Full text of Federal Reserve Bulletin : January 1963
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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
•I
CARS
Total
registrations
(millions)
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
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 merged7
or consolidated bank acquiring by operation of law
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
Current earnings
Current expenses
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.
1,048,508
176,136
941,648
161,275
872,372
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
RepurFloat i
Bought chase and
adoutTotal
agreevances
right ments
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
ury
and 3 Total
eign Other i
Banks coin
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
Repurand 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- ForTotal
Other
i
F. R. rency
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
" ,315 16,269
1,968 31
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
",629
,755 32
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
29,837
29.672
29,356
29,233
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
June
13
20
27
July
.........
18
25
Aug. 1
8
15
22
29
21
28
Dec.
5
12
19
26
95
167
21
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
1,211
1,304
1,779
1,668
31,198
' 115
31,
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
1929 June
1933—June
1939 Dec
1941_Dec
1945 Dec
1947 Dec
Required
Borrowings
at
Excess F.R.
Banks
Reserves
Free
reserves
Total
held
Required
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
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
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
1950 Dec.
1951—Dec
1952 Dec
1953—Dec
1954 Dec
1955—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
987
19
57
67
Excess
Borrowings
at
F.R.
Banks
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
9
6
13
18
7
3
-61
-236
-36
-16
-83
-86
-77
-31
-104
—4
5
-22
- 32
—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
183
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.
—)lev(or
el
Bank
all F. R.
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:
Less than 1 year
Other time deposits payable in: 1
1 year or more
6 months-1 year
90 days-6 months
Less than 90 days
} *
3
} 2%
3
{ 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
16%
10
4 22
Maximum
90
90
70
70
50
50
90
70
50
NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension: margin requirements are the difference between the market value (100%) and the maximum loan value.
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
4
4
12
4
4
7
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 2central reserve or reserve city banks.
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
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
316i
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
Total bought outright
Held under repurchase agreement
Total U. S. Govt. securities
Total loans and securities
.
Bank premises
Other assets:
Denominated in foreign currencies
All other
•
.
Total assets
2 453
2,453
2,505
2,244
2,241
2 442
2 244
3 193
13,182
10 717
4,137
13,182
10,717
4,137
13,185
10,813
4,148
13,185
10,764
4,082
13,185
10,659
3,974
i3 9 182
10 717
4,137
i3,i85
10 714
4,057
1,699
19 984
3,846
30,489
145
30,489
30,275
10
30,059
30,478
342
30,200
254
28,722
159
30,634
30,489
30,651
27
30,678
30,285
30,059
30,820
30,454
28,881
30,967
30,873
30,968
30,515
30,198
30,968
30,563
29,062
5,606
104
7,449
105
5,583
105
5,422
105
5,631
105
6,518
104
5,194
105
6,125
111
81
265
154
246
149
241
149
218
204
197
81
276
52,995
54,814
53,039
52,429
52,358
53,931
154
202
52,268
52,470
30,394
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
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..
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies.
All other
Total assets
*
139
14
5
1,473
7,527
342
1,679
2,451
2,068
1,757
5,160
1,260
628
1,241
1,239
3,995
30,968
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
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends.
289
825
45
15
5
15
10
9
19
4
1
5
4
18,722
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
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
1962
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
766.9
815.9
888.5
958.7
1,023.6
1960
1961
1962 v
2,838.8
3 111 1
3,436.6
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
6 others
S.A.
N.S.A.
337 other
reporting
centers 3
S.A.
431.7
462.9
489 3
487.4
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
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
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
N.S.A.
Leading centers
New York
S.A.
N.S.A.
845.0
921.9
979.0
993.6
1,110.3
42.7
45.8
49.5
53 6
56.4
1,158.3
1,209 6
1,319.1
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.
6 others
S.A.
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.
23 Includes $156 million reserve against United States notes.
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
1961—Sept. 6.
13.
20.
27.
1962—Jan. 3.
10.
17.
Time
deposits
adjusted 1
0.6
80.9
81.0
81.7
81.7
81.7
81.3
81.4
82.3
82.8
83.5
U.S.
Govt.
demand
deposits!
Total
Currency
component
Demand
deposit
component
Time
deposits
adjusted *
U.S.
Govt.
demand
deposits *
5.4
3.6
4.4
5.9
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
8.1
6.2
6.9
6.2
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
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
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
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 rP
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.
For2 description of series and back data see Feb. 1960 BULL., pp. 133-36.
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
10 723 38 388 175 091 161,865 12,793
81.199
.
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
70,460 33 190 45,-440 316 200
•
318 280
70,160 33 560 45 480
70,560 33 880 47,480 323,770
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
51,149 22 918 39 107 229.231 200 66713,232
51,271 23; 130 40,877 233.279 204 99513,878
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
228,460 134,400
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
66ill,948 14,714
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
6,330 134,1030 136,120
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
35,039 AK517
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
3 ,906 8
204 33,746 i
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 Nturn>er
row- capital
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
1n3
1n3
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^p
Dec 26
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
15
1,358 5,037 130,720 65,858
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
35,714 10,936
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
31
31
31
30
30
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
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.
Other
Loans l
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
99,933 39.288 3,509 3,124
106,232 40.931 3, 934 3i,877
109,212 41,435 4,220 3i,088
111,993 42,210 3,948 3,360
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
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
4
17
15
719
976
888
926
739
784
727
705
351
470
556
797
659
648
818
20
42
23
183
471
227
2
4
5
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
40.002
42.379
43,824
44,432
16,223 887
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
Certificates
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
7,994
11,356
8,226
8,377
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
49,106
54.058
52,065
51,323
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
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
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
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
3,216
3.261
3,148
3,205
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
2,193
8,072
11,488
8,320
8,490
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
564
669
611
688
114 194
427 1,503
170 484
62,953
68.565
70.145
69,903
123
80
111
32
26
93
500
376
568
572
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
165,619
179,599
183.497
186,518
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
3,234 1,981 1,469 7,200 31 ,915 2 9 , 299
" " 3",692 63,921
131,755 46,5956^328 3,512 1,927 2,022 7,421 33,114 29, 700 3,811 63,853
1960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Sept. 28.
1960—Dec. 31.
1961-Dec. 30.
1962—June 30.
Sept. 28.
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
64,443
129,193145,909 6,801 3,254 2,005 1,474 7,221 32,036 29,444 3,713
3
132,340 46,780 6,360 3,530 1,950 2,040 7,440 33,240 29 850 3,830 64,390
Member, total:
1941-Dec. 31., 43,521 18,021 8,671 972 594 598
1945-Dec. 31., 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 31., 97,846 32,628 16,962 1 ,046 811 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.
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
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
*5 Beginning with 1942, excludes reciprocal bank balances.
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
invest-l
ments
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
2,188r
2,14
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.
Total 8
Govt. commercial
banks
Other Capital
From From liabilacF. 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.
34 Excludes cash items in process of collection.
Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U. S. Govt., less cash items 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
Industry
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
Week
Month
Quarter
Half year
1962
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
-C1 6
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...
1962—Jan...
Feb..,
Mar..
M*ay! ]
June.,
July..
Aug..,
Sept..
Oct...
Nov..
Dec,
Week ending—
1962—Dec. 1.,
15.
22.
29.
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
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
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
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
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
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
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
Sept
Oct
Nov . .
Dec .
Week ending—
1962—Dec. 1
8
15
22
29
Number of issues
.
By selected
rating
Dividend/
price ratio
By
group
Earnings/
price ratio
Total i
Aaa
Baa
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
Aaa
Baa
3.69
3.60
3.30
3.26
3.27
3.03
4.06
3.63
3.32
4.22
4.01
3.67
4.04
4.08
4 09
4.01
3.89
3.88
3.90
4.02
3.97
3.94
3.89
3.87
3 87
3.55
3 40
3.30
3.21
3.21
3.31
3.37
3.38
3.28
3.21
3.15
3.22
3.21
3.08
3.03
2.98
2.98
3.06
3.10
3.10
3.01
2.94
2.89
2.93
4.01
3.83
3.66
3.55
3.55
3.65
3.72
3.74
3.66
3.62
3.53
3.57
3 88
3.89
3 88
3.86
3.85
3.17
3.21
3 22
3.22
3.22
2.89
2.92
2.93
2.94
2.94
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.
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)
Period
U.S.
Mu-
Govt.
(longterm)
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
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
1954
1955
1956
1957
84,486
90,432
96,011
101,309
12,262
11,829
11,067
10,690
9,070
8,576
7,555
7,029
1,846
2,038
2,273
2,376
1,346
1,215
1,239
1,285
37,300
39,545
41,543
44,057
34,032
35,912
38,040
40,666
3,268
3,633
3,503
3,391
25,976
29,445
32,989
35,236
2,298
2,581
2,817
3,119
3,127
3,290
3,519
3,869
3,523
3,743
4,076
4,338
1958
1959
1960
1961
107,580
113,650
119,576
126,816
11,234
11,581
11,679
11,896
7,183
6,868
6,427
6,134
2,681
3,200
3,588
3,888
:1,370
1,513
1,664
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
and2 fixtures.
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
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
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
11,615
3,566
7,089
10,053
3,030
7,027
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
67,915 7,920 2,074
77,763 10,122 2,539
77,659 11,490 2,798
81,409 11,545 2,949
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
43,070
56,421
43,575
60,243
Other
Corporation
taxes
Employment
taxes
Other
receipts
Liquor
Mfrs.
Torebacco and
tailers
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
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
Nonmairketable Special
issues 6
SavTotal 5 ings
bonds
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
x6 and savings notes, not shown separately.
Held only by U. S. Govt. agencies and trust funds.
7 Includes $1.4 billion of 2% per cent partially tax-exempt bonds,
quired by
ciCQ
~ j Treasury
j for retirement on Dec. 15, 1962, in exchange for
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
Type of holder and date
All holders:
1959—Dec.
I960—Dec.
1961—Dec
1962—Oct
Nov.
31
31
31
31
30
U. S. Govt. agencies and trust funds:
1959—Dec 31
I960—Dec. 31
1961 Dec 31
1962—Oct 31
.
Nov 30
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
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
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
Bills
Other
188,269
189,015
195,965
201,311
1
204,221
78,456
73,830
84,428
88,284
88,580
39,643
39,446
43,444
46,139
47,843
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
26,648
27,384
28,881
30,201
30,454
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
5-10
years
Total
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.
1-5
years
Total
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
93
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
1961 -Nov
Dec
1962 Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov
Week ending—
1962—Oct.
Nov.
All
sources
Period
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.
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.
78 Includes urban redevelopment loans.
Beginning with 1957 this figure differs from that shown on the following page, which is based on Bond Buyer data. The principal difference
is in the treatment of U. S. Govt. loans.
NOTE.—Beginning with 1957, Investment Bankers Assn. data; par
amounts of long-term issues. Based on date of sale unless otherwise
indicated. Before 1957, based on Bond Buyer data
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 previous8 page because this one is based on Bond Buyer data.
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
->o499
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
fM
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
1954
1955
1956
1957
1958
1959
I960
1961 ITI
IV
.
1962 I
II
Ill
Net
working
capital
Total
U.S.
Govt.
securities
Cash
Current liabilities
Notes and accts.
receivable
U.S.
Govt. i
Other
Other
Total
3.1
4.2
5.9
6.7
7.5
9.1
2.4
2.3
2.4
2.3
1.7
94.9
103.0
107.4
111.6
118.7
124.2
129.0
194.6
224.0
237.9
244.7
255.3
277.3
286.0
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
136.0
137.4
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
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.
Notes and accts.
payable
Accrued
Federal
income
U.S. 1
taxes
Other
Govt.
Inventories
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
8.5
i : .1
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
4.0
4.6
1963—13..
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
holdinsti- 1 U. S.
Indiers tutions
agen- viduals
and
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
cial
holdinsti- 1 holders4
ers tutions
1941
1945
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
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
3.292
3,395
1955
1956
1957
1958
1959
21,004
22,719
23,3^7
25,523
28,145
15,888
17,004
17,147
18,591
20,320
4,560
4,803
4,823
5,476
6,122
3,711
3,902
3,589
3,335
3,161
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
I960
Conventional
Other
nonfarm
Farm
Total
Total
FHAinsured
VAguarantsed
1,048
856
566
521
4,812
4,208
3,884
3 387
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
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
r
Conventional
Other
nonfarm
Farm
900
797
28
24
5,645
6,155
6,551
7,073
7,622
1 831
1,984
2 102
2 275
2,451
58
59
57
53
55
8,986
9,267
8,246
9,028
2 575
2,753
54
51
6,832
7,074
8 941
8,986
8 062
8,246
2 542
2 575
53
54
24,800
25,318
25,892
26,341
7,353
7,634
7 811
8,045
9,11J
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
976
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
..
...
...
Sept
Oct
Nov
Total
5,529
5,860
815
1,394
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
Total i
New
construction
2,273
2,481
2,584
2,667
2,844
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)
FHAHome
inpur- Total 2
sured
chase
VAConguarvenanteed tional 2
4,578
5,376
By type of lender (N.S.A.)
N.S.A.
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941
1945
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
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.
14,703
16,577
18,180
19,519
20,994
581
11,255
10,325
10,160
12,182
15,151
Sept
Oct
6,074
7,304
7,721
7,433
7,086
1 358
1955
1956
1957
1958
1959
July
913
776
181
1 379
1,913
1962
Jan
Feb
Mar
Apr
May
4,714
4,466
437
1941
1945
Nov
Dec
Farm
Other
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)
Period
VAguaranteed
For loans acquired, the
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
Loans made
FHAinsured
6,442
6,636
1
Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38
million on July 31, 1959.
NOTE.—Institute of Life Insurance data.
Total
Other i
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
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
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
1962—Jan
Feb
Mar
Apr
M^ay
June
July
Aug
Sept
Oct
Nov
.
.
..
.
End of
period
Total
Existing
homes
1945
1961 Nov
Dec
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
ConvenFHA- VA- tional
Total
inguarsured anteed
1945
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
121
127
1962- J a n
Feb
Mar
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
Advances
Repayments
Total
Shortterm 1
Longterm 2
Members
deposits
1945
278
213
195
176
19
46
3
482
1955
1956
1957
1958
1959
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
80
60
82
106
76
39
57
Period
Advances outstanding
(end of period)
76
360
764
1,541
568
97
52
34
35
32
Commitments
undisbursed
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.
63
REAL ESTATE CREDIT
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.
ConCredit sumer
Other l
unions finance
*
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
.
Total
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
2,623
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.
Retail outlets
3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other'* retail outlets.
See also NOTE to table above.
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
Other
consumer
goods
paper
Total
End of period
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
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
669
785
643
1955
1956
1957
1958
1959
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.
Singlepayment
loans
Charge accounts
Service
Other
credit
Definan- partOther Credit
cial
retail
2
insti- ment outlets cards
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
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
1961—Nov
Dec
1962—Jan
Feb
Mar
Apr
May
June...
July
.
Aug
Sept
Oct
Nov
4,332
4,409
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
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
.
..
I960
1961
1961—Nov
Dec .
1962—Jan.. .
Feb
Mar
Apr
. . .
June.. .
July
Aug .
Sept
Oct....
Nov
33 634
37 054
39,868
40,344
42 603
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
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
1962—Jan
Feb
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
279
272
378
493
-262
-191
137
626
658
713
442
554
106
C
412
552
103
156
167
240
208
188
175
156
65
194
307
358
Sept
Oct
120
595
241
794
439
421
386
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
1961—Nov
Dec
. .
1962—Jan
Feb
Mar
Apr
May .
June
July
Aug
Sept
Oct
Nov
. .
.
14,109
14,463
15,355
14,860
10,206
9,619
10,250
9,043
8,376
9,148
9,915
9,654
48 052
17 976
11 196
10 940
7 940
49,560
48 396
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
1961—Nov
Dec
1962—Jan
Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
4,063
4,061
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
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
.
. .
I960
1961
1961—Nov
Dec .
1962 Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept
Oct
Nov
5,338
2 814
2 148
225
5,601
1,805
1 176
1 066
63
2,447
2,303
670
491
— 765
1,475
840
733
665
289
986
390
235
— 75
315
693
3 588
696
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
12 Includes adjustment for differences in trading days.
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
3
when data for extensions and repayments have been adjusted, as necessary
to eliminate duplication resulting from
trom large transfers
transrers of
or paper.
paper, In
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
Total index
Afanufacturing total
Durable
Mining
Utilities
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
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
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
.
.
...
26.73
3.43
7.84
9.17
6.29
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
Utilities
Nonagricultural
emEmployment— ployTotal i ment
Prices 3
2
Freight Depart-
Payrolls
loadings
store
sales
Consumer
Wholesale
commodity
1949
64.7
64.5
68.8
52.0
64.8
65.1
74.5
43.4
44
83.3
93.6
60.0
108.2
67
83.0
83.5
1950
1951
1952
1953
1954
74.9
81.3
84.3
91.3
85.8
72.8
78.6
84.3
89.9
85.7
78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9
76.9
83.8
84.3
92.6
85.9
75.8
81.9
85.2
92.7
86.3
83.2
91.3
90.5
92.9
90.2
49.5
56.4
61.2
66.8
71.8
61
63
67
70
76
86.0
91.0
92.9
95.6
93.3
99.4
106.1
106.1
111.6
101.8
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
105.9 r133.O
r
119 6 r 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
1953
...
1954
1955 . .
1956
1957
1958
1959
1.104
....
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
.. .
politan
Nonfarm
.
V
544
By type of ownership
Nonmetropolitan
family
2family
,220
,329
118
,042
,209
,379
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
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
Total
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
Total
1962
Dec.
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
Oct.
1962
Dec.
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
Jan
Feb....
Mar
Apr....
May...
June...
July...,
Aug.. .
Sept.. ..
Oct
Nov.. .
Dec.. . .
Jan -Nov..
1960
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.
Imports 3
Excluding
military-aid shipments 2
Total i
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
ApHouse- House- parel
hold
furoperanish
tion
ings
Transportation
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- products foods
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- meMisTo- cellatallic bacco
ber,
chinture,
Metals
etc.
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
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
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:
...
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:
Nov.
Nov.
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm 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
New constTUction
Other
Producers' durable equipment
Nonfarm only
Imports
Government purchases of goods and services..
Federal
-.
National defense
)
Other
State and local
Gross national product in constant (1954)
dollars
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
1.4
16.2
1.4
8.7
.5
3.6
1.0
5.1
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4
18 1
6.6
3.5
3.1
6.9
4.5
4.0
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
.8
7.0
6.3
.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
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
Military
Government civilian
Employer contributions for social inOther labor income
Proprietors* income
Farm
Corporate profits and inventory valuation
Profits tax liability
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
I
II
III
87.8
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
29.5
64.8 154.2 255.5 257.1 278.5 293.7 302.2 304.5 309.9 315.2 321.7 323.8
50.4
45.5
29.0
23.9
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
.7
.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
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.
IV
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
,
-.1
Equals: National income
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
,
,
10.1 - 2
.2
.9
1.0
5.8
III
41.0
43.2
45.3
39.3 42.6 46.5 48.
2.
1.8
2.1 - 32.1
.1
-1.5 -3.0 -3.4
1.1
1
.4
45.7
46.6
47.0
47.5
47.5
48.3 49.7 50.2 51.4 51.8
2.1
2.1 - 42.1
2.1
2.1
.3
-3.1 -1.9 -1.4 -4.0
2.1
2.0
1.8
1.8
1.8
35.7
6.9
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
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
2.6
1.3
1.4
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
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
38.6
14.5
2.8
Federal
State and local
Equals: Disposable personal income
Equals: Personal saving
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
85.8
Less: Personal tax and nontax payments.
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
.6
Equals: Personal 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.
Other labor income
Business and professional
Farm
11.0
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
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
A
B
C
125.9
123.4
D
123.5
47.1
24 3
51 2
10
123.5
47.1
-.1
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
Gold, off. U.S. foreign exch.
N
Dem deo and currency
28
O
P
O
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
W
X
Y
c
d
e
f
-.8
"22^7
6.0
-.4
.6
.6
5
Security credit
. . . . . . . . . -1.3
Trade credit
Proprietors' net invest, in
— 6
.1
1.0
16
.2
1.5
.1
5.3
.7
-3 1
1.3
-.1
-.1
.4
.4
9 6
9.6
"Y.4 : : : : : :
_ 2
15.1
2.0
"2.9
1.0
.3
5.4
2.7
5
.2
1.5
-.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
3.3
-4.0
1.8 -A
—1 1
11.1
-3 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
4.2
10
_ 2
-.4
-.6
.8
11.3
3
1 1
3.1
2.6
1.5
17
.7
"2.9
16
6
-1.0
-2.0
1.1
1 l
.3
1.3
*
.1
7
" Yo
— 3
5.7
1.8
2.3 '"--'.2
-.8
.2
-1.2
I
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
2.6
8 8
d
e
-.5
13
M
N
O
P
Q
s
3
2.5
-.6
2.2
2.3
2
K
L
4.9
8 5
10
-.6
F
Q
JJ
22 6
9.6
13.0
-.1
2
E
-.6
18
22 6
9.6
13.0
48
49
.1
-5.0
'i'.s
— 1
2.3
9.9
h.i
13 0
.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.
.9
2.6
-4.4
-2 4
.3
—1 1
U.I
i3 0
.2
.3
2.3 : : : : : .
1.8
-2 4
2.2
1
1.0
— 1 21.0
1<K6
-3.0
4.9
85
—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). . .
"5.5
1.9
U
.2 124.9
81.2
.9
S
123.7
D Gross investment (E+J)
-.8
Dis- Natl.
crep- saving
ancy and
investment
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
4 3
-1.3
66.2
22.1
43.2
.8
68.3
21.7
45.8
.8
67.1
20.1
46.2
.8
68.1
22.0
45.2
.8
17
c
.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
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
30.0
23.3
10.8
AH
AI
Other securities and mtgs
Less security debt
8.8
— 4
8.3
9
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
2.4
-.1
7.0
3.2
34.0
36.2
8
2.4
3.2
8.2
6.8
46.3
1
2.8
2.5
8.7
5.1
31.9
1 4
1.7
3.8
9.0
3.7
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
11.5
20.1
4.8
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
A
B
C
D
E
F
G
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 ) .
5
H Cur. expend, for goods and serv.
..
I
Net life insurance premiums6
J
Current surplus ( G - H - I )
7
K Insurance and retirement credits ..
L Capital consumption 8
M Net saving ( J + K - L )
N Gross saving (L+M)
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
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
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
27.2Q
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 5withdrawals 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
rF>
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
91
6
.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
YL
M
N
O
P
S
T
Corp OI ate non financiail busineJSS sectc r
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 51 6
-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
IV
III
IV
III
(E) U.S. Government sector 74
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
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
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). . . .
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
.6
9.2
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
.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
2.1
1.4
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
2.4
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
4.3 16.6
5.3
9.7 16.4n 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
7
.
6
1
.2
- 1 . 5 -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 - . 87
5.2
2.6
.3
Demand deposits, net 5 5 . .. -1.1
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
3.2
9.5 -10.8 -1.5.s
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
4.4
Saving through pension funds..
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
9.8 13.9
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
*
3.3
2.1
-.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
.34
1.27
3 —
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
and6 net transfer payments abroad.
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.,
and1 4 trade debt.
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
gift3 2taxes.
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 M4F2 notes and currency items in public debt.
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 M4F6 notes, misc. deposits, & private equity in Govt. enterprises).
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 pension
funds.
60
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.
77 43 For detail byfsubsector, see Supplement No. 5.
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
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
aid home
owners,Mortgage
total
National
Association
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
1958
1959
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
II
I
IV
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
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
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
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
562
4 ,949
5,120
5,720
343
352
? 432
550
363
?00
5 ,739
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 3the banks are classified as trust revolving transactions.
Includes investment of the Agricultural Marketing revolving fund in
the banks for cooperatives; Treasury compilations before 1956 classified
this item as an interagency asset.
1960
1956
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
1962
1961
1957
1955
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
1955
1956
1957
1958
1959
1960
1961—Nov..*
Dec
U.A.R.
(Egypt)
United
King-2
dom
112
112
112
112
104
104
144
144
144
144
133
134
174
188
188
174
174
174
2,120
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
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
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
-5
31
— 16
—8
-50
-20
-6
100
4
18
-378
-78
80
Switzerland .
..
...
United Kingdom
Bank for Intl. Settlements
Other
Total
25
Canada
8
-261
-20
32
-215
-900
-178
-21
68 - 2 , 3 2 6
15
5
115
75
20
-350
-32
-38
-144
-63
-56
-25
-399
190
Latin American republics:
Ivlexico
Venezuela
Other
•
Total
80
-30
12
14
56
6
62
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
22,695
23,187
22,030
21,713
1955
1956
1957
1958
1959
21,753
22,058
22,857
20,582
19,507
21,753
22,058
22,857
20,582
19,507
21,690
21,949
22,781
20,534
19,456
1960
1961
1962*
17,804
17,063
16,156
17,804
16,947
16,057
17,767
16,889
15,978
Foreign
currency
holdings
Total
Total
gold
53
379
-1,161
-298
116
99
Month
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
Total
Gold stock
Changes in—
Foreign
currency
holdings2
Total
Total
gold
Total i
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
Area and country
Western Europe:
Gold&
shortterm
dollars
U.S.
Govt.
bonds
& notes
536
Portugal
Spain
Sweden
Switzerland
Turkey
United2 Kingdom 1
Other
..
..
Japan
....
Philippines
Thailand
Other
Total
All other:
Australia
South Africa
U A.R (Egypt)
Other 6
Total
Total foreign countries 7 . . .
International 4
Grand total 7
Sterling area
4c
788
678
667
695
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
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
1
4E
*
6
1
176
252
38
4c
76
r
609
4c
87
137
259
4c
r
4c
4>
1
*
6
1
4c
765
360
1
1
156
3,580
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
58
528
4c
85
154
272
1
4c
6
1
4c
157
4c
3
1
41
2,344
198
430
1,266
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
37,657
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
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
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.
744
1,511
78
135
3,643
6,467
187
3,533
1,857
27,395
799
370
..
4,864
4c
2
29
2
3
3
838
123
114
231
.
388
46
640
1,593
529
68
534
Asia:
India
Indonesia
4c
4c
8
29
2
3
U.S.
Govt.
bonds '
& notes
25,108
180
236
78
Total
165
4,526
594
1,616
80
138
3,360
6,200
189
3,416
1,822
142
532
516
584
3,262
160
4,941
728
Gold&
shortterm
dollars
418
47
152
Latin America:
Argentina
Brazil
Chile
Colombia....
Cuba
Guatemala
Mexico . . . .
Panama Republic of
Peru
Uruguay
Venezuela
Other 3.4
558
1,574
83
138
3,110
6,505
154
3,459
1,797
U.S.
Govt.
bonds
& notes
435
48
112
636
327
397
2,863
Canada
3
1
30
2
5
3
*
*
3
128
1
1
71
86
Gold&
U.S.
shortGovt.
term
bonds
& notes dollars
483
47
2,160
6,447
139
3,080
1,779
4,467
Total
Gold&
U.S.
shortGovt.
term
bonds
& notes dollars
Sept. 30, 1962*
2
85
1
1
123
83
*
440
46
85
87
Germany Fed Rep of
Greece
Italy
Netherlands
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
Denmark
Finland
Gold&
shortterm
dollars
Mar. 31, 1962
Dec. 3 I, 1961
Sept. 30, 1961
r
4c
*
39
186
664
4c
*
4c
39
1,585
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
Official
Total i
1.2
Europe
Other
Germany,
Fed.
Rep. of
United
Kingdom
Other
Total
1. 3
1957
1958
1959
I960
Canada
Latin
America i
Asia
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 rr 18,874 10,801
4,893 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 Argenlivia
tina
Brazil Chile
Colombia
Cuba
DoEl Guate- Mexmin- Salican
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
Israel
pub- pines wan
lic
of
Congo, South U.A.R.
Thai- Other Total Aus- Rep.
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 11America:
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.
International
Grand total
3
15
Ms
*
4,819
4,819
450
44,356
13
24,545
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.
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
Spain
Sweden
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 Argentina
livia
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
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
18
*
3
7
1
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
4
9
*
17
4
1
3
*
1
*
1
2
*
*
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
182
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
1958
1959
I960
1961
1961
Country or area
Total i
Period
Nov
Dec
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept p
Oct.
Nov p
Stocks
Bonds
-39
435
252
223
-56
363
202
323
17
73
50
-99
20
14
25
15
37
30
34
22
26
-64
-32
7
-15
-5
12
54
36
20
21
28
-65
-18
7
n
-4
21
Belgium
France
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
Netherlands
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
1961—Nov....
Dec....
1962—Jan
Feb.. ..
Mar....
Apr....
May...
June...
July....
Aug....
Sept....
Oct.?...
Nov.p..
Total
Inter- foreign Europe
national countries
Canada
Latin
Amer- Asia
5 -45
11 - 9 7
-107
-41
- 5 8 -121
-150
-15
-36
-73
-15
-9
g
-11
— 558
-157
— 147
1
-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
-5
q
-26
-5
-1
-5
-57
-6
-10
Assets in custody
All
other
End of period
Deposits
U. S. Govt.
securities *
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
Germany Fed Rep. of
Italy
Norway .
Portugal
Spain
Switzerland
Turkey
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
2
27
5
1
33
23
4
1
28
31
44
10
30
2
24
43
8
1
5
6
39
1
8
6
39
10
8
25
110
2
2
110
2
2
111
3
1
388
370
371
49
45
45
10
1
20
5
7
2
7
24
5
5
2
1
*
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
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
1960
1961
1956
1952
1961
Finland
France
Germany
Greece
Honduras^
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.
1961
1954
1955
1959
1959
Philippine Republic 5
Portugal
South Africa
Spain
Sweden
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
Argentina
Austria
Belgium
. ...
Brazil
...
Canada1
Chile*
Colombia
Costa Rica
Cuba
Iran
Ireland
Italv
Feb.
4.25
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
3.75
4.0
Dec.
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
Rate
as of
Dec. 31,
1962
1962
Country
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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Minneapolis
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J. L. Barbonchielli
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E. H. Galvin
A. B. Merritt
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San Francisco... Eliot J. Swan
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THE FEDERAL RESERVE SYSTEM—PURPOSES AND
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ANNUAL REPORT OF THE BOARD OF GOVERNORS
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1962.
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Study by a
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1896-1955. Pt. I, U. S.
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
1955. 390 pp. $2.75.
FLOW OF FUNDS/SAVING ACCOUNTS,
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Supp. 5. 1961.
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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959. 108
pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp.
Individual books $1.00 each; set of 3 books
$2.50.
INDUSTRIAL PRODUCTION—1959 REVISION. 1960.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp.
PUBLISHED INTERPRETATIONS
229 pp. $.50.
INDUSTRIAL PRODUCTION—1957-59 BASE.
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Ill
of the Board, as of
112
FEDERAL RESERVE BULLETIN • JANUARY 1963
REPRINTS
CAPITAL FLOWS AND INTERNATIONAL PAYMENTS.
{From Federal Reserve BULLETIN unless preceded
by an asterisk)
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
1961 BULL.)
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-
print of the U. S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.
THE GOVERMENT SECURITIES MARKET. Aug. 1959.
22 pp.
DEXES. July 1962. 6 pp.
ECONOMIC AND CREDIT CONDITIONS. Aug. 1962.
5 pp.
REVISION OF MONEY SUPPLY SERIES. Aug. 1962.
11 pp.
REVISION OF WEEKLY DEPARTMENT STORE SALES
INDEX. Aug. 1962. 3 pp.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.
Combined reprint. Sept. 1960. 31 pp.
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
REQUIREMENTS. Dec. 1960. 6 pp.
1962. 9 pp.
INTEREST RATES AND MONETARY POLICY. Sept.
SMALL BUSINESS FINANCING: CORPORATE MANUFACTURERS. Jan. 1961. 15 pp.
STATISTICS
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.)
SURVEY OF FINANCE COMPANIES, MID-1960. Oct.
1961. 21 pp. (Also, similar reprint from Apr.
1957 BULL.)
LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.
1961. 15 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
1961. 3 pp.
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.
INDUSTRIAL
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,
Aug., and Nov. 1961, Mar., May, and Aug.
1962.)
A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962.
14 pp.
A N E W L O O K AT T H E F A R M D E B T PICTURE. Dec.
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
(o THE FEDERAL RESERVE SYSTEM Q)
1
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Boundaries of Federal Reserve Branch Territories
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