4 672
4 510
4,570
4,761
4,879
4 961
0?9

5 340

376 1 566
385 1 ,489
397 1 ,739

.430
4,213
2890
,882
2.058
2,041

683
714
940

046
1 899
603

9 219
9 068
10 383

2,183
1,880
1,926
1,936
1,907
1,923
2,001
2,028
2,175
2,025
2,163

966
1 ,067
1 ,113
1 ,329
1 ,348
1 ,390
1 ,439
1 386
1 ,416
1 ,40?
1 ,408

1 .788
1 ,912
1 9?8
1 ,893
1 ,860
1 ,801
1 ,870
1 ,997
? ,073

9
9
9
10
9
9
10
10

10?

613
592
7?0
009
795
852
247
469

10 815
10 738

2 ,010 11 115

105
514
449
002
747

5.467 ,776 8 ,518
29,552 2 ,042 11 ,286
20,196
396 13 066
17,396 5 ,554 18 .668
18,053 ,870 16
4? 379 19,748 6 438 ?0 216
7
8
13
40
39

4 363
7.459
6.866

4,057
7.046
6,402
8,197
8,037
9,283

,035
,312
,217
,380
,125
,624

8.208
8.421
8.524
8,810
8,584
8,580
8,934
9,087
9,380
9,450
9,686

,194
1,177
,118
1,128
1,203
,193
1,201
1,243
,281
,326
,268

430
898
659
464
141

22,313
49.085
46,467
75,067
73,557
90 815 81,883
?4
51
49
83
8?

1,356
3.418
5,627
7,989
5,335
5,350

(

127
1,552
72
61
10
14

327
380
369

16
18
19
18
17
17
17
15

323
158
356
546
256
361
384
440

15
15

366
279

14

418

2,419
476
3,462
719
913
4,201
4,899 j
4 602 1 9?0
008
5,268
4,383
4.676
4,548
4,520
4 489
4,353
4,554
4.569
4 826
4 879
4,953

? 89?

3 033

491 12 557 4
104
30 8,221 24,655 9
405 28 990 11
22
326 1,960 42,267 22
62 2 241 39 721 ?5
62 2.103 44,986 ?6

806
760
4? 3
525
199
381

77.084
78,042
77.911
80,631
78,686
78,317
77,524
78.946
80,217
79,777
82,662

5,678
5,675
5,314
5.622
5,633
5.662
6.646
7,010
7,235
7,139
7,334

73 2,213

17,415
43,418
44,443
76,004
83 769 75,407
15 595 90 376 81,646

792
1,207
1,056
1,778
1.406
1 9?5

30
225 10 109
17 5,465 24,235
17
432 28,378
37 1 783 43 395
37 1,730 41,413
37 1,641 46,211

73 317 39 890 24,187 9 ?40 1? 734 87 59? 78,807
74 ?75 40 503 24,384 9 388 13 ,046 88 846 79,997
74 58? 40 861 24.235 9 486 1? 959 89 001 79,957

1 45?
1,467
1,355
1,529
1,482
1 541
1,635
1,711
1,739
1,806

37 1,840 41,945 33 533
37 1 208 43 439 33 846
37 2,046 42,292 34

68 ,635 4? 713

42 ,984
43 304
43.824
43,969
44.540
44.049
44.389
45 ,155
45 ,211
46 ,768

18,840
18,891
18.585
18,627
18,482
17,987
17.819
17.809
17,947
18,088
18,198

7 ,08? 16 089

86 76?

7 ,363
7 ,544
7 .694
7 ,854
7 ,806
7 ,729
7 734
7 ,905
7 ,965
8 ,179

16 ,641
16 5?3
17,602
16,409
16,180
16,027
16.897
17 ,046
16 ,881
17 ,963

87 944
88 089
89 885
88 ,886
88 626
87 ,722
88 950

1? ,518 5 890 4,377 ,750
35 ,002 5 ,596 26,999 2 ,408
36 .324 10 .199 22,857 3 ,268
67 ,890 36 981 22,848 8 060
69 139 37 94? 22,608 8 588
73 131 39 693 24,407 9 031

6 40?
10 ,632
10 ,778
14 740
13.039

19 466
46 ,059
47 ,553
84

69 ,238
69 433
70,145
70,305
70,333
69,597
69.932
71 ,007
71 ,264
73 ,145

90 ?44

90 307
93 ,332

77
78
75
79
74
74
66

1,280
2 688
3,670
1,927
2,639
2,599
2 839
71 2 063
69 1,918
68 2,375

39,743 ?8 377
41,266 28 744
39 611 ?9
40,601 29 663
40,367 29 ,680
39,126 29 816
38,620 29 ,585
39,259 ?9 77?
40 781 30 067
40,611 30 040
42,339 30 546

1?
1?

951

13

1 967
2 2 566
1
844
73 6 423
131 6 684

351
359
353
217
?05

6 997

?06

836 7 087

?06

81

1 013 7 106
1 058 7 16?
240 7 201
1 ,159 7 181
1 .058 7 214
1 ,036 7 142
938 7 148

206
?06
206
207
200
194
193

,365 7 237

195
191

89? 7 190
1 ,216 7 201

193

6

banks:
31
31
31
. . .
31
30
30

1962—Mar. 28
Apr 25
May 30
June 30
July 25
Aug. 29
Sept 26*
Oct. 31*
Nov 28 rp
Dec 26*
For notes see end of table.




7,652
7.504
7631
7 ,937
7 765
7,883
8,201
8.293
8 ,55?
8 ,4S6
8 ,911

954
1 333
1 801

75 ,019 41 ,492 23.843 9 ,685
75 467 41 436 24,228 9 ,803
76 510 41 90? 24,620 9 988
77 919 4? 738 25 013 10 168
78 ,665 4? 90? 25,432 10 ,331
79 ,528 43 ,506 25,638 10 ,384
80 ,240 44 ,274 25,520 10 ,446

13 ,806 90 ,555 81,577
13 154 90 135 81,147
13 184 91 177 81,995
13 495 9? 99? 83,929
14 076 94 316 84,965
13 ,718 94 ,801 85,286
13 ,968 95 ,828 86,389

6 ?58
12 494
14 560
?9 011

4
11
23
?3

98?
525
934
599

6.476
6,519
5 93?

30 8?0
31 83?

6 861
40 7 088

5 911
5 885

48 2,601 42,596 34 803
37 1,832 42 767 35 0?9
37 2.380 42,554 35 483
48 2 546 43 820 35 880
48 1,984 44,937 36 ?85
48 2,194 45,085 36 ,220
48 1,951 46,071 36 ,513

1
2
2
6

6 ?19

14? 7 139 5 857
168 7 180 5 846
5 845
?63 7
80 7 323 5 ,842

?43 7

7 339
100 7 394
?30 7 479

833

5 838
83?
5 ,833

206 7 ,555 5 ,833
237 7 ,580 5 ,829

40

COMMERCIAL AND MUTUAL SAVINGS BANKS

JANUARY 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments

Deposits

Securities
Cash
assets 1

Class of bank
and date
Total

Loans
U.S.
Govt.

Other

Insured commercial
banks:
1941—Dec. 31.. 49,290 21,259 21,046 6,984
1945—Dec. 31.. 121,809 25,765 88,912 7,131
1947—Dec. 31.. 114,274 37,583 67,941 8,750
1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June

31..
31..
31..
30..
30..

National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June

31..
31..
31..
30..
30..

State member banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .

Total
assets—
Total
liabilities
and
capital
accounts 2

Interbank 1

Other
Borrowings

Demand

Total 1
Demand

Time

Time

U.S.
Govt.

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 15,653 2,209 4,241 129,214 63,168
218,474 15,500 1,358 5,037 130,720 65,858
15
228,401 16,921 1,667 5,932 132,533 71,348
247,176 17,737
333 5,934 141,050 82,122
243,856 14,235
388 9,529 127,990 91,714

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

39,458
6,786
1,088 23,262 8,322
84,939
9,229
14,013 45,473 16,224
82,023 8,375
35
795 53,541 19,278

,936
35,714 10
31,761 10,892
32,712 11,140
36,088 13,006
34,508 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

5,568
5,396
5,439
6,302
7,257

16,407
16,045
17,081
18,501
15,993

1,509 1,025
10,584 1,063
10,039 1,44S

183,596 97,730
188,790 110,299
198,011 117,092
213,904 124,348
219,163 128,613

99,277
102,615
107,546
116,402
119,241

52,627
59,962
63,694
67,309
69,771

116,714
119,638
124,911
135,511
133,728

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
71,015
71,660
76,292
69,256

22,259
3,739
621 13,874 4,025
44,730
4,411
8,166 24,168 7,986
40,505 3,978
15
381 27,068 9,062

1 2,246
130 2,945
9 3,055

,502
,867
,918

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

5,817
5,962
6,299
6,763
6,936

,734
,691
,644
,600
1,570

2,668
4,448
4,083

8,708
19,256
20,691

7,702
18,119
19,340

262

31,435
34,817
36,240
38,924
39,442

Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..

5,776
14,639
16

3,241
2,992
4,958

31..
31..
31..
30..
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. 31*

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

185

1,291
1,905
18 1,392

,568
,480
,498
,536
,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

163
83
132
148
137

890
873
846
869
795

Nonmember
commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3H

7,233
16,849
18,454

3,696
3,310
5,432

2,270 1,266
12,277 1,262
11,318 1,703

3,431
4,962
4,659

10,992
22,024
23,334

9,573
20,571
21,591

439

1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June

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

572
601
643
719
605

Insured mutual
savings banks:
1941—Dec. 31..
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .

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

1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June

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

1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June

1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June

31..
31..
31..
30..
30..

31..
31..
31..
30..
30..

31..
31..
31..
30..
30..

For notes see end of table.




4 3,640 5,117
78 4,664 5,017
45 5,409 5,005
4,578
4,542
4,530
4,513
4,500

55,588
55,264
58,073
63,196
64,256

18,585
15,052
16,394
17,971
17,557

34,!
,812
36,,421
39,
,546
45,441
50,770

13,101
13,107
13,119
13,108
13,104

9,643
10,302
11,098
11,875
12,243

31..
31..
31..
30..
30..

1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June

Total Numcapita) ber
acof
counts banki

6,192 1,420 1,530
6,102
825 1,763
6,608 1,028 2,022
6,835
199 2,066
5,641
227 3,310

129
244
4

40,640 16
,320
39,974 16
,406
40,733 17,727
43,303 21,716
38,758 24
,392

53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
419
533
645
553
795

18,766 12,063
19,732 13,059
20,140 14,095
14
21,456 14,979
19,976 16,565

43
340
111
225
379

959 6,810
1,083 6,416
1,271 6,478
2,696
2,944
3,232
3,452
3,633

6,793
6,878
6,948
6,997
7,036

253
365
478

329
279
325

852
714
783

325
311
293
307
320

332
350
358
370
372

399
366
352
323
318

190

5,504
3,613
14,101
6,045
167 13,758 7,036

1,288
1,362
1,596

7,662
7,130
7,261

185
103
160
178
174

428
545
657
565
819

12,387
13,370
14
14,388
15,286
16,886

3,028
3,294
3,590
3,822
4,00f

7,192
7,244
7,300
7,320
7,353

1,789
10,351
12 12,192

164
1,034
1,252

52
192
194

28 27,243
8,544
1,468
256 33,137
>
275 34,300

2,473
2,654
2,998
3.191
3,259

241
268
325
330
331

329
181

457
425

19,655
20,605
20,986
22,325
20,771

12

JANUARY 1963

41

COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Other
Interbank *
Securities
liaCash bilities
assets 1
and
Demand
capital Total 1
DeU.S.
acTime
Other
mand
Govt.
counts 2
U.S.
Other
Govt.

Loans and investments

Class of bank
and date
Total

Noninsured mutual savings
banks:
1941 Dec 31
1945—D ec 31
1947_Dec. 31 4
1958 Dec
1959—Dec
I960 Dec
1961 Dec
1962 June

Loans

Time

8,687
5,361
5,957

4,259
1,198
1,384

3,075
3,522
3,813

1,353
641
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

31
31
31
30
30

4,177
4,184
3,270
3,581
3,751

2,050
1,848
1,453
1,446
1,570

1,113
949
597
572
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
and $400 million demand to other demand).
2
Includes other assets and liabilities not shown separately.
3 See note 4 on page 37.
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
1

Total Numcapital ber
acof
counts banks

Borrowings

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*

Loans *

Securities
Total 1

U. S.
Govt.

Loans l

Other

U. S.
Govt.

Other

1955
1956
1957
1958
1959

157.6
161.6
166.4
181.0
185.7

80.5
88.0
91.4
95.6
107.8

60.4
57.3
57.0
64.9
57.6

16.7
16.3
17.9
20.5
20.4

160.3
164.5
169.3
184.4
189.5

82.0
89.7
93.2
97.5
110.0

61.6
58.6
58.2
66.4
58.9

16.7
16.3
17.9
20.6
20.5

1960
1961
1962^2

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...
Aug...
Sept.^.
Oct.P.
Nov. p .
Dec.? 2

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

1
2

Adjusted to exclude interbank loans.
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.

42

COMMERCIAL BANKS

JANUARY 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..

Total
loans l
and
invest- Total
ments

116,284
199.509
215,441
220,670
224,950

Investments

For
To
purchasing
financial
or carrying institutions
Commer- Agri- securities
cial
Real
and culestur- To
intate
al broduskers To
To
To
trial
and others banks others
dealers

99,933 39.288 3,509 3,124
106,232 40.931 3, 934 3
i,877
109,212 41,435 4,220 3
i,088
111,993 42,210 3,948 3,360

165,619
179,599
183.497
186,518

New York City: 3
1941-Dec. 31.,
1945-Dec. 31.,
1947—Dec. 31.

12,896
26,143
20,393

4,072 2,807
7,334 3,044
7,179 5,361

1960—Dec. 3 1 . .
1961-Dec. 30..
1962-June 30..
Sept. 28..

27,726
30.297
30.396
30,511

18,465 10,876
19,535 11,278
19,224 10.980
20,060 11,520

,574
1,956
1,512
1,686

399
467
409
397

City of Chicago: 3
1941-Dec. 3 1 . .
1945-Dec. 3 1 . .
1947—Dec. 31.

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

1960—Dec. 31.
1961-Dec. 30.
1962—June 30.
Sept. 28.
Country:
1941—Dec. 31.
1945-Dec. 31.
1947—Dec. 31.
1960—Dec. 31.
1961-Dec. 30.
1962—June 30.
Sept. 28.
Nonmember: 2
1947- Dec. 31.
1960— Dec. 31.
1961—Dec. 30.
1962—June 30.

15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088

412 169
2,453 1,172
545 267

300
205
225

123
80
111

32
26
93
500
376
568
572

564
669
611
688

719
976
888
926

739
784
727
705

351
470
556
797

659
648
818

20
42
23

183
471
227

9,499 2,589
10,1652,811
10.719 3.007
10,854 2,890

508
591
424
499

293
438
416
397

29
116
240
478

18,454 5,432 1,205 614
33,910 17.719 3.838 2,167
35,856 18,700 4,241 2,314
37,188 19,989 4,4742,580

20
161
179
165

156
269
306
306

,223 887
16
16,879 1,076
17,077 ,184
17,092 ,028

12,518 5,890 1,676
35.002 5,596 1,484
36,324 10,199 3,096
67,890
73,131
75.019
77,759

36,981
39.693
41,492
42,556

3,216
3.261
3,148
3,205

49,106
54.058
52,065
51,323

51
149

196
221
278
338

421
476
456
514

95

1,430
40 4,213
26 2,890

197
229
298
309

1,882
2,041
1,936
2,006

9,005
9,590
10,272
10,674

8,721 909 17,396
9,172 998 19,748
9.682 1,129 18,627
9,650 1,177 17,769

1,528
4,377
1,823
707 359 26,999
1,881
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




7,789 6,034 53,205
2,920 19,013 30.998
2,114 26,33626,641
3,629126,041 26,453
3,530 24,000 28,370

5,
,276 3 ,729
17..570 3.294
20,
,345 3,592
23,165 3,869
24,090 4 ,130

2,884 18,868 30,722 17,300 3,150
2,098 26,145 26,426 20.068 3.462
3,577 25,886126,231 22,883 3,747
3,479 23,860 28,137 23,821 4,009

6,402
9,229
6,467
6,124

2,296
1,842
2,984
2,901

15,072[25.335
21,390 21,598
21,367 21,247
19,563 22,734

14,141 2,439
16,691 2,617
19,32112,899
20,129 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

256
133 1,467
132
235

153 1,022
749 1,864
248 2,274

182
181
213

193
204
185

132
478
200
184

663 1,050
607
728
743
816
844
741 1,150
975 1,216
782

76
124
179
179

578
442
492
497

37
92
151
64

1,708
2,496
2,931
2,667

6.467
751 5,421
1,508
295
1,527
956 820
855 387 29,552 1,034 6,982 5,653 15,883 1,126 916
1,459
3,147 1,969 351 20.196
373 2,358 1,901 15,563 1,342 1,053

2
4
5

40.002
42.379
43,824
44,432

7,994
11,356
8,226
8,377

868 1,930 940 6,980 1,422
1,799
934 2,072 1,220 7,862 2,117
1,711
1,774 1,084 2,075 1,321 7,659 1,989
1,771 1,202 2,079 1,348 6,596 1,142

4
17
15

62,953
68.565
70.145
69,903

2,193
8,072
11,488
8,320
8,490

Certificates

1,623 5,331
311
522
7,265
287 272 17,574
477 3,433 3,325 10,339
564 238 11,972 1,002
640
558 9,772

22
36
46

114 194
427 1,503
170 484

Bills

State
and
local Other
govt. secusecu- rities
Notes Bonds rities

3,494
3,653
3,007 15,561 3,090 2,871
971
19,539
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 4,81545,295 4,199 3,105

39
47
113

1,564
947 6,726 22 ,518
622 2 ,694
,827 1,014 6,893 23.
852 3,198
1,987
,699 1,453 6,789 25,362 24,006 3 ,480
1,644 1,943 6,972 26,358 24,297 3,594

1960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Sept. 28.

U. S. Government
securities

4,773
4,505
21,046
3,159 16,899 3,651 3,333
988
4,677 2,361 1,132 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

117,092 42,957 5,628 3,247 1,811
965 7,090 28 ,602 26,263 2,883*60,468
124.348 44,965 6,211 4;
4,030 ,
1,027 7,296 30 ,211 27,708 3,396 66,026
128,613 45,717 6,766 3,234 1,981 1,469 7,200 31 ,915 2 9 , 299 3
3,234
" " ",692 63,921
131,755 46,5956^328 3,512 1,927 2,022 7,421 33,114 29, 700 3,811 63,853

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 1,065

I960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Sept. 28.
Other reserve city:
1941-Dec. 31.
1945—Dec. 31.
1947—Dec. 31.

Other
to
in- Other
dividuals
Total

9,393 5,723 947 69,221
38,057 18,167 1,660 830 1,220
115
117,642 43,125 5,676 3,284 1,833
966 7,106 28,713 26, 396 2 ,901 61,003
124,925 45,172(6,248 4,056 2,134 1,033 7,311 30,320 27
",847 3,41266,578
129,193145,909 6,801 3,254 2,005 1,474 7,221 32,036 29,444 3,713 64,443
3
132,340 46,780 6,360 3,530 1,950 2,040 7,440 33,240 29 850 3,830 64,390

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. 198,011
1961-Dec. 30.,213,904
1962—June 30., 219,163
Sept. 28., 223,438

]

12,449 10,550
13.242 11,132
13.728 11,792
14,145 12,054

2,266 1,061
379 6,205 4.774
418 6,341 4,995
431 6,682 5,439

647 22,848
751 24.407
732 23,843
760 24,953

2,031
794 5,461
3,020
741 8,605
1,611 1,267 8,186
1,305 1,291 7,275

9,111
7,382
7,563
7,898

4.817
5,710
6,867
6,894

738
727
827
808

110
481 3,787 1,222 1,028
630 5,102 4,544 16 ,722 1,342( 1,067
480 2,583 2,108 17,687 2,006 1,262
2,817
888 7,240 11,903 6,752 1,308
3,614
566 9,560 10.667 7.530 1,500
2,667 1.075 9.405,10.696 8.146 1,539
3,493 1,049 8,83911,571 8,532 1,718

109 11,318
206 1,973 1,219 7,920 1,078
207 11,904 1,670
624 3,941 5,668 3,431
214'12,525 2,259
272 4,947 5,046 3,655
233112,383 1,853
645 4,675 5,210 3,845

625
857
976
971

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.

JANUARY 1963

43

COMMERCIAL BANKS
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits

Reserves
with
F R.
Banks

Class of
bank and
call date

Total: 2
1947_Dec.
1960—Dec.
1961—Dec.
1962—June
Sept.

BalDeCur- ances mand
derency with
doposits
and
ad- 5
coin mestic
banks 4 justed

Interbank
U.S.
DoFor- Govt.
mestic4 eign6

3 1 . . . . 17,796 2,216 10,216 87,123 11,362
3 1 . . . . 16,720 3,346 13,681 115,120 15,453
3 0 . . . . 16,918 3,689 14,169 122,654 16,574
3 0 . . . . 16,839 3,185 11,799 114,043 13,185
2 8 e . . . 17,000 3,420 12,260 115,810 13,600

Certified
and
officers'
checks,
etc.

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

All insured:
1941—Dec. 3 1 . . . . 12,396 1,358 8,570 37,845 9,823
673 1,762
1945— Dec. 3 1 . . . . 15,810 1,829 11,075 74,722 12,566 1,248 23,740
1947—Dec. 3 1 . . . . 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

5,932
5.934
9,529
8,573

11,582
12,149
11,727
11,508

4,564
5,023
4,390
3,745

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

8,582
8,724
7,182
7,291

5,287
5,381
8,734
7,653

9,016
9,487
9,107
8,961

1960—Dec.
1961—Dec.
1962—June
Sept.

3 1 , . . . 16,720 3,326 13,409 114,292
3 0 . . . . 16,918 3,670 13,871 121,671
3 0 e . . . 16,839 3,168 11,524 113,136
.
2 8 . . . 16,999 3,401 11,832 114,922

Member, total:
1941—Dec. 3 1 . . . . 12,396 1,087
1945—Dec. 3 1 . . . . 15,811 1,438
1947—Dec. 3 1 . . . . 17,797 1,672

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
4,654 105,454
303
4,080 94,826
351
352
3,448 95,901

237
260
274
245

3,559
4,371
5,096
4,916

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

10 6,844
215 8,671
61 9,734

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

4 5,886
208 7,589
54 8,464

2,518
2,813
2,399
2,553

New York City:*
1941_Dec. 31
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
607
866
3,535 1,105 6,940
267
3,236 1,217

319
237
290

450
1,338
1,105

11 282
15,712
17,646

6
17
12

10
12

29
20
14

778
1,206
1,418

1 648
195 2,120
30 2,259

31....
30....
30....
28

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

19,051 1,216
191
20,213
210
17,580
208
17,589

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

City of Chicago:*
1941_Dec. 31
1945—Dec 3 1 . . . .
1947—Dec. 31

1,021
942
1,070

43
36
30

298
200
175

2,215
3,153
3,737

1,027
1,292
1,196

8
127
20 1,552
72
21

233
237
285

34
66
63

2 152
3,160
3 853

2

9

476
719
902

288
377
426

31....
30....
30....
28....

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

61
14
18
18

2
5
7
7

7
8
10
15

1,521
1,996
2,581
2,788

Other reserve city: 3
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

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

11,127
22,281
26,003

104
30
22

20
38
45

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

953
1,152
907
834

37,986
40,315
36,504
36,093

326
62
75
78

85
110
110
88

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

1,370
2,004
2,647

239
435
528

8,500
21,797
25,203

30
17
17

31
52
45

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

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

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

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

1960—Dec.
1961—Dec.
1962—June
Sept.

1960—Dec.
1961—Dec.
1962—June
Sept.

1960—Dec.
1961—Dec.
1962—June
Sept.
Nonmember: 2
1947—Dec.
I960 Dec
1961—Dec.
1962—June

31....
30....
30....
28
31
31 .
30
30

1,561
1,270
1,163
1,065

240
84,987
117,103 1,799
481
124,622
525
112,534
430
114,330

IPC

Bor- Capital
row- acings counts

16,720
16,918
16,839
16,999

1960—Dec.
1961—Dec.
1962—June
Sept.

14,875
15,924
12,633
13,017

1,582
1,298
1,182
1,088

IPC

U.S.
Govt. State
Inter- and
and
bank Postal local
Sav- govt.
ings

31....
30....
30....
28....

1960—Dec.
1961—Dec.
1962—June
Sept.

94,594
100,660
93,555
94,666

15,339
16.440
13,053
13,482

1,430
1,627
1,340
1.215
1,100

State
and
local
govt.

Time deposits

* 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, reclassification 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.




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

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

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. Comparaoility 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.

44

WEEKLY REPORTING MEMBER BANKS

JANUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities

Wednesday

Total
loans
and
investments l

Loans
and
investments
adjusted2

ComLoans mercial
adand
justed2 industrial

Agricultural

To brokers
and dealers

To financial institutions

To others

U.S.
U.S.
Govt. Other Govt. Other
sesesecuri- cun- curi- curities
ties
ties
ties

Bank

Foreign

Nonbank

Do- Pers.
mes- and
tic
sales
com- finan. Other
mer- COS.,
cial
etc.

Real
estate

All
other

Valuation
reserves

TotalLeading Cities
1961
118,828
119,164
121,837
122,565

117,108
117,860
120,361
121,056

71,530
71,920
73,809
74,569

32,016
32,223
32,733
32,920

356
1,227
336
1,230
1,238
773
1,270 1,019

2,136
2,163
2,404
2,379

126,479
126,688
127,170
126,979

124,67:
124,798
125,459
125,47"

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

128,058
128,706
131,160
132.075

126,11
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

28,834
29,066
29,947
30,491

28,231
28,547
29,814
30,162

17,594
17,784
18,812
19,196

10,584
10,672
10,969
11,102

Nov. 7
14
21
28

29,666
29,781
29,848
29,730

29,053
29,227
29,327
29,229

19,25'
19,563
19,434
19,176

11,344
ll,45f
11,50:
11,455

Dec.

30,534
30,637
31,846
32,083

29,671
30,031
31,326
31,410

19,594 11,545
19,748 11,456
20,855 11,577
20,922
11,59:

89,994
90,098
91,890
92,074

88,877
89,313
90,547
90,89'

53,936
54,136
54,997
55,373

21,43:
21,551
21,764
21,818

28

96,813
96,907
97,322
97,249

95,619
95,571
96,132
96,243

59,175
59,417
59,603
59,685

5
12
19
26

97,524
98,069
99,314
99,99"

96,442
96,786
98,035
98,530

59,770
60,073
61,065
61,389

Dec.

6
13
20
27

1,324
1,327
1,335
1,343

611
605
627
657

1,720
1,304
1,476
1,509

3,025
3,108
3,628
3,769

2,325
2,329
2,339
2,365

13,352
13,386
13,419
13,399

16,619
16,675
16,764
16,877

,564
,564
,555
,554

2,004
2,020
2,082
2,077

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

15,231
15,309
15,384
15,399

18,076
18,120
18,172
18,183

,747
,746
,746
,743

849
863
1,824
1,604

2,169
2,309
2,632
2,748

1,334
1,348
1,358
1,369

613
618
625
650

1,945 3,420 2,700
1,889 3,544 2,726
1,799 3,935 2,776
2,135 4,237 2,774

15,415
15,470
15,483
15,504

18,251
18,299
18,339
18,374

,745
,748
,741
,741

150
171
369
525

1,278
1,300
1,451
1,438

427
430
436
440

274
278
304
300

603
519

639
992
730
999
46: 1,051
375 1,04:

391
398
399
401

27:
27'
278
285

103
102
104
125

1962
Nov. 7
14

21
28
Dec.

5
12

19
26
New York City
1961
Dec.

6
13
20
27

919
967
1,256
329 1,261

441
438
440
474

828
839
84'
84:

3,095
3,094
3,143
3,204

434
434
433
433

613
554
521
501

,114
,168
,155
,091

568
579
58
573

,178
,198
,232
,233

3,234
3,244
3,252
3,202

502
502
502
501

558
569
585
574

,234
,254
,22'
,236

3,223
3,222
3,199
3,198

501
501
501
501

1962

5
12

19
26

14

631
676
1,305
1,089

1,114
l,20r
1,426
1,529

400
405
411
416

281
284
287
301

863
606
520
673

,088
,150
,309
,456

1,216
1,222
1,229
1,260

206
165
404
494

858
863
953
941

897
897
899
903

33' 1,11
32'
785
323 1,343
35' 1,180

2,106
2,141
2,372
2,508

1,884 12,524 13,524 1,130
1,891 12,547 13,581 1,130
1,899 12,57" 13,621 1,122
1,891 12,557 13,673 1,121

22,978
23,165
23,285
23,225

1,40'
1,43:
1,44:
1,47:

248
218
238
286

1,012
1,021
1,031
1,035

929
924
92:
933

372
36'
343
338

,194
,336
,190
,006

2,31
2,288
2,290
2,280

2,195
2,188
2,14 r
2,141

14,053
14,111
14.152
14,166

14,842
14,876
14,920
14,981

1,245
1,244
1,244
1,242

23,234
23,351
23,498
23,574

1,486
1,493
1,510
1,51"

218
18'
519
515

1,055
1,100
1,206
1,219

934
943
94'
953

33:
334
338
34!

,082
,283
,279
,462

2,33:
2,394
2,626
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

1,244
1,247
1,240
1,240

Outside
New York City
1961
Dec. 6
13
20
27

1962
Nov. 7
14
21

Dec.

For notes see p. 46.




45

WEEKLY REPORTING MEMBER BANKS

JANUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Cash assets 3

Investments
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
1961
33 813
33,931
34 501
34,247

5,528
5,693
6 349
6,168

1,467
1,416
1,427
1,421

5,052
5,058
5 390
5,359

18,319
18,312
17,907
17,894

3,447
3,452
3,428
3,405

11,765
12,009
12,051
12,240

17,204
17,819
18 229
19,025

2,820
3,221
3 178
3,262

152
162
165
238

1,535
1,750
1,695
1,863

12,697
12,686
13,191
13,662

4,502
4,611
4,450
4,520

153,220
155,079
158,520
161,739

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
3,971

14,573
14,513
14,450
14,407

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

7,852
7,894
8 102
7,992

1,956
2,094
2 337
2,253

485

1 013
428
990
442 1,114
441 1,095

3,727
3,711
3 535
3,534

671

3 889
4,018
4 238
4 302

69
84
77
85

59
74
77
147

266

299
280

669

2 785
2,869
2 900
2 974

3,495
3,561
3,804
3,787

1,943
2,063
1,923
1,968

39,257
39,771
41,212
43,005

6 096
5,972
6,114
6,181

1,046

1,161
1,147
471
628
477
677

2,310
2,307
2,609
2,576

1 130
1,146
1,301
1,292

3 700
3,692
3,779
3,872

3 813
3 772
3,898
4,008

83
96
96
114

92
69
73
83

255
256

1,105
1,159

449
453

225
257

3,383
3,351
3,504
3,554

1,941
1,950
1,877
1,930

40,633
40,660
40,253
40,378

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

65
77
68
95

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

25,961
26,037
26,399
26,255

3,572
3,599
4,012
3,915

982
988
985
980

4,039
4,068
4,276
4,264

14,592
14,601
14,372
14,360

2,776
2,781
2,754
2,736

8,980
9,140
9,151
9,266

13,315
13,801
13,991
14,723

2,751
3,137
3,101
3,177

93
88
88
91

1,269
1,451
1,415
1,580

9,202
9,125
9,387
9,875

2,559
2,548
2,527
2,552

113,963
115,308
117,308
118,734

Nov. 7
14
21
28

24,856
24,622
24,920
24,943

2,559
2,352
2,622
2,695

] .641
,646
,802
,799

4 582
4,556
3 314
3,298

11 516
11,487
12,152
12,187

4 558
4,581
5 030
4,964

11 588
11,532
11 609
11,615

13 181
13,423
13,309
13,522

2 800
2,998
2 837
3,090

68
69
74
75

1.306
1,453
3?5
,545

9,007
8,903
9,073
8,812

2,11A
2,781
2,715
2,752

121,596
123,144
123,010
121,981

Dec

25,037
24,934
25,110
25,287

2,872
2,785
2,975
3,177

,807
,813
,842
872

3,333
3,346
3,333
3,288

12,100
12,083
12,067
12,052

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

80
74
88
93

,339
,552
1,539
,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

Dec

6 ..
13
20
27
1962

5
12
. . . .
19
26..

New York City
1961
Dec. 6
13
20
27

671
674

283

1962
Nov. 7
14
21 . .
28
Dec.

. .

5
12 .
19
26

919

Outside
New York City
1961
Dec

6...
13
20
27
1962

5
12
19
26

For notes see p. 46.




46

WEEKLY REPORTING MEMBER BANKS

JANUARY 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings

Deposits
Demand
Wednesday

DeTotal mand
deunad- posits
justed '
ad- 5 Total 6
justed

IPC

Time
Domestic
U. S.
Govt. com- Total 8
mercial
banks

Other Capital
From From liabil- acF. R. others ities counts
Banks

Other time

State
and
local
Govt.

For-

4,749
4,613
4,715
4,863

1,691 2,760 12 ,162 41,279 29,853
1,710 1,691 12,439 41,332 29,894
1,713 3,690 12,692 41,353 29,944
1,822 4,557 12,741 41,472 30,082

Savings

IPC

State
and
local
Govt.

For-

6,140
6,118
6,001
5,969

2,768
2,783
2,845
2.851

2,201
2,215
2,239
2,243

10
5
288
482

2,363
1,534
1,921
2,081

5,709
5,734
5,443
5,461

12,882
12,872
12,944
12,973

8,654
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

5,385
5,478
5,573
5,632

13,589
13,569
13,540
13,577

167
165
290
212

2,583
2,621
2,490
2,836

5,662
5,624
5,572
5,497

13,612
13,595
13,592
13,627

TotalLeading Cities
1961
132,256
134,934
137,924
140,742

63,369
65,987
66,185
66,343

90,977 66 ,139
93,602 69 ,716
96,571 69,927
"%156
99,270 71

Nov. 7
14
21
28

140,067
141,813
141,422
140,862

61,472
62,197
61,986
63,007

91,261
93,047
92,687
91,839

Dec.

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

31,682
32,526
33,566
35,250

16,166
17,252
17,095
17,092

24,653
25,474
26,587
28,286

28

32,755
32,743
32,528
33,008

15,096
15,276
15,314
15,507

5
12
19
26

33,152
34,026
36,150
34,778

Dec. 6
13
20
27
1962

65,092 4,815 1,672 3,092
'",537 4,743 1,617 3,043
67
66 ,268 4,970 1,576 4,314
65 ,916 4,938 1,552 3,634

12,656
12,617
12,093
12
12,030

48,806
48,766
48,735
49,023

34,355
34,343
34,418
34,459

5,000
4,857
4,759
4,788

1,593
1,665
1,721
1,807

3,388 12,282 49,251 34,535 8,713 3,216 2,440
2,339 11,930 49,594 34,572 8,924 3,291 2,458
3,600 12,310 49,765 34,607 9,002 3,351 2,453
4,772 11,867 50,011 34,712 9,080 3,344 2,521

17,083
18
18,360
18,282
18,937

259
243
289
347

1,282
1,281
1,334
1,426

734
406
1,080
1,388

3,162
3,192
3,308
3,562

7,029
7,052
6,979
6,964

24,384
24,325
24,082
24,402

16,172
16,901
16,517
16,418

278
263
248
254

1,271
1,196
1,171
1,131

890
836
1,127
900

3,185
3,056
3,011
3,285

15,667
16,482
17,340
17,087

24,468
25,167
27,256
25,806

16,578
17,564
18,462
17,925

278
259
271
289

1,169
1,233
1,286
1,369

944
633
893
1,404

3,137
2,976
3,119
2,894

5,371
:,418
!,446
1,606
1,684
1,859
;,894
;,972

100,574
102,408
104,358
105,492

47,203
48,735
49,090
49,251

66,324 49 ,056
68,128 51 ,356
69,984 51 ,645
70,984 52 ,219

4,490
4,370
4,426
4,516

409
429
379
396

2,026
1,285
2,610
3,169

9,000
9,247
9,384
9,179

Nov. 7
14
21
28

107,312
109,070
108,894
107,854

46,376
46,921
46,672
47,500

66,877 48 ,920
68,722 50 ,636
68,605 49 ,751
67,437 49 ,498

4,537
4,480
4,722
4,684

401
421
405
421

2,202
2,207
3,187
2,734

Dec.

108,414
109,556
111,148
111,429

47,095
48,547
48,986
49,176

67,847 49 ,651
68,821 51,579
70,277 51 ,883
70,390 51 ,678

4,722
4,598
4,488
4,499

424
432
435
438

2,444
1,706
2,707
3,368

5
12
19
26

New York City
1961
Dec.

6
13
20
27

2,833
2,844
2,862
2,882

2,169
2,175
2,108
2,086

213
217
189
182

,674
,671
,676
,668

3,878 2,487

2,491
2,472
3,897 2,555

188
184
182
227

,645
,684
,722
,750

60 1,336
1,447
1,316
936

2,662
2,650
2,615
2,633

3,820
3,820
3,794
3,801

3,915
3,929
3,935
3,950

2,612
2,769
2,810
2,837

230
231
231
223

,754
,756
,738
,782

1,011
1,217
1,342
1,332

2,667
2,624
2,592
2,629

3,814
3,801
3,801
3,806

34,250
34,280
34,374
34,508

27,020
27,050
27,082
27,200

3,971
3,943
3,893
3.883

2,555
2,566
2,656
2,669

527
544
563
575

10 1,346 2,828 j
917 2,771
5
849 2,675
152
914 2,660
365

9,205
9,207
9,274
9,303

9,471
9,561
9,082
8,745

40,435
40,348
40,289
40,417

30,477
30,457
30,521
30,559

6,167
6,137
6.004
6,035

2,930
2,890
2,905
2,965

691
690
686
685

488
69
105
55

1,304
1,428
1,307
1,297

2,723
2,828
2,958
2,999

9,769
9,749
9,746
9,776

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
702
715
739

92
127
200
212

1,572
1,404
1,148
1,504

2,995
3,000
2,980
2,868

9,798
9,794
9,791
9,821

1,017 2,881 3,677
617 2,963 3,665
3,670
3,670

136 1,072 2,768
117 1,167 2,801

1962
Nov. 7
14
21

Dec.

3,r

3,900

Outside
New York City
1961
Dec.

6
13
20
27

1962

5
12
19
26

1
2

After deduction of valuation reserves.
Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loan items are shown gross.
3 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.

JANUARY 1963

BUSINESS LOANS OF BANKS

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(Net change in millions of dollars
Week

Dec.
26
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 r u b b e r . . . .
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
•

Dec.
19

Quarter

Half year

1962

Industry

Month
1962

1962

1962

Dec.
12

Dec.
5

Nov.
28

Dec.

Nov.

-4
-23
23
-3
-80

2
4
51
3
-9

16
-19
9
5

8
20
9
-8
-8

-5
-5
9
-8

-8
-15
18
5
-20

102
-8
8
10
-2

14
-9
-12
2
-12

21
-33
2
-22
-3

-19
-29
-4
2
-10

129
-64
11

10
-21
15
-78

20
-10
16
-43

3
-20
-9
-14

40
-7
9
7

185
-10

19
2

-25
-7

18
-13

41

8
17
64

Oct.

III

IV

II

1st

2nd

-8
14
56
-19
-35

-25
-44
-58
-26
-30

-25
-13
62
-44
-158

-49
31
-15
-48
140

-119
-50
27
50
112

-74
19
47
-91
-18

-131
89
96
126
128

-37

71
-58
14
39
-12

217
-153
6
-10
-63

416
-275
31
25
-112

111
96
12
-154
7

-152
42
-14
37
164

528
-179
43
-129
-105

-497
289
-67
76
174

-C 6
1
17
-24
-16

74
-58
31
-128

5
65
11
97

12
126
19
148

91
133
60
117

-25
87
63
36

8
-161
52
52

66
220
123
154

178
-237
34
61

18
-10

197
-27

61
-13

88
-6

346
-46

309
29

-223
164

655
-17

-510
182

12

-92

Q

A

48

68

209

87

-13

283

8

127

290

205

Net change in classified loans

45

233

-37

88

-97

329

375

188

893

640

116

1533

196

Commercial and industrial change—
all weekly reporting banks

91

268

28

99

-118

486

••390

227

1103

709

340

1812

434

52

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

Size of loan
(thousands of dollars)
All
loans

1
10

10—
100

100—
200

200
and over

Year:
19 large cities:
1954
1955
1956
1957
1958
1959
I960
1961
1962

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

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

3.6
3.7

Quarter.!
19 large cities:
1961—Dec
1962—Mar
June
Sept
Dec

i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL.,
•p. 228-37. Bank prime rate was 3 ^ per cent Jan. 1,1954-Mar. 16,1954.
Changes thereafter occurred on the following dates (new levels shown, in




Area
and
period

Size of loan
(thousands of dollars)
All
loans

io"

10—
100

100—
200

200
and over

Quarter—cont.: l
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*4; Oct. 14, SV2; 1956—
Apr. 13, 33^; Aug. 21, 4; 1957—Aug. 6, 4Y2; 1958—Jan. 22, 4; Apr. 21,
3 % ; Sept. 11,4; 1959—May 18, 4V2; Sept. 1,5; and 1960—Aug. 23, 4%.

48

INTEREST RATES

JANUARY 1963
MONEY MARKET RATES
(Per cent per annum)
U. S. Government securities (taxable) 3

Prime
coml.
paper,
4-to 6-1
months

Period

1960.
1961.
1962.

3.85
2.97
3.26

1961—Dec...

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

Dec,

Week ending—
1962—Dec. 1.,
15.
22.
29.

2.87
2.36
2.77

3.247
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

2.617

2.60

2.875

2.88

2.97

3.03

3.82

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

3.25
3.25
3.25
3.28
3.38

M*ay! ]
June.,
July..
Aug..,
Sept..
Oct...
Nov..

3.51
2.81
3.01
2.87
3.00
3.00
3.00
3.00
2.91
2.90
3.07
3.11
3.09
3.03
3.00
3.00

2.928
2.378
2.778

3.19
3.26
3.22
3.25
3.20
3.16
3.25
3.36
3.30
3.34
3.27
3.23
3.29

1962—Jan...
Feb..,
Mar..

3.54
2.68
3.07
2.93
3.05
3.00
3.02
3.09
2.95
3.02
3.20
3.12
3.13
3.04
3.08
3.16
3.13
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

* 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.
4
Certificates of indebtedness and selected note and bond issues.
5 Selected note and bond issues.

BOND AND STOCK YIELDS
(Per cent per annum)

State
and local

United
States
(longterm)

Total i

I960
1961..
1962

4.01
3.90
3.95

1961—Dec
1962—Jan
Feb
Mar
Apr
May
June
July

Period

Industrial

Railroad

Public
utility

Preferred

Common

Common

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

5.88
4.74

4.71

4.42

5.10

4.59

4.91

4.62

4.64

3.46
2 98
3.37
2.85

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

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

5

120

30

30

40

40

40

14

500

3.69
3.60
3.30

3.26
3.27
3.03

3.63

3.32

4.22
4.01
3.67
4.04

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

3.17
3.21
3 22
3.22
3.22

2.89
2.92
2.93
2.94
2.94

4-10

20

5

1
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 follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
rrore.
State and local govt. bonds: General obligations only, based on Thurs.




Earnings/
price ratio

Baa

Baa

3 88
3.89
3 88
3.86
3.85
.

Dividend/
price ratio

By
group

Aaa

Aaa

4.08
4 09
4.01
3.89
3.88
3.90
4.02
3.97
3.94
3.89
3.87
3 87

Week ending—
1962—Dec. 1
8
15
22
29
Number of issues

By selected
rating
Total i

4.06

Sept
Oct
Nov . .
Dec .

Stock:j

Corporate bonds

Government bonds

5.10

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.

JANUARY 1963

49

SECURITY MARKETS
SECURITY PRICES
Bonds

Common stocks
Standard and Poor's index
(1941-43- 10)

U.S.

Mu-

Govt.
(longterm)

Period

nicipal
(highgrade)

Volume

Securities and Exchange Commission index
(1957-59= 100)

of

trad-

Cor-

ing

po-

(nighgrade) Total

Industrial

Railroad

Public
utility

Manufacturing
Total
Total

Durable

Nondurable

Trans- Pubporta- lio
utiltion
ity

Trade,
(thoufisands
of
nance, Minand
ing shares)
service

1959
1960
1961

85.49
86.22
87.55

100.7
103.9
107.8

95.0
94.7
95.2

57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6
55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3
66.27 71.42 32.84 60.18 134.2 126.7 129.2 124.4 105.7 168.4

122.3
127.4
160.2

1961—Dec

85.61

107.3

94.5

71.74 75.81 33.21 65.77 145.8 135.6 138.1 133.3 107.9

188.4

188.0 101.1 4,120

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

72.99
74.22
74.22
71.64
66.32
58.32
59.61
61.29
60.67
58.66
c
62.90
65.59

33.77
34.23
33.45
32.31
30.71
28.05
28.29
28.09
27.68
27.40
c
30.47
32.24

62.69
63.70
64.51
63.86
58.84
53.32
55.51
56.96
56.96
55.63
C
57.69
60.24

140.4
142.8
142.9
138.0
128.3
114.3
116.0
119.5
117.9
114.3
122.8
128.0

130.8
133.4
133.5
128.2
119.0
105.7
106.9
110.4
108.9
105.6
114.0
119.1

133.6
134.4
134.0
128.0
117.5
103.2
104.4
109.1
106.2
102.5
110.7
114.0

128.1
132.6
133.1
128.5
120.6
108.1
109.2
111.7
111.5
108.4
117.3
123.8

108.5
110.5
107.4
103.1
98.5
90.2
90.0
90.6
88.5
86.6
97.2
102.3

181.4
183.0
184.2
180.3
167.1
151.1
156.7
160.7
158.2
154.3
162.0
167.9

175.2
176.4
175.2
172.0
161.6
141.3
139.4
143.6
141.6
135.9
145.4
151.8

104.1
109.7
106.6
103.9
97.5
88.3
90.9
91.1
92.3
91.3
97.7
101.5

3,677
3,481
3,113
3,263
5,045
4,770
3,532
3,368
3,310
3,423
4,803
4,048

Week ending—
1962—Dec. 1.
8.
15.
22.
29.

87.89
87.66
87.89
88.12
88.25

113.7
112.7
112.9
113.2
113.2

96.6
96.6
96.6
96.6
96.6

61.98
62.69
62.44
62.50
62.89

64.97
65.71
65.38
65.43
65.82

31.86
32.54
31.83
32.10
32.45

59.13
59.83
60.17
60.22
60.67

127.4
128.5
127.5
127.7
128.3

118.3
119.6
118.4
118.8
119.5

114.8
115.1
113.5
113.3
114.2

121.7
123.9
123.0
124.0
124.4

103.2
103.1
101.5
102.1
102.4

167.8
168.3
167.8
167.4
168.2

150.9
152.4
152.1
151.6
151.1

101.3
102.2
101.4
100.7
101.5

5,502
4,780
3,677
3,780
3,590

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
b o n d ; Wed. closing prices.

95.0 3,242
73.8 3,042
92.5 4,085

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

Total
securities
other than
U. S. Govt.
securities

Net debit balances with
N. Y. Stock Exchange
firms secured by—

Broker and dealer credit

Bank loans to others than
brokers and dealers for purchasing and carrying—

Money borrowed on—

U. S. Govt.
securities

Other
securities

U. S. Govt.
securities

Other
securities

U. S. Govt.
securities

Other
securities

Customers'
net
free
credit
balances

1958—Dec
1959—Dec
I960 Dec

4,537
4,461
4,415

146
150
95

3,285
3,280
3,222

63
164
134

1,181
1,193

234
221
142

2,071
2,362
2,133

1,159
996
1,135

1961—Dec

5,602

35

4,259

125

1,343

48

2,954

1,219

1962—Jan
Feb
Mar
Apr
M^ay
June
July
Aue
Sept
Oct
Nov
Dec

5,464
5,426
5,457
5,491
5,408
4,938
4,876
5,073
5,156
5,165
5,285
5,494

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

111
133
105
117
91
92
83
80
81
81
82
97

[,353
1,360
[,374
1,412
[,408
1,333
[,314
1,300
1,269
1,301
1,334
I 369

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

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 exhanges 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.




1 1QO

1,154
,110
1,205
1,374
1,252
,130
,091
,126
1,151
[ 216

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.
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.

50

OPEN MARKET PAPER; SAVINGS INSTITUTIONS

JANUARY 1963

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Held b y End of period
Total

1956
1957
1958
1959
I960

F. R.
Banks

Accepting banks
Placed
through
dealers *

Placed
directly2

Based on—

Total

Others
Own
Bills
bills bought

Total

Own
acct.

Foreign
corr.

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stored in or
shipped between
points in—
United
States

Foreign
countries

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

72
94
64
36
173

69
66
49
75
74

50
76
68
82
230

621
878
775
675
1.060

261
278
254
357
403

329
456
349
309
669

2
46
83
74
122

227
296
244
162
308

148
232
263
249
524

1961—Nov.
Dec

5,349
4,686

1,868
1,711

3,481
2,975

2,555
2,683

1,122
1,272

871
896

251
376

43
51

110
126

,280
,234

461
485

939
969

98
117

287
293

770
819

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

5,556
5,520
5,713
5,640
5,917
5,864
6,169
6,575
6,573
6,970
7,070

1,762
1,762
1,876
1,883
1,869
1,878
2,002
2,119
2,228
2,417
2,501

3,794
3,758
3,837
3,757
4,048
3,986
4,167
4,456
4,345
4,553
4,569

2,621
2,559
2,498
2,392
2,345
2,342
2,306
2,277
2,281
2,367
2,476

1,163
1,093
1,072
981
949
965
1,009
937
952
1,025
1,086

804
788
774
763
733
731
736
721
748
824
841

359
305
298
218
216
234
273
216
204
201
245

45
44
42
36
33
60
43
35
36
34
38

120
113
100
94
112
85
80
71
68
69
88

,294
,309
,284
,281
1,251
1,232
[,175
1,234
1,225
1,239
1,264

477
472
474
479
462
473
485
488
520
502
525

946
915
889
826
787
751
705
667
674
679
719

74
106
86
74
96
145
143
138
144
160
173

271
223
182
158
145
117
93
72
73
110
145

853
844
867
855
855
857
881
912
870
917
914

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.

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
Mortgage

Other

U. S.
Govt.

State
and
local
govt.

Corporate
and
other l

1,' 86
1,2 57

Cash
assets

Other
assets

Total
assets—
Total
liabilities
and
surplus
accts.

Deposits 2

Other
liabilities

Surplus
accounts

Mortgaj
commitr nents

3

Number Amount

829
606

689
185

11,772
16,962

10,503
15,332

38
48

1,231
1,582

3,548
3 366
3 549
4,344

1,026
966
920
889

380
414
448
490

29,350
31 346
33 381
35,215

26,351
28 182
30 026
31,683

261
310
369
427

2,738
2 854
2 986
3,105

729
721
672
677

4,971
4,845
5,076
5,040

921
829
874
937

535
552
589
640

37,784
38,945
40,571
42,829

34,031
34,977
36,343
38,277

526
606
678
781

3,227
3,362
3,550
3,771

89,912
65,248
58,350
61,855

1,664
1,170
1,200
1,654

1941.
1945

4,787
4,202

89
62

3,592
10,650

1954
1955
1956
1957

14,845
17 279
19 559
20,971

188
211
248
253

8,755
8 464
7 982
7,583

608
646
675
685

1958
1959 4
I960
1961

23 038
24,769
26,702
28,902

320
358
416
475

7,270
6,871
6,243
6,160

1961

Oct .
Nov
Dec

28,513
28,680
28,902

420
469
475

6,185
6,172
6,160

682
677
677

5,062
5,042
5,040

840
847
937

645
642
640

42,348
42,529
42,829

37,844
37,892
38,277

788
857
781

3,716
3,779
3,771

62,918
59,882
61,855

1,546
1,533
1,654

1962

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

29,145
29,333
29,563
29,833
30,087
30,398
30,688
31,000
31,243
31,548

455
461
508
468
537
519
506
560
563
536

6,245
6,322
6,531
6,315
6,331
6,296
6,285
6,311
6,314
6,152

669
651
633
607
587
582
577
568
563
548

5,064
5,065
5,090
5,055
5,057
5,069
5,135
5,149
5,151
5,154

837
884
896
817
829
883
837
808
852
867

655
661
676
671
670
675
678
677
702
697

43,071
43,378
43,897
43,766
44,100
44,421
44,706
45,073
45,388
45,502

38,446
38,611
39,083
39,032
39,216
39,642
39,814
40,029
40,458
40,644

845
944
973
923
1,016
921
1,021
1,127
996
955

3,780
3,823
3,840
3,811
3,868
3,859
3,871
3,917
3,934
3,904

68,614
65,839
69,223
73,401
78,707
79,248
84,357
83,803
88,882
93,526

1,588
1,644
1,698
1,817
1,897
1,940
1,994
2,088
2,122
2,229

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. 37.
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.




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 foi call dates and
are based on leports filed with U. S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves.

JANUARY 1963

SAVINGS INSTITUTIONS

51

LIFE INSURANCE COMPANIES
(In millions of dollars)
Business securities

Government securities
End of period

Statement value:
1941
1945

Total
assets

Total

United State and Foreign 1
local
States

Total

Bonds

Mortgages

Stocks

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
1,874

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

113,650
119,576

11,599
11,699

6,858
6,428

3,221
3,606

1,520
1,665

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— O c t . r . . .
Nov.'...
Dec.'...

125,356
126,007
126,816

12,138
12,161
11,915

6,442
6,396
6,135

3,835
3,879
3,902

[,861
1,886
1,878

53,318
53,548
53,967

48,745
48,921
49,149

4,573
4,627
4,818

43,631
43,868
44,250

3,974
3,990
4,011

5,670
5,701
5,735

6,625
6,739
6,938

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

127,311
127,731
128,108
128,569
128,931
129,144
130,002
130,596
131,069
131,735

12,155
12,196
12,248
12,341
12,323
12,237
12,418
12,459
12,451
12,609

6,314
6,335
6,257
6,351
6,325
6,230
6,406
6,385
6,337
6,368

3,958
3,960
4,078
4,064
4,050
4,058
4,062
4,090
4,104
4,080

1,883
1,901
1,913
1,926
1,948
1,949
1,950
1,984
\2,010
2,161

54,329
54,519
54,704
54,965
55,274
55,445
55,697
55,927
56,165
56,359

49,506
49,657
49,814
50,039
50,307
50,491
50,706
50,908
51,099
51,246

4,823
4,862
4,890
4,926
4,967
4,954
4,991
5,019
5,066
5,113

44,378
44,494
44,637
44,751
44,946
45,142
45,340
45,576
45,758
46,051

3,973
3,992
3,989
4,010
4,024
4,043
4,097
4,106
4,110
4,124

5,768
5,792
5,834
5,880
5,927
5,981
6,038
6,079
6,114
6,151

6,708
6,738
6,696
6,622
6,437
6,296
6,412
6,449
6,471
6,441

Book value:
1959—Dec
I960—Dec

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

Mort-

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
1954
1955
1956
1957

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

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
1960
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

,161
,293
,186
,547

713
874
968
1,114

1,475
1,285
1,359
1,908

1961—Oct
Nov
Dec

67,317
68,069
68,833

5,095
5,177
5,222

2,766
2,850
3,298

4,603
4,801
4,743

79,781
80,897
82,096

68,565
69,340
70,851

5,289
5,293
5,721

2,364
2,445
2,863

,579
,558
,547

1,984
2,261
1,114

2,128
2,028
1,908

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

69,368
69,968
70,769
71,616
72,587
73,631
74,525
75,542
76,385
77,345

5,408
5,503
5,539
5,493
5,480
5,413
5,459
5,448
5,490
5,521

2,933
3,031
3,162
3,084
3,094
3,357
2,963
2,924
3,012
3,110

4,628
4,668
4,761
4,851
5,264
5,206
5,012
5,117
5,194
5,238

82,337
83,170
84,231
85,044
86,425
87,607
87,959
89,031
90,081
91,214

71,342
71,920
72,854
73,240
74,022
75,449
75,467
76,115
76,985
77,820

5,745
5,748
5,751
5,747
5,753
6,042
6,047
6,047
6,063
6,077

2,480
2,384
2,301
2,427
2,525
2,890
2,979
3,071
3,166
3,202

,488
,539
,657
,795
,911
,985
2,010
1,999
2,006
1,992

1,282
1,579
1,668
1,835
2,214
1,241
1,456
1,799
1,861
2,123

1,988
2,150
2,335
2,474
2,616
2,556
2,551
2,518
2,472
2,439

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 Sayings 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.

52

FEDERAL FINANCE

JANUARY 1963
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions

Receipts from the public,
other than debt

Net cash borrowing
or repayment

Payments to the public,
other than debt

Net
rects. Change
Less:
or
Invest.
in
payts.
debt
by
(direct agen. &
& agen.) trusts

Period
Budget,
net

Plus:
Trust
funds

Less:
Intragovt.*

Equals:
Total
Budget
rects.2

Plus:
Trust
funds

Less:
Adjustments ^

Equals •

Total
payts.

Less:
Noncash
debt

Equals:
Net

Cal. year—1959....
1960
1961

72,738
79,518
78,157

18,346
21,773
24,115

3,480
2,946
4,279

87,553
98,287
97,929

79,778
77,565
84,463

19,759
21,285
24,542

3,978 95,559 - 8 , 0 0 6
3,593
4,156 94,694
4,268 104,738 - 6 , 8 0 9

10,112
-549
6,791

-546
1,629
-434

Fiscal year—1959...
1960...
1961...
1962...

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

18,462
20,891
23,016
24,109

4,002 94,804 -13,144
111
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

Half year:
I960—July-Dec..
1961—Jan.-June..
July-Dec...
1962—Jan.-June.

35,329
42,330
35,826
45,583

10,141
13,442
10,673
13,652

1,449
2,497
1,782
2,007

43,992
53,249
44,680
57,207

40,217
41,298
43,165
44,622

10,483
12,533
12,010
12,099

2,013
2,990
1,278
2,907

48,687
50,840
53,898
53,814

-4,695
2,408
-9,217
3,393

3,409
-1,307

8,098
2,913

-182
1,052
-1,486
1,953

468
68
402
521

3,124
-2,426
9,180
440

6,424
7,967

2,438
1,484

304
577

8,554
8,868

7,485
7,160

1,958
1,934

225
519

9,218
8,576

-663
292

1,519
-716

396
-860

417
114

707
30

5,357
6,729
9,104
5,754
7,024

866
2,743
1,828
1,587
4,053
2,575
1,194
3,447
1,622
1,377
2,531

250
-98
245
279
222
1,109
190
204
532
253
265

5,968
9,567
10,685
7,060
10,850
13,077
4,567
10,328
11,140
4,150
9,289

7,395
6,858
7,749
7,289
7,229
8,102
7,252
8,541
7,327
8,524
8,070

2,322
2,027
2,040
1,867
1,591
2,252
1,859
2,082
2,362
2,197
2,047

991
-82
1,525
83
-340
730
-203
46
1,049
573

8,726
8,967
8,263
9,074
9,160
9,624
9,314
10,577
8,639
10,149
10,021

-2,758
600
2,422
-2,014
1,690
3,453
-4,747
-249
2,501
-5,998
-732

608
450
-641
784
2,386
-674
-62
4,266
-2,309
2,974
3,258

-737
366
329
-737
2,168
564
-940
1,511
-624
-353
449

102
31
223
39
85
41
101
411
21
121
6 1,548

1,243
53
-1,193
1,482

Month:
1961—Nov
Dec
1962—Jan
Feb
Mar
M^y!'.'.'.'.',
June
July
Aug
Sept
Oct
Nov

11,615
3,566
7,089
10,053
3,030
7,027

2,079
8,578
491 - 2 , 6 6 9
470
6,755

133

-1,278
778
2,344
-1,706
3,206
1,262

Effects of operations on Treasurer's account
Net operating transactions
Period

Net financing transactions
Agencies & trusts

Budget
surplus
or
deficit

Trust
funds

Change in
cash balances

Treasurer's account
(end of period)
Operating bal.

Invest.
in U. S.
Govt.
sec. 4

Change
in
gross
direct
public
debt

Held
outside
Treasury

Treasurer's
account

Balance

71
1,023
-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

Clearing
accounts

Market
issuance
of
sec. 4

F. R.
banks

Tax
and
loan
accts.

Other
net
assets

Fiscal year—1959..
I960..
1961..
1962..

-12,427
1,224
-3,856
-6,378

-1,511
-359
565
213

-29
-149
285
566

Half year:
1960—July-Dec..,
1961—Jan.-June.,
July-Dec..,
1962—Jan.-June.,

-4,888
1,032
-7,339
962

-341
906
-1,338
1,551

19
266
-137
703

-493
-240
394
263

275
-710
1,221
-1,656

3,886
-1,246
7,198
2,032

52
-274
199
-81

-1,594
283
-200
3,935

6,411
6,694
6,494
10,430

485
408
465
612

5,165
5,453
5,157
8,815

761
833
872
1,003

Nov
Dec

-1,060
807

479
-450

-560
106

28
168

-191
540

1,350
-842

-17
95

63
234

6,261
6,494

489
465

4,930
5,157

842
872

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

-2,038
-129
1,356
-1,535
-205
3,513
-3,686
-1,452
2,727
-5,494
-1,042

-1,455
716
-212
-279
2,461
320
-664
1,365
-739
-821
485

337
-66
915
10
-449
-44
-163
-356
541
151
-440

165
102
55
-43
-21

1,137
-437
13
455
-2,182
-642
992

345
470
-896
864
2,222
-973
-325
3,966
-2,344
2,569
3,323

4
12
-62
395
-319
-111
85
-52
60
-39
61,355

-1,513
644
1,293
-924
2,145
2,290
-4,051
2,151
738
-2,750
591

4,981
5,626
6,919
5,995
8,140
10,430
6,380
8,530
9,268
6,518
7,109

362
449
403
569
526
612
390
478
400
513
585

3,552
4,172
5,568
4,150
6,623
8,815
5,089
7,210
7,919
5,131
5,728

1,067
1,005
948
1,276
991
1,003
901
842
949
874
796

Month:

-119
46
41
10
3

-1,470
572

796
-382

1 Primarily interest payments by Treasury to trust accounts and accumuations to U. S. employees trust funds.
2
Includes small adjustments not shown separately.
3 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts, and (4) govt. sponsored enterprises.
4
Excludes net transactions of govt. sponsored enterprises.




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 exchanged:
various issues on Nov. 15, 1962.
NOTE.—Treasury Dept. & Bureau of the Budget.

53

FEDERAL FINANCE

JANUARY 1963
FEDERAL FISCAL OPERATIONS: DETAILS
(In millions of dollars)

Selected excise taxes
(IRS data)

Budget receipts
Transfers to trusts

Period
Net 2

High- R.R.
reway tire.

Oldage

Withheld

5,114 83,904 29 ,001
5,237 96,962 31 ,675
5,976 99,491 32,978
"',246
6,266 103,818 36

1,497
1,301
1,533
1,415

297
274
278
288

872
5,104
885
5,380

1,189
458

231
255

76
47

86
67

152
1,620
1,119
729
2,181
1,001
436
1,699
911
536
1,129

233
207
248
230
264
233
281
332
287
276
218

11
81
50
13
82
51
12
86
50
14
77

73
743
1,813
1,417
1,101
233
165
193
111
200
73

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:
1960—July-Dec
1961—Jan.-June....
July-Dec
1962—Jan.-June....

35,329
42,330
35,826
45,583

4,762
6,728
4,741
6,802

6,424
7,967

5,357
6,729
9,104
5,754
7,024

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

Total

525
607
571
564

Fiscal year—1959
1960
1961
1962

Month:
1961—Nov
Dec

Indiv. taxes
Refunds

11,615
3,566
7,089
10,053
3,030
7,027

43,070
56,421
43,575
60,243

Other

Corporation
taxes

Employment
taxes

Other
receipts

Liquor

Mfrs.
Tobacco and retailers

10,760 8,854
11,865 11,159
12,064 12,502
12,752 12,708

5,464
6,813
7,007
6,412

3,002
3,194
3,213
3,341

1,8®7
1,932
1,991
2,026

4,315
5,114
5,294
5,536

1,007
984
1,035
991

2,724
2,570
2,656
2,880

Excise
taxes

11,733
13,271
13,175
14,403

18,092
22,179
21,765
21,296

16,616 3,185
16,362 9,990
17,652 3,189
18,593 11,213

8,838
12,927
8,259
13,036

6,238
5,826
6,394
6,358

5,063
7,439
5,024
7,686

3,130
3,877
3,057
3,357

1,685
1,528
1,754
1,587

8,007 4,767
8,980 2,935

123
428

377
3,322

1,123
1,013

1,266
505

351
777

343
254

184
165

1,245
5,124
2,896
1,017
5,287
3,024
1,199
5,298
2,980
1,156
5,195

2,325
786
832
4,330
955
1,985
299
169
2,092
235
117

466
400
5,879
445
469
5,377
525
431
3,533
460
412

1,009
967
1,140
959
1,157
1,126
1,106
1,188
1,103
1,150
1,125

353
2,080
1,188
745
2,266
1,054
450
1,786
962
551
1,208

561
416
419
657
524
780
961
573
744
516
478

224
189
313
245
305
311
257
289
290

140
116
215
158
169
192
14S
197
171

5,959
9,773
12,354
8,153
10,658
13,346
4,540
9,445
11,414
4,068
8,533

1,524
1,356
1,509
n.a.
n.a.

Budget expenditures
Space
research

Agriculture

Nattural
resources

Commerce
and
transp.

3,780
1,832
2,500
2,771

145
401
744
1,257

6,590
4,882
5,173
6,036

1,670
1,714
2,006
2,133

2,017
1,963
2,573
2,755

970
122
320
335

3,877
3,690
4,244
4,425

23,225
24,269
23,982
27,060

1,166
1,334
1,651
1,120

332
412
481
776

2,863
2,310
3,543
2,493

1,058
948
1,178
955

1,214
1,359
1,262
1,493

208
112
345
-10

7,485
7,160

4,261
4,286

326
172

97
80

486
550

188
166

176
206

7,395
6,858
7,749
7,289
7,229
7,983
7,252
8,541
7,327
8,524
8,070

4,290
4,099
4,598
4,314
4,786
4,970
3,954
4,448
4,035
4,610
4,566

237
236
233
273
-110
246
95
276
204
358
327

96
101
140
141
155
142
135
187
141
187
187

394
371
504
363
300
562
664
1,126
570
978
531

154
167
134
143
161
196
191
247
268
231
219

190
258
311
214
231
290
156
300
224
232
212

Total

National
defense 5

Fiscal year—1959...
1960...
1961...
1962*..

80,342
76,539
81,515
87,668

46,491
45,691
47,494
51.042

Half year:
I960—July-Dec...
1961—Jan.-June..
July-Dec...
1962—Jan.-June*.

40,217
41,298
43,165
44,503

Month:
1961—Nov..
Dec.
1962—Jan...
Feb
Mar
Apr
May
June*
July
Aug
Sept
Oct
Nov

Period

1960

Intl.
affairs

1961

1962

Hous- Health,
ing
Educa& com. labor, &
tion
devel. welfare

Veterans

Interest

General
govt.

732
866
943
1,076

5,287
5,266
5,414
5,404

7,671
9,266
9,050
9,218

1,466
1,542
1,709
1,874

1,955
2,289
2,396
2,029

408
535
455
621

2,659
2,755
2,724
2,680

4,587
4,463
4,502
4,716

852
856
953
921

105
-21

459
409

54
68

452
485

744
788

138
157

41
72
19
-10
-29
-105
190
23
-19
-23
72

467
123
367
381
297
394
460
348
415
454
470

113
108
102
84
98
116
84
131
125
61
79

503
457
449
438
434
399
442
492
401
440
443

808
764
733
789
780
847
834
806
813
826
814

186
118
161
175
129
158
138
195
150
182
156

I960

1962

1961

Item
IV

ii

in

ii

rv

in

IV

III

Seasonally adjusted
Cash budget:
Receipts
Payments...
Net

24.6
24.3




24 .6
26 .5

ii

in

Not seasonally adjusted

25 .3
26 .9

24. 6
27. 8

26 .8
26 .8

27.6
28.0

20 .6
24 .5

24.8
23.4

28 5
27 4

23 4
26 7

21 3
27 2

26. 2
26. 0

31 .0
27 .7

26.*
21.5

.3 - 1 .8 - 1 .9 - 1 .4 - 1 .6

-3. 2

...

-.3

- 3 .9

1.4

1 1

-3 3

-5 9

•3

3 .2

-2.5

For notes, see opposite page.

23 .3
25 .1

IV

24 .9
26 .2

54

U.S. GOVERNMENT SECURITIES

JANUARY 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

Convertible
bonds

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

1954—Dec
1955—Dec
1956—Dec
1957_Dec
1958—Dec

278.8
280.8
276.7
275.0
283.0

278.8
280.8
276.6
274.9
282.9

233.2
233.9
228.6
227.1
236.0

157.8
163.3
160.4
164 2
175.6

19.5
22.3
25.2
26.9
29.7

28.5
15.7
19.0
34 6
36.4

28.0
43.3
35.3
20 7
26.1

81.8
81.9
80.9
82 1
83.4

11.8
11.4
10.8
9.5

1959—Dec
I960 Dec

290.9
290.4

290.8
290.2

244.2
242.5

188.3
189.0

39.6
39.4

19.7
18.4

44.2
51.3

84.8
79.8

7.1

1961 Dec

296.5

296.2

249.2

196.0

43.4

5.5

71.5

1962—Jan

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 ^
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

71.6
64.4
64.5
64.5
65.4
65 5
65.5
58 1
58.1
57 6
53.7
53.7

Nonmairketable Special
issues 6
SavTotal 5 ings
bonds

Feb

. . . .

...

Mar
Apr
May . . .
June
July
Aug
Sept
Oct.
Nov. 7
Dec

1 Includes some debt not subject to statutory debt limitation (amounting
to $372 million on Dec. 31, 1962), 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 $13,751 million on Nov. 30, 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

33.6
120.6
118.0

8.9
56.9
59.5

6.1
48.2
52.1

7.0
20.0
29.0

63.6
59.2
57.4
53 4
52.1

57.7
57.9
56.3
52.5
51.2

42.6
43.9
45.6
45.8
44.8

5.7

48.9
47.8

48.2
47.2

43.5
44.3

75.5

4.6

48.6

47.5

43.5

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

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

8.3

4.3

4.3
4.3
4.3
4.2
4.1
4.0
4.0
4.0

x and savings notes, not shown separately.
6
Held only by U. S. Govt. agencies and trust funds.
7 Includes $1.4 billion of 2% per cent partially tax-exempt bonds,
quired by Treasury for retirement on Dec. 15, 1962, in exchange for
ciCQ
~j
j
TiAnc icciipc r\r\ N r \ v 1 ^ 1 Cif^D
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
I960—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—Nov
Dec

297.3
296.5

55.4
54.5

29.2
28.9

212.7
213.1

66.9
67.2

6.2
6.1

11.5
11.4

20.3
19.4

18.6
18.7

46.5
46.4

18.6
18.8

13.1
13.4

11.0
11.6

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

296.9
297.4
296.5
297.4
299.6
298.6
298.3
302.3
300.0
302.6
305.9

53.8
54.2
54.5
53.7
55.9
56.5
55.5
57.1
56.4
56.1
57.9

28.5
28.4
29.1
29.2
29.6
29.7
29.8
30.4
29.8
30.2
30.5

214.6
214.8
213.0
214.4
214.1
212.5
213.0
214.9
213.7
216.3
217.5

67.8
66.6
64.0
65.3
65.2
65.0
64.5
64.5
64.6
65.9
65.4

6.2
6.3
6.6
6.3
6.3
6.3
6.3
6.3
6.3
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

20.4
21.4
20.2
20.4
20.8
19.3
20.0
21.1
19.1
r
20.0
22.0

19.0
19.1
19.5
19.6
19.7
19.7
19.9
19.9
19.8
r
19.6
19.3

46.5
46.6
46.6
46.6
46.6
46.6
46.7
46.8
46.8
r
46.8
46.9

18.8
18.8
19.1
18.9
18.5
18.5
18.7
18.8
18.8
r
18.8
18.7

12.9
13.0
13.6
13.3
13.5
14.1
14.2
14.6
r
15.0
15.4
15.4

11.2
11.5
12.0
12.5
11.8
11.6
11.3
11.5
11.9
12.3
12.2

1
2

Includes the Postal Savings System.
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.

U.S. GOVERNMENT SECURITIES

JANUARY 1963

55

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

61,609
72,298
66,360
57,728
61,614

23,625
18,684
19,782
32,403
31,140

16,494
13,224
11,976
7,348
7,342

8,085
10,979
13,419
15,548
15,545

891
669
590
2,139

1,909
2,431
1,860
1,345
1,426

1,882
1,602
1,594
2,821
2,603

1,917
1,461
1,756
1,409
1,437

650
1,140
2,022
2,557
2,578

2,626
3,217
3,349
2,516
2,445

16,028
12,006
14,301
14,975
15,076

6,524
10,711
8 737
10,183
10,740

677
1,179
2 227
2,325
1,967

765
243
204
138
147

28
28
63
65
78

58,765
57,125
65,526
69,280
67,869

36,757
35,638
39,512
42,700
44,348

22,008
21,487
26,014
26,580
23,521

53,176
59,156
55,763
46,200
49,448

21,066
15,903
15,961
27,257
26,570

13,812
11,520
10,016
5,801
5,758

7,407
9,811
11,334
12,926
12,889

51,841
54,260
59,073
57,404
56,976

11,198
14,697
21,149
21,010
18,487

5,011
6,976
9,962
8,352
8,404

6,187
7,721
11,187
12,658
10,083

28,778
31,596
30,751
24,651
26,753

9 235
5,654
5,043
10,938
10,945

2,173
1,775
1,724
349
348

457
538
407
456
443

6,129
5,944
5,867
5,850
5,822

486
480
686
649
632

191
144
181
267
234

295
336
505
382
398

1,401
1,544
1,514
1,415
1,397

2,254
1,849
1,708
2,070
2,089

1,427
897
662
395
393

560
1,174
1,298
1,321
1,311

9,175
9,001
9,020
9,289
9,319

1,024
940
1,228
1,348
1,307

416
341
442
582
577

608
599
786
766
730

2 279
2,508
2,222
2,006
2,212

2 422
2,076
1,625
2,077
1,956

2,396
1,433
1,274
948
946

1 054
2,044
2,671
2,910
2,898

10,741
10,547
9,923
11,340

8,340
8,697
8,321
9,619

5,599
5,466
5,812
7,076

2,741
3,231
2,509
2,543

2,269
1 747
1,401
1,510

58
72
162
170

39
22
17
17

33
8
22
24

2,454
2,760
2,844
2,870

322
446
389
331

163
155
161
170

159
291
227
161

858
895
708
857

473
617
1,063
999

396
371
200
203

406
431
485
480

10,957
10,893
11,746
11,443

Type of holder and date

3,933
3,974
4,508
4,182

2,643
2,710
3,181
2,992

i 290
1,264
1,327
1,190

1 785
1,320
977
1,039

828
842
1,268
1,263

1,382
1,250
964
933

3 029
3,507
4,029
4,026

60,158
60,440
64,408
64,762

28,413
29,346
33,056
33,311

19,772
20,596
24,345
24,896

8,641
8,750
8,711
8,415

18,596
17,314
15,043
15,679

4,965
6,054
9,679
9,148

5,598
4,713
2,927
2,918

2,587
3,012
3,703
3,707

Total
Total

All holders:
1959—Dec.
I960—Dec.
1961—Dec
1962—Oct
Nov.

31
31
31
31
30

.

. . .
. . .

Commercial banks:
1959—Dec. 3i
1960—Dec. 31
1961—Dec. 31
1962—Oct 31
Nov. 30
Mutual savings banks:
1959—Dec. 31
I960—Dec 31 .
1961—Dec. 31
1962 Oct 31
Nov. 30

.

Insurance companies:
1959—Dec. 31
I960—Dec 31
1961—Dec. 31
1962—Oct. 31
Nov 30
Nonfinancial corporations:
1959_Dec. 31
I960—Dec 31
1961—Dec. 31
1962—Oct 31
Nov. 30
Savings and loan
1959—Dec.
I960—Dec
1961—Dec.
1962—Oct
Nov.

.

associations:
31
31
31
31
30

31
31
31
31
30

38,813
34,384
40,984
42,145
40,737

7,394
8,116
8,484
9,645
11,233

1,037
1,482
1,252
1,513
3,190

260
591
583
923
1,050

18,654
15,223
17,650
17,491
17,521

154,227
153,515
158,600
161,465
162,534

..

.

.

2

. . .

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,




in

2

State and local governments: 3
1959—Dec 31
I960—Dec. 31
1961—Dec 31
1962 Oct 31
Nov 30 . . .
All others:
1959—Dec
I960 Dec
1961—Dec
1962—Oct.
Nov

39,643
39,446
43,444
46,139
47,843

1

Federal Reserve Banks:
1959—Dec 31
I960—Dec. 31
1961—Dec. 31
1962—Oct 31
Nov. 30. . .
Held by public:
1959 Dec
I960—Dec
1961—Dec.
1962—Oct
Nov.

78,456
73,830
84,428
88,284
88,580

26,648
27,384
28,881
30,201
30,454

U. S. Govt. agencies and trust funds:
1959—Dec 31
I960—Dec. 31
1961 Dec 31
1962—Oct 31
.
Nov 30

Other

188,269
189,015
195,965
201,311
1
204,221

31
31
31
31
30

Bills

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
6,168 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.

56

U. S. GOVERNMENT SECURITIES

JANUARY

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

Other

Commercial
banks

All
other

1961—Nov
Dec

1,686
1,653

,295
,328

309
228

41
45

43
52

514
540

33
29

691
698

448
386

90
69

1962—Jan.
Feb

1,717
1 970
1,675
1 689
1,694
1 681
1 682
1,603
1 913
1,967
1,770

1,478
520
,332
350
1,338
I 357
1,457
1,318
.AM
1,517
1,266

149
295
217
180
218
191

64
95
69
114
114
100

538
565
569
541
564
553

25
36
33
42
35
29

716
832
659
653
662
652

438
537
414
453
433
446

98
83
80
90
90
89

139

63

158
293
263
262

94
147
159
210

26
60
56
45
24
33
23
33
40
28
33

2,000
1,967
1,601
'1,576

1,511
1,432
1,109
1,065

234
255
278
265

222
239
188
'208

1 750
1,833
1,808
2,203

1,292
1,160
1,154
1,540

272
410
382
390

156
232
218
234

Mar

Apr
May
June.
July
Aus

Sept
Oct
Nov

529

34

621

498

82

542
571
682
550

27
42
40
32

600
766
744
722

435
534
502
466

78
105
115
70

33
40
25
38

674
661
502
405

36
48
28
23

805
820
637
'636

486
438
433
'514

61
53
108
46

30
32
54
38

554
580
482
701

22
40
37
40

758
746
847
969

416
467
443
494

71
66
105
81

Week ending—
1962—Nov

7.
14
21

28
Dec.

5
12

19
26

?

es, or purchases or sales of securi-

DEALER FINANCING

DEALER POSITIONS
(Par value, in millions of dollars)

(In millions of dollars

U. S. Government securities, by maturity
Period

All
maturities

After
5 years

Within
1 year

1-5
years

3,807
2,939
2,778
2,265
3,056
3,771
3,642
3,777
2,881
2,647
3,177
3,569
4,013

3,272
2,655

464
260

71
23

140
86

2,589
1,914
2,721
3,388
2,985
3,398
2,818
2,484
2,643
2,991
3,309

184

5

297
228
252
403
261
94
72
323
383

54
106
131
255
118
-32
91
211
194

115
168
193
196
293
232
165
190
248

447

256

204

3..
10..
17..
24..
31..

3,375
3,326
3,649
3,544
3,929

2,761
2,729
3,087
3,011
3,332

377
361
394
384
404

236
236
169
148
191

257
283
287
225
203

7..
14..
21..
28..

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

1962 Jan
Feb

Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov
Week ending—

Nov.

New
York
City

Elsewhere

Corporations *

All
other

1961—Nov
Dec

3,915
3,088

1,173
725

870
744

,477
,345

393
275

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

2,740
2,296
3,025
3,621
3,738
3,900
3,053
2,597
3,332
3,528
4,100

482
426
855
976
978
1,092
636
460
943
1,074
1,170

596
449
637
835
769
720
521
405
660
707
716

,341
,218
,299
,354
1,612
,798
1,631
1,438
1,307
1,301
1,666

320
203
235
456
379
290
266
294
421
445
548

3...
10...
17...
24...
31...

3,138
3,310
3,535
3,618

3,874

998
990
1,134
961
1,287

709
639
684
779
752

1,149
1,257
1,237
1,382
1,378

282
424
480
496
457

7...
14. . .
21...
28...

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

Week ending—

NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Averages of daily figures based on number of trading days in the period.




All
sources

Period

93

1961 -Nov
Dec

1962—Oct.

Commercial banks

U.S.
Govt.
agency
securities

1962—Oct.

Nov.

1

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.

57

FEDERAL FINANCE; SECURITY ISSUES

JANUARY 1963

U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTSTANDING DECEMBER 31, 1962
(In millions of dollars)
Issue and coupon rate
Treasury bills
Jan. 3, 1963
Jan. 10, 1963
Jan. 15, 1963
Jan. 17, 1963
Jan. 24, 1963
Jan. 31, 1963
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

Amount

,

Issue and coupon rate

Treasury bills—Cont.
2,001
June 20,1963
2,001
June 27,1963
2,001
July 15, 1963
2,100
Oct. 15, 1963
2,103
2,101 Certificates
2,101
Feb. 15, 1963
106
May 15, 1963
100
Aug. 15, 1963
101
Nov. 15, 1963
101
101
101 Treasury ntotes
005
Feb. 15, 1963
Feb. 15 1963
2,109
Apr. 1 1963
701
May 15 1963
701
May 15 1963
2,001
Oct. 1,, 1963
700
Nov. 15, 1963
700
Apr. 1, 1964
701
May 15, 1964
702
May 15,, 1964
701
Aug. 15 1964
800
Aug. 15 1964
801
Oct. 1 1964
801
Nov. 15 1964
801

Issue and coupon rate

Amount

800
802
2,004
2,500

Treasury notes—Cont.
Apr. 1,1965
May 15, 1965
Oct. 1, 1965
Nov. 15, 1965
Feb. 15, 1966
Apr. 1,1966
Aug. 15, 1966
Oct. 1,1966
Apr. 1,1967
Aug. 15, 1967
Oct. 1, 1967

li/i
4%
IVi
31/2
3%
\Vi
4
IVi
\lA
334
11/2

3%
3V4
IVi
3i/8

5,719
5,284
6,851
4,856

2%
3V4
1%
4
31,4
IVi
4%
IVi
434
3%
5
334
\Vi
4%

1,487 Treasury bonds
2,259
June 15, 1962-67... 2 Vi
533
Aug. 15, 1963
2Vi
1,183
Dec. 15, 1963-68... 2*4
3,027
Feb. 15, 1964
3
506
June 15, 1964-69... 2*4
3,011
Dec. 15, 1964-69... 2Vi
457
Feb. 15,1965
2%
4,933
Mar. 15, 1965-70.. .2*4
3,893
May 15, 1966
334
2,316
Aug. 15, 1966
3
5,019
Nov. 15, 1966
33/g

490
4,195

1
Tax anticipation series.
2 Partially tax-exempt called for redemption on Dec. 15, 1962.

Issue and coupon rate

Amount

Mar. 15, 1966-71.. . 2 %
June 15, 1967-72... 2*4

Amount

Treasury bonds—Cont.
Sept. 15, 1967-72...214
Nov. 15, 1967
3%
Dec. 15, 1967-72... 2*4
May 15, 1968
3%
Aug. 15, 1968
3^
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*4
June 15, 1978-83... 3*4
Feb. 15, 1980
4
Nov. 15, 1980
3Vi
May 15, 1985
3*4
Feb. 15, 1990
3*4
Aug. 15, 1987-92... 414
Feb. 15, 1995
3
Nov. 15, 1998
3V2

466
2,113
315
3,286
3,114
675
4,454
357
270
5,282
40

1,952
3,604
2,805
2,460
1,258
1,844
2,538
2,806
1,245
2,344
2,579
1,171
470
1,592
1,479
1,915
1,131
4,914
365
2,607
4,460

1,462
4,317
1,816
2,700
2,633
2,544
4,682
2,423
3,597
1,484 Convertible bonds
2,438
Investment Series B
1,411
Apr. 1, 1975-80...2%
1,327

3,990

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 issue

Issues for new capital

Type of issuer 3

Period
Total

General
obligations

Revenue

PHA 1

U.S.
Govt.
loans 2

1954
I955
1956
1957

6,969
5,976
5,446
8 6,925

3,380
3,770
3,577
4,792

3,205
1,730
1,626
1,967

474
199
66

1958
I959
I960
1961

7,526
7,695
7,302
8,562

5,447
4,778
4,677
5,721

1,777
2,409
2,097
2,406

187
333
403

1961—Sept....
Oct
Nov
Dec

742
680
793
675

570
516
376
371

168
150
326
297

1962—Jan
Feb
Mar
Apr
May
June
J u l y 'r. . .
Aug. ...
Sept

885
1,189
644

497
803
395

348
299
241

80
101

14

io6

896

601

934
789
649
562

180

668
554
404
250

256
206
236
200

434

343

68

374

315

79

1
33

State

Special
district
and Other *
stat.
auth.

Use of proceeds
Total
Education

Roads Utiland
bridges ities 6

9 2,047
2 1,408
800
44
99 1,489

1,463
1,097
983
1,272

3,459
3,472
3 664
4,163

6,789
5,911
5,383
6,568 6,874

1,432
1,516
1 455
2,524

2 136
1,362
698
1,036

1 270

115
176
125
120

1,993
1,686
1,110
1,928

1,371
2,120
1 985
2,164

4,162
3,889
4 206
4,470

7,708
7,423
7,112
8,298

7,441
7,588
7,257
8,460

2,617
2,314
2 411
2,821

1,164
844
1 007
1,167

,412
,989
318

4
15
12
6

289
225
103
39

124
76
402
325

328
378
288
311

578
716
614
877

734
678
789
606

282
193
150
194

49
58
284
112

7
7
8

348
296
198

324
386
220

252
265
137

704

874

274

230
163
179
184

320
691
374
563
498
453
436
317

706
876
805 1,132
1,130
628

10
29
9
6

218
202
72
66
206
173
34
62

896
841
841
640

910
784
611
543

348
326
190
127

23

60

54

320

558

422

172

266

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.
2 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 5

3

Housing 7

Veterans'
aid

Other
purposes

570
258
113

1 333
169 1,414
110 1 464
333 1,352

700

251
402
425
385

339
355
201
478

1,657
1,683
1 894
1,909

147
125
101
162

4
30
80
9

100
65

152
208
175
128

94
157
147

33
87
4

111

152

106

31
67
62
33

233
128
146
151

58
*

31

85

SRI

399

,516

456

106
7

162

25

172
211
120
230

100

241
164
213
126
127

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.
8
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

58

SECURITY ISSUES

JANUARY 1963
NEW SECURITY ISSUES
(In millions of dollars)
Gross proceeds, all issues

Proposed use of net proceeds,
all corporate issues 5

1

Noncorporate

Corporate

New capital

Period
Total

U.S.
Govt.

2

1954,
1955,
1956,
1957,

29,765 12,532
26,772 9,628
22,405 5,517
30,571 9,601

1958,
1959,
1960
1961

34,443 12,063
31,074 12,322
27,541 7,906
35,494 12,253

1961—Oct..
Nov..
Dec.

4,410
2,404
2,094

2,564
357
341

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

3,506
2,537
1,877
4,075
2,149
2,422
1,663
4,056
1,568
2,199

1,589
361
372
1,506
352
363
358
2,408
300
359

U.S.
Govt.
agency 3

U.S.
State
and
local

458 6,969
746 5,977
169 5,446
572 7 6,958

Bonds

Stock
Total

Other

4

Total

Privately Pre- Cornplaced ferred

Publicly
offered

Total

New 6 Other
Total money purposes

Retirement
of
securities

289 9,516
182 10,240
334 10,939
557 12,884

7,488
7,420
8,002
9,957

4,003
4,119
4,225
6,118

3,484
3,301
3,777
3,839

816
635
636
411

1,213 9,365 7,490 6,780
2,185 10,049 8,821 7,957
2,301 10,749 10,384 9,663
2,516 12,661 12,447 11,784

709 1,875
864 1,227
721
364
663
214

,052 11,558
616 9,748
579 10,154
302 13,147

9,653
7,190
8,081
9,425

6,332
3,557
4,806
4,706

3,320
3,632
3,275
4,720

571
531
409
449

1,334 11,372 10,823 9,907
915
2,027 9,527 9,392 8,578
814
1,664 9,924 9,653 8,758
895
3,273 12,874 11,979 10,829 1,150

549
135
271
895

2,321
707
1,672
1,448

7,449
7,681
7,230
8,345

225

643
789
654

48
46
4

1,155
987
1,094

845
762
784

336
414
217

509
348
567

12
41
26

298
184
284

1,129
961
1,071

1,090
948
1,000

952
908
930

138
40
70

40
13
71

866
1,123
621
877
897
760
641
559
426
646

159
13
38
14
99
67
34
17
34
157

647
884
847
1,217
801
1,232
630
922
632
1,037

504
728
638
881
667
1,063
565
840
472
912

273
497
386
654
247
488
200
477
176
540

232
232
253
227
420
575
366
363
295
372

2
9
5
120
14
46
32
24
51
49

141
146
204
216
120
124
32
58
110
77

632
866
823
1,185
785
1,214
621
907
618
1,021

592
859
807
1,113
760
1,132
582
749
579

507
792
709
1,033
621
953
504
620
441
795

85
67
97
80
139
180
78
129
138
93

39
7
16
72
25
82
39
159
39
134

246
156
461

150
175

Proposed uses of net proceeds, major groups of corporate issuers
Manufacturing

Commercial and
miscellaneous

Transportation

Public utility

Communication

Real estate
and financial

Period
RetireRetireRetireRetireRetireRetirement of
ment of
ment of
New
New
ment of
New
New
ment of
New
ment of
New
secusecusecusecusecucapital 8
capital 8
capital 8
secucapital 8
capital 8
capital 8
rities
rities
rities
rities
rities
rities
1954
1955
1956
1957

2,044
2,397
3,336
4,104

190
533
243
49

831
769
682
579

93
51
51
29

501
544
694
802

270
338
20
14

2,675
2,254
2,474
3,821

990
174
14
51

651
1,045
1,384
1,441

60
77
21
4

788
1,812
1,815
1,701

273
56
17
67

1958
1959
1960
1961

3,265
1,941
1,997
3,708

195
70
79
306

867
812
794
1,095

13
28
30
46

778
942
672
680

38
15
39
26

3,605
3,189
2,754
2,892

138
15
51
104

1,294
707
1,036
1,427

118
*
1
378

1,014
1,801
2,401
2,176

47
6
71
36

1961—Oct..
Nov.
Dec.

271
215
306

28
10
18

146
61
151

60
56
32

306
362
168

40

25
80
42

281
174
302

2
2
6

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

205
131
318
384
270
342
217
218
166
170

14
2
2
67
5
14
31
4
21
19

99
52
75
103
100
90
28
47
56
48

23
45
74
28
38
48
24
71
54
27

89
148
193
377
198
410
118
110
148
141

73
362
21
88
64
79
88
120
67
257

102
122
126
134
91
163
107
183
88
246

1 Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
4
Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5 Estimated gross proceeds less cost of notation.




6
7

24
4
1
16
56
4
142
14
108

1
1

10
1
3
7

For plant and equipment and working capital.
Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8
All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issue'.
maturing in more than 1 year sold for cash in the United States.

59

BUSINESS FINANCE

JANUARY 1963

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1961
Industry

1957

1958

1959

1960

1962

1961
II

]

III

IV

I

1
[I

III

Manufacturing
Total (180 corps.):
Sales
Profits after taxes

...

.............

Nondurable goods industries (79 corps.): 1
Sales
Durable goods industries (101 corps.): 2
Sales

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
466 14 090 13 463 13, 793
90R 4 096
241
693 3,478 2,961 4,161
7, 177 5, 714 7 ,440 7 ,121 7, 180 1 436 1,838
1,618 2,288 2, 033 2 ,096 1 ,710
4t 19? 4, 078 4 34? 4 ,464 4, 710 1 103 1,111
1,117
1,380
154 1 158 \ 163
11 831 12,133 12 205 13,056 1? 793 P 984 P 999
41 704 41, 541 45 44? 47 ,777 49
5 010 4 40? 5 648 5 570 5 659 1 3?4 1,385
1, 461
1 501
1 515
1,406
1,545
3
3 746
944
7, 574 3
772
816
757
796
921
815
835
1 776
785
,91? 1 953
036
51?
486
486
488
516
577
513
7? 5?5 63 593 7? 981 75 ,849 73 406 16 870 19,100 17,336 20,151
8 339 6 065 8 44? 7 893 7 634 1 368 2,094 1,555 2,616
679
935
4 ?33 3 140 4
3 911
1,066
822 1,367
416
794
430
2 674
j510
618
629
625
803

Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
. ..
Dividends
•
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Petroleum refining (16 corps.):
Sales
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales

Machinery (25 corps.):
Sales
Profits before taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

499
->o

64?

282
644

18 987
1 ,776
874
647

7, 447
1 717

619
9

9 987 10, 707 11 ,303 11 ,901 12 578
1 024 1, 152 1 ,274 1 ,328 1 424
555
604
631
497
67?
289
312
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 8?3 1, 538
,010
,187
015
948
879 1 ,131 1 ,061 1 063
737
717
799
795
843

2 979
438

3,250
514
267
189

3,210
499
260
191

3,348
564
306
270

3, 372
545

3 ,567
586

3 ,467

13 463
1 3?5
1 075-

3 488

3,398
270
214
134

3 424

4 100
339
283
133

3 771

243
131

262
139

227
142

5 189
560
295
208

5 235
550
299
208

5 335
602
329
221

5 733
670

5 535
505

320
709

269
210

4 978
367
194
209

4,367
398
202

4,295
384
191
124

4 732
530
267
128

4 537
454
225

4 916
490
240
129

4 647
436
221
132

?? 468
2 977
1 540
873

838 13 37? 13 ,815 14 409
919 1 ,187
?67 1 755
791
969 1 ,026 1 011
516
518
578
19
71 ,035 70 ,898 ^0 155
2 070
18?,
331
1, 154 1 ,222 1 ,170 1 090
831
80?
840
844

193
354
272

4 396
309

779

198
343

196
612
300

571
794
199
730
336
251
141

15 115 14 685 17 095 16 8?6 17 531
1 457 1, 463 1 ,890 1 ,499 1 675
729
734
934
763
837
416
448
48?
497
4??

166
707
4 137
362
178
171

?3 453 18 469 7? 731 75 ,738 7? 781
2 701 1, 332 2 ,985 3 ,185 2 788
1 ,354
706 1 ,479 1 ,527 1 408
805
758
807
833
967

5 ?93
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
675
38?
356

2 ,129
77
-1?
86

2,289
137
74
91

2,355
184
122
67

2,414
278
200
112

2 296
133
66
f
M

2 ,408
186

2 ,332

9 ,670 10 195 11 ,129 11 ,906 12 .594
,579
704
,983 3 ,163
331
1 ,413 1 519 1 ,655 1 ,793
,894
,307 1 ,375
1 ,069 1 134 1 ,219

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

•

• .

. .

Dividends
Electric power:
Operating r e v e n u e . . . . . . . . . . . . . . . . . . . . .
Dividends
Telephone:

Dividends

• ••

. .....

•

6 ,467
1
788
613

9 565
843
60?
419

6 939
1 860
921
674

9 ,825
845
578
406

7 ,572
,153
1 ,073
743

1 Includes 17 cos. in groups not shown separately.
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.
2




9 ,514
648
445
385

j ,111

,3?6
806

1 ,155

8 ,615
478
1 ,233
867

105
91

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 the 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.
AI series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series see
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.

60

BUSINESS FINANCE

JANUARY 1963

CORPORATE PROFITS, TAXES, AND DIVIDENDS

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES

(In billions of dollars)

(In millions of dollars)

Profits
before
taxes

Income
taxes

1955
1956
1957

44.9
44.7
43.2

21.8
21.2
20.9

23.0
23.5
22.3

11.2
12.1
12.6

11.8
11.3
9.7

1958
1959
I960
1961

37.4
47.7
45.4
45.6

18.6
23.2
22.4
22.3

18.8
24.5
23.0
23.3

12.4
13.7
14.4
15.0

6.4
10.8
8.6
8.3

1960—III
IV

46.5
45.3

22.6
22.0

23.9
23.3

14.1
14.2

9.8
9.0

1961—1
II
Ill
IV

39.8
44.8
46.3
51.4

19.4
21.9
22.6
25.1

20.3
22.9
23.7
26.3

14.7
14.8
14.9
15.5

5.6
8.1
8.7
10.8

1962—1
II
Ill

50.1
50.9
51.1

24.4
24.9
24.9

25.6
26.1
26.1

15.8
15.8
15.8

9.8
10.3
10.3

Period

Profits Cash Undisdivi- tributed
after
taxes dends profits

All types
Period

Bonds and notes

Stocks

New RetireNet
New RetireNew RetireNet
Net
issues ments change issues ments change issues ments change

1954
1955
1956
1957

11,694
. . 12,474
13,201
14,350
. .

5,629 6,065
5,599 6,875
5,038 8,162
3,609 10,741

7,832
7,571
7,934
9,638

4,033
3,383
3,203
2,584

3,799
4,188
4,731
7,053

3,862
4,903
5,267
4,712

1,596
2,216
1,836
1,024

2,265
2,687
3,432
3,688

1958
1959
1960
1961

14,761
12,855
12,958
16,745

5,296
4,858
4,760
6,967

9,465
7,998
8,198
9,778

9,673
7,125
8,044
9,205

3,817
3,049
3,010
4,090

5,856
4,076
5,034
5,114

5,088
5,730
4,914
7,540

1,479
1,809
1,751
2,876

3,609
3,922
3,164
4,664

1961—III
IV

3,594
4,338

1,750
1,991

1,213
852

798 1,582
1,581 1,908

537
1,140

1,046
766

1962—1
II
Ill

3,226
4,097
2,744

1,406
1,633
1,634

1,844 2,011
2,347 2,432
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. 58 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. 58.

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

U.S.
Govt.
securities

Cash

Current liabilities

Notes and accts.
receivable
U.S.
Govt. i

Other

Total

3.1
4.2
5.9
6.7
7.5
9.1

2.4
2.3
2.4
2.3
1.7

Other

94.9
103.0
107.4
111.6
118.7
124.2
129.0

1961 ITI
IV
1962 I
II
Ill

33.4
34.6
34.8
34.9
37.4
36.3
36.1

19.2
23.5
19.1
18.6
18.8
22.8
19.9

2.4
2.3
2.6
2.8
2.8
2.9
3.1

71.2
86.6
95.1
99.4
106.9
117.7
125.1

65.3
72.8
80.4
82.2
81.9
88.4
91.6

10.2

99.7
121.0
130.5
133.1
136.6
153.1
157.0

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

139.0
141.1
142.1

.

194.6
224.0
237.9
244.7
255.3
277.3
286.0

136.0
137.4

1954
1955
1956
1957
1958
1959
I960

Notes and accts.
payable
Accrued
Federal
income
U.S. 1
taxes
Other
Govt.

Inventories

305.7
310.5
317.5

35.6
36.1
36.3

20.2
19.3
18.8

3.4
3.3
3.4

136.0
140.0
145.4

97.7
98.7
100.3

12.7
13.1
13.3

166.7
169.4
175.4

* Receivables from, and payables to, the U. S. Govt. exclude
mounts offset against each other on corps, books.

Other

1.8

59.3
73.8
81.5
84.3
88.7
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

1.8
1.8

104.5
109.5

12.4
14.1

40.3
40.3

1.8
1.8
1.9

109.5
111.6
115.7

13.6
13.6
14.6

41.8
42.4
43.2

1.7

NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan associations, and insurance cos.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions oi dollars)
Transportation
Year

1954
1955
1956
1957
1958
1959
I960
1961
1962 3

Total

26.8
28.7
35.1
37.0
30.5
32.5
35.7
34.4
37.1

Manufacturing

Min
ing

11.0
11.4
15.0
16.0
11.4
12.1
14.5
13.7
14.8

1.0
.0
.2
.2
.9
1.0

1 0
1.0

Railroad

Other

.9
.9
1.2
1.4
.8
.9
1.0
.7
.9

1.5
1.6
1.7
1.8
1.5
2.0
1.9
1.9
2.0

1 Includes trade, service, finance, and construction.
Includes communications and other.
Anticipated by business.

2
3




ComPublic muniutili- cations Other i
ties

4.2
4.3
4.9
6.2
6.1
5.7
5.7
5.5
5.5

1.7
2.0
2.7
3.0
2.6
2.7
3.1
3.2

6.5
7.5
8.4
7.4
7.2
8.2

8.4

Quarter

1961—11...

III..
IV..
1962—1. . .

II..
III..

Tota,

Mfg.
and
mining

8.6
8.7
9.5

3.7
3.6
4.1
3.4
4.0

8.0
9.5
9.6

IV3.

10.3

1963—13..

8.5

i : .1

4.0
4.6

8.5

3.6

Public
utilities

All
other-

Total
(S.A.
annual
rate)

.7
.6
.7

1.4
1.5
1.5

2.9
2.9
3.2

33.5
34.7
35.4

.6
.9
.7
.7

1.1
1.4
1.5
1.5

2.9
3.3
3.4
3.5

35.7
37.0
38.4
38.4

.4

1.1

3.3

37.7

Transportation

NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.

61

REAL ESTATE CREDIT

JANUARY 1963
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)

End of period

Farm

]^onfarm

All properties
Other
holders 2
FinanAll
cial
holdinstiIndiers tutions1 U. S. viduals
agenand
cies
others

1- to 4-family houses
All
holders

Multifamily and
commercial properties

Fin an. Other
holdinstiTotal
ers
tutions i

3

Finan. Other
holdTotal
institutions1 ers

FinanAll
Other 4
cial
holdinstiers tutions1 holders

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

4.8
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
10.0

27.3
29.4
32.7
35.4

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
10.5
11.3
12.2

3.9
4.0
4.2
4.5

6.0
6.5
7.1
7.7

I960
1961^
1962#

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

17.7

13.1

4.7

8.4

1961 \v

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

18.0
18.4
18.9
19.4

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

19.8
20.4
21.0

14.5
14.9
15.2
15.5

5.1
5.3
5.4

9.4
9.7
9.9

\\p

HIP
iyp
1962—IP
\\P
IIIP

IV?

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
Derived figures; includes debt held by Federal land banks and Farmers
Home Administration.
NOTE.—Based on data 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 1

Mutual savings bank holdings

Residential

Residential

End of period
Total
Total

FHAinsured

VAguaranteed

1941
194<s

4,906
4,772
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

I960
1961

28.806
30,442

20,362
21,225

5,851
5,975

III
IV

3 28,693
28,806

20,399
20,362

1961 I
II
Ill
IV

28,864
29,383
29,920
30,442

1962 I
II
Ill

30,844
32,194
33,268

Conventional

3.292
3,395

1955
1956
1957
1958
1959

I960

Other
nonfarm

Farm

Total
Total

FHAinsured

VAguarantsed

1,048

856

566
521

4,812
4,208

7,617
8,300
8.735
9,780
11,037

3,819
4,379
4,823
5,461
6,237

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

2,859
2,627

11,652
12,623

6,796
7,470

1,648
1,747

26,935
29,145

24,306
26,341

7,074
8,045

5,906
5,851

2,919
2,859

11,574
11,652

6,651
6,796

1,643
1,648

26,430
26,935

23,835
24,306

20,281
20,595
20,953
21,225

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

1,677
1,716
1,740
1,747

27,447
28,015
28,589
29,145

21,211
22,049
22,662

6,003
6,195
6,214

2,547
2,593
2,617

12,661
13,260
13,831

7,817
8,218
8,628

1,816
1,927
1,978

Conventional

3,884
3 387

1
Includes loans held by nondeposit trust cos. but not bank trust depts.
2 Data for 1941 and 1945, except for totals, are special F. R. estimates.
3
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

r

29,833
30,638
31,504

Other
nonfarm

Farm

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
r

900
797

7,353
7,634
7 811
8,045

9,11J
9.19:
9.239 *',

8,336
8,492
8 850
9,028

2 597
2,645
2 646
2 753

50
51
51
51

26,940
27,632
28,484

8,340
8,662
8,984

9,208
9,469
9,853

2 842
2,954
2,968

5\
51
52

r

9,392
9,502
9 Ml

r

series for all commercial and mutual savings banks in the United State*
and possessions; first and third quarters, estimates based on FDIC data
for insured banks beginning in 1962. For earlier years the bask for
first and third quarter estimates included F. R. commercial bank caB
data and data from National Assn. of Mutual Savings Banks.

62

REAL ESTATE CREDIT

JANUARY 1963

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired

Loans outstanding (end of period)

Nonfarm

Nonfarm

Period
Total
Total

FHAinsured

VAguaranteed

Farm i

1941
1945
1955
1956
1957
1958
1959

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

I960
1961

6,086
6,785

5,622
6,233

1,401
1,388

291
220

1961—Nov.r
Dec

588
878

542
826

110
134

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

Total

976

..

...

...

Sept
Oct
Nov

Total

Other i

6,442
6,636

5,529
5,860

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

3,930
4,625

464
522

41,771
44,203

38,789
41,033

25
44

407
648

46
52

43,868
44,241

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

NOTE.—Institute of Life Insurance data.

New
construction

9,032
9,665

6,901
6,553

22 856
24,815

2,982
3,170

40,709
41,070

9,677
9,664

6,570
6,552

24,462
24,854

3,159
3,171

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

NONFARM MORTGAGE RECORDINGS

OF $20,000 OR LESS

(In millions of dollars)
Total i

Loans outstanding (end of period)

By type of lender (N.S.A.)

VAConguarvenanteed tional 2

4,578
5,376

N.S.A.

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941
1945

FHAHome
inpur- Total 2
sured
chase

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

Period
S.A.2

699
3 484
4 050
5 701

984

5 155 31,408
4 6?0 35,729
591 40,007
5 17? 45,627
6 6 H 53,141

1,404
1,486
1,643
2,206
2,995

5,883
6,643
7,011
7,077
7,186

?4 1?1
?7 600
31 ,353
36 344
4? j960

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

1.932
1,799
1,472
1,460
.521

5,617
5 458
4,264
5,204
5,832

1,858
1,824
1,429
1,640
1,780

14,304
17 364

4 678
081

6 n? 60,070
7 ?07 68,833

3,524
4,167

7,222 49 3?4
7,152 57 j 514

I960
1961

29,341
31,157

12,158
13,662

1,318
1,160

4,520
4,997

1,557
1,741

1,529
1,500

436
417

645
598

68,069
68,833

4,125
4,167

7,176 56 768
7,152 57 ,514

Oct
Nov
Dec

2,775
2,779
2,763

2,961
2,754
2,579

1,304
1,209
1,132

109
97
96

468
440
399

174
173
156

1,323
1,303
1,611
1,661
1,857
1,936
1,839
2,036
1,731
1,953
1,730

353
36?
464
5P
584
57?
515
540
495
54T

550 69,368
509 69,968
633 70,769
635 71,616
7V> 72,587
8?3 73,631
796 74,525
9?0 75,542
746 76,385
8?^ 77,345

499

704 78,166

4,204
4,241
4,276
4,312
4,332
4,355
4,379
4,399
4,415
4,425
4,463

7,161
7,160
7,170
7,122
7,132
7,119
7,102
7,093
7,084
7,076
7,064

2,696
2,682
2,670
2,745
2,836
2,891
2,973
2,933
2,929

2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333
2,861
3,208

1,041
971
1,172
1,210
1,350
1,391
1,382
1,501
1,285
1,403

88
79
90
89
100
107
107
123
104
116

400
374
442
482
534
542
549
563
476
554

138
114
120
131
154
177
201
201
183
191

I960
1961

1961

1961

58 ,003
58 567
59 ,323
60 18?
61 ,1?,1
62 ,157
63 ,044
64 ,050
64 886
65 ,844
66 ,639

1 Includes loans for repair, additions and alterations, refinancing, etc.
not shown separately.
2 Beginning with 1958 includes shares pledged against mortgage loans.
NOTE.—Federal Home Loan Bank Board data.




2,273
2,481
2,584
2,667
2,844

581

11,255
10,325
10,160
12,182
15,151

Sept
Oct

14,703
16,577
18,180
19,519
20,994

1 358

1955
1956
1957
1958
1959

July

6,074
7,304
7,721
7,433
7,086

181

1 379
1,913

1962
Jan
Feb
Mar
Apr
May

913
776

437

1941
1945

Nov
Dec

4,714
4,466

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.

(In millions of dollars)

Total i

Farm
Other

For loans acquired, the

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS

Period

VAguaranteed

815
1,394

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.

Loans made

FHAinsured

1962
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

..

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.

JANUARY 1963

63

REAL ESTATE CREDIT

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
(In millions of dollars)

(In billions of dollars)
VA-guaranteed

FHA-insured
Mortgages

Period
Total

New
homes

Existing
homes

Projects i

Governmentunderwritten

Mortgages

Prop-

imTotal 3
proveNew
ments 2
homes

End of
period

Total

Existing
homes

ConvenFHA- VA- tional
Total
inguarsured anteed

1945
1945

665

257

217

20

171

192

1955
1956
1957
1958
1959

3,807
3,461
3,715
6,349
7,694

1,269
1,133
880
1,666
2,563

1,816
1,505
1,371
2,885
3,507

76
130
595
929
628

646
692
869
868
997

7,156
5,868
3,761
1,865
2,787

4,582
3,910
2,890
1,311
2,051

2,564
1,948
863
549
730

1960
1961

6,293
6,546

2,197
1,783

2,403
2,982

711
926

982
855

1,985
1,829

1,554
1,170

428
656

622
553

174
153

310
273

65
62

73
65

206
197

118
112

87
84

617
474
541
515
560
643
678
670
576
673
649

179
150
157
132
140
137
144
157
144
193
172

301
248
261
240
263
267
289
308
287
353
321

74
26
70
88
87
143
164
130
62
54
86

63
50
53
56
70
96
81
75
83
72
70

227
175
205
182
184
207
219
247
231
285
254

127
95
115
99
96
108
109
120
114
136
124

99
80
90
83
88
99
110
127
117
149
129

1961 Nov
Dec
1962—Jan
Feb
Mar
Apr
M^ay
June
July
Aug
Sept
Oct
Nov

.

.

..
.

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.
2
3

18.6

4.3

4.1

.2

14.3

1955
1956
1957
1958
1959

88.2
99.0
107.6
117.7
130.9

38.9
43.9
47.2
50.1
53.8

14.3
15.5
16.5
19.7
23.8

24.6
28.4
30.7
30.4
30.0

49.3
55.1
60.4
67.6
77.0

141.3
153.0

56.4
59.1

26.7
29.5

29.7
29.6

84.8
93.9

1960—III ,
IV

138.8
141.3

55.7
56.4

26.0
26.7

29.7
29.7

83.2
84.8

1961—1
II
Ill
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

155.9
160.1
nip'.'.'.'.'. 164.3

59.9
60.4
61.0

30.3
30.9
31.5

29.6 95.9
29.5 99.7
29.5 103.3

. . . .

I960
1961*

..

1962—IP

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.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY

FEDERAL HOME LOAN BANKS

(In millions of dollars)

(In millions of dollars)

Mortgage holdings
End of
period
Total

Mortgage
transactions
(during
period)

FHAinsured

VAguaranteed

Purchases

Sales
62

1955.
1956.
1957
1958.
1959.

2,615
3,047
3,974
3,901
5,531

901
978
1,237
1,483
2,546

1,714
2,069
2,737
2,418
2,985

411
609
1,096
623
1,907

1960.
1961.

6.159
6,093

3,356
3,490

2,803
2,603

1,248
815

1961—Nov
Dec

6,004
6,093

3,417
3,490

2,587
2,603

6,186
6 248
6,231
6,151
6,120
6,035
5 989
5.969
5,951
5,944
5,949

3,566
3,618
3,653
3,616
3,627
3,571
3 557
3,556
3,552
3,555
3,575

2,620
2,630
2,578
2,535
2,493
2,464
2,432
2,413
2,399
2,389
2,374

124
102

Apr

May
June
July
Aug
Sept
Oct
Nov

Total

Shortterm 1

Longterm 2

Members
deposits

278

213

195

176

19

46

3
482

1,251
745
1,116
1,364
2,067

702
934
1,079
1,331
1,231

1,417
1,228
1,265
1,298
2,134

991
798
731
685
1,192

426
430
534
613
942

698
683
653
819
589

357
Ml

576
631

I960
1961

1,943
2,882

2,097
2,200

1,981
2,662

1,089
1,447

892
1,216

938
1,180

656
631

1961—Nov
Dec

263
510

178
135

2,287
2,662

1,269
1,447

1,018
1,216

1,029
1,180

637
605
613
562
527
504
485
442
429
431
366

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

265
145
204
382
295
503
480
312
279
383
252

608
236
281
209
189
165
387
225
180
338
275

2,320
2,228
2,151
2,323
2,429
2,767
2,860
2,948
3,046
3,091
3,068

1,293
1,228
1,170
1,244
1,319
1,569
1,708
1,787
1,835
1,876
1,821

1,027
1,000
981
1,079
1,110
1,198
1,151
1,161
1,211
1,215
1,246

995
1,007
1,109
1,096
1,107
1,192
976
954
984
1,016
1,028

1
7

60
82

106
76
101
47
19

n

n
19

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 Admini stration and Community Facilities Administration.




Repayments

1955
1956
1957
1958
1959

80

39
57

Advances

1945

97
52
34
35
32

Period

Advances outstanding
(end of period)

76
360
764
1,541
568

121
127

1962- J a n
Feb
Mar

Commitments
undisbursed

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.

64

CONSUMER CREDIT

JANUARY 1963
TOTAL CREDIT
(In millions of dollars)
Noninstalment

Instalment
End of period

Total
Total

Automobile
paper

Other
consumer
goods
paper

Repair
and modernization
loans *

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941
1945

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

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

1955
1956
1957
1958
1959

38,830
42,334
44,970
45,129
51,542

28,906
31,720
33,867
33,642
39,245

13,460
14,420
15,340
14,152
16,420

7,641
8,606
8,844
9,028
10,630

1,693
1,905
2,101
2,346
2,809

6,112
6,789
7,582
8,116
9,386

9,924
10,614
11,103
11,487
12,297

3,002
3,253
3,364
3,627
4,129

4,795
4,995
5,146
5,060
5,104

2,127
2,366
2,593
2,800
3,064

I960
1961

56,028
57,678

42,832
43,527

17,688
17,223

11,525
11,857

3,139
3,191

10,480
11,256

13,196
14,151

4,507
5,136

5,329
5,324

3,360
3,691

1961—Nov
Dec

55,915
57,678

42,737
43,527

17,211
17,223

11,264
11,857

3,204
3,191

11,058
11,256

13,178
14,151

5,025
5,136

4,601
5,324

3,552
3,691

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
c
60,626
61,473

43,265
43,074
43,211
43,837
44,495
45,208
45,650
46,204
46,310
<46,722
47,274

17,155
17,191
17,348
17,671
18,032
18,410
18,680
18,933
18,881
19,083
19,307

11,720
11,496
11,407
11,498
11,598
11,726
11,754
11,824
11 861
c
ll,986
12,186

3,151
3,123
3,113
3,128
3,169
3,200
3,226
3,260
3,277
3,289
3,302

11,239
11,264
11,343
11,540
11,696
11,872
11,990
12,187
12,291
12,364
12,479

13,446
13,019
13,064
13,477
13,823
13,900
13,714
13,799
13,816
13,904
14,199

4,930
4,988
5,146
5,241
5,400
5,428
5,402
5,469
5 481
5,442
5,526

4,784
4,192
4,074
4,319
4,544
4,596
4,457
4,491
4,495
4,663
4,825

3,732
3,839
3,844
3,917
3,879
3,876
3,855
3,839
3,840
3,799
3,848

Sept
Oct
Nov

. .

...

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.

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)
] "inancial insitutions

Total

End of period

Total

Commercial
banks

Sales
finance
cos.

Retail outlets

ConCredit sumer
unions finance * Other l

1939
1941
1945

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

1955
1956
1957
1958
1959

28,906
31,720
33,867
33,642
39,245

24,398
26,977
29,200
28,659
33,570

10,601
11,777
12,843
12,780
15,227

8,447
9,117
9,609
8,844
10,319

1,678
2,014
2,429
2,668
3,280

I960
1961

42,832
43,527

37,218
37,935

16,672
17,008

11,472
11,273

1961—Nov
Dec

42,737
43,527

37,572
37,935

16,974
17,008

1962—Jan
Feb
Mar
Apr
M^ay
June
July
Aug . . .
Sept
Oct
Nov

43,265
43,074
43,211
43,837
44,495
45,208
45,650
46 204
46,310
C
46,722
47,274

38,002
37,904
37,995
38,497
39,032
39,639
40,062
40,537
40,597
40,896
41,285

16,964
16,967
17,062
17,366
17,686
18,024
18,235
18,427
18,443
18,613
18,765

.

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

2,623
2,940
3,124
3,085
3,337

1.049
[,129
1,195
1,282
1,407

4,508
4,743
4,668
4,983
5,676

1,511
1,408
1,393
1,882
2,292

1.044
1,187
1,210
1,128
1,225

365
377
361
292
310

487
502
478
506
481

1,101
1,269
1,226
1,175
1,368

3,923
4,330

3,670
3,799

1,481
[,525

5,615
5,595

2,414
2,421

1,107
[,058

333
293

359
342

1,402
1,481

11,100
11,273

4,297
4,330

3,684
3,799

1,517
1,525

5,165
5,595

2,208
2,421

1,015
1,058

288
293

342
342

1,312
1,481

11,468
11,361
11,283
11,359
11,440
11,570
11,682
11,796
11,787
11,860
11,986

4,283
4,288
4,333
4,426
4,520
4,616
4,681
4,783
4,814
4,874
4,928

3,782
3,783
3,795
3,826
3,836
3,876
3,907
3,948
3,969
3,974
4,009

1,505
,505
1,522
,520
1,550
,553
[,557
,583
1,584
1,575
1,597

5,263
5,170
5,216
5,340
5,463
5,569
5,588
5,667
5,713
C
5,826
5,989

2,158
2,153
2,227
2,339
2,430
2,522
2,545
2,609
2,675
2,737
2,835

1,036
.018
998
991
991
988
989
999
998
1,002
1,019

287
283
278
275
274
276
275
275
273
273
274

339
336
330
320
310
302
298
296
299
298
292

1,443
1,380
1,383
1,415
1,458
1,481
1,481
1 488
1,468
c
l,516
1,569

1 Consumer finance cos. included with "other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.




Total

3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other'* retail outlets.
See also NOTE to table above.

65

CONSUMER CREDIT

JANUARY 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

Total

End of period

Repair
and
modernization
loans

Other
consumer
goods
paper

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

1955
1956
1957
1958
1959

10,601
11,777
12,843
12,780
15,227

3,243
3,651
4,130
4,014
4,827

2,062
2,075
2,225
2,170
2,525

2,042
2,464
2,557
2,269
2,640

1,338
1,469
1,580
1,715
2,039

1,916
2,118
2,351
2,612
3,196

. .

16,672
17,008

5,316
5,391

2,820
2,860

2,759
2,761

2,200
2,198

3,577
3,798

1961—Nov
Dec

16,974
17,008

5,384
5,391

2,851
2,860

2,764
2,761

2,210
2,198

3,765
3,798

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

16,964
16,967
17,062
17,366
17,686
18,024
18,235
18,427
18,443
18,613
18,765

5,379
5,398
5,457
5,569
5,692
5,823
5,922
6,008
6,009
6,091
6,160

2,885
2,911
2,965
3,056
3,144
3,229
3,270
3,295
3,259
3,305
3,357

2,718
2,690
2,656
2,653
2,682
2,716
2,734
2,726
2,732
2,746
2,762

2,170
2,147
2,132
2,143
2,165
2,188
2,206
2,224
2,235
2,246
2,250

3,812
3,821
3,852
3,945
4,003
4,068
4,103
4,174
4,208
4,225
4,236

. . . .
. . .

1960
1961

Total

End of period

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

1,197
1,797
300

878

115

148

1,363
164

167
24

201
58

56
66
54

1955
1956
1957
1958
1959

8,447
9,117
9,609
8,844
10,319

6,905
7,238
7,393
6,310
7,187

1,048
1,277
1,509
1,717
2,114

28
32
31
36
72

466
570
676
781
946

I960
1961

11,472
11,273

7,528
6,811

2,739
3,100

139
161

1,066
1,201

Nov
Dec

11,100
11,273

6,833
6,811

2,940
3,100

160
161

1,167
1,201

1962 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

11,468
11,361
11,283
11,359
11,440
11,570
11,682
11,796
11,787
11.860
11,986

6,754
6,745
6,772
6,864
6,991
7,122
7,228
7,327
7,296
7,350
7,440

3,345
3,243
3,134
3,093
3,027
2,997
2,981
2,969
2,957
2,952
2,967

162
162
163
165
167
168
171
171
172
172
171

1,207
1,211
1,214
1,237
1,255
1,283
1,302
1,329
1,362
1,386
1,408

1961

...

.

Oct

Nov

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 doll ars)

End of period

Total

1939
1941 . .
1945

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

789
957
731

81
122
54

24
36
20

15
14
14

5 350
6,083
6,748
7,035
8,024

763
1,114
1,152
1,400

530
624
588
565

327
404
490
595

3 730
4,101
4,555
4,723

681

698

5,244

1960
1961

9,074
9,654

1,665
1,819

771
743

800
832

5,837
6,257

..

9 498
9,654

1,801
1,819

737
743

834
832

6,126
6,257

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

9,570
9,576
9,650
9,772
9,906
10,045
10,145
10,314
10,367
10,423
10,534

1,798
1,801
1,824
1,862
1,895
1,934

733
729
731
732
736
746
749
758
758
760
760

819
814
818
820
837
844
849
865
870
871
881

6,220
6,232
6,277
6,358
6,438
6,521
6,585
6,684
6,721
6,753
6,835

1961—Nov
Dec

.

.

2,007
2,018
2,039
2,058

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 preceding page.




Charge accounts

Service
Other
credit
Definan- part- Other Credit
cial
retail cards 2
insti- ment outlets
tutions 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

1955
1956
1957
1958
1959

9,924
10,614
11,103
11,487
12,297

2,635
2,843
2,937
3,156
3,582

367
410
427
471
547

862
893
876
907
958

3,717
3,842
3,953
3,808
3,753

216
260
317
345
393

2,127
2,366
2,593
2,800
3,064

1960
1961

13,196
14,151

3,884
4,413

623
723

941
948

3,952
3,907

436
469

3,360
3,691

1961—Nov...
Dec...

13,178
14,151

4,312
4,413

713
723

717
948

3,424
3,907

460
469

3,552
3,691

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

13,446
13,019
13,064
13,477
13,823
13,900
13,714
13,799
13,816
13,904
14,199

4,240
4,294
4,391
4,544
4,614
4,671
4,662
4,657
4,666
4,662
4,680

690
694
755
697
786
757
740
812
815
780
846

804
635
594
620
636
612
569
570
614
638
688

3,501
3,085
3,025
3,249
3,444
3,505
3,388
3,394
3,353
3,507
3,629

479
472
455
450
464
479
500
527
528
518
508

3,732
3,839
3,844
3,917
3,879
3,876
3,855
3,839
3,840
3,799
3,848

669
785
643

1955
1956
1957
1958
1959

Singlepayment
loans
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.

66

CONSUMER CREDIT

JANUARY 1963

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total

Automobile paper

Period
S.A.i

N.S.A.

S.A.i

N.S.A.

Other consumer
goods paper
S.A.1

Repair and
modernization loans

N.S.A.

S.A.1

N.S.A.

Person al loans
S.A.i

N.S.A.

Extensions
1955
1956. .
1957
1958
1959

38,972
39 868
42,016
40 119
48,052

16,734
15 515
16,465
14 226
17,779

10,642
11 721
11,807
11,747
13,982

1,393
1 582
1,674
1,871
2,222

10,203
11 051
12,069
12,275
14,070

1960
1961

49,560
48,396

17,654
16,007

14,470
14,578

2,213
2,068

15,223
15,744

4,332
4,409

Dec

1962—Jan
Feb
Mar
Apr
May
June...
July

.

Aug

Sept
Oct
Nov

4,312
4,835

1.510
1,469

1,433
1,320

J.265
1,402

1,323
1,795

172
167

180
148

1.385
1,371

1,376
1,572

4,327
4,356
4,499
4,659
4,650
4,623
4,669
4,619
4,491
C
4,682
4,961

1961—Nov

3,878
3,611
4,392
4,737
4,950
4,923
4,720
4,862
4.098
C
4,913
4,932

1,504
1,546
,582
,675
1,655
1,621
1,631
1,602
1,505
.685
1,797

1 3S<?

1,280
1,276
1,328
1,345
1,338
1,344
1,368
1,325
1,308
c 335
,425

1,116
973
1,196
1,319
1,383
1,384
1,290
1,345
1,255
c
l,432
1,499

171
166
174
182
183
187
189
179
170
169
168

126
126
160
181
216
201
199
209
176
191

1,372
1,368
1,415
1,457
1,474
1,471
1,481
1,513
1,508
1,493
1,571

1,281
1,194
1,420
1,505
1,514
1,528
1,480
1,577
1,358
1 474
1,555

1,318
1,616
1,732
1,837
1,810
1,751
1,731
1,309
1,816
1,701

177

Repayments
1955
1956
1957
1958..
1959

33 634
37 054
39,868
40,344
42 603

..

I960
1961

13 082
14 555

15,545
15,415
15,579

9 752
10 756
11,569
11,563
12,402

1 316
1,370
1,477
1,626
1,765

9 484
10 373
11,276
11.741
12,857

45,972
47,700

.

16,384
16,472

13,574
14,246

1,883
2,015

14,130
14,967

4,063
4,061

1961—Nov
Dec .
1962—Jan.. .
Feb
Mar
Apr

. . .

June.. .
July
Aug .
Sept
Oct....
Nov

4,071
4,041

1,384
1,375

J. 375
1,307

1,206
1,233

1,203
1,200

166
169

4,048
4,084
4,121
4,166
4,211
4,202
4,283
4 261
4,289
4,298
4,380

4,140
3,802
4,255
4,111
4,292
4,210
4,278
4,308
3,992
4,501
4,380

1,401
1,390
1,415
1,435
1,447
1,433
1,456
1,446
1,440
1,491
1,490

,423
1,282
1,459
1,409
.476
1,432
1,481
1,478
1,361
1,614
1,477

1,190
1,236
1,231
1,247
1,260
1,260
1,296
1,281
1,298
1,261
1,302

J 253
1,197
1,285
1,228
,283
1,256
1,262
[,275
1.218
1,307
1,299

165
167
168
168
173
170
170
172
169
165
163

Net change in credit outstanding
3 652

169

161
166
154
170
166
175
170
173
175
159
179
164

1.307
1,284

J.325

1,292
1,291
1,307
1,316
1,331
1,339
1,361
1,362
1.382
1,381
1,425

1,298
,169
,341
,308
,358
,352
,362
,380
,254
,401
,440

1,373

2

1955
1956.
1957
1958... .
1959

5 338
2 814
2,148
-225
5 601

960
920

-1,189
2 268

890
965
238
184
1,602

77
212
197
245
463

719
678
793
534
1,269

I960
1961

3,588
696

1,270
—465

896
332

330
53

1,093

1961—Nov
Dec

Mar

. . .

Apr
May

June .
July

Nov
1
2

6
-2

11
— 13

78
87

-68
36
157
323

90

78
84
72

6
-1
6
14
10
17
19
7

-40
-28

361
378
270

-137
-224
-89
91
100
128
28
70
37
C
125
200

80
77
108
141
143
132
120
151
126
112
146

...

126
94

58

-262
-191
137
626
658
713
442
554
106
C
412
552

103
156
167
240
208
188
175
156
65
194
307

439
421
386
358

Sept
Oct

120
595

241
794

279
272
378
493

1962—Jan
Feb

202

C

384
581

13

253

-52
202
224

Includes adjustment for difference in trading days.
Includes data for Alaska and Hawaii beginning with the months in
which they became States.
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.




m

59
169

269
348

40
97
98

44
C

10

74
123

1
4
5

— 10
15
41
31
26
34
17
12
13

51
199
-17
25
79
197

156
176
118
197

104
73

115

NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and
sales of instalment paper, and certain other transactions may increase
the amount of extensions and repayments without affecting the amount
outstanding.
For a description of the series in this and the following table see Jan.
1954 BULL., pp. 9-17. Back data upon request.

67

CONSUMER CREDIT

JANUARY 1963

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total

Commercial banks

Period
S.A.i

N.S.A.

S.A.i

N.S.A.

Sales finance
companies
S.A.i

N.S.A.

Other financial
institutions
S.A.i

N.S.A.

Retail outlets

S.A.i

N.S.A.

Extensions
1955
1956
1957
1958

38,972
39,868
42 016
40,119

I9592
1960
1961

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

. .

.

8,376
9,148
9,915
9,654

17 976

11 196

10 940

7 940

49,560
48 396

. .

10,206
9,619
10,250
9,043

48 052

1961—Nov
Dec

14,109
14,463
15,355
14,860

18,269
17,711

11,456
10,667

12,073
12,282

7,762
7,736

6,281
6,638
6,495
6,563

4,332
4,409

4,312
4,835

) SS2
1,571

1,491
1,469

968
1,123

941
1,101

1,096
1,077

1,118
1,241

686
638

762
1,024

4,327
4,356
4,499
4,659
4,650
4.623
4,669
4,619
4,491
C
4,682
4,961

3,878
3,611
4,392
4,737
4,950
4,923
4,720
4,862
4,098
C
4,9I3
4,932

1,575
1,642
1,637
1,726
1,710
1,720
,708
1,679
,643
1,722
,813

1,498
1,418
1,648
1,816
1,881
1,862
1,789
1,773
1,486
1,806
1,701

977
955
955
1,010
1,007
992
984
971
944
1,021
1,104

884
788
937
1,008
1,059
1,081
1,069
1,068
863
1,108
1,070

1,055
1,054
1,112
1,149
1,150
1.139
1,146
1,177
1,138
1,144
1,208

942
913
1,116
1,154
1,205
1,194
1,152
1,233
1,015
1,136
1,231

720
705
795
774
783
772
831
792
766
C
795
836

554
492
691
759
805
786
710
788
734
C
863
930

Repayments

1955
1956
1957
1958
1959

33,634
37,054
39,868
40,344
42,603

12,304
13,362
14,360
14,647
15,560

7,903
8,949
9,759
9 842
9,742

7,536
8,415
9,250
9 365
10,020

5,891
6,328
6,499
6,490
7,281

1960
1961

45,972
47,700

16,832
18,294

10 442
10,943

11,022
11,715

7,676
6,749

4,063
4,061

Dec

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

4,071
4,041

1,511
1,512

1,488
1,435

922
943

929
928

1,030
1,005

1,046
1,084

600
601

608
594

4,048
4,084
4,121
4,166
4,211
4,202
4,283
4,261
4,289
4,298
4,380

1961—Nov

4,140
3,802
4,255
4,111
4,292
4,210
4,278
4,308
3,992
4,501
4,380

1.502
1,493
1,520
1,514
1,526
,526
1,546
1,555
,562
,546
,579

1,542
1,415
1,553
1.503
1,561
1,524
1,578
1,581
1,470
1,636
,549

920
981
966
952
965
960
956
932
936
949
937

911
895
1,015
941
978
951
957
954
872
1,035
944

1,017
1.003
1,018
1,042
1,047
1,038
1,055
1,054
1,062
1,071
1,105

1,023
907
1.042
,032
,071
,055
,052
,064
962
,080
,120

609
607
617
658
673
678
726
720
729
732
759

664
585
645
635
682
680
691
709
688
750
767

Net change in credit outstanding

1955
1956
1957
1958
I959

.

. .

3

5,338
2 814
2 148
225
5,601

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

Nov

2,303
670
491
— 765
1,475

840
733
665
289
986

390
235
— 75
315
693

3 588
696

I960
1961

1,805
1 176
1 066
63
2,447
1 446
335

1,152
— 199

1 051
578

— 61
-20

269

241
794

54
59

-14
34

46
180

12
173

66
72

72
157

103
37

170
430

279

-262
-191
137
626
658
713
442
554
106
C
412
552

73
149
117
203
184
194
162
124
81
176
234

-44
3
95
304
320
338
211
192
16
170
152

279
-26
-11
67
42
32
28
39
8
72
167

195
-107
-78
76
81
130
112
114
-9
73
126

38
51
94
107
103
101
91
123
76
73
103

-81
6
74
122
134
139
100
169
53
56
111

-111
98
178
116
110
94
105
72
37
»63
77

-332
-93
46
124
123
106
19
79
46
C
113
163

348

.

272
378
493
439
421
386
358
202
C
384
581

1 Includes adjustment for differences in trading days.
2
Includes data for Alaska and Hawaii beginning with the months in
which they became States.
3
Net 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
to eliminate duplication resulting from large transfers of paper. In
trom
transrers or 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.

68

INDUSTRIAL PRODUCTION: S.A.

JANUARY 1963

MARKET GROUPINGS
(1957-59= 100)
1957-59 1961
pro- averporage
tion

Grouping

1962

1961
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct. r

Nov.

100.00 109.8 114.8 115.6 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8 119.3 119.5

Total index
Final products total
Equipment, including defense....
Materials

47.35
32.31
15.04
52.65

111.3
112.7
108.3
108.4

116.4
117.5
114.1
113.9

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
120.7
123.7
117.1

121.7
121.2
123.0
117.9

Consumer goods
3.21 111.8 127.3 130.8 127.8 123.7 122.6 129.4 132.8 126.8 135.2 134.1 '135.3 135.4 136.2
1.82 108.6 131.5 136.1 132.8 125.5 123.8 133.9 140.8 129.3 142.4 140.0 141.2 142.1 141.1
1.39 116.0 121.6 123.7 121.1 121.4 121.0 123.5 122.3 123.6 125.7 126.3 127.5 126.6 129.8

Automotive products
Auto parts and allied products

110.5
112.2
109.9
110.7
107.8
112.8
114.5
109.0

115.7
117.9
115.7
118.4
107.8
120.7
118.3
113.9

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
110.2

116.5
120.4
116.0
114.9
118.8
121.0
125.1
113.2

119.0
122.6
120.3
117.7
127.5
121.5
126.3
116.0

120.1
124.4
123.8
120.1
134.2
123.8
125.6
116.5

121.2
126.0
124.2
120.7
133.9
124.5
129.5
117.1

121.7
126.2
123.3
122.9
124.7
126.5
129.3
118.0

120.1
122.7
118.5
120.9
112.0
124.3
126.2
118.0

118.7
121.2
115.2
119.3
103.7
125.4
123.4
116.5

r

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

119.8
122.2
115.8
120.7
102.1
127.9
125.2
117.8

119.2
120.8
116.0
124.0
93.3
125.8
122.3
117.8

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

116.8
112.7
112.1
125.2
115.9
122.5
110.7
128.3
128.9

116.1
111.6
110.7
125.2
115.2
122.7
110.0
128.9
129.3

115.8
111.3
108.4
123.6
116.2
124.2
110.1
131.1
131.7

116.6
111.5
109.9
126.6
116.9
124.3
111.1
130.8
131.1

118.0
113.2
113.7
127.5
116.6
124.8
111.3
131.5
131.3

117.1
113.6
106.9
125.8
115.7
125.1
110.4
132.3
131.6

118.8
114.3
109.1
129.9
117.4
126.9
112.3
134.0
133.6

119.2
112.8
109.0
131.9
117.7
130.7
115.0
138.4
139.5

120.3
115.9
110.9
131.5
117.7
128.3
111.7
136.4
141.4

119.7
115.6
108.0
131.0
117.0
127.0
108.4
136.0
140.4

r

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

120.6
115 7
111.9
132.0
117.0
128.9
114 0
136.2
139.3

119.0 119.0
114 0
109.5
130.9 "uY.o
116.4
128.0 116.4
112.8 iii.5
135.5
137.6

11.63
6.85
2.42
1.76
.61

110.1
107.4
127.0
103.4
93.4

115.8
111.8
133.7
113.7
91.3

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

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
117.2

125.7
120.3
143.1
124.0
117.7

104.8
107.9
105.7
105.2
101.2

110.9
114.0
111.7
107.5
108.5

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

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

r

Construction
Metal materials n e.c

26.73
3.43
7.84
9.17
6.29

114.9
129 7
121.3
113.3
r
98 5

113.9
127 6
121.0
111.2
99.0

114.2
126.5
120.2
111.0
102.2

112.1
110.5
111.3
110.0
120.6

116.9
114.2
117.2
112.7
128.8

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

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

r

Containers
General business supplies
Nondurable materials n e e

25.92
9.11
3.03
6.07
7.40

121.5
118.1
118 6
117.9
136.7

120.5
116.2
115 9
116.3
135.1

121.6
117.6
119.0
116.9
137.7

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

110.1
104.1
125.4
126.2
118.8
134.7

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

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

113.1 112.9
106.5 106.0
131 9
132.3
124 3
141.7

Home goods and apparel
Home goods
Appliances, TV, and radios

120.5
122.8
118.5
127.8
92.3
127.7
123.9
118.5

Equipment
Business equipment
Industrial eauioment
Commercial equipment . . . . . . .
Freight and passenger equipment...

3.41
Materials
Durable goods materials
Consumer durable

Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
•
General industrial
Gas

.

Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
Sec NOTE OH opposite page.




7.80 112.0 121.8 124.6 122.6 121.8 122.7 126.5 128.9 126.5 127.9 126.3 127.6 126.8 128.3
24.51 112.9 116.1 115.8 114.6 115.9 117.6 117.0 118.4 118.9 119.8 118.7 120.0 118.7 118.6

JANUARY 1963

69

INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
(1957-59- 100)

Grouping

1957-59 1961
proaverporage
tion

1962

1961
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.r

Nov.

100.00 109.8 114.8 115.6 114.3 116.0 117.0 117.7 118.4 118.6 119.3 119.7 119.8

Total index
Afanufacturing total
Durable
Mining
Utilities

119.3 119.5

r
120.4
r

779.9
119.0
121.0
105.3
134.5

86.45
48.07
38.38
8.23
5.32

109.7
107.0
112.9
102.6
122.8

115.0
113.0
117.5
105 2
126.7

115.9
114.5
117.7
104.7
127.3

114.4
113.2
115.9
104.0
128.8

116.3 117.4
115.4 116.5
117.3 118.6
104.3 104.8
129.0 128.8

118.1
118.5
117.5
105.5
128.1

118.8
118.2
119.6
104.8
129.8

118.9
117.7
120.3
104.6
132.4

119.7
118.7
121.0
106.1
133.5

120.3
119.8
120.8
105.5
132.3

12.32
6.95
5.45
1.50
5.37
2.86

102.2
98.9
96.5
107.5
106.5
105.2

109.4
106.2
103.9
115.9
113 5
109.8

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 nos.2
99.1 '99.6
92.1 92.8
112.9 118.4
119 9 119.3
115.2 115.1

707.7
98.8
91.0
120.0
117.8
115.4

705.9
101.5
95.2
120.5
118.5
112.9

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

114.9
114.7
110.1
120.9
112.2
125.1
100.4
119.4

116.6
116.8
111.6
123.6
113.7
127.9
100.6
119.8

115.4
115.6
110.1
122.9
112.5
126.9
99.6
118.9

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

r

124.5
125.4
123.0
128.6
121.8
138.1
107.2
124.2

124.3
125.3
122.6
128.9
121.3
137.2
107.0
125.0

119.6
119.5 118.6
121.5 120.9
105.9 105.5
r
133.O 133.5

Durable manufactures
Primary and fabricated metals
Primary metals
Nonferrous metals and products..
Fabricated metal products
Machinery and related products
Machinery
Electrical machinery
Transportation equipment
Aircraft and other equipment....
Instruments and related products...

124.9
126.4
123.9
129.6
121.5
137.8
106.7
124.3

Clav glass and lumber
Clay, glass, and stone products

4.72 104.5 105.6 104.7 101.5 106.6 105.9 108.9 110.1 110.7 109.9 112.1 r112.5 108.9 109.4
2.99 106.3 107.9 106.0 104.4 105.1 104.8 110.3 111.9 112.5 113.7 114.9 114.9 113.2 112.7
1.73 101.3 101.6 102.4 96.5 109.2 107.9 106.4 107.1 107.5 103.4 107.4 108.3 101.5 103.7

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

3.05 114.1 121.3 120.8 117.6 118.2 121.5 126.1 127.3 127.4 127.3 125. $ 126.8 125.3 725.7
1.54 115.3 123.2 123.2 118.3 120.8 124.0 126.6 129.3 129.2 127.7 128.3 129.2 128.2 128.2
1.51 112.8 119.4 118.3 116.9 115.5 119.0 125.5 125.2 125.5 126.9 123.3 124.4 122.3 122.0

Nondurable manufactures
r

Textile mill products
Apparel products.
Leather and products

7.60
2.90
3.59
1.11

108.4
106.9
112.1
100.2

114 9
113.7
118 9
104.9

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
116.6
119.2
100.5

115.2
117.1
118.1
100.6

Paper and products .

8.17
3.43
4.74
1.53

112.4
113.7
111.5
106.0

115.2
118.2
113.1
107.6

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

116.7 118.0
119.6 121.1
114.7 115.7
108.6 110.3

118.1
120.5
116.3
111.8

118.2
120.9
116 2
111.3

117.2
120.8
114 6
108.2

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

125.2
130.0
139.1
111.3
120.8

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

134.0 133.6
139.2 139.2
153.0
113 6 iii13
134.1

Foods beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

110.4
110.3
110.6
107.9
110.8

112.9
112.8
113.1
110.1
114.1

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

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

r

m.i

113.5
113.2
113.4
112.2
116.8

114 7
114.6
115 5
109 8
116.0

113.5 113 9
113.9
114 6
109.9
108.6

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

103.3
96.9
104.6
105.8
103.2
122.2
97.0

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
92.2
104.7
106.3
104.1
120.5
93.7

103.0
91.8
105.3
107.4
105.6
119.2
91.1

104.7
91 8
107.4
109.5
107.7

104 1
93 7
106 2
108 3
106.7

r

105.3
94 0
107.6
109 4
107.2

116 7 115.7 775 4
115.9 114.4 112.7
120 5 121.4 124 2
106.6 100.8
117.2
120.6
114 8
109.7

Mining
Coal
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

105 2
93 8
107 5
109 6
107.8

104 4
95 9
106 2
108 3
106.0

"92]8 "92!3 "93.0 '*95.'4 "9K5

1.43 110.5 113.9 111.9 109.4 113.9 113.9 112.5 115.7 112.0 112.8 112.0 r109.5 106.7 109.8
.61 111.9 122.4 125.0 129.4 131.7 128.9 120.0 116.6 109.5 110.4 104.1 r 97.8 96.8 107.3
.82 109.4 107.7 102.2 94.5 100.6 102.7 106.9 115.1 113.8 114.5 117.9 118.2 114.0 111.6

Utilities
Electric
Gas

4.04 123.2 127.3 128.0 129.8 129.6 129.5 129.3 131.8 135.1 136.2 134.5 134.2 134.5
1.28 121.5 124.7 125.4 125.5 126.9 126.5 124.2 123.6 123.8

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

70

INDUSTRIAL PRODUCTION: N.S.A.

JANUARY 1963

MARKET GROUPINGS
(1957-59= 100)
1957-59 1961
proaverporage
tion

Grouping

1961
Nov.

Dec.

1962
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

100.00 109.8 115.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.3

Total index

Equipment, including defense....

47.35
32.31
15.04
52.65

111.3
112.7
108.3
108.4

117.0
118.9
112.9
114.7

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

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

121.8
122.0
121.6
118.7

Consumer goods
3.21 111.8 136.1 137.6 131.1 130.0 131.3 138.6 138.5 133.1 129.8 79.4 124.9 148.1 145.0
1.82 108.6 149.9 152.4 139.4 136.8 139.9 150.0 149.3 137.1 136.7 43.4 120.0 160.6 159.4
1.39 116.0 117.8 118.1 120.2 121.0 120.1 123.6 124.2 127.9 120.7 126.8 131.3 131.6 126.0

Automotive products
Autos
Auto parts and allied products
Home goods and apparel

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

110.5
112.2
109.9
110.7
107.8
112.8
114.5
109.0
114.0
110.5
109.5
120.7
114.9
119.2
107.6
124.9
125.3
124.0

11.63
6.85
2.42
1.76
.61

110.1
107.4
127.0
103.4
93.4

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

Appliances, TV, and radios
Appliances
Furniture and rugs
Apparel, knit goods, and shoes
Processed foods
Drugs soap, and toiletries
Newspapers, magazines, and books..
Consumer fuel and lighting
Residential utilities
Electricity
Gas

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

113.4
104.6
95.5
123.6
116.2
135.7
112.8 114.8

113.5
103.9
100.2
126.2
116.3
132.3
113.3

117.7
123.6
122.4
118.1
134.7
123.1
125.4
112.8

111.9
119.6
113.1
115.1
107.4
124.9
122.9
105.4

116.6
115.9
105.9
125.6
115.9
118.1
110.2

113.0
108.0
95.7
123.9
115.2
126.1

122.9
124.2
127.2
132.5
112.2
121.3
123.0
121.8
114.4
104.7
109.3
126.2
117.8
128.7
109.5

120.5
122.4
121.3
125.8
108.7
121.9
124.1
118.8

117.6 120.8
121.0 125.5
117.2 124.3
120.8 129.9
107.1 108.5
120.1 123.5
126.3 128.5
114.8 116.8

114.1 115.1 119.7

107.7
110.7
99.6
107.1
78.4
116.8
119.0
105.0
118.9
116.1
113.6
125.3
114.8
125.7
114.2

120.6
128.6
125.2
128 6
115.4
130.3
131.3
113.8
125.0 r128.0 124.5 118.8
119.6
117.8
103.6
101.7
108.9
126.7
127.3

'124.0
130.6
127.5
127.1
128.6
131.4
133.6
121.2 118.4

123.9
131.1
128.1
127.5
129.7
131.6
134.2
117.8

106.3
109.7
127.7
115.7
122.8
105.1

107.4
116.6
128.7
116.2
120.0
108.6

112.0
125.0
133.2
115.9
124.3
113.4

119.9 134.5 152.8 146.6 140.8 130.3

iii.6

i26.9 134.0 139.1 139.7 128.1

124.2
117.8
133.9
117.6
127.6
112.3

131.0
116.4
132.4
119.9
128.9
113.5

126.0
113.9
134.2 131.4
118.1 116.4
122.7
110.1 'iii.'o

Equipment
Industrial equipment
Freight and passenger equipment...

114.1
110.2
135.3
111.4
80.5

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

116.9
128.4
120.9
109.6
116.3
119.4
117.2
116.5
117.5
133.9
110.2
105.4
122.3
120.1
126.2

116.5
130.6
119.7
114.7
107.1
119.7
117.3
117.1
117.4
135.9
109.2
102.5
126.6
121.6
133.1

116.1
123.6
119.8
118.8
103.6
121.3
118.2
123.4
115.6
136.6
112.3
104.8
133.6
123.7
144.7

108.7
117.4
115.4
113.8

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

123.8
118.6
144.8
121.5
106.7

116.8
130 5
119.4
119.9
101.5

116.6
134.1
120.2
116.7
102.4

115.3
135.6
121.5
110.8
103.0

T

123.3
121.6
121.7
121.5
137.8

122.2
118.6
112.5
121.6
139.1

3.41

Defense equipment
Materials

26.73
3.43
7.84
9.17
6.29
Nondurable materials
General business supplies
Nondurable materials n e e .

Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gag

.

.

...

104.8
107.9
105.7
105.2

112.0
126.8
112.9
107.3
101.2 109.4

110.8 109.5 113.4 115.3
129.9 128.1 126.9 128.4
115.7 115.0 116.7 119.0
100.5 94.8 100.2 103.4
109.3 113.9 121.2 120.9

25.92
9.11
3.03
6.07
7.40

112.1
110.5
111.3
110.0
120.6

117.5
115.1
110.8
117.2
130.1

115.1
109.1
101.9
112.7
128.0

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

109.9 110.8 111.5 111.7 111.4
104.8 105.7 105.9 106.8 106.2

115.7
109.5
107.3
110.6
128.8

118.8
113.5
114.4
113.1
134.3

120.0
116.6
119.7
115.0
135.1

123.5 124.0 126.1 123.1 124.6
119.2 118.7 121.3 119.2 122.0
129.2 130.5 132.4 128.6 129.0

111.3
107 5
116.1
119.4
88.4 95.7

112.7
108.7
112.5
106.8
124.9

121.1
118.5
128.0
113.7
134.8

r

l?2 7
121.9
126.3
119.7
135.3

107.0 112.8 113.6 113.6 112.6
96.4 103.7 104.8 106.7 106.6
136.1 140.3 139.3 134.2
120.6 125.4 125.2 127.0
152.2 156.1 154.3 143.1

Supplementary groups of
consumer goods
Automotive and home goods

See NOTE on opposite page.




7.80 112.0 128.7 127.0 120.1 124.3 127.4 129.3 128.4 128.8 118.8 102.2 128.3 138.1 135.4
24.51 112.9 115.8 111.3 112.1 114.8 116.1 115.3 115.1 119.1 116.0 124.3 125.9 123.0 117.7

JANUARY 1963

INDUSTRIAL PRODUCTION: N.S.A.
INDUSTRY GROUPINGS
(1957-59= 100)

Grouping

1957-59 1961
proaverporage
tion

1961
Nov.

Dec.

1962
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct. r

Nov.

100.00 109.8 115.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.3

Total index.

86.45
48.07
38.38
8.23
5.32

109.7
107.0
112.9
102.6
122.8

116.3
115.1
117.9
105.3

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.
105.5

120.4
119.2
121.8
107.5

122.8
'120.4
125.8
106.5

123.4
121.7
125.5
107.1

121.1
120.7
121.5
105.5

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

110.0
107.3
104.9
116.0
113.6
112.9

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.
110.7

109.8
103.9
97.5
127.2
117.4
113.4

108.4 97.6 104.5 110.2
98.7 82.9 92.0 98.5
91.3 76.8 86.6 92.8
125.5 104.9 111.8 119.2
120.9 116.7 120.7 125.3
116.4 113.9 115.8 118.6

109.2
99.8
93.7
122.3
121.3
117.9

109.0
101.5
96.2
120.5
118.6
116.1

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

117.8
115.5
108.0
125.5
118.6
138.4
101.0
121.6

119.4
117.7
112.6
124.4
119.8
140.0
102.1
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.
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

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

126.9
125.9
120.3
133.4
127.0
149.0
107.6
127.3

Manufacturing, total.,
Durable
Nondurable
Mining
Utilities

114.0
113.6
114.5
101.0

117.6
112.8
123.6
106.4

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

r

123.8
127.6
121.2
136.1
116.6
128.9
105.4
125.2

91.0 99.6 100.4 108.3 113.9 118.3 112.6 120.1 r119.4 116.3 109.3
94.0 97.7 100.6 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.8
85.9 102.9 100.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 101.7

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.7. 104.5 105.6 96.5
2.99 106.3 109.0 100.7
1.73 101.3 99.7 89.1

Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.

5.05 114.1 125.4 122.6 113.7 117.0 120.1 121.8 123.3 126.4 122.5 129.1 131.9 132.1 129.2
1.54 115.3 125.2 125.7 116.2 120.6 122.5 123.6 124.3 127.9 124.8 132.1 133.1 133.3 130.3
1.51 112.8 125.5 119.5 111.1 113.4 117.5 120.0 122.2 124.9 120.2 126.0 130.6 130.9 128.2

Nondurable manufactures
r

Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

7.60
2.90
3.59
1.11

108.4
106.9
112.1
100.2

112.5 107.8 109.0 119.5
113.7 110.1 111.1 116.9
114.7 108.4 109.7 124.6
102.3 99.6 101.6 110.1

122.0
119.1
128.1
109.7

118.0 116.6 117.9 102.4 119.5
115.0 119.6 121.2 100.9 118.3
124.3 119.5 119.6 107.0 124.0
105.5 99.1 104.2 91.9 107.9

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

118.0
119.0
117.4
118.4

111.7
108.3
114.1
107.4

111.8
114.4
109.9
100.0

116.1
121.5
112.2
105.2

7/5.9
123.7
115.5
110.8

118.4
122.0
115.8
114.1

117.7
120.0
116.0
115.0

117.5 108.7 117.2 119.6 122.4
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

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

125.1
129.4
139.9
109.6
123.9

123.2
127.9
139.0
109.0
119.5

124.4
127.7
138.6
110.5
125.7

127.5
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

131.0
137.1
146.8
110.9
127.6

134.2
138.7
147.7
117.4
133.5

125.8
131.2
142.5
117.9
113.0

132.1
137.9
148.0
116.6
125.4

Foods, beverages, and tobacco....
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61

110.4
110.3
110.6
107.9
110.8

114.2 105.7
114.0 106.8
116.5 108.5
100.0 97.0
115.9 91.5

103.1
102.7
105.3
89.2
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

109.5
108.9
107.5
116.5
116.6

114.7
114.5
111.8
129.1
116.9

115.2
116.4
115.7
120.3
100.4

122.4
122.5
123.7
116.0
121.2

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

100.9
90.1
103.1
104.9
103.0
116.8
91.3

104.1
100.9
104.8
105.7
102.5
126.0
98.9

105.5
95.9
107.5
108.0
104.8
128.5
103.8

105.4
95.1
107.6
108.5
105.3
128.9
101.3

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

101.4
93.1
103.0
104.7
103.1
114.8
91.9

103.5 96.2 102.8 r103.8
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 95.2 95.7 95.1

Metal, stone, and earth minerals.,
Metal mining
Stone and earth minerals

1.43 110.5 110.5 100.5 91.8 96.2 98.5 108.8 125.0 126.5 123.9 123.5 119.7 114.6 106.9
.61 111.9 110.9 103.0 101.6 106.3 105.3 112.9 133.7 134.8 126.6 119.5 113.2 105.6 97.2
109.4 110.2 98.6 84.6 88.7 93.5 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2

117.4
115.9
122.3
105.2

116.9 114.9
115.5 115.0
122.6 119.9
102.3
120.1
121.4
119.2
120.7

134.2
138.
149.2
118.1
135.1

135.4 133.0
139.3 138.6
151.5
114.2
141.6

127.4
128.1
130.5
114.8
119.4

123.5 115.2
123.9
126.1
111.7
118.3

r

Mining
105.5
102.5
106.
107.6
105.6

105.2
99.8
106.3
108.2
105.3

95.9

93.3

Utilities
Electric.
Gas

4.04 123.2 122.0 128.5 137.5 133.2 131.6 125.7 124.5 130.8 135.3 139.8 139.5 131.6
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.

72

BUSINESS ACTIVITY

JANUARY 1963
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing

Industrial production
Major market groupings
Period
Total

Constrution
contracts

Major industry
igroupings

Final products

MateCon
rials
Total sumer EquipMfg.
goods ment

Mining

Nonagricultural
emEmployment— ployTotal i ment

Prices 3

2

Freight Depart-

Payrolls

loadings

store
sales

Consumer

Utilities

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

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

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
^105.2

95.3
91.2

106
109

103.1
104.2

100.7
100.3

P9S.6

68.9
80.3
84.5
93.6
85.4
94.8
100.2
101.4
93.5
105.1
106.6
105.2
^113.3

1961—Nov
Dec

114.8 116.4 117.5 114.1 113.9 115.0
115.6 116.9 117.9 114.9 114.8 115.9

110.3
111.6
110.8
112.7
113.4
114.8
113.7
113.5
113.1
112.5
115.2
113.2
113.0

95.3
95.6

112
113

104.6
104.5

100.0
100.4

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
110
117
113
115
111
114
115
117
110

104.5
104.8
105.0
105.2
105.2
105.3
105.5
105.5
106.1
106.0
106.0

100.8
100.7
100.7
100.4
100.2
100.0
100.4
100.5
101.2
100.6
100.7
100.4

1962 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1
2
3

114.3
116 0
117.0
117.7
118.4
118.6
119.3
119 7
r
119.8
r
119 3
119.5

115.7
116.8
118.2
118.5
120.2
120.6
121.7
121.6
122.0
r
121 5
. .
121.7
ni9.6 ^122.3

116.5
117.3
118.8
119.1
121.1
120.9
121.7
120 9
r
121.8
r
120 7
121 2
^122.0

112.7
115.0
116.1
117.0
118.5
120.1
121.8
123 2
M23.2
r
123 7
123.0
?123.0

113.7
115.5
116.9
117.1
117.0
117.1
117.0
117.7
r
118.1
r
117 1
117.9
H17.7

105.2
104.7

99.7
95.6

126.7
127.3

116
119

103.7
103.7

97.1

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 r 105.5 132.3
M20.4 r 105.9 r133.O
r
119 6 105.5 133.5
119.9 105.3 134.5
*>120.3 ^102.3 ^135.0

115
119
131
121
117
120
117
118
113
117
123

103.5
104.2
104.4
105.1
105.4
105.6
105.8
105 6
105.7
r
105 9
105.7
P105.8

96.8
97.7
98.4
99.6
99.8
99.9
99.7
98.7
98.8
98.6
97.7

Employees only, excludes personnel in the armed forces.
Production workers only.
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,

97.3

2>97.9

nu.i

P118

"116

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)
1962

1961

Type of ownership and
type of construction

Total construction
By type of ownership:
Public
Private
By type of construction:
Residential
.
Nonresidential
Public works and utilities

1960

1961
Nov.

Dec.

Jan.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

36 ,318 37, 135 3 ,008 2 ,712 2 ,658 2 749 3,986 3,860 4,009 3 ,900 3 ,747 3,631 3 ,273 3 ,425 3 188
94?
,587 P 547
731 ?4 588 ? 066

1 091
6?1

. . . . 15 ,105 16, 123 1 ,306 i ,125
P ^ 4 0 P 115 1 OP 5
607
704
8 ,973 8, 897

Q?9
1 736

1

877 1,475 1,211 1,227 1 j331 1
1,039 1 ,099 1 003
2,511 2,650 2,782 ? 569 ? 516 2,591 o 174 ?

1 871

,190 1 192 1,552 1,816 1,819 1 ,656 1 ,623 1,651 1 ,519 1 ,610 1 ,361
1J 9 7 1,177 1 019 1 075 1 066
1,325 1,102 1,275 1
761
740
664 1,108
615
943
926
802
915 1 ,002
735

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




Feb.

data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.

73

CONSTRUCTION

JANUARY 1963
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Total

Period

Total

Public

Nonfarm
residential

Business
Total

Industrial

Commercial

Public
utility

Other
nonresidential

Total

Military

Highway

Sewer
and
water

Other

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

1,003
,287
,360
,287
1,402

3,680
3,861
4,431
4,954
5,545

,085
,275
:
,344
1,387

6,013
5,491
5,682
6,494
7,123

1959 i
1960 . . .
1961
1962 P . .

56,555
55 556
57'.399
61,130

40,344
39 603
40,365
43,351

24,962
22 546
22,499
24,814

11,044
12,354
12,811
13,274

2,106
2,851
2,759
2,814

3,930
4,180
4,663
4,964

5,008
5,323
5,389
5,496

4,338
4,703
5,055
5,263

16,211
15,953
17,034
17,779

,488
,386
1,368
1,282

5,870
5,464
5,818
6,268

1,467
1 487
: ,581
,754

7,386
7,616
8,267
8,475

59,006

41,881

24,440

12,515

2,537

4,641

5,337

4,926

17,125

1,001

6,235

l ,590

8,299

59 166
. . . 56 714
57.748
58 279
60,764
62 678
62,084
62.829
62'358
63,517
62,637
62,417

41,077
39,909
40,553
41,747
43,472
44 842
44,908
45,244
44,976
43,843
43,898
44,045

23 187
22,245
22,507
23,484
25,018
26,118
25,987
25,957
25,813
25,013
25,326
25,611

12,875
12,622
12,897
12,973
13,119
13,354
13,516
13,835
13,692
13,478
13,357
13,343

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
5,570
5,576

5,015
5,042
5,149
5,290
5,335
5,370
5,405
5,452
5,471
5,352
5,215
5,091

18,089
16,805
17,195
16,532
17,292
17,836
17,176
17,585
17,382
19,674
18,739
18,372

924
1,211
1,328
1,381
1,354
1,549
1,170
1,244
1,164
1,492

7,250
5,414
5,771
5,057
5,830
5,989
5,876
6,195
6,140
7,786
6,922

,636
,666
,715
775
,805
807
,802
,771
,754
,764
,755
,744

8,279
8,514
8,381
8,319
8,303
8,491
8,328
8,375
8,324
8,632

.

1961—Dec
1962

1

Jan
Feb.
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov P

982

Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Depts. of Commerce and Labor.

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 i

Annual rate,
(private only)
Period

Governmentunderwritten
Private

Total
Metro-

Total

By type of ownership

politan

Nonfarm
1.104

Nonmetropolitan

Total

family

2family

,220
,329
118
,042
,209
,379

....
.

1959
1960
1961
1961

Nov
Dec

1 368
,295

1 345
1,255

1962

Jan
Feb

,273
,152
,431
,542
,579
,425
,466
,529
,289
V 1,548

1,247
1,134
1,407
1,521
1,566
1,399
1,447
1,500
1 261
»l,502
*1,533

Mar

Apr
May
June
July.
Aug
Sept
Oct
Nov

.. .

V

544

804
897
976
780
700
827
946

300
324
353
338
342
382
432

1.068
,202
,310
,094
993
,142
,343

933
1,077
1,190
981
840
933
1,079

42
34
33
31
33
39
49

,554
296
.365

1953
...
1954
1955 . .
1956
1957
1958
1959

1,077
889
948

477
407
417

1,517
,252
1.313

1,234
995
975

56
44
44

106
87

73
63

33
24

103
82

74
56

83
78

60
56
84
111
112
96
98
99
83
93
81

23
22
34
41
44
43
42
49
33
43
38

81
76
115
147
154
136
136
146
114

54
54
80
101
107
96
95
101
76
92

118
152
156

140
139
148
115

^136
2*119

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




nil

Multifamily

Public
Total

FHA

VA

94

36

409

252

90
87

19
19

583
670

157

307
393

82

24

465

276
277

120
170
215

49
68
36

322
439
458

227

37

214
295

44
52

4
2

25
25

3
3

23
20

5
5
5
4
4
4
4
4

195

271

193
337
349

128
102
109

458

349

109

336
328

261
244

75
83

3
4

30
23

23
17

7
6

2
1

23
20

18
15

4
5

27
33
34

21
25
26

31
33

24
25

31
41
42

3
5
2

36
36

4

41
34
37

3

2
2
»2

36
26
30
25

28
20
23
19

6
8

8
7
7
8
6
7
6

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.

74

EMPLOYMENT

JANUARY 1963
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force

Total noninstitutional
population

Period

Total
labor
force

Employed1
Total
Total

In nonagricultural
industries

In
agriculture

Unemployed

Not in the
labor force

Unemployment2
rate
(per cent)

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

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

19603
1961
1962

125,368
127,852
130,081

73,126
74.175
74,681

70,612
71.603
71,854

66,681
66.796
67,847

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

1961—Dec

128,941

73,372

70,559

66,467

62.049

4,418

4,091

55,570

6.0

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

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

' Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
3 Inclusion of figures for Alaska and Hawaii beginning with 1960
ncreased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.
2

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)
Contract
construction

Transportation &
public
utilities

Trade

Finance

Service

Government

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

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 5t6
7,757

8,520
8,828
9,185

654

2,699

3,911

11,366

2,770

7,642

8,937

653
653
654
656
659
652
648
646
641
638
638
626

2,594
2,694
2 648
2,734
2,716
2,671
2,738
2,731
2,715
2,716
2,698
2,659

3,906
3.914
3,927
3,935
3,936
3,934
3 913
3,932
3,928
3,935
3,920
3,920

11,384
11,447
11,460
11,546
11,596
11,621
11,652
11,627
11,612
11,594
11,592
11,577

2,772
2,774
2,776
2,778
2,786
2,788
2,792
2,796
2,799
2,813
2,820
2,817

7,640
7,675
7,681
7,675
7 692
7,749
7,783
7,805
7,809
7,831
7,847
7,880

9,029
9,044
9,073
9,088
9 127
9,197
9,183
9,204
9,274
9,339
9,386
9,431

657

2,575

3,927

12,181

2,756

7,573

9,278

647
642
640
647
657
661
648
658
651
645
640
629

2,298
2,282
2,328
2,589
2,749
2,839
2,982
3,031
2,978
2.936
2,803
2,537

3,863
3.863
3,880
3,904
3,924
3,965
3,948
3,963
3,959
3,959
3,936
3,936

11,270
11,188
11,223
11,470
11,476
11,582
11.540
11,558
11,627
11,682
11,833
12,406

2,747
2,749
2,754
2,770
2.780
2,808
2,839
2,841
2,813
2,807
2,806
2,803

7,510
7,545
7,573
7,690
7,769
7,881
7,884
7,867
7,856
7,870
7,831
7,809

9,032
9,102
9,133
9,143
9,172
9.171
8,870
8,860
9,241
9,406
9,472
9,623

Total

Manufacturing

1956
1957
1958
1959 i

52 408
52 904
51.423
53,380

17,243
17 174
15 945
16,667

822

1960
1961
1962*

54.347
54 077
55,325

16 762
16 267
16,750

1961—Dec

54,492

16.513

1962—Jan
Feb
Mar
Apr
May
June
July

54,434
54 773
54 901
55 260
55 403
55,535
55 617
55,536
55,583
55,647
55,577
55,594

16,456
16 572
16 682
16,848
16 891
16,923
16 908
16,795
16,805
16,781
16,676
16,684

1961—Dec

55,503

16,556

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

53 737
53 823
54,056
54 849
55.209
55 777
55.493
55,709
56,252
56,333
56 192
56,473

16,370
16.452
16.525
16 636
16.682
16,870
16.782
16,931
17,127
17,028
16,871
16,730

Period

Mining

828
751

SEASONALLY ADJUSTED

Sept
Oct
Nov.?
Dec v
NOT SEASONALLY ADJUSTED

NOV.P

Dec.*

i 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.

JANUARY 1963

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted

Seasonally adjusted
Industry group

1961

1962

Dec.
Total

Oct.

1961

1962

Dec?

Dec.

Oct.

Nov.?

12,257

12,416

12,306

12,324

12,303

12,661

12,500

12,370

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.

6,797
97
537
312
453
958
841
980
995
1,087
225
312

6,933
102
539
315
465
892
854
1,035
1,047
1,139
228
317

6,867
101
541
314
459
887
845
1,029
1,027
1,118
228
318

6,905
102
547
316
449
900
852
1,022
1,038
1,128
228
323

6,844
98
526
314
449
960
851
977
1,013
1,123
227
307

7,027
101
558
324
474
898
871
1,018
1,062
1,150
231
342

6,987
102
545
320
465
896
863
1,015
1,058
1,159
231
334

6,953
103
536
318
445
902
862
1,019
1,057
1,165
230
318

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

5,460
1,188
77
799
1,076
475
597
513
125
290
320

5,483
1,178
82
783
1,105
478
598
519
121
301
318

5,439
1,162
77
779
1,092
476
597
520
121
299
316

5,419
1,167
69
778
1,085
475
590
517
121
301
316

5,459
1,159
81
801
1,084
477
602
511
124
296
323

5,634
1,266
99
793
1,119
484
606
520
121
311
317

5,513
1,182
82
787
1,112
481
604
519
121
308
319

5,417
1,139
73
780
1,094
476
595
515
120
307
319

NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay

for, the pay period ending nearest the 15th of the month.

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

1961
Dec.

1962
Oct.

1961

Dec?

Dec.

1962

Average hourly earnings
(dollars per hour; N.S.A.)
1961

1962

Dec.

Oct.

Oct.

Nov.?

Dec.*5

Total

40.4

40.1

40.4

40.3

96.63

96.72

97.36

98.01

2.38

2.40

2.41

2.42

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.

41.2
41.3
39.4
40.8
40.5
40.6
40.9
41.8
40.6
42.2
41.3
39.8

40.7
41.1
39.4
40.5
41.0
39.7
41.1
41.5
40.5
42.2
40.7
39.4

41.0
41.3
39.7
40.6
40.9
40.0
41.3
41.7
40.4
43.0
40.9
39.2

41.0
41.3
39.9
40.5
40.3
39.9
40.6
41.6
40.3
42.6
41.5
39.1

105.32
117.18
76.63
81.32
95.04
121.58
105.16
111.87
97.82
125.13
99.95
78.40

105.37
117.01
79.60
81.34
100.85
116.92
105.73
112.61
98.49
126.10
100.61
78.60

105.93
118.40
78.61
79.76
100.28
117.61
105.22
112.75
98.42
128.57
101.76
78.21

106.86
119.68
78.41
80.95
96.96
119.10
105.37
113.84
99.14
130.63
102.92
78.21

2.55
2.81
1.97
1.95
2.37
2.98
2.54
2.67
2.38
2.91
2.42
1.96

2.57
2.84
1.99
1.96
2.43
2.96
2.56
2.72
2.42
2.96
2.46
1.97

2.59
2.86
1.99
1.95
2.44
2.97
2.56
2.73
2.43
2.99
2.47
1.98

2.60
2.87
1.99
1.96
2.43
2.97
2.57
2.73
2.43
3.01
2.48
1.99

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

39.7
40.7
39.0
40.8
36.3
42.9
38.4
41.3
41.2
41.6
38.5

39.3
40.7
38.7
40.0
35.8
42.2
37.9
41.5
41.8
40.6
36.9

39.4
40.9
38.9
40.0
36.0
42.5
38.1
41.4
41.6
41.1
37.0

39.7
41.0
39.2
40.3
36.4
42.6
38.3
41.2
41.5
41.1
37.9

85.57
90.80
72.98
67.82
59.95
101.91
107.97
108.99
123.62
102.83
66.18

85.72
91.21
68.17
68.45
59.95
103.28
107.82
110.95
127.19
101.02
62.63

86.72
93.30
72.58
68.61
60.45
103.28
108.49
111.37
127.71
101.93
63.84

87.16
94.35
78.99
68.61
60.48
103.76
110.01
111.22
124.94
102.84
65.53

2.15
2.22
1.82
1.65
1.67
2.37
2.79
2.62
3.03
2.46
1.71

2.17
2.23
1.70
1.69
1.67
2.43
2.83
2.68
3.05
2.47
1.73

2.19
2.27
1.89
1.69
1.67
2.43
2.84
2.69
3.07
2.48
1.73

2.19
2.29
1.96
1.69
1.68
2.43
2.85
2.68
3.04
2.49
1.72

NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.




76

JANUARY 1963

DEPARTMENT STORES
SALES AND STOCKS, BY DISTRICT
(1957-59= 100)
Federal Reserve district
United
States

Period

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

80
88
94
96
99
105
106
109

84
91
96
96
99
104
106
112

76
80
89
95
100
105
108
112

86
93
97
98
99
104
104
107

83
92
96
98
98
104
108
110

81
89
95
97
98
105
104
107

72
81
90
94
99
107
107
109

87
95
99
100
97
104
104
105

83
90
96
97
98
104
103
103

Nov
Dec

113
113

119
116

116
116

112
111

115
114

111
112

111
112

108
108

1962—Jan
Feb
Mar
Apr
May

110
110
117
113
115
111
114
115
117
110

113
101
122
113
110
112
115
117
116
110
119

112
112
119
119
113
108
113
117
120
112
121

110
104
110
111
115
107
109
112
113
106
111

112
109
118
112
117
110
114
109
116
108
116

109
111
115
109
115
110
112
115
118
107
119

110
118
126
108
117
115
118
118
121
112
125

1961—Nov
Dec

134
204

146
224

146
213

146
202

140
210

134
208

1962—Jan
Feb
Mar
Apr
May
June
July

83
83
96
112
110
105
96
104
117
113

86
72
94
115
108
108
87
96
117
115
147

90
87
99
113
109
105
86
94
120
120
152

80
75
95
112
110
102
84
92
113
112
145

84
81
93
114
111
102
95
99
114
109
141

80
85
94
99
98
103
109
110

82
88
96
97
99
104
108
112

75
78
89
97
99
104
110
110

82
87
95
99
98
103
105
105

1961—Nov
Dec

112
113

114
116

112
112

1962—Jan
Feb
Mar
Apr
May
June
Julv

114
115
116
115
117
118
118
118
118
120
PH9

114
115
117
116
115
115
118
115
114
116
116

1961—Nov
Dec

129
104

1962—Jan
Feb
Mar

102
108
116
118
117
112
112
117
125
135

Minne- Kansas
Dallas
apolis
City

San
Francisco

80
85
93
97
99
104
106
108

80
88
93
94
99
107
108
111

75
84
92
96
99
105
100
102

74
82
91
93
98
109
110
115

108
106

109
108

112
112

104
106

118
120

104
103
112
108
112
108
111
113
115
107
113

98
108
111
107
113
105
112
108
113
104
111

104
103
109
116
108
106
112
111
110
103
114

105
114
118
115
116
111
116
113
118
108

101
110
106
104
108
107
112
107
113
100
109

119
120
123
118
121
123
123
124
122
121
128

126
201

129
191

129
185

125
190

128
195

120
184

77
78
92
113
110
101
94
103
118
115
142

85
91
105
115
111
104
106
109
114
113
139

77
75
93
108
111
103
92
101
116
111
135

75
78
90
105
113
97
94
103
114
110
133

74
78
87
112
103
106
88
106
118
111
130

79
82
97
111
113
105
105
111
119
111
*>133

79
80
91
103
104
96
102
108
109
102
125

90
95
99
116
110
117
112
119
121
117
145

90
86
93
102
97
101
113
112

79
90
99
100
96
104
108
109

77
86
98
102
97
101
107
108

84
89
97
100
97
103
108
109

86
93
102
103
98
99
103
104

83
88
98
102
97
101
108
108

82
90
99
100
98
103
109
111

70
76
84
99
98
104
106
104

76
81
92
96
97
107
114
116

108
109

113
115

113
114

110
109

113
113

116
119

108
110

109
111

105
106

117
118

112
114
113
112
113
113
113
116
116
118
119

110
110
112
111
112
112
113
113
112
114
113

114
114
114
115
115
117
116
115
118
118
116

116
117
118
118
116
119
119
117
117
119
121

112
111
114
114
114
115
120
116
119
125
123

114
114
116
113
116
121
122
123
122
124
122

112
114
115
117
121
117
117
116
115
117
119

111
113
113
114
112
113
109
110
113
113
111

111
113
114
114
115
114
115
115
111
111

111
113
114
111
114
115
114
112
110
113

121
122
124
124
127
128
127
126
127
129

135
108

130
105

126
100

133
105

130
105

128
98

126
101

131
106

126
104

126
103

119
98

134
108

100
106
115
117
116
109
108
114
123
134
137

102
106
114
116
115
106
102
113
121
134
138

96
103
112
116
114
106
103
109
119
131
133

98
106
114
116
115
111
112
115
125
135
138

101
108
119
121
118
112
111
119
126
135
138

101
108
116
117
113
107
110
116
126
140
144

102
106
116
118
119
117
119
122
129
135
136

100
106
116
121
120
111
112
117
123
133
135

99
106
111
112
111
104
107
111
120
128
129

101
107
114
116
114
109
110
112
116
123

96
106
115
115
112
108
109
115
117
127

109
115
125
125
125
123
123
126
132
143

SALES
1954
1955
1956
1957
1958
1959
I960
1961
SEASONALLY ADJUSTED
1961

July
Aug
Sept
Oct

• •.

NOT SEASONALLY ADJUSTED

Sept
Oct
Nov

r

135
217

STOCKS
1954
1955
1956
1957
1958
1959
I960
1961
SEASONALLY ADJUSTED

Sept
Oct
Nov
NOT SEASONALLY ADJUSTED

May
June
July
Sent
Oct
Nov

NOTE.—Based on retail value figures; sales are average per trading day;
stocks are as of end of month or averages of monthly data.




For description of series and for back data beginning with 1947. see
July 1962 BULL., p. 803.

77

DEPARTMENT STORES; FOREIGN TRADE

JANUARY 1963

DEPARTMENT STORE MERCHANDISING DATA
Amounts (millions of dollars)

Ratios to sales

Sales

Stocks

Outstanding
orders

Receipts

New
orders

Stocks

Outstanding
orders

Stocks
plus
outs.
orders

Receipts

1953
1954
1955
1956
1957
1958
1959

406
409

,163
,140

421
388

408
410

401
412

3.0
3.0

1.1
1.0

4.1
4.0

1.0
1.0

437
454
459
462

,195
,286
,338
,323
,391

446
470
461
437
510

444
459
461
462
495

449
458
458
464
498

2.9
3.0
3.1
3.0
3.0

1.1
1.1
1.1
1.0
1.1

4.0
4.1
4.1
4.1
4.1

1.0
1.0
1.0
1.0

1960
1961

494
503

,474
,485

518
530

496
508

493
512

3.1
3.1

1.1
1.1

4.3
4.3

1.0
1.0

1961_Nov
Dec

630
965

,776
,406

•-557
391

'699
595

'609
431

2.8
1.5

.9
.4

3.7
1.9

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

408
360
472
502
507
472
406
482
493
556
655

,408
,466
,576
,589
,571
,509
,490
,571
,700
,845
,891

476
532
498
457
499
679
724
675
706
666
549

410
418
582
515
489
410
387
563
622
701
701

495
474
548
474
531
590
432
514
653
661
584

3.5
4.1
3.3
3.2
3.1
3.2
3.7
3.3
3.4
3.3
2.9

1.2
1.5
1.1
.9
1.0
1.4
1.8
1.4
1.4
1.2

4.6
5.6
4.4
4.1
4.1
4.6
5.5
4.7
4.9
4.5
3.7

1.1
.6
1.0
1.2
1.2
1.0
1.0
.9
1.0
1.2
1.3
1.3
1.1

Period

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.

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)
Exports
Period

Imports 3

Excluding
military-aid shipments 2

Total i
1960

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

1961

1962

1960

1961

1962

1960

1961

1962

1,561
1,579
1,753
1,817
1,814
1,742
1,702
1,619
1,612
1,746
1,799
1,806

1,644
1,671
1,933
1,707
1,749
1,699
1,637
1,669
1,631
1,890
1,818
1,827

1,642
1,775
1,845
1,881
1,973
1,970
1,709
1,683
1,761
1,614
1,851

1,484
1,500
1,636
1,703
1,720
1,642
1,632
1,556
1,559
1,692
1,726
1,752

1,536
1,606
1,888
1,648
1,677
1,644
1,558
1,598
1,557
1,817
1,759
1,777

1,592
1,712
1,783
1,799
1,892
1,894
1,622
1,635
1,711
1,583
1,792

1,174
1,329
1,410
1,294
1,289
1,332
1,183
1,259
1,193
1,184
1,197
1,175

1,150
1,068
1,255
1,063
1,223
1,232
1,285
1,252
1,197
1,364
1,342
1,295

1,373
1,224
1,386
1,333
1,454
1,350
1,337
1,359
1,342
1,439
1,452

18,744

19,048

19,704

17,850

18,288

19,015

13,844

13,431

15,049

1 Exports of domestic and foreign merchandise.
2
Excludes Dept. of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.




3
General imports including imports for immediate consumption plus
entries into bonded warehouses.

NOTE.—Bureau of the Census data.

78

PRICES

JANUARY 1963
CONSUMER PRICES
(1957-59= 100)
Housing
All
items

Period

Food
Total

Rent

Gas
and
electricity

Solid
and
petroleum
fuels

Transportation

ApHouse- House- parel
hold
furoperanish
tion
ings

Medical
care

Personal
care

Read- Other
ing
goods
and
and
recrea- servtion
ices

1929
1933
1941
1945

59.7
45 1
51.3
62.7

55.6
35.3
44.2
58.4

6K4
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

M.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—Nov
Dec

104.6
104.5

101.9
102.0

104.2
104.4

104.9
105.0

107.8
107.8

102.1
102.8

99.3
99.2

106.4
106.4

103.7
103.5

106.8
106.0

112.4
112.5

104.8
105.2

108.1
108.2

105.0
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

102.5
103.1
103.2
103.4
103.2
103.5
103.8
103.8
104.8
104.3
104.1

104.4
104 6
104.6
104.6
104.7
104.8
104 8
104.8
104.9
105.0
105.1

105.1
105.2
105.3
105.4
105.5
105.6
105.7
105.8
105.9
106.1
106.2

107.8
107.9
107.9
107.8
107.7
107.7
108.0
108.0
108.0
108.0
108.1

103.9
104.0
103.6
102.4
100.1
99.4
99.7
100.1
101.3
102.4
103.6

98.7
99.3
99.5
99.3
99.0
99.1
99.0
98.5
98.7
98.8
98.7

106.5
106.9
107.1
107.1
107.4
107.4
107.5
107.4
107.6
107.6
107.8

101.8
102.0
102.7
102.7
102.7
102.8
102.9
102.5
104.6
104.9
104.3

106.0
106.0
105.9
107.2
107.3
107.3
106.8
107.4
107.8
108.1
108.3

112.6
113.0
113.6
113.9
114.1
114.4
114.6
114.6
114.7
114.9
115.0

105.6
105.8
105.9
106.3
106.4
106.1
106.8
106.8
106.8
106.9
107.1

108.5
109.1
109.2
109.4
109.5
109.2
110.0
110.3
110.0
109.5
110.1

104.9
105.0
105.1
105.1
105.1
105.2
105.6
105.5
105.6
105.6
105.6

July
Sept
Oct
Nov

NOTE.—Bureau of Labor Statistics index for city wage-earner and
clerical-worker families.

WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period

All
com- Farm Processed
modi- prod- foods
ucts
ties
Total

92.7 105.9
92.9 104.4

97.0
97.6

90.1 102.8
90.4 100.6

1953
1954
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

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

100.0
100.4
100.8
100.7
100.7
100.4
100.2
100.0
100.4
100.5
101.
'100.6
100.

Tex- Hides, Fuel, Chem- Rubtiles, etc.
icals, ber,
etc.
etc.
etc.
etc.

95.9
94.6

96.1
97.3

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
95.6 noo.2
95.9 100.9
97.9 101.8
98.2 101.7
98.4 101.4
96.9 100.0
96.2 99.5
95.3 99.8
96.5 100.8
97.6 101.5
100.6 103.3
98.7 101.5
99.3 101.3

100.7 100.2 108.6 99.8
100.9 100.3 108.2 100.6
101.0
100.8
100.8
100.9
100.9
100.7
100.8
100.6
100.8
100.7
100.7

86.3
87.6

99.4
97.6

83.6
84.3

82.2
83.2

92.9
93.9

86.9
88.8

89.8 105.4
93.8 110.5

100.7 89.5 94.5 96.9 99.2 102.3 91.1 90,0 85.8 94.3 91.3 94.6 99.1
100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1
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

100.3
100.4
100.5
100.5
100.7
100.8
100.9
100.8
100.6
100.5
100.5

See next page for composition of other commodities.




94.
89.9

NonLum- Paper'
Ma- Furni- meMisTober,
Metals chin- ture, tallic bacco cellaetc.
minery
neous
etc.
etc.
erals

108.2
107.7
107.4
106.9
107.2
108.0
107.5
107.0
107.5
r
107.4
107.3

101.0
100.4
98.9
100.2
99.7
99.6
100.0
99.5
100.8
100.8
100.8

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

98.1
98.1

95.5
94.5

94.8
94.6

98.4
98.1
98.0
97.9
97.7
97.6
97.2
97.0
96.9
r
97.1
97.0

94.3
93.3
93.8
92.9
93.2
93.0
92.7
92.7
92.8
r
93.1
94.

94.7
95.2
96.2
96.8
97.
97.3
97.5
97.4
97.0
96.6
96.3

99.2 100.4 102.2
99.6 100.6 102.3
99.9
99.9
101.0
101.3
100.8
100.5
100.0
99.7
99.5
99.3
99.1

100.7
100.6
100.4
100.3
100.2
99.8
99.7
99.8
99.7
99.4
99.4

102.3
102.3
102.3
102.3
102.3
102.2
102.3
102.3
102.3
r
102.2
102.

99.5 101.9 103.8 105.1
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
98.5
98.5

101.9
102.1
102.2
102.4
102
101
101
101.6
101.5
101.6
101.6

103.8
103.8
104.0
104.0
105.1
104.1
104.0
104.2
104.2
r
104.5
104.5

106.7
105.6
105.6
106.0
106.0
105.4
107.6
107.2
109.1
108.7
109.8

79

PRICES

JANUARY 1963
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1962

1961

Nov.

Sept.

Oct.

Nov.

95.0
93.8
102.0
89.7
100.2
100.1

93.6
96.4
102.4
94.0
100.0
97.1

91.3
96.1
102.3
94.0
100.0
'96.3

89.4
96.0
102.3
94.0
99.7
96.6

100.1
100.2
102.0
104.2
104.3
94.0
98.5

99.0
98.9
103.7
103.7
97.8
92.6
98.2

98.7
'97.9
103.7
103.7
98.1
'92.7
98.2

98.4
98.3
103.7
103.8
98.4
92.7
98.1

103.1

103.9

103.8

103.8

107.8
107.6
107.7

109.4
107.7
109.3

109.6
108.0
109.3

110.4
108.0
109.3

102.5
102.9

103.6
103.6

103.7
103.6

103.7
103.6

100.7
99.5
100.4

102.0
98.1
100.9

102.2
'98.0
100.4

102.5
97.6
100.4

100.5

100.5

100.5

100.5

103.5
102.1
99.5
95.1
93.8
102.7

103.9
102.5
96.7
93.2
90.7
103.1

104.0
102.5
96.8
'93.0
90.7
102.9

104.1
102.5
96.8
92.9
90.7
102.9

96.2
102.3
102.5
103.3
105.0
102.8
102.0

96.6
103.3
102.8
103.6
105.0
89.4
101.5

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

Tobacco products
Alcoholic beverages
Nonalcoholic beverages

102.0
100.6
116.2

102.0
101.1
117.1

102.2
101.5
117.4

102.2
101.5
117.4

Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment...
Other miscellaneous products

101.6
106.2
98.8
104.2
101.8

101.1
113.7
98.7
104.4
101.2

101.2
112.8
98.7
104.4
101.6

101.2
114.8
98.7
104.4
101.6

Nov.

Sept.

Oct.

Nov.

98.8
89.4
98.1
105.9
107.0
103.5
93.0

94.9
98.6
104.4
97.4
101.6
110.7
99.8
90.8

97.5
98.5
98.6
97.5
102.5
103.1
103.1
89.7

96.3
99.5
98.3
97.6
102.5
112.4
106.9
90.1

106.1
93.6
109.6

107.8
106.8
106.0

107.7
100.0
107.7

107.9
100.1
108.0

100.5
99.9
82.6
86.2
95.0
118.9
103.4
103.4

96.6
102.1
82.4
91.4
76.7
84.6
92.6
102.8

96.4
103.0
80.2
'95.2
'80.9
86.2
90.9
104.6

101.7
97.7
93.1
114.2
101.2
122.8

101.3
99.4
94.0
125.2
101.6
121.6

101.0
99.6
93.6
129.5
101.7
121.9

96.3
102.5
80.2
92.4
79.9
88.7 Machinery and Motive Products:
91.8
101.1
Agricultural machinery and e q u i p . . . .
Construction machinery and equip.. .
Metalworking machinery and equip...
General purpose machinery and
equipment
100.7
Miscellaneous machinery
100.1
Special industry machinery and equip93.6
ment (Jan. 1961 = 100)..,
130.3
101.7
Electrical machinery and equip
128.2
Motor vehicles
Transportation equip., RR. rolling
stock (Jan. 1961= 100)

117.4
110.7
108.5
104.3

110.8
106.6
108.8
104.0

108.8
106.5
108.6
104.8

98.3
103.6
119.3
102.6
98.2
97.2

96.6
103.6
120.1
102.8
98.2
99.2

'97.2
103.6
122.7
102.7
'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
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

97.3
103.6
97.3
97.3
76.4
103.7
104.7
99.0

95.9
103.8
94.5
95.0
72.3
103.9
98.6
99.5

96.1
103.8
93.9
r
95.1
76.7
103.4
99.0
99.5

Crude rubber
Tires and tubes
Miscellaneous rubber products

94.6
92.0
99.4

92.0
86.4
99.4

'92.7
86.4
100.0

93.8
101.1
93.2

97.2
102.3
92.2

96.7
102.3
91.9

NOTE.—Bureau of Labor Statistics Index.

Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products

92.8
88.7
100.0 Miscellaneous Products:

Lumber and Wood Products:
Lumber
Millwork
Plywood

Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard.
Building paper and board

107.1
Furniture and Other Household Dura106.8
bles:
108.6
105.0
Household furniture
Commercial furniture
Floor coverings
Household appliances
97.7
Television, radios, and phonographs..
103.6
Other household durable goods
122.7
102.7
98.1 Nonmetallic Mineral Products:
98.6
Flat glass
Concrete ingredients
Concrete products
95.9
Structural clay products
103.8
Gypsum products
94.0
Prepared asphalt roofing
95.1
Other nonmetallic minerals
76.1
103.0
99.2 Tobacco Products and Bottled Beverages:
99.5

Rubber and Products:




1962

1961
Group

Group

96.3
102.3
91.5

NATIONAL PRODUCT AND INCOME

80

JANUARY 1963

GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1962

1961
Item

1929

1933

1941

1950

1957

1958

1959

1960

1961

in
104.4
79.0
9.2
37.7
32.1

Durable goods
Services

IV

I

II

III

56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 522.3 538.6 545.0 552.0 555.3
81.9 195.0 285.2 293.2 313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2
9.7 30.4 40.4 37.3 43.6 44.8 43.7 44.0 46.6 46.3 47.2 47.1
43.2 99.8 137.7 141.6 147.1 151.8 155.2 156.2 157.2 159.9 161.3 163.0
29.0 64.9 107.1 114.3 122.8 131.9 139.1 139.9 142.3 144.1 146.3 148.1

46.4
3.5
22.3
20.7

Nonfarm only

Imports
Government purchases of goods and services..
Federal
-.
National defense
)
Other
State and local
Gross national product in constant (1954)
dollars

18 1
6.6
3.5
3.1
6.9
4.5
4.0

50.0
24.2
14.1
10.1
18.9
6.8
6.0

66.1 56.6
36.1 35.5
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 0
.8 - 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

72.4
42.6
21.9
20.7
25.8
4.0
3.8

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

.2
2.4
2.3

1.1
6.0
4.8

.6
13.1
12.5

4.9
26.2
21.3

1.2
22.7
21.5

-.8
22.9
23.6

2.9
26.4
23.5

4.0
27.3
23.3

2.8
26.9
24.1

3.8
28.3
24.5

3.7
28.2
24.5

3.7
29.0
25.3

2.5
28.3
25.8

8.5
1.3
1.3

8.0
2.0
j
2.0 1

24.8
16.9

7.2

Other
Producers' durable equipment

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
.8
7.0
6.3

New constTUction

6.0

39.0
19.3
14.3
5.2
.1
19.7

86.5
49.7
44.4
5.7
.4
36.8

93.5
52.6
44.8
8.3
.5
40.8

97.2
53.6
46.2
7.9
.5
43.6

99.7 107.4 106.9 112.1 115.2 116.0 118.2
53.2 57.0
59.5 61.9 62.1
52.7
56.5
45.7 49.0 48.4 50.8 53.0 53.2 54.0
8.7
8.7
9.5
8.1
9.2
9.6
9.6
6
6
.6
.6
.6
.6
.8
46.5 50.4 50.4 52.6 53.3 54.0 55.5

13.8

3.2

7.8

181.8 126.6 238.1 318.1 408.6 401.3 428.6 440.2 447.9 450.4 463.4 467.4 470.8 471.6

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)
1962

1961
Item

1929

1933

1941

1950

1957

1958

1959

1960

1961
III

IV

I

II

III

87.8

Proprietors* income
Farm

Corporate profits and inventory valuation

Profits tax liability
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

4.6

4.9

62.1 146.4 238.5 239.8 258.5 271.3 278.8 281.0 286.1 289.9 295.9 297.8
51.9 124.1 198.4 196.6 213.1 222.9 227.0 228.8 232.5 235.0 240.1 241.4
1.9
5.0
9.6
9.8
9.9
9.9 10.2 10.0 10.8 11 2 11.2 10.9
8.3
17.3 30.5 33.5 35.4 38.5 41.6 42.2 42.8 43.7 44.6 45.5

.5

2.7

7.8

17.0

17.3

20.1

22.4

23.4

23.5

23.8

25.2

25.8

25.9

.1
.6

.1
.4

2.0
.7

4.0
3.8

7.8
9.1

8.0
9.4

9.7
10.4

11.4
11.0

12.0
11.4

12.1
11.4

12.2
11.6

13.3
12.0

13.4
12.3

13.5
12.4

14.8

5.6

17.4

37.5

44.5

46.1

46.5

46.2

47.8

48.1

49.5

49.1

49.5

49.7

8.8
6.0

3.2
2.4

10.9
6.5

23.5
14.0

32.7
11.8

32.5
13.5

35.1
11.4

34.2
12.0

34.8
13.1

35.1
13.1

36.0
13.6

36.2
12.9

36.8
12.8

37.0
12.8

5.4

Other labor income

64.8 154.2 255.5 257.1 278.5 293.7 302.2 304.5 309.9 315.2 321.7 323.8

29.0
23.9

.7
Employer contributions for social in-

29.5

50.4
45.5
Military
Government civilian

40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7 459.8

51.1

2.0

3.5

9.0

11.9

12.2

11.9

11.9

12.3

12.3

12.5

12.6

12.8

12.9

10.1 - 2 . 0

14.5

35.7

41.7

37.2

47.2

45.6

45.5

46.0

51.1

50.4

50.7

51.0

.2
.5
— .4
2.1
-2.4

17.0
7.6
9.4
4.5
4.9

40.6
17.9
22.8
9.2
13.6

43.2
20.9
22.3
12.6
9.7

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

46.3
22.6
23.7
14.9
8.7

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
19.3

51.1
24.9
26.1
15.8
10.3

.5 - 2 . 1

-2.5

-5.0

-1.5

-.3

-.3

.3

-.2

-.1

4.5

5.5

13.4

20.0

20.3

21.0

21.5

22.0

22.5

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.




3

-.5

.2

14.8

-

16.4

18.1

JANUARY 1963

81

NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1961
Item

1929

1933

1941

1950

1957

1958

1959

1960

III
Gross national product

,

104.4

Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

8.6

7.2

9.0

19.1

37.4

7.0
.6
.3

7.1
.7
.9

11.3
.5
.4

23.7
.8
-.7

38.2
1.8
-.6

.1

.2

1.0

Plus: Subsidies less current surplus of government enterprises
,

87.8

,

Less: Corporate profits and inventory valuation adjustment
,
Contributions for social insurance
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

,
,

43.2

45.3

1.1

1

.4

45.7

III

46.6

47.0

47.5

47.5

48.3 49.7 50.2 51.4 51.8
2.1
2.1
2.1 - 4 . 3
2.1
2.1
-3.1 -1.9 -1.4 -4.0
2.1

41.7
14.5

37.
14.8

47.
17.6

45.6
20.6

45.5
21.6

46.0
21.8

2.6
1.3
4.5

.9
1.0
5.8

2.0

1.8

1.8

1.8

14.3
4.8
9.2
.8

20.1
6.
12.6
1.8

24.5
6.
12.4
1.8

25.4
7.1
13.
2.1

27.3
7.8
14.4
2.1

31.3
7.3
15.0
2.1

31.6
7.2
14.9
2.1

51.1
22.1
31.6
7.2
15.5
2.1

50.4
23.6

50.7
23.9

51.0
24.0

31.9
7.3
15.8
2.1

32.0
7.4
15.8
2.1

32.3
7.5
15.8
2.1

96.3 228.5 351.4 360.3 383.9 400.8 416.4 419.4 427.3 432.0 439.5 442.6
3.3

20.8

42.6

42.3

46.8

51.4

52.8

53.0

54.6

56.4

57.7

58.5

2.0
1.3

2.6
1.3
1.4

18.
2.6

37.3
5.3

36.6

40.4
6.4

44.0
7.4

45.0
7.8

45.1
7.9

46.7
8.0

48.0
8.4

49.2
8.5

49.9
8.6

83.1

93.0 207.

Less: Personal consumption expenditures..

79.0

81.9 195.0 285.

4.2

Disposable personal income in constant (1954)
dollars

41.0

39.3 42.6 46.5 48.
2.
1.8
2.1 - 32.1
.1
-1.5 -3.0 -3.4

35.7
6.9

Federal
State and local
Equals: Disposable personal income

Equals: Personal saving

38.6

14.5
2.8

10.1 - 2
.2

85.8

Less: Personal tax and nontax payments.

II

40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7 459.8

.6

Equals: Personal income

IV

56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 522.3 538.6 545.0 552.0 555.3

-.1

Equals: National income

1962

1961

11.1

12.6

308.8

23.6

5.
317.9
293.
24.7

337.1 349.4 363.6 366.3 372.6 375.6 381.8 384.1
313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2
23.6

20.9

134.9 102.1 175.1 231.0 293.8 296.3 310.7 317.:

25.6

26.3

26.5

25.4

26.9

26.0

327.3 329.7 334.5 336.6 340.9 342.1

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

PERSONAL INCOME
(In billions of dollars)
1962

1961
Item

1960

1961
Nov.

Dec,

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.*

400.8 416.4 427.8 430.5 428.8 431.9 435.2 438.3 439.7 440.7 441.9 443.0 443.5 445.6 447.4

Total personal income

Wage and salary disbursements
271.3 278.8 286.4 288.3 287.4 290.3 292.2 295.3 296.0 296.9 297.8 298.1 298.0 298.5 299.4
Commodity-producing industries... 110.4 110.8 115.0 114.9 113.8 115.2 116.1 118.2 118.2 118.1 118.4 118.1 117.9 117.8 117.8
87.4 87.5 91.1 91.5 90 8 92.0 92.8 94.4 94.5 94.5 94.5 94.1 94.0 93.9 94.0
Distributive industries
71.8 72.9 73.5 74.5 74.4 75.0 75.4 75.8 76.1 76.2 76.4 76.6 16.1 76.9 76.8
Service industries
40.7 43.4 44.2 44.9 44.9 45.1 45.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47.1
48.4 51.8 53 7 54 0 54 4 55.0 55 4 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57.7
Government.
11.0

Business and professional
Farm

11.4

11 6

11.6

11.8

12.0

12.1

12.2

12.3

12.4

12.4

12.4

12.4

12.5

12.5

46.2
34.2
12.0

Other labor income

47.8
34.8
13.1

49.9
36.1
13.8

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
37.0
12.5

49.9
37.0
12.9

50.3
37.1
13.2

50.5
37.2
13.3
12.9

Rental income

11 9

12.3

12 5

12 5

12 6

12 6

12.7

12.7

12.8

12.8

12.8

12 9

12.9

12.9

Dividends

14 4

15 0

15 4

15 9

15 6

15 8

15 9

15.8

15.8

15 8

15.7

15 7

16.0

16.1

16.2

Personal interest income .

25 8

27 4

28 1

28 4

28 6

28 8

29 0

29 2

29.4

29 6

29 8

30 0

30.2

30.4

30.6

29.4

33.4

33.8

34.0

33.9

33.8

34.5

34.2

34.2

34.1

34.2

34.5

34.5

35.5

35.8

9.2

9.7

9.9

9.9

10.3

10.4

10.4

10.5

10.5

10.5

10.5

10.5

10.4

10.5

10.5

Transfer payments
Less:

Personal

contributions

for

384.7 399.1 409.5 412.7 411.6 414.8 418.0 421.2 422.6 423.5 424.8 425.9 426.4 428.2 430.0
Agricultural income

16.1

17.3

18.3

17.8

17.2

NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.




17.1

17.2

17.1

17.1

17.2

17.1

17.1

17.1

17.4

17.5

00

to
1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR THIRD QUARTER, 1962—SEASONALLY ADJUSTED
(Annual rates in billions of dollars)

Transaction
category

B
C

Capital consumption
Net savins (A B^

Nonfinancial business sectors

Consumer
and nonprofit
sector

Sector

S

U

Farm
U

S

S

U

8.9
8.9

u

S

U

_

Commercial
banking
U

S

-4.1

38.1
28.5
97

Financial sectors

State
and local

U.S.

Corporate

s

U

4.1
4.1

82.3
48 4
33.9

• . . •.

Noncorporate

Government sectors

Savings
institutions

S

-5.7

s

U

Insurance

s

U

S

-.2

1.0

1.6

U

All
sectors

Rest-ofworld
sector

Finance
n.e.c.

U

U

S
-1.2

—1.1

Dis- Natl.
crep- saving
ancy and
investment

S
123.7

U
.2 124.9

A
B
C

125.9

123.4

D

123.5
47.1
24 3
51 2
10

123.5
47.1

-.1

D Gross investment (E+J)

81.2

4.1

8.9

28.2

E Private capital expenditures
(net of sales)
F
Consumer durable g o o d s . . . .
G Nonfarm resident, constr
H Plant and equipment
I
Chance in inventories

67.8
47.1
16.8
4.0

4.9

14.2

35.8

.4

.4

" Y9

3.8
10.5
-.1

3.8
30.9
1.1

4

4

J Net financial invest. ( K - L )

13.4

-5.3

-7.6

-.1

-.8

.5

1.9

1.4

.3

.1

2.5

K Net acquis. of finan. assets
L Net increase in liab
.

36.2

.2

10.7

-.3

5.2

11.1

16.1

11.7

5.8

1.9

98.5

4

j

.

M

Dem deo and currency
Time and svss accounts
At commercial banks
At savinss institutions

21 7
8.8
13 0

R
S

Saving through life ins
Saving through pen funds .

T
U

Credit market instr
U S Govt securities

"5.5

28

O
P
O

"22^7

.9

6.0

Gold, off. U.S. foreign exch.

N

-.8

-.8

W
X
Y

c
d
e
f

.4
.4

Security credit
. . . . . . . . . -1.3
Trade credit
Proprietors' net invest, in
— 6
.1
1.0

16
.2

.1

5.3

.7
-3 1

"Y.4 : : : : : :
_ 2

15.1

2.0

2.7
5
.2
1.5

"2.9
1.0
.3
5.4

-.2
.4

.2
2

31
l'.8

2.5

2.4

1.9

-2.0

.4

.3

8.4

3.2

.4

.4

1.4

-.1

A

2.8

.5
.1

*

3.2

15.2
4
— 1
.4
*

1.2

10.4
31
10

2.9
1 8
1 6
62
.1 - 2 . 1

.1

1.2

"2.9

2.3

9.9

-4.0

.1

16

-5.0

.7

6

— 3

-1.0

-2.0

1.1
1 l

.3
1.3

*
.1

1.8
2.3 '"--'.2

J

.1
—5

4.9
8 5

R

48.3 48.3
—2 4 —2 4
32
32
.4
3.6
3.6
2.3
2.3
*
15.6 15.6
9.3
9.3
4.5
4.5
*
6.2
6.2
6.1
6.1
-.7

T
U
y
W
X
Y

d
e

-.8

.2
-1.2

-.5
13

M
N
O
P
Q

s

3

10

-.6

2

K
L

2.6
8 8

5.7

7

" Yo

I

4.9
8 5
4.2
10
_ 2
-.4
-.6
.8

11.3
3
1 1
3.1
2.6
1.5
17

F
Q
JJ

22 6
9.6
13.0

-.1

48
49
11.1
-3 1

2

E

-.6
18
22 6
9.6
13.0

— 1

.1

NOTE.—Saving and investment concepts are described in notes to Table 2 and the Aug. 1959 BULL.,
pp. 831-43. Descriptions of sectors and of transaction categories are given in "Technical Notes," Aug.
1959 BULL., pp. 846-59. Seasonal adjustment procedures are described in Nov. 1962 BULL., p. 1399ff.




3.3

'i'.s

1.8 -A
—1 1

13 0

2.6

-4.4
-2 4

.3

—1 1

.9

h.i

i3 0

.2

.3
2.3 : : : : : .

U.I

9 6
9.6

1
1.0

—1 9
Corp. and foreign bonds... - 1 . 0
1
Corporate stock .
..
15.0
1- to 4-family mortgages...
22
4.5
6
.6
Other loans

h Sector discrepancies (A—D). . .

1.3

4.9
85
1.5

1.8

-2 4
2.2

-.1
-.1

.6
.6

5

1<K6

-3.0

-.4

— 1 21.0

1.9

2.5

-.6
2.2
2.3

b
c

2.6
40 -48 ••

f
g

— .6
4.9 '"2.7
2.3

1.4

h

G
>

83

FLOW OF FUNDS/SAVING

JANUARY 1963

2. SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)

Transaction category,
or sector
I.

1960
1957

1958

1959

1960

1961

1962

1961
III

IV

I

II

III

IV

I

II

III

Saving and investment

116.4 119.3 126.1 127.6 129.3 124.9 A
77.3 77.3 81.8 83.0 79.8 82.3 B
12.7 12.8 13.0 13.6 13.0 13.0 C
34.2 36.2 41.2 40.6 40.2 38.1 D

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
68.6 68.1 73.9 72.4 76.9 72.2 71.9 71.3
12.0 11.9 12.4 12.7 12.7 12.6 12.7 12.6
26.3 25.0 35.6 31.5 35.(
29.3 28.8 28.2
3.7 — 8.0 - 4 . 5
4.3
4.6
1 7 —5 0
- 3 . 7 - 5 . 0 - 4 . 0 - 3 . 4 - 4 . 5 -3.6 - 4 . 2 - 4 . 3
2.6
2.1
2.1
2.9
2.1
3.4 4.0
3.1

-4.1
-5.7
1.3

E
F
G

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
4.1
1.6 - 2 . 0
6.6
2.1
2.1
1.0
6.0
2.1 -1.1 - 3 . 6
4.0
4.0
6.7

H
I
J

K
L
M
N

Gross pvt. fixed investment
Consumer and nonprofit
Nonfin. business
Financial sectors

P

Discrepancy (A —H)

A
B
C

Net funds raised—Nonfin. sectors..
Loans and short-term securities
Long-term securities and mtgs

D
E

By sector
U.S. Government
Short-term securities

G
H

Foreign borrowers
Loans

J
K

Pvt. domestic nonfin. sectors
Loans

II.

M

58.6
18.1
39.8

68.3
21.7
45.8
.8

67.1
20.1
46.2
.8

68.1
22.0
45.2
.8

17
c

4 3
-1.3

66.2
22.1
43.2
.8

.7
2.5

1 8
2.2

2.6

52.7
19.2
33.5

36.2
7.8
28.4

46.3
19.3
27.0

31.9
20.4
11.4

67.5
21.6
45.0
.8

63.7
20.3
42.5
.8

65.5
19.5
45.2
.8

68.5
19.3
48.4
.8

70.8
21.2
48.8
.8

69.2
21.9
46.5
.8

22

3 4
1.7

2 3
.6

11
1.5

26

5.0

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

2.3

2.9

"
c

73.5
20.3
52.4
.8
1 7

75.5 K
20.7 L
53.9 M
.8 N
1
1.4

O
P

63.9 41.5
20.9 - 7 . 1
43.0 48.5

A
B
C

2.8

Financial flows—Summary

Bank

N
O
P
Q
R
S

64.6
18.1
45.7
.8

—6 6 —4 3 —5 2 —5 9
-3.9 -4.3 -5.7 -4.8
c
1.7
1.1
2.8

loans

nee

Other loans
Securities and mortgages
State and local oblig
Corporate securities
1- to 4-family mortgages
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..
Y
Sources n e e
.

32.5
12.8
19.7
—13
5 5
6 4
1.4
9
32.4
6.8
26
2.3
1.9
25.6
4 6
8.8
8.6
3.5
32.5

42.8
3.3
39.5
86
1 2
9 5
2.3
1 1
31.9
3.1
1.8
1.1
28.8
5 5
8.0
10.1
5.2

34.0
33'.7

87
27
2 2
7 4
2 4
4 7 15.0
9 3 15 3
11.3 12.2 - 1 0 . 8 22.0 16.6 - 4 . 6
5 5 -5.1
11.4 22.1
3.8
2.4 - 4 . 2 -16.0
8.2 - 2 2 . 2 - 7 . 1 20.9 - 8 . 2 - 7 . 9
1.7
A
2.0
2.7
2.8
3.1
4.8
3.1
3.7
11
1 4
2 6 — 10
2 4
3 7
1.9
2 4
32
8
1 1
43.1 36.3 36.2 32.8 33.3 26.7 35.3 37.4 45.1 42.7
14.1 11.0
5.8
6.0
7.6 12.2
8.4
1.7
1.7
8.8
4.1
6 1
13
4 4
1.0
3.1
2.4
3 3
7.3
3.3
5.6
— .1
1.7
2.3
2.4
2.9
9
1*1
24
2.4
4 9
3.7
3 6
2.9
19
2.2
29.1 25.3 30.4 26.8 24.9 25.1 33.5 30.0 32.9 33.9
5 1
6.7
3.9
5.6
4 7
4 9
4 3
3 7
3 7
7.7
5.4
6.2
4.7
12.3
5.4
7.0
6.0
5.0
4.7
5.9
13.2 10.4 12.1 10.5 10.0 10.2 11.8 12.4 14.2 13.5
7.3
5.5
5.8
6.1
5.2
8.0
5.8
5.4
6.0
5.5

42.8
1
1.7
3.1
7.8
4.8

52.7

Z
AA
AB
AC
AD
AE
AF
AG

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
- . 4 -2.8

AH
AI

Other securities and mtgs
Less security debt

46.3
1
2.8
2.5
8.7
5.1

31.9
1 4
1.7
3.8
9.0
3.7

30.0
23.3
10.8

2.4
-.1
7.0
3.2

8.8
— 4

8.3
9

36.2
8
2.4
3.2
8.2
6.8

34.0
1 4
2.6
5.9
7.5
6.1

56.0
55
5.1
3.8
9.2
13.4

54.7
2 4
4.8
4.1
10.2
4.1

34.8
26.8
25.8
37
22.2
10.9
11.3
.9

19.1
19.0
19.3
2.2
17.1
6.5
10.6

34.0 39.4
31.5 27.3
26.8 24.8
8.8 - 1 0 5
18.0 35.3
5.7
23.0
12.4 12.3
A.I
2.6

5.6
1

11.0
30

.6
6

30.0
5 4
1.8
2.8
7.7
2.1

44.3
27

14.8 27.2 12.2 13.2 20.9
23.2
9.2
7.8
15.4
1.1
13.6 24.1 20.3 20.9 24.3
1 l
39
1 1
2.2
—1 3
10.5 14.9 20.1 18.2 19.8 23.2
8.8
8.2
2.1
5.3
9.1
12.1
11.4 10.0 10.8 11.2
8.4
9.6
9 -12.5 - 1 1 . 7 - 8 . 9
12.5 - 5 . 9

3.8
3.6
8.8
5.8

7.0

6.8
— 3

5.3

5.3
9

3.7
— 3

7.5
.7

0

3.9
1 4

61.5
36
3.3
3.5
8.6
3.0

7.6 - 4 . 4 D
4.1 -18.6 E
3.6 16.1 F
1.5 - . 3 G
-.7
A

H
I

54'.8 46.2 J
16.6 14.3 K
4.5 L
6.7
4.4 M
5.3
4 6 5 3 N

38.2
6.1
7.0
16.0
9.1

31.9

63.9
6 4

41.5 T
4 3 U
2.0 V
1.7 W
9.8 X
7.3 Y

AA
2.0
9.7
2.9

3.2
3.9
15.6
9.3

O

P
Q
R
S

38.4 24.9 Z
32.2 26.0 AA
26.5 28.1 AB
6
5.4 AC
25.9 22.7 AD
13.7
9.8 AE
12.2 13.0 AF
5.7 - 2 . 1 AG

11.7 2.4
— 4 -3.8

1.7 AH
2.8 AI

III. Financial institutions
A
B
C
D

Net funds advanced—Total
U S Govt securities
Other securities and mtgs
Loans

E
F
G

By sector
Banking system
Savings institutions
Insurance and pension funds

I
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
-.8
17.6
5.5

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
8.1
17.7

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

12.0
11.4
10.1
-.8

4.3
7.2
8.4
2 3

17.0
9.3
9.0
1 9

5.5
10.6
10.1
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

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

22.3
2.6
11.5
-.8
5.4
6.9
2.7
4.4
2.2
1.2
.6

37.2
2.1
22.6
5.8
7.9
8.9
3.3
4.4
.5
1.6
.1
-1.2
.6
3.7

30.8
2.1
10.6
1.1
1.1
8.4
3.6
5.2
5.9
1.8
1.0
2.9

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
.8
.8
.9
1.9

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
2.8
4.0
3.1
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
2.6
3.4
1.5
1.3
\.6
1.3
1.9
.9
2
.1 -2.5
1.2 -1.3
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
1.1
.9
27.5 31.4
8.3 - 3 . 6
6.3 22.7
12.9 12.3
4.7
3.9
4.0
6.3
4.2
6.1
3.3
2.7
*
.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
1.1
3.1

I
J
K
L
M
N
O
P
Q
R
S
T
U
V

-l."2

3.3

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 p. 85.




84

FLOW OF FUNDS/SAVING

JANUARY 1963

3. PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
1960
Transaction category,
or sector

1957

1958

1959

1960

1961

1962

1961
III

IV

5.6
.1
5.5
4.8
.3
4.1
1.4
.9
.6
1.2
.4
2
!

4.1
1.4
2.8
3.9
1.7
2.2
1.7
-1.6
1.4
.6
*
-.3
.6

.7
-1.4
2.1
.8
-1.5
1.5
2.2
-1.6
.7
.2
.8
.1
-.2

-2.0
-5.4
3.4
-1.9
-5.7
2.9
5.0
-2.8
-.7
1.4
.9
.3

6.5
2.7
3.8
4.5
1.0
4.4
1.6

c

20.9
9.4
1.3
.9
.6

19.4
9.4
1.6
2.1
1.2
4.4

20.6
9.7
2.0
2.1
.3
5.0

22.9
11.7
5.6
.9
-.3

10.0

10.9

14.4

15.8

III

IV

III

I. Demand deposits and currency
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
II.

.2
-1.0
.7
.2
.3
-.9
.7
.3
.3
.2
*
-1.5

5.8
.1
5.6
6.3
.1
6.1
2.5
2.7
.3
.7
-.5

.6
.5
.3
.7
-.5
1.0
-2.2
.5
.1
.1
-.1
.9

9.5
1.
-.4
-.5
-.9
3.0

15.2
5.8
.8
1.3

5.2

16.8
7.9
.9
.7
.9
5.3

6.9

8.9

8.4

9.5

11.3

12.8

.2
.9
-.6
.3
-1.7
.2
.5
-.2

-3.6
3.6
-7 2
2
3.5
-5.6
2.7
-6.4
-3.3
1.4
2.0
.1
-3.6

6.3
6.4
-.1
4.4
6.0
-.7
1.7
-4.4
1.7
.2
-.9
.4
1.5

23.4
11.9
1.2
.8
.7

18.4
7.8
.8
.9
1.3

19.2
6.3
-2.4
.9
.6

35.0
22.7
4.8
2.1
-.5
16.0

26.2
13.8
2.6
.3
.2
10.8

22.6
9.6
.6
.4
-.1

A
B
C
D
E
F

i

\'.9
'g
l.l

Time and savings accounts

Net increase-^-Total
At commercial banks—Total.
Corporate business
State and local govts
Foreign depositors
Consumer and nonprofit. . .
At savings institutions
Memo—Consumer and nonprofit
organ.—Total
III.

12.3
5.4
.3

12.0

14.0

3l

6.6
11.5
18.0

5.5
11.2
16.7

4.8
11.5
20.1

7.2

10.6

12.9

12.3

12.4

13.0

G

28.3

23.0

21.7

H

15.4

19.6

9.5
16.6
-7.1

16.2
-4.6
20.9

3.3
11.4
-8.2

14.3
22.1
-7.9

7.8 - 2 . 4
4.1 - 1 8 . 6
3.6
16.1

A
B
C

9.5
.9
-4.1
.5
-4.6
4.1
1.0
9.3
10.7
.2
10.5
-.2
-1.2

3.3
4.7
6.3
1.2
5.2
-1.0
-.6
-1.9
-2.3
2.0
-4.3
1.2
.6
-1.3
.4

14.3
2.6
-1.0
-./
-.8
1.3
2.2
11.0
8.6
5.5
3.1
1.7
.7
*
.7

7.8
5.7
2.8

-.7

16.2
-.3
5.1
.8
4.4
-5.1
-.3
15.5
13.9
1.5
12.4
-.1
-.3
. 1.9
1.0

D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R

U. S. Govt. Securities

A
B
C

Total net issues
Short-term direct.
Other

-.9
5.5
-6.4

8.2
-1.2
9.5

9.3
5.5
3.8

-2.7
-5.1
2.4

D
E
F
G
H
I
J
K

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 system
Monetary authorities
Commercial banks
Savings institutions
Insurance and pension funds.
Finance n.e.c
Rest of the world

-1.1
-.4
-.9
-2.2
1.3

8.3
-2.8
-2.2
-.7
-1.
2
-'A
11.0
10.1
2.2
7.9
.4
.3
.2

9.3
12.5
6.3
-2.0
8.3
4.4
1.8
-6.2
-7.1
.3
-7.4
.6
.2
3.0

-2.6
-5.9
-3.1
- .4
-2.7
-3.0
.3
2.8
2.7
.7
2.0
-.4
-.4
1.0
.4

M
N
O
P
Q
R

8.3
-2.4
10.7
5.3
-3.0
7.2
-2.4
6.0
2.6
.9
1.0
.5
2.5

1.3
-4.3
5.5
1.8
-3.0
5.8
2.8
-.4
2.2
1.2
-l.l
-1.3

.3

9.6
5.5
4.1
11.3
8.9
1.9
1.5
.6
- 1 . .7
1.5
.4
-3.4
1

7.2 - 3 . 8 - 2 . 7
-.2
11.3
12.2 - 1 0 . 8
22.0
-4.2 -16.0
8.2 - 2 2 . 2
7.2 - 3 . 8 - 2 . 6
- . 9 -12.5 -11.7
-.2 -3.3 -7.8
.7
-.2
.5
-3.1
-.8
-8.4
-.9 -7.4 -3.3
.2 - 1 . 8
-.6
7.8
9.4
8.4
7.4
8.6
8.3
1.5
1.2
-.7
7.4
5.9
9.0
.5 - 1 . 1
.3
Q
-.1
*
-.1
.6
2.0
.3
.7
-.7

-.2
-8.9
-8.0
.3
-8.2
-1.6
.6
8.2
7.
2.2
4.9
1.2
.7

2.6
.8
2.
-.2
.8
.3
.6
-1.0
*

-2.4
-2.1
.5
.4
.1
-3.1
.5
-1.4
-3.1

2.3

~2.8
A
.3
1.0
1.1

15.5
6.1
7.0
1.2
1.2

7.8
3.2
3.9
.3
.4

15.5
-2.0
1.9
.6
6.0
7.2
2.6
2.1
.6
2.7
2.

7.8
2.8
1.7
.5
3.7
6.9
2.5
-.6
-1.6
-.4
1.3

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
.1
1.3

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

10.5
4.3
5.0
.9

18.4
3.9
12.3
1.3
.9

12.5
5.6
6.0
.2
.7

13.4
6.7
4.7
l'.

12.9
7.7
4.7

F
G
H

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
-.2
.2
-.3
.9
1.2
.2

14.9
3.8
1.5
.5
2.4
6.5
-.5
-.1
-.4
1.1
1.6

11.8
3.0
1.3
.7
.2
7.0
-.5
.1
-.7
1.2
1.8
.4

11.2
2.3
1.5
.3
.4
7.0
-.5
*
-.5
1.0
1.5
.3

13.7
1.5
1.6
.4
2.7
7.7

12.0
.4
1.5
.1
2.2
7
.2
.2
-.5
.8
1.3

10.5
.3
1.5
.2
2.8
6.0
-1.5
-.8
-.4
1.2
1.6
.4

18.4
7.0
1.6
.4
1.3
7.2
-.1

13.4
1.6
1.8
.7
3.1
8.7
-.8
-.2

-.1
1.5
1.5
.5

12.5
-2.
1.5
.5
3.7
9.0
1.0
1.9
-.8
1.2
2.0
.1

12.9
3.8

'.2
-.6
1.4
2.0
.3

13.2
1.9
1.5
.2
1.5
7.9
.4
.9
-.3
1.1
1.4
.1

l.*6
2.7
.3

.6
4.6
5.6
-4.2
-2.3
-1.3
2.0
3.3
.5

Total net borrowing.
1- to 4-family
Other

12.1
8.6
3.5

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

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

15.3
2.2
.3
2.
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

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
2.
2.0
2
!3
.4

1.2
1.4
.4
.5
.6
.5
-1.1

7.4
5.3
3.8
.9
.7
.2
1.6

2.8
2.8
2.6
*
.2
.1
-.3

3.1
2.0
1.6
.1
.3
.7
.1

-.3
-.2

5.1
1.5
*
.9
.5
.1
3.3

8.9
6.5
4.6
1.7
.2
1.3
.3

4.8
2.9
1.7
.7
.5
1.9
-.4

6.3
5.1

6.2
3.9
3.1
.9
2
*
1.8

V.
A
B
C

VI.

1.3

Mortgages

1.8
1.1
.3
9.5
2.6
-.3

.9
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 p. 85.




A

.5

-1

-1.3

2.4
2.2
1.9
.3
-.6

-1.4
.3
1.7
-1.9
.5
.3
-2.1

-.3
.8
-1.0

4.4
.7
.9

85

FLOW OF FUNDS/SAVING

JANUARY 1963
Notes to Tables 2 and 3.
I. Saving and investment. Derived statistically from Commerce Dept.
income and product accounts. Tables presenting the relation to those
accounts are available on request. Gross national saving (line A) is the
sum for domestic sectors of gross-saving entries in Table 4. It is before
deduction of capital consumption allowances. Govt. saving is net of
public outlays for capital goods as well as current operations. Gross
national investment (line H) is gross private domestic investment in
income-and-product accounts plus consumer durables plus net foreign
investment. Net foreign investment differs from corresponding incomeand-product series by amount of errors and omissions in balance-of-payments statement.
Relation of saving-investment discrepancy to flow-of-funds matrix is
described in Aug. 1959 BULL., p. 859.
II. Financial flows—summary. Structure of this table is described
in Nov. 1962 BULL., p. 1405. Total net funds raised (line A) consists of
borrowing through credit market instruments (line T of Matrix, Table 1)
by consumer and nonprofit, nonfinancial business, govt., and rest-ofworld sectors. Credit-market funds raised by all sectors consists of line A
plus financial-sector borrowing shown in line R of Sec. Ill below.
Short-term securities included in line B are those shown on line E for
U. S. Govt. U. S. Govt. "other" securities (line F) include savings
bonds. Total U. S. Govt. borrowing (line D) includes CCC-guaranteed
bank loans not shown separately.
Demand deposits are included here on bank-record basis, for both the
U. S. Govt. (line U) and private sectors (line AC), rather than as they
appear on the books of depositors and in Table III, Part I. Difference is

described in Aug. 1959 BULL., p. 852 ff. Foreign funds (line W) consists
of lines H through L in Table 4(1).
Sources n.e.c. (line Y) is mainly consumer credit advanced by nonfinancial business and financial sector net sources of funds other than
deposits and insurance and pension reserves. The series is net of financialsector discrepancies shown in Table 4 (G) and (H).
Private domestic nonfinancial sectors (line Z) is the sum of lines AA
through AH-AI. Private sectors consist of consumer and nonprofit,
nonfinancial business, and State and local govts. Line AI is borrowing
by consumers to carry securities less net free credit balances with security
brokers; the borrowing is secured by U. S. Govt. as well as private
securities.
Ill, Financial institutions.
An unconsolidated grouping for all
financial sectors; e.g., bank loans to finance companies are included both
as assets and as liabilities. Line R includes bank stock issues not shown
separately. "Other sources, net" reflects mainly (with negative sign)
financial sector account discrepancies but also net gold purchases and
plant and equipment spending.
For descriptions of transactions included in accounts see Aug. 1959
BULL., p. 851 ff. Consumer-held savings bonds and Postal Savings
System deposits are now included in U. S. Govt. securities rather than the
former group, fixed-value redeemable claims.
Total shown for issues of "other securities" excludes open-end investment co. shares; these are shown as a deduction on line P of Section IV,
offsetting net purchases of such shares included in the other lines (mainly
consumer) under "net purchases". Net purchases includes small amounts
for mutual savings banks not shown separately.

4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS
(In billions of dollars)
1960
Category

1957

1958

1959

1960

1961

1962

1961
III

IV

III

IV

III

(A) Consumer and nonprofit organization sector
Current receipts
Income receipts *2
Transfer receipts
Income taxes and other deductions,
Taxes less tax refunds 3
Pension and OASI deductions 4 ..
Cur. receipts after deduct. ( A - D ) .

331.6 339.4 362.7 379.8 394.8 381.0 382.5 383.9 392.9 397.2 405.2 411.5 418.0 420.8
308.4 311.7 333.4 348.2 359.1 350.4 349.6 349.5 356.3 361.5 369.0 373.6 380.8 383.5
23.3 27.7 29.3 31.6 35.7 30.6 32.9 34.4 36.5 35.7 36.2 38.0 37.2 37.3
45.9 45.5 58.5 56.2 57.7 56.2 55.6 55.7 57.3 58.0 59.7 61.4 66.0 63.8
39.1 38.5 42.5 46.8 47.8 46.7 46.2 46.1 47.5 48.1 49.6 50.8 55.4 53.2
9.8
9.9 10.1 10.5 10.7 10.7
9.6
9.5
9.4
9.9
9.4
8.1
6.8
7.0
285.7 293.9 312.2 323.7 337.1 324.8 326.8 328.2 335.6 339.2 345.4 350.2 352.0 357.0

H Cur. expend, for goods and serv. 5 ..
I
Net life insurance premiums6
J
Current surplus ( G - H - I )
K Insurance and retirement credits 7 ..
L Capital consumption 8
M Net saving ( J + K - L )
N Gross saving (L+M)

223.3 233.2 246.6 259.3 269.2 260.7 261.7 264.7 266.9 270.9 274.2 276.1 282.1 284.9
3.1
3.4
3.2
3.4
2.7
3.3
2.6
3.4
3.3
3.0
3.2
3.3
3.0
2.8
59.4 57.8 62.2 61.1 65.0 60.8 61.7 60.8 65.4 65.6 68.1 70.7 66.5 68.9
9.2 10.3 11.7 11.3 12.0 11.5 10.2 10.5 11.9 11.7 13.7 12.2 13.3 13.3
40.0 41.6 43.5 45.5 46.9 45.7 46.0 46.3 46.7 47.1 47.5 47.8 48.1 48.4
28.6 26.6 30.4 26.9 30.0 26.5 26.0 25.0 30.6 30.2 34.3 35.1 31.7 33.9
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

A
B
C
D
E
F
G

O

Gross investment (P-fT)

73.8

74.6

79.1

76.5

82.6

78.1

74.7

77.5

85.0

80.9

87.2

98.5

86.4

81.2

P
Q
R
S

Capital expend, (net of sales) .
Residential construction
Consumer durable goods
Plant and equipment (nonprofit).

58.5
15.6
40.4
2.5

55.4
15.3
37.3
2.7

65.7
19.2
43.6
2.9

66.5
18.4
44.8
3.2

63.8
16.7
43.7
3.4

66.5
18.6
44.5
3.5

65.6
18.1
44.0
3.5

61.1
17.2
40.8
3.1

63.1
16.4
43.5
3.1

63.2
15.6
44.0
3.7

67.8
17.6
46.6
3.6

68.2
18.6
46.3
3.3

67.5
16.8
47.2
3.5

67.8
16.8
47.1
4.0

T Net finan. investment
(JJ-AJ)
U
Net acquis. offinqn. assets 9.. . .
V
Demand deposits and currency
W
Savings accounts
X
At commercial banks
Y
At savings institutions

15.4
27.2
Q
12!o
5.2
6.8

19.5
31.4
2.5
14.0
5.3
8.7

13.5
33.8
1.0
11.3
3.0
8.4

10.0
26.2
.3
12.8
3.2
9.6

18.7
34.4
1.4
18.0
6.6
11.4

11.7
28.5
1.7
14.4
4.4
10.0

9.4
23.0
2.2
15.8
5.0
10.8

16.0
29.2
5.0
16.7
5.5
11.2

22.5
37.6
1.6
20.1
8.8
11.3

17.1 19.3
30.9 40.1
1.5 - 2 . 4
15.4 19.6
4.8
7.2
10.6 12.4

30.3
47.9
2.7
28.3
16.0
12.3

18.9
39.4
1.7
23.0
10.8
12.2

13.4
36.2
2.8
21.7
8.8
13.0

2.8
6.4

3.4
7.1

3.7
7.9

3.6
7.7

3.8
8.3

3.6
8.0

3.4
7.1

3.8
7.0

3.4
8.7

4.8
7.5

5.0
8.4

AA
AB
AC
AD
AE
AF
AG
AH
AI

17.5 20.5
16.9 20.0
17.7 22.5
14.2 15.3
6.7
3.1
.6
.5
- . 8 -2.6
.5
.6

22.7 AJ
21.7 AK
20.1 AL
15.0AM
4.5 AN
.6 AO
1.6 AP
1.0 AQ

AA
AB

Saving through life insurance.
Saving through pension funds.

AC
AD
AE
AF
AG
AH
AI

Cr. and equity mkt. instr * <. .
U. S. Govt. securities
State and local securities...
Corporate and foreign bonds
Corporate stock
Mortgages
Net invest, in noncorp. bus.. .

AJ
AK
AL
AM
AN
AO
AP
AQ

Net increase in liabilities
Consumers
Credit market instruments..
1-to 4-family mortgages..
Consumer credit
Other loans i 2
Security credit
Nonprofit organizations * 3 . ..

AR Discrepancy (N —O)
For notes see end of table.




6.1
3.8
-2.2
-.9
.9
2.2
.9
1.3
1.9
1.7
2.2
1.9
.1
.4

11.0
1.5
6.3 - 3 . 1
1.2
1.7
.9
.2
.3
1.0
2.3
1.7
-1.4

11.8
11.3
11.7
8.7
2.6
.4
-.4
.5

12.0
11.3
10.1
9.6
.1
.4
1.1
.7

20.3
19.7
19.7
13.1
6.1
.5

-5.2

-6.7

4.1
7.7

2.7
.5 - 5 . 7 - 5 . 4
3.6
3.9
5.1
- . 2 -3.3 -7.8 -8.0 -4.1
.4 - . 5
I -1.6
.3
1.5
.1
4.1 - 2 . 1
l!3
.5 - . 2
-.2
1.8
2.5
.7
.6 - 1 . 0
1.2
2.3
1.0
1.8
1.3
1.9
.5
.4 - 1 . 4
-.2
*

.6

16.2
15.8
16.0
10.8
4.4
.7
-.1
.4

15.7
15.1
13.8
11.9
1.3
.6
1.3
.6

16.8
16.2
15.1
11.0
3.3
.8
1.1
.6

13.6
13.2
13.3
10.4
2.4
.5
-.1
.4

13.2
12.9
11.4
10.4
.2
.8
1.5
.3

75.0
14.5
12.3
11.8
-.2
.7
2.2
.5

13.8
13.3
13.0
11.6
1.0
.3
.3
.5

-5.3

-4.1

-5.6

-6.0

-3.0

-5.7

-8.3

-3.0

•

4.0
9.7

8.5
7.3
6.3 - 1 . 0
2.7 - . 6
.1
2.5
-1.3
1.9
.6
4.5
.4 - 2 . 8
20.8
19.7
18.5
14.0
4.1
.4
1.2
1.0

- 5 . 3 -15.5

4.9
8.5
2.4
-.1
.5
2.8
-1.3 -1.9
2.8 - 1 . 0
.1
-3.4
2.2
1.6
-.6
-2.7

-6.6

O

1.0 AR

86

JANUARY 1963

FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)

1961

1960
Category

1957

1959

1958

1960

1962

1961
IV

III

I

II

III

IV

I

II

III

10.9
10.9

10.3
10.3

10.1
10.1

10.2
10.2

(B) Farm business sector

A
B

A
B
C
D
E

Net income
Proprietors' income withdrawals 1 4 .
Net saving (A—B) is
Capital consumption
Current surp.= gross saving ( C + D ) .

8.7
8.7

10. 6
10. 6

8.6
8.6

9.3
9.3

10. 4
10. 4

9. 5
9. 5

10.0
10.0

10.1
10.1

10.0
10.0

10.4
10.4

3.9
3.9

4. 0

4.2
4.2

4.2
4.2

4. j
4. 1

4. 1
4. 1

4.0
4.0

4 0
4. 0

4 1

4. 0

4.1

4.1
4.1

4 2
4.2

4.2

4 2

4 1
4.1

4.1
4.1

G <Capital expenditures
H
Construction and equipment 1 6 ...
I
Change in inventories

4.7
4.0
8

5 4
4 4
9

4.7
4.7
1

4.6
4.2
3

4. 8
4. 6
2

4.5
4.1

4.8
4.4
4

4 7
4. 4
3

5.2
4.9
3

4.9
4.6
2

4.5
4.3

4.6
4.5
1

5.0
5.0
1

4.9
4.9

G
H
I

©

— 2
— 2
7
1 1
1.5
2.0
1 1
1 1
*
.5
3
3
.4
3
- . 8 -1.5

_ 2

J
K
L
M
N

C
D
E

J IS
K
L
M
N
O

P

§

i

Net acquis offinan assets ^ . • •
Net increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c. 1 8
Other loans * 9
Trade debt
Proprietors' net investment....

— l
.8
1.1
.6
.3
2
.1
-.4

?
1. 7
1. 5
7
6
1
1

4

— 4 — 2
.2

.2

1.8
.9

1.2
.9

.7
2

-1.7

.2
1
.1

-1.1

4

7 7

A

7
7
1. 7
1. 1
3
2
2
-1. 1

?

1 0
7
1
9

-

_ 2
.5
.9
.9
*
— .1
-.3

1. 6
3

-. 7

A

.3

4

1.6
1 3

1.9
1 1

.2
1
3

.5
4

- 1 . 5 -1.5

0

.8
1 0
1.5
2.7
1 4
1 6
-.2
.7
4
3
- 2
4
-1.5 -1.1

(?)

P
Q

R

(C) Noncorporate nonfinancial business sector
Net income 2©

A

B Proprietors' income1 5
withdrawals 2 1 .
C Net saving (A—B)
D <Capital consumption. .
E Current surp.= gross savings (C+D)
F Gross investment ( G + J )
G

Capital expenditures
Plant and equipment 2 2
Change in inventories 2 0

H

I
J 1Vet financial investment (K—N)
K
Net acquis offinan assets
L
Demand deposits and currency
Consumer credit
. .
M
N
Net increase in liabilities
O

Credit market instruments
Mortgages
Bank loans n e e
Other loans 2 3
Trade debt, net (debt less asset)
ProDrietors' net investment

P
Q
T?
S
T

38.5
38.5

38 t
38.1

40.5
40.5

39.8
39.8

40.
40. 5

6
39 6

39.3
39.3

39. 9
39 2

40 2
40.2

40 8
40.8

8.1
8.1

8.0
8.0

8. 7
8. 6
8. 6
11.

8.6
8.6

8 5
8 5

8.6
8.6

8.6
8.6

8.0
8 7
9 0
3

8.5
8.5
8.5
11.8
10.9
.9

5.5
8.5

8.1
9.6
9.4
.2

8.3
8.3
8.3
11.1
10.7
.4

8.5
10 7
10 6
*

8.6
10.3
10.4
-.1

8
8. 9
9. 6
7

8.6
11.6
10.7
.9

8.6
12.5
12.5
*

-1.5
22
8
.1
2.6
1.2
.9
_ 2
.5
.5
.9

2
1
2
1

8 -2.8
-3.2
0
— 4
*
9
— .8 - . 3
.1
.1
1
3.2
7
2.4
?
2.3
3.2
6
1.3
1.5
.9
5
1
.8
1.0
5 -1.1
-.1
*
1.1

11. 4
1
-2

9

36.1
21.2
9.5
5.3
21.0
26.3

31 4
18 9
q 4
3 1
?1 9
25 0

40.8
18.1
10.4
12.3
23.3
35.6

38.5
21.0
11.0

F

Profits »
Profits tax payments (net) 2 5
Net dividend payments 2<s . .
Net saving (A—B — C)
Capital consumption
Current surp.= gross saving (D+E)

G

Gross investment (H+M)

T
K

25.1
33.0
32.4
31.7
.7
.6

70
23
?6
25
1
2

30.9

Capital expenditures
Fixed investment
Plant and equipment
Other
Change in inventories 2 ^

34.0
27.9
26.3
1.6
6.1

26.6
33.6
30.7
29.4

A
B

c

r
>
F
H
T

L
M Net financial investment (N—V)
Net acquis. offinan assets . . .
N
O
Liquid assets
P

Demand dep. and curr
Time deposits
U.S. Govt. securities
Consumer credit
Other loans (finance paper)
Trade credit
Other financial assets 2 8

Q

S
T
U
V
W
X

Net increase in liabilities 29
Credit and equity market instr..
Corporate bonds

Y

Z

A A

AB
AC

Mortgages
. .
Bank loans n.e c
Other loans 3 °
Trade debt . . .

AD Discrepancy (F—G).. .

AE Memo: Profits tax accruals 2 5

For notes see end of table.




-7.8
4.5
*
*
*
2
.3
1.4
2.5

0

7
4
0
4

6

-3 7
10 8
? ?

-3.1
12.9
3.0
.5 - 1 . 0
9 -.4
4.4
- .2
.8
5
.4
6 0
6.0
.5
1.9

12.3
13.1
6.4
2.4
1.8
2.0
.5
-.9

14 .5
11 .8
5 8
2 3
3 .2

1 1
18.9

6.6

25.0
31.5

1.3

2.8

-1.7

- 4

•>

1
4
2

i

37
??
11
4
?5
29

4
0
?

28 7

?3
32
30
29
1
1

7
2

28 1
? ?
1 8

9
*
1 ?

10.0
12.5
3.6

1
2 .7

-2.7

5 0
16

4 7
20.7

4.9
19.4

1.8

3.1
2.6
1.5

0
3

3
?
7

14 9
12 7
4 3

5.7
10.8
3.5
? 7
? 8
2 .8
3 5
1 6
1 ?
6
6
1 - 5 .3
2

63
19 . 4

-3.0
4
1
.1
3.4
1.2
1.3
— 3
.2
1.0
1.2

-3.9
5
1
2
4.4
4 2
1.8
9
1.5
.2

42.1
42.1
8.8
9.4
9.4
11.7
10.9
.9

42.8
42.8

43.0
43.0

si

8.9
8.9

8.8
13.6
8.8
13.4
.3
-4.3 -2.3 -4.8
5
9
6
1
.6

5.2
3.5
1.8

1 7
— .1

-.2
1.9

.4

2.9
3.3
1.9
7
.7
.9

.4

5.3
8.2
2.6

4 4
1.2
-1.7
-1.2 -1.2

8.9
14.2
14.3
-.1
-5.3
2
.1
5.5
5.3
2.5
9
1.8
-.3
.5

A
B
C

D
E
F
G
H

I

J
Y
L
M
N
O

P
S

T

Corp OI ate non financia busineJSS sectc r
il

38 6
19 0
11. ?
8. 4
26. 6
35 0

32.
30 ?

1

s

36.0
21.2
11.2
3.6
25.2
28.8

32 7
19 ?
11.0
2 6
25 7
28 ?

38.1
19.0
11.3
7.9
26.3
34.2

39.3
18.8
11.1
9.3
26.9
36.2

23.0
28.9
30.3
29.2
1.1
-1.4

22
25 3
28
27 7
8
-3 2

30.1
30.4
29.6
27.7
1.9
.9

29.1
35.1

-2
-3 3 -8 5 -5.8
-6.9
-?
8 7
1.3
3.0 11
1 ?
- 6 9 -2.4
1
-3.4
9 - 1 .1
-2 8
-1.2
1 3
1 6
.8
2lo 5 6
1
-3.0
9 - 7 .4 - 3 . 3
6
1
.4 - 2 7
2
.3
1
1
.5
.2 - . 2
1 9
3.2
7 6
6 6
1.3
2.2
2 0
2.5
2.6
24

15.9
13.0
3.1
2.3
3.4
3.8
5
2.9

4

2

*
3
2
1
.2
3. 3
1 9
1.7
3
2.8
2. 1
1
1. 6
1.2
1 -1 7
.3
8
4
1.3
7 -1.2
1
1 1
9

4

a»
2

-2

41.8
41.8
8.8
8.8
8.8
13.1
12.8
.3

5 6
18

7.1
12.3
4.9
1.0
2.8
1.9
1.7
-5.2
5.7
17.7

ii
9
2

(5
3
?

? 8

3. 0
17
2

4

5 8
16 .1

76^5
5.2
2
4.1
1.0
*
8.1
1.3

31.3
28.0
3.2
3.8
-6.0
5.5
-3.7
.6
.8
-5.1
1.3
.1
5.3
2.1

16.8
15.6
7.2
5.1
2.9
.1
.3

11.5
12.1
3.2

1.1
4.1

-.5
7.1
19.9

18.9

2.8

3.8
*

2.2

44.2
19.2
11.3
13.8
27.5
41.2
33.1
37.2
31.6
28.8
2.8
5.6
-4.1
i5.5
2.6
6.0
-2.4
-1.0
1.2
.1
10.2
2.0
19.6
13.8
4.6
.1
4.3
4.6
.2

5.8
8.2
22.7

43.2
18.8
11.5
12.9
27.8
40.6
36.0
36.9
31.2
29.9
1.3
5.7
-.8
9.9
-.3
-6.4
4.8
1.3
.2
.4
6.8
1.0
10.7
11.0
4.1
.7
4.2
1.7

.4

43.5
19.6
11.6
12.2
28.0
40.2
31.0
37.7
34.1
30.8
3.3
3.7
-6.8
7.8
— .9
-4.4
2.6
.8
1.5
.7
4.2
1.8
14.6
13.9
6.4
.6

5.4

-.5

1.6
.3

4.6
21.7

9.3
22.4

43.7
22.2
11.8
9.7
28.5
38.1

A
B
C
D
F,
F

28.2
35.8
34.7
30.9
3.8
1.1

G
H
T

-7.6
10.7
-2.8
-.4

.6

T

K

L
M
N
O
P

-3.1
1.1

2.5
8.4
1.4
18.2
15.1
2.9
1.0

S

T
U
V
W
X
Y

5.7 Z
3.1 AA
2 . 4 AR
3.2 AC
9.9 AD
21.5 A E

87

FLOW OF FUNDS/SAVING

JANUARY 1963

4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)

1957

1958

1959

1960

1962

1961

1960
Category

1961
III

III

IV

III

IV

(E) U.S. Government sector 74
Tax receipts (net of refunds)
Individual income
Corporate profits
Other 31
Social insurance programs 3 2
Premiums received
Benefits paid
Life insurance and retirement
programs 3 3
Premiums received
Benefits paid

E
F
G
H

I
J
K
L
M
N
O
P

71.0
35.6
22.4
13.0

67.9
34.9
20.4
12.6

72.2
38.5
20.0
13.7

79.8
41.8
23.2
14.9

78.7
42.5
21.0
15.1

80.3
41.7
23.9
14.6

79.1
41.1
23.1
14.9

75.9
40.8
20.8
14.3

78.4
42.2
20.9
15.4

78.8
42.7
21.0
15.1

81.5
44.3
21.5
15.8

81.4
44.8
21.0
15.6

88.2
47.0
22.1
19.1

87.6
47.3
24.0
16.2

9.8
9.2

9.8
12.7

12.3
12.9

14.9
14.1

15.6
16.9

15.0
14.1

14.8
15.2

15.1
15.7

15.5
17.2

15.7
17.0

16.0
17.5

18.1
17.1

18.0
17.1

17.6
17.3

1.8
2.0

1.8
2.2

1.9
2.4

1.9
2.6

2.0
2 9

1.9
2.6

1.9
2 6

2.0
3.3

2.0
2.6

2.0
3.2

2.0
2.7

2.0
2.8

2.0
2.8

2.0
3.0

G
H

Net grants and donations paid 3 4..
Net interest paid 3 5
Other net purchases of goods and
services 3 6
Construction expenditures
Other
Current surplus (A, E, and G, less
F and H through K)
Credits imputed to consumers 3 7 , .
Gross and net savings (N — O). . . .

A
B
C
D

11.6
5.6

13.9
4.9

14.8
6.1

14.5
7.0

16.9
6.2

14.5
7.3

15.4
6.4

16.4
6.5

17.2
5.8

16.6
6.5

17.4
6.1

18.0
6.1

18.8
5.8

19.4
6.5

I
J

50.0

52.8
3.4
49.4

53.5
3.7
49.8

53.1
3.7
49.4

57.4
3.8
53.6

53.6
3.8
49.8

53.6
4.0
49.6

55.2
4.2
51.0

57.4
3.9
53.5

57.2
3.5
53.7

59.9
3.6
56.3

62.1
3.7
58.4

62.0
4.0
58.0

61.8
3.7
58.2

K
L
M

4.3 - 6 . 9
.6
1.1
3.7 - 8 . 0

-3.5
1.0
-4.5

5.4
1.0
4.3

-4.2
1.1
-5.3

5.1
.4
4.6

2.6
.9
1.7

-4.1
.9
-5.0

-4.4
2.3
-6.6

-4.1
.2
-4.3

-4.2
1.1
-5.2

-4.8
-5^9

1.3
1.1
.2

-3.0
1.1
-4.1

N
O
P

3.6
3.2
.2
2.4
1.4
.9
.6

-8.2
1.5
.1
1.7
.3
1.4
-.3

-5.1
6.1
.7
3.8
2.2
1.6
1.6

3.8
3.9
.9
2.4
1.2
1.1
.6

-5.9
3.3
.3
2.8
.6
2.2
.2

4.7
3.8
1.7
1.7
1.4
.2
.4

1.2
1.8
-1.5
2.6
1.1
1.7
.7

-7.0 -11.4
-3.8
.4
-5.7
1.0
1.8
-.5
*
-.2
-.5
1.9
.2

16
14.5
8.9
5.1
1.0
3.8
.5

-6.9 -12 0
7.3
2.1
3.5
-3.0
3.3
4.8
1.0
1.7
3.4
2.4
.2
.5

3.4
10.7
6.0
4.4
-.2
4.4
.3

- l
- .3
-3.0
2.0
.1
1.6
.7

Q
R
S
T
U
V
W

- .4

-.9

.5

- .2

X

Netfinan. investment (R — X).

S
s
T
U
V
W
X
AB
AC
AD
AE
AF
AG
AH
AI

Net acquis. of Jinan, assets
Demand deposits & currency .
Credit market instruments....
Mortgages 3 8
Other loans 39
Other financial assets 4 °
Net increase in liabilities
Consumer saying through life
ins. and retire, funds
U.S. Govt. securities 4 1
Short-term direct 4 2
Other securities
Svgs. bonds—consumer....
Other loans 4 4
Other liabilities 45
Discrepancy.

3.0

47.0

9.8

11.2

.7

.6
-.9
5.5
-4.1
-2.2

-.4
.3

1.1
8.2
-1.2
10.2
-.7
.3
.1

1.0
9.3
5.5
5.8
-2.0
-.6
1.6

1.0
-2.7
-5.1
2.9
-.4
.5
1.2

1.2
11.3
-4.8
.7
.3
.7

.1

.3

.6

.5

11.8

12.9

9.0

19.2

.4
.9
.9
-3.8 -2.7
-.2
12.2 - 1 0 . 8
22.0
-15.8
7.6 - 2 2 . 5
2
.3
.5
.7
.2
i!i
2.0
2.1
1.3

2.3
9.5
16.6
-7.6
.5
_ .2
'.2

.2
16.2
-4.6
20.1
.8
-.9
-2.6

1.1
3.3
11.4
-9.4
1.2
1.5
3.1

1.1
14.3
22.1
-7.7
-.1
.8
3.1

2.1

4.8

-6.0

1.6

6.1

-3.2

-4.0

AI

A
B

.6

9.2

.4

3.3

7.3

1.1 AB
1.1
7.8 - 2 . 4 AC
4.1 - 1 8 . 6 AD
3.5
15.7 AE
.1
.4 AF
i
- 2 . 0 AG
-\'A
3.1 AH

(F) State and local government sector
29.1
1.0
.5

30.6
2.0
.6

33.2
3.1
.7

37.0
2.5
.7

39.0
2.9
.7

37.3
2.8
.7

37.7
2.3
.7

38.3
3.0
.7

38.7
2.8
.7

39.2
2.9
.7

39.8
2.9
.7

41.0
3.3
.7

41.2
3.6
.7

42.0
3.3

E
F
G
H
I
J

Tax receipts 4 6
Net insurance and grants receipts 4
Net interest paid
Other net purchases of goods and
services 3 6
Construction and land
Other by govt. enterprises
Other by general government. . .
Current surplus ( A + B —C — D ) . . .
Credits imputed to consumers 4 8 . .
Gross and net saving (H —I)

31.7
12.2
-1.8
21.3
-2.1
1.6
-3.7

35.4
13.3
-1.9
23.9
-3.3
1.7
-5.0

37.7
14.0
-2.1
25.8
-2.1
1.9
-4.0

40.1
13.8
-2.2
28.5
-1.3
2.1
-3.4

43.4
14.9
-2.4
31.0
-2.2
2.3
-4.5

40.9
14.1
-2.3
29.0
-1.5
2.1
-3.6

41.3
14.2
-2.3
29.4
-2.1
2.1
-4.2

42.7
14.9
-2.3
30.1
-2.1
2.2
-4.3

42.5
14.2
-2.4
30.6
-1.7
2.3
-3.9

43.3
14.6
-2.4
31.0
-1.9
2.4
-4.3

45.2
15.7
-2.4
32.0
-3.2
2.5
-5.7

45.9
15.4
-2.5
33.0
-2.3
2.5
-4.8

46.4
14.9
-2.5
34.0
-2.3
2.5
-4.8

47.7
15.4
-2.6
34.9
-3.2
2.6
-5.7

K
L
M
N
O
P
Q
R

Net Jinan, investment
(L — S). .
Net acquis. of Jinan, assets
,
Demand deposits and currency
Time deposits
Credit market instruments
U.S. Govt. securities
State and local securities . . .
Other 4 *

-3 8
2.8
.3
3
2.2
.5
.5
1.1

-5 1
2.5
.3
7
1.5
-.4
.5
1.4

-3.5
3.5
.5
^
3.4
1.8
.4
1.2

-2.5
3.8
.2
1.3
2.2
.3
.3
1.7

-4 2
3.6
.6
.9
2.2
.2
.2
1.8

-3.7
3.7
1.4
2.1
-i!s
.2
1.7

-18
4.0
.7
2.1
1.3
-.6
.2
1.6

-4.1
2.8
- .1
.9
2.6
.6
.3
1.7

-10
5.8
1.9
.8
3.1
1.0
.2
1.8

-7.5
.7
-1.7
.9
1.5
-.3
.2
1.6

-4.3
5.1
2.6
.9
1.6
-.6
.2
1.9

-7.9
2.8
-3.3
2.1
3.9
2.2
.2
1.5

-3.2
6.4
1.7
.3
4.3
2.1
.2
2.0

S
T
U
V

Net increase in liabilities
State and local securities
Short-term
Other
Consumer saving through retirement funds
Other liabilities 5 0

6.6
4.6
.4
4.2

7.6
5.5
.4
5.1

7.0
4.7
.3

6.2
3.7

4.4

3.7

7.8
5.1
.4
4.7

7.4
4.9
-.1
5.0

5.9
3.7
.5
3.2

6.9
4.3
.7
3.6

6.8
3.9
-.8
4.7

8.3
5.6
.9
4.7

9.4
6.7
.9
5.8

10.7
7.7
.7
7.0

1.6
.4

1.7
.4

1.9
.3

2.1
A

2.3
.4

2.1
.4

2.1
.1

2.2
.4

2.3
.6

2.4
.3

2.5
.3

2.5
.6

.2

.1

-.5

-.3

-1

-2.3

-.2

3.3

-1.3

3.1

A
B
C
D

w
Y

Discrepancy (J — K).
For notes see end of table.




-.9

-3.0

.7 e
D
E
F
G
H
I
J

8
5.2
2.2
.4
2.7
.5
.2
1.9

K
L
M
N
O
P
Q
R

9.5
6.1
.8
5.3

6.0
3.2
-1.1
4.3

S
T
U
V

2.5
.9

2.6
.2

w

-5.0

Y

-1.6

-

X

88

FLOW OF FUNDS/SAVING

JANUARY 1963

4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1960
Category

1957

1958

1959

1960

1961

1962

1961
III

IV

I

II

III

I

IV

II

III

(G) Commercial banking and monetary authorities sector
A
B
C

Net operating surplus
Profits tax and net div. pymts. 5 1 . . .
Currentsurp.= grosssaving(A—B) 52

D

Gross investment ( E + F )

E
F

Capital expenditures
Net financial invest.

G
H
I
J
K.
L
M
N
P
Q
R
S
T
U
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
AG

2.4
1.1

2.6
1.4

3.0
1.5

2.9
1.2

2.7
1.8

2.6
1.9

1.4

2.1
1.4

2.4

2.5

2.1

.1

4.2

(G-W)...

1.0
2.1
.7
2.0
-.3
3.8
1.7
5.4 14.7
8.4 17.0 13.8 13.8
4.6
.8 - 2 . 3 — 1.1 - 1 . 7
-2.6 -3.7
n
4.3 16.6
5.3
9.7 16.4 13.0 16.4
-.5
2.7
10.1 - 7 . 1
8.3
8.6
7.4
j
.7
-.7
2.2
.3
1.2
1.5
7.9 -7.4
7.4
9.0
2.0
5.9
.9 - 3 . 1
i!5
3.5
7.1 15.0 10.2
7.0 - 4 . 4 - 1 . 5 - 1 . 2 - 7 . 6 - 1 . 2
-1.7
2.3
State and local securities....
2.5
.4
1.6
.9
.6
2.7
Corp. and foreign b o n d s . . . .
-.2
-.1
.1 - . 1
-.2
*
Mortgages .
2.1
2.6
.6
.7
.*6
.3
1.6
.3
2.9
1.2
1.8
1.1
Consumer credit
1.7
1.2
2.4
Bank loans n.e.c
2.3
3.1 - 1 . 4
7.4
2.8
.5
54
-.2
.5 - . 5
Other loans
.
1.5
2.0
2.1
1.1
.4
Security loans
.2
1.1
.3
3.2
.8
Net increase in liabilities
4.7 13.7
2.6
6.3 15.3 14.1 10.0
55
.7
Dem. dep. net & currency . . .
-.8
5.8
1.1
4.1
5.6
*
Due to U.S Govt 5 6
.2
.6
1.4 - 1 . 4
.1
.8
"•
.8
.2
.1
.4
Due to rest of 5world
*
*
1.3
.4
5.1
5.6
Due to others 6
2.8
2 -.8
5.2
2.6
.3
Demand deposits, net 5 5 . .. -1.1
7
4.4
.4
-.1
.7
.2
1.0
Currency
*
.6
Time deposits..,
9.7
7.9
9.4
1.1
5.8
9.4
5.4
5.0
5.3
Due to consumers
3.2
4.4
3.0
6.6
5.2
2.5
4.7
2.6 - 1 . 9
5.0
Due to others
2.8
.2
Other liabilities 5 7
*
.5
.6 - . 3
.4
*
.3
Net acquis. offinan. assets 5 3 . . . .
Gold
Credit market instruments
U.S. Govt. securities
Monetary authorities
Commercial bnaks
Short-term direct 42
Other

AH Discrepancy (C - D ) . . .

.3

-.3

-1.0

-1.0

-1.0

1.7

-2.3

4.0
2.9
1.1
3

4.2
3.3
.9

4.4 A
2.7 B
1.6 C

.7

.9 D

n
7.1
1.4
.9 -2.6
10.9 16.5 24.6 15.9 19.2
g
1.3 - 1 . 1 - 1 . 8
— 1.4
14.2 12.3 22.7 16.2 21.5
7.1 10.7 13.9 - 2 . 3
8.6
2.2
.2
7.5
5.5
2.0
4.9 10.5 12.4 -4.3
3.1
13.5 20.4
6.0 - 1 1 . 6 12.6
-8.6 -9.9
6.4
7.3 -9.5

.3
20.4
.8
20.8
.8
.3
.6
.2
.3

.5 F
11.1 G
-2.2 H
11.1 I
-3.1 J
-.3 K
-2.8
L
-11.9 M
9.0 N
3.8 P
* Q
4.8 R
1.6 S
6.2 T
-2.1 U
2.3 V
10.6 W
1.3 X
-4.3 Y
-1.1 Z
6.6 AA
6.4 AB
.2 AC
9.6 AD
8.8 AE
.8 AF
- . 2 AG

2.6
2.8
1.3
1.7
1.3 - 2 . 1

2.8
*
.9
2.8
-1.4
1.7
-2.3
10.0
-2.0
-5.4
.9
2.4
1.4
1.1
11.7
5.5
6.2
.3
.4

4.0
3.0
1.0

3.9
3.2
.7

7.6

1.8

1.2
3.7
3.2
4.6
6.0
-.1
-.1
* 5!l
1.8
l!8
1.9
2.1
31
.8
— .5 - 1 . 2
.8
-.3
5.1
8.9
4.8
6.3
2 -1.0
3.8
.6 - . 6
1.3 -1.4 -1.1
2!9
2.3
19.1 17.5 14.5 19.9 20.1
6.5
9.6
8.3 -3.6
6.3
2.7
5.5 - 2 . 4
3.6
6.4
-.9
.4
1.0
2.0
g
4.7
3.7
9.7 - 9 . 2
.s
3.2
9.5 -10.8 -1.5
3.6
.2
1.1
.5
16 23
11.9
7.8
6.3 22.7 13.8
8.8
4.8
7.2 16.0 10.8
3.0
3.0
-.9
6.6
3.0
*
.1
.7
.9
*
3.4

-6.6

-1.1

1.4

10.4
10.2
.2
1.5

8.6

.2

.7 AH

9.6

2.7

9.7
-.1
1.3

9.3 A
9.6 B
-.4 C
3.4 D

2.3
25.2

.9
30.6

3.4

2.4

1.6

1.8

3.0 F
33.6 G
3.8 H
12.3 I
7.3 J
.8 K
3.5 L
5.8 M
1.2 N
30.8 O
1.7 P
.8 Q
3i2 R
2.0 S
12.8 T
4.7 U
1.7 V
4.0 W
1.6 X
-.1 Y
30.6 Z
3.4 AA
9.5 AB
4.8 AC
4.9 AD
6.8 AE
.3 AF
1.3 AG
1.8 AI
2.3 AJ
1.2 AK
1.1 AL
-.1AM
- 3 . 8 AN

(H) Nonbank financial sector 7 3
A
B
C

Current surplus 5 8
Credits imputed to consumers 5 9 . . .
Gross savings ( A - B ) 52

8.3
7.1
1.2

D

Gross investment ( E + F )

1.6

F

Net financial invest, (G-Z)

G

8.5

9.5
8.8
.7

9.5
8.1
1.4

9.5

8.5
1.0

10.5
8.9
1.6

9.3
7.2
2.1

8.9
7.5
1.4

8.8
7.4
1.5

1.6

3.0

3.0

3.8

3.7

5.4

1.5

9.9
9.1
.8
3.4

*<1.2 2.6
18.5 21.4
2.6
1.8
7.5
5.6
5.2
4.9
1.2
1.0
2.9
2.8
2.0
2.4

1.2
25.4
1.5
8.8
5.2
1.9
3.2
4.9

2.6
25.6
1.6
8.3
5.4
1.6
3.4
5.3

2.6
28.3

3.4
28.5
2.1
8.0
5.7
1.3
4.4
7.0

3.3
26.8
2.1
9.8
5.6
1.6
3.3
4.3

5.0
23.3
2.9
9.7
6.1
1.9
3.0
-.2

1.1
27.0
1.6
10.5
5.6
1.5
2.8
5.0

3.0
31.1
2.2
10.6
5.7
1.1
4.0
7.6

1.1
31.9
2.2
12.5
6.0
1.9
4.3
4.8

1.2
25.3
.4
1.4
3.7
4.1
11.3
3.0

.6
26.3
.8
1.9
4.3
3.9
8.8
2.5
2.0
2.1
.7
.9

.2
25.2
*
1.4
4.9
3.4
9.0
2.8
.8
2.8
.1
1.4

1.1
1.4
19.7 22.2
1.1 - 1 . 4
1.8
1.1
3.6
1.9
3.9
2.5
9.6 11.4
2.9
2.6
.1 - . 2
.2
1.0
1.0
2.3
1.3
1.3

1.5
30.5
1.5
1.8
4.9
5.2
11.3
2.7
.3
2.9
-.7
-.2

.9
28.9
.4
1.0
4.4
4.9
13.1
3.8
1.6
-.3
1.7
.3

23.1 18.4 25.5
1.8
2.6
2.1
9.1
9.1
8.9
3.4
3.3
3.7
4.0
4.2
4.2
*
3.3
2.6
1.9
1.3
.9
1.3
1.6
1.5
- . 6 -2.1 -1.0
*
*
.6
.1 - . 4
.8
2.2
1.2 - 1 . 3
.8
1.7

28.1
2.0
8.6
4.0
5.2
6.0
.2
2.0
3.3
-.5
1.0
1.0
1.4

30.6
1.9
11.0
3.9
6.3
5.5
.9
2.7
.3
.4
1.7
1.3
-.6
1.7 -1.9
.3 - . 1

7.6
1.0
2.9

N
O
P
Q
R
S
T
U
V
W
X
Y

Net acquis. offinan. assets..
..
By subsector:
Mutual savings banks
S. & L. assns. & cr. unions. .
Life insurance companies
Other insurance companies..
Noninsured pension funds...
Finance n.e.c
By type:
Demand dep. and currency..
Cr. and equity mkt. instr.. . .
U.S. Govt. securities...
State and local securities
Corp. and foreign b o n d s . .
Corporate stock
1- to 4-family mortgages. .
Other mortgages..
Consumer credit
Other loans 60
Security credit
Other financial assets 6 >

.7
19.1
.9
1.1
4.8
2.3
8.0
2.2
-.5
.2
1.0
.6

.1
25.3
.9
1.6
3.5
3.1
9.7
2.4
2.3
1.7
*
•

.5
24.6
.1
1.5
3.6
3.1
8.8
2.8
2.2
2.5

Z
AA
AB
AC
AD
AE
AF
AG
AI
AJ
AK
AL
AM

Net increase in liabilities
17.2 18.7
2.3
Dep. in mutual savings banks..
1.7
6.6
Savings shares
5.2
3.3
Saving through life insurance. .
2.7
Saving through pension funds..
4.4 4.4
.4
Credit & equity market instr. 6 2
1.9
Corporate bonds
.6
1.6
Corporate stock
1.2
A
-1.1
Bank loans n e e
Open-market paper 6 3
.5 - . 1
*
*
FHLB loans to S. & L. assns. 6 3
Security credit.
.6
Miscellaneous 64
1.1

24.3
1.2
7.2
3.6
5.2
5.8
1.0
1.8
1.6
.5
.8
•
1.2

23.0
1.4
8.1
3.5
4.7
3.4
1.4
1.5
-.3
.9
-.2
.5
1.5

25.6 25.1
1.9
2.1
8.1
9.4
3.5
3.7
5.5
4.9
2.0
3.5
1.4
.8
1.4
2.0
.1 - 1 . 3
*
.7
.7 - . 2
3.1
.9
1.0
1.1

4 -2.0

-.9

-1.6

-2.0

H
[
J
K
L
M

AN Discrep. & unident. assets ( C - D ) . .

For notes see end of table.




.3

18.2
-.3

9

5.2
2.1
6.3
1.5
1.1

1.4
- . .2
2

.6

2.2

10.8
5.8
1.6
3.5
4.3

.4

1.0
1.1
.7

-2.2

-1.6

-4.0

-2.7

-1.4

8.6

10.5 11.1
6.1
6.9
1.6
1.2
3.4
2.8
.8
5.5
1.4
.2
24.7 33.0
2.4 - 1 . 1
.7
1.7
4.3
.6
6.4
2.2 13.9
9.8
4.2
3.7
2.7
2.7
- . 9 —3.5
*
.9
29.5
22.9
1.1
2.9
9.5
9.6
4.9
4.7
4.9
4.0
7.1
4.0
1.2
* 2.1
3.3
-.4
.9

-2.7

1.1

1.7
-.8
-1.4

89

FLOW OF FUNDS/SAVING

JANUARY 1963

4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)

category

1957

1958

1959

1960

1961

1960

1961
III

IV

I

II

1962
III

IV

I

II

III

(I) Rest-of-world sector 65
A
B
C
D
E

Net purch. of goods and serv. (B6— C) 5.4
Purch. of goods and services 6 . . .
26.4
Sales of goods and services
21.0
Net unilateral receipts 6 6 , . .
...
1.9
-3.4
Current surplus (D—A)

1.9
23.0
21.2
2.0
.1

-.2
23.2
23.5
2.1
2.3

F

Net financial investment (G —IS) -4.3
Net acquis. offinan. assets
Gold
U.S. dem. dep. and currency...
Time deposits
U.S. Govt securities
Other credit market instr. 67_, #
Misc. financial assets 6 8

-.2
-.8
.2
*
.1
- . .4
1

-.4
3.4
2.3
*
.9
*
—1
.3

1.7
5.8
1.1
.1
-.9
3 0
.4
2.2

Net increase in liabilities
Official U S foreign exchange.
Securities
Loans 69.
Miscellaneous ™

4.1

3.8

4.1

O
P
Q

5
.9
2.8

1.3
1.1
1.5

7
.2
3.3

R
S

Discrepancy (E — F) 7 1 . . . .
...
Memo: Unilateral transfers in kind 7 2

.9
3.0

.5
2.8

.7
2.6

G
H
[
J
K
L
M
N

3.4
4.6
3.4
5.5
5.9
26.7 27.6 26.8 27.5 27.8
23.3 23.1 23.5 22.0 21.9
2.1
2.2
2.0
2.0
2.0
-1.3 -2.4 -1.3 -3.5 -3.9

3.3
3.4 A
4.7
4.4
4.3
4.4
26.9 27.2 28.7 28.6 29.5 29.0 B
22.2 23.9 24.3 24.3 25.1 25.6 C
2.3
2.2 D
2.1
2.4
2.4
2.1
E
-2.6 -1.1 -2.0 -1.9 -2.3 -1.2
2 -2.3
-2.2
- . 7 -1.8
-3.4
-1.1
-1.2
-2.6
-17
1
F
4.2
5.0
1.7
3.1
2.3
2.3
6.2
4.1
3.4
3.3
1.9 G
1.7
-.7
1.2
.9
2.6
3.7
1.5
.6
2.0
.5
1.8 H
.4
.8
.9
-.9
.4
1.0
2.0
- . 9 -1.1
I
*
*
.6
.3 - . 3
1.3
.6 - . 5
.7
.2 — .1
J
.3
1.2
4
3 —7
7
5 —7
4
7
1 0
2 3
1 1 K
.1
.4
.2
.4
.8
.3
.8
.8
-.1
L
-.1
2.0
1.0
.6
.3 - . 9
-.5
2.4 - 1 . 4
1.3
.2 M
5.4
7.2
1.8
4.6
4.9
4.9
5.8
7.4
6.0
5 0
1 8 N
1
.1
.2
.6
-.5
-.4
.5
1.3
.7
.7
8
6
9
1.1
.5
1 2
.6
4 O
2
2.4
1.4
2.4
2.6 - 1 . 0
3.2
-.7
P
1.9
1.1
3.7
.3
1.2
2.1
2.0
2.9
4.1
2.3
1.9
2.3
2.5 Q
2.8
3.7
Q
- . 1 -1.3
1.2
-.6
- . 5 -2.4
-.6
.8 - . 6 - 1 . 2 R
2.1
2.1
2!l
2.1
2.1
2.0
2.0
2.7
S
2.4
2.2
2.2

1
Payrolls, interest, dividends, and income withdrawals from unincorporated business.
2 Grant and donation receipts of consumers and nonprofit organizations (net of transfers within the sector), social insurance benefits, and
benefits from private pension and govt. retirement funds.
3
U.S. Govt., State, and local income and estate and gift taxes.
4
Mainly employee contributions to OASI and to private pension and
govt. retirement funds.
5
Figures include net operating outlays of nonprofit organizations
and net transfer payments abroad.
6
Net of dividends on and benefits from private life insurance and
individual annuity policies and Govt. life insurance.
7 In connection with consumer saving through life insurance, private
pension funds, railroad retirement, and govt. employee retirement.
8 On consumer durables, owner-occupied houses, and nonprofit plant
and equipment.
9 Includes net free credit balances with security brokers not shown
separately.
1
! Includes savings bonds and PSS deposits in line AD.
12
Policy loans and hypothecated deposits.
13
Consists of commercial mortgages, bank loans, loans from Govt.,
and 4 trade debt.
1
Estimated as equal to seasonally adjusted net farm income.
!5 Identically zero on seasonally adjusted basis.
1
6 Includes farm residential construction.
1
7 Mainly demand deposits and currency.
18
Excludes CCC-guaranteed loans. See Aug. 1959 BULL., p. 840.
19
Govt.; excludes CCC nonrecourse loans.
2
0 After inventory valuation adjustment.
21
Estimated as equal to seasonally adjusted business net income.
22
Includes business residential construction.
23
Mainly REA & other loans from U.S. Govt. & loans from finance
cos.
2
5 U.S. Govt., State, and local taxes on profits.
26
Includes profits paid by U.S. branches to foreign parent corps, less
profits paid by foreign branches to U.S. parent corps.
28
Direct investments abroad and foreign-currency holdings. State and
local securities are included in line N but not shown separately.
29
Includes direct investments from abroad not shown separately.
3
o Mainly commercial paper and loans from finance cos.
31
Mainly excise taxes and customs receipts; also includes estate and
gift 2taxes.
3
OASI, disability insurance, and unemployment programs. Line E
includes U.S. Govt. employment taxes; line F, U.S. Govt. benefit payments to consumers.
33
Veterans' life insurance and Govt. employee and RR retirement
funds. Line G excludes Govt. contributions to these funds.
34
Transfer payments (other than insurance benefits) to individuals,
plus net cash unilateral transfers to foreign countries, grants-in-aid to
State and local govts. and subsidies to business.
35
Includes net accruals on savings bonds and Treasury bills.
36
Purchases less sales for general govt. and govt. enterprises, including outlays for tangible capital and (for U.S. Govt.) net disbursements to farmers in form of CCC-direct and guaranteed loans.
3
? In connection with saving through Govt. life insurance and Govt.
employee and railroad retirement funds.
3
« Mainly on 1- to 4-family and farm properties.
39
Mainly loans to business sectors, to foreign and State and local
govts. and to savings and loan assns. (by FHLB). Excludes CCCguaranteed loans other than those on tobacco.
40
Treasury currency assets, time deposits, trade credit, and miscellaneous (mainly foreign cash and subscription to IMF).
41
Includes U.S. Govt. agency debt and accrued interest on Treasury




bills and savings bonds. Excludes debt held by U.S. Govt. agencies,
I M F notes and currency items in public debt.
42
Marketable issues due within one year.
44
CCC-guaranteed bank loans and CCC certificates of interest.
45
Treasury currency liabilities, trade debt, & misc. liabilities (special
I M F notes, misc. deposits, & private equity in Govt. enterprises).
46
Excludes employment taxes.
4
7 Receipts of U.S. Govt. grants; payments of direct relief & other
transfers; & receipts & payments in connection with govt. employee
retirement, unemployment insurance, & cash sickness comp. programs.
4
8 In connection with saving through govt. employee retirement funds.
49
Corporate bonds and mortgages.
so Trade debt and loans from U.S. Govt.
51
Includes payment to Treasury on F.R. notes outstanding.
52
Net saving is less than line C by the amount of capital consumption
about $0.1 billion a year.
53
Includes misc. and Treasury currency assets not shown separately.
54
Open market paper, CCC-guaranteed loans, and CCC certificates of
interest.
5 s Net of F.R. float and cash items in process of collection as reported
by 5commercial banks.
6
Bank-record basis, net of bank float; differs from sector demand
deposits and currency assets (shown in Table 3 and in nonbank sector accounts in Table 4) principally because of mail float.
57 Mainly stock issues and balances due to own foreign branches.
58
Includes premiums on life insurance and private pension plans, less
benefit payments and policy dividends.
59
In connection with consumer saving through life insurance and pension0 funds.
6
Mainly finance co. loans to business and insurance policy loans.
6
! Trade credit, time deposits, savings shares, & misc. assets.
62 Lines A F , AI, and AJ are finance co. liabilities; line AG is open-end
investment co. shares.
63
Part of "other loans" category.
64
Deposits at banks in U.S. possessions and agencies of foreign banks.
65 Consolidated; records only transactions with U.S.
66 Excludes unilateral transfers in kind, shown in line S.
67
Corporate securities and acceptances.
68
Direct investments, unidentified assets, I M F holdings of special
U.S. notes and miscellaneous deposits.
69
Security credit, bank loans n.e.c, and other loans (consisting of
loans from U.S. Govt. and acceptances).
70
Direct investments, foreign currency and deposits held by U.S. domestic sectors, and other liabilities.
71 "Errors and omissions" in U.S. balance-of-payments statement.
72 Grants in the form of goods and services by U.S. Govt. and private
individuals and institutions.
743 For detail byfsubsector, see Supplement No. 5.
7
Lines A through P of Table 4E are derived mainly from nationalincome data, while lines Q through A H are based on data behind Treasury
cash budget; discrepancy (line AI) reflects differences in treatment between these two sources of information. Since line C is profit-tax
payments rather than accruals, line N is surplus in national-income
accounts plus excess of profit tax receipts over accruals.
Net cash borrowing in Treasury cash budget corresponds closely to
line AC less accrual interest on savings bonds and Treasury bills included
in that line. Cash surplus is closely indicated by line S less net cash
borrowing. Lines T, W, AG, and A H are reflected in cash outgo in cash
budget except for small amounts included in receipts. Lines O and AB
are imputations reflected in neither national-income accounts or cash
budget.
NOTE.—"Liabilities" covers equity as well as debt claims.
For descriptions of sectors, of capital expenditures, and of financial
transaction categories, see "Technical Notes," Aug. 1959 BULL., pp.
846-59; for discussion of saving and investment concepts, see p. 834.

90

FEDERAL BUSINESS-TYPE ACTIVITIES

JANUARY 1963

SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
(In millions of dollars)
End of quarter

End of year

Asset or liability, and activity 1

1962

1961
1957

1958

1959

1960

1955

Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks 2
Farmers Home Administration
Rural Flectrification Administration
Commodity Credit Corporation
Other agencies
ToFederal National Mortgage Association
aid home owners, total
Veterans Administration
Other agencies
To industry, total
Treasury Department
Commerce Department
Other agencies
To financing institutions
To aid States, territories, etc. total. .
Public Housing Administration
Other agencies
Foreign, total
Export-Import Bank
Treasury Department
International Cooperation Administration
Other agencies
A11 other purposes total
Housing and Home Finance Agency
Other agencies
Less: Reserves for losses
Total loans receivable (net)
Investments:
U. S. Government securities total
Federal home loan banks
Federal Savings and Loan Insurance Corp
Federal Housing Administration..
Federal Deposit Insurance Corporation
Other agencies
Investment in international institutions
Other securities 3
Inventories, total
Commodity Credit Corporation
Defense Department
General Services Administration
Other agencies

1956

6, 715

6, 752
457
734
724
? J 488
2 , 349

6,681
454
935
832
2,688
1,778

8,672
511
1,169
819
2,874
3,298

7,762
623
1,396
916
3,083
1,745

3, 205
2, 641

3, 680
3, 072
464
145

4,769
3,998
770
1

4,860
3,924
936
1

678
306
261
112

619
209

674
251
217

191

206

278

382

418

454

486

519

573

605

1, 419

1 233

7,270

1,298

2,136

2,027

1, 916

2 770

2,708

2,197

2 768

245
90
155

246
106
140

264
105
159

293
106
187

319
87
231

333
98
234

350
97
253

383
110
273

370
95
276

413
102
311

456
96
360

7 988
702
519
1 767

8 223
701
3 470
1 995
57

8,754
3,040
3,470
2,195
49

9,510
3,362
3,419
2,682
46

716

?H
156
57

344
283
62

548
458
89

375
689
681
? J 348
2 , 621
1
1

480
84

II

III

8,299
650
1,502
984
3,287
1,877

8, 428
597
1, 831
1, 111
367

8, 757
646
1, 844
1, 152
409

1, 523

6,735
5,568
1,167
1

8,032
6,342
1,498
193

680
216

733
185

187

166

7, 763
5, 938
1, 617
208

7, 904
6, 013
1, 668
223

8,248
6,261
1,746
241

8,457
6,394
1,801
262

8 341
6 196
804
341

748
178

728
137

748
128

783
136

557
134

861
130

151

137

133

128

124

2 255

752
691
62

1 11R
966
153

1 169
1,013
156

1 402

1,289
1,109
180

1 200

— 26R -309
-633
-520
-466
-368
-413
-503
-493
238 20 657 22,395 25,493 27,865 30,333 30 585 31 898 33,905 34,863

-866
,769

209
47

3 236
745
241
381
1 720
149
,385
179
356
,747

3 739
1 018
256
458
1 ,825
181
? 420
249

3,804
896
274
471
1,937

4,198
995
288
567
2,049

4,670
1,092
332
649
2,178

1,003
855
148

5,096
1,230
331
698
2,310

300

419

525

3,420

3,420

4,795

4,949

298

283

323

345

226

5 482
1 447
363
748
1 425
>
500
4 949
351

1,239
1,063
175

5,924
1,691
409
709
2,553

5 460
373
378
727

5,256
1,153
394
744
2,456
508

5,120

5,720

343

352

5 ,739

562

4 ,949

?00

? 432
550

363

590
717
579
526

5

184

375 21 628 20,810 21,476 20,527 19 773 19 ,443 19,249 20,487 18 ,826
323
,651
3,025 3,036 4,493 4,279 4 035 4 ,012 3,768 3,341
6 ,572
8,422 7,527 6 917
6,570 8,164 6 491
004 11 136 9,681
8 ,661
8,701 8,770 8 806
7,282 7,919 8,370 8,513 8 6?8
(6 ,517
?06
174
194
208
192
198
209
212
201
185

u
609

9,962 10,670
4,535 4,721
398
396
1 801 1 777

599

637

640

300

608

1,134

1,376

Bonds, notes, & debentures payable (not guar.), total.. . 2 ,379
Banks for cooperatives
185
Federal intermediate credit banks
665
Federal home loan banks
....
958
Federal National Mortgage Association
570

2 ,711
257
721
963
770

4,662
247

4,038
303
1,124

5,974
404
1,359
1,774
2,437

7 822
4 ,822
421
829
450

1
Figures exclude interagency items. Before 1956, data for trust revolving
funds included such items.
2
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of 3 banks are classified as trust revolving transactions.
the
Includes investment of the Agricultural Marketing revolving fund in
the banks for cooperatives; Treasury compilations before 1956 classified
this item as an interagency asset.




9, 793
693
998
1 322
525

1, 730

9,453 10,254
729
697
1,651 1,766
1,140 1,289
3 458 3,489
2,506 2,981

9,840 10,394 10 915 11 262 11,596 11,887 12 075
712
430 3 640 3,837 3,942
3,235 3,313
3 320
3,373 3,320 3 320
3,266 3,266 3 ?66
3,043 3,363 3 636 3 717 4,415 4,668 5 027
11
9
529
189
399
585
78

9 985
4 ,502
398
1 762
236
276
311
1 298
590
613

Land, structures, and equipment, total.
Commerce Dept. (primarily maritime activities)
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Aeronautics and Space Administration
Bonneville Power Administration....
General Services Administration
Post Office Department
Other agencies

II

I

IV

25

283
342
1 308

902
825

2,688

285
372
1,322

714

1,898

9,124
2,880
411
1 924
9

310
352
1,221

9,411 10 ,437 10 ,442 10,498 10,528 10 76?.
2,917 3 689 3 ,614 3,591 3,585 3 ,609
470
430
462
464
417
429
1,903 1 ,984 1 ,971 1,972 1,963 1 ,986
9

462
351
1,283

7

7

7

7

7
705
389
1 383
650

518
366
,337

559

59?

520
361
1,348
608

618

625

1,511

1,514

1 ,584

1,585

1,587

1 ,564

5,707
438
1,460
1,266
2,542

5 ,423
386
1 ,744
1 ,055
2 ,238

5 ,933
421
1 ,793
1 335
2 ,384

6,176
464
1,592
1,571
2,550

6,559
507
1,681
1,567
2,804

6 ,868

553
360
1,349

568
358
1,373

467
1 90?
797

2 ,703

NOTE.—Based on compilation by Treasury Department. Coverage has
changed in some of the periods shown. Beginning with 1956, changes
reflect the expended coverage and the new classification of activities by
type of fund now reported in the Treasury Bulletin. Classifications by
supervisory authorities are those in existence currently. Where current
Treasury compilations do not provide a detailed breakdown of loans,
these items have been classified by Federal Reserve on basis of information about the type of lending activity involved.

Financial Statistics

* International *
Reported gold reserves of central banks and governments. .

J2

Gold production

93

Net gold purchases and gold stock of the United States. . .

94

Estimated foreign gold reserves and dollar holdings. .

^5

International capital transactions of the United States. .

96




U. S. balance of payments .

105

Money rates in foreign countries. .

105

Foreign exchange rates.

107

Guide to tabular presentation. .

4

Index to statistical tables.

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-

113

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).

91

92

GOLD RESERVES

JANUARY 1963

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)

End of
period
1955
1956
1957..
1958
1959
I960

Estimated
total
world 1
37,620
38,105
38,810
39,490
40,185
40,530

1961—Nov
Dec
1962—Jan
Feb
Mar .
Apr.
May
June
July
AUK

Sept
Oct
Nov

End of
period

' " 4 i , 155*

41 290
41,285
M l , 345

Cuba

1955
1956
1957
1958
1959
1960

Intl.
Monetary
Fund

United
States

Estimated
rest of
world

Argentina

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

71
71
103
194
292
293

2,059
2,077

17,021
16,947

22,130

190
190

159
162

2,079
2,096
2,098
2,099
2 106
2,110
2,136
2 155
2,175
2,179
2,190

16,847
16,795
16,643 22,550
16,519
16 458
16,527 22,650
16,182
16 139
16,081 '23,090
16,026
16,014

190
165
164
114
114
102
78
74
71

164
164
167
170
174
177
180
182
184
186

Denmark

Dominican
Republic

Ecuador

El Salvador

Australia

Finland

Austria

Colombia

Congo,
Rep.
of the

44
46
40
40
43
45

86
57
62
72
71
78

116
122
81
83
42

941
946

49
48

87
88

285
285
285
285
286
286
286
286
286
286

950
962
964
963
913
669
674
683
689
695
702

48
47
46
46
45
45
44
44
43
43
43

89
89
91
91
92
93
93
94
83

Germany,
Fed.
Rep. of

Greece

Guatemala

Belgium

Brazil

Canada

1,270
,134
,170

323
324
324
325
327
287

1,134
1,103
1,100
1 078
960
885

302
303

1,234
,248

285
285

303
304
344
363
363
363
419
419
419
429
439

,277
1,291
297
,315
318
,335
1,335
342
,341
,341
,340

France

928
925
Qts

Chile

India

Indonesia

Iran

31
31
31
31
31
31

12
11
11
11
10
10

23
22
22
22
20
20

28
28
31
31
30
30

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

247
247
247
247
247
247

81
45
39
37
33
58

138
138
138
141
140
130

1961—Nov
Dec

31
31

3
3

19
19

17
18

2,122
2,121

3,648
3,664

82
87

43
43

130
130

31
31
31
31
31
31
31
31
31
31
31

3
3
3
3
3
3
3
3
3
3
3

19
19
19
19
19
19
19
19
19
19
19

18
18
18
18
18
18
18
18
18
18
18

2,120
2,144
2,171
2,207
2,235
2,270
2,417
2,450
2 481
2,513
2,545

3,664
3,664
3,666
3,666
3,667
3,667
3,667
3,667
3 668
3 669
3,669

87
87
91
86
89
96
92
86
86

24
24
24
24
24
24
24
24
24
24

247
247

1962 Jan
Feb
Mar
Apr
May
June
July
All 2
Sept
Oct
Nov

45
47
47
46
61
62
62
62
62
62
61
61
61

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

Philippines

Portugal

South
Africa

136
136
136
80
50
1

End of
period

Ireland,
Rep. of

Iraq

Italy

Lebanon

Mexico

NetherNew
lands Zealand

Norway

Pakistan

Peru

8
14
20
34
84
98

18
18
18
18
18
18

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

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

Nov
Dec

84
84

18
18

2,226
2,225

140
140

115
112

1,581
1,581

1
1

30
30

53
53

47
47

26
27

439
443

256
298

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

98
98
98
98
98
98
98
98

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

140
140
140
140
140
151
172
172
172
172
172

111
110
109
109
107
106
106
98
97

,581
1,581
1,581
,581
,581
,581
,581
,581
.581
1,581
1,581

30
30
30
30
30
30
30
30
30
30
30

53
53
53
53
53
53
53
53
53
53
53

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

343
361
379
386
407
432
446
468
488
501
506

1955
1956
1957
1958
1959
I960
1961

For notes see end of table.




JANUARY 1963

93

GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)

End of
period

U.A.R.
(Egypt)

United
Kingdom 2

112
112
112
112
104
104

144
144
144
144
133
134

174
188
188
174
174
174

2,120
2,133
2,273
3,069
2,736
3,231

216
186
180
180
180
180

403
603
719
719
652
401

121
59
24
-42
-134
-19

244
268
254
126
40
55

1961—Nov..*

Dec

2,505
2,560

104
104

139
139

174
174

180
180

401
401

183
115

56

2,505
2,481
2,444
2,424
2,409
2,409
2,459
2,459
2,453
2,452
2,421

104
104
104
104
104
104
104
104
104

140
140
140
140
140
140
140
140
140
140
140

174
174
174
174
174
174
174
174
174
174
174

3,556
3,318
3,410
3,424
3,452
3,472
3,525
3,433
2,915
2,848
2,792
2,822
2,884

180
180
180
180
180
180
180
180
180

401
401
401
401
401
401
401
401
401
401
401

176
176
171
162
165
203
209
210
200
172
151

46

Switzerland

132
132
101
57
68
178

1955
1956
1957
1958
1959
1960

276
266
219
204
191
170

1,597
1,664
1,706
1,925
1,934
2,185

301
316

180
180
181
181
181
181
181
182
182
181
181
181
181

331
341
Feb
351
Mar
376
400
May'.'.'.'.'.'.'.'.'.'.
409
June
429
July
429
Aug
428
Sept
438
Oct
437
Nov

1962—Jan

Bank
for
Intl.
Settlements 3

Turkey

Sweden

Spain

Thailand

Syria

19
19
24
24
19
19

1 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 BTS is included in the gold reserves of individual
countries.

Uruguay

Yugoslavia

Venezuela

EPUEF«

'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)

North and South America

Africa
Period

1955
1956..
1957
1958
1959
1960
1961
1961—Oct
Nov
Dec
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sent . .
Oct

World
production i

940.0
975.0
1,015.0
1,050.0
1,125.0
1,175.0

1,220.0

South
Africa

Rhodesia

Ghana

510.7
556.2
596.2
618.0
702.2
748.4
803.1
68.9
69.2
67.8
70.6
67.4
72.9
72.3
74.0
75.2
76.3
76 6
76.1
78.1

18.4
18.8
18.8
19.4
19.8
19.6

24.1
22.3
27.7
29.8
32.0
31.3
34.0

20 1

Congo, United
of the States

Canada

Mexico

65.7
65.3
63.0
61.6
57.2
58.8
54.8
3.9
4.1
3.4
3.5
3.2
3.5
3.0
3.4
3.1
4.0
46
4.8
4.3

159.1
153.4
155.2
158.8
156.9
161.1
155.5
12.7
13.0
12.9
12.6
11.4
12.8
12.4
12.3
11.8
11.9
12.0
11.7
12.5

13.4
12.3
12.1
11.6
11.0
10.5
9.4
.6
.9
.5
.7
.9
1.1
.9
.6
.8
.6
8

13.0
13.1
13.1
12.3
12.2
11.1
8.1

.6
.6
.6
.6
.6
7
6

1.5
6
.6
6
7

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.




Other

Colom- AusNicaragua2 Brazil bia
tralia
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
.4
.4
.4
.4
.4
4
.3

.4
.4
.4
4
3

All
other *
India

13.3
15.3
11.4
13.0
13.9
15.2
14.n

36.7
36.1
37.9
38.6
38.1
38.0
37.5

7.4
7.3
6.3
6.0
5.8
5.7
5.7

1.4
.1
1.1
1.3
1.4

3.5
3.1
3.3

.4
.5
.5

2.9
2.9
3 1
2.6
3.0
3.3
3.3
3 4

.5
.5
5
4
.5
5

?

1.2
9
'">

66.2
63.0
62.2
69.8
64.8
64.2
65.7

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.

94

U. S. GOLD

JANUARY 1963

NET G O L D P U R C H A S E S OR SALES BY T H E U N I T E D STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1961
Area and country

1954

1956

1955

1957

1958

1960

1959

1962

1961

III

I

II

III

-81

-39
-28
-45

-17
-35
-98

-214

IV

Western Europe:

-6
Belgium
Germany, Fed. Rep. of
Italy
Netherlands

-226

68
-10

3
34

3

-83
-39
266

-1
-141
173

-34

23

-30
-10

-249

100
-25

-114
-324
-550
-36
-96

-156
-125
-306
-23
-53

-58
-45
-55

-40
-5
-326

-47
62
-181

-59
35
-150

-20
-45
-64

*

-14

-11

-15

*

-827 -1,718

-754

-246

-466

-290

-339

-84
-329

349
-55

25

-5

31

— 16

—8

-50
-20
-6

100
4

18

-378

-78

80

Switzerland .
..
...
United Kingdom
Bank for Intl. Settlements
Other
Total

8

68 - 2 , 3 2 6

15

75

20
-350
-32
-38

-63

-56

-25

5

115

Canada

-261
-20
32
-215
-900
-178
-21

-144

-399

190

Latin American republics:
80
-30
12

•

Total

14

56

6

62

Ivlexico
Venezuela
Other

14

-28

81

67

-50
— 20

-90

2

— 30
65
-16

-30

-19

-9

-4

j

-i

9

69

19

-100

-109

-9

-4

24

59

9

-97 i -101

-34

-20

-24

-16

-41

-34

-20

-24

-16

-41

-4

-1

3

-2

-494

-291

-102

-434

-494

-291

-102

-434

-200

60

25

Asia:
-157

-5

•

-30

-10

18

-4

-28

-10

^

*

18

-34

-186

-113

-101

-1

1

14

-3

-5

-38

-6

-327

-68

80

172 - 2 , 2 9 4

-998 -1,969

-970

-327

-68

Other
Total
All other
Total foreign countries

2 200

280

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

-15

*
-288

2 300

150

150

-1,041 -1,669

-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
Total

Year

Gold stock
Total 1

Treasury

1951
1952
1953
1954

22,873
23,252
22,091
21,793

22,873
23,252
22,091
21,793

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

Total

Total
gold

53
379
-1,161
-298

22,695
23,187
22,030
21,713

1955
1956
1957
1958
1959

Foreign
currency
holdings

116
99

Month

Total

Gold stock

Changes in—

Foreign
currency
holdings2

Total

Total
gold

Total i

53 1961—Dec...
379
- 1 , 1 6 1 1962—Jan
Feb....
-298
Mar....
Apr
-40
-40
May...
305
305
June...
799
799
July. . .
-2,275
-2,275
Aug...
- 1 , 0 7 5 3-1,075
Sept...
Oct
-1,703
-1,703
Nov...
-741
-857
Dec.*\
-907
-890

1 Includes gold in Exchange Stabilization Fund.
2 For holdings of F. R. Banks only see pp. 32 and 34.
3 Includes payment of $344 million as increase in U. S. gold subscription to the International Monetary Fund.




End of period

Treasury

17,063

16,947

16,889

116

-85

-74

16,963
16,948
16,873
16,762
16,718
17,081
16,678
16,562
16,531
16,364
16,216
16,156

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

NOTE.—See Table 8 on page 103 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.

95

GOLD RESERVES AND DOLLAR HOLDINGS

JANUARY 1963

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 3 I, 1960
Gold&
shortterm
dollars

Western Europe:

U.S.
Govt.
bonds
& notes

536

Area and country

558
1,574
83
138
3,110
6,505
154
3,459
1,797

165

4c

4,526

388
46

4,864

4c

640

4c

8
29
2
3

1,593

2
29
2
3
3

Gold&
shortterm
dollars

744
1,511
78
135
3,643
6,467
187
3,533
1,857

U.S.
Govt.
bonds '
& notes

4c

788

483
47

678

435
48

667

695

418
47

838

27,395

864

27,914

840

28,280

751

28,869

820

28,683

786

3,324

446

3,576

465

3,704

459

3,454

423

3,566

227

4,169

240

419
481

..

..

1
2
*
1
1
*
7
1
*
1
1

454
551
178
222

1
1
*
1
*

425
513

407
492

1
1
4i

310
511

160
228
40

4c

82
615

87
131
237

82
137
255

849
297

5
1
1
1
1
77

70
606

819
255

192

801
305

1
1
188

2,160
6,447
139
3,080
1,779
112
636
327
397

2,863
152

4,467

Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia....
Cuba
Guatemala
Mexico . . . .
Panama Republic of
Peru
Uruguay
Venezuela
Other 3.4

180
236
78

68
534
123
114
231

799
370

526

1,476
79
134

3,014
6,394
120
3,377
1,804
135
523
405
566

3,177

135
542
469
586

3,435

158

4,719

46

70
529
79
123
229

153
235
44

3
8
30
2
4
3
4c

*

3
126
1
1
93
83

t

83
133

3,664
6,289
206
3,429
1,888

3
4c

4c

2
93
1
1
92
83

131
584
568
607

3,360

4c

163

4c

4>

176
252
38

76
r
609

1
4E

*

6
1

4c

4c

87
137
259

4c

1
*
6
1
4c

765
360
r

1
1
156

Asia:
India
Indonesia

3,580

.

..

Total
All other:
Australia
South Africa
U A.R (Egypt)
Other 6
Total
Total foreign countries 7 . . .

200

301
236
152
2,166
218
290
991

41
1
*
3
2
*
45
92

333
120

6
1
*
3
2
*
45
57

325
119

6
1

321
137

6
1

296
125

6
1

161

4c

165

4c

155

4c

1,894
212
368
1,168

3
1

3
1
41

52,210
213
431
1,207

3

45

2,054
195
410
1,215

4,247

56

4,497

52

260
330

4c

268
415

196
600

*
*
*
35

238
251
189
579

*
*
*
38

189
635

4c
*

39

190
631

4c

85
154
272

1
4c

6
1
4c

157

4c

3
1

41

41

54,637

52

4,764

52

4c

281

4c

471
193
640

4c

315
535

4c

4c

4c

4c

42

1,238

35

1,257

38

1,414

39

1,504

42

1,426

40,076

1,513

40,854

1,598

41,339

1,468

6,337

900

5,422

1,127

5,767

1,240

6,392

1,087

43,994

2,326

45,498

2,640

46,621

2,838

47,731

2,555

5,558

536

5,863

567

5,841

520

6,357

474

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.

58
528

2,344
198
430
1,266

37,657

6

4c

6
1

3,604

235
207

1
1

147
228
37

293
76

204

4,221

301
499

144

3,575

4,354

4c

3,469

89

4c

162

4,402

168

3,627

1,953
174
344
1,130

3,290

4t
4c

2
91
1
1
102
86

1
1
132

15

167

142
610
588
639

4c

30
2
3
3

780
380

3,633

Total




594
1,616
80
138
3,360
6,200
189
3,416
1,822
142
532
516
584
3,262
160
4,941
728

U.S.
Govt.
bonds
& notes

529

Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom 1
Other 2

Sterling area

3
1
30
2
5
3
*
*
3
128
1
1
71
86

Gold&
U.S.
shortGovt.
term
bonds
& notes dollars

25,108

Germany Fed Rep of
Greece
Italy
Netherlands

Grand total 7

Gold&
U.S.
shortGovt.
term
bonds
& notes dollars

Sept. 30, 1962*

2
85
1
1
123
83
*
440
46

85
87

Denmark
Finland

International 4

Gold&
U.S.
shortGovt.
term
bonds
& notes dollars

June 30, 1962

3
2
31
*
5
3
*
*
4
148
1
1
82
94
*
420
44

1,312

Japan
....
Philippines
Thailand
Other

Gold&
shortterm
dollars

Mar. 31, 1962

Dec. 3 I, 1961

Sept. 30, 1961

4c

*

39

186
664

4c

*
4c

39

1,585
r

39

1,700

39

542,237

1,306

42,785

1,261

6,563
* 548,800
•

6,328

1,009

6,994

861

2,315

49,779

2,122

525

5,979

504

Includes unspecified countries in Africa, Oceania, and Eastern
Europe, and all Western European dependencies located outside Europe
and Asia.
7 Excludes gold reserves of the U. S. S. R., 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.

96

INFL CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 1963

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Foreign
Grand
total i

End of period

International

Germany,
Fed.
Rep. of

United
Kingdom

Other

Latin
America i

Asia

Total

1. 3

1957
1958
1959
I960

Canada

Other

Official

Total i

1.2

Europe
Ail
Other

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

1,623
2,019
2,198
2,439

2,575
2,403
2,408
2,422

1,946
2,205
2,780
3,115

355
279
373
352

1961—Nov
Dec

22,276
22,415

3,721
3,690

18,556
18,725

10,581
10,966

7,975
7,759

2,531
2,841

2,505
2,226

4,969
5,250

10,004
10,317

3,029
2,758

2,318
2,371

2,819
2,892

385
387

1962—Jan
Feb
Mar
Apr
May
June

22,362
22,667
23,081
23,265
23,402
'23,932

3,701
4,014
4,294
4,393
4,483
4,453

18,661 10,256
18,653 10,103
18,787 10,498
18,873 10,289
18,919 10,480
r
19,479 11,232

8,405
8,550
8,289
8,584
8,439
8,247

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

'24,041

4,453 19,588 11,232
4,735 r 18,874 10,801
4,893 r 19,252 11,140
4,819 19,696 11,696
4 839 20,353 12,134
4,932 20,242 12,139

8,356
8,073
8,112
8,000
8,219
8,103

2,299
2,401
2,534
2,518
2,509
2,622
2,622
2,543
2,592
2,799
2,823
2,770

2,264
1,853
1,846
1,802
1,853
1,884

5,709
5,220
5,289
5,460
5,592
5,658

10,595
9,616
9,726
10,061
10,268
10,312

2,897
3,120
3,416
3,480
3,886
3,667

'2,464
'2,489
r
2,418
2,413
2 388
2,421

3,212
3,200
3,233
3,280
3,345
3,360

421
449
458
462
467
482

.

. . .

June s
July
Aue
Sept v
Oct p
Nov

r
23,609
r

24,145
24,515
25,193
25,174

378
392
392
437
420

la. Other Europe
Neth- Norerlands way

Portugal

Spain

Sweden

Switzerland

Turkey

Other*

93
130
95
82

142
163
138
84

24
36
86
149

260
303
213
227

967
852
969
678

18
20
31
18

360
694
590
393

231
216

99
105

90
99

134
153

379
406

712
875

28
26

376
354

218
263
241
247
259
307
339
258
276
259
243

93
103
112
141
123
101
103
117
112
109
115

93
91
86
98
108
130
132
137
141
156
154

159
152
165
160
153
159
176
144
160
151
165

392
394
403
391
415
425
425
463
458
458
483

775
819
818
808
830
951

34
37
20
19
16
23

359
345
342
321
302
263

913
832
837

17
17
22

266
279
283

Neth., PanAntilles ama,
Reand pubSuri- lic of
nam

Peru

Uruguay

Venezuela

Other

Total

Austria

Belgium

Denmark

Finland

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
,121
,370
877

203
339
485
328

1961—Nov
Dec

4,969
5,250

241
255

330
326

49
52

89
91

957
989

50
67

,203
,234

1962 Jan
Feb
Mar
Apr
May

5 285
5,218
5,356
5,378
5,562
5,709
5,220
5,289
5 460
5,592
5,658

256
262
250
229
238
277
291

357
328
319
293
293
258
204
184
170
190
195

52
55
49
49
60
52
44

90
90
77
74
70
71
68
70
74
73
72

1.083
1,097
1,189
1,261
1,445
1,394
1,046
1,080
1,162
1,205
1,272

76
85
98
104
103
110
100
98
101
103
113

,248
,100
,187
1,185
,147
1,187
,095
[,244
,292
,310
,296

End of period

1957
1958
1959
I960

.

.

Julv .
AUK

Sept .
Oct p
Nov.**

316
325

319
305

52
47

55
69

France Greece

Italy

885
837

26
25

292
314

lb. Latin America

End of period

BoTotal i Argen- livia
tina

Brazil Chile

Colombia

Cuba

DoEl
min- Sal- Guate- Mexican
mala
ico
Rep. vador

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

124
133
148
302

1961—Nov
Dec

2,318
2,371

240
235

25
26

260
228

96
105

130
147

45
43

23
23

23
22

43
46

439
494

87
89

85
87

77
84

53
57

416
418

275
268

1962—Jan
Feb
Mar .
Apr
May
June
July

2,327
2,333
2,432
2,543
2,410
r
2 464
r
2,489
r
2 418
2,413
2,388
2,421

228
217
243
221
209
208
231
210
230
187
205

23
23
24
24
24
25
23
21
22
24
22

252
241
207
255
236
225
201
198
213
180
176

99
95
114
110
110
131
113
106
104
112
101

119
139
137
140
142
159
149
143
145
152
136

41
40
39
38
37
37
37
36
36

26
28
34
42
43
48
43
42
40
35
44

24
29
28
29
34
35
36
33
31
25
21

48
54
58
57
55
52
42
37
34
33
33

473
474
506
516
490
r
503
r
474
r
454
431
437
494

86
88
92
97
90
87
96
93
94
91
94

79
83
82
90
91
87
87
87
85
84
87

79
80
90
92
90
90
96
104
107
103
103

68
80
75
75
72
79
73
87
92
90
85

397
381
400
447
379
364
436
394
379
417
406

285
283
303
308
308
334
351
374
370
404
399

AUE

Sept
Oct.*
Nov.?

For notes see following page.




8 15
15

97

INTL. CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 1963

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
lc. Asia and All Other
Asia

End of period

All other

Korea, PhilReTaiJapan pubIsrael
wan
lic pines
of

Congo,
Thai- Other Total Aus- Rep. South U.A.R. Other
land
tralia of Africa (Egypt)
the

Total

Hong
Kong

India

1957
1958
1959
1960

1,946
2,205
2,780
3,115

70
62
60
57

82
77
114
54

151
108
139
178

55
43
47
22

52
56
87
75

1,285
1,887

586 117
145
148
152

175
176
172
203

86
99
94
84

157
133
141
186

417
371
494
217

355
279
373
352

85
79
110
88

39
30
31
32

38
30
49
29

40
16
20
22

153
125
162
181

1961—Nov
Dec

2,819
2,892

59
55

90
78

82
76

31
31

62
63

1,532 198
1,590 199

150
185

90
92

248
264

276
258

385
387

91
98

38
34

44
32

12
15

199
209

1962—Jan
Feb
Mar
Apr
May.......

2,926
2,995
3,092
3,070
3,090
3,106

59
57
57
58
61
56

75
74
74
70
54
49

86
100
94
88
80
82

34
35
36
23
18
26

63
87
71
78
76
76

1,599 188
187
1,750 183
1,708 181
,75? 174
1,800 164

202
171
165
173
184
179

98
103
92
90
85
85

276
293
306
314
323
327

246
255
262
287
283
261

415
378
392
392
437
421

127
95
101
96
97
104

31
28
27
27
40
37

32
36
36
43
42
39

21
14
16
17
25
19

204
?05
213
210
tVi
222

3,212
3,200
3,233
Sept . . . . 3,280
Oct.*
3,345
Nov.?
3,360

56
60
60
57
63
62

49
39
39
46
49
46

82
79
83
33
39
26

26
32
37
28
27
22

76
76
89
81
74
81

1,906
1,903
<)4?
2,040
2,104
2,111

179
169
169
161
163
171

85
86
82
80
77
76

327
327
327
326
326
324

261
267
250
275
276
300

421
449
458
462
467
482

104
122
126
131
155
157

37
37
41
35
31
38

39
36
45
47
42
43

19
22
13
12
13
17

222
232
73?
236
??6
227

1958

1959

1960

1961

44.1 34.4
36.0 35.8
2.5
2.3
18.0 63.1
2.8
2.5
10.3
9.4
20.9 21.0
37.9 38.0
1.4
1.2
1.8
1.2
5.6 23.5
15.2 14.8
60.2 111.6
2.5
3.5
4.7
5.0
48.8 68.3

6.9
34.8
1.4
13.8
1.8
9.6
5.0
36.2
6.3
1.2
10.6
14.2
18.4
1.9
4.2
14.6

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

.6
18.7
2.0
.4
20.3
17.6
.6
57.8
2.0
1.3
6.8
.3
.8
1.6
8.4

.4
9.3
.9
.9
16.8
5.6
.9
64.3
2.2
1.4
35.1
3.9
3.5
1.9
2.8

.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

June •
*
July

Indo- Iran
nesia

915

164
160
155
153
147
142

Id. Supplementary Data 9 (end of year)
Area or country

1958

1959

.3
.2
.6
.9

Other Europe:
Bulgaria
Cyprus
Czechoslovakia l •
Hungary
*
Iceland
Ireland, Republic of
Luxembourg
Monaco
Poland io10
Rumania
Soviet Zone of Germany
U. S. S. R. io
Yugoslavia 1 °

10.0
16.1
5.9
4.9
.9
1.4
2.2
9.5

1.2
.3
.7
1.3
2.7
5.4
7.2
5.3
4.0
.9
1.5
2.6
6.2

Other Latin 11
America:
Bahamas
Bermuda
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
The West Indies federation ! x

6.8
24.5
17.4
.5
7.7
6.3
11.3
3.4
31.6

18.9
21.7
.5
10.5
12.8
12.5
6.7
32.6

Other Asia:
Aden
Afghanistan.
Bahrain....
Burma
Cambodia..

1.7
4.5
.9
5.9
24.9

3.5

14.3

2.2
11.0

.9
4.3
19.7

1960 1961

.5
.5
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

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 AU 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
•214.0
Morocco (incl. Tangier)
Mozambique
New Caledonia
n.a.
New Zealand
3.6
Rhodesia and Nyasaland, Federation of
.6
Somali Republic
n.a.
Sudan
15.3
Tunisia
1.2
.7
.9
1.0
3.1
3.2
16.1
3.4
7.2
1.5
1.3
4.8
11.6

1
Excludes nonnegotiable, non-interest-bearing special U. S. notes
held by the International Development Association and the Inter-American
Development Bank.
2 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, International Development Association, and other international organizations.
3 Foreign central banks and foreign central governments and their
agencies (including official purchasing missions, trade and shipping
missions, diplomatic and consular establishments, etc.).
* 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
as of June 30.
* Includes Bank for International Settlements.
i Beginning with 1960 includes Inter-American Development Bank.




Area or country

.5
27.8
1.0
.7
13.0
6.4
1.0
43.5
2.9
1.4
6.9
.2
1.3
5.2
.3

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.
i o Based on reports by banks in all F. R. districts,
i! Before 1960, data for the Bahamas included with The West Indies
federation.
i 2 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.

98

INT'L CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 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
Total

To all other foreigners

u. s.
Total

Deposits

Treasury
bills and
certificates1

Other 2

Total

Deposits

U. S.
Treasury
bills and
certificates

Payable
in foreign
currencies
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

5,875
6,772
6,341
7,568

5,840
5,823
9,245
9,960

1,132
1,075
1,328
1,401

2,252
2,430
2,398
2,230

1,951
I 833
1,849

278
306
295
148

209
174
270
233

59
59
77
113

1961—Nov
Dec

22,276
22,415

19,802
19,909

8,843
'8,635

9,514
9,751

1,445
'1,524

2,333
2,356

1,930
1,976

147
149

256
230

142
150

22,362
22,667
23,081
23,265
23,402
'23,932

19,839
20,085
20,443
20,609
20,741
'21,081

'9,132

8,774
'8,616

9,232
9,500
10,218
10,011
10,409
10,973

'1,475
'1,466
'1,471
'1,524
'1,558
'1,493

2,361
2,430
2,454
2,475
2,494
2,674

1,967

r
8,754
r
9,074
r

2,004
2,038
2,050
2,207

151
166
156
140
100
107

243
290
294
297
344
360

161
152
184
181
167
177

'24,041
'23,609
'24,145
24,515
25,193
25,174

'21,188
'20,876
'21,359
21,730
22,390
22,413

8,684
8,365
8.280
8,197
8,486
8,430

10,973
11,020
11,645
12,082
12,455
12,459

'1,531
'1,491
'1,434
1,451
1,449
1,524

2,676
2,553
2,540
2,531
2,520
2,557

2,209
2,088
2,066
2,057
2,051
2,047

107
112
109
100
108
130

360
353
365
374
361
380

177
180
246
254
282
204

*
*

4
*

*
*
*
*
2

1962—Jan
Feb .
Mar
Apr
May
June

. . . .

June 3
July
Aug
Sept p
Oct
Novp

. . . .

rQ.t19

973

Area and country detail, Sept. 30, 1962
Europe:
Austria

21
867

5
19
1
4
46

2
29
7
2
52

2
25
7
2
45

4

3

232
65
179
101
46

2,142
20
794
120
15

386
*
142
10
22

35
16
27
39
29

28
16
25
28
28

2

5

3

2

1
10
*

108
134
439
729
20

104
99
99
263
20

4
1
15
169

33
25
19
97
1

33
23
18
61
1

«

35
326
298

*
2

150
5
*
*
*
*
11
*

1,328
11
257

1,099
9
80

174

55

102

76

416
1
11

957

Denmark
Finland
France

325
170
47
74
1,162

323
140
39
71
1,108

263
71
36
47
195

Germany, Fed. Rep. of....
Greece
Italy
Netherlands
Norway...

2,799
101
1,292
276
112

2,761
85
1,115
232
83

141
160
458
837
22
1,802
12
272

Portugal.
Spain

.

...

Switzerland
Turkey
United Kingdom
Other

55
50

t

16

19
*

142
1
10

34

239
*
*

59

*

842

496

61

284

233

21

28

12

*
*
*

4

Total

10,061

8,985

3,008

5,021

Canada....

3,480

3,250

1,617

1,595

39

218

168

Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba

230
22
213
104
145
36

118
4
92
25
67
1

83
4
85
24
64
1

33

2

*

6
*
2

113
17
121
79
79
34

108
17
120
78
76
34

5
*
1
1
2
*

El Salvador
Guatemala

40
31
34
461

22
15
16
236

21
7
14
200

9

2
27

18
16
18
225

18
15
18
221

*
*
4

*

94

42

27

10

5

52

33

2

17

*

85
107
92
379
370

11
41
39
148
243

11
41
36
147
149

73
66
53
231
125

61
65
46
229
107

2

23

1
*
3
*
71

3
1
8

10
1
3
2
10

*
*
*
2

2,443

1,120

915

83

121

1,320

1,247

17

56

3

Neth. Antilles and Surinam
Panama ReD of
Peru
Uruguay
Venezuela
Other
Total
For notes see end of table.




*

8

1

JANUARY 1963

99

ENTTL 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 other foreigners

Payable
in foreign
currencies

Total
Deposits

Total

U.S.
Treasury
bills and
certificates

Other 2

Total

Deposits

U.S.
Treasury
bills and
certificates

Other

2

Area and country detai I, Sept. 30, 1962—Cont.
Asia:

57
46
33
28
81

27
39
31
21
76

22
30
16
21
45

2,040
153
161
80
326
275

2,021
152
139
74
323
234

3,280

5
6

28
6
2
7
5

*

2
*

*
1

7

24

29
6
2
7
6

1,222
149
130
66
88
180

627

172
3
9
8
6
32

19
1
22
6
3
40

18
1
22
6
3
40

*

*
*
228
23

*

*

1

3,137

1,969

903

265

142

138

*

4

2

127
34
43
11
204

46
34
36
10
143

70

4
1
4
1
29

4
1
4
1
28

*

*

7
1
46

11
*
*
1
14

*

U A R fEfivofl
Other

131
35
47
12
236

1

*
*
2

Total

462

419

269

125

26

39

38

*

1

4

19,726

16,911

7,776

7,726

1,409

2,561

2,087

100

374
*

254

2,561

2,087

100

374

254

K o r e a I? e n o f

...

Other

All other:
CYvnco Her> of the

••

Total foreign countries.

3
15

M
s

*

4,819

International
Grand total

4,819

450

44,356

21,730

8,227

412,082

1,421

i Includes nonnegotiable, non-interest-bearing special U. S. notes held
by the International Monetary Fund, which amounted to $3,012 million
on Nov. 30, 1962; excludes such notes held by the International Development Association and the Inter-American Development Bank, which
amounted to $273 million on Nov. 30.

*
*

*

*

*

13

24,545

i

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

GerFrance many,
Fed.
Rep. of

Italy

Switzerland

United
Kingdom

Other

Total

Canada

Latin
America

Asia

All
other

1957
1958
1959
I960

2,199
2,542
2,623
3,614

114
102
57
32

140
77
54
82

56
36
30
34

34
42
38
60

98
124
121
245

211
315
234
264

654
696
534
717

154
243
272
421

1,099
1,175
1,356

386
435
586
1,052

50
69
56
69

1961 Nov
Dec

4,384
4,700

40
42

147
165

34
35

67
105

189
181

181
239

658
767

577
537

1,450
1,504

1,620
1,807

79
85

1962 Jan
Feb
Mar
Apr
May

4,570
4,688
4,871
4,852
4,836
4,778

40
44
52
47
55
55

157
155
144
161
139
129

36
39
37
41
37
36

68
71
76
68
68
68

163
160
159
142
158
151

214
215
222
207
229
254

678
683
690
667
686
693

483
496
540
517
453
431

1,425
1,456
1,496
1,520
1,565
1,529

1 892
1,964
2,051
2,046
2,029
2,009

92
89
94
101
103
117

4,835
4,829
4,788
4,795
4,952
4,864

55
51
42
43
44
62

129
137
139
135
143
139

36
43
39
41
45
43

68
67
69
68
74
64

151
161
166
163
202
210

254
244
255
277
253
221

693
703
709
726
760
739

436
451
430
443
547
489

1,532
1,526
1,508
1,507
.525
1,563

2,058
2,026
2,015
1,981
1 987
1,940

117
124
127
138
133
133

JUly
Septp
Oct
Nov.?

i 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




956

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.

100

INT'L CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 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

End of period

Total

Belgium

Austria

Denmark

Finland

Greece

Netherlands

Norway

Portugal

Sweden

Spain

Turkey

Yugoslavia

Other

1957
1958
1959
I960....

211
315
234
264

6
7
4
2

25
65
56
65

11
14
18
13

4
6
8
9

6
7
5
6

29
56
38
33

23
22
7
17

2
2
2
4

8
30
8
8

10
24
19
28

76
72
47
49

*
1
3
11

10
9
18
19

1961—Nov.. . .
Dec

181
239

4
5

10
20

11
11

20
23

6
6

46
54

23
27

3

5

5
11

18
35

9
16

9
9

17
17

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

214
215
222
207
229
254
244
255
277
253
221

4
5
4
5
6
5
7
6
7
7
7

18
19
17
15
18
18
19
19
15
16
21

13
9
8
7
9
11
11
11
12
10
10

23
23
24
24
26
27
28
28
28
31
32

5
4
4
4
4
5
5
5
5
6
7

60
61
66
58
62
59
57
55
60
46
24

26
22
20
21
23
24
26
27
28
30
28

14
17
15
13
16
12
12
18
22
24
23

17
18
18
17
19
20
16
17
16
15
18

7
11
13
13
37
27
31
41
24
12

7
7
4
5
5
6
6
6
6
6

19
21
23
21
23
23
22
22
26
28
26

2
3
5
5

5
7
8
9
11
8
9

7

5

3 b. Latin America

End of period

1957...
1958..
1959.
1960...

BoTotal Argen- livia
tina

Brazil Chile

Colombia

Cuba

Dominican
Rep.

El
Sal- Guate- Mexico
vador mala

Neth.,
Antilles
and
Surinam

Panama,
Republic of

Peru

Uruguay

Vene- Other
zuela

,099
,175
,356

28
40
60
121

3
3
3
4

100
148
117
225

33
52
59
73

103
51
68
80

113
166
115
26

15
19
29
16

8
10
15
22

8
12
10
14

231
293
291
343

2
6
4
8

18
23
18
23

31
31
36
44

42
52
47
57

170
142
247
234

51
53
57
66

1961—Nov..
Dec..

,450
1,504

179
192

5
6

230
186

119
127

99
125

19
19

14
13

14
17

19
20

395
423

6
13

32
32

69
73

53
55

125
129

73
74

1962—Jan
Feb
Mar

1,425
1,456
,496
I 520
1,565
1,529

179
184
205
203
204
188

5
6
5
5
6

129
130
137
161
173
200

126
125
120
120
154

134
160
160
156
163
143

18
19
18
18
17
17

12
11
10
12
14
15

14
16
14
15
9
10

19
19
18
18
17
13

411
396
432
433
427
408

9
6
9
9
9
7

43
41
41
52
59
41

71
70
71
74
80
81

61
62
60
61
61
68

122
141
127
117
117
108

71
68
69
68
71
71

1,532
1,526
1,508
,507
1,525
,563

189
177
164
183
169
182

6
6
8
4
4
5

200
199
191
196
189
180

154
164
158
161
172
174

143
147
138
137
152
138

17
18
17
17
17
17

15
15
15
14
13
19

11
12
11
10
12
12

13
14
14
16
17
18

409
393
397
369
376
400

7
7
10
11
10
7

41
37
36
36
32
32

81
83
86
86
86
84

68
63
80
89
101
107

108
111
107
101
96
104

71
80
74
75
79
82

Apr

May
June
June 1
July
AUK.
^"*s
Sept
Oct.*
NOV.P

956

5

. 139

3c. Asia and All Other
Asia
End of period
Total

Hong India
Kong

Iran

Israel

All other
Japan

Phil- Taiippines wan

Thai- Other Total
land

Australia

Congo,
Rep.
of the

South
Africa

U.A.R.
(Egypt) Other

1957
1958
1959.
1960.

386
435
586
1,052

7
6
10
9

6
4
6
9

22
27
29
33

24
23
14
24

146
179
324
806

53
67
24
19

6
6
9
7

14
13
15
24

110
111
155
121

50
69
56
69

13
13
18
28

5
4
3
3

12
21
12
11

1
3
2
3

19
29
21
24

1961—Nov
Dec

1,620
1,807

9
9

8
8

33
31

34
36

1,292
,445

86
114

10
10

31
34

115
119

79
85

27
29

6
6

11
10

12
13

24
27

1962—Jan
Feb
Mar
Apr
May
June

1,892
1,964
2,051
2,046
2,029
2,009

10
9
10
12
11
11

10
10
11
13
12
14

30
28
28
30
32
24

36
37
41
39
43
39

,515
1,605
,698
,688
,678
,680

133
118
114
108
107
91

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

2,058
2,026
2,015
1,981
1,987
1,940

11
11
11
13
13
13

14
14
14
18
18
18

24
24
25
23
21
23

39
38
37
36
37
34

,728
,731
,736
,710
,712
,660

91
76
69
69
70
77

7
6
6
8
9
8

30
30
33
30
32
33

114
96
84
74
74
73

117
124
127
138
133
133

35
34
40
46
45
44

4
2
4
4
2
2

11
12
12
12
11
12

24
26
23
25
23
25

44
49
48
51
51
50

June 1
July
Aug
Sept
Oct.*
Nov.*

For notes see preceding page.




101

INTL CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 1963

4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(In millions of dollars)
Short-term
Payable in dollars
End of period, or area
and country

Longterm—
total i

Payable in foreign currencies

Loans to—
Total
Total

Banks and
official
institutions

Others

Collections
outstanding

Other

Deposits
with
foreigners

Total

Other

Total amounts outstanding
1957
1958
1959
I960

1,174
1,362
1,545
1,698

1961—Nov...
Dec...

1,880
2,020

1962—Jan...
Feb...
Mar...
Apr...
May..
June..
June 2
July..
Aug...
Sept...
Oct.P.
NOV.P

2,046
2,081
2,139
2,086
2,080
2,175

2,199
2,542
2,623
3,614
4,384
4,700
4,570
4,688
4,871
4,852
4,836
4,778

2,052
2,344
2,406
3,135
3,835
4,115
4,113
4,246
4,399
4,393
4,326
4,299

2,175
2,195
2,186
2,170
2,114
2,130

4,835
4,829
4,788
4,795
4,952
4,864

4,354
4,339
4,325
4,302
4,329
4,295

627
840
848
815

303
428
460
482

423
421
516
605

699
656
582
1,233

147
198
217
480

132
181
203
242

15
16
15
238

828
,014

682
694

,700
,789

549
586

329
385

220
200

,003
,088
,214
,236
,304
,314

625
618
617
623
644
679
570
539

708
715
732
726
711
698

,785
,819
,809
,752
,742
,749

458
443
473
459
510
479

287
288
307
274
293
313

171
154
166
184
217
165

,324
,290
,259
,262
,242
,195

543
559
604
592
634
643

703
701
698
690
706
718

,784
,789
,763
,759
,747
1,738

481
490
463
493
622
569

316
311
304
312
416
364

165
179
159
181
207
205

1
2
31

21

10

23
2
14

105

9!

14

156

180

150

30

119

179

45

133

25

25

"43*

"43'

73

70

Area and country deatil, Sept. 30, 1962
Europe:
Austria...
Belgium..
Denmark.
Finland..
France...

57
8
10
9
21

7
15
12
28
43

7
13
11
28
35

72
10
29
8
189

135
5
41
60
28

117
5
38
53
27

3
11
5

Portugal....
Spain
Sweden....
Switzerland.
Turkey

24
9
43
16

11
22
16
68
41

11
21
14
36
41

6
7
2
9
38

United Kingdom.
Yugoslavia
Other

26
2
2

163
6
26

58
6
25

15
4
4

Germany, Fed. Rep. of..
Greece
Italy
Netherlands
Norway

7
40
10
29
1
*
4
•

2
7
2
2
13
20
5
16
12
2
2
4
5

1
1
6
23
10
25
9
1
19
3
6
7

534

726

546

150

14
*
6
"A
121

Canada

296

443

265

9

129

Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba

69
*
265
25
69
1

183
4
196
161
137
17

158
4
153
161
136
17

37
*
52
41
27

22
*
52
23
22
1

41
3
22
24
26
16

28
74
61

14
10
16
369

14
10
16
367

5

9
209

146

1
1
77

6
7
33

1
3
7
112

21
14

36
86

36
86
89
100
75

9
14
11

13
11
5
21
16

6
27
6
51
30

40
69
13
17

1,434

361

272

309

493

18
*
3
7
1

Total.

Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands Antilles and
Surinam
Panama, Rep. of.
Peru
Uruguay
Venezuela
Other
Total.
For notes see end of table.




210
73
974

101
75
1,507

120

i

102

INTL. CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 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

Loans to—

Total

Banks and
official
institutions

Total

Payable in foreign currencies

Collections
outstanding

Others

Other

Total

Deposits
with
foreigners

Other

Area and country detail, Sept. 30, 962—Cont.
Asia:

3
19

India
Israel

11
28

•

13
18
*
23

13
18
*
23

7
5
*
3

2
1

5

*
3

1,668
7
69
8

598

27

1
50
2

8
*

36

36

1
3

*
1

*
1

2

4
9
*
17
4

*

*

42

42

*

*

*

24

*

Japan
Korea Rep of

54

62
1

1,710
7
69
8

Thailand
Other

3
10

30
66

30
66

8
39

191

1,981

1,938

46
40
29
2
58

46
4
12
25
51

30
4
10
24
50

11
9

22

18

175

138

119

24

26

45

25

18

4

14

2,170

4,795

4,302

1,262

592

690

1,759

493

312

181

Total
All other:
Congo Rep of the
South Africa
U A R fEevof)
Other
..

.

Total
Total foreign countries.

139
6
4
3

904

3

4
18

5

*

*

*

719

45

208

966

43

43

*

2
2

4

15
2
9

10

16

2

14

*
13
1

2

2
*
*

*
*
*

*

*
7
2
18

2
These figures reflect the inclusion of data for banks initially included
as of June 30.

i Mainly loans with an original maturity of more than 1 year.

5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U. S. Govt. bonds & notes

Period

Purchases

Sales

U. S. corporate securities *

Net purchases
or sales

Total

Foreign
countries

Purchases

Sales

1,759
2,593
2,419
3,384

1,798
2,158
2,167
3,161

-39
435
252
223

Foreign bonds

Net pur- Purchases or chases
sales

Foreign stocks

Sales

Net pur- Purchases or chases
sales

889
946
883
802

1,915
1,458
1,445
1,262

-1,026
-512
-562
-460

467
566
509
596

804
804
592
966

-336
—238

Sales

Net purchases or
sales

1,224
1,217
1,730
1,744

1,188

36
689
127
512

-237

1,603
1,231

1961 Nov
Dec

259
86

181
32

79
54

19

310
286

290
273

20
14

62
64

105
107

-42
-43

55
59

94
140

-40
-81

1962—Jan
Feb

30
144
142

58
269
272

-28
-125
-129

-19
-62
-49

257
238
268

220
208
234

37
30
34

91
160
145

2
-53
-50

140
299

-36

-24

-113
-25
31
-32
-44

233
286

211
260

22
26

136
119
347
334

-176
-28
26
-211
-8
2 -30
2 -67

114
301

-22
-36
-32
-10

108
146
135
327
2 77
2 246

245
168
163
125

309
200
156
140

-64
-32
7
-15

58
51
58
57
79
70
48
45
44

80
87
90

104
122

93
106
95
79
125
56
64
50
44

108
37
41
39

155
210

160
198

-5
12

251
70

401
201

58
69

40
48

1958
1959
I960
1961

Mar

Apr
iMay
June
July

Aus

Sept
Oct.2'
Nov*>
1
2

528

107
314

527
-98
172

2 _

6

Includes small amounts of State and local govt. securities.
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) and in Swiss francs (Oct.,
$23 million, Nov., $28 million).




136
89
65
100

-35

-176
-80
-24
-15
-57
-151
-131

67
79

-83

-370

-38
11
4
4
18
22

NOTE.—Statistics include transactions of international organizations.
See also NOTE to Table 1.

103

INTL. CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 1963

6. NET PURCHASES OR SALES BY FOREIGNERS OF U. S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of doll ars)
Type of security

Stocks

25
15
54
36
20
21
28
-65
-18
7

Belgium

17
73
50
-99

37
30
34
22
26
-64
-32
7
-15
-5
12

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

-56
363
202
323

20
14

Nov
Dec

Bonds

-39
435
252
223

1958
1959
I960
1961
1961

Country or area

Total i

Period

n

-4
21

France

Netherlands

Switzerland

United
Kingdom

Other
Europe

Total
Europe

Canada

Latin
America

All
other 1

-3
5
5
4

2
40
38
21

-8
31
1
20

19
254
171
166

-1
15
-48
-17

1
35
66
38

10
379
234
232

-86
-30
-45
-112

23
40
36
44

14
46
28
58

1
1

4
1

5
1

25
21

-20
-25

3
5

18
3

-8
*

2
4

8
7

5
5
2
*
2
-2
1
-1
-1
*
-1

-2
-1
1
*
4
2
1
-2
*
*
-1

46
34
16
18
21
-6
6
13
*
-15
8

10
-2
-1
15
13
-29
-28
-10
-5
9
-1

-3
*
-1
*
2
1
-1
2
-3
2
2

55
37
16
34
43
-36
-23
1
-10
-7
6

-19
-9
17
-6
1
-14
-13
1
-4
2
#

4
-1
-1
2
-10
-4
*
-2
1
*
-3

-3
3
3
-8
-8
-9
4
8
-1
*
10

-5
-1

•

-17
-6
14
1
2
1
-13
*
-6
-2
-8

1
—1
*
1
-2
•
*
*

-1

NOTE.—Statistics include small amounts of State and local govt.
securities.

i 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

1958
1959
I960
1961

Total
Inter- foreign Europe
national countries

Canada

Latin
Amer- Asia

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

5 -45
11 - 9 7
-107
-41
- 5 8 -121

-150
-15
-36
-73

-15
-9
g
-11




-805
-593
-498
-832

-72
-50
-117
-262

-543
-443
-196
-318

1
-7

-83

-116

-26
-85

-15
-28

-9
1

*
-96
-28
-21
-11
*
-4
4
9
-4
-10

-20
6
-54
-24
-165
-117
-10
-14
-61
-128
-99

n

22
2
8
2
-91
-31
8
4
-14
-125
-95

-1
4
*
1
-3
-18
*
*
2
2
*

-22
-57
-23
-22
-66
9
-14
8
29
4

End of period

Deposits

U. S. Govt.
securities *

— 558
-157
— 147
1

1961—Nov....
Dec....

Assets in custody

All
other

-5

q

-26
-5
-1
-5
-57
-6
-10

Earmarked
gold

1957
1958
1959
1960

356
272
345
217

6,023
8,538
9,861
11,843

-18
6

3,729
3,695
4,477
5,726

1961—Dec.

279

6,006

11,905

-23
33
1
1
-23
3
-26
1
*
-24
2

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

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).

104

INTX CAPITAL TRANSACTIONS OF THE U. S.

JANUARY 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
3d revised ser. * 4th revised ser. l

3d revised ser. * 4th revised ser. *
1962

Area and country
1961
II

III

III

1961
I

IV

II

1961
III

II

III

I

IV

II

5
35
5
2
40

4
17
6
2
36

4
17
6
2
37

4
25
7
2
46

3
26
6
2
46

22
7
2
37

68
3
36
22
7

74
2
34
23
7

76
2
34
23
8

78

22
41
8

47
28
10

101
3
51
35
10

118
4
60
43
12

120
5
2

1
8
7
15
4
117
6
2

4
10
19
19
5
225
2
4

6
9
18
15
5
187
2
5

6
9
19
16
5
188
2
5

5
12
19
18
6
198
2
6

7
12
21
28
5
194
2
8

7
14
22
24
4
165
2
5

366

350

322

509

454

460

516

560

552

49

45

47

558

653

655

607

687

679

7
1
24
5
5
2

6
1
7,5
5

6
1
27
4
2
2

8
1

31
3
91
16
14
7

32
3
91
17
14
7

36

5

30
2
74
18
13
6

64
19
13
5

36
3
60
21
13
5

34
3
59
21
14
6

1
1

1

1
*

1
*

*

6
6

5
5

5
5

6
8

8
12

4
8

2
3
5
44
2

3
3
5
47
2

3
3
5
49
2

3
3
5
41
2

3
3
5
42
2

4
3
5
41
3

7
3

13
2

27
6
3
19
8

17
4
2
19
8

6
18

6
18

9
16

9
14

10
12

21
10

12
6
1
20
12

7
12

23
10

13
2
4
22
10

36
27

57
44

58
45

46
24

46
28

40
31

102

106

109

105

126

109

286

350

356

295

295

291

3
6
7
5
3

3
6
7
5
3

3
8
6
5
5

3
6
6
6
3

2
4

3
11
3
7
8

3
13
3
7
8

3
13
3
7
8

4
12
2
8
10

4
15
3
8
11

3
24
2

Israel

3
5
10
5
2

Japan
Korea Rep. of
Philippines.
Taiwan
Thailand
Other

68
*
7
*
3
11

71
*
7
3
15

71
*
7
1
3
15

6?.
*
8
2
3
11

68
*
9
1
3
11

57

56
1
7
2

63
1
7
2
3
18

63
1
7
2
3
19

80
1
8
7

100

moo

Europe:
Austria
Belgium
Denmark
Finland
France

1962

1961

20

5
3
3
22

96
3
9
4
3
31

Total

114

122

122

114

115

98

118

127

129

155

176

192

15

11

11

13

12

13
2
18

11
2
15

12
1
16

19
2
11
7
16

21
2
10
11
19

22
2
10
11
19

25
2
10
10
18

25
3
8
15
14

23
2
9
15
17

44

42

43

56
*

62

63

64

64

1

1

1

66
*

1,528

1,646

1,664

1,638

1,783

1,780

2
28
3
1
37

2
25
3
1
40

2
25
3
1
41

40
2
23
68
6

40
2
30
48
9

40
2
30
49
9

7
8
47

1
5
6
39

2

1
5
6
39

1
8
6
39

10
8
25

110
2
2

110
2
2

111
3
1

370

371

45

45

7
24
5
5
2

1
*

Switzerland
Turkey

30
2
24
43
8

10
1
20
5
7
2

Norway .
Portugal
Spain

31
44
10

49

Italy

23
4
1
28

388

Germany Fed Rep. of

2
27
5
1
33

109
Other
Total
Canada
Latin America:
Argentina
Brazil
Chile
Cuba
Dominican Republic
El Salvador
Guatemala
Neth Antilles and Surinam
Panama Rep of
Peru
Uruguay
Venezuela
Other
Total
Asia:
Hone Konc
Indonesia

All other:
Australia
Congo Rep of the

..

U A R (EeyDt)
Other

3
1
11

4
2
13

Total

31

29
*

12
*
4
2
13
30
*

672

676

International
Grand total

684

t Includes data for a number of firms reporting for the first time on
June 30, 1961 (3rd revised series), and on Sept. 30, 1961 (4th revised
series).
N OTE .—Reported by exporters, importers, and industrial and com-




31
5
1
32
34

680

677

31

5
1

4
*
5
16

618

10

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.

JANUARY 1963

105

U. S. BALANCE OF PAYMENTS
U. S. BALANCE OF PAYMENTS
(In millions of dollars)
1959

Item

1960

III
1

1961
III

IV

1962
III

IV

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

6,882
5,008
1,874

6,581
4,691
1,890

7,270
5,145
2,125

6,820
5,012
1,808

6,952
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

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

6,045
3,858
1,429
758

6,018
3,551
1,670
797

5,385
3,484
1,179
722

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
752

6,318
4,077
1,495
746

6,487
3,973
1,784
730

Balance on goods and services!

-278

504

540

837

563

1,885

1,544

1,357

578

1,664

1,113

1,488

639

Unilateral transfers (net)
Private remittances and pensions..
Government nonmilitary grants...

-547
-214
-333

-675
-206
-469

-582
-201
-381

-620
-202
-418

-624
-207
-417

-680
-232
-448

-694
-216
-478

-706
-218
-488

-633
-213
-420

-696
-231
-465

-748
-228
-520

-686
-221
-465

-659
-218
-441

U.S. long- and short-term capital (net)
Private, total
Direct investment
Portfolio and short-term investment
Government
,

-607
-387
-224

-595
-838
-419

-883
-653
-303

-1,131 -1,088 -1,885 -1,372
-943 -1,545 -989
-741
-327
-331
-733

-540
-955
-324

-1,104 -1,863 -1,268 -1,166
-720
-637 -1,372 -866
-341
-196
-496
-369

-345
-355
-189

-163
-220

-419
243

-350
-230

-410
-390

-616
-145

-812
-340

-548
-383

-631
415

-296
-467

-1,003
-491

-670
-402

-224
-446

-166
10

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

-8

146

74

-100

-90

-476

16

-296

243

-565

151

-64

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.

1 Excludes military transfers under grants.
Includes military transactions.

3 Beginning with the first quarter of 1961, net of change in convertible
currencies held by Exchange Stabilization Fund.

2

NOTE.—Dept. of Commerce estimates.

OPEN MARKET RATES
(Per cent per annum)

Month

France

United Kingdom

Canada

Treasury Day-tobills,
day
3 months * money 2

Bankers' Treasury Day-toacceptday
bills,
ances,
3 months 3 months money

Bankers'
allowance Day-today 3
on
deposits money

Germany
Treasury
bills,
60-90
days 4

Netherlands

Switzerland

Day-to- Treasury Day-today
day
bills,
money " 3 months money

Private
discount
rate

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

3.56
4.31

2.52
1.51

.50
.13

2.00
2.00

1961—Nov
Dec

2.42
2.82

2.24
2.37

5.67
5.61

5.41
5.35

4.89
4.83

4.02
4.00

3.52
3.58

2.00
2.00

2.81
3.06

1.74
1.32

.33
.11

2.00
2.00

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

3.08
3.11
3.10
3.08
3.36
4.48
5.47
5.15
5.03
4.46
3.81

2.69
2.63
2.81
3.12
3.00
3.55
4.89
5.03
4.99
4.64
3.82

5.65
5.65
5.13
4.50
4.14
3.98
4.09
4.02
3.93
3.92
4.03

5.35
5.41
4.86
4.26
3.94
3.80
3.90
3.79
3.69
3.71
3.77

4.78
4.72
4.32
3.70
3.24
3.30
3.33
3.32
3.36
3.16
3.31

4.00
4.00
3.46
2.93
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

1.88
1.88
2.00
2.13
2.13
2.25
2.38
2.50
2.50
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

1.31
1.02
1.81
2.13
2.46
2.32
2.21
1.53
1.57
1.96
1.85

.35
.80
.59
.75
1.75
1.69
1.78
.03
.10
.50
.47

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

1
2

Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
• Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.




NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.

106

MONEY RATES

JANUARY 1963

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months

Rate as of
Dec. 31, 1961

Rate
as of
Dec. 31,
1962

1962

Country
Per
cent

Month
effective

Jan.

6.0
5.0
4.5
10.0
3.0

Dec.
Mar.
Dec.
Apr.
Nov.

1957
1960
1961
1958
1957

3.24
4.0
15.88
5.0
3.0

Dec.
Aug.
July
Aug.
Apr.

1961 3.35
1960
1961 15.27
1959
1939

El Salvador

6.0
6.5
5.0
3.0
6.0

Jan.
May
Nov.
Nov.
June

6.75
3.5
3.0
6.0
2.0

Mar.
Oct.
May
Nov.
Jan.

1959
1960
1961
1960
1953

Iceland
India*

9.0
4.0
3.0
6.0
5.56

Dec.
May
Apr.
Nov.
Dec.

1960
1957
1946
1960
1961

Nf e x i c o . . . . . . . . . . . . . . . . . .
Netherlands

6.0
3.5
7.3
4.5
3.5

Feb.
June
Sept.
June
Nov.

1955
1958
1961
1942
1959

Norway
Pakistan
Peru

7.0
6.0
3.5
4.0
9.5

Mar.
Apr.
Feb.
Jan.
Nov.

3.0
2.0
4.5
4.0
5.0

May
Jan.
Dec.
June
Jan.

1961
1944
1961
1961
1960

Thailand
Turkey
United Kingdom

2.0
7.0
7.5
6.0
4.5

Feb.
Feb.
May
Nov.
Dec.

1959
1945
1961
1961
1960

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

1961
1954
1955
1959
1959

Philippine Republic 5
Portugal
South Africa
Spain
Sweden

Mar.

1960
1961
1956
1952
1961

Finland
France
Germany
Greece
Honduras^

Feb.

Argentina
Austria
Belgium
. ...
Brazil

...

Canada1
Chile*
Colombia
Costa Rica
Cuba

Iran
Ireland
Italv

4.25

3.5

4.0
3.42

3.37

3.32

3.77

16.0

5.5

5.0

6.0
6.5
5.0
5.0
6.0

5 0
8.0

7.0
3.5
3.0
6.0
3.0

7.0

3.0

5.44

4.70

6.0
5.0
3.5
10.0
4.0
4.0
4.0
14.62
5.0
3.0

4.0

14.62

4.31

4.09

4.0

4.06

3.94

6 94

6.57

4.0

3.86

9.0
4.0
3.0
6.0
3.86
6.0
3.5
6.57
4.5
4.0
7.0
6.0
3.5
4.0
9.5

6.0
4.0
4.5

«5.0

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.
5
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




3.75

4.0

Dec.

4.5

4.0

3 5

6.0
2.0
3.5
4.0
4.0
2.0
7.0
7.5
4.5
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 for 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.

JANUARY 1963

FOREIGN EXCHANGE RATES

107

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
9 9.07
5 556
1.2730
1.2026
1.2076
2 .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
3 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

.39946
.31181
.31149
.31118
.31098
.31066

.2376
.2374
.2038
120.389
20.384
20.405

1.2080

223.88

3.8671

2.0086

95.885

21.058

14.541

.31084

20.399

1.2056
1.2054
4
1.2081
5 1.0444
.9600
.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
3 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

.31085
.31072
.31074
.31070
.31070
.31066
.31063
.31063
.31058
.31057
.31058
.31058

20.403
20.402
20.405
20.405
20.405
20.405
20.405
20.405
20.405
20.405
20.405
20.404

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Italy
(lira)

Japan
(yen)

Malaysia
(dollar)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

1957
1958
1959
I960
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

1961—Dec

25.004

21.038

280.96

.16111

.27624

32.734

8.0056

in.lie

278.18

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

25.028
25.011
25.012
25.006
25.009
25.039
25.084
25.020
24.996
24.963
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

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
1961—Dec
1962—Jan
Feb
Mar
Apr
May
June.
July
Sent
Oct
Nov
Dec

Period

Period

Free

South Africa
(pound)

(rand)

1957
1958
1959
I960
1961
1962

14.008
14.008
14.028
14.018
14 000
14 010

1961—Dec

14 039

3.5020

139.96

1.6649

19.346

23.169

280.96

1962—Jan
Feb
Mar

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

May!'.'.'.......'..'./..

June
July
Sept
Oct
Nov
Dec

1 A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
2 Quotations not available Mar. 20—Apr. 3, 1962.
3 Effective May 2, 1962, the par value of the Canadian dollar was set at
92.5 U. S. cents.
* Based on quotations through Mar. 19, 1962.
5 Based on quotations beginning with Apr. 4, 1962.




278.28
279.93
279.83
279.71
279.48

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
W M . M C C . MARTIN, JR.,

Chairman

A. L. MILLS, JR.
J. L. ROBERTSON

C. CANBY BALDERSTON, Vice Chairman

CHAS. N. SHEPARDSON

G. H. KING, J R .
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

DIVISION OF BANK OPERATIONS—Cont.

OFFICE OF THE SECRETARY

M. B. DANIELS, Assistant

MERRITT SHERMAN, Secretary

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

Director

DANIEL H. BRILL, Adviser
FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
KENNETH B. WILLIAMS, Adviser

DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER,

LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser

DIVISION OF INTERNATIONAL FINANCE

Director

HARRY E. KERN, Assistant

Director

OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant

RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser

Controller

A. B. HERSEY, Adviser
ROBERT L. SAMMONS,

Adviser

SAMUEL I. KATZ, Associate
RALPH C. WOOD, Associate

OFFICE OF DEFENSE PLANNING

Adviser
Adviser

INNIS D. HARRIS,

DIVISION OF BANK OPERATIONS
GERALD M. CONKLING, Assistant

Coordinator

DIVISION OF DATA PROCESSING
M. H. SCHWARTZ, Director

JOHN R. FARRELL, Director




Reserve

LEE W. LANGHAM, Assistant

Director

108

Director

FEDERAL RESERVE BANKS AND BRANCHES

109

Federal Open Market Committee
W M . M C C . MARTIN, JR.,
C. CANBY BALDERSTON
MALCOLM BRYAN
FREDERICK L. DEMING

Chairman

ALFRED HAYES,

GEORGE H. ELLIS
W. D. FULTON
G. H. KING, JR.
A. L. MILLS, JR.

Vice Chairman

GEORGE W. MITCHELL
J. L. ROBERTSON
CHAS N. SHEPARDSON

RALPH A. YOUNG, Secretary
MERRITT SHERMAN, Assistant Secretary
J. HERBERT FURTH, Associate Economist
KENNETH A. KENYON, Assistant Secretary
GEORGE GARVY, Associate Economist
HOWARD H. HACKLEY, General Counsel
W. BRADDOCK HICKMAN, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
ROBERT C. HOLLAND, Associate Economist
GUY E. NOYES, Economist
ALBERT R. KOCH, Associate Economist
HARRY BRANDT, Associate Economist
FRANKLIN L. PARSONS, Associate Economist
DANIEL H. BRILL, 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

KENNETH V. ZWIENER, CHICAGO

GEORGE A. MURPHY, NEW YORK

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

JAMES W. ASTON, DALLAS

J. FlNLEY McRAE, ATLANTA

ELLIOTT MCALLISTER, SAN FRANCISCO

HERBERT

V. PROCHNOW, Secretary

WILLIAM

J. KORSVIK, Assistant Secretary

Federal Reserve Banks and Branches
Chairman and Deputy Chairman of Boards of Directors
FEDERAL RESERVE
BANK OF—

CHAIRMAN AND
FEDERAL RESERVE AGENT

DEPUTY CHAIRMAN

BOSTON

ERWIN D. CANHAM

WILLIAM WEBSTER

NEW 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




110

FEDERAL RESERVE BULLETIN • JANUARY 1963
Presidents and Vice Presidents

Federal
Reserve
Bank of

Vice Presidents

President
First Vice President

(Vice Presidents in charge of branches are
listed in lower section of this page)

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
CharJes 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

Norman G. Dash
David P. Eastburn
Murdoch K. Goodwin

Harry W. Roeder
James V. Vergari
Richard G. Wilgus

Cleveland

W. D. Fulton
Donald S. Thompson

Roger R. Clouse
E. A. Fink

W. Braddock Hickman Martin Morrison
Paul C. Stetzelberger
Fred S. Kelly

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

S. Louis

Harry A. Shuford
Darryl R. Francis

Marvin L. Bennett
Homer Jones

Dale M. Lewis
Howard H. Weigel

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J. L. Barbonchielli
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A. B. Merritt
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San Francisco... Eliot J. Swan
H. E. Hemmings
1

Assigned to Los Angeles Branch.

Vice Presidents in Charge of Branches of Federal Reserve Banks

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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959. 108

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REGULATIONS OF THE BOARD OF GOVERNORS OF
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Ill

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112

FEDERAL RESERVE BULLETIN • JANUARY 1963
REPRINTS

CAPITAL FLOWS AND INTERNATIONAL PAYMENTS.

{From Federal Reserve BULLETIN unless preceded
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THE MONETARY SYSTEM OF THE UNITED STATES.

Feb. 1953. 16 pp.

MONETARY

FUND

RESOURCES AND THE INTER-

NATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp.
GROWTH IN INSTITUTIONAL SAVINGS. May 1962.

INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. Mar. 1953. 16 pp.
FEDERAL FINANCIAL

Mar. 1962. 8 pp.

MEASURES FOR ECONOMIC

9 pp.
SURVEY OF COMMON TRUST FUNDS, 1961. May

1962. 7 pp. (Also, similar reprint from May
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STABILITY. May 1953. 7 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Oct.

1956. 24 pp. (Also, similar reprint from Apr.
1953 BULL.)

MONETARY POLICY, BANK CREDIT, AND MONEY.

July 1962. 8 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.

OPEN MARKET OPERATIONS IN LONG-TERM S E CURITIES. Nov. 1958. 15 pp.

July 1962. 6 pp.
REVISION OF MONTHLY DEPARTMENT STORE IN-

•PART I, ALL-BANK STATISTICS, 1896-1955. Re-

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with revised statistics. Apr. 1959. 94 pp.
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22 pp.

DEXES. July 1962. 6 pp.
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5 pp.
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11 pp.
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CONSUMER BUYING INTENTIONS AND QUARTERLY
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THE BALANCE SHEET OF AGRICULTURE,

1962.

Aug. 1962. 10 pp.
INTEREST RATES IN THE CURRENT CYCLE. Sept.

IMPLEMENTATION OF THE 1959 A C T ON RESERVE
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1962. 9 pp.
INTEREST RATES AND MONETARY POLICY. Sept.

SMALL BUSINESS FINANCING: CORPORATE MANUFACTURERS. Jan. 1961. 15 pp.
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ON THE GOVERNMENT

SECURITIES

MARKET. Apr. 1961. 8 pp.
CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER

TIME DEPOSITS. May 1961. 2 pp. (Also, similar

reprint from July 1960 BULL.)
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1961. 21 pp. (Also, similar reprint from Apr.
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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.
THE MEANS OF ECONOMIC PROGRESS. Feb. 1962.

9 pp.
MONETARY EXPANSION DURING 1961. Feb. 1962.

7 pp.
INTEREST RATES ON TIME DEPOSITS, Mid-January

1962. Feb. 1962. 5 pp.




1962. 28 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1962. 16 pp.
U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962.

8 pp.
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PRODUCTION—1957-59

BASE.

Oct.

1962. 10 pp.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.

1962. 15 pp.
AUTOMATION AT COMMERCIAL BANKS. NOV. 1962.

13 pp.
QUARTERLY SURVEY OF CONSUMER BUYING I N -

TENTIONS. Nov. 1962. 6 pp. (Also, similar reprints from BULLS, for Dec. 1960, Mar., May,
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14 pp.
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1962. 18 pp.

Index to Statistical Tables
Acceptances, bankers', 48, 50
Agricultural loans of commercial banks, 42, 44
Assets and liabilities {See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 37
Corporate, current, 60
Domestic banks, by classes, 38, 42, 44, 50
Federal business-type activities,
by fund or activity, 90
Federal Reserve Banks, 32
Automobiles:
Consumer instalment credit, 64, 65, 66
Production index, 68, 69
Bankers' balances, 43, 45
{See also Foreign liabilities and claims)
Banks and the monetary system, consolidated statement, 37
Bonds {See also U. S. Govt. securities):
New issues, 57, 58, 60
Prices and yields, 48, 49
Brokers and dealers in securities, bank loans to, 42, 44
Business expenditures on new plant and equipment, 60
Business indexes, 72
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 38, 43, 46
Federal Reserve Banks, 32
Carloadings, 72
Central banks, foreign, 92, 106
Coins, circulation of, 35
Commercial banks:
Assets and liabilities, 38, 41, 42
Consumer loans held, by type, 65
Number, by classes, 38
Real estate mortgages held, by type, 61
Commercial and industrial loans:
Commercial banks, 42
Weekly reporting member banks, 44, 47
Commercial paper, 48, 50
Condition statements {See Assets and liabilities)
Construction, 72, 73
Consumer credit:
Instalment credit, 64, 65, 66, 67
Major parts, 64, 66
Noninstalment credit, by holder, 65
Consumer price indexes, 72, 78
Consumption expenditures, 80, 81
Corporate sales, profits, taxes, and dividends, 59, 60
Corporate security issues, 58, 60
Corporate security prices and yields, 48, 49
Cost of living {See Consumer price indexes)
Currency in circulation, 26, 35, 36
Customer credit, stock market, 49

Deposits—Continued
Banks, by classes, 31, 38, 43, 46, 50
Federal Reserve Banks, 32, 103
Postal savings, 31, 37
Discount rates, 30, 106
Discounts and advances by Federal Reserve
Banks, 26, 32, 34
Dividends, corporate, 59, 60
Dollar assets, foreign, 95, 103
Earnings and hours, manufacturing industries, 72, 75
Employment, 72, 74, 75
Farm mortgage loans, 61, 62
Federal business-type activities, assets and liabilities,
by fund or activity, 90
Federal finance:
Cash transactions, 52
Receipts and expenditures, 53
Treasurer's balance, 52
Federal home loan banks, loans, etc., 63, 90
Federal Housing Administration, loans, etc., 61, 62,
63, 90
Federal National Mortgage Association,
loans, etc., 63, 90
Federal Reserve Banks:
Condition statement, 32
U. S. Govt. securities held by, 26, 32, 34, 54, 55
Federal Reserve credit, 26, 32, 34
Federal Reserve notes, 32, 35
Finance company paper, 48, 50
Financial institutions, loans to, 42, 44
Float, 26
Flow of funds, saving and financial flows, 82
Foreign central banks, 92, 106
Foreign currencies, convertible, holdings by U. S.
monetary authorities, 32, 34, 94
Foreign deposits in U. S. banks, 26, 32, 37, 43,
46, 103
Foreign exchange rates, 107
Foreign liabilities and claims:
Banks, 96, 98, 101, 103
Nonfinancial concerns, 104
Foreign trade, 77
Gold:
Earmarked, 94
Net purchases by U. S., 94
Production, 93
Reserves of central banks and governments, 92
Reserves of foreign countries and international
institutions, 95
Stock, 26, 37, 94
Gold certificates, 32, 35
Govt. debt {See U. S. Govt. securities)
Gross national product, 80, 81
Hours and earnings, manufacturing industries, 72, 75
Housing starts, 73

Debits to deposit accounts, 34
Demand deposits:
Adjusted, banks and the monetary system, 37
Adjusted, commercial banks, 34, 36, 43
Banks, by classes, 31, 38, 46
Turnover of, 34
Type of holder, at commercial banks, 43
Department stores:
Merchandising data, 77
Sales and stocks, 72, 76
Deposits {See also specific types of deposits):
Adjusted, and currency, 37




Industrial production index, 68, 72
Instalment loans, 64, 65, 66, 67
Insurance companies, 51, 54, 55, 62
Insured commercial banks, 40, 42
Interbank deposits, 34, 38, 43
Interest rates:
Bond yields, 48
Business loans by banks, 47

113

114

FEDERAL RESERVE BULLETIN • JANUARY 1963

Interest rates—Continued
Federal Reserve Bank discount rates, 30
Foreign countries, 105, 106
Open market, 48, 105
Stock yields, 48
Time deposits, maximum rates, 31
International capital transactions of the U. S., 96
International institutions, 92, 94, 95
Inventories, 80
Investment (See also specific types of investments):
Banks, by classes, 38, 42, 45, 50
Commercial banks, 41
Federal Reserve Banks, 32, 34
Govt. agencies, etc., 90
Life insurance companies, 51
Savings and loan associations, 51
Labor force, 74
Loans (See also specific types of loans):
Banks, by classes, 38, 42, 44, 50
Commercial banks, 41
Federal Reserve Banks, 26, 32, 34
Govt. agencies, etc., 90
Insurance companies, 51, 62
Savings and loan associations, 51, 62
Loans insured or guaranteed, 61, 62, 63
Manufactures, production index, 69, 72
Margin requirements, 31
Member banks:
Assets and liabilities, by classes, 38, 42
Borrowings at Federal Reserve Banks, 28, 32, 46
Deposits, by classes, 31
Number, by classes, 39
Reserve requirements, by classes, 31
Reserves and related items, 26
Weekly reporting series, 44
Mining, production index, 69, 72
Money rates (See Interest rates)
Money supply and related data, 36
Mortgages (See Real estate loans)
Mutual savings banks, 37, 38, 40, 50, 54, 55, 61
National banks, 40
National income, 80, 81
National security expenditures, 53, 80
Nonmember banks, 32, 40, 42, 43
Payrolls, manufacturing, index, 72
Personal income, 81
Postal Savings System, 31, 37
Prices:
Consumer, 72, 78
Security, 49
Wholesale commodity, 72, 78
Production, 68, 72
Profits, corporate, 59, 60
Real estate loans:
Banks, by classes, 42, 44, 50, 61
Type of mortgage holder, 61, 62, 63
Type of property mortgaged, 61, 62, 63
Reserve requirements, member banks, 31
Reserves:
Commercial banks, 43
Federal Reserve Banks, 32




Reserves—Continued
Foreign central banks and governments, 92
Foreign countries and international institutions, 95
Member banks, 26, 28, 31, 43, 45
Residential mortgage loans, 61, 62, 63
Sales finance companies, consumer loans of, 64, 65, 67
Saving:
Flow-of-funds series, 82
National income series, 81
Savings deposits (See Time deposits)
Savings institutions, principal assets, 50, 51
Savings and loan associations, 51, 55, 62
Securities, international transactions, 102, 103
Security issues, 57, 58, 60
Silver coin and silver certificates, 35
State member banks, 40
State and municipal securities New issues, 57, 58
Prices and yields, 48, 49
States and political subdivisions:
Deposits of, 43, 46
Holdings of U. S. Govt. securities, 54
Ownership of obligations of, 42, 50, 51
Stock market credit, 49
Stocks:
New issues, 58
Prices and yields, 48, 49
Tax receipts, Federal, 53
Time deposits, 31, 36, 37, 38, 43, 46
Treasurer's account balance, 52
Treasury cash, 26, 35, 37
Treasury currency, 26, 35, 37
Treasury deposits, 26, 32, 52
Unemployment, 74
U. S. balance of payments, 105
U. S. Govt. balances:
Commercial bank holdings, by classes, 43, 46
Consolidated monetary statement, 37
Treasury deposits at Federal Reserve
Banks, 26, 32, 52
U. S. Govt. securities:
Bank holdings, 37, 38, 42, 45, 50, 54, 55
Dealer transactions, positions, and financing, 56
Federal Reserve Bank holdings, 26, 32, 34, 54, 55
Foreign and international holdings, 32, 95
International transactions, 102
New issues, gross proceeds, 58
Outstanding, by type of security, 54, 55, 57
Ownership of, 54, 55
Prices and yields, 48, 49
United States notes, outstanding and in circulation, 35
Utilities, production index, 69, 72
Vault cash, 26, 31, 43
Veterans Administration, loans, etc., 61, 62, 63, 90
Weekly reporting member banks, 44
Yields (See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

( THE FEDERAL RESERVE SYSTEM Q)
o

1

Boundaries of Federal Reserve Districts




Boundaries of Federal Reserve Branch Territories

© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities

• Federal Reserve Branch Cities


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102