Full text of Federal Reserve Bulletin : June 1963

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FEDERAL RESERVE

June 1963

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM







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
Consumer Spending and Incomes

749

Recent Changes in Liquidity

756

Interest Rates on Time Deposits, Mid-February 1963

766

Survey of Common Trust Funds, 1962

773

Statement on Proposed Changes in Federal Civil Defense Act

779

Law Department

781

Announcements

780

National Summary of Business Conditions

791

Guide to Tabular Presentation

794

Financial and Business Statistics, U. S. (Contents on p. 795)

796

International Financial Statistics (Contents on p. 857)

858

Board of Governors and Staff

874

Open Market Committee and Staff; Federal Advisory Council

875

Federal Reserve Banks and Branches

876

Federal Reserve Board Publications

877

Index to Statistical Tables

881

Map of Federal Reserve System

Volume 49

Inside back cover

Number 6

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Consumer Spending and Incomes
CONSUMER SPENDING on goods this year
has shown a further, uneven rise from the
advanced level reached in late 1962. Spending at retail stores increased only a little
during the first quarter and has been relatively stable since then. Service expenditures
have increased steadily.
For the second quarter as a whole, total
consumer spending is estimated to have
shown a moderate rise to a new high, about
4.5 per cent above a year earlier. Meanwhile, average consumer prices have shown
only a small rise. And wholesale prices have
been generally stable.
Disposable personal income has risen
further; much of the increase this year has
been attributable to resumption of gains in
employment. With the labor force also
increasing, unemployment has continued
within a range of 5.5 to 6 per cent.
The large increase in consumer spending
last fall reflected mainly strength in demand
for automobiles. Purchases of new cars rose
sharply in October with the introduction of
new models. These increased purchases contributed significantly to improved business
expectations after the leveling off in activity
that began at midyear. Since October, auto
sales have been unusually steady at record
levels.
Purchases of household durable goods
are larger by a sizable amount than they
were in the spring of 1962, but in recent
months gains have slowed. Increases in outlays for nondurable goods have been more
moderate and a little larger than growth in
population.




749

Consumer spending has risen a little faster
than disposable income over the past year.
Since last fall consumers have spent a somewhat larger part of their income than at any
time since late 1960. Purchases of nondurable goods still take the largest share of the
consumer dollar, but the proportion going
to services has risen fairly persistently.
EXPANSION IN SPENDING—1961-63

Consumption expenditures in the second
quarter are estimated at an annual rate of
$371 billion, a rise of 12 per cent from the
cyclical low in general business activity in
WITH INCOMES RISING this post year
consumer spending has increased
1957-59=100
DISPOSABLE INCOME

RETAIL SALES
100

ESPECIALLY for autos
NEW AUTOS

120

100

CONSUMER PRICES have increased slowly
100
1961

1962

1963

NOTE.—Monthly indexes, adjusted for seasonal variation
except for prices, are based on data from Dept. of Commerce,
Bureau of Labor Statistics, and Ward's Automotive Reports.
Monthly disposable income interpolated from Commerce quarterly data. Latest figures shown, prices, April; others, May.

750
early 1961. Most of the increase has been
in physical volume as average prices of consumer goods and services have increased by
only 2 per cent over the 9 quarters.
Measured in constant dollars, consumer
purchases have risen less thus far in the current expansion than they had at the corresponding stage of the two previous cyclical
expansions. They have risen 10 per cent
from the cyclical low in economic activity
whereas in the 9 quarters following the
cyclical lows in 1954 and 1958 they had
gained 11.5 per cent. The rise in spending
for durable goods compares favorably with
earlier periods, but spending for nondurables
and for services is lagging by this standard.
For example, service outlays have increased
by only 9 per cent thus far in this expansion,
compared with 13 per cent in 1954-56 and
12 per cent in the 1958-60 period.
Durable goods, which on the average account for one-seventh of consumer purchases, have provided almost one-third of
the increase in total outlays since the first
quarter of 1961. Typically, buying of durable goods increases faster than other types
of purchases in periods of cyclical expansion
and rapidly rising incomes. Spending for
services has increased at about the same rate
as total consumption expenditures, while
outlays for food, clothing, and most other
nondurable goods have advanced more
slowly.
Since the spring of 1960—the preceding
cyclical high in general economic activity—
consumer purchases in constant dollars have
expanded by 9.5 per cent. This is almost the
same as in the corresponding period of the
1957-60 cycle but not so large as in
1953-56.
On a per capita basis, the increase in consumption expenditures in constant prices has
totaled about 4.5 per cent over the past 3




FEDERAL RESERVE BULLETIN • JUNE 1963

years. It may be noted that the rate of population growth recently has slowed somewhat,
amounting to 1.5 per cent over the past year
and 1.6 per cent over the preceding year,
compared with the postwar average of 1.7
per cent.
Autos. Purchases of new domestic cars,
including those by business and government,
have averaged 7.4 million units, seasonally
adjusted annual rate, beginning with the
new model year last October. Including imports, total purchases have been at an annual rate of approximately 7.75 million units.
This compares with 7.0 million for the full
year 1962 and with the previous record high
for a calendar year of 7.5 million in 1955.
Increased auto purchases have reflected
mainly gains in standard-size models. Sales
of compact cars, which had advanced
sharply from 1958 to 1962, have remained
near last year's level. In addition, for both
compacts and standard-size lines, the recent trend has been to the more fully
equipped and higher-priced models. As a
result the average unit value of cars purchased is up somewhat even though list
prices again showed little change last fall.
Purchases of used cars have also remained high and so far in 1963 are about 5
per cent above a year earlier. Prices of used
cars have been at advanced levels, while
dealer stocks have risen considerably.
Although at a record rate, the current
volume of new car purchases does not appear so high in the light of continued growth
in population and incomes and the continued large volume of auto scrappage. Consumer purchases of new cars so far this year
have accounted for a little over 4 per cent
of disposable income, far below the exceptional 5.3 per cent of 1955 and about the
same percentage as in most years since then.
During 1955, the number of cars on the

751

CONSUMER SPENDING AND INCOMES

NEW CAR SALES at record high
Millions

of

cars

-IMPORTS
~~ -TOTAL DOMESTIC

_L o
1955

NOTE.—Based on Ward's Automotive Reports. Annual rate for first 5 mos. of 1963 based on data available early June.

road increased by about 3 million, or 6.5
per cent. Since then, annual additions to the
stock have been smaller. It is estimated
that additions in 1962 totaled about 2.5
million, or 4 per cent of the 57.5 million
autos on the road at the beginning of the
year.
Rising incomes and ready availability of
instalment credit with long maturities have
been factors in increased demand for autos.
Other continuing influences have included
the movement to the suburbs, the increase
in the number of drivers per family, and
longer vacations. The move to the suburbs
in particular has quickened the growth of
multi-car families. Recent estimates place
their number at 8 million, double the number at the beginning of 1955.
Other goods. Consumer purchases of furniture, appliances, television, and other
household equipment weakened in the
spring of 1962, but they have risen considerably since then. In the second quarter of this
year they are estimated to be 13 per cent
above their recession low in early 1961. A
stimulating influence has been the large
volume of residential construction, which
has held at advanced levels longer in this




expansion period than at any time since the
early postwar period.
Demand has been strong this spring for
such products as dishwashers, clothes dryers,
and—despite persistent cool weather in
some parts of the country—air conditioners. Color television has been gaining in
consumer acceptance after an extended
period of slow growth. With a large majority
of households still without these products,
purchases for the most part have represented
initial acquisition rather than replacement.
Purchases of such staples as food, beverages, tobacco products, drugs, and toilet
articles have increased steadily over this expansion period. Apparel purchases, which
usually show more cyclical fluctuation than
total nondurable goods spending, advanced
sharply early in the recovery period, then
leveled off after mid-1962.
Buying intentions. Buying plans for the
months ahead expressed in recent consumer
surveys have been broadly consistent with
the advanced level of durable goods purchases already attained. The latest Quarterly
Survey of Consumer Buying Intentions, conducted by the Census Bureau in mid-April,
indicated that more people were planning to

752
buy new autos during the next 6 months
than a year earlier; the number planning to
buy was about the same as last October,
when the 1963 models were introduced.
Plans to purchase major household durable
goods such as washing machines, refrigerators, television sets, and air conditioners
indicated that buying should hold steady,
and perhaps increase, in the months ahead.
More households reported plans to purchase
one or more of these items than reported
such intentions in either January this year or
in April 1962.
Consumer prices. Average consumer prices
have risen by about 1 per cent over the past
year, about the same as the average annual
increase since the spring of 1958.
Prices of food and clothing—and the
average for all nondurable goods—have
risen by about 1 per cent from the spring of
1962. The cost of food spurted last September because of a sharp but temporary advance in meat prices, and again early this
year when winter freezes resulted in higher
prices for fruits and vegetables.
Prices of durable goods have shown
mainly seasonal movements over the past
year; prices are only about 2 per cent higher
than 5 years ago.
The cost of medical and personal care and
most other services has continued to climb
but at a slower pace than in earlier postwar
expansions. The rise in rents has slowed
markedly.

FEDERAL RESERVE BULLETIN • JUNE 1963

Increases in social security taxes on incomes of employees and self-employed persons, effective January 1, 1963, amounted
to $1 billion, annual rate, and had the effect
of reducing personal income by a corresponding amount.
Wage income. Payrolls account for more
than two-thirds of personal income and for
the bulk of its fluctuation. Expansion in private wages and salaries has been sizable
in recent months, following a period of
slight upward drift from the middle of last
year to early this year. From January to May
1963, private payrolls rose by $1.5 billion
a month, annual rate, compared with only
$250 million per month from last July to
January.
The slowdown in 1962 had centered in
manufacturing, where wages and salaries
PRIVATE payrolls advance in 1963

100

GOVERNMENT payrolls continue to rise
140

100

TRANSFERS rise less rapidly than earlier

140

INCOMES

Underlying the advance in consumer purchases has been expansion in disposable personal income. In May, personal income was
at a seasonally adjusted annual rate of $458
billion, 4 per cent higher than a year earlier.
But the rise was significantly smaller than
over the preceding 12 months.




120
ALL OTHER INCOME

1961

1962

1963

NOTE.—Based on Dept. of Commerce monthly personal income components, adjusted for seasonal variation. May figures, latest shown, estimated by Federal Reserve.

753

CONSUMER SPENDING AND INCOMES

were virtually unchanged from April 1962
to early this year. Over this period, wage
income rose moderately further in distributive and service activities.
The rise in private wage income since
January has resulted in large part from increased employment in manufacturing. The
average workweek in manufacturing has
risen only a little, after allowances for
seasonal influences. Hourly earnings have
continued to advance, but the increase
throughout this expansion period has been
smaller than in earlier expansions.
Government payrolls, which amount to
less than one-fifth of total payrolls, have
continued to move up steadily. State and
local government employment and wage and
salary rates have continued their strong
postwar uptrend. Federal payrolls have risen
moderately over the past year, primarily as
a result of salary increases last fall for civilian employees.
Other income. Transfer payments have
shown a pronounced upward trend mainly
because of payments under the old-age and
survivors insurance program, which are
now running at an annual rate close to $1
billion more than a year ago and $2.8 billion more than 2 years ago. Short-run fluctuations in transfer payments have reflected,
to a large extent, unemployment compensation, which moves countercyclical^, and in
recent years the bunching of special payments to veterans. The bulge in transfer
payments in January, shown in the preceding chart, was associated with advance and
special payments of Government life insurance dividends to veterans.
Most other types of personal income—
including dividends and interest—have
risen fairly steadily throughout the expansion period. Farm income, however, has
changed little.




SPENDING RATES

Since 1953, consumers have spent on the
average 93 per cent of their after-tax incomes on goods and services. Over that
period the spending rate has ranged between
92 and 94 per cent of income and has been
outside this range in relatively few instances.
In recent quarters the spending rate has
averaged 93.5 per cent, somewhat higher
than over the preceding 2 years.
Even moderate variations in the spending
rate can have significant implications for
economic activity. At current income levels,
for example, a change of 1 per cent in the
CONSUMER OUTLAYS average 93 per cent
of disposable income in post decade
-

94

NONDURABLES take less and SERVICES more
NONDURABLE GOODS

46
42
38

SERVICES

34
30

FOR DURABLES, changes mainly cyclical
14
10
1954

1956

1958

1960

1962

NOTE.—Based on Dept. of Commerce quarterly figures, adjusted for seasonal variation. Second-quarter figures, latest
shown, estimated by Federal Reserve.

spending rate is equivalent to about $4 billion of purchases, annual rate.
The proportion of income spent on consumption usually increases in periods of
cyclical expansion when demands for autos
and other durable goods are strong and

754

FEDERAL RESERVE BULLETIN • JUNE 1963

when consumers make extensive use of instalment credit to finance purchases. Relatively low spending rates tend to occur in
recessions when durable goods spending is
reduced sharply.
For nondurable goods the spending rate
has drifted downward fairly steadily since
1953, reflecting the declining relative importance of food and clothing outlays in the
consumer budget. The rather persistent rise
in the proportion of income devoted to services has slowed only during strong cyclical
expansions in spending for goods, particularly for durables.
Over the decade the rise in the spending
rate for services has about offset the decline
in the rate for nondurable goods. Spending
for these two categories currently accounts
for four-fifths of disposable income, not
much different from the rate in 1953.
The proportion spent on durable goods is
cyclically much more volatile than that for
nondurable goods and services. The trend
since 1953, however, has been virtually
horizontal—with perhaps a trace of downdrift—and the proportion has ranged for
the most part between 12 and 13 per cent of
income. The bulge in 1955 reflected the
exceptionally high rate of auto purchases.

liquid assets-income ratio either declined or
rose only moderately, as consumers showed
preference for other forms of financial assets.
With the consumer spending rate changing relatively little over the past few years,
as indicated above, the sharp rise in consumer holdings of liquid assets apparently
reflects primarily forces influencing consumer preferences in portfolio composition.
An extended discussion of the relevant influences may be found in the special article
on liquidity beginning on page 756.

LIQUID ASSETS

GROWTH RATES

Consumer holdings of liquid assets have increased substantially over the past year.
From 1957 through 1961 holdings rose moderately faster than disposable income, but in
1962 the rate of acquisition of assets accelerated and by early 1963 consumer holdings were equivalent to more than 90 per
cent of the annual rate of disposable income,
well above the 85 per cent of late 1961.
This rapid rise contrasts with earlier
cyclical experience. In other postwar expansions, as may be seen in the chart, the

Since 1947, consumer purchases of goods
and services in constant dollars have increased at an annual rate of nearly 3.5 per
cent. This rate of growth was also closely
approximated in such significant subintervals of the postwar period as 1947-55,
1947-57, and 1957-62. These growth rates
have been calculated using all years of the
period.
Purchases of goods, particularly durables,
increased faster in the first half of the
postwar period, and services faster in the




LIQUID ASSETS high in relation to incone

NOTE.—Based on Federal Reserve estimates of consumer
holdings of liquid assets and Dept. of Commerce quarterly
estimates of disposable personal income, adjusted for seasonal
variation. Liquid assets consist of currency in circulation,
demand and time deposits at commercial banks, deposits at
mutual savings banks, shares in savings and loan assns. and
credit unions, and U.S. Govt. securities. Latest figures shown,
first quarter.

755

CONSUMER SPENDING AND INCOMES

second half. The more rapid rate for services since the mid-1950's—about 4.5 per
cent per year—represents principally
stepped-up spending on medical care, education, and personal services. Growth in
spending for housing services has tended
to slow down. For transportation services,
the growth rate has continued relatively low
largely because of the public's preference
for private automobile transportation.
From 1957 to 1962 the annual rate of
increase in consumer purchases of durable
goods was close to 4 per cent. This was less
than earlier in the postwar period mainly
because of slower growth in auto purchases.
Owing to the volatile cyclical pattern of
consumer spending for durable goods, as
well as various special circumstances, the
growth rate obtained is heavily dependent
on the choice of the time period used in
the calculation. The addition or subtraction
of even a single year may result in rather
large apparent changes in the rate of growth.
Consumer purchases of nondurable goods
in constant dollars increased by close to 2.5
per cent a year from 1957 to 1962, not much
different from the postwar period as a
whole. This rate is moderately higher than




GROWTH in consumption:
FASTEST for services

Ratio scale
1957-59=100

120

SERVICES

ALL GOODS

80

UNEVEN for durables and STEADY for nondurables
-

-~ 120

DURABLES ^^J

J

t

(>
1
1954

1

1

1

1956

'

1
1958

100

NONDURABLES

1

I
1960

!

I

1

1962

NOTE.—Based on Dept. of Commerce quarterly figures in
1954 dollars, adjusted for seasonal variation. Second-quarter
figures, latest shown, estimated by Federal Reserve.

that for population growth. For food and
beverages, the growth rate has been somewhat less than the average for all nondurables; for clothing and shoes it has been
about average. On the other hand, growth
has been more rapid for such varied nondurable goods as drugs, cosmetics, paper
products, and gasoline.

Recent Changes in Liquidity
by DANIEL H. BRILL
OVER THE PAST 2 years, the private secincrease in liquid assets, to examine the
tors of the economy have added substantially
financial forms in which it occurred and the
to their holdings of liquid assets. The ineconomic groups to which it accrued, and
crease in their stock of money, savings acthe effects of the increase on balance sheet
counts, and short-term U.S. Government
structures. This factual base may aid in arsecurities is notable not only because of its
riving at an assessment as to whether the
size—some $60 billion or 15 per cent in 2
liquidity rise has been inevitable, excessive,
years—but also because it exceeded the rise
or, on the other hand, inadequate.
in economic activity over
Because spending, savthe period. In previous
ing, and liquidity patterns
TAFF PAPERS—In addipostwar cyclical upswings,
differ markedly among section to its regular contents,
growth in liquid asset holdtors, not much purpose
the Federal Reserve Bulletin
ings has generally lagged
would be served in analyzfrom time to time includes special papers on economic and
growth in activity, with a
ing aggregates that comfinancial subjects. These paconsequent decline in the
bine consumers and busipers, prepared originally for
ratio of liquid assets to
nesses. In such aggregates,
the information of the Board
gross national product. In
the amounts that consumers
of Governors by individuals on
1962, the ratio rose and is
spend and the amounts that
its staff, are selected for pubnow back to the levels
lication because of their genthey save tend to overeral interest. The authors are
reached at the cyclical
whelm the amounts of
responsible for the analyses
trough in early 1961 (Chart
spending and saving in
and conclusions set forth.
1, on the facing page).
other sectors, and changes
in the aggregates tend to be
The extent of the rise in
a diluted version of consumer activity, blurliquidity in a period of recovery and exring rather than illuminating significant difpansion has occasioned some concern. Fears
ferences in economic behavior patterns.
have been expressed as to the potential inNot that simple disaggregation such as
flationary stimulus it may provide, as to its
between consumers taken as a group and
effect on the quality of credit if savings inbusinesses taken as a group is adequate for
stitutions are forced to seek out more maridentifying all key behavior differences. One
ginal borrowers, and as to the effect on the
should expect to find—and does in fact find
U.S. balance of payments of an excess sup—differences among consumers with differply of liquid funds seeking more profitable
ent incomes and of different ages, and
investment outside the United States.
among businesses of different industries and
This paper does not attempt directly to
of different sizes.
allay or confirm these fears of the conUnfortunately, available data do not persequences of a rise in liquidity during ecomit a consistent framework of analysis at the
nomic expansion. It will, however, attempt
desired level of disaggregation. The best one
to describe the process that generated the




S

756

757

RECENT CHANGES IN LIQUIDITY

Chart 1

LIQUID ASSET HOLDINGS rose somewhat faster
thaa GNP in 1962

Ratio scale
Billions of dollars
700
— 600

-

400

comes, and ratios of required debt service
payments to incomes. Such arbitrary treatment may not do justice to the fairly extensive literature that has been developed in
which alternative criteria for classifying assets and defining degrees of liquidity are
proposed, but in dealing with a continuum
like liquidity, any operational definition
must be somewhat arbitrary. Given the
availability and quality of data, attempts at
further refinement in measurement are not
likely to add substantially to understanding
and insight.
CONSUMERS

1954

'56

NOTE.—For notes to this and the following charts, see page
765.

can do is to start at the level where consistent
formulations are possible—the consumer
sector, the business sector—and point out
what appear to be significant differences
within each sector to the extent the data
permit. The flow patterns of the key lending
sector, the commercial banking system, will
also be examined.
For the most part, the definitions and data
used are those of the Federal Reserve's flow
of funds accounting system. These accounts,
however, do not in themselves provide any
definition of "liquid" assets, or of "liquidity."
Rather than founder in the definitional bog
associated with these terms, in this paper the
term "liquid" assets generally refers to:
money, savings accounts and shares, and
short-term U.S. Government securities; and
"liquidity" will be measured in alternative
ways: as ratios of liquid asset holdings to
debt, ratios of liquid asset holdings to in-




The proportion of incomes consumers spend
for nondurable goods and services has fluctuated in a relatively narrow range over the
past decade. It reached a low of about 75
per cent of income in 1956 and a high of
about 78 per cent in late 1960 and early
1961. Although the ratio of current consumption to disposable income declined during the 1961 recovery—as it has in most
recoveries—it trended upward during most
of 1962. Recent levels of the ratio are close
to the average for the past decade (Chart 2 ) .
Consumer spending for capital assets—
automobiles, other durable goods, and
homes—has been more volatile relative to
income than has spending for nondurable
goods and services. The ratio of capital
spending to income reached a postwar high
in 1955, and has not again approached
this level. Even the burst in consumer spending in 1959 did not bring the ratio of spending to income close to the 1955 peak.
The ratio dropped sharply in the 1960-61
recession, to a level as low as that at the
trough of almost all other postwar recessions, but it has hardly risen since the cyclical trough. At less than 20 per cent, the
recent ratio of capital spending to income

758

FEDERAL RESERVE BULLETIN • JUNE 1963

Chart 2

CONSUMER SPENDING less for physical assets,
Per cent of disposable receipts
80

NONDURABLE GOODS
AND SERVICES

75

20

and MORE for financial assets
10
FINANCIAL ASSETS ^.^^

y
o
/

f\^

DEPOSITS AND
*"*
SAVINGS ACCOUNTS

BORROWING high relative to capital spending
Per cent of capital spending

40

~ 30

1948

'50

'52

'54

'56

'58

'60

1
Because there are no available measures of consumer holdings of short-term U.S. Govt. securities,
the figures given on consumer liquid asset holdings are limited to their holdings of money and
savings deposit and share balances.

'62

is at a level more typical of postwar recessions than of expansion periods.
Although consumer spending for durable
goods and homes has been low relative to
income, an exceptionally large proportion of
this spending has been financed through
borrowing. The ratio of borrowing to capital
outlays rose sharply from the 1961 recession trough through all of 1962, and by the
year-end had reached a level almost as high
as the previous peak in 1955.
With spending for current consumption
close to the average for the decade, and with
spending for durable goods and housing low
relative to income and financed largely out
of borrowed funds, consumers in the aggregate have had a much larger share of income
available for acquisition of financial assets.




As a ratio of disposable income, the flow of
consumer funds into financial assets was at
a postwar peak in 1962.
In the 1961-62 upswing, consumers acquired mainly liquid financial assets.1 With
deposit rates rising and market rates on
securities relatively stable or even declining,
the flow of consumer financial saving went
almost entirely into deposit and share accounts (Chart 2). In earlier periods of rising
consumer financial saving (1955-56 and
1959), the increase had been mainly in
securities for then interest rates on securities had risen substantially, while during
the same periods deposit rates had remained
relatively stable. (Chart 3)
Very little of the recent rise in consumer
liquid asset holdings was in spendable cash

YIELD SPREAD less favorable to
consumer investment in securities
Per cent per annunr

Per cent

SHARE OF
INVESTMENT
GOING INTO SECURITIES
scale

20

'56

'58

759

RECENT CHANGES IN LIQUIDITY

—demand deposits and currency. Money
holdings rose by $4 billion, compared with
a rise of $43 billion in savings accounts at
commercial banks, mutual savings banks,
and savings and loan associations. The increase in money relative to other liquid assets was smaller in this recent upswing than
during earlier periods of rising consumer
financial saving.
Even though consumers borrowed heavily
to finance purchases of capital assets in
1961-62, the rise in financial assets for the
consumer sector as a whole exceeded the rise
in debt by a wide margin (Chart 4). Consumer holdings of liquid assets alone rose by
a total of $47 billion over this 2-year period
while the total of consumer short- and longterm debts increased by $34 billion. The
level of consumer liquid asset holdings is
now higher relative to disposable income
than at any time since 1950.
While total debt, as well as total financial assets, has risen faster than disposable
income in the past 2 years, the short-term
component of debt has just about kept pace

with income (Chart 5). It is mainly mortgage debt that has outstripped incomes.
The burden of instalment debt, that is,
repayments of principal and interest as a
proportion of disposable income, has been
remarkably constant over the past 5 years
at about 13 per cent. Only in recent months
of 1963 has there been any indication that
this relationship may be breaking through
the 13 per cent "ceiling."
Data on the distribution of saving and
borrowing flows within the consumer sector
are fragmentary and far from current. Surveys of consumer finances conducted by the
Michigan Survey Research Center indicate
no consistent pattern of change in ownership
of total liquid assets between early 1959 and
early 1962, but apparently some increased
concentration of ownership of savings accounts by upper-income families over this
period.- In early 1959, families with incomes of $10,000 or more held 30 per cent
- A more current analysis was not possible at the
time this paper was prepared because data on changes
in liquid assets between early 1962 and early 1963
were not available.

Chart 5

SHORT-TERM DEBT keeps pace with income
but MORTGAGE DEBT rises faster
Per c e n f o f d i s p o s a b l e r e c e i p t s

-1 30
MORTGAGE

Mid '54 to mid '56




Mid °58 to mid '59

End '60 to and '62

1948

'50

'52

'54

'56

'58

'60

'62

FEDERAL RESERVE BULLETIN • JUNE 1963

760
of all savings accounts reported; in early
1962, this group held 35 per cent of the
total. Not too much significance can be imputed to this shift, however, for there was a
corresponding upward shift in the income
distribution of the sample surveyed, that is,
a growth of 5 percentage points in the proportion of families in the $10,000 and over
income class from one survey date to the
other.
Cross classifying by both income and age
of family head helps identify further the locus of the liquidity change. A comparison of
the average size of liquid asset balances held
by specific income-age groups in early 1959
and early 1962 indicates that the largest increases occurred among the older families of
CKart 6

AMONG lower- and middle-income groups, oldest
families report largest liquid asset increases

Thousands
of dollars
10

NONFINANCIAL CORPORATIONS

A l l AGESI

LARGEST DEBT INCREASES reported
by upper-income families

10

Early
•59-63

UNDER $5,000

$5,000-$10,000

$10,000 and OVER

INCOME GROUPS

t Sample too small for cross classification by age.




the lower- and middle-income classes (age
of family head 55 or more, incomes under
$10,000), and only small changes in the average balances of other age groups in these
income classes (Chart 6). The decline in
average liquid asset balances shown for the
top income class as a whole reflects largely a
very substantial drop in the average for older
families, more than offsetting an increase in
balances held by younger families. The
samples on which these averages are based,
however, are quite small, and the differences
are probably not statistically significant. The
sample of upper-income families in the 3554 year bracket shows little change in average balance from early 1959 to early 1962.
Despite the large increases in aggregate
instalment and mortgage debt, the average
indebtedness reported by lower- and middleincome families changed little over the
1959-62 period. The largest change in average indebtedness was among upper-income
families and reflected mainly a substantial
rise in average mortgage debt.

In certain respects, developments in the
corporate sector resembled those in the consumer sector. Nonfinancial corporations as
a group also applied a smaller share of income—retained earnings and charges—to
acquisition of capital assets during the
1961-62 upswing than they had in earlier
recoveries. They also borrowed heavily relative to the volume of capital expenditures
(Chart 7).
In some respects, however, corporate flow
patterns differed from those of the consumer
sector. Although corporate borrowing was
high relative to spending, it was not high
relative to internally generated funds, nor
was corporate acquisition of financial assets
high relative to internal funds.

761

RECENT CHANGES IN LIQUIDITY

Chart 7

CORPORATIONS, like consumers, spent less
on capital assets than in previous recoveries
Per cent of retained funds

INVENTORIES AND FIXED CAPITAL

80

40

broadened to include holdings of other marketable instruments as well as cash and U.S.
Government securities, liquidity still shows
a declining trend. Only if one assumes that
all accounts receivable are completely liquid
does one find stability in alternative balance
sheet measures of corporate liquidity.
Income-account measures also show a decline in corporate liquidity. Total liquid asset holdings relative to corporate activity
(measured here as GNP originating in the
corporate sector) is lower now than at the

0
20

CORPORATE LIABILITIES continue to rise
and BORROWING also rises relative
to capital spending

Ratio scale
" Billions of dollars

Per cent of capital spending
60

200

TOTAL CURRENT LIABILITIES

100
ACCOUNTS RECEIVABLE
80
-

CASH AND
U.S. GOVT. SECURITIES

20

60
60

'62
40

Moreover, corporations used their financial surpluses mainly to add to their accounts receivable—short-term credit to consumers and other businesses—and added
very little if any to their holdings of liquid
assets (Chart 8). By and large, the pattern
shown for the corporate sector as a whole
holds for most major industry groups and
major size groups of business.
With liquid asset holdings relatively constant and current liabilities rising, conventional measures of corporate liquidity
show a substantial decline over the past
decade, with the decline extending through
most of 1962 (Chart 8, middle panel).
Even if the concept of liquid assets is




"Per cent
60
CASH AND GOVT./CURRENT
SECURITIES
/ LIABILITIES
40

A

but LIQUID ASSETS decline relative to activity
'Per cent
-

DEMAND DEPOSITS
AND CURRENCY

20

OTHER LIQUID ASSETS

1
1954

1956

,
i
1958

1960

30

1962

762
beginning of the 1956-57 capital goods
boom and much lower than earlier in the
postwar period.
Corporations have responded to rising interest rates principally by changing the composition of liquid asset holdings rather than
by increasing their total liquidity. The ratio
of money holdings to corporate activity has
declined, while holdings of interest-bearing
liquidity instruments, such as finance company paper and short-term Federal, State,
and local government securities have been
maintained or increased slightly.

FEDERAL RESERVE BULLETIN • JUNE 1963

Chart 9

Banks shift PORTFOLIO COMPOSITION
to higher yielding investments
Per cent of Jotal de

BUSINESS, FARM,
AND CONSUMER LOANS

BANKING SYSTEM

Commercial bank holdings of Federal Government securities have declined, relative to
total deposits, while holdings of private debt
have increased since the cycle trough in
early 1961. A shift out of Governments
could be regarded as a normal cyclical development in economic expansions; in earlier postwar upswings, banks reduced their
portfolio of Governments in order to increase their ability to finance consumers and
businesses. But in this upswing—at least
through the end of 1962—banks have reduced their Government security holdings
relative to deposits while increasing their
holdings of mortgages and municipal securities, and they have not significantly raised
the proportion of consumer and business
loans in their portfolios (Chart 9).
The difference in banks' management of
their portfolios in the recent cyclical rise is
attributable in part to the moderateness of
private loan demands and in part to their
need to increase earnings to cover interest
costs on the swelling inflow of time and savings deposits. Of the $33 billion growth in
bank deposits since the end of 1960, $25
billion or three-fourths was in time and savings deposits.




I

50

J 10

as TIME AND SAYINGS DEPOSITS rise
~| 80

DEMAND DEPOSITS
ADJUSTED

•--*

TIME AND
SAVINGS DEPOSITS

1 1 1 1
1952

'54

'56

'58

'60

'62

Unable to generate a sufficiently rapid
rise in business and consumer loans to cover
the rise in interest costs, banks turned to
mortgages and State and local government
bonds in their search for relatively high
yielding assets. Even in their Government
security portfolios, there has been somewhat
of a shift away from short- and intermediate-term obligations into longer-term, higheryielding bonds. Their holdings of long-term
Governments (with maturities of 5 years or

RECENT CHANGES IN LIQUIDITY

more), of mortgages, and of State and local
obligations have in the aggregate increased
by $17 billion in the past 2 years, a period
over which time and savings deposits rose
by $25 billion. The tendency to match time
and saving account inflows with longer-term
investments was accentuated in 1962, when
banks acquired over $13 billion in longterm investments against a $15.5 billion rise
in time and savings deposit liabilities.
This shift in portfolio composition suggests that banks have in large measure regarded the rising inflow of time and savings
money as long-term saving. One can question the validity of such an assumption.
Only half of the rise in the total has been
in savings accounts; half—somewhat more
than half in 1962 alone—has been in the
"other time" category. A substantial share
of this "other time" inflow has taken the
form of negotiable certificates of deposit,
held principally as liquidity instruments by
corporations and other sophisticated money
managers.
Despite recent portfolio and deposit composition shifts, bank liquidity positions are
still not seriously strained nor can one conclude that banks are now "locked in." Bank
holdings of short-term Government securities rose substantially during the 1960-61
recession and the early months of recovery.
These holdings have largely been retained
and are still high relative to deposits.
Nevertheless, an expansion in activity that
brought with it rising Federal and private
credit needs could put banks under reserve
pressures from both the conversion of more
volatile time accounts into demand deposits
and the increase in credit demands.
AN INTERPRETATION

The foregoing description of recent liquidity
developments indicates how far we are from




763
being able to draw firm conclusions about
the state of the economy's liquidity, let alone
the possible economic consequences. Yet, if
one assigns full faith to the reliability of the
observations cited, one can formulate an
interpretation of these developments that
fits the facts, although perhaps not to the
exclusion of alternative explanations.
This interpretation hinges on the observation of low rates of capital spending relative
to income, noted for both the consumer and
business sectors in the recent recovery and
expansion period. The 1955-57 capital
spending boom—which occurred mainly in
1955 for consumers and somewhat later for
businesses—probably represented a final
catching up with capital goods demands
deferred over the long period of the depression, war, and early postwar years.
Since the boom, investment has been
more nearly for replacement than for
growth. Even after the rise in spending from
the 1961 cyclical trough to the end of 1962,
business spending for new plant and equipment (deflated for price change) had not
re-achieved the peak levels of 1957. The
satisfaction expressed over the current volume of automobile sales at an annual rate
of 7.75 million units has to be put into the
perspective of a total almost that large 8
years ago.
Undoubtedly, other factors than satiation
of exceptional demands have contributed to
the slack in capital spending in recent years.
Some observers suggest a lag in innovation,
with little to stimulate businessmen seeking
radically new and more efficient production
processes or to captivate consumers seeking
new products as desirable as were television
and automatic transmissions in their time.
Others assign more of the blame to a regressive fiscal structure, with high tax rates limiting private investment incentives and Gov-

764
eminent expenditures inadequate to compensate for the lag in private spending.
Whatever weight one assigns to the possible causes of slack investment demand,
the heavy dependence on debt financing of
capital outlays in the 1961-62 period appears to have been a necessity, if aggregate
economic activity were to be maintained,
and not a luxury with which a more Spartan
economy could have dispensed. Given low
spending propensities and given only moderate fiscal stimulus from Government
spending and only limited tax reductions,
ample availability of credit was probably
a key factor in keeping private spending at
the levels achieved in the 1961-62 period
of expansion.
The expansion in credit need not have
been translated on the asset side into a rise
in what is customarily regarded as "liquid"
assets. In previous economic expansions,
which also involved large credit growth, consumers added substantially to their holdings of financial assets but not to the types of
assets usually classed as "liquid." One explanation of the difference in cyclical performance is the difference in relative interest rates—the spread between market rates
and deposit rates—in the 1961-62 period.
In this recent expansion, yields on market
instruments have been much lower relative
to yields on deposits and savings accounts
than in earlier upswings.
An alternative or perhaps supplementary explanation is that the large increase
in security purchases in 1955-57 and again
in 1959 brought consumer security portfolios, in the aggregate, close to some "desired" level or proportion of assets to which
consumers would not want to add. Fluctuations in security values over several postwar
cycles, both in the stock market and in bond
markets, may have shifted consumer pref-




FEDERAL RESERVE BULLETIN • JUNE 1963

erences toward liquid fixed-value claims
and away from market instruments of any
type. Also, changing expectations as to inflation prospects and the low level to which
stock yields had fallen may have made
equity securities less attractive. Probably
all of these factors contributed to the rise
in liquid saving.
In summary, then, the increase in liquidity in 1961-62 would appear to result from
the fact that none of three factors—private
preferences, the economic cycle, or monetary
policy—conformed to recent postwar cyclical patterns. The low level of demands for
capital goods—low relative to both economic resources and the level of incomes—
required, in the absence of other adequately
stimulative policies, a monetary policy permitting expansion in credit availability in
order to facilitate existing spending plans
and to stimulate others. Under those circumstances, a curbing of credit availability, say,
to boost long-term U.S. interest rates closer
to those in major foreign markets, might
well have risked turning a slow economic
expansion into a full-scale recession. Economists' knowledge of the elasticities of domestic demands to interest rate changes is
imperfect, but a number of recent studies
reviewed by the author suggest a significant
responsiveness for key investment areas. A
decline in spending and incomes might have
reduced the volume and proportion of financial saving, as happened in earlier postwar
declines, but it might have done so only at
the expense of intolerably large reductions
in employment and incomes.
As it happened, the policy measures
adopted permitted a substantial increase in
borrowing relative to spending with minimal
upward pressure on market interest rates,
while other actions of the monetary authorities permitted banks to compete more ag-

765

RECENT CHANGES IN LIQUIDITY

gressively for savings by raising deposit
rates, thereby encouraging the flow of funds
into what are generally considered more
liquid forms.
As for the potential inflationary stimulus
of such an increase in liquid assets, the data
cited do not in themselves suggest this to be
a likely outcome, even if one subscribes to
the proposition—as yet unproven empirically—that an increase in liquid asset holdings contributes significantly to a subsequent
increase in spending. Nonfinancial corporations, in the aggregate, passed up the opportunity to apply their financial surplus to an
increase in liquidity. In fact, they have maintained historically low liquidity ratios and
have merely shifted their liquidity reserves
from cash to interest-bearing assets.
Consumers, in the aggregate, have become
more liquid, but the distributive data available, though incomplete, suggest that the increase in liquid asset holdings has been more
marked in the portfolios of those—such as
elderly families—with generally low spend-

ing propensities or those whose spending is
not likely to be influenced significantly by
shifts in portfolio composition. Those consumers who have been spending and borrowing have not been the ones adding to their
liquid asset balances.
Finally, it should be noted that the liquid
asset increases recorded in the aggregates
for both the consumer and corporate sectors
have occurred primarily in interest-bearing
form rather than in spendable cash. The
ratio of money—demand deposits and currency—to GNP has continued to decline
throughout the upswing. The conversion of
a nonmoney liquid asset into cash—even
from time deposits to demand deposits—requires in the aggregate an increase in the
reserves of the banking system. This process is still subject to regulation by the
monetary system, albeit with some difficulty
and threat to the orderliness of financial
markets if expectations regarding inflation
should change quickly or in substantial
degree.

NOTES TO CHARTS:

composition of short-term debt, see note to Chart 5. "Other"
debt is mortgage debt.
Chart 5. Short-term debt covers all short-term and intermediate-term consumer credit.

Chart 1. Liquid assets are holdings by nonbank investors
of demand deposits and currency, time deposits, savings shares,
savings bonds, and U.S. Govt. securities maturing within 1
year. GNP data from Dept. of Commerce.
Chart 2. Based on flow of funds accounts. Data are seasonally adjusted centered 2-quarter moving averages. Financial
assets exclude saving through life insurance and pension funds
and investment in noncorporate business.
Chart 3. The total of financial investment considered here is
the same as in Chart 2. The yield spread is the yield on
3- to 5-year U.S. Govt. securities minus commercial bank time
deposit rates.
Chart 4. Same definition of financial assets as given in note
to Chart 2. Liquid assets exclude U.S. Govt. securities because
of lack of detailed data on ownership by maturity class. For




Chart 6. The liquid asset holdings and instalment and mortgage debt are averages for each group. Data from Survey of
Consumer Finances.
Chart 7. Financial assets cover total corporate financial investments with trade credit taken net of trade debt. Borrowing
consists of funds obtained in credit and equity markets.
Chart 8. The bottom panel shows corporate assets as percentage of income originating in the corporate sector. Other
liquid assets include time deposits, U.S. Govt. securities, and
commercial paper.
Chart 9. Portfolios and deposits at commercial banks.

Interest Rates on Time Deposits,
Mid-February 1963
• Maximum interest rates on savings and
other time deposits have changed little over
the past year, after substantial upward adjustments in early 1962.
• As of mid-February 1963, few banks
contemplated further changes in rates in the
first half of this year.
• Reflecting to a considerable extent the
early 1962 increases in rates, both savings
and other time deposits increased by record
or near-record amounts in 1962.
• Expansion was most rapid at banks that
paid the highest rates, as happened after the
previous increase in rate ceilings in 1957.
These findings on current and prospective
maximum rates of interest on savings and
other time deposits were obtained from a
sample survey of member banks in each
Reserve district as of mid-February 1963. 1
They have been supplemented by data on
changes in deposit holdings during 1962.
This article summarizes the results of the
survey. The first part relates to regular, or
passbook, savings accounts. The second, to
other time deposits—including certificates
of deposit, open account, and other special
accounts. The third, to rates paid on time deposits of foreign governments and certain in1
With minor exceptions, the sample was the same
as that used in January 1962 and reported in the
BULLETIN, February 1962, pp. 147-51. It included
virtually all banks with total deposits of $100 million
and over, four-fifths of banks with total deposits of
$50 million-$100 million, and one-tenth of all other
banks selected at random, or a total of 1,027 banks.
Data for small banks were expanded so as to provide
estimates for all member banks.
NOTE.—This article was prepared by Caroline H.
Cagle of the Board's Division of Research and Statistics.




ternational institutions, a type on which
ceiling rates were removed late in 1962.
SAVINGS DEPOSITS

Savings deposits constitute the bulk of time
deposits at member banks. In late 1962 they
accounted for 73 per cent of all time deposits at member banks, and nearly all member banks had some savings deposits.
Changes in rates. Relatively few banks
changed the maximum rate on savings deposits after early January 1962, when about
half of all member banks raised their rates.
After that spurt, 90 per cent of the banks
made no change, 7 per cent raised the rate,
and 3 per cent reduced it, as shown in Table
1. Most of the increases were at banks that
had made no change in early 1962 but subsequently raised the rate from 3 per cent to
3Vi per cent. Conversely, most declines
were at banks that had been quick to raise
the rate to the 4 per cent level and then subsequently lowered it to ZV2 per cent. Compared with mid-January 1962, there was
almost no change in the proportion of banks
paying 4 per cent. But the proportion paying 3V2 per cent increased from 20 to 25
per cent, and the proportion paying 3 per
cent or less declined from 59 to 55 per cent.
Rate increases after mid-January 1962
were relatively most frequent among the
largest banks (total deposits of $500 million and over). About 13 per cent of these
banks raised the rate. None of them reduced
it. As the size of bank decreased, the proportion of banks raising rates generally declined, and the proportion reducing rates in766

767

INTEREST RATES ON TIME DEPOSITS

creased, except for banks in the smallest size
class (deposits of less than $5 million).
The proportion of these banks that raised
rates was higher than the proportion was for
banks with deposits of $5 million-$500 million. This probably reflected a lag on the
part of very small banks in raising rates in
early January 1962. Competition for savings from larger banks paying higher rates,
and possibly also from other savings institutions, may have caused many small
banks to raise their rates later in the year.
At the time of the survey only about 1 per
cent of the banks planned any change in the
rate during the first half of 1963. About half

of these banks intended to raise the rate, and
half to reduce it.
Rate levels in early 1963. As of mid-February 1963 one-fifth of all member banks
were paying a maximum rate of 4 per cent
on savings deposits; one-fourth, 3Vi per
cent; a little over half, 3 per cent or less.
Rates tended to be higher at large banks
than at small ones. More than four-fifths of
the banks with total deposits of $500 million and over had rates as high as ZVi per
cent, whereas the proportion was only about
a third for banks with deposits of $5 million$10 million. Maximum rates of 2Vi per cent
or less were found mainly at small banks;

TABLE 1
MAXIMUM RATES ON SAVINGS DEPOSITS:
CHANGES AND RATE LEVELS FOR MEMBER BANKS CLASSIFIED BY SIZE
Size of bank
(total deposits, in millions of dollars)

All
member
banks

Maximum rate

Under 5

5-10

10-50

50-100

100-500

500
and over

Percentage of number of banks in group
Change in rate, mid-Jan.
1962 to mid-Feb. 1963
Increases—Totall
1 percentage point or more
% percentage point or less
No change
Decreases—Total i
V2 percentage point or less
1 percentage point or more

,

All member banks
Rate, mid-Feb. 1963:3
4 per cent
^
21/2

2 or less
All rates

7
2
5

9
2
7

3
1
2

6
2
4

7
3
4

7
1
6

90

89

90

91

89

91

3
2
1

2
1
1

7
5
2

3
2
1

4
4

2
1

100

100

100

100

100

100

100

20
25
40
2
13

17
23
37
1
22

16
19
51
3
11

24
27
38
1
10

30
33
35
1

46
37
16

1

32
35
28
2
3

100

100

100

100

100

100

100

13

"n
87

Percentage of total savings deposits in group, Dec. 28, 1962

!£::::::::::::::::::::::::::::::::::::

4 per cent

2 or iess
All rates

35
41
20
1
3

19
27
39
1
14

19
23
50
2
6

25
31
35
1
8

31
34
33

100

100

100

100

100

1
No banks in the sample reported rate increases or rate decreases
between l/i and 1 percentage point.
23 Less than */£ of 1 per cent.
When a bank indicated a maximum rate in between those shown,
the bank was included in the group paying the next higher rate.




1
1

36
38
24

42
53

1

1

100

100

NOTE.—Excludes banks that had no savings deposits as of Dec. 28,
1962.

768

FEDERAL RESERVE BULLETIN • JUNE 1963

the ratio was almost one in four for banks
with deposits of less than $5 million.
Among Federal Reserve districts interest
rates varied considerably. They were highest
in the New York, Dallas, and San Francisco
Districts, where 80-90 per cent of the banks
were paying 3Vi or 4 per cent. Rates were
lowest in the Philadelphia, Cleveland, Chicago, St. Louis, and Minneapolis Districts.
In these areas the proportion of banks paying 3 per cent or less ranged from 67 to 96
per cent. In the Philadelphia and Minneapolis Districts no bank in the sample was
paying 4 per cent, and in the Cleveland,
Chicago, and St. Louis Districts the proportion at this level was smaller than elsewhere.
Geographic differences in rates reflect
among other things the number of small
versus large banks, the degree of competition for savings between banks and nonbank financial institutions, and variations
in general economic conditions. In the
Chicago District the rate structure is influenced too by Indiana banking regulations,
which prohibit rates above 3 per cent.
Growth and distribution in 1962. Savings at

all member banks expanded by a record
amount of more than $6 billion, or about 12
per cent, in 1962. Most of the increase, as
shown in Table 2, was at banks that had
raised their rates to the maximum permitted
by the Board's Regulation Q.
More than 90 per cent of the increase occurred at banks that paid a higher rate on
these deposits in February 1963 than at the
end of 1961. Banks paying the 4 per cent
maximum in February 1963 received 57 per
cent of the total, and those paying 3V£ per
cent accounted for most of the remainder.
The banks that made no change in their
rate accounted for nearly half of all member
banks and roughly 23 per cent of all savings
deposits, but they accounted for only 6 per
cent of the total increase during 1962.
Growth in savings varied directly with the
level to which rates were raised. For example, banks increasing the rate to 4 per
cent had a 24 per cent expansion in deposits,
while those increasing to 3V2 per cent experienced an 11 per cent growth.
Relative growth in deposits was about the
same for banks paying 4 per cent regardless

TABLE 2
SAVINGS DEPOSITS: GROWTH IN 1962
RELATED TO CHANGES IN MAXIMUM INTEREST RATES AT MEMBER BANKS
Percentage increase from Dec. 31, 1961

Change in 1962
Rate category
(change in maximum rate after 1961)

Increased rate by mid-Feb. 1963 to— 2
4 per cent
3%

3,800
2,400
100

3 or less
No change in rate

Millions of
dollars 1

3

All member banks

400
i 6,700

Percentage
distribution

Number
of banks
in rate **
category "*""
(percentage
distribution)

Less
than 10

10-100

100
and over

24
11

27
8
3

23
10
11

24
12
13

6

3

2

2

6

47

100

13

7

10

16

100

57
36
1

1 Estimate, based on a blow-up of the sample data. Increase at all
member banks in 1962 was $6.3 billion.
2 Rate shown is as of mid-Feb. 1963. When a bank indicated a
maximum rate in between those shown, the bank was included in
the group paying the next higher rate.




All
member
banks

Size of bank
(total deposits, in millions of dollars)

20
25

3 No bank reduced the maximum rate on savings deposits between
Dec. 31, 1961, and mid-February 1963.
NOTE.—Excludes banks that had no savings deposits on Dec. 28,
1962, and banks for which rate paid on such deposits as of Dec. 31,
1961, was not available.

769

INTEREST RATES ON TIME DEPOSITS

of their size. But for those paying ZVi per
cent or less, expansion was greater for big
than for small banks.
Among Reserve districts, growth in savings reflected in considerable part differences in rates paid. Growth was largest—
22 per cent—in the Dallas District, where
the proportion of banks paying 4 per cent
was highest. In the Minneapolis District,
where no bank in the sample paid as much
as 4 per cent and where only 4 per cent of
the banks paid as much as 3V£ per cent,
savings deposits declined, as Table 3 shows.
In part as a result of the more rapid expansion in savings at banks paying the
higher rates, more than three-quarters of all
savings deposits at the close of 1962 were
held by banks paying ?>Vi or 4 per cent, as
Table 1 shows. In general, the larger the
bank size, the higher the proportion. Nevertheless, there were important exceptions in
some areas. For example, because most
banks were paying 3 per cent or less in
the Philadelphia, St. Louis, and Minneapolis Reserve Districts, the bulk of the savings in these areas was in banks with rates
no higher than 3 per cent.

OTHER TIME DEPOSITS

Time deposits other than savings have been
expanding faster than savings deposits in
recent years. At the end of 1962 they accounted for 27 per cent of all time deposits
at member banks, compared with 19 per
cent in mid-1957. Their importance varies
from bank to bank, and in a few banks they
are larger than savings deposits. For the
most part, other time deposits are held by
businesses, State and local governments, and
foreign commercial banks and official institutions; none of these groups are eligible
to hold passbook savings accounts.
Banks in some areas, issue special savings
certificates of specified denominations or
provide other special arrangements in which
depositors contract to hold the funds on
deposit for 12 months or more and receive
interest at a higher rate than is paid on
regular savings deposits. This makes it possible for holders of regular savings accounts
who wish to obtain a higher rate to transfer funds to these special accounts. Rates
applicable to these forms of deposit have
been included in the accompanying tables
with rates on other time deposits.

TABLE 3
GEOGRAPHIC CHANGES IN SAVINGS AND OTHER TIME DEPOSITS AT ALL MEMBER BANKS,

1962

(Amounts in millions of dollars)
Savings deposits
Amount

F.R. district

Boston
.
New York
Philadelphia
Cleveland
. >
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
All member banks




Other time deposits
Amount
Percentage
change

Dec. 30,
1961

Dec. 28,
1962

1 611
9,513
3,226
5 090
2,349
2,571
9,456
1,443
1 228
1,702
1 621
12,173

1,772
11,328
3,414
5,494
2,691
2,798
10,534
1,446
1,176
1,952
1,979
13,712

227
1,078
3
-52
250
358
1,539

10.0
19.1
5.8
7.9
14.6
8.8
11.4
0.2
-4.2
14.7
22.1
12.6

51,985

58,296

6,311

12.1

Change
161

1,815
188
404
342

Dec. 30,
1961

Dec. 28,
1962

Change

Percentage
change

580
1,761
463
571
487
1 252
3,038

973
3,019
820
1 056
729
1 567
3,541

393
1,258
357
485
242
315
503

36 6
34.8
51.3
50.7
22.3
67.8
71.4
77.1
84 9
49.7
25 2
16.6

15,475

21,778

6,303

40.7

287

4,978
487
1 102
471

392

6,709
737
1 661
576

105

1,731
250
559
105

FEDERAL RESERVE BULLETIN • JUNE 1963

770

without increasing their expenses substantially. In view of these differences, data on
the level, structure, and changes in maximum rates on other time deposits are less
meaningful and harder to interpret than
comparable data for savings deposits.
More member banks raised maximum
rates on other time deposits than on regular
savings between mid-January 1962 and
mid-February 1963. Nearly 20 per cent
raised the rate on these deposits, and 14 per
cent increased it by as much as 1 per cent,
as shown in Table 4. Most of the increases
were made by small banks that raised the
rate from 3 to 4 per cent. Rate reductions

Changes in rates. Maximum rates of interest on other time deposits differ from
those on regular savings accounts in several
respects. This rate is not generally advertised, and it may be given little publicity. It
may be negotiated with each depositor;
hence, the maximum reported here may
apply to relatively few depositors. The rate
may be subject to frequent change; some
banks adjust it with changes in the Treasury
bill yield. And it may be higher than the
rate on savings, because many banks hold
a relatively small amount of other time deposits and they can pay higher rates on them

TABLE 4
MAXIMUM RATES ON OTHER TIME DEPOSITS:
CHANGES AND RATE LEVELS FOR MEMBER BANKS CLASSIFIED BY SIZE

Maximum rate

Size of bank
(total deposits, in millions of dollars)

All
member
banks
Under 5

5-10

10-50

50-100

100-500

500
and over

Percentage of number of banks in group
Change in rate, mid-Jan.
1962 to mid-Feb. 1963:
Increases—Totall
1 percentage point or more
Y2 percentage point or less
No change.
Decreases—Total
*
l
/i percentage point or less..
1 percentage point or more.
All member banks.
Rate, mid-Feb. 1963: 2
4 per cent

I?::::::::::::::::::
2V4
2 or less
All rates.

19
14
5

23
18
5

17
8
9

17
8
9

75

72

73

72

62

6
2
4

5
3
2.

10
7
3

11
8
3

21
14
7

15
11
4

19
15
4

17
5
12

100

100

100

100

100

100

100

62
11
19
2
6

63
8
18
1
10

60
7
25
3
5

63
16
17
1
3

64
18
16

57
41

1

54
26
16
2
2

100

100

100

100

100

100

100

1

Percentage of total other time deposits in group, Dec. 28, 1962
4 per cent.
3%
2%:::::::
2 or less...
All rates.

62
32
6

80
8
11

79
4
16

74
11
14

71
19
10

100

100

100

100

100

8

i No banks reported rate increases falling between Vi and 1
percentage point. Only 4 banks reported rate reductions in this
range; these banks were included with banks reporting reductions of
1 percentage point or more.




59
30
9
1
1

56
43

100

100

2
When a bank indicated a maximum rate in between those shown,
the bank was included in the group paying the next higher rate.
3 Less than % of 1 per cent.

NOTE.—Excludes banks that had no other time deposits as of
Dec. 28, 1962.

INTEREST RATES ON TIME DEPOSITS

were less common than increases. They were
only 6 per cent of the total. Since January
1962, banks paying 4 per cent have increased from 57 to 62 per cent of the total,
and those paying 3Vi per cent from 8 to 11
per cent. Banks paying 3 per cent or less
have declined from 35 to 27 per cent.
The proportion of banks raising rates on
these other time deposits after mid-January
1962 was generally higher for small banks
than for large ones, but rate reductions were
relatively more numerous among large
banks. One factor in the rate reductions may
have been that some banks were trying to
moderate the large inflow of deposits associated with the higher rates.
As of the survey date, less than 1 per
cent of all member banks planned to change
the maximum rate on other time deposits
in the first half of 1963. More than half of
these intended to reduce it.
Rate levels in early 1963. Maximum rates
on other time deposits were generally higher
than on savings in mid-February 1963.
Nearly two-thirds of the banks were paying
a maximum of 4 per cent; about one-tenth,
3Vi per cent; and most of the remainder 3
per cent, as shown in Table 4. The proportion of small banks paying a rate of 4
per cent on other time deposits was higher
than it was for large banks. For savings deposits these proportions were the reverse.
In the Boston and New York Reserve Districts only about one-fourth of the banks
were paying 4 per cent on other time deposits; in the Philadelphia, Cleveland, and
Richmond Districts the proportion at this
level was two-fifths; in the other Reserve
Districts, banks paying this rate represented
from two-thirds to nearly all.
As for savings accounts, the structure of
rates on other time deposits geographically
reflects not only differences in bank size and




771
general economic conditions but also variations in customer and competitive relationships and in relative emphasis placed by individual banks on savings versus other time
deposits. For example, in the Minneapolis
District, no bank was paying 4 per cent on
savings, but 96 per cent were paying 4 per
cent on other time deposits in early 1963.
Growth and distribution in 1962. Other
time deposits expanded by the same amount
as savings in 1962—more than $6 billion.
But the relative increase was much larger
for other time deposits—40 per cent, compared with 12 per cent. Practically all of the
increase in these deposits was at banks that
had raised rates since 1961, as shown in
Table 5. About 70 per cent of it was at
banks with a maximum rate of 4 per cent
as of mid-February 1963, and nearly all of
the remainder at banks paying ?>Vi per cent.
Deposit growth in other time deposits in
1962 at banks raising rates varied directly
with the rate paid; the increase amounted to
25 per cent at banks raising rates to 3 per
cent or less and nearly 50 per cent at banks
raising to 4 per cent. Banks making no
change in the rate had a 4 per cent increase
in deposits, while those reducing the rate
had a decline of 5 per cent.
Reflecting in part these rate differentials,
the relative increase in other time deposits
in 1962 at all member banks was greatest
in the Minneapolis Reserve District (85 per
cent), where nearly all banks were paying
4 per cent in early 1963. By contrast, growth
was below the national average in the Boston and New York Reserve Districts, where
relatively few banks had raised the maximum rate to 4 per cent.
In spite of the high percentage of banks
paying 4 per cent in the Dallas and San
Francisco Districts, growth in other time
deposits there was not large, as shown in

772

FEDERAL RESERVE BULLETIN • JUNE 1963
TABLE 5

OTHER TIME DEPOSITS: GROWTH IN 1962
RELATED TO CHANGES IN MAXIMUM INTEREST RATES
A T MEMBER BANKS
Change in 1962
Rate category
(change in maximum
rate after 1961)

Increased rate by midFeb. 1963 to i—
4 percent
3iA

3 or less

Millions
of
dollars

Percentage
distribution

Percentage
change
from
Dec. 31,
1961

4,500
1,800

71
29

49
34
25

No change in rate

4

Decreased rate
All member banks.. 4 6,300

-5
100

40

Number
of
banks
in rate
category
(percentage
distribution)

62
11
5
19
3
100

1 Rate shown is that as of mid-Feb. 1963. When a bank indicated
a maximum rate in between those shown, the bank was included in
the group paying the next higher rate.
23 Less than $500,000.
Less than Vi of 1 per cent.
4 Estimate, based on a blow-up of sample data. Increase at all
member banks in 1962 was approximately the same as the estimate.
NOTE.—Excludes banks that had no other time deposits on Dec.
28, 1962, and banks for which rate paid on such deposits as of Dec.
31, 1961, was not available.

Table 3. Banks in these two Districts had
already attracted a considerable volume of
other time deposits before 1962 by issuing
negotiable time certificates of deposit before
these instruments were used to any considerable extent in other parts of the country.
Moreover, in the San Francisco District the
proportion of banks paying 4 per cent on
other time deposits includes a number of
large banks that pay this rate only on special
savings certificates or other similar arrangements issued to those eligible for savings deposits. Other time deposit holders at these
banks are paid a lower rate.

Chicago, and San Francisco Reserve Districts. Such deposits are highly sensitive to
differentials in interest rates, and they tend
to shift from one money market instrument
to another when interest rates change.
On October 15, 1962, ceilings on the
rates of interest that member banks may pay
on time deposits of foreign governments,
central banks, and certain international institutions were removed from regulation for
a period of 3 years. By mid-February 1963
most of the 28 large banks that reported
holding these deposits were paying a maximum rate of 3Vi per cent on deposits with
a maturity of 1 year or more, as shown in
Table 6. Rates were somewhat higher in
New York than in the Chicago and San
Francisco Districts.
The maximum rate on foreign funds held
for less than 1 year varied with the maturity
of the deposits held by the individual bank.
The rate most frequently reported was 3 %
per cent.
TABLE 6
MAXIMUM RATES ON FOREIGN TIME DEPOSITS AT
MEMBER BANKS IN SELECTED DISTRICTS
MID-FEBRUARY 1963
(Percentage distribution of number of banks in group)
Federal Reserve district
Rate

4

13

3V

71
8

3 and 3 ^ per cent. .
Deposits held 12
m o n t h s or
more—Total...

18
82

San
Francisco

80
20

50
13

12
25

100
8
23
69

1 and 2% per cent..
Deposits held less
than 12 months
Total . . . .

100

100

3

Chicago

8

3
11
54
18
7
7

FOREIGN TIME DEPOSITS




New
York

100

3%

Roughly one-tenth of the deposits in the
"other time" category are deposits of foreign governments and international institutions. Most of these deposits are concentrated in a few large banks in the New York,

Total

100

100

40
60

40
20

100

100

20
20

NOTE.—Rates apply to time deposits of foreign governments,
central banks, and certain international institutions exempt from
Regulation Q.

Survey of Common Trust Funds, 1962
The eighth Annual Survey of Common
Trust Funds conducted by the Board of
Governors of the Federal Reserve System
as part of the program to provide information about principal uses of savings shows
that:
• Common trust funds continued to expand during 1962, with most measures of
growth—number of funds, number of banks
operating funds, and asset holdings—showing increases.
• The 564 common trust funds being administered by 343 banks at the end of the
Survey year had total assets of about $3.6
billion. Common stocks accounted for about
half of these holdings.
• Creation of single-purpose funds continued to provide the principal growth in the
total number of funds.
• Total assets of common trust funds rose
by only $27 million, largely because of the
decline in values of common stock holdings,
which was in line with common stock indexes.
GROWTH IN FUNDS

Expansion in common trust funds is indicated by changes in the number of funds
and in the number and average size of the
participating fiduciary accounts.
Number of funds. The establishment of
new funds and the splitting, merging, and
liquidation of existing funds all affect the
total number. At the end of the year, 564
NOTE.—This article was prepared by Eleanor E.
Omohundro of the Board's Division of Bank Operations. For results of the seventh Annual Survey of
Common Trust Funds, see the BULLETIN for May
1962, pages 528-34.




funds were in operation in 48 of the 50
jurisdictions that permit them (49 States
and the District of Columbia). This was a
net increase of 53 funds, or 10 per cent, during the year. Fifty-one were established de
novo, 7 resulted from splits, 7 were merged
into 3, and 1 was eliminated through distribution.
During 1962, 14 banks began operating
their first common trust funds. They accounted for 20 of the de novo funds.
National banks constituted 60 per cent
of the total number of banks operating common trust funds, were operating 58 per cent
of the total number of funds, and held approximately 36 per cent of all common trust
fund assets at the end of 1962. State member banks constituted 28 per cent of the
total number of banks, were operating 31
per cent of the total number of funds, and
held approximately 54 per cent of the total
fund assets.
Fiduciary accounts. The number of fiduciary accounts invested in common trust funds
increased by 21,000, or 14.5 per cent, to
165,000 in 1962; the average participation
declined from $24,600 to $21,700. These
figures include no allowance for accounts
that may be invested in more than one fund;
neither can they indicate accurately the
number of individuals benefiting from common trust fund investments since many participating trusts have more than one beneficiary.
CHANGES IN FUNDS

Banks continued their increased use of
single-purpose funds (those invested only in
773

774

FEDERAL RESERVE BULLETIN • JUNE 1963
TABLE 1
SUMMARY OF COMMON TRUST FUND ACTIVITY, 1955-62
(Dollar amounts in millions)
]Vlarket value of investments (end of year)

Number
(end of year)

Net
additions
to
principal
fund
(during
year)

Fixed-income assets
Total
Banks

Funds

Total i

1955
1956
1957
1958
1959

222
243
277
322
373

174
195
215
246
273

$1,868.7
1,974.4
1,965.5
2,434.4
2,666.7

I960
1961
1962

421
511
564

288
327
343

2,812.6
3,550.9
3,577.7

1
2

$

Preferred
stocks

Bonds

957.8
989.4
1,029.1
1,141.9
1,230.0

$

1,358.8
1,564.9
1,924.8

712.0
735.1
780.8
868.0
961.4

$214.1
209.2
204.6
221.2
211.5

1,075.8
1,256.8
1,499.7

214.6
232.2
238.9

Includes real estate loans, other investments, and principal cash.
Revised.

Common
stocks

$

Appreciation
and net
realized
capital
gains
(during
year)

910.9
985.1
936.3
1,292 5
1,436.6

$146.4
118.9
101.8
157 0
161.0

$126.6
-13.2
-110.6
311 9
71.3

1,453 7
1,986.0
1,752.9

143 1
2 268.9
331.0

2 8
2 469.4
-304.2

NOTE.—Details may not add to totals because of rounding.

TABLE 2
MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1961-62
(In millions of dollars)
Single-purpose

Diversified
All funds

Legal

Discretionary

Legal

Discretionary
Type of holding
1962

Total holdings

1961

3,577.7 3,550.9

Bonds, notes, and certificates—Total
1,499.7 1,256.8
U.S. Government
218.7
257.5
State and local government
152.1
83.6
Domestic corporate . .
928.7
817.3
Other
161.4
137.2
Stocks— Total
Preferred
Common
Miscellaneous—Total
Real estate loans and
other
investments,
incl. savings accts....
Principal cash
Factors affecting change
during year:
Net additions to principal
funds
Net appreciation in market value of investments.
Net realized capital gains.
Net transfers due to splits,
reclassiflcations etc

Increase,
or decrease
(-)

1962

1961

1961

Increase,
or decrease
(-)

1962

1961

Increase,
or decrease
(-)

1,045.1 804.8

240.3

55.2

47.8

7.4

2.6
-1.1

490.8 301.1
51.8 27.3

189.7
24.5

51.4
11.3

42.7
10.1

8.7
1.2

95.0
11.2

2.4
1.3

119.8 55.5
284.0 195.5
35.2 22.8

64.3
88.5
12.4

.1
35.7
4.3

.4
29.2
3.0

-.3
6.5
1.3

75.0 103.8
2.6
3.0
72.0 101.2

-28.8
A
-29.2

514.3 476.8
52.4 41.0
462.0 435.8

37.5
11.4
26.2

2.6
2.5
.1

4.1
3.1
1.0

-7.5
-.6
g
•y

1962

1961

26.8 2,268.5 2,463.7 -195.2 208.8 234.6
242.9
38.8

833.3
180.1

791.4
165.9

41.9 124.2 121.6
14.2 14.3 15.4

68.5
111.4
24.2

32.2
511.5
109.5

27.7
497.6
100.2

4.5
13.9
9.3

7,997.5 2,218.2 -226.4 1,399.8 1,633.5 -233.7
238.9
232.2
185.5
181.0
-4.5
6.7
1,752.9 1,986.0 - 2 3 3 . 1 1,218.8 1,448.0 - 2 2 9 . 2

97°}
12.5

0

Increase,
or decrease
(-)
-25.8

1962

86.3

75.9

10.4

35.5

38.8

-3.3

9.5

9.2

.3

40.1

26.9

13.2

1.2

1.0

62.0
24.2

53.4
22.5

8.6
1.7

23.0
12.4

24.4
14.4

-1.4
-2.0

7.8
1.7

1A
1.8

A
-.1

30.6
9.5

21.3
5.6

9.3
3.9

.6
.6

.3
.7

331 0

95.8

.5

225.2

9.5

-329.5
25 3

-244.0
21.6

-11.2
-15.1

-75.1
21.6

.7
-2.8

i Less than $50,000.
NOTE.—As defined by Section 584(a) of the Internal Revenue Code
of 1954, a "common trust fund" is a fund maintained by a bank
or trust company "(1) exclusively for the collective investment and




Increase,
or decrease
(-)

68 6

68.6

reinvestment of moneys contributed thereto by the bank in its
capacity as a trustee, executor, administrator, or guardian; and (2)
in conformity with the rules and regulations, prevailing from time
to time, . . . pertaining to the collective investment of trust funds . . . "
Details may not add to totals because of rounding.

775

SURVEY OF COMMON TRUST FUNDS, 1962

certain types of securities, either fixed-income or common stocks) both as to number
of such funds and dollar holdings, although
there was not so great a change as in 1961.
During 1962, single-purpose funds increased by 58 in number and by $248 million in dollar holdings, compared with 77
and $373 million, respectively, in the previous year. As shown in Table 2, the net
increase in holdings of single-purpose funds
more than offset the decrease in the diversified funds.
Of the 51 de novo funds in 1962, 40
were discretionary single-purpose and 9
were discretionary diversified. One legal
diversified and 6 discretionary diversified
funds were split, adding 14 more funds to
the single-purpose category. At the end of
the year, 110 banks were operating 292
single-purpose funds, with assets totaling
$1,100 million.
As noted in previous Surveys, a large
TABLE 3
COMMON TRUST FUNDS AND THEIR INVESTMENT
HOLDINGS, BY CLASS OF BANK, 1962

Number
of
funds

Number
of
banks 1

Market
value of
holdings 2
(millions
of dollars)

All banks—Total
Diversified discretionary
Diversified legal
Single-purpose

564
234
38
292

343
217
36
149

$3,577.7
2,268.5
208.8
1,100.3

State member banks—Total
Diversified discretionary
Diversified legal
Single-purpose

176
80
20
76

95
69
18
40

1,917.7
1,360.6
146.0
411.2

National banks—Total
Diversified discretionary
Diversified legal
Single-purpose

325
130
15
180

207
124
15
89

1,277.5
665.6
56.8
555.0

Insurednonmember banks—Total.
Diversified discretionary
Diversified legal
Single-purpose

40
17
3
20

30
17
3
13

81.6
48.7
6.0
26.9

Noninsured nonmember banks—
Total . .
.
....
Diversified discretionary
Diversified legal
Single-purpose

23
7

11
7

300.9
193.6

16

7

107.2

Class of bank
and
type of fund

1 Details do not add to totals because some banks operate 2 or
more funds.
2 Details may not add to totals because of rounding.




number of banks operate more than one
fund. The practice of split funding—that is,
the use of more than one single-purpose
fund—provides a choice of funds and
greater flexibility in diversifying the investments of the individual participating trust
and permits participation in 2 or more funds
in varying proportions in accordance with
the purpose of the individual fiduciary account.
Many banks rely solely on single-purpose
funds, usually a fixed-income investment
fund operated in conjunction with a common stock fund. In some instances, however, a bank may operate only diversified
funds, or it may operate them along with
the single-purpose type funds.
Almost half of the Survey banks operate
two or more common trust funds, and these
had almost $3 billion or 77 per cent of all
holdings covered in 1962. Eight banks had
5 or more funds; they held almost threequarters of a billion dollars.
Of the 118 largest banks and trust companies, 102 accounted for 220 funds and
approximately $2.7 billion of all common
trust assets at the end of 1962.1 Common
trust funds are also operated by many of the
smaller banks. Of the 343 banks in the 1962
Survey, about one-fourth had total bank
assets of less than $50 million; and onehalf of the 14 banks that began operation
of a fund in 1962 had total assets of less
than $50 million.
INVESTMENT ACTIVITY

Gross investment transactions of all common trust funds—representing total acquisitions, sales, and redemptions—aggregated
more than $1,328 million—some $300 million more than the 1961 total. Transactions
1
For this purpose large banks are defined as those
reporting $700,000 or more in gross trust department
earnings during 1962.

776

FEDERAL RESERVE BULLETIN • JUNE 1963

activity—that is, the ratio of gross transactions to the aggregate portfolio—increased to 37 per cent from 29 per cent the
previous year.
The net addition to principal—new participations less withdrawals—amounted to
$331 million; and total purchases exceeded
sales by $329 million. Purchases of common stocks exceeded sales by $101 million;
about 31 per cent of the net purchases were

of common stocks, about the same percentage as in 1961. Larger proportions of the
net purchases were made in United States
Government and State and local government bonds, and smaller proportions in domestic corporate bonds and preferred stocks.
Holdings of bonds and preferred stocks
increased in market value and common
stocks declined, for a net increase of $27
million. The decline in common stocks was

TABLE 4
INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1962

(Dollar amounts in millions)
Holdings, at end of 1961
Type of holding 1

At
market
value

As
per cent
of total

Cost of
Proceeds
from sales
purchases
and
and other
acquisitions redemptions

Holdings, at end of 1962
At
market
value

As
per cent
of total

Total holdings (including principal cash)

$3,550.9

100.0

$828.4

$499.4

$3,577.7

100.0

Bonds, notes, and certificates—Total...

1,256.8

35.4

546.7

327.9

1,499.7

41.9

218.7

6.2
.6
5.3
.3

219.8

181.1

257.5

7.2

112.0
107.6

2.4

27.6
223.8
6.0
152.1
928.7
218.9
500.0
67.3
142.4

6.2
.2
4.2
26.0
6.1
14.0
1.9
4.0

U.S. Government—Total
Marketable, maturing:
Within 1 year
After 1 year
Nonmarketable
State and local government
Domestic corporate—Total
Manufacturing
Public utility
Railroad
Other

186.9
10.6
83.6
817.3
189.3
436.5
66.2
125.3

23.0
5.3
12.3
1.9
3.5

88.2
188.6
46.1
91.2
13.1
38.3

123.5
52.3
5.3
26.4
94.0
19.0
36.5
12.1
26.4

Other—Total
Foreign
Quasi-government and other

137.2
21.8
115.4

3.9
.6
3.3

50.1
3.1
47.0

26.4
.9
25.6

161.4
22.1
139.3

4.5
.6
3.9

232.2
117.4
99.6
3.4
11.8
1,986.0
1 113.9
485.6
23.0
233.7
112.6
17.1

6.5
3.3
2.8
.1
.3

26.6
11.3
12.2
.4
2.7

26.2
16.6
8.2
.2
1.2

238.9
115.3
106.1
3.6
13.9

6.7
3.2
3.0
.1
.4

56.0
.6
6.6
3.2
.5

230.0
150.8
37.3
3.2
21.6
11.3
5.8

128.7
82.2
19.4
4.1
12.1
8.5
2.4

1,752.9
983.2
454.0
19.1
200.8
81.6

49.0
27.5
12.7
.5
5.6
2.3
.4

2.1
1.5

25.0
19.9
5.1

16.5
12.9
3.6

86.2
59.3
2.7
24.2

2.4
1.6

Preferred stocks—Total
Manufacturing
Public utility
Railroad
Other
Common stocks—Total
Manufacturing
Public utility
Railroad
Financial
Trade
Other
Miscellaneous—Total
Real estate loans
Other investments, incl. savings accts.
Principal cash

21.2

75.9
52.3
1.1
22.5

1
Nonmarketable U.S. Government securities valued at cost; other
holdings at market value. Purchases shown at cost, and sales at
proceeds realized. Conversions and exchanges of securities treated
as sales of securities surrendered and purchases of securities received.
Stock rights held at beginning or end of reporting period included in
appropriate investment category at market value. Proceeds from sales
of such rights included in proceeds from sales of securities during
period.
2
Less than .05.

NOTE.—The Survey includes all reporting common trust funds




31.4
13.7

.1

14.3

.1
.7

operated by banks under Section 18 of Regulation 9 of the Comptroller of the Currency. The reporting date for each fund in the
Survey was the valuation date falling in the fourth quarter of the
calendar year; this was usually Oct. 31 or Nov. 30.
The reporting period of funds other than new ones covers 12 months.
For funds that began operating during 1962, investments are included
in end-of-year tabulations of holdings and also in tabulations of
purchases and sales; the cash and U.S. Government nonmarketable
securities placed with the new funds by fiduciary accounts are included in tabulations of net additions to principal.
Details may not add to totals because of rounding.

777

SURVEY OF COMMON TRUST FUNDS, 1962
TABLE 5
SIZE DISTRIBUTION OF COMMON TRUST FUNDS,

1962

(Dollar amounts in millions)
Diversified
Size of fund
(total holdings,
millions of dollars)

All funds..
Under 1
1-2
2-5
5-10
10-25
25-50
50 and over

.

Single-purpose

All funds
Discretionary
Number

Total
holdings

Number

Total
holdings

564

$3,577.7

234

$2,268.5

194
76
131
68
62
22
11

92.3
108.8
426.9
473.8
901.8
752.2
821.9

55
30
61
27
37
15
9

28.8
42.1
209.7
195.6
557.1
532.0
703.2

in proportion to that of the better known
common stock indexes.
GEOGRAPHIC DISTRIBUTION

As in previous surveys it was found that
common trust funds continued to expand in
all Federal Reserve districts. The San Francisco, Chicago, Atlanta, and Cleveland Districts, in that order, showed the largest net
growth in common trust assets. Boston
showed the largest growth in number of
funds—13—with New York, Philadelphia,
and Richmond following with 6 each. The
largest increases in the number of new funds,
excluding splits, were in New York ( 7 ) ;
Massachusetts, Ohio, and Pennsylvania (5
each); and Arizona and Maryland (4
each).
Common trust holdings continued to be
concentrated in the northeast, as evidenced
by 38 per cent of the total number of funds
and 52 per cent of the total assets of all
funds being held in the Boston, New York,
and Philadelphia Districts. Table 7 shows
that the Philadelphia District again ranks




Legal

*

Total
holdings

Number

Total
holdings

38

$208.8

292

$1,100.3

6
4
11
11
5

2.9
5.5
35.5
71.4
66.8
26.6

133
42
59
30
20
6
2

60.6
61.1
181.8
206.8
277.9
193.6
118.7

Number

first in total common trust assets, followed
by the New York, Boston, San Francisco,
and Cleveland Districts.
While the proportions of bond and stock
holdings in common trust funds vary among
geographic areas and Federal Reserve districts, a large proportion of total assets is invested in common stocks in all districts. Individual districts show proportions in common stocks ranging from a low of 43 per
cent in the Cleveland District to a high of 56
per cent in the St. Louis and Minneapolis
Districts.
Funds in the Philadelphia District hold
54 per cent of all preferred stocks; funds in
the Boston, New York, Philadelphia, and
Cleveland Districts hold 89.5 per cent of
all State and local government bonds (96
per cent in the previous Survey), while there
are few or no such holdings in 4 districts
(down from 6 districts in 1961); and holdings of fixed-income securities are still proportionately larger in the Cleveland and
Atlanta Districts and smaller in the Kansas
City and St. Louis Districts.

778

FEDERAL RESERVE BULLETIN • JUNE 1963
TABLE 6
STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE,

1962
Number of funds

Number of funds
Diversified
Total

Discretionary

Legal

Discretionary

Legal

38

267

25

48 States, incl. D. C

564

234

Alabama (1943)
Arizona (1941)
Arkansas (1947)
California (1947)
Colorado (1947)
Connecticut (1943)

4
7
3
24
12
13

3

Delaware (1935)
Dist. of Columbia (1949).
Florida (1941)
Georgia (1943)
Hawaii (1947)
Illinois (1943)

3
6
14
10
4
15

3
2
7
7

9
1
2
8
1
8

1
4
1
2

13
33
11
12
2
14

4
15
7
1
2
4

Indiana (1937)
Iowa (1961)
Kansas (1951)
Kentucky (1938)
Louisiana (1950)
Maine (1951)
Maryland (1945)
Massachusetts (1941)
Michigan (1941)
Minnesota (1937)
Mississippi (1950)
Missouri (1940)2

Single-purpose

1
6

3
3
4
11

21
7
2
2

8
8

1

2
7
2
4
7
1
2
4
6
7
18
4
10

2
1

10

State, with year of
legalization of common
trust funds l

Discretionary

Montana (1955)
Nebraska (1953)
Nevada (1955)
New Hampshire (1953)..
New Jersey (1945)
New Mexico (1953)

4
3
2
4
22
3

New York (1937)
North Carolina (1939)...
North Dakota (1955)....
Ohio (1943)
Oklahoma (1949)
Oregon (1951)

59
9
3
31
6
4

19
5
1
8
2
2

Pennsylvania (1939)
Rhode Island (1956)
South Carolina (1955)...
South Dakota (1941)
Tennessee (1953)
Texas (1947)

84
6
5
3
9
16

53
2
2
1
7
12

Utah (1951)
Vermont (1933)
Virginia (1944)
Washington (1943)
West Virginia (1943)....
Wisconsin (1943)

8
2
29
5
5
13

2
2
14
2
1
2

2

1
The State statutes of Alaska are silent on the subject of establishment of common trust funds. Idaho and Wyoming have no common trust funds although their State laws permit them.

Single-purpose

Diversified
Total

Legal

Discretionary

2
1

Legal

4
1
2
2
10
3

1
to*

State, with year of
legalization of common
trust funds 1

20

1
9
1

19
4
2
17
4
2

1

5

31
4

3

2
2
4
6
15
3
2
8

2

3

By court decision; legislation was enacted in 1955.

TABLE 7
TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT,

1962

(Dollar amounts in millions)
Bonds, notes, and certificates

Number of funds
Federal
Reserve
district

Diversified
Total

Discretionary

Singlepurpose

Total
holdings

Total

U.S.
Government

Legal

Discretionary

Legal

38

267

25

21
1
1

32
25
25
27

415.6
713.2
734.7
321.8

194.8
358.9
220 A
143.3

22.1
25.8
87.3
35.4

All districts. .

564

234

Boston
New York. . .
Philadelphia..
Cleveland

62
75
78
51

30
23
48
18

Richmond. . .
Atlanta
Chicago
St. Louis

67
37
46
20

28
24
17
12

30
11
19
7

299 A
120.9
217.9
175.1

122.
56.7
106.3
68.7

17.3
7.8
15.6
6.8

Minneapolis..
Kansas City..
Dallas

23
34
19
52

13
10

19
24
6
42

41.6
120.1
63.0
354.4

17.2
40.4
26.8
143.3

1.0
14.2
5.1
19.1

San Francisco

Corporate

All
other

Total

Miscellaneous

Preferred

Real
estate
loans Prinand
other cipal
cash
investments

Common

$3,577.7 $1,499.7 $257.5 $152.1 $928.7 $161.4 $1,991.8 $238.9 $1,752.9 $62.0 $24.2

NOTE.'—Details may not add to totals because of rounding.




State
and
local
government

Stocks

11.0 139.1
59.0 239.1
24.1 72.9
42.1 51.1

22.5
35.0
36.
14.7

215.8
8.5
346.6 15.3
510.2 129.4
172.5 35.8

207.3
331.3
380.7
136.8

1.9
3.2
3.1

3.1
4.5
4.1
2.8

3.1
2.9
7.1
.2

91.6
42.1
71.7
58.6

10.7
3.9
11.9
3.1

153.2
61.3
110.0
101.6

10.1
7.5
5.8
2.6

143.1
53.8
104.3
99.1

21.5
1.9
.3
3.8

2.0
1.0
1.2
.9

15.1

.1

21.4
14.9
111.1

1.2
4.9
6.8
10.7

23.9
58.9
34.3
203.4

.5
4.5
2.8
16.1

23.4
54.4
31.5
187.3

.2
19.0
1.1
5.9

.3
1.8
.7
1.8

2A

Statement on Proposed Changes in
Federal Civil Defense Act
I appear today in response to your invitation to present the views of the Board of
Governors of the Federal Reserve System
on H.R. 3516, covering incorporation of
fallout shelters in Federal structures, construction of emergency operating offices,
and financial assistance to nonprofit institutions for fallout shelters.
In the light of our experience in developing our own emergency plans and encouraging commercial banks to take appropriate
preparedness measures, the Board of Governors believes that enactment of H.R. 3516
would be in the national interest.
The Board has been concerned with defense planning for the banking system since
enactment of the National Security Act of
1947. Its activities have been undertaken
pursuant to assignments from the National
Security Resources Board, the Office of Defense Mobilization, the Office of Civil and
Defense Mobilization, the Secretary of the
Treasury, and, more recently, from the
President as described in Executive Order
11094 dated February 26, 1963.
Under these assignments the Board is responsible for achieving an adequate state of
preparedness to assure the continuity of the
money, credit, and banking system in the
event of an attack on the United States. Such
preparedness requires that some provision
be made for the protection of personnel reNOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before Subcommittee No. 3 of the
House Committee on Armed Services, June 5, 1963.




779

lied upon to carry out postattack operations.
For a number of years, those responsible for
the defense of the country have advised
us that fallout shelters provide one of the
most effective, practical, and economical
means for significantly increasing the
chances of survival.
It will be recalled that the National
Shelter Policy was announced in 1958 by
President Eisenhower and reaffirmed in
1961 by President Kennedy. That Policy
called for the incorporation of fallout shelters in all new Federal buildings and in all
existing Federal buildings, where feasible
at reasonable cost.
Because of the Board's special responsibilities in the field of national security, it
applied the National Shelter Policy, not only
to the Board's building, but also to all Federal Reserve Bank facilities. Fallout shelters
have been included in all new buildings of
the System commenced since 1958, and
shelter areas meeting Government standards
have been completed or planned in all existing buildings.
An important part of the Board's preparedness responsibilities consists of encouraging commercial banks to achieve an
adequate state of preparedness. General
guidance covering a preparedness program
for commercial banks, including guidance
on personnel protection measures and fallout shelters, was distributed to all banks in
1956. Since then, bank examiners in the
regular course of bank examinations make
inquiry as to the preparedness actions taken.

780

FEDERAL RESERVE BULLETIN • JUNE 1963

Based on such information, it presently appears that banks holding approximately 70
per cent of total deposits have preparedness
programs in various stages of development.
However, the number of these banks is relatively small—they are mostly large banks in
major metropolitan areas—and only twothirds of such banks have established shelter
facilities.
It should be emphasized that the commercial bank preparedness program is purely
voluntary. In the past, effective action on
the part of banks has been most apparent
during periods of grave international tension; for examples, following the erection of
the Berlin wall in 1961, and following the

disclosure of missiles in Cuba in 1962. Even
during periods of international tension, it
has been understandably difficult to persuade
commercial banks to provide fallout shelters
in their facilities at their own expense in the
absence of an appropriate example by the
Federal Government as a whole.
In the Board's view, enactment of H.R.
3516 would provide (1) an important first
step in Government-wide implementation of
the National Shelter Policy, (2) increased
assurance for the continuity of essential wartime functions by all Government agencies,
and (3) an appropriate preparedness example by the Federal Government to industry and to the general public.

Announcements
APPOINTMENTS OF DIRECTORS

On May 23, 1963, the Federal Reserve Bank of
New York announced the appointment of Arthur
S. Hamlin, of Canandaigua, New York, as a director of the Buffalo Branch of the Federal Reserve
Bank of New York for the unexpired portion of
a term ending December 31, 1965. Mr. Hamlin is
President of The Canandaigua National Bank and
Trust Company, Canandaigua, New York. As a
director of the Buffalo Branch, he succeeds Mr.
J. Monroe Hodges, President, The Exchange Bank
of Olean, New York, who died recently.
On June 6, 1963, the Federal Reserve Bank of
San Francisco announced the appointment of Alan
B. Blood, of Kaysville, Utah, as a director of the
Salt Lake City Branch of the Federal Reserve Bank




of San Francisco for the unexpired portion of a
term ending December 31, 1964. Mr. Blood is
Executive Vice President, Barnes Banking Company, Kaysville, Utah. As a director of the Salt
Lake City Branch, he succeeds Mr. J. E. Brinton,
President, The First National Bank of Ely, Nevada,
who died recently.
ADMISSION OF STATE BANK TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM

The following bank was admitted to Membership
in the Federal Reserve System during the period
May 16, to June 15, 1963:
Colorado
Rangely

Bank of Rangely

Law Department
Administrative interpretations, new regulations, and similar material

of the acquisition of 80 per cent or more of the
voting shares of Merchants & Savings Bank, Janesville, Wisconsin. Petitioner requests also that, if
upon reconsideration the Board is not inclined to
reverse its decision, Petitioner be given opportunity to present additional evidence, with adequate time for interrogation of witnesses.
The Board has reviewed its Order of January
31, 1963, and its accompanying Statement of the
same date, together with the evidence upon which
such Order was premised, all in the light of the
factual assertions, arguments, and offers of additional evidence set forth in the petition for reconsideration. On the basis of such review, the Board
concludes (1) that the petition does not contain
pertinent facts or arguments not available to and
considered by the Board prior to its action of
January 31, 1963; (2) that the additional facts
and arguments which Petitioner asserts would be
offered upon reconsideration of this matter would
be, in major respects, cumulative of facts and
arguments previously fully and fairly considered
by the Board; and (3) that reasonable opportunity
for adequate presentation of all facts and views on
the issues relevant to the subject application was
afforded Petitioner prior to the Board's Order of
January 31, 1963. Accordingly,
IT IS HEREBY ORDERED, for the reasons above
enumerated, that the petition for reconsideration
herein and the request for opportunity to present
additional evidence and to interrogate witnesses
are denied.
Dated at Washington, D. C , this 22nd day of
May, 1963.
Voting for this action: Unanimous, with all members
present.

Authority to Issue $1 and $2 Federal Reserve
Notes
The Act of Congress approved June 4, 1963
(Public Law 88-36), in addition to repealing the
silver purchase acts and the related transfer tax
of silver bullion, authorizes the issuance of $1 and
$2 Federal Reserve notes. The purpose of this
legislation is to make monetary silver available
for coinage purposes through substitution of Federal Reserve notes for silver certificates. Present
law limits the issuance of Federal Reserve notes
to denominations of $5 and up. The pertinent
provision of the Act of June 4, 1963, reads as
follows :
SEC. 3. The first sentence of the ninth paragraph
of Section 16 of the Federal Reserve Act (12 U.S.C.
418) is amended by inserting "$1, $2," immediately
after "notes of the denominations of."
Orders Denying Reconsideration of Action
Under Bank Holding Company Act
The Board of Governors of the Federal Reserve System has issued the following Orders
denying petitions for reconsideration of earlier
Board Orders denying applications for approval of
the acquisition of voting shares of banks:
FIRST WISCONSIN BANKSHARES
CORPORATION, MILWAUKEE, WISCONSIN
In the matter of the application of First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, for prior approval of the acquisition of 80
per cent or more of the voting shares of Merchants
& Savings Bank, Janesville, Wisconsin.

(Signed) MERRITT SHERMAN,

ORDER ON PETITION FOR RECONSIDERATION

Secretary.

This matter comes before the Board of Governors on a petition by First Wisconsin Bankshares
Corporation, Milwaukee, Wisconsin, that the
Board reconsider its Order dated January 31,
1963, whereby the Board denied the Petitioner's
application, filed pursuant to Section 3 (a) of the
Bank Holding Company Act of 1956, for approval




[SEAL]

FIRST WISCONSIN BANKSHARES
CORPORATION, MILWAUKEE, WISCONSIN
In the matter of the application of First Wisconsin Bankshares Corporation, Milwaukee, Wis~

781

782

FEDERAL RESERVE BULLETIN • JUNE 1963

consin, for prior approval of the acquisition of 80
per cent or more of the voting shares of American
Bank and Trust Company, Racine, Wisconsin.
ORDER ON PETITION FOR RECONSIDERATION

This matter comes before the Board of Governors on a petition by First Wisconsin Bankshares
Corporation, Milwaukee, Wisconsin, that the
Board reconsider its Order dated January 31, 1963,
whereby the Board denied the Petitioner's application, filed pursuant to Section 3(a) of the Bank
Holding Company Act of 1956, for approval of
the acquisition of 80 per cent or more of the
voting shares of American Bank and Trust Company, Racine, Wisconsin. Petitioner requests also
that, if upon reconsideration the Board is not
inclined to reverse its decision, Petitioner be given
opportunity to present additional evidence, with
adequate time for interrogation of witnesses.
The Board has reviewed its Order of January
31, 1963, and its accompanying Statement of the
same date, together with the evidence upon which
such Order was premised, all in the light of the
factual assertions, arguments, and offers of additional evidence set forth in the petition for reconsideration. On the basis of such review, the Board
concludes (1) that the petition does not contain
pertinent facts or arguments not available to and
considered by the Board prior to its action of
January 31, 1963; (2) that the additional facts
and arguments which Petitioner asserts would be
offered upon reconsideration of this matter would
be, in major respects, cumulative of facts and
arguments previously fully and fairly considered
by the Board; and (3) that reasonable opportunity
for adequate presentation of all facts and views
on the issues relevant to the subject application
was afforded Petitioner prior to the Board's Order
of January 31, 1963. Accordingly,
IT IS HEREBY ORDERED, for the reasons above
enumerated, that the petition for reconsideration
herein and the request for opportunity to present
additional evidence and to interrogate witnesses
are denied.
Dated at Washington, D. C , this 22nd day of
May, 1963.
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]




THE MARINE CORPORATION,
MILWAUKEE, WISCONSIN
In the matter of the application of The Marine
Corporation, Milwaukee, Wisconsin, for prior approval of the acquisition of 80 per cent or more of
the voting shares of The Beloit State Bank, Beloit,
Wisconsin.
ORDER ON PETITION FOR RECONSIDERATION

This matter comes before the Board of Governors on a petition by The Marine Corporation,
Milwaukee, Wisconsin, that the Board reconsider
its Order dated January 31, 1963, whereby the
Board denied the Petitioner's application, filed
pursuant to Section 3(a) of the Bank Holding
Company Act of 1956, for approval of the acquisition of 80 per cent or more of the voting shares
of The Beloit State Bank, Beloit, Wisconsin. Incident to its petition for reconsideration Petitioner
requests permission to present its views orally
before the Board.
The Board has reviewed its Order of January
31, 1963, and its accompanying Statement of the
same date, together with the entire record upon
which such Order was premised, all in the light
of the factual assertions, arguments, and proffers
of additional evidence contained in the petition
for reconsideration. On the basis of such review,
the Board concludes (1) that the petition does not
contain pertinent facts or arguments not available
to and considered by the Board prior to its action
of January 31, 1963; (2) that the additional facts
and arguments which Petitioner asserts would be
offered upon reconsideration of this matter would
be, in major respects, cumulative of facts and
arguments previously fully and fairly considered
by the Board; and (3) that reasonable opportunity
for adequate presentation of all facts and views
on the issues relevant to the subject application
was afforded Petitioner prior to the Board's Order
of January 31, 1963. Accordingly,
IT IS HEREBY ORDERED, for the reasons above
enumerated, that the petition for reconsideration
herein and the request for opportunity to present
views orally before the Board be and hereby are
denied.

Dated at Washington, D. C , this 22nd day of
May, 1963.

783

LAW DEPARTMENT
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,

Secretary.

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

[SEAL]

Secretary.
Orders Under Bank Merger Act

The Board of Governors of the Federal Reserve
System has issued the following Orders and Statements with respect to applications for approval of
the merger or acquisition of assets of banks:
THE BANK OF VIRGINIA, RICHMOND,
VIRGINIA
In the matter of the application of The Bank of
Virginia for prior approval of merger with The
Farmers Bank of Dinwiddie.
ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by The Bank of
Virginia, Richmond, Virginia, a State member
bank of the Federal Reserve System, for the
Board's prior approval of the merger of that bank
and The Farmers Bank of Dinwiddie, Dinwiddie,
Virginia, under the charter and title of the former.
As an incident to the merger, the single office of
The Farmers Bank of Dinwiddie would be operated as a branch of The Bank of Virginia. Notice
of the proposed merger, in form approved by the
Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, and the Department of Justice on the
competitive factors involved in the proposed
merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 24th day of
May, 1963.




[SEAL]
STATEMENT

The Bank of Virginia, Richmond, Virginia
("Virginia Bank"), with deposits of $159 million
as of December 31, 1962, has applied, pursuant
to the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), for the Board's prior approval of the
merger of that bank and The Farmers Bank of
Dinwiddie, Dinwiddie, Virginia ("Dinwiddie
Bank"), with deposits of $3 million as of the same
date, under the charter and title of Virginia Bank.
The proposal contemplates that the sole office of
Dinwiddie Bank would be operated as a branch
of the resulting bank, increasing the number of
offices operated by Virginia Bank to 22.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the convenience and needs of the community to be served,
and (7) the effect of the transaction on competition (including any tendency toward monopoly).
The Board may not approve the transaction unless,
after considering all these factors, it finds the
transaction to be in the public interest.
Banking factors. The financial history and asset
condition of Virginia Bank are regarded as satisfactory, and this should hold true also for the
resulting bank. The capital structure of the resulting bank will continue to reflect a need for some
strengthening. The financial history and condition
of Dinwiddie Bank are satisfactory and the net
current earnings are average. Although Virginia
Bank's net current earnings are below average, improved earnings are expected to result from increased automation and other economies.
Present management of Dinwiddie Bank is satisfactory but a management succession problem
exists as the two senior officers are past the normal
retirement age and in rather poor health. The

784
management succession problem would be solved
by the merger, Virginia Bank being adequately
staffed with competent personnel at both junior
and senior levels. Prospects for solution by other
means are not favorable.
The resulting bank would have a satisfactory
asset condition and favorable earnings prospects.
There is no indication of any inconsistency with
the provisions of 12 U.S.C., Ch. 16.
Convenience and needs of the communities. Virginia Bank operates its main office and 13 branches
in the Richmond metropolitan area, 3 branches
in the city of Norfolk, and 1 branch each in the
cities of Newport News, Petersburg, Portsmouth,
and Roanoke. The proposed merger would have
little effect upon the convenience and needs of
the communities now being served by that bank.
The sole office of Dinwiddie Bank is located in
Dinwiddie (population 400), the seat of Dinwiddie County (population 22,183). The bank is
located on U. S. Highway No. 1, about 35 miles
south of Richmond and 18 miles southwest of
Petersburg. The community serves as the trade
area for an estimated 10,000 persons within a 10mile radius. Bright leaf tobacco is the principal
crop in this predominantly agricultural area. In
addition, the raising of hogs and beef and dairy
cattle, and the production of pulp wood, contribute
to the economy. A number of residents are employed in industrial plants located in Petersburg
and Hopewell, Virginia. The economic outlook for
the area appears generally favorable.
Upon consummation of the proposed merger
the loan limit applicable at Dinwiddie Bank would
be substantially increased. Customers of Dinwiddie
Bank would have available a more complete range
of banking services than those previously available
at that banking office, such as trust services, vacation savings, FHA Title I loans, dealer financing,
personal money orders, and a broader and more
diversified program of loans to individuals and
small business. The availability of full-scale banking should have a favorable influence upon the
local economy.
Competition. As of December 21, 1962, Virginia Bank became a subsidiary of the Virginia
Commonwealth Corporation, a bank holding company with four other banking affiliates. The affiliated banks have total deposits of about $191 million.
Virginia Bank is the fifth largest bank in the




FEDERAL RESERVE BULLETIN • JUNE 1963
State and holds four per cent of total bank deposits
in Virginia. It conducts a fairly widespread correspondent business and is also in fifth place
among the banks of Virginia in this respect. It
is not the dominant bank in any area in which it
operates. In four cities—Richmond, Newport
News, Norfolk, and Roanoke—it ranks fourth in
resources, and in the two other cities—Petersburg
and Portsmouth—it ranks third. The resources
to be gained by the proposed merger would be too
small to alter significantly its competitive position
in the State as a whole or in the areas served by it.
Virginia Bank's closest office to Dinwiddie Bank
is its Petersburg branch, which is about 18 miles
northeast of Dinwiddie. There is competition between the banks, chiefly in the Petersburg area
where Virginia Bank has a branch; however, it is
negligible in volume. Dinwiddie Bank has concentrated its efforts primarily in Dinwiddie and
the nearby area and has not been a particularly
effective competitive factor outside this fairly small
area.
In Dinwiddie County there are two other banks.
One is The Bank of McKenney Incorporated,
located in McKenney about 10 miles southwest of
Dinwiddie, having total deposits of $1.2 million
as of June 30, 1962. It confines its services primarily to its own community. The other bank in
the county is the main office of the Bank of Southside Virginia in Carson, about 13 miles east of
Dinwiddie. This bank also operates three offices
in other counties and had total deposits of $8.5
million as of December 31, 1962. Two of its offices
currently compete to some extent with Virginia
Bank as they are within 15 miles of Petersburg.
The only other banks in close proximity to
Dinwiddie are those in Petersburg, about 18 miles
to the northeast. In addition to Virginia Bank's
office, there are eight banking facilities in Petersburg, three being offices of First & Merchants National Bank of Richmond, the largest bank in
Virginia.
In addition to that of other banks, in certain
fields competition is provided in Virginia Bank's
service area by a number of nonbanking financial
institutions.
Summary and conclusion. Consummation of the
proposed merger would eliminate only a negligible
amount of competition and will not have adverse
competitive effects on smaller area banks. It will
solve a management succession problem confront-

785

LAW DEPARTMENT
ing Dinwiddie Bank and provide a broader range
of banking services in the Dinwiddie area.
Accordingly, the Board finds the proposed transaction to be in the public interest.

CHEMICAL BANK NEW YORK TRUST
COMPANY, NEW YORK, NEW YORK
In the matter of the application of Chemical
Bank New York Trust Company for approval of
acquisition of assets of Bank of Rockville Centre
Trust Company
ORDER APPROVING ACQUISITION OF BANK'S ASSETS

There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Chemical
Bank New York Trust Company, New York, New
York, a member bank of the Federal Reserve System, for the Board's prior approval of its acquisition of the assets and assumption of the deposit
liabilities of Bank of Rockville Centre Trust Company, Rockville Centre, Nassau County, Long
Island, New York, and, as an incident thereto,
Chemical Bank New York Trust Company has
applied, under Section 9 of the Federal Reserve
Act, for the Board's prior approval of the establishment by that bank of branches at the three present
locations of Bank of Rockville Centre Trust Company. Notice of the proposed acquisition of assets
and assumption of deposit liabilities, in form approved by the Board of Governors, has been published pursuant to said Bank Merger Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed transaction.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
applications be and hereby are approved, provided
that said acquisition of assets and assumption of
deposit liabilities and establishment of branches
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 27th day of
May, 1963.




By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, King, and
Mitchell. Voting against this action: Governor Robertson.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Chemical Bank New York Trust Company,
New York, New York ("Chemical"), with deposits
of $4,253 million,* has applied, pursuant to the
Bank Merger Act of 1960 (12 U.S.C. 1828(c)),
for the Board's prior approval of its acquisition
of the assets and assumption of the deposit liabilities of Bank of Rockville Centre Trust Company,
Rockville Centre, Nassau County, Long Island,
New York ("Rockville Bank"), with deposits of
$39.8 million.* Incident to such application,
Chemical has also applied, under Section 9 of the
Federal Reserve Act, for the Board's prior approval of the establishment of branches at the
three locations of the offices of Rockville Bank,
increasing the number of Chemical's presently
operating domestic offices from 112 to 115, and
of its approved offices in Nassau County (two
offices are now operating and a third will be
opened in Great Neck in the near future) from
three to six.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the
transaction unless, after considering all these factors, it finds the transaction to be in the public
interest.
Banking factors. Both Chemical and Rockville
Bank have satisfactory financial histories. The
financial condition of Rockville Bank is sound,
and its capital structure is adequate. The net earn* Deposit figures are as of December 28, 1962.

786
ings of Rockville Bank for 1962 showed a significant decline. In fact, the bank's earnings were
somewhat below the average for banks of comparable size in the Second Federal Reserve District. Management of Rockville Bank has followed
a conservative policy, refraining from expanding
into new branch locations, which would have required the sale of additional capital stock, and
has concentrated the bank's lending within limited
fields.
Chemical is the fifth largest bank in the United
States and the fourth largest in New York City.
Its financial condition is sound, its earnings prospects favorable, its capital structure adequate, and
its management competent. Consummation of the
proposed acquisition would not cause any unfavorable change in respect to any of these factors.
There is no indication that the corporate powers
of the banks are, or would be, inconsistent with
12 U.S.C., Ch. 16.
Convenience and needs of the communities. The
effect of the proposed acquisition on the convenience and needs of New York City would not be
significant.
The rather fully-developed village of Rockville
Centre, located in the town of Hempstead in
southern Nassau County about five miles east of
Queens and twenty miles east of Manhattan, had
a population of over 26,000 in 1960, reflecting an
increase of less than twenty per cent during the
previous ten years. The village is primarily a "bedroom suburb" of New York City, and many local
residents are drawn from the executive level. The
commercial section of the village is comprised
principally of specialty and service shops. About
three years ago, however, an urban renewal program covering approximately 36 acres in the western end of the village was begun. This development will consist principally of middle income
apartment houses to be erected by private interests,
and one low rent project to be constructed by a
public housing authority.
In addition to its main office, Rockville Bank
operates a branch at the southern edge of Oceanside, about two miles south, and a branch in North
Malverne, about three miles north of Rockville
Centre. The areas served by these branches are
also primarily residential, with local shopping centers and shops similar to those found in Rockville
Centre.
The Rockville Bank has concentrated its lending




FEDERAL RESERVE BULLETIN • JUNE 1963
in real estate mortgages and consumer credit,
especially automobile loans, rather than in commercial and other types of credit. The bank does
not make any home mortgage loans in excess of
the lesser of $25,000 or 70 per cent of appraised
value, even though in the northern area of Rockville Centre the prices of homes range from
$40,000 to $60,000. Nor does the bank make
several types of consumer loans for which there
is a demand in the Rockville Centre area. These
and similar services are available in Rockville
Centre from the two offices of Franklin National
Bank * located there, and in nearby areas, from
numerous other banks, large and small, including
branches of large New York City banks. Approval
of the acquisition will, however, provide an alternative source in Rockville Centre of a broader
range of banking services.
Competition. Chemical operates two branches
in Nassau County, one at Massapequa, 12 miles
east of Rockville Centre, and the other, which was
opened on May 6, 1962, at West Hempstead, about
three miles from Rockville Centre's North Malverne office. The latter is Chemical's only office
which can be considered directly competitive in
Rockville Bank's service area, although it is expected that competition between the two banks
would be nominal. Chemical has been authorized
to open a third office in Nassau County at Great
Neck, 9 miles north of Rockville Bank's North
Malverne office, but it is not anticipated that it
would draw business from the service area of
that branch of Rockville Bank. A number of persons commuting to work from Rockville Centre
to New York City bank in the city and some of
these have accounts with Chemical.
Rockville Bank draws 77 per cent of its deposits
from an area including the communities of Rockville Centre, Oceanside, Franklin Square, and
West Hampstead, and 81.5 per cent of its deposits from a wider area which includes four additional communities, Lynbrook, Lakeview, Malverne, and Island Park. Both offices of the small
Oceanside National Bank are located less than
two miles south of Rockville Centre. It competes
with Rockville Bank. The Community Bank, Lynbrook, also a small bank operating two offices, is
* Until June 10, 1960, Franklin National Bank's
head office was located in Franklin Square, where it
now has one of its principal branches.

787

LAW DEPARTMENT
located about one mile west of Rockville Centre.
However, its principal competition comes from
two branches of the large Meadow Brook
National Bank and not from Rockville Bank. The
rest of the fifteen commercial banking offices located in the four-community area (and of the
twenty-one in the eight-community area) represent
branches of larger Long Island or New York City
banks. Franklin National Bank and Meadow
Brook National Bank together have eight offices
and hold a relatively high per cent of the total deposits of the commercial banking offices in the
four-community area. The substitution of a large
New York City bank for Rockville Bank can be
expected to intensify competition in the general
area. The two remaining independent local banks,
Community Bank of Lynbrook and Oceanside
National Bank, will be exposed to a keener competitive climate.
The effect of the proposed acquisition on competition in New York City would be negligible.
However, some effect should be expected on the
movement among the larger city banks to acquire
outlets in Nassau County, which began with passage of the New York Omnibus Banking Act in
1960. The desire of these banks to serve a wider
economic area has been evident. The banks first
tried to achieve this objective in part by applications for de novo branches. However, what is
regarded as a "fully-banked" situation in parts of
Long Island and the "home-office protection"
afforded by the New York banking law have imposed limitations on this route.
In 1961, Chemical sought to merge with Long
Island Trust Company, Garden City, New York,
the third largest bank on Long Island with deposits
of $140 million and 14 offices. In marked contrast
to that situation, the present case involves a bank
with deposits of less than $40 million and only
three offices. In rejecting Chemical's 1961 application the Board's Statement (1962 Federal Reserve
BULLETIN 548) pointed out that future merger applications were "not foreclosed." Rather, the Board
said that "approval of future merger applications
may well be required" by positive factors discussed therein. Those factors are persuasive in
this case. Furthermore, in that Statement the
Board indicated that consummation of the proposal would cause "a substantial altering of the
banking structure in the area" and "would bring
sudden adverse competitive effects." Such conse-




quences could not reasonably be anticipated in
connection with the present proposal.
Summary and conclusion. The effect of approval
of the proposed transaction on local competition
will not be significantly adverse, and the Board
concludes that broad considerations indicate approval.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR
ROBERTSON

I am troubled by the assumption implicit in the
majority's decision in this case that New York City
banks must expand into Long Island, even at the
expense of an adequately varied banking structure,
and equally concerned by the twin assumption
that size itself brings better banking services to
the public. I do not think this is necessarily true.
Bankers in small banks are frequently more responsive to the needs of their neighbors in the
community than are the branch managers of large
banks whose significant decisions are made under
the eye of distant superiors not primarily concerned with the welfare of the particular community.
Neither the banking factors nor the convenience
and needs of the community—as disclosed by the
record before the Board—support approval of the
application. Rockville Bank has had a satisfactory
record of performance, and admittedly would continue to serve the community well as an independent bank. There are already large banks in the
area which can provide any needed services not
already provided by local banks. Indeed, Chemical
has recently established a branch less than three
miles away. On the other hand, as the Department
of Justice rightly pointed out, existing competition
is far from negligible, and the potential competition (due to Chemical's new branch) which will
be eliminated by the merger could be substantial.
The Board here departs—without reason—from
the salutary principle laid down in its decision in
the Long Island Trust Company case (1962 Federal Reserve BULLETIN 548) that "competition
throughout all the ranges of banking size and services is in the public interest . . ." and that the
Board's efforts should be directed toward ". . . preserving a variety of banking alternatives of varying
size, each offering its own advantages to the pub-

788

FEDERAL RESERVE BULLETIN • JUNE 1963

lie." That case involved an application by Chemical to merge a $141 million bank with fourteen
offices; the present case concerns a request by the
same applicant for permission to acquire a $40
million bank with three offices. I am unable to find,
as does the majority that the difference in scale is
a difference in kind. If denial was required in the
former case, then it is equally required in the present one, since approval eliminates the only independent middle-sized bank in the eight-town
area in which Rockville now competes.
By any test, the premium Chemical has offered
the shareholders of Rockville is a large one, and
indicates an urgent desire to acquire these banking
sites. On the basis of the December 31, 1962
market value of the Chemical stock being exchanged for that of the Rockville Bank, the premium is greater than the total capital funds of
Rockville, by 9.4 per cent of its deposits, and is
11.3 times its average annual net earnings for the
last five years. I do not blame Chemical for offering the premium, or the shareholders of Rockville
Bank for accepting it. But if the Board permits
bank acquisitions, involving such premiums, which
have nothing more than this one does to recommend them, then the continuing trend toward concentration of banking power in large banks able
to pay a price that cannot be resisted will result in
the early demise of all independent banks in
Nassau County—indeed, all independent banks
throughout the country that are so located as to
attract the covetous eye of expansion-minded institutions.
For these reasons, I would deny the application.
SUSSEX COUNTY TRUST COMPANY,
FRANKLIN, NEW JERSEY
In the matter of the application of Sussex
County Trust Company for approval of merger
with The Farmers National Bank of Sussex.
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 Sussex County
Trust Company, Franklin, New Jersey, a State
member bank of the Federal Reserve System, for
the Board's prior approval of the merger of that
bank and The Farmers National Bank of Sussex,
Sussex, New Jersey, also a member of the Federal




Reserve System, under the charter of the former
and title of The Bank of Sussex County. As an
incident to the merger, a branch would be operated
at the location of The Farmers National Bank of
Sussex. Notice of the proposed merger, in form
approved by the Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, and the Department of Justice on
the competitive factors involved in the proposed
merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 29th day of
May, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, King, and
Mitchell. Voting against this action: Governor Robertson.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Sussex County Trust Company, Franklin, New
Jersey ("Sussex Trust"), a member State bank
of the Federal Reserve System with deposits of
$11.9 million as of September 28, 1962, has applied, pursuant to the Bank Merger Act of 1960
(12 U.S.C. 1828(c)), for the Board's prior approval of the merger of that bank and The Farmers National Bank of Sussex, Sussex, New Jersey
("Farmers"), with deposits of $10.5 million as
of the same date. The banks would merge under
the charter of the former with the title of "The
Bank of Sussex County." As an incident to the
merger, a branch would be operated by The Bank
of Sussex County at the location of Farmers,
which would be one of three authorized offices of
the resulting bank.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its

LAW DEPARTMENT
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C., Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward monopoly). The Board may not approve the transaction unless, after considering all these factors,
it finds the transaction to be in the public interest.
Banking factors. The financial history and condition of both Sussex Trust and Farmers are reasonably satisfactory. While the capital structure of
Farmers is adequate, that of Sussex Trust is somewhat below desirable levels, and the earnings of
each of the banks are below average. Consummation of this merger would strengthen the capital
structure of the resulting bank and provide a basis
for improved earnings. Such action would also
permit a pooling of the present management of the
two banks, which should result in a better balanced
executive group and a more effective utilization
of individual abilities. More attractive opportunities for young men with executive abilities would
be created, which would be an important step
toward assuring competent management succession. As a consequence of improved management
together with modernization of operating methods
that could be effected, earnings of the resulting
bank should be improved over the earnings experience of both Sussex Trust and Farmers.
There is no indication that the powers of the
banks involved are, or would be, inconsistent with
12 U.S.C., Ch. 16.
Convenience and needs of the communities.
Sussex County (1960 population 49,000), in which
both of the banks are located, is a rapidly developing area situated 50 miles from New York
City in northwestern New Jersey adjoining Pennsylvania and New York. While the economy of
Sussex County is dependent principally on agriculture, industrial activity is increasing. The numerous lakes in the county make it a popular resort
area.
The county is served by six local commercial
banks, one of which operates one branch. Sussex
Trust and one other each have been authorized to
operate a branch. Over the ten-year period ending
in September 1962, deposits of individuals, part-




789
nerships, and corporations in these banks more
than doubled and loans almost trebled, a fact that
reflects the growth that is being experienced in
the county.
Sussex Trust serves a predominantly residential
and commercial area with an estimated population
of 14,000. Farmers, located eight miles northwest
of the main office of Sussex Trust, has a service
area that is agricultural, residential, and commercial and has a population of 5,000.
Both Sussex Trust, with a lending limit of $50,000, and Farmers, with a lending limit of $35,000,
have recently experienced difficulty in supplying
the credit needs of many local businesses without
resort to participation with larger banks located
outside of the county. These lending limits are
small for banks located in a growing community
on the fringe of the New York metropolitan area.
If the proposed merger is consummated, the resulting bank, with a lending limit of $100,000,
would be able to satisfy the credit needs of more
local businesses.
Competition. Following consummation of the
proposal, five commercial banks would remain in
Sussex County. In the framework of the banking
market in the county and adjoining areas, no
undesirable concentration of banking resources
would result. There would continue to be available to the customers of the banks participating
in the proposed merger, ample alternative sources
of banking services.
Moderate competition exists between Sussex
Trust and Farmers. This competition would be
eliminated by consummation of the proposal.
However, this result would be offset, as the resulting bank, representing a combination of the
third and fourth largest commercial banks in the
county, would have deposits of approximately $20
million and would be able to offer effective competition for the now largest bank in the county,
which also has deposits of about $20 million.
Larger banks located only a few miles away in
adjoining counties are now providing strong competition in Sussex County, particularly for time
and savings deposits which constitute approximately 70 per cent of all deposits in Sussex County
banks. The existence of two medium-sized banks
in this rapidly growing and developing area should
make Sussex County more self-sufficient in its
banking resources and provide the strength for

790

FEDERAL RESERVE BULLETIN • JUNE 1963

local banks to compete more effectively with the
much larger out-of-county banks.
Summary and conclusion. Sussex County is
located on the fringe of the New York metropolitan area. While at present principally rural, the
residential and commercial growth of the county
has been rapid in recent years and this is expected
to continue at an accelerated pace in future years.
Some competition between the two banks would
be eliminated by their merger, but the over-all
effect on competition in the county, both immediate and prospective, would not be unfavorable.
The resulting bank would be able to compete more
effectively with the now largest bank in the county
and also with the even larger banks in adjoining
counties.
The merger of the two institutions would permit
the resulting bank to attain a better balanced
executive group than is now possessed by either
and thus would be a step toward assuring competent management succession. It also would result
in improved banking services to local businesses
in Sussex County and provide a basis for improved
bank earnings.
Accordingly, the Board finds the proposed
merger to be in the public interest.
DISSENTING STATEMENT OF
GOVERNOR ROBERTSON

A significant lessening of competition occurs, by
definition, where the third and the fourth banks
in a developing rural area—their offices only eight
miles apart*—merge to form a unit equal in size
to what is now the largest bank in that area. In
my view, under the tests established by Congress
in the Merger Act, this lessening of competition,
accompanied as it is by the elimination of a sturdy
independent bank, requires denial unless overcome by a very positive showing of public benefit
under the remaining factors.
What is the case here? The two banks in question are closely geared to the particular banking
needs of their respective communities. Each has
doubled in size over the past ten years. The capital
of one is adequate, that of the other "somewhat
* —and to be even closer when Trust Company
establishes a branch, which has already been approved,
in Vernon Township, from which Farmers National
has long obtained a substantial volume of business.




below desirable levels," not surprising in a situation of rapid growth, and capable of being corrected in that situation. Nothing is said about the
management factor which would indicate that a
problem exists, or that merger is the indicated
solution. Nor is it clear to me why pooling two
sets of management, neither of which has been
able to secure average or above-average earnings
for its own bank, will improve the earnings situation of the resulting bank. I suspect that different
factors have been responsible for the recent level
of earnings mentioned by the majority, perhaps
the recent growth itself.
Admittedly, convenience and needs of the community are being met by the six rapidly growing
independent banks now operating in Sussex
County. The occasional needs these banks cannot
satisfy are being met through participations, and
by larger banks in nearby counties or in New York
City itself.
The majority urges that the combined bank will
better be able to compete with the largest bank
in the County, but this argument would have more
weight if the fifth and sixth banks in size asked to
merge. Trust Company and Farmers National are
already large enough to offer vigorous competition
to a $20 million bank, and neither is exactly standing still.
A bill has been introduced into the New Jersey
Legislature to permit branching across county
lines, and the thought has been expressed that the
resulting bank will better be able to compete with
banks outside the County after such a bill has
been enacted, particularly, with the $200 million
and over banks in neighboring Passaic County.
If so, we are raising a puny David to do battle
with these Goliaths. The Board's experience has
shown that situations of this kind work out rather
differently in practice. When a large bank contemplates expanding into an adjacent areas, it seeks
out and almost irresistibly attempts to absorb not
the smaller units in that area, but the larger attractive ones. If expansion across county lines comes
to be permitted in New Jersey, we are more likely
to find that the merger here approved has created
a plump morsel to be swallowed by some powerful
neighboring bank, than a competitor to resist its
onslaught.
For these reasons, I would deny the application.

National Summary of Business Conditions
Released for publication June 14

Industrial production and employment continued to expand in May and construction activity
increased while retail sales were unchanged. The
unemployment rate rose as teenagers entered the
labor force in unusually large numbers. The
money supply was unchanged while time and
savings deposits at commercial banks expanded,
although less sharply than early in the year.
Between mid-May and mid-June most interest
rates increased somewhat.
INDUSTRIAL PRODUCTION

Industrial production rose 1 per cent further in
May to 124 per cent of the 1957-59 average and
was 4 per cent above the level at the beginning
of this year. In May, as over the whole period
since January, gains in output were considerably
larger for materials than for final products, in
part because of the possibility of a steel strike.
Output of business equipment increased appreciably in May, returning to the record high of
last autumn. Production of furniture and rugs and
some other home goods advanced, and auto assemblies rose somewhat. Auto production schedules indicate a further rise in June.
Production of iron and steel rose 5 per cent
INDUSTRIAL PRODUCTION
1957-59 -. 100

further in May, and was up a third from the level
at the turn of the year reflecting a shift from
liquidation to accumulation of inventories. Gains
in output of other materials were widespread and
substantial.
CONSTRUCTION ACTIVITY

Seasonally adjusted new construction activity
increased 4 per cent in May from the moderately
reduced level of the preceding 3 months. Residential building rose substantially further, regaining the peak reached last June, while other
private construction continued to change little.
Public construction, which was revised downward
for April, advanced in May.
EMPLOYMENT

Seasonally adjusted employment in nonagricultural establishments continued to rise in May.
Employment increased substantially further in
durable goods manufacturing and also advanced
in most nonmanufacturing activities. The average
workweek increased slightly in both durable and
nondurable goods manufacturing. Reflecting a
large increase in the number of teenagers in the
labor force, the unemployment rate increased to
5.9 per cent from 5.7 per cent in April.
DISTRIBUTION

Retail sales in May remained at the level of the
preceding 3 months and were 4 per cent above
May 1962. Sales of new cars were about the same
as in earlier months this year; since introduction
of 1963 models last autumn, sales of domestic
and imported cars have been at an annual rate
of about 13A million, nearly a million higher than
the rate in the corresponding period of the 1962
model-year. Dealers' sales of used cars declined
in May.
COMMODITY PRICES
F. R. indexes, seasonally adjusted. Latest figures shown are
for May.




Markets for nonferrous metals strengthened in

791

792

FEDERAL RESERVE BULLETIN • JUNE 1963

May and early June and prices of lead and tin
advanced. Meanwhile steel scrap prices declined
as inventory demands for steel mill products
turned down from the high level reached earlier.
Prices of some electrical equipment, batteries,
carpets, and other fabricated industrial products
were raised while prices of some types of dacron
and plastics were reduced.
Among foodstuffs, sugar prices rose sharply
further to a peak in late May and then declined
to a level one-third higher than early this year.
Average prices of livestock and meats rose to
about the year-ago level, reflecting mainly reduced marketings and higher prices of hogs.

Government securities changed little after a sharp
decline in April. The money supply was unchanged while U.S. Government deposits and
savings and other time deposits at commercial
banks rose.
Total and required reserves increased. Excess
reserves rose slightly but member bank borrowings from the Federal Reserve increased appreciably to an average of more than $200
million. Reserves were supplied by an increase of
$240 million in Federal Reserve holdings of U.S.
Government securities and were absorbed principally by currency outflows.
SECURITY MARKETS

BANK CREDIT, MONEY SUPPLY, AND RESERVES

Seasonally adjusted commercial bank credit
rose $2.2 billion in May, about as much as it had
declined in April. Total loans increased moderately, holdings of non-Government securities continued to expand rapidly, and holdings of U.S.

Yields on most types of bonds increased between mid-May and mid-June, and the rate on
3-month Treasury bills rose from around 2.90
per cent to just under 3.00 per cent. Common
stock prices showed little net change in active
trading.
INTEREST RATES

RETAIL TRADE
1957-59=100
RETAIL SALES

-

TOTAL LESS

DEPARTMENT STORES

^ ^

_ STOCKS,.''"

I

1

!

1

1

1

I-

1

F. R. indexes; retail sales based on Dept. of Commerce
data. Seasonally adjusted figures; latest for stocks Apr., other
series, May.




Discount rate, range or level for all F. R. Banks. Weeklv
average market yields for U.S. Govt. bonds maturing in 10
years or more and for 90-day Treasury bills. Latest figures
shown, week ending June 7.




Guide to Tabular Presentation

SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp
i,n,
m, rv
n.a.
n.e.c.
S.A.
N.S.A.

Estimated
Corrected
Preliminary
Revised
Revised preliminary

IPC
A
L
S

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

U

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

GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.
A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left)
of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the
right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items.
"U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes
municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not
originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the
data.

LEST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Flow of funds

Issue

Semiannually
Banking offices:
Analysis of changes in number of
Feb. 1963
On, and not on, Federal Reserve Par List
number of.
Feb. 1963

Annually
Bank holding companies:
List of, Dec. 31, 1962
June 1963
Banking offices and deposits of group banks,
Dec.31,1%1
Aug. 1962




Annually—cont.

Page

Apr. 1963 542-550

266
267

856
1075

794

Banking and monetary statistics, 1962

Issue

Page

(Feb. 1963 268-75
1 Mar. 1963 394-95
(May 1963 720-23

Banks and branches, number of, by class and
State
Apr. 1963 551-52
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks

Feb. 1963 264-65
May 1963 710-18
Apr. 1963 553-55
May 1963
719

Stock Exchange firms, detailed debit and credit
balances
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

796
800
802
804
806
808
812
814
817

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

818
819
820
822
827
831
833
836

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

840
844
844
846
848
849
850
852
854

Bank holding companies, December 31, 1962. .

856

Guide to tabular presentation
Index to statistical tables.

794
881

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

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

795

796

BANK RESERVES AND RELATED ITEMS

JUNE 1963

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

Factors absorbing reserve funds

F.R. Bank credit outstanding
Period
or
date

U.S. Govt. securities
Discounts
ToRepur- and Float i tal
2
Bought chase
adoutTotal
agreeright ments vances

Gold
stock

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

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

Treasury

Member bank
reserves
Other
F.R.
accounts

ForOther i
eign

With
F.R.
Banks

Currency
and
coin 3

Total

Averages of
daily figures
1929—June
1933—June....
1939—Dec
1941—Dec
1945—Dec

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

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

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

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

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

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

1960—Dec
1961—Dec

27,248 27,170
29.098 29,061

1962—May....
June....
July
Aug
Sept
Oct
Nov
Dec

29,503
29.568
29,581
30.088
29,921
30,241
30,195
30,546

1963—Jan
Feb
Mar
Apr
May....

978
250
8
5
381

210
1,317
4,024 2,018
4,400
272
2,208
4,030 2,295
5,455
2.612 17.518 2,956
7,609 2,402
2,404 22,759 3,239 10,985 2,189
24,744 20,047 4,322 28.452 2,269

30
81
616
592
625

1,117 21 ,606 22.879 4,629 27,806 1,290
.446 22.483 4.701 29,139 1,280
1,
.299 23,276 4 806 30.494 1,271
1,
767
1,018 27 ,107 22,028 4,885 30,968
992 26.317 21,711 4.982 30,749
805

615
271
569
602
443

920
571
745
466
439

353
264
290
390
365

739
796
832
908
929

17,391
20,310
21 180
19,920
19,279
19,240
19,535
19,420
18,899
18.628

61
12
83
170
652

5,008
5,064
5.144
5,230
5.311

30
164
739
1,531
1,247

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

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

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

31,265
31,775
31,932
32.371
32.775

777
772
768
691
396

434
463
385
470
524

459
372
345
262
361

394
247
186
337
348

983
998
,063
.174
,195

78
37

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

408
422

522
514

250
229

495
244

,029 16,688 2,595 19,283
,112 17,259 2,859 20,118

29,457
29.510
29,540
30,074
29.865
30,178
30,064
30,474

46
58
41
14
56
63
131
72

326 30,991 16456 5,594 33,327
128
154 11508 31,265 16,434 5,601 33,626
109 ' 716 31,475 16,310 5,602 33,989
330 31,600 16,136
,598 33.962
143
760 31,807 16,079
,548 34 004
91
552 34,111
76 1J05 32,057 16,050
694 32,053 15,978 5,552 34,584
129
305 2,' 298 33,218 15,978 5,561 35,281

419
402
398
405
398
404
401
398

551
514
490
524
500
517
472
587

221
269
273
200
211
216
202
222

351 1,048
322
971
312
654
335
764
296
799
320
710
293
925
290 1,048

17,122
17,196
17,272
17,144
17,227
17,382
16,706
16,932

30 t98
30,541
30.613
30,897
31,138

10.148
30,355
10,507
30,833
31,041

50
186
106
64
97

101 2, 278 32 663
181 1, 503 32,287
185 1.626 12.477
,692
151 1,
229 1, 560 32,972

16,909 3,126 20,035
16,724 2,857 19,581
16,707 2,809 19,516
16,671 2,903 19,574
16,761 *2,918 *>19,679

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

154
147
73
151

140
125
140
150

95
167
21

840
706
716
564
911

389 26,853
633 27,156
443 26,186
496 28,412
426 29,435

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

19,240
19,535
19,420
18,899
304 18,932

2,701
2,728
2,771
2,780
2,807
2 823
2,898
3,108

19,823
19,924
20,043
19,924
20,034
20,205
19,604
20,040

15,950
15,922
15 878
15,878
15,834

5.568
5,567
5.576
5,578
5,576

34,574
34,230
34,431
34,719
34,879

422
437
446
r
436
423

777
832
878
917
890

226
208
188
183
171

299
305
185
199
183

029 30,361
156 10 603
,412110.622
,500 10.722

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

5,591 33,050
5,589 33,274
5,584 33.356
5,586 33.244

433
432
425
428

400
458
480
518

220
252
204
209

351 1,025
327 1,030
364
960
354
963

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

2,583
2,477
2,684
2,763

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

128
112
129
112
151

,351 30,704
.245 11 025
,276 30.970
,667 31,153
191 30.935

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

5,590
5,594
5,595
5,593
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

2,777
2,483
2 717
2,693
2.802

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

117
107
180
216

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

16,434
16.435
16,434
16,433

5,597
5,602
5,604
5.600

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

413
402
400
396

474
503
509
550

209
211
274
343

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

153
81
178
74

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

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

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

33,863
34,155
34.091
33,901

391
394
388
404

513
452
496
551

330
294
315
221

290
301
298
317

699
700
607
641

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

2,713 20.240
2,694 20,141
2,829 20,094
2,850 20,002

85
171
145
171
92

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

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

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

33,813
33,938
34,059
34,003
33,870

414
417
402
397
404

428
488
598
553
502

234
217
198
189
192

343
331
375
325
314

643
692
703
827
820

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

2,876 19,838
2,589 19,815
2,763 19,813
2,763 20,010
2,870 19,914

,134'31,685 16,098 5,556 33,977
105
89
,400 31,921 16,093 5,550 34,167
36 2,136 31,955 16,067 5,544 34,045
152 2,176)31,702 16,068 5,548 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 19,839
2,787 19,952
2,886 20,159
2,913 20,191

976
1,041
1.095
1,022
1,075

Week ending—
1962

Kpr

25

29,150
29.281
29.030
29.013

May

2
9
16
23
30

29,188
29 634
29 512
29,341
29,560

29,093
29.467
29,511
29.341
29.560

June

6
13
20
27

29,837
29,672
29,433
29.320

29,837
29,672
29,356
29,233

4
\8.'.'.'.'.'.'.
25

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

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

1
8
15
22
29

29,592
30,194
30,177
29,902
30,019

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

30,412
30,396
29,748
29,340

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

- 18it:::::::

July

Aug.

Sep

M:::::::
19
26

For notes see opposite page.




177
92

148
127

797

BANK RESERVES AND RELATED ITEMS

JUNE 1963

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

Factors absorbing reserve funds

F.R. Bank credit outstanding
Period
or
date

U.S. Govt. securities

Discounts
and Float
Bought Repurout- chase adTotal
right agree- vances

Total 2

Deposits, other
Member bank
than member bank
Cur- Treasreserves'
reserves
rency
with
F.R.
Banks
Other
ury
in
F.R.
cash
ciraccula- holdcounts With
ings Treas- Fortion
F.R.
Total
ury
eign Other i
Banks

Gold
stock

Averages of
daily figures
Week ending
1962
31,816
32,416
32,229
32,116
31,491

16,067
16 067
16 067
16,052
16,006

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

33,914
34,102
34,256
34,115
34,042

400
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

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

15,977
15.978
15,978
15.978

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

34,231
34.560
34,684
34,803

410
401
394
400

392
523
464
488

184
216
193
214

302
309
289
262

822
798
,020
.023

16,878
16 589
16,783
16,597

2,681
2 828
2,902
3 033

19 559
19 417
19 685
19.630

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

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

390
402
399
395

500
478
669
665

207
207
208
210

315
268
277
295

,068
.068
011
.026

16,565
16,517
16 771
17,212

2,964
3 010
3.182
3,113

19,529
19 527
19 953
20,325

684 34,104 15,978 5,568
728 33,286 15,978 5,572
,784 15,963 5,563
307 32,464 15,928 5.567
615 31.916 15,928 5.571

35,349
35.022
34,694
34 361
34.080

399
423
412
429
432

628
711
767
823
837

280
226
232
225
220

319 1.054 17,623 3,456 21 079
306
991 17,157 3,139 20 296
298
980 16 927 3,173 20,100
281
960 16,881 3.034 19,915
297
966 16,583 3,028 19,611

3.
10.
17.
24.
31.

29,959
30,682
30 480
29.93*
29.888

29,946
30.546
30,385
29931
29.853

13
136
95
35

74
56
82
67
91

Nov. 7 .
14.
21.
28.

30,235
30.378
30 104
30.012

30,048
30 138
30.044
29,994

187
240
60
18

170
156
105
103

Dec.

30,411
30.698
30.493
30,510

30,223
30.603
30,493
30,489

188
95

93 1,832 32.373 15,977
109 ' """ 32,629 15 977
33,163 15,978
164 ,
308 2,842 33,733 15,978

Oct.

5.
12.
19.
26.

1,747
1,645
1,633
2,083
1,475

1963
Jan.

2..
9..
16..
23..
30..

30,598
30.404
30.227
29.898
30 123

30.478
30,404
30 227
29,898
29,975

120

148

716
65
80
172
101

Fob.

6.
13.
20.
27.

30,540
30.786
30,392
30.405

30,235
30.447
30 337
30.361

305
339
55
44

225
165
157
159

,358
,319
,702
,595

32,194
32 330
32,312
32 219

15,928
15928
15,928
15,913

5,569
5,563
5,566
5,570

34,107
34,263
34,293
34,228

421
427
444
454

783
838
901
801

206
212
187
230

297
971 16,907
298
959 16 825
310 1,086 16,586
314 1.125 16,550

2,777
2,799
2,926
2,927

19,684
19,624
19,512
19,477

Mar. 6.
13.
20.
27.

30,552
30,651
30,430
30,635

30,402
30,528
30,430
30,519

150
123

172
168
87
271

,665 32 ,444
,527 32,402
,872 32,441
598 32,555

15,878
15,877
15,878
15,878

5,573
5,576
5,577
5,576

34,282
34,454
34,511
34,415

856
448
450
783
448
845
451 1,014

188
191
180
186

213
181
191
174

16,772
16,682
16,648
16,690

2,745
2,740
2,857
2,908

19,517
19,422
19,505
19,598

Apr.

3.
10.
17.
24.

30,997
31,188
30,988
30,589

30,855
31,106
30,946
30,589

142
82
42

204
117
187
188

,345 321,596
>,779
,425 32
,630 32,853
,919 32,743

15,878
15,878
15,878
15,877

5,577
5,578
5,574
5,578

34,535
34,745
34,915
34,685

428
441
427
437

895
897
826
996

189
184
190
191

191 1,074 16,740 2,868 19,608
194 1,076 16,696 2,675 19,371
216 1,001 16,730 2,960 19,690
192
987 16,710 3,019 19,729

May

1.
8.
15.
22.
29.

30,808
31,350
31,333
30,914
30,910

30,646
31,113
31,211
30,914
30,910

162
237
122

124 ,522 32 ,500 15,877 ,582
141
545 33,081 15,864 ,580
229 1,471 33,077 15,828 ,570
304 1~~~
899 33,163 15,828 ,574
266 1]446 32,667 15,819 5,578

34,583
34,755
34,933
34,896
34,911

963
438
969
435
416 1,047
931
422
673
419

167
172
156
190
168

196
997 16,615 3,029 19,644
191
990 17,012 2,703 19,715
189
984 16,750 2,910 19,660
177 1,162 16,787 ^2,895 »19,682
174 1,155 16,565 *>3,O33 »19,598

30,963 30,805
31,182 30,691
31,254 31,101

158
491
153

201 1,369 32,585 15,878 5,575 34,513
153 1,446 32,825 15,877 5,581 34,645
208 1,304 32,F~~ ^15,798 '5,583 *>35,046

909
952
651

201
160
171

188 1,069 16,748 2,602 19,350
206
997 16,904 3,171 20,075
177 1,155 16,574 *>3,208 19782

116

1,135
1,114
1,073
1,078

End of month
1963
Mar..
Apr..
May.

409
420

Wednesday
1963
Apr.

May

3
10
17
24

31,118
31,072
30,695
30,537

31,071
31,046
30,655
30,537

1

31,394
31,382
31,289
30,835
31,089

31,042
31,224
31,184
30,835
31,089

15.
22.
29.

352
158
105

137
329
96
859

225 32,529
155 32,604
654 32,493
350 32,792

15,878
15,878
15,878
15,878

5,579
5,573
5,576
5,580

34,624
34,910
34,846
34,614

449
964
441
985
436
914
445 1,065

170
193
239
185

196 1,081 16,501 2,978 19,479
213 1,079 16,233 2,999 19,232
200
985 16,327 3,303 19,630
198
993 16,750 3,292 20,042

153
382
642
769
149

1,474 33t,065
1,233 331,041
1,421 33,396
420 33,068
1,101 32,381

15,878
15,828
15,828
15,828
15,798

5,580
5,567
5,572
5,575
5,583

34,660
34,905
34,964
34,891
35,077

960
443
984
423
418 1,050
830
433
609
418

170
183
167
156
156

183
194
193
176
185

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

164.

Includes industrial loans and acceptances, when held. (Industrial
loan program discontinued Aug. 21, 1959). For holdings of acceptances
on Wed. and end-of-month dates, see subsequent tables on F.R. Banks.
See also note 1.




1,001
976
1,173
1,150
1,151

17,106 3,172 20,278
16,771 2,881 19,652
16,830 3,292 20,122
16,836 *3,209 ^20,045
16,166 *>3,386 "19,552

3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed
thereafter. Beginning with Jan. 1963 figures are estimated except for
weekly averages.

798

BANK RESERVES AND RELATED ITEMS

JUNE 1963

RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city bank 5
All member banks
New York City
Period

Reserves
Required

Total
held

Excess

Borrowings
at
F.R.
Banks

Reserves
Free
reserves

—932

Total
held

Required

City of Chicago

Borrowings
at
Excess F.R.
Banks

Reserves
Free
reserves

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

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

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

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

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

1,027
826

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

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

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

594
652
577
516

1960—Dec
1961—Dec

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

756

1962~May
...
June
July
Aug
Sent
Oct
Nov
Dec . . . .

19,823
19,924
20,043
19,924
20 034
20,205
19,604
20,040

19,320
19,433
19,514
19,358
19 579
19,721
19,012
19,468

503
491
529

100

566
455

127
80

439
375

484
592

65
119

419
473

304

268

20.035
19 581
19,516
19 574
*>19,679

19,552
19,109
19,090
19 140
*>19,220

483

99

384

18

5

472

172

300

17

42

426
434
M59

155
121
209

19
11

27
12

2
9
16
23
30

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

19,410
19,393
19,328
19,299
19,202

458
459
487
532
607

63
46
64
47
86

395
413
423
485
521

3,828
3,757
3,695
3,727
3,765

3,792
3,743
3,680
3,707
3,683

36
14
15
20
82

5

5
12
19
26

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

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

380
446
515
561

92
107
163
307

288
339
352
254

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

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

-20
39
14
49

2
9
16....
23
30....

21,079
20,296
20,100
19,915
19,611

20,045
19,858
19,579
19,429
19,180

1,034
438
521
486
431

714
63
79
170
99

320
375
442
316
332

4,180
3,973
3,816
3,811
3,757

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

6....
13....
20
27..

19,684
19,624
19,512
19 477

19,227
19,121
19,087
19,010

457
503
425
467

223
165
157
129

234
338
268
338

3,785
3,707
3,699
3,691

Mar. 6
13....
20....
27....

19,517
19,422
19,505
19,598

19,121
18,933
19,129
19,135

396

142

254

489
376
463

137
57
241

352
319
222

Apr.

3
10
17....
24....

19,608
19,371
19,690
19,729

19,154
18,997
19,157
19,216

454
374
533
513

174
87
157
157

1....

19,644
19,715
19,660
*19,682
*19,598

19,244
19,354
19,201
^19,229
^19,122

400
361
459

94
110
199
281
266

1963_jan

Feb

Mar
Apr

May.......

Week

42
363

5 Oil
3,390
1,491
986

723
693
703

482
568

572

974
184
3
5
334

179

7
69

174

989
48

192

105

38

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

125
44

58
151

30
14
12

486
115
62

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

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

35
57
34
23

197
147
139
102

-162

-10

99

-109

1,166
1,149
1,136
1,077
1,038

3,687
3,834

3,658
3,826

10

958

3,724
3,781
3,766
3,709
3,718
3,774
3,627
3,863

3,713
3,774
3,732
3,684
3,723
3,736
3,601
3,817

762
861

755
792

5,623
5,142
4,118
4,404

3,012
4,153
4,070
4,299

2,611

224

5,008
3,385
1,157
762

142
657
1,593

885
169
-870

441
246

252
457

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

839
688
710
557

-245
-36

-133
-41

906

-424

87
149

669

63

440
391
440

89

419

-167

Total
held

69

2,611
989

-144
67
67
-107
-456
-101
-50
-91

-105
-81

29

19

7

57

-50

11

1

7
34

19
16

10
-12
18

24
-4
38
27

46

7

17
15

— 19
34
13
-62

4
14

108

161
211

Required

939

161
133
601
848
924

1,024

1,011

1,199
1,356
1,406
1,295
1,210

,191

1,141
1,143

Excess

63

13

6

-62
78
540
295
14
7

8
3

5
64
232
37
15

3
-61
-236
— 36
-16

85
97
85
39
104

-83
-86
-77
-31
-104

8

—4
-22

-4
1

,?,10

-1
2

1,138
,177
,070
1.038

12
8
7

953
987

4

987
990
976

983
977
989

1,000
1,017
1,021
1,036
1,007
1,042

22
7

4
2

10

4
18
9
6
13
18

,037

1

01?

4
1
5

7
15
38
14
8

,013
1,022
,03?

4
-1
5
6
7

001

1,035

Free
reserves

1
78
540
295
14

1,409

164

Borrowings
at
F.R.
Banks

3
-3
6
-14
-10
-1
-7
-11

1,038
1,016
1,009
1,003
^1,025

.008

36
14
10
20
82

985
995
978
989
1,006

987
988
982
980
974

-2
6
-4
9
32

9
3
5
1
1

-11
3
g
31

11
5
39
126

-31
34
-25
-77

1,011
998
1,032
1,074

1.011
991
1,034
,065

7
-2
9

2
4
3
4

-2
3
-4
5

149
39
-2
18
11

299
6
13
1

-150
39
-8
5
11

1,102
1,063
1,028
1,030
1,019

1,092
1,056
1,029
,025
1,017

10
7
-1
6
2

65
2
12
9
7

-55
6
-12
-3
-5

3,777
3,683
3,682
3,682

8
24
17
10

54
14
51
34

-46
10
-34
-24

1,030
1,011
1,011
1,004

1,024
1,008
1,006
.009

6
3
5
—5

15
44
1

-9
-41
4
_5

3,746
3,696
3,775
3,752

3,740
3,667
3,773
3,730

6

36

29
2
21

20
6
40

-30
8
-3
-19

1,032
990
1,023
1,016

1,022
994
1,011
1,012

9
-4
12
4

26
1
112

-30
11
-108

280
287
376
356

3,787
3,668
3,736
3,719

3,767
3,669
3,701
3,715

20
-1
36
5

31
7
24
18

-11
-8
12
-13

1,003
982
995
1,006

994
981
994
1,003

8
1
1
4

29
6
36
15

-21
-5
-35
-11

306
251
260

3,848
3,839
3,702
3,753
3,737

3,799
3,822
3,711
3,729
3,683

49
17
-9
24
54

53
81
15

49
17
-62
-57
39

1,020
1,032
1,021
1,035
1,027

1,023
1,027
1,019
1,031
1,024

-3
5
3
4
3

3
26
5
2
2

-6
-21
-3
2
1

3,857 3,840
3,721 3,704
271 3,752 3,734
313 3,727 3 716
^250 ^3,769 ^3,736

34

13
-25
-8
V

998
V

-6
-11
-37

p-S

ending—

1962—May

Dec.

1963—Jan.

Feb.

May

s
15
22....
29

For notes see opposite page.




M76

*210

9

JUNE 1963

BANK RESERVES AND RELATED ITEMS

799

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

Borrowings at
F.R.
Banks

Free
reserves

Total
held

Required

Excess

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

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

22
96
671
804
1,011
597

327
126
3
4
46
57

-305
-30
668
800
965
540

1929—June
1933—June
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
271

409
58
1
96
123

-397
62
1,188
1,302
322
148

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

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

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

232
184
120
85
91

50
354
639
184
117

182
-170
—519
-99
-26

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

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

663
596
576
594
602

29
88
236
105
52

634
508
340
489
550

1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959 Dec .
I960—Dec
1961—Dec

7,924
8,078
8,042
7,940
7,954
7,950
8,367

7,865
7,983
7,956
7,883
7,912
7,851
8,308

60
96
86
57
41
100
59

398
300
314
254
490
20
39

-338
—203
-228
— 198
-449
80
20

5,716
5,859
5,906
5 849
6,020
6,689
6,931

5,220
5,371
5,457
5,419
5,569
6,066
6,429

497
488
449
430
450
623
502

159
144
172
162
213
40
31

338
344
277
268
237
583
471

8,174
8,209
8,266
8,129
8,166
8,175
7,951
8,100

60
61
40
52
23
29
44
78

21
45
40
47
26
24
60
130

39
16

Sept
Oct
Nov
Dec

8,234
8,270
8,306
8,182
8,189
8,203
7,995
8,178

5
-3
5
— 16
-52

6,875
6,896
6,972
7,017
7,106
7,192
6,975
6,956

6,449
6,473
6,526
6,531
6,668
6,779
6,459
6,515

425
423
445
486
438
413
515
442

37
34
29
45
30
31
32
48

388
389
416
441
408
382
483
394

1963—Jan
Feb
Mar
Apr
May

8,115
7,945
7,936
7,995
^8,013

8,104
7,9t9
7,916
7,965
^7,962

10
25
20
29
*>52

60
80
50
54
117

-50
—55
-30
-25
v -65

7,025
6,899
6,818
6,849

6,572
6,474
6,432
6,461
^6,498

453
425
386
388

27
35
40
41
50

426
390
346
347
^323

. .

1962—May
July

Week ending—
1962—May

2
9
16
23
30

8,233
8,249
8,220
8,194
8,230

8 199
8,214
8,192
8,155
8,119

34
35
28
39
110

19
18
20
20
24

14
17
8
19
86

6,822
6,851
6,921
6,921
6,809

6,432
6,448
6,473
6,457
6,427

390
403
447
464
382

35
25
34
26
61

355
377
414
438
321

Dec.

5
12
19
26

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
6,978
7,004

6,473
6,469
6,505
6,552

382
359
472
452

39
51
41
61

343
308
431
391

1963—Jan.

2
9
16
23
30

8,455
8,301
8,151
8,077
7,972

8,318
8,248
8,131
8,036
7,938

137
53
20
41
34

315
34
48
115
53

-178
19
-28
—74
-19

7,342
6,958
7,105
6,997
6,862

6,605
6,620
6,601
6,576
6,479

737
338
504
421
383

35
27
13
33
38

702
311
490
388
345

Feb.

6
13
20
27

7,982
7,950
7,944
7,895

7,960
7,927
7,923
7,869

22
23
21
26

90
80
75
70

—68
-57
-54
-44

6,887
6,956
6,858
6,887

6,467
6,503
6,476
6,451

420
453
382
436

64
27
30
25

356
426
352
411

Mar. 6
13
20
27

7,940
7,897
7,938
7,969

7,910
7,854
7,915
7,951

31
42
23
18

70
50
20
50

—39
3
-32

6,800
6,840
6,769
6,861

6,449
6,417
6,430
6,441

350
423
338
420

36
41
30
39

314
382
308
381

Apr

3 ..
10
17...
24

8,007
7,947
8,045
8,012

7,969
7,921
7,993
7,992

38
26
51
20

49
47
37
101

-11
-21
14
-81

6,810
6,774
6,914
6,991

6,423
6,427
6,469
6,506

387
347
445
485

65
27
60
23

322
320
385
462

May

1
8
15.
22
29

7,987
8,053
7,994
7,986
8,012

7,966
8,025
7,954
7,957
7,928

21
27
40
29
84

49
58
89
161
172

-28
-30
-49
-132
-88

6,789
6,792
6,943
^6,909
^6,822

6,457
6,480
6,517
^6,513

333
312
426

42
26
52
37
77

291
285
374
^358

. .

.

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. 1963 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through




p

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.

800

DISCOUNT RATES

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

Rate on
May 31
Boston
New York. . .
Philadelphia..
Cleveland....
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Effective
date

Previous
rate

Rate on
May 31

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

Effective
date
Aug. 23,
Aug. 12,
Aug. 19,
Aug. 12,
Aug. 12,
Aug. 16,
Aug. 19,
Aug. 19,
Aug. 15,
Aug. 12,
Sept. 9,
Sept. 2,

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

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

Advances under
Sec. 10(b)2

Advances and discounts under
Sees. 13 and 13a i

Federal Reserve Bank

Previous
rate

1960
1960
1960
1960
1960
1960
1960
1960
1960
1960
1960
1960

Rate on
May 31

4%
4
4
4%
4%

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

1960
1960
1960
1960
1960
1960
1960
1960
1960
1960
1960
1960

Previous
rate

5
5
4*4
5
4%
4%
5
5

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)
Range
(or level)—
all F.R.
Banks

Effective
date

In effect Dec. 31, 1932.....

21/2

1933
Mar. 3
4
Apr. 7
May 26
Oct. 20

j
-31/2

3V4

1V4-3V4
l%3
1935

Jan. 11
May 14

*

-

•

&

:

:

:

:

5
15
Apr. 14
16
May 21

:

:

:

:

:

1
:

:

:

:

3

21
18
9
15
12
23
Oct. 24
Nov. 7

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 rate charged by the F.R. Bank of N. Y. on repurchase contracts

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

3
10
14
Aug. 12
Sept. 9

1957

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




W2-W4,
W2-W4
W4-2V4
W4-2V4
2 -2V4
2 -2%
214
2^-21/2
2%

1956

:

3

F.R.
Bank
of
N.Y.

-3i/ 2

13

1955

23

Range
(or level)—
all F.R.
Banks

1958

Apr.
May
Aug.
Sept.

,i-::::
Nov. 18
Apr. 13
20
Aug. 24
31

Jan. 22
24
Mar. 7

1954

Sept

1948

Effective
date

1953

1946

Jan. 12
19

F.R.
Bank
of
N.Y.

1957—Cont.
Nov. 15
Dec.
2

Jan. 16
23

May 2
Aug. 4
5
12

1942

Range
(or level)—
ill F.R.
Banks

1950

15

Apr. 11
Oct. 15
30
Apr. 25
May 10

Aug. 21
25

Apr. 14
1937

Aug. 27
Sept. 4

Effective
date

Feb.

1934

Feb.
2
Mar. 16

F.R.
Bank
of
N. Y.

3 -3%
3%

W4-2V4
1342

-2i/ 2
2%

3

-3

1959

1960

1963
In effect May 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.

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

Effective date
Time deposit
Jan. 1,
1936
Savings deposits held for:
1 year or more
Less than 1 year
Postal savings deposits held for:
1 year or more
Less than 1 year
Other time deposits payable in:
1 year or more
6 months-1 year
90 days-6 months
Less than 90 days
1

Jan. 1,
1957

Jan. 1,
1962

} 2*

3

{U

} 2*4

3

4

}»

3

{ m

1

1

1

For exceptions with respect to foreign time deposits, see Oct. 1962

BULL., p.

801

RESERVE REQUIREMENTS

JUNE 1963

Effective date i

Central
reserve
city
banks 3

(Per cent of market value)
Effective date
Regulation

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

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

90
90

70
70

50
50

90

70

50

NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension: margin requirements are the difference between the market value (100+) and the maximum loan value.

Central
reserve
and
reserve
city
banks

Country
banks

26

22

16

7%

7%

1949—May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954—June
July

1,5
30, July 1..
1, 11 . . . .
16, 18
25
1
11, 16
25, Feb. 1.
1,9
16, 24
29, Aug. 1.

24

21
20

15
14
13
12

7
6
5

7
6

I81/2
18
19
20
19

13
14
13

6

6

18

12

5

5

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

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

§*
22%
22
23
24
22
21
20
19i/2
19
18i/2
18
171/2

\m

5

11%
11

16%
12

16%

1962—Oct. 25, Nov. 1.
In effect June 1, 1963...

I61/2

Present legal requirement:
Minimum
Maximum

MARGIN REQUIREMENTS

Country
banks

Time deposits

In effect Dec. 31, 1948..

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
FDIC, 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.

Reserve
city
banks

2

10
4 22

12

7
14

4

4

4

4

3
6

3
6

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 central reserve or reserve city banks.
2
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 vault cash as reserves, as follows: Country
banks—in excess of 4 and 2% per cent of net demand deposits effective
Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and
reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959
and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash.

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

AH
member
banks

New
York
City

City
of
Chicago

Country
banks

Item

All
member
banks

Other

128,441
13,890
5,273
109,278
106,521
83,786

25,270
4,204
1,090
19,976
20,170
10,158

6,190
1,286
323
4,582
5,293
3,237

49,199
6,785
2,077
40,337
40,191
32,291

47,782
1,615
1,783
44,383
40,867
38,100

7,120
2,842

207
231

88
39

2,055
874

4,770
1,698

16,690
19,532
19,088
444

3,521
3,752
3,734
18

969
1,008
1,003
5

7,078
7,952

7,923
29

5,122
6,820

6,428
392

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




New
York
City

City
of
Chicago

Country
banks
Other

Four weeks ending May 1, 1963

Four weeks ending Apr. 3, 1963
Gross demand:
Total
Interbank...
U.S. Govt
Other
Net demand !
Time
Demand balances due
from domestic banks. .
Currency and coin
B a l a n c e s with F . R .
Banks
Total reserves held
Required
Excess

Reserve city banks

Gross demand:
128,535
Total
Interbank
13,887
U.S. Govt
3,527
Other 1
111,121
Net demand
106,769
Time
84,613
Demand balances due
from domestic banks.
7,055
Currency and coin
2,921
Balances with F.R.
Banks
16,688
Total reserves held
19,609
Required
Excess

19,154
455

24,684
4,129
745
19,810
20,080
10,191

6,167
1,215
186
4,767
5,251
3,343

49,535
6,889
1,324
41,322
40,380
32,639

45,222
41,059
38,440

124
236

92
41

1,969
900

4,869
1,745

3,507
3,743

960
1,001
1,000
1

7,098
7,998
7,968
30

5,122
6,867
6,465
402

3,721
22

48,149
1,654
1,273

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.

802

FEDERAL RESERVE BANKS

JUNE 1963

CONSOLIDATED STATEMENT OF CONDITION
(In millions of dollars)

End of month

Wednesday
Item

1963

1963

1962

May 29

May 22

May 15

May 8

May 1

May

Apr.

May

14,256
1,268

14,262
1,268

14,264
1,270

14,276
1,268

14,326
1,269

14,256
1,268

14,326
1,269

15,005
1,153

15,524

15,530

15,534

15,544

15,595

15,524

15,595

16,158

353

358

352

356

370

362

374

356

149

769

612
30

352
30

123
30

208

123
30

42

44

44

44

44

42

44

68
63
33

2,592

2,338

2,672

2,712

2,653

2,604

2,302

3,166

14,438
9,680
4,379

14,438
9 680
4,379

14,438
9 695
4,379

13 571
10 562
4,379

13,571
10,524
4,294

14,438
9 680
4,379

13,571
10,524
4,294

5,563
17,101
3,792

31,089

30,835

31,184
105

31,224
158

31,042
352

31,101
153

30,691
491

29,622

Total U.S. Govt. securities

31,089

30,835

31,289

31,382

31,394

31,254

31,182

29,622

Total loans and securities

31,280

31,648

31,975

31,808

31,591

31,504

31,379

29,786

4,894
102

5,386
102

6,360
103

4,985
103

5,841
103

4,733
102

5,226
103

4,412
106

136
199

133
181

116
162

118
409

128
205

53,338

54,602

53,323

52,558

99
388
53,164

134
190

52,488

98
385
53,983

51,142

29,991

29,808

29,869

29,833

29,610

29,966

29,575

28,400

16,166
609
156
185

16,836
830
156
176

16,830
1 050
167
193

16,771
984
183
194

17,106
960
170
183

16,904
952
160
206

16,614
526
223
376

17,116

17,998

18,240

18,132

18,419

16,574
651
171
177
17,573

18,222

17,739

3,793

3,966

3 752

4,367

3,429

3,780

3,493

79

73

4 939
' 80

79

79

76

80

75

50,979

51,845

53,128

51,796

52,475

51,044

51,657

49,707

480
934
95

479
934
80

479
934
61

479
934
114

479
934
95

480
934
100

479
934
94

455
888
92

52,488

53,338

54,602

53,323

53,983

52,558

53,164

51,142

Assets
G o l d certificate a c c o u n t
.
R e d e m p t i o n f u n d for F . R . n o t e s

. . .

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

Cash items in process of collection
Bank premises
Other assets:
Denominated in foreign currencies
All other
Total assets
Liabilities
F R notes
Deposits:
Member bank reserves
Foreign
Other

.

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

83

83

83

83

83

83

83

112

7,880

7,803

7,632

7,565

7,477

7,886

7,478

5,754

Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Eligible paper
U.S. Govt. securities
Total collateral




31 ,583

31,527

M 511

31 464

31 ,425

31,583

31 ,429

?9 ,902

7 ,248
22
25 ,470

7,248
134
25,470

7 ,253
76
25 ,470

7,253
58
25,470

7 ,253
23
25 ,470

7,248
75
25,470

7 ,253
38
25 ,470

7 ,700
18
23 ,390

32 ,740

32,852

32 ,799

32,781

32 ,746

32,793

32 ,761

31 ,108

JUNE 1963

803

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH BANK ON MAY 3 1 , 1963
(In millions of dollars)

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
MinneLouis apolis

Kansas
City

Dallas

San
Francisco

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

14,256
1,268

747
72

3,650

761
72

1,201

729
72

226

526
54

297
27

557
50

640
39

1,801

111

928
102

2,419

308

Total gold certificate reserves

15,524

819

3,958

833

1,312

1,030

801

2,645

580

324

607

679

1,936

337
362

25
24

78
58

30
18

23
32

24
29

34
35

26
67

13
15

25
8

10
13

17
13

32

20

35

4

22

14

5
8

19
*

17

*

54

4

F.R. notes of other Banks
Other cash

Discounts and advances:
Secured by U.S. Govt. securities...
200
Other
8
Acceptances:
42
Bought outright
Held under repurchase agreement..
U.S. Govt. securities:
31,101
Bought outright
153
Held under repurchase agreement..
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies.
Allother
Total assets

135

50

42

1,627

7,752
153

1,705

2,566

2,075

1,701

5,166

1,246

653

1,328

1,190

4,092

31,504

1,647

7,982

1,709

2,588

2,089

1,714

5,185

1,263

656

1,382

1,194

4,095

6,045
102

469
3
6
11

1,171
8

425
3

432
5

401
14

183
4

292
7

258
12

649
10

8
11

7
13

5
7

3
5

6
9

8
8

3,004 13,333

3,037

4,501

6
14
3,629

3,019

997
23
19
34
8,996

259
6

129
49

509
7
13
17

2,148

1,208

2,326

2,189

18
27
6,817

1,799

128
205
54,207

Liabilities
1,818

2,612

2,434

1,716

5,471

1,261

570

1.206

897

3,253

726

1 279
50
13

742

912

38
8
1

415

46
5

34
3
*

769

986

34
7
3

2,401
67
20

572

65
7
*

4,498
93
2 67
119

2,631
95
19
48

17,573

715

4,777

774

1,343

786

959

2,489

623

452

820

1,042

2,793

4,741

414

864

355

400

331

256

809

210

149

232

162

559

76

4

19

4

8

4

4

12

3

2

3

3

10

2 932 12,926

2 951

4,363

3,555

2,935

8,781

2,097

1,173

2,261

2,104

6,615

129
251
27

27
54
5

44
87
7

23
44
7

27
51
6

67
132
16

16
32
3

11
22
2

21
40
4

28
53
4

64
124
14

3,004 13,333

3,037

4,501

3,629

3,019

8,996

2,148

1,208

2,326

2,189

6,817

30,303
F.R. notes
Deposits:
16,574
Member bank reserves
651
U.S. Treasurer—General account..
171
Foreign
. . . »
•
177
Other
Total deposits
Other liabilities and accrued dividends.

52,693

Total liabilities

643

7,266

38
8
2

44
6
1

47
8
1

Capital Accounts
480
934
100

Capital paid in
Surplus

Total liabilities and capital accounts.. 54,207
Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
May 31 1963
Apr. 30, 1963
May 31 1962
Contingent liability on acceptances
purchased for foreign correspond-

23
44
5

32.4
32.3
34.8

32.6
34.9
36.2

32.9
31.1
36.7

32.1
30.9
34.7

33.2
31.6
34.7

32.0
32.0
34.4

29.9
31.8
31.0

33.2
33.7
33.8

30.8
32.5
34.7

31.7
31.5
35.4

30.0
30.6
33.7

35.0
33.2
33.2

32.0
33.7
34.1

83

4

3 22

5

8

4

4

12

3

2

3

5

11

3,400

Federal Reserve Notes—Federal Reserve Agent's Accounts

F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Eligible paper
.. . . .
U.S. Govt. securities
Total collateral

....

7,

1 ,890

2,775

443

f, 600

620

6, 100

465
4
1 ,500

580

1,434

2,250

7, 700

1 ,969

2,830

583

1,855

7, 748
75
25, 470
32, 793

1,877

1 After deducting $99 million participations of other F.R. Banks.
2 After deducting $104 million participations of other F.R. Banks.




1

5 ,609

1

655

1

962

400

1 ,400

800

i,986

550

785
54
1,000

215

4 ,500

VO
17
1 ,100

130

1,450

800

2,800

2,606

1 ,850

5 ,900

1 ,427

680

1 ,339

1,015

3,600

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

804

FEDERAL RESERVE BANKS; BANK DEBITS

JUNE 1963

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

End of month

1963

1962

May 29

May 22

May 15

May 8

May 1

149
146
3

769
766
3

642
640
2

382
381
1

153
122
31

208
206
2

153
122
31

131
66
65

42
9
33

44
10
34

44
13
31

44
13
31

44
12
32

42
8
34

44
11
33

33
9
24

31,089
448
5,419
14,804
8,233
2,020
165

30,835
471
5,211
14,735
8,233
2,020
165

31,289
387
1,599
18,870
8,248
2,020
165

31,382
3,894
1,417
12,623
11,035
2,248
165

31,394
4,002
1,461
12,603
10,980
2,183
165

31,101
297
5,608
14,778
8,233
2,020
165

31,182
3,982
1,431
12,441
10,980
2,183
165

29,622
254
5,420
11,614
9,821
2,247
266

Swiss
francs

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

1963
Apr.

May

May

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

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

End of period

Total

1962 Aug
Sent
Oct
Nov
Dec

317
350
214
154
81

1963 Jan
Feb

no

Belgian
francs

Pounds
sterling

20
25

93

Canadian
dollars

French
francs

German
marks

Italian
lire

Netherlands
guilders

40
50
40
30
36

250
251
127
77
2

16
31
31
31
27

1
1
1
1
1

5
1
10
11
11

5
15
5
4
4

45
50

2
2

27
10

1

11
1

4
4

BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts l
(billions of dollars)
Leading centers

All

Period

reporting
centers
N.S.A.

New fork
S.A.

N.S.A.

6 others 2
S.A

N.S.A.

Annual rate of turnover
of demand deposits l
Leading centers

337 other
reporting
centers 3

New York

N.S.A.

S.A.

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

431.7
462.9
489.3
487.4
545.3

845.0
921.9
979.0
993.6
1,110.3

42.7
45.8
49.5

1960.
1961.
1962.

2 ,838.8
3 ,111.1
3 ,436.4

1 ,102.9
1 ,278.8

577.6
622.7
701.7

1,158.3
1,209.6
1,318.9

60.0
70.0
77.8

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

1 ,415.8

295.4
291.8
279.7
281.0
263.3
307.4
288.2
320.9

119 .1
115 . 7
114 . 4
115 . 8
120 . 9
124 . 5
122 . 2
134 . 2

122.1
121.9
111.4
110.8
109.7
127.5
116.5

57. 6
57. 9
59. 0
57. 4
58. 1
61. 0
61. 1
60. 9

59.8
59.4
57.5
57.5
53.4
62.8
59.4
63.7

325.9
'•274.6
306.7
'307.8
318.1

128 1
127 '.7
128 . 9
125 . 0
129 . 8

137.2
116.6
133.0
126.9
133.1

62. 8
61. 2
61. 6
63. 9

66.3
55.2
62.5
64.2
64.4

141.6

62.1

110.3
108.8

112.2
110.7
107.6
112.4
113.1
111.3
116.3
112.7
r 112.9
119.3
117.2

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




113.5
110.5
110.7

112.7
100.1
117.2
112.3
115.6
122.4
102.8
r 111.2
116.8
120.6

6 others 2
S.A.

N.S.A.

S.A

27.3
28.8
30.4
30.0

53.6

56.4

78. 8
77. 3
77. 3
78. 8
82. 2
82. 9
80. 7
88. 9

79.0
83.0
76.1
74.3
81.1
82.3
80.4
93.7

40.8
41.3
42.1
41.1
41.8
43.7
43.5
43.4

83. 7
84. 6
85. 8
82. 2

84.5
80.3
88.4
80.6
85.2

44.1
42.7
43.1
44.2
P43.1

85.0

N.S.A.

337 other
reporting
centers 3

32.5
34.8
36.9
41.2
41.5
43.0
41.2
39.9
41.2
43.0
42.9
44.4
43.7
40.4
45.6
45.2

*43.9

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

28
27
28
28

0
8

27
28
28
27

6
3
3
5
5
7

28
28
28
29

8
3
2
6

i>29 1

20.4
21.8
23.0
22.9
24.5
25.7
26.2
27.7
28.4
28.7
28.5
27.9
27.3
28.5
28.9
28.5

28.7
27.1
28.3
28.7
P29.5

343

centers 4
S.A.

N.S.A.
22.3
23.7
25.1
24.9
26.7
28.2
29.0
31.3

31 . 7

31.9

31 . 6
31 .9
31 .8
31 .1
32 .5
32 .5
31 .3

32.5
31.9
31.0
30.9
32.3

32 .6
32 .2

32.6
30.6
32.7
33.0
P33.3

32.0
33 .3
*>33 .2

32.6
32.6

805

U. S. CURRENCY

JUNE 1963
DENOMINATIONS IN CIRCULATION
(In millions of dollars)

End of period

Total
in circulation i

Coin and small denomination currency
$5

$10

$20

Total

$50

$100

$500

$1,000

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

,312
,494
,511
,533
,588

75
83
85
88
92

2,151
2,186
2,216
2,246
2,313

6,617
6,624
6,672
6,691
6,878

9,940
10,288
10,476
10,536
10,935

9,136
9,337
9,326
9,348
9,531

2,736
2,792
2,803
2,815
2,869

5,641
5,886
5,913
5,954
6,106

307
275
261
249
242

438
373
341
316
300

3
3
3
3
3

12
9
5
10
10

2,612
2,637
2,652
2,671
2,687
2,701
2,727
2,756
2,782

,497
,515
,516
,512
,502
,518
,542
,570
,636

92
93
93
94
93
93
94
94
97

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

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

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

9,418
9,461
9,503
9,542
9,568
9,588
9.669
9,791
9,983

2,812
2,831
2,850
2,868
2,870
2,864
2,882
2,924
2,990

6,066
6,089
6,111
6.134
6,163
6,188
6,254
6,333
6,448

238
238
239
239
237
237
237
237
240

294
295
295
294
291
291
289
289
293

3
3
3
3
3
3
3
3
3

5
5
5
5
5
5
5
4
10

2,759
2,773
2,795
2,827

,524
,519
,523
,539

95
95
95
95

2,217
2,219
2,230
2,232

6,723
6,788
6,838
6,819

10,899 9,879
10,991 9,902
11,067 9,965
11,102 10,032

2,937
2,939
2,954
2,975

6.407
6,427
6,471
6,516

239
239
241
242

289
289
292
291

3
3
3
3

4
4
4
4

Total

Coin

28,515
28,868
. . . . 27,741

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

590
751
1,274
1,404
1,554

559
695
,039
,048
,113

1955
1958
1959
I960..
1961

31,158
32,193
32,591
32,869
33,918

22,021
22,856
23,264
23,521
24,388

1,927
2,182
2,304
2,427
2,582

1962—Apr
May
June
July
Aug
Sept
Nov
Dec

33,159
33,518
33,770
33,869
33,932
33,893
34,109
34,782
35,338

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

1963—Jan
Feb
Mar
Apr

34,093
34,286
34,513
34,645

24,214
24,385
24,548
24,613

1939
1941
1945
1947.....
1950.

7,598
11,160

Oct........

Large denomination currency

$1 2

$2

2

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

$5,000 $10,000

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

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

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Held in the Treasury
Total outstanding As security
Apr. 30,
against
Treasury
1963
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 4 . .
Total—Apr. 30, 1963 . . . . . .
Mar. 31, 1963
Apr. 30, 1962. . .

..

15,877
(15,595)
31,429
5,581

(15,595)

2 282

(2,124)

70
67

486
2,102
(2,125)
1,802
676
347
170

23
2,102

5 52,887
5 52,662
551,931

(17,719)
(17,749)
(18,525)

3 12,778

55

7
1
4
*

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. 797.
2
Includes $156 million reserve against United States notes.
3 Consists of credits payable in gold certificates: (1) the Gold Certificate
Fund—Board of Governors, F.R.S., and (2) the Redemption Fund for
F.R. notes.
4 Redeemable from the general fund of the Treasury. Beginning with
Aug. 1962, excludes $58 million which was determined, pursuant to the
Old Series Currency Adjustment Act, to have been destroyed or lost.




For
F.R.
Banks
and
Agents

420
409
404

12,778
12,790
13,406

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

Apr. 30,
1963

Mar. 31,
1963

Apr. 30,
1962

2,816
1,853
374

29,505
5,139

29,408
5,106

27,997
5,163

9

400

395

353

296
36
6
28

1,829
1,759
668
314
169

1,827
1,739
662
313
170

2,000
1,638
621
316
235

5,044
4,950
4,962

34,645

34,513

" *33ii59''

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.

806

MONEY SUPPLY

JUNE 1963
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Not seasonally adjusted

Seasonally adjusted

Money supply

Money supply
Period
Total

Currency Demand
deposit
component component

Time
deposits
adjusted 1

Total

Demand
Currency
deposit
component component

Time
deposits
adjusted 1

U.S.
Govt.
demand l
deposits

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

135.2
136.9
135.9
141.2
142.0

27.8
28.2
28.3
28.6
28.9

107.4
108.7
107.5
112.6
113.2

50.2
52.1
57.5
65.5
67.4

138.6
140.3
139.3
144.7
145.6

28.4
28.8
28.9
29.2
29.5

110.2
111.5
110.4
115.5
116.1

49.6
51.4
56.7
64.6
66.6

3.4
3.4
3.5
3.9
4.9

1960—Dec
1961—Dec
1962—Dec

141.2
145.7
147.9

28.9
29.6
30.6

112.2
116.1
117.3

72.7
82.5
97.5

144.7
149.4
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

1962—May
June
July
Aug
Sept
Oct
Nov
Dec

145.7
145.6
145.7
145.1
145.3
146.1
146.9
147.9

30.0
30.1
30.2
30.2
30.2
30.3
30.5
30.6

115.7
115.4
115.5
114.9
115.1
115.8
116.4
117.3

89.6
90.7
91.8
92.5
93.4
94.6
96.0
97.5

143.6
144.0
144.3
143.8
145.0
146.5
148.2
151.6

29.8
30.0
30.3
30.3
30.3
30.4
30.8
31.2

113.8
113.9
114.0
113.5
114.6
116.1
117.5
120.4

89.9
91.1
92.2
93.0
93.8
94.9
95.4
96.6

7.0
7.2
7.1
6.8
7.2
7.3
6.0
5.6

1963—Jan
Feb
Mar
Apr
MayP

148.7
148.6
148.9
149.4
149.4

30.7
30.9
31.1
31.2
31.3

118.1
117.7
117.8
118.2
118.1

99.1
100.3
101.8
102.6
103.7

151.8
148.3
147.4
149.5
147.3

30.5
30.5
30.7
30.9
31.1

121.3
117.8
116.7
118.6
116.2

98.4
99.9
101.7
102.9
104.0

4.8
5.6
5.9
4.2
7.0

1
2

148.7
148.4

30.8
30.9

117.9
117.4

99.9
100.8

149.8
146.7

30.5
30.4

119.2
116.2

99.6
100.3

4.9
6.5

Mar. 1
2

149.0
148.8

31.0
31.1

118.0
117.6

101.3
102.2

147.9
146.9

30.8
30.7

117.1
116.2

101.2
102.1

5.2
6.6

Apr.

1

149.5
149.3

31.3
31.1

118.3
118.1

102.4
102.8

148.9
150.2

31.1
30.7

117.7
119.5

102.7
103.0

4.5
3.9

May 1

149.8
149.1

31.3
31.3

118.5
117.8

103.3
104.0

31.1
31.0

117.5
115.1

103.7
104.4

6.3
7.6

Half month
1963—Feb.

2

148.6
146.1

Not seasonally adjusted

Not seasonally adjusted

Money supply

Money supply

Week
ending—
Total

Currency Demand
deposit
compo- component
nent

Time
deposits
adjusted 1

U.S.
Govt.
demand
deposits

Week
ending—
Total

Currency Demand
compodeposit
nent
component

Time
deposits
adjusted *

U.S.
Govt.
demand l
deposits

1962—Feb. 7.,
14.,
21.,
28.,

146.9
146.3
144.1
143.7

29.4
29.5
29.4
29.2

117.6
116.9
114.8
114.4

84.8
85.3
85.6
86.0

4.7
3.7
5.1
5.1

1963—Feb. 6
13
20
27

150.3
149.6
147.6
146.3

30.5
30.6
30.5
30.4

119.9
119.0
117.1
115.8

99.3
99.8
100.1
100.4

4.8
4.8
6.1
6.6

Mar. 7.,
14.
21.
28.

144.4
145.0
145.0
142.8

29.6
29.6
29.6
29.4

114.8
115.3
115.4
113.4

86.6
87.2
87.4
88.0

5.0
3.2
4.9
6.8

Mar. 6
13
20
27

147.4
148.0
148.4
146.1

30.7
30.9
30.8
30.6

116.7
117.2
117.7
115.5

100.8
101.4
101.8
102.1

6.4
4.5
4.9
7.2

Apr. 4.
11.
18.
25.

143.7
145.5
147.4
147.2

29.6
30.0
29.8
29.6

114.0
115.5
117.6
117.6

88.4
88.8
88.9
89.0

6.1
3.7
2.5
3.5

Apr.

3
10
17
24

146.8
148.3
151.1
150.2

30.8
31.2
31.1
30.8

116.1
117.1
120.0
119.5

102.5
102.8
102.8
102.9

6.9
4.5
3.2
3.6

May

145.9
145.1
144.6
142.0
142.1

29.5
30.0
29.8
29.8
29.6

116.4
115.2
114.7
112.2
112.5

89.2
89.5
89.7
90.1
90.4

4.8
6.3
6.5
8.0
7.5

May

1
8
15
22
29

149.6
148.7
148.3
145.9
146.1

30.6
31.2
31.1
31.1
30.9

119.0
117.6
117.1
114.8
115.2

103.2
103.5
103.9
104.2
104.5

4.6
6.6
6.2
8.1
7.5

June 6.
13.
20.

143.5
144.8
145.0

30.0
30.1
30.0

113.5
114.6
114.9

90.7
91.0
91.1

7.1
5.3
6.8

June 5.
12.
19.

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




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.

807

BANKS AND THE MONETARY SYSTEM

JUNE 1963

CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital

Assets
Total

Bank credit
Date
Gold

Treasury
currency
outstanding

Other
securities

net—
Total
liabilities
and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

64.698
48.465
75,171
90,637
191 785
188,148
199,009
280,202
289,947
308,466

55,776
42 029
68,359
82 811
180 806
175,348
184.384
256.020
263,165
280,397

8,922
6,436
6,812
7.826
10.979
12,800
14 624
24.186
26.783
28,070

U.S. Government securities
Total

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Loans,
net

Other

4,037
4,031
17,644
22,737
20,065
22,754
22,706
19,456
17,767
16,889

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,311
5,398
5,585

58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167.381 30,387
160,832 43.023
171,667 60,366
255.435 135,867
266,782 144,704
285,992 154,017

5,741
10,328
23,105
29,049
128.417
107,086
96.560
93,497
95,461
102,308

5,499
8,199
19,417
25,511
101.288
81,199
72.894
65,801
67,242
72,715

216
1,998
2,484
2,254
24.262
22,559
20.778
26,648
27,384
28,881

26
131
1,204
1,284
2,867
3,328
2,888
835
712

11,819
9,863
9,302
8.999
8,577
10,723
14,741
26,071
26,617
29,667

1962—May 30.
June 30.
July 25.
Aug. 29.
Sept. 26.
Oct. 31.
Nov. 28.
Dec. 28.

16,400
16,435
16,200
16.100
16,100
16,000
16,000
15,978

5,600
5,598
5,600
5,600
5,600
5,600
5,600
5,568

288,900
293,212
291,700
293,900
297 100
300,800
301,900
309,389

156,200
159,463
158,200
159,400
162,800
164,200
164,900
170,693

100,900
101,052
100 300
101,000
100,300
102,300
102,400
103,684

70,700
70.722
70,500
70,200
70.600
71,700
71,700
72,563

29,600
29,663
29.200
30,100
29,100
30,000
30,100
30,478

700
667
700
700
700
700
700
643

31,800
32,697
33,200
33,600
33,900
34,300
34,500
35,012

310,900
315.245
313,500
315.600
318.700
322,400
323,400
330,935

281,600
286.968
284,800
285 300
289.200
292,000
293,000
302,195

29,300
28,275
28,600
30,300
29 500
30,300
30,400
28,739

1963—Jan. 30.
Feb. 27.
Mar. 27.
Apr. 24*
May 29*

15,900
15,900
15,900
15,900
15,800

5,600
5,600
5,600
5,600
5,600

305,500
307,100
309,100
309,600
311,500

167,000
168,900
170,300
171,100
173,100

103,300
102,600
102,500
101,500
100,900

72,400
71,500
71,300
70,300
69,100

30,300
30,500
30,600
30,500
31,100

600
600
600
700
700

35,200
35,600
36,300
37,000
37,500

327,000
328,500
330,500
331,000
332,900

297,100
298,500
300,600
301,100
301,900

29,800
30,100
29,900
29,900
31,000

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

29.
30.
30.
31.
31.
31.
30.,
31.
31.
30.

1,048

DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted *
Date
Total

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

29
30 .
30....
31....
31....
31....
30....
31....
31....
30....

110,500
114.600
140.200
139,200
144,800

1962—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30....
30....
25....
29....
26....
31....
28....
28....

143,500
143 300
144,300
142.900
144 400
145,100
145,800
147,600

1963—Jan. 3 0 . . . .
Feb. 2 7 . . . .
Mar. 2 7 . . . .
Apr. 24*...
May 2 9 ^ . . .

146,800
147,100
147,700
148,300
146,500

DeCurmand
rency
outside deposits
adbanks justed
2

Related deposits (not seasonally adjusted)

Total

Currency
outside
banks

Demand
deposits
adjusted 2

Total

Commercial
banks

U.S. Government

ForPostal eign,
Mutual Savings
nets
savings
Sysbanks 4
tem

Treasury
cash
holdings

At
commercial
and
savings
banks

At
F.R.
Banks

26,100 84.400
24.600 90.000
28.200 112 000
28,200 111,000
28,700 116,100

26,179
19.172
36.194
48,607
102,341
113.597
117,670
144.824
144,458
150,578

3,639 22,540 28,611
4,761 14.411 21,656
6,401 29,793 27.059
9,615 38,992 27,729
26,490 75.851 48.452
26,476 87,121 56,411
25,398 92.272 59,247
29.422 115,402 101,779
29,356 115,102 108.468
30,053 120,525 121,216

19,557
10.849
15,258
15.884
30.135
35,249
36.314
65,884
71,380
82,145

8,905
9.621
10.523
10,532
15,385
17,746
20.009
34,947
36.318
38,420

149
1,186
1,278
1,313
2,932
3,416
2,923
948
770
651

365
50
1,217
1,498
2,141
1.682
2,518
3,203
3,184
1,497

204
264
2.409
2,215
2,287
1,336
1,293
391
377
422

381
852
846
1.895
24.608
1,452
2,989
5.319
6.193
6,219

36
35
634
867
977
870
668
504
485
465

29,200
29.300
29,400
29.300
29,300
29,400
29,600
29,600

114,300
114,000
114.900
113,600
115.100
115,700
116,200
118,000

141,900
142,522
144.200
141,600
143 500
146,800
147,600
153,162

29,300
30,433
29.500
29.500
29 400
29,700
30,100
30,904

112,600
112,089
114:700
112,100
114 100
117,100
117,600
122,258

130,000
132,106
132,600
133 800
135.200
136,500
136,800
139,448

90,100
91,734
92.000
93.100
94 000
95,100
95,300
97,440

39,300
39,791
40 000
40.200
40.600
40,800
41,000
41,478

600
581
600
600
600
600
500
530

1,300
1,508
1,300
1,200
1,300
1,200
1,200
1,488

400
379
400
400
400
400
400
405

7,500
9.841
5,800
7.700
8.300
6,600
6,300
7,090

600
612
600
500
500
500
600
602

30,100
30,200
30,400
30,500
30,600

116,700
116,900
117,300
117,800
115,900

148,900
146,400
145,500
148,400
144,900

29,700
29,800
30,100
30,200
30,700

119,200
116,500
115,400
118,200
114,200

141,200
142,900
145,100
146,000
147,700

99,000
100,500
102,200
103,000
104,500

41,700
41,900
42,400
42,500
42,800

500
500
500
500
500

1,300
1,200
1,200
1,200
1,200

400
500
400
400
400

4,600
800
6,700
800
7,600
900
4,000 1,100
7,100
600

1 Series began in 1946; data are available only for last Wed. of the month.
For description of series and back data see Feb. 1960 BULL., pp. 133-36.
2 Other than interbank and U.S. Govt., less cash items in process of
collection.
3
Other than interbank, Treasurer's open account, and those of Postal
Savings
System in banks.
4
Before June 30, 1947, includes a small amount of demand deposits.
Beginning with June 1961 includes amounts reported by insured mutual
savings banks as demand deposits, previously reported as time deposits
or other liabilities.
5 Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time and $400
million to demand deposits).




Time 3

Not seasonally adjusted

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.

808

COMMERCIAL AND MUTUAL SAVINGS BANKS

JUNE 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Securities
Total
Interbank *
Other
Bor- Total Numliaber
Cash bilities
row- capital
of
assetsi and
acings counts
Demand
banks
Total
i
capital
U.S.
DeacTime 3
Govt. Other
mand Time U.S.
counts 2
Govt. Other

Loans and investments

Class of bank
and date

Total

Loans

61,126
140,227
134,924
256,700

26,615
30,362
43,002
154,318

260,500
263,542
265,700
269,080
272,480
273,510
280,397
276,950
278,850
280,650
280,730
282,540

158,050
160,123
161,980
164,640
166,480
167,240
172,822
169,410
171,800
173,090
173,470
175,920

Commercial banks:
1941—Dec. 31 . .
1945—Dec. 31 . .
1947—Dec. 31 *.
1961—Dec. 30. .

50,746
124,019
116,284
215,441

21,714
26,083
38,057
124,925

21,808 7,225 26,551 79,104 71,283
44,349
10,982
90,606 7,331 34,806 160,312 150,227
105,921
14,065
69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367
66,578 23,937 56,432 278,561 248,689 17,914 481 5,946 141,920

1962—May 30. .
June 3 0 . .
Aug. 29. .
Sept. 26. .
Oct. 3 1 . .
Nov. 28. .
Dec. 28. .
1963—Jan. 3 0 . .
Feb. 27. .
Mar. 27. .
Apr. 24*>.
May 29^.

217,960
220,670
222,140
225,270
228,560
229,260
235,839
232,040
233,620
234,860
234,890
236,390

127,480
129,193
130,430
132,840
134,400
134,840
140,106
136,340
138,410
139,360
139,440
141,550

64,400 26: 080 45
64,443 27 034 48
63,850 27 860 44
64,250 28 180 46
65,550 28 610 49
65,600 28 820 47
66,434 29 298 54
66,200 29 500 45
65,270 29 940 47
64,840 30 660 45
64,010 31 440 46
62,910 31 930 46

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

43,521
107,183
97,846
179,599

18,021
22,775
32,628
106,232

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

1962—May 30. .
June 3 0 . .
Aug. 29. .
Sept. 26. .
Oct. 31 . .
Nov. 28. .
Dec. 28. .
1963—Jan. 30. .
Feb. 27. .
Mar. 27. .
Apr. 24. .
May 29*>.

181,180
183,497
184,398
186,641
189,420
189,619
195.698
192.301
193,694
194,884
194,589
195,892

107,980
109,212
110,331
112,240
113,711
113,865
118,637
115,289
117,075
117,883
117,677
119,515

All banks:
1941_Dec.
1945—Dec.
1947—Dec.
1961—Dec.

31..
31..
314.
30..

1962—May 30. ..
June 3 0 . .
Aug. 29. .
Sept. 26. .
Oct. 31. .
Nov. 28. .
Dec. 28. .
1963—Jan. 3 0 . .
Feb. 2 7 . .
Mar. 2 7D. .
Apr. 24 .
May 29^.

Member banks:
1941—Dec.
1945—Dec.
1947_Dec.
1961—Dec.

Mutual savings banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 31 4.
1961—Dec. 30. .
1962—May 3 0 . .
June 3 0 . .
Aug. 29. .
Sept. 2 6 . .
Oct. 3 1 . .
Nov. 2 8 . .
Dec. 2 8 . .
1963—Jan. 3 0 . .
Feb. 2 7 . .
Mar. 2 7 . .
Apr. 24*.
May 29*..
For notes see end of table.




25,511 8, 999 277,344
101,288 8,577 35,415
81,199 io,—
723 "38, 3 8 8
72,715 29',667
57 ,368

680 31 770 46 210 313 720 276. 970
722 32 697 49 612 320 638 285 186
160 33 560 45 480 318 280 280! 310
560 33 880 47 480 323 770 286! 170
700 34 300 50 560 330 380 292 350
730 34 540 48 280 329 070 290,700
563 35 012 54 939 343 201 303,653
350 35 190 46 780 331 500 293 030
450 35 600 48 410 335 030 295 450
280 36 280 46 530 335 010 295 460
250 37 010 47 290 335 960 296 040
120 37,'500 47. 720 338,150 298,090

30,570
30,930
31,550
31,800
32.080
32,400
32,716
33,070
33,390
33,730
34,030
34,370

13,200
14,400
13,840
14,530
15,260
15,190
16,008
14,100
14,140
13,800
13,910
13,730

520
526
510
510
520
520
535
520
520
520
560
540

26,479
45,613
53,105
120,848

23 8,414 14,826
227 10,542 14,553
66 11,948 14,714
482 26,227 13,946

126,370 129,710
7.
131,855
9
124,960 133,550
7
8,090 128,160 134,880
380 134 030 136,160
136,560
I090 132
6,839 141,084 139,188
140,980
4,320
131,670 142,680
128,950 144,860
,060 145,750
540 147,460

2,070 26,780 13,926
796 27, 036 13,934
2,750 27!100 13,932
2,610 27; 250 13,928
2,780 27;450 13,925
2,500 27!630 13,938
3,635 28;046 13,940
2,670 27.790 13,951
3,070 28;000 13,954
3,100 28; 090 13,962
3,270 28;140 13,967
2,990 28,350 13,983

15,952
30,241
35,360
82,429

23 7,173 14,278
219 8,950 14,011
65 10,059 14,181
471 22,459 13,432

13,200
14,400
13,840
14,530
15,260
15,190
16,008
14,100
14,140
13,800
13,910
13,730

520
170 126 ,310 90,380 2,070 22 930 13,414
,785 92,034
525
554
786 23 ,183 13,422
,900 93,350 2,750 23 200 13,421
510
450
510 ,090 128,100 94,250 2,610 23 330 13,417
520
380 133 .970 95,340 2,780 23 560 13,414
95,600 2,500 23 680 13,427
520
090 132,:
535 6,829 141 ,041 97,709 3,627 24 094 13,429
520 4,320 133 050 99,280 2,670 23 840 13,440
520
440 131 610 100,760 3,070 24;oio 13,443
13,451
520
330 128 ,890 102,420 3,100 24
13,456
560
760 132 000 103,260 3.270 24,070
,150 13,472
540 6,820 129,480 104,710 2,990 24,330

61,717
129,670
122,528
209,630

10,385
13,576
12,353
17,195

140 1,709

37,136 12,347
64 212,179 69,640 24,210
50 1,176 80,609 28,340
303 5,381 119,595 67,157

51,913 21,287 39,702 226,556 198,978
52,065 22,:
,219 42 853 232,359 206,057
51,149 22,918 39 107 229 231 200,667
51,271 23,130 40,877 233 279 204. 995
52,238 _.
23,471 43, 686 239 009 210. 328
52,097 23 657 41 564 237 050 208 259
52,968 -24 092 47:427 249 488 219 468
52,749 24 263 40 024
'. 238 565 209;589
51,984 24 ,635 41 i471 _._,..
211,525
241
51,719 25 ,282 39 685 240,835 211,146
50,950 25 ,962 40 434 241,409 211,275
50,023 26 354 41,009 243,246 213,104

12,689
13,796
13,232
13,878
14,577
14,502
15,309
13,449
13,501
13,186
13,290
13,146

351
338
337
339
343
358
341
347
345
380
361

6,280
6,278
6,310
6,310
6,150
6,130
6,129
6,150
6,180
6,440
6,240
6,210

390 269. 690 237,580
728 276; 220 245 ,298
670 273; 230 240 050
630 278! 400 245 480
690 284 890 251 470
450 283 310 249 ,680
049 297 116 262,122
970 285 050 251 ,270
540 288 210 253 470
640 287 590 252 960
460 288 550 253
880 290,410 255,280

5,961 23,123
6,070 29,845
7,304 32,845
19,308 49,579

10,379 4,901 3,704 1,774
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
41,259 29,393 6,136 5,730
42,540
42.872
43,560
43,810
43,920
44,250
44,558
44,910
45,230
45,790
45.840
46,150

44,355
10,982
90,908 81,816
14,065
105,935
177,332 165,612
175,091 161,865 12,793 240 1,346 94,381
— ,176 17,914 482 5,952 141,979
321,394 287

,690
,663
,700
.700
,690
,720
5,714
5.690
5,660
5,620
5,570
5,570

68,121
138,304
132,060
235,112

793
609
886
936

11,804
17,020
19,714
42,833

10,533
15,385
17,763
38,487

820
884
810
850
870
830
890
810
870
890
830
840

44,030
44,418
45,050
45,370
45,490
45,760
46,086
46,450
46,820
47,420
47,410
47,740

39,390
39,888
40,260
40,690
40,880
41.020
41,531
41,760
41,980
42,500
42.550
42,810

463
,734
,695
,284
,700
,301
,086
,785
,667
,523
,301
,018

6,619
6,884
6,923
6,113

73,852
75,162
76,122
16,19 A
77,667
77,932
79,716
81,060
82,280
83,690
84,384
85,640

2,002 19,015
735 19,179
2,682 19,212
2,585 19,281
2,722 19,466
2,423 19,546
3,550 19,854
2,614 19,697
3,033 19,819
3,042 19,851
3,235 19,925
2,910 20 ,082

6,073
6,070
6,060
6,053
6,054
6,056
6,049
6,046
6,042
6,039
6,041
6,052

10,527
15,371
14 17,745
60 38,420

1,241
1,592
1,889
3,768

548
542
533
514

3,850
10 3,853
3,900
3,920
3,890
3,950
3,951
3,950
3,990
4,020
3,990
4,020

512
512
511
511
511
511
511
511
511
511
511
511

105,629
108,014
104,280
106,702
112,045
110,181
117,999
110,954
109,730
107.402
109.920
107,939

6
14

10

5,886
7,589
8,464
18,638

60
60
60
60
60
60
43
60
60
60
60
60

39,330
39,821
40,200
40,630
40,820
40,960
41,478
41,700
41,920
42,440
42,490
42,750

4
208
54
438

809

COMMERCIAL AND MUTUAL SAVINGS BANKS

JUNE 1963

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank *
Other
liaCash
assetsi bilities
and
Demand
capital Total i DeU.S.
acOther
Time
Govt.
mand
counts 2
U.S.
Govt. Other

Loans and investments

Class of bank
and date
Total

Reserve city member banks:
New York City:s
1941—Dec. 31
1945—Dec 31
1947_Dec. 31
1961—Dec. 30
1962—May
June
Aug.
Aug.
Sept.
Oct.
Nov.
Dec.
1963—Jan.
Feb.
Mar.
Apr.
May

Loans

12,896 4,072 7,265 1,559 6,637
26,143 7,334 17,574 1,235 6,439
20,393 7,179 11,972 1,242 7,261
30,297 19,535 7,862 2,900 11,164

29,534 19,223
30
30,396 19,224
30
29 (old basis) 29,672 19,319
29 (new basis) 30,090 19,619
30,497 20,234
26
31,196 20,693
31
30,371 20,119
28
32,989 21,954
28
31,808 20,649
30
32,302 20,874
27
32,533 20,950
27
31,829 20,258
24
32,115 20,886
29^

376
,566
385
,489
397
,739
940 2,603

4,363
7,459
6,866
10,383

4,057
7,046
6,402
9,283

1,035
1,312
1,217
1,624

127
1,552
72
369

1,113
1,329
1,390
1,439
1,386
1,416
1,402
1,409
1,364
1,321
1,322
1,354
1,354

,928
,893
,801
,870
1,997
2,073
2,102
2,280
1,969
1,982
1,899
1,949
2,084

9,720
10,009
9,852
10,247
10,469
10,815
10,738
11,432
10,860
11,092
11,260
10,983
11,143

8,524
8,810
8,580
8,934
9,087
9,380
9,450
9,993
9,481
9,594
9,410
9,469
9,759

1,118
1,128
1,193
1,201
1,243
1,281
1,326
1,277
1,140
1,194
1,155
1,182
1,122

356
546
361
384
440
366
279
410
218
309
427
161
346

15,347 7,105
6,467 1,776
40,108 8,514 29,552 2,042
36,040 13,449 20,196 2,396
68,565 42,379 19,748 6, 438
~"

8,518
11,286
13,066
20,216

24,430
51,898
49,659
90,815

22,313
49,085
46,467
81,883

4,356
6,418
5,627
8,350

7,631
7,937
7,883
8,201
8,293
8,552
8,456
8,957
8,682
8,901
9,138
8,813
8,83f

4,592
4,672
4,570
4,761
4,879
4,961
5,029

1,926
1,936
1,923
2,001
2,028
2,175
2,025
2,129
2,217
2,232
2,440
2,168
2,050

Country member
1941—Dec.
1945—Dec.
1947—Dec.
1961—Dec.
1962—May
June
Aug.
Sept.
Oct.
Nov.
Dec.
1963—Jan.
Feb.
Mar.
Apr.
May

5,428

69,433 43,304 18,585 7,544 16,523 88,089 77,911 6,314
30
70,145 43,824 18,627 7,694 17,602 89,885 80,631 6,622
30
29 (old basis, 70,333 44,540 17,987 7,806 16,180 88,626 78,317 6,662
29 (new basis} 69,597 44,049 17,819 7,729 16,027 87,722 77,524 6,646
69,932 44,389 17,809 7,734 16,897 88,950 78,946 7,010
26
71,007 45,155 17,947 7,905 17,046 90,244 80,217 7,235
31
71,264
45,211 18,088 7,965 16,881 90,307 79,777 7,139
28
73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477
28
72,053 45,692 18,143 8,218 16,172 90,467 80,101 6,555
30
72,315 46,412 17,564 8,339 16,884 91,380 81,023 6,660
27
72,850 46,821 17,420 8,609 16,603 91,622 81,320 6,561
27
72,921 46,791 17,329 8,801 16,940 92,086 81,349 6,616
24
73,497 47,300 17,187 9,010 16,603 92,362 81,610 6,275
29?

banks: 6
31
31
31
30

12,518 5,890 4,377
35,002 5,596 26,999
36,324 10,199 22,857
73,131 39,693 24,407

30
30
29
26
31
28
28
30
27
27
24
29*

74,58:
75,019
76,510
77,919
78,665
79,528
80,623
79,758
80,176
80,363
81,026
81,448

For notes see end of table.




211
210
210
210
208
205
211
207
213
209
214
227
207

3,902
4,517
3,836
3,844
3,990
4,350
4,298
4,783
4,119
4,047
3,913
3,919
4,278

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

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

866 12,051
807
17 6,940 17,287 1,236
267 19,040 1,445
12
191 1,267 23,129 6,935

32,586
35,039
31,775
32,214
33,033
35,766
33,746
37,885
34,799
35,044
34,79'4
34,091
35,459

1,430
4,213
2,890
2,041

Other reserve city: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30

4,202
4,640
4,453
5,296

39,746
41,910
39,576
40,085
40,868
43,634
41,204
46,135
42,626
43,563
42,652
42,343
43,624

954
1,333
1,801
4,626

30
30
29 (old basis'
29 (new basis}
26
31
28
28
30
27
27
24
29"

17,932
30,121
25,216
36,818

3,144 8,292
3,513 9,552
3,734 7,942
3,762 8,026
3,842 8,488
3,819 10,491
3,906 8,863
4,017 11,050
4,150 8,731
4,303 9,125
4,487 7,987
4,766 8,296
4,751 9,323

2,760
5,931
5,088
7,606

40,861
41,492
41,902
42,738
42,902
43,506
44,698
43,847
44,441
44,736
45,337
45,901

Time

19,862
32,887
27,982
43,538

7,167
7,659
6,619
6,709
6,421
6,684
6,346
7,017
7,009
7,125
7,096
6,805
6,478

City of Chicago:5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30

Bor- Total Numrow- capita! ber
of
ings
banks

1,373
1,918
1,315
1,332
1,459
1,287
910
1,408
769
1,068
1,385
669
1,198

19,178
20,296
18,247
18,552
19,054
21,501
19,606
22,231
20,231
20,000
19,320
19,303
19,612

7,922
8,098
8,167
8,276
8,322
8,423
8,721
9,256
9,467
9,720
9,962
9,973
10",164

2,419
476
3,462
719
4,201
913
5,268 2,008
4,548
4,520
4,353
4,554
4,569
4,826
4,879
5,264
4,956
4,872
4,619
4,757
4,791

2,483
2,598
2,656
2,778
2,820
2,892
2,951
3,025
3,152
3,204
3,198
3,357
3,488

104
491 12,557 4,806
30 8,221 24,655 9,760
22
405 28,990 11',423
62 2,103 44,986 26 ,381
78
75
74
74
66
71
69
82
65
75
72
90
91

2,276
2,605
1,218
2,387

39,611 29,220
40,601 29,663
3 9 , 126
' " " "",816
29
38, 620 29 ,585
39, 259 29 ,772
40,781 30,067
40,611 30,040
43,609 30,743
40,~765" ~\316
31
40, 298 31 ,714
39, 698 32 ,384
40, 822 32 ,603
39, 706 33 ,151

3,670
2,639
2,599
2,839
2,063
1,918
2.337

i;4oo

2,250
2,408
3,268
9,031

6,402
10,632
10,778
15,595

19,466
46,059
47,553
90,376

792
17,415
43,418 1,207
44,443 1,056
81,646 1,925

225
5,465
432
1,641

10,109
24,235
28,378
46,211

6,258
12,494
14,560
31,832

9,486
9,685
9,988
10,168
10,331
10,384
10,501
25,380|l0 531
25,063110 672
24,763!lO. 864
24,648 11 041
24,308 11 239

12,959
13,806
13,184
13,495
14,076
13,718
14,559
13,152
13,480
13,196
13.249
12,999

89,001
90,555
91,177
92,992
94,316
94,801
97,008
94,612
95,372
95,301
95,997
96,117

79,957
81,577
81,995
83,929
84,965
85,286
87,342
85,208
85,864
85,622
86,366
86,276

1,355
1,529
1,541
1,635
1,711
1,739
1,773
1,635
1,600
1,557
1,573
1,471

2,046
2,601
2,380
2,546
1,984
2,194
1,931
1,398
2,014
2,106
1,253
2,087

292
596
554
820
937
085
895
002
560
765
038
830

34
4,227
34
4,803
35
5,483
35
5,880
36
6,285
36
6,220
36
6,692
37
7,125
37
7,642
38
8,146
38
8,451
38
8,837

24,235
23,843
24,620
25,013
25,432
25,638
25,425

1,648
195 2,120
30 2,259
283 3,683

36
37
37
13

606
381
1,225
1,242
1,384
1,333
935
1,728
1,082
1,645
1,117
1,352
1,292

3,741
3,761
3,764
3,806
3,809
3,853
3,849
3,898
3,897
3,904
3,904
3,927
3,947

13
13
13
16
16
16
16
17
17
16
16
16
13

35

288
377
426
870

13
12
14
9

75
34
117
122
163
267
66
262
132
235
596
313
165

884
894
895
925
930
944
941
948
956
955
957
963
971

9
9
9
12
12
12
12
13
13
13
13
12
12

1,967

351
359
353
206

2 2,566
1 2,844
81 6,997
1,058
240
1,058
1,036
938
892
1,216
1,388
1,178
994
1,082
1,429
1,131

7,214
142
148
7; 190
7,201
7,263
7,263
7,298
7,315
7,330
7,413

206
206
200
194
193
193
195
191
189
189
189
191
191

1,982 6,219
2,525 6,476

23 2,934 6,519
40 7,088 5,885
263
80
282
100
230
206
172
222
159
247
141
322

7,228
7,323
7,339
7,394
7,479
555
744
7,581
7,662
7,675
7,705
7,751

5,845
5,842
5,838
5,832
5,833
5,833
5,828
5,827
5,824
5,821
5,822
5,836

810

COMMERCIAL AND MUTUAL SAVINGS BANKS

JUNE 1963

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

Loans and investments
Securities
Class of bank
and date

Cash
Total

Loans
U.S.
Govt.

Insured commercial
banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1959—Dec. 31.
1960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Dec. 28.
National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
Dec. 28..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
Dec. 28..

Other

Total
assets—
Total
liabilities
and
capital
accounts 2

Interbank

Other

Bor- Total Number
row- capital
acof
ings counts banks

Demand

Total i
Demand

Time

Time
U.S.
Govt.

Other

49,290 21,259 21,046 6,984
121,809 25,765 88,912 7,131
114,274 37,583 67,941 8,750

25,788
34,292
36,926

76,820
157,544
152,733

69,411
10,654
1,762 41,298 5,699
147,775
29,876
13,883
23,740 80,276 29
141,851 2,615
34 ,882
54 1,325 92,975 "

188,790
198,011
213,904
219,163
234,243

58,348 20,143
60,468 20,451
66,026 23 ,531
63,921 26,630
65,891 28,903

49,158
51,836
56,086
48,415
53,702

242,828
255,669
276,600
274,318
295,093

218,474
228,401
247,176
243,856
260,609

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

31,761 10,892
32,712 11,140
36,088 13,006
34,508 14,962
35,663 16,042

27,464
28,675
31,078
26,860
29,684

132,636
139,261
150,809
149,559
160,657

15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125

8,145
9,731
10,822

24,688
48,084
43,879

22,259
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 9,06f

5,396
5,439
6,302
7,257
8,050

16,045
17,081
18,501
15,993
17,744

73,090
77,316
84,303
82,800
88,831

65,069
68,118
74,119
72,329
76,643

1,509 1,025
10,584 1,063
10,039 1,448

2,668
4,448
4,083

8,708
19,256
20,691

7,702
18,119
19,340

262

102,615
107,546
116,402
119,241
127,254

10,299
17,092
24,348
28,613
39,449

59,962
63,694
67,309
69,771
75,548

8,947
9,829
10,359
8,154
9,155

514
611
104
123
127

2,742
3,265
3,315
5,424
3,735

71,015
71,660
76,292
69,256
76,075

Insured nonraember
commercial banks:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 31..

5,776
14,639
16,444

3,241
2,992
4,958

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

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

30,939
32,411
34,320
35,681
38,55^

15,534
17,169
18,123
19,409
20,811

11,546
11,368
11,972
11,860
12,93'

3,859
3,874
4,225
4,412
4,814

5,651
6,082
6,508
5,563
6,276

37,132
39,114
41,504
41,975
45,619

33,795
35,391
37,560
37,814
41,142

451
484
543
440
535

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
51
576

2,283
2,768
2,643

1,872
2,452
2,251

177

185

1,291
1,905
18 1,392

253
365
478

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

1,480
1,498
1,536
1,506
1,584

534
550
577
580
65'

589
535
553
523
534

358
413
406
404
39!

309
31
346
313
346

1,858
1,883
1,961
1,901
2,009

1,429
1,443
1,513
1,442
1,513

150
159
177
165
164

83
132
148
137
133

873
846
869
795
872

311
293
307
320
330

3,696 2,270 1,266
3,310 12,277 1,262
5,43f 11,318 1,703

3,431
4,962
4,659

10,992
22,024
23,334

9,573
20,57'
21,59

439

457
425
190

601
643
719
605
699

1959—Dec. 31.
1960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Dec. 28.
Insured mutual
sayings banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1959—Dec. 31.
1960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Dec. 28.

7,233
16,849
18,454
32,419
33,910
35,856
37,188
40,141

16,068
17,719
18,700
19,989
21,469

12,134
11,904
12,525
12,383
13,466

4,216
4,287
4,631
4,816
5,206

5,961
6,396
6,854
5,876
6,622

38,990
40,997
43,465
43,877
47,628

35,224
36,834
39,073
39,256
42,654

1,693
10,846
12,683

642
3,081
3,560

629
7,160
8,165

421
606
958

15
429
675

1,958
11,424
13,499

1,789
10,363
12,20^

30,580
33,794
35,660
36,989
38,597

20,942
23,852
25,812
27,179
28,778

5,016
4,787
4,690
4,708
4,639

4,622
5,155
5,158
5,102
5.180

686
766
828
779
784

31,743
35,092
37,065
38,366
39,951

28,577
31,502
33,400
34,58
36,104

For notes see end of table.




10,302
11,098
11,875
12,243
12,750

4,542
4,530
4,513
4,500
4,505

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

1,502
1,867
1,918

6,102
240
825 1,763 39,974 16 ,406
6,608 1,028 2,022 40,733 17,727
20
6,835
199 2,066 43,303 21 ,716
213
5,641
22' 3,310 3 81,758
; " " 24 ,392
355
231 2,351 41,,924 25 ,983 1,914
6,154

34,817
36,240
38,924
39,442
43,089

Nonmember
commercial banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31*.

4 3,640 5,117
78 4,644 5,017
45 5,409 5,005

36,421
340
39,546
111
45,441
225
50,770
379
53,733 1,636

55,264
58,073
63,196
64,256
68,444

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

15,052
16,394
17,971
17,557
17,305

5,500 1,358 5,037 130,720 65,858
602 19,206 13,107
6,921 1,667 5,932 132,
',533 "1,348
149 20,628 13,119
7,737
462 22,089 13,108
2,122
333 5,934 141,050 82
4,235
13,104
388 9,529 127,99091,714
5,844
402 6,815 140^169
' " 97,380 3,584 23,712 13,119

39,458
6,786
1,088 23,262 8,322
84,939
6,224
9,229
14,013 45,473 16
82,023 8,375
35
795 53,541 19,278
119,638
124,911
135,511
133,728
142,825

10 6,844 3,426
215 8,671 13,297
61 9,734 13,398

53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558

129
244

533
645
553
795
729

329
181

103
160
178
176

545
657
565
819
743

1,691
1,644
1,600
1,570
1,544

959 6,810
1,083 6,416
1,271 6,478

19,732 13,059
20,140 14,095
21,456 14,979
19,976 16,565
22,170 17,664

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

5,96:
6,299
6,763
6,936
7,104

13

2,944
3,232
3,452
3,633
3,870

6,878
6,948
6,997
7,036
7,072

329
279
325

852
714
783

350
358
370
372
371

366
352
323
317
308

1,288 7,662
1,362 7,130
1,596 7,261

13,370
20,6
14,388
20,9
22,325 15,286
20,771 16,886
23,042 17,994

3,294
3,590
3,822
4,005
4,240

7,244
7,300
7,320
7,353
7,380

1,789
10,351
12 12,192

164
1,034
1,252

52
192
194

2,654
2,99r
3,19
3,259
3,34f

268
325
330
331
331

12

28
29
256
275
267

28,544
31,468
33,137
34,300
35,827

811

COMMERCIAL AND MUTUAL SAVINGS BANKS

JUNE 1963

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

Loans and investments

Class of bank
and date
Total

Noninsured mutual sayings
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31 4
1959—Dec.
I960 Dec.
1961—Dec.
1962 June
Dec.

31
31
30
30
28

Loans

Total
assets—
Total
Securities
liaCash
assets 1 bilities
and
capital Totali
U.S.
acGovt. Other
counts 2

Other

Interbank i

Bor- Total Number
row- capital
acof
ings counts
banks

Demand
Demand

Time

Time
U.S.
Govt.

Other

8,687
5 361
5,957

4,259
1 198
1,384

3,075 1,353
641
3,522
3,813
760

642
180
211

9,846
5,596
6,215

8,744
5,022
5,556

6
2
1

8,738
5,020
2 5,553

6,981
5 320
5,600
5 882
5,961

4,184
3 270
3,581
3 751
3,938

1,848
1,453
1,446
1 570
1,490

949
597
572
561
533

143
107
108
104
106

7,200
5,481
5,768
6 052
6,134

6,405
4 850
5,087
5 306
5,427

1

6,404
4 850
4 5,083
15 5 291
6 5,420

1 Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and2 $400 million demand to other demand).
Includes other assets and liabilities not shown separately.
3 See note 4 on page 807.
* 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 ^classification 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
1

6

1,077
558
637

496
350
339

705
555
577
594
608

249
189
184
181
180

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
Totali

Loans 1

Securities
Totali

U.S.
Govt.

Other

Loans i

U.S.
Govt.

Other

1956
1957
1958
1959

161.6
166.4
181.0
185.7

88.0
91.4
95.6
107.8

57.3
57.0
64.9
57.6

16.3
17.9
20.5
20.4

164.5
169.3
184.4
189.5

89.7
93.2
97.5
110.0

58.6
58.2
66.4
58.9

16.3
17.9
20.6
20.5

I960
1961 2
1962

194.5
209.6
228.1

114.2
121.1
134.7

59.6
64.7
64.3

20.7
23.8
29.1

198.5
214.4
233.6

116.7
123.9
137.9

61.0
66.6
66.4

20.9
23.9
29.3

Sept
Oct
Nov
Dec. 2

216.4
220.3
217.8
220.3
222.0
224.4
225.9
228.1

124.8
126.6
126.1
127.3
129.7
131.6
132.2
134.7

65.5
66.6
64.1
65.0
64.3
64.2
C
64 6
64.3

26.1
27.1
27.6
28.0
28.0
28.6
29.1
29.1

215.3
219.2
217.8
219.0
223.1
225.7
226 8
233.6

124.8
127.7
126.1
127.3
130.6
131.5
132 3
137.9

64.4
64.4
64.2
63.9
64.3
65.6
65 6
66.4

26.1
27.0
27.5
27.9
28.2
28.6
28 8
29.3

1963 Jan
Feb
Mar
Apr pp
May

228.9
232.3
235.0
232.6
234.8

134.7
136.8
137.8
137.4
138.8

64.6
65.4
66.7
64.0
64.1

29.6
30.1
30.5
31.2
31.9

229.1
230.4
231.9
232.4
233.6

133.4
135.2
136.4
136.9
138.8

66.2
65.3
64.8
64.0
62.9

29.5
29.9
30.7
31.4
31.9

1962

1
2

May
June
July

. .

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.

812

COMMERCIAL BANKS

JUNE 1963

LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans

Class of
bank and
call date

Total: 2
1947_Dec. 31..
I960—Dec. 31..
1961—Dec. 30..
1962—June 30.,
Dec. 28.

116,284
199,509
215,441
220,670
235,839

38,057 18,167
,
,660
117,642 43,125 5,676
124,925 45
248
129,193 45
6,801
140,106 48,673 7
",097

198,011
213,904
219,163
234,243

1961—Dec. 30.
1962—June 30.
Dec. 28.
1963—Mar. 18.

179,599
183,497
195,698
195,060

New York City:*
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.

12,896
26,143
20,393

1961—Dec. 30.
1962—June 30.
Dec. 28.
1963—Mar. 18.

30,297
30,396
32,989
32,941

City of Chicago:*
1941—Dec. 31.
1945—Dec. 31.
1947_Dec. 31.
1961—Dec. 30.
1962—June 30.
Dec. 28.
1963—Mar. 18.

1961—Dec. 30.
1962—June 30.
Dec. 28.
1963—Mar. 18.
Country:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.

40
49
114

117,092 42,957 5,628 3,247 1,811
965
124,348 44,965 6,211 4,030 2,107 1,027
128,613 45,717 6,766 3,234 1,981 1,469
139,449 48,458 7,060 5,119 2,103 2,551

106,232 40,931 3,934 3,877
109,212 41,435 4;220
3
' 220 3,088
,
118,637
43,843 4 419 4,954
118,490 43,832 4,580 4,283
4,072 2,807
7,334 3,044
7,179 5,361
19,535
19,224
21,954
21,501

1,827
1,699
1,777
1,790

1,014
1,453
2,445
2,994

412 169
2,453 1,172
545 267

32
26
93

1,956
1,512
17 2,766
13 2,138

2,760
5,931
5,088

954
73:
1,333
760
1,801 1,418

48
211
73

52
233
87

7,606
7,937
8,957
9,078

4,626
4,672
5,418
5,473

354
265
407
350

137
147
152
163

53
89
89
139

114 194
427 1,503
170 484

4
17
15

15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
68,565
70,145
73,130
72,594

42,379
43,824
46,567
46,710

16,879
17,077
17,660
17,555

12,518 5,890 1,676
35,002 5,596r 1,484
36,324 10,19 3,096

300
205
225

,076 976
1,184 888
1,179 1,053
1,179 1,159

467
376
409
568
425
572
409 1,020

20
4:
23

183
471
227

6,893 23,987 22,852 3 ,198 54,058
6,789 25,362 24,006 3 480 52,065
3 ,657 52 ,968
7,936 27,162 -,799
24
7,528 27',683 24,869 3,531
51,461
~
123
80
111

2,193
8,072
11,488
8,320
11,674

Certifi- Notes Bonds
cates

7,789 6,034 53,205 5,276 3 ,729
2,920 19,013 30,998 17, 570 3 ,294
2,114 26,336 26,641 20,345 3,592
3,629 26,041
453 23
,165 3,869
..,_..
3,932 23,841
987 24,755 4,543

934 2,072 ,220
1,711
1,774 1,084 2,075 ,321
2,087 1,329 2,143 1,196
2,040 1,425 2,119 ,082
22
36
46
221
278
362
379

669
611
703
698

9,229
6,467
8,862
7,839

1,842
2,984
3,249
2,628

21,390 21 598 16,691 2,617
21,367 21 247 19,321 2,899
19,443 21 414 20,773 3,319
19,480 21 514 21,978 3,131

7,265
311
522
1,623 5,331
287 272 17,574
477 3,433 3,325 10,339
564 238 11,972 1,002
640
558 9,772
7,862
7,659
7,017
6,984

1,430
95
51
40 4,213
26 2,890
149
476
456
523
537

229
298
369
369

2,041
1,936
2,129
2,275

2,117
1,989
1,998
1,799

442
492
508
247

256
133 1,467
132
235
92
478
200
151
377
115
572
60

729
606
638

830
629
604

2,806
2,247
2,023
2,299

2,635
3,158
3,585
4,082

265
355
432
374

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

182
181
213

193
204
185

743
816
741 1,150
788 1,242
864 1,167

124
179
168
162

2,496
2,931
2,488
2,640

728
844
849
780

1,527
1,508
6,467
295
751 5,421
956 820
855 387 29,552 1,034 6,982 5,653 15,883 1,126 916
1,459
373 2,358 1,901 15,563 1,342 1,053
3,147 1,969 351 20,196
9,590
10,272
11,030
11,25:

9,172 998 19,748 3,020
741 8,605 7,382 5,710
9,682 ,129 18,627 1,611 1,267 8,186 7,563 6,867
9,860 ,266 18,398 2,343 1,403 7,257 7,395 7,252
9,894 1,284 17,382 1,751 1,236 7,293 7,103 7,630

1,823
1,528
4,377
1,881
707 35< 26,999
3,827 1,979 224 22 ,857

1961—Dec. 30.
1962—June 30.
Dec. 28.
1963—Mar. 18.

73,131
75,019
80,623
80,447

39,693
41,492
44,698
44,805

10,165 2,811
10,719 3,007
11,299
",187
299 3
11,448 3,360

591
424
728
63:

438
416
447
45:

116
240
764
708

1,251
1,256
1,563
1,381

13,24:
13,728
14,441
14,627

11,132
11,792
12,273
12,319

Nonmember: :
1947—Dec. 31.
I960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Dec. 28.

18,454
33,910
35,856
37,188
40,141

5,43:
17,719
18,700
19,989
21,469

1,205 614
3,838
,16'
838 2,167
4,241 2,314
4,474 2,580
4,830 2,678

20
161
179
165
190

156
269
306
306
354

19
22
132

379
418
431
523

2,266
6,205
6,341
6,682
7,097

1,061
4,774
4,995
5,439
5,754

l 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.




Bills

State
and
local Other
govt. secusecu- rities
rities

3,494
3,653
19,539
971
3.007 15,561 3,090 2,871
3,455 1,900 1,057 78,338 2,275 6,985 4;271 44,807 3,2542,815
7,130 4,662 839
~~~ 57,914 1,987 5,816 4.815 45",295 4,199 3,105

784
470 3,261
727
556 3,148
752 1,020 3,583
767 1,128 3,409

659
648
818

947 69,221
2,901 61,003
3,412 66 ,578
3,713 64 ,443
3;909 66,434

U.S. Government
securities

21,046
988
3,159 16,899 3,651 3,333
4,773
4,505
4,677 2,361 1,132 88
88,912 2,455 9,071 16,045 51,342 3,873 3,258
9,266 5,654 914 67,941 2,124 7,552 5,918 52
- , 3 4 7 5,129 3,621
7,090 28,602 26,263 2,883 60,.,468 7,994 2,884 18,868 30,722 17,300 3,150
27,708 3,396 66,',026 11,356 2,098 26,145j26,426 20,068
7,296 30,211
30
20
3,462
— 25 ,886 26,231 22,883 3,747
7,200 31,915 29,299 3,692 (63,921 8,226 3 , 577
30,402 3,890 65,891 11,514 3,916 23,715 26,746 24
8,434 34,123
34
" ,547 4,356

39
47
113

11,278
10,980
11,943
11,839

2,609
2,659
2,941
2,989

Other
to
indi- Other
viduals
Total

9,393 5,723
830 1,220
115
3,284 1,833
966 7,106 28,713 26,396
4,056 2,134 1,033 7,311 30,320 27,847
3,254 2,005 1,474 7,221 32,036 29,444
'"" 34,259 30,553
5,144 2,131 2,578 8, 459

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

Other reserve city:
1941_Dec. 31.
1945—Dec. 31.
1947_Dec. 31.

Investments

For
To
purchasing
financial
or carrying institutions
Total
Comloans !
mer- Agri- securities
and
cial culReal
invest- Total 2 and
esments
tur- 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., 21,809 25,765 9,461 ,314 3 164 3,606
1947—Dec. 31.. 14,274 37,583 18,012 1,610 823 1,190
I960—Dec. 31.,
1961—Dec. 30.,
1962—June 30.
Dec. 28.,

1

727
827
913
872

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

751 24,407
732 23,843
826 25,425
796 24,820

3,614
566 9,560 10,667
2,667 1,075 9,405 10,696
4,144 1,223 8,849 11,209
3,718 1,085 8,768 11,248

109
207
214
233
252

206 1,973 1,219 7,920 1,078 625
1,670
624 3,941 5,668 3,431 857
2,259
27: 4,947 5,046 3,655 976
1,853
64: 4,675 5,210 3,845 971
2,81~
683 4,398 5,573 3,982 1,224

11,318
11,904
12,525
12,383
13,466

7,530 1,500
8,146 1,539
8,694 1,807
9,099 1,723

2
Breakdowns of loan, investment, and deposit classifications are not
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.

813

COMMERCIAL BANKS

JUNE 1963

RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Time deposits

Demand deposits
Class of
bank and
call date

Reserves
with
F.R.
Banks

BalDeCur- ances mand
rency with
deand
doposits
coin mestic4
adbanks justed 5

17,796
16,720
16,918
16,839
17,680

2,216
3,346
3,689
3,185
4,252

Interbank

Certified
and
officers'
checks,
etc.

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

U.S.
Govt.

State
and
local
govt.

1,343
5,945
5,946
9,554
6,829

6,799
11,674
12,242
11,814
12,071

2,581
4,602
5,056
4,437
4,511

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
6,815

11,582
12,149
11,727
11,991

4,564
5,023
4,390
4,434

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

33,061
62,950
72,704

140
64
50

50
99
105

8,724
7,182
7,897
7,689

5,381
8,734
6,086
4,760

9,487
9,107
9,270
8,874

4,654 105,454
4,080 94,826
4,083 104,646
3,950 98,481

303
351
358
374

260
274
243
241

4,371
5,096
5,158
5,745
29
20
14
162
221
266
318

Total: 2
1947_Dec.
I960—Dec.
1961—Dec.
1962—June
Dec.

1960—Dec.
1961—Dec.
1962—June
Dec.

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

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

16,720
16,918
16,839
17,680

3,326
3,670
3,168
4,232

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
1961—Dec.
1962—June
Dec.
1963—Mar.

10,216
13,681
14,169
11,799
13,099

13,409
13,871
11,524
12,795

87,123
115,120
122,654
114,043
124,342

114,292
121,671
113,136
123,361

ForDomestic4 eign «

11,362
15,453
16,574
13,185
14,713

15,339
16,440
13,053
14,579

1,430
1,627
1,340
1,215
1,295

1,582
1,298
1,182
1,265

IPC

240
84,987
117,103 1,799
481
124,622
112,534
525
124,459
535

111
262
283
300
269

158
70
54

59
103
111

116,388 1,667
123,878
333
111,874
388
123,744
402

262
283
300
269

36,544
72,593
83,723

866
4,544
5,465
6,341
6,450

4,481
5,412
6,290
6,397

2,813
2,399
3,263
3,005

New York City:*
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .

5,105
4,015
4,639

93
111
151

141 10,761
78 15,065
70 16,653

3,595
607
866
3,535 1,105 6,940
3,236 1,217
267

319
237
290

450
1,338
1,105

11,282
15,712
17,646

30....
30....
28....
18....

3,286
3,495
4,121
3,341

240
165
251
254

143
106
156
126

17,089
15,796
17,095
16,103

4,330
3,643
3,854
3,926

967 1,267
874 1,918
929 1,408
880
818

333
327
366
309

2,583
2,390
2,237
2,231

20,213
17,580
19,628
17,953

6
17 " i o
12
12
191
38
53
210
53
207
55
215

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

1,021
942
1,070

43
36
10

298
200
175

2,215
3,153
3,737

1.027
U292
1,196

8
127
20 1,552
21
72

233
237
285

34
66
63

2,152
3,160
3,853

2

9

30....
30....
?8....
18....

889
916
1.071
856

37
31
44
42

158
94

3,809
3,728
4 ?62
4,146

1,578
1,083

45
44
41
44

369
546
410
265

315
330
288

124
109
109
118

4,830
4,082
4.804
4,458

14
18
18
14

5
7
7
7

8
10
16
49

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

491
54
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

7,533
858
7,406
764
7,671 1,021
7,130
935

2,542
2,111
2,253
2,301

36,187
33,710
35,481
33,917

8,107
6,394
7,229
6,829

243
228
248
237

2,103
3,670
2,337
1,863

3,520
3,191
3,216
2,822

1,152
907
980
901

40,315
36,504
39,413
37,199

62
75
82
90

110
110
83
82

2,210
4,527
4,993

526
796
929

3,216 9.661
4,665 23,595
3,900 27,424

790
[,199
1,049

2

7

225
5,465
432

1,370
2,004
2,647

239
435
528

8,500
21,797
25,203

30
17
17

31
52
45

5,210
5,023
4,817
4,771

1,678
1,438
1,947
1,774

5,881
4,872
5,389
5,105

43,575
40,321
44,689
42,737

1,910
1,512
,753
1,612

15
17
19
19

1,641
2,601
1,931
1,752

5,320
5,261
5,337
5,456

796
676
756
700

40,095
36,660
40,801
38,872

37
48
51
55

108
104
100
97

544
828
876
787
989

3,947
5,099
5,446
4.617
5,202

13,595
20,525
21,994
20,489
22,814

385
578
649
553
642

55
65
70
52
57

167
657
565
819
743

1,295
2,658
2,755
2.707
2,802

180
357
402
356
428

12,284
17,970
19,168
17,708
19,813

190
160
178
174
176

1961—Dec.
1962—June
Dec.
1963—Mar.

1961—Dec.
1962—June
Hec.
1963—Mar.

1961_Dec.
1962—June
Dec.
1963—Mar.

30....
30
28....
18....

Country:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1961—Dec.
1962—June
Dec.
1963—Mar.

30
30....
28.,..
18....

Nonmember: 2
1947—Dec. 31
1960—Dec. 31
1961—Dec 30
1962—June 30
Dec. 28 ,,

OQ

157

I J90

1,270
1,163
1,237
1,117

* Beginning with 1942, excludes reciprocal bank balances.
5 Through 1960, demand deposits other than interbank and U.S.
Govt, less cash items in process of collection; beginning with 1961
demand deposits other than domestic commercial interbank and U.S.
Govt, less cash items in process of collection.
6 Beginning with June 1961, reclassification of deposits of foreign
central banks reduced foreign interbank demand deposits by about $400
million and interbank time deposits by about $1,500 million. These
amounts are now included in demand and time deposits of individuals,
partnerships, and corporations.




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

62,526 438 18,638
69,793 735 19,179
74,316 3,550 19,854
77,352 2,883 19,919
778
1,206
1,418

1,648
195 2,120
30 2,259

6,735 283 3,683
7,824 381 3,761
8,937 1,728 3,898
9,541 1,357 3,920
476
719
902 . . . . .
1,996
2,581
^.001
3,161

243 4,542
160 9,563
332 11,045
2,310
2,706
2,633
2,873

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

66,605 149 20,628
76,426 462 22,089
85,124 773 22,810
90,714 3,584 23,712

418 11,878
399 23,712
693 27,542

16,918
16,839
17,680
16,098

15,924
12,633
14,071
13,558

65, 10,059
34,383
66,836 163 20,986
76,680 471 22,459
85,393 786 23,183
90,991 3,627 24,094

492 15,146
496 29,277
826 33,946

30....
30....
28....
18....

100,660
93,555
101,528
96,903

IPC

Bor- Capital
row- acings counts

35
34
267

288
377
426
870
894
948
954

1,967
**2 2,566
1 2,844

23,962
81 6,997
26,847 240 7,201
28,027 1,388 7,263
29,205 1,038 7,294

146 6,082
219 12,224
337 14,177

4 1,982
11 2,525
23 2,934

29,834
32,541
34,350
35,446

40
80
172
222

7,088
7,323
7,744
7,750

6
172 6,858
25
985 13,378
23 1.094 14,169
26 1 245 15,614
26 1,292 16,675

12
33
33
52
77

1,596
3,590
3,822
4,005
4,240

1,891
2,158
2,242
2,504

NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U. S. possessions except for member
banks. During 1941 3 mutual savings banks became members of the
FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until
July 1962) are included in member banks but are not included in all insured
or total banks. Comparability of figures for classes of banks is affected
somewhat by changes in F.R. membership, deposit insurance status, and
the reserve classifications of cities and individual banks, and by mergers,
etc.
For other notes see opposite page.

814

WEEKLY REPORTING MEMBER BANKS

JUNE 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Total
loans
and
investments 1

Wednesday

Loans
and
Cominvestments Loans mercial
ad
and
justed* justed* industrial

Agritural

To brokers
and dealers

To financial institutions

To others

U.S.
U.S. Other
Govt. Other
sese- Govt.
sesecuricuricuri- curities
ties
ties
ties

Nonbank

Bank

Foreign

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

Real
estate

All
other

Valuation
reserves

Total—
Leading Cities
1962
May

2
9
16
23
30

Apr.

121 J .416
106 ,418
96 I 416
93 ,398
408
91

704 1,788 3,472
701 1,659 3,267
681 1,768 3,334
702 1,716 3,262
693 1,694 3,316

2,288
2,272
2,312
2,308
2,320

13,874
13,923
13,990
14,041
14,068

17,558
17,536
17,557
17,570
17,625

92 J 432
435
92
103 1,443
99 1,452

674 1.914 3,944
694 ,654 3,810
796 3,769
680
681 ,458 3,671

2,693
2,704
2,734
2,760

15,944
16,026
16,093
16,185

18,367 ,937
18,431 ,935
18,559 1,932
18,528 1,935

85
77
77
75
75

,459
469
,475
,488
492

684 >,125 3,943
679 ,714 3,779
694
,613 3,878
707 ,429 3,730
702 .722 3,714

2,762
2,769
2,796
2,800
2,869

16,237
16,310
16,421
16,502
16,537

18,751
18,694
18,765
18,769
18,833

1,937
1,938
1,934
1,932
1,934

1,343
I 271
1,151
1,133

33
18
17
17
17

444
440
429
432

1,201
1,032
1,087
1,043
1,080

498
488
486
481
480

932
941
952
963
955

3,293
3,280
3,298
3,274
3,270

496
496
490
490
490

239 I 379
I 427
1 416
262 1,370

19
19
21
21

404
408
407
408

883 1,309
1,250
1,219
403 1,171

529

J.354

295
317

521
523

3,047
3,053
3,059
3,042

562
562

588 I 698
508 1,524
429 I 690
339 1,688

17
12
12
12
12

88

123,697
122,038
123,080
122,548
122,354

121,909
120,379
121,312
120,832
120,660

75,930
75,073
75,429
74,719
74,647

32 937
32,910
33 123
32,978
32,854

1,372 1,371 2 541
929 2,357
1,377
1 377 1 102 2 160
1,384
546 2 154
1,378
487 2,123

3
10
17
24

130,729
130,209
131,583
130,612

128,815
128 555
129,787
129,154

81,130
81,230
81,522
81,219

35,256
35 274
35,258
35,036

1,512
1 527
1,538
1,548

May 1
8
15
22
29

133,015
131 491
132,329
131,969
131,565

130,890
129 777
130,716
130,540
129,843

82,961
82 285
82,963
82,755
82,280

35,337
35 232
35 433
35,267
35,068

1,540 1,036 3,064
840 2 836
1 538
747 3 063
1,548
1,555
634 3,160
1,560
294 3,070

30,360
29,346
29 664
29,435
29,332

29,802
28,663
29,130
28,756
28,514

19,617
18,830
19,016
18,398
18,261

10,865
10,812
10 877
10,794
10,742

10 1,014
611
9
9
733
9
380
9
297

J 480

24

31 485
31 164
31,685
31,091

30 602
30 672
31,065
30,688

19 690
19,759
19,735
19,448

11 643
11 606
11,563
11,400

12
12
12
12

1
8
15
22
29

32 453
31,491
31,810
31,530
31,374

31 793
30,992
31,461
31,278
30,829

20 582
20,134
20,449
20,194
19,935

11 564
11,474
11 553
11,492
11,420

12
13
12
12
13

93,337
92,692
93 416
93,113
93,022

92,107
91,716
92,182
92,076
92,146

56,313
56,243
56 413
56,321
56,386

22,072
22,098
22 246
22,184
22,112

1,362
1,368
1 368
1,375
1,369

357
318
369
166

1 061
1,014
889
1,003
190
990

1,724
1,723
1,719
1,717
1,716

1963
521
535
622
564

2,632
2 637
2 655
2,630

New York City
1962
May 2
9
16

....

23

30

447

340
348
336
347
336

558

683
534
679
818

1963
Apr

May

3
10
17

...

121

664

317
329
319

492
620

410
415
419
424
429

323

660 1,379
499 1,259
349 1,342
252 1,221
545 1,230

88
79
76
74

969
974
976
969
976

364
353
345
355
357

320
319
326
334
330

516

1,401
1,441
1,488

538

1,519

535
522
520
525

1,608

561
676

1.646

3,097
3,077
3,099
3,089
3,108

562
562

563
563
563
563
563

Outside
New York City
1962
May 2
9
16
23
30

1,230 2,271 1,790 12,942
976 2,235 1,784 12,982
1,234 2,247 1,826 13,038
1,037 2,219 1,827 13,078
876 2,236 1,840 13,113

14,265 1,228
14,256
7?7
14,259 [,229
14,296 1,227
14,355 ,776

1963
Apr.

3
10
17
24

99,244
99,045
99,898
99,521

98,213
97,883
98,722
98,466

61,440
61,471
61,787
61,771

23 613
23,668
23,695
23,636

1 500
1,515
1,526
1,536

282
240
305
302

1 253
1,210
1,239
1,260

73
73
82
78

1,028
1,027
1,036
1,044

357
365
361

2,164
2,183
2,211
2,244

14,590
14,625
14,652
14,697

15,320 1,375
15,378 ,373
370
15,500
15,486 1,373

May

1
8
15
22
29

100,562
100,000
100,519
100 439
100,191

99,097
98,785
99,255
99 262
99,014

62,379
62,151
62,514
62,561
62,345

23,773
23 758
23,880
23 775
23,648

1,528
1 525
1,536
1 543
1,547

448
332
318
295
173

1.366
1 312
1,373
1 472
1 406

68
65
65
63
63

1,049
1,054
1,056
1 064
1,063

361 ,465 2,564 2,224
715 2,520 2,234
360
368 1,264 2,536 2,274
373 1,177 2,509 2,280
372 1,177 2,484 2,344

14,718
14,749
14,813
14,876
14,891

15,654
15,617
15,666
15,680
15,725

For notes see p. 816.




1.031 2,635
167 2,560
,176 2,550
361 1,055 2,500

1,374
1,375
1,371
1,369
1,371

JUNE 1963

WEEKLY REPORTING MEMBER BANKS

815

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

Cash assets 3

U. S. Government securities
Wednesday
Total

Bills

Certificates

Notes and bonds
maturing—

Other
securities

Total

With- 1 to After
in
1 year 5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

Currency
and
coin

Reserves
with
F. R.
Banks

All
other

Total
assets—
Total
liabilities
and
capital
accounts

TotalLeading Cities
1962
May

2
9
16
23
30

Apr.

May

32,069
31,667
32,125
32,320
32,256

3,874
3,432
3,831
3,970
3,96f

2,370
2,371
2,171
2,147
2,121

6,455
6,501
6,536
6,635
6,608

14,805
14,798
14,584
14,525
14,535

4,565
4,565
5,003
5,043
5,030

13,910
13,639
13,758
13,793
13,757

17,241
16,853
17,393
16,825
17,132

2,968
2,667
2,922
2,640
2,887

137
153
136
153
164

1,443
1,478
1,489
1,540
1,581

12,693
12,555
12,846
12,492
12,500

4,701
4,600
4,478
4,489
4,57f

159,588
155,410
159,508
155,769
156,349

3
10
17
24

30,857
30,348
30,946
30,597

4,724
4,200
4,773
4,409

1,750
1,794
1,808
1,807

2,507
2,495
2,489
2,456

14,222
14,230
14,226
14,216

7,654
7,629
7,650
7,709

16,828
16,977
17,319
17,338

17,207
16,895
17,281
17,473

3,103
2,952
3,209
2,906

190
171
193
184

1,533
1,618
1,691
1,679

12,381
12,154
12,188
12,704

4,919
4,886
5,028
5,058

165,988
164,902
168,269
165,423

1
8
15
22

30,689
30,277
30,481
30,225
29,966

4,537
4,156
4,342
4,220
4,145

1,841
1,857
1,754
1,779
1,774

2,441
2,444
2,381
2,378
2,390

14,168
14,203
14,618
14,602
14,530

7,702
7,617
7,386
7,246
7,127

17,240
17,215
17,272
17,560
17,597

18,028
17,341
17,716
17,606
16,910

3,361
2,943
3,256
2,977
2,931

194
200
199
207
210

1,554
1,567
1,628
1,648
1,618

12,919
12,631
12,633
12,774
12,151

5,126
5,076
5,020
4,952
5,074

171,271
166,664
171,255
167,600
167,292

6,766
6,705
6,945
7,207
7,111

1,210
,135
,413
,603
,562

669
665
451
451
437

,567
,556
,406
,458
,429

2,382
938
2,402
947
2,511 1,164
2,515 1,180
2,516 1,167

3,419
3,128
3,169
3,151
3,142

3,896
3,563
4,158
3,805
3,705

122
77
69
63
69

210
222
209
220
221

3,494
3,186
3,814
3,440
3,328

2,012
1,938
1,873
1,901
1,888

41,413
39,030
40,788
39,404
39,479

1963

29
New York City
1962
May

2
9
16
23
30
1963

Apr.

3
10
17
24

6,527
6,417
6,614
6,565

,713
,607
,813
,754

211
219
226
223

500
500
507
515

2,442 1,661
2,437 ,654
2,419 ,649
2,407 ,666

4,385
4,496
4,716
4,675

3,673
3,676
3,479
4,205

113
105
92
87

238
252
243
246

3,238
3,252
3,064
3,801

2,068
2,037
2,161
2,167

41,433
41,212
41,739
41,439

1
8

6,639
6,406
6,564
6,452
6,238

1,850
1,625
1,875
1,794
1,630

245
266
232
230
235

501
490
347
347
357

2,390
2,399
2,582
2,591
2,544

,653
,626
,528
,490
,472

4,572
4,452
4,448
4,632
4,656

4,240
3,934
4,087
4,193
3,903

112
71
100
117
79

227
242
231
239
227

3,824
3,539
3,680
3,758
3,512

2,165
2,139
2,100
2,097
2,136

44,455
42,054
43,660
42,337
42,708

25,303
24,962
25,180
25,113
25,145

2,664
2,297
2,418
2,367
2,400

1,701
1,706
1,720
1,696
1,684

4,888
4,945
5,130
5,177
5,179

12,423
12,396
12,073
12,010
12,019

3,627
3,618
3,839
3,863
3,863

10,491
10,511
10,589
10,642
10,615

13,345
13,290
13,235
13,020
13,427

2,846
2,590
2,853
2,577
2,818

1,233
1,256
1,280
1,320
1,360

9,199
9,369
9,032
9,052
9,172

2,689
2,662
2,605
2,588
2,684

118,175
116,380
118,720
116,365
116,870

Apr. 3
10
17
24

24,330
23,931
24,332
24,032

3,011
2,593
2,960
2,655

1,539 2,007 11,780 5,993
1,575
,995 11,793 5,975
1,582
,982 11,807 6,001
1,584
,941 11,809 6,043

12,443
12,481
12,603
12,663

13,534
13,219
13,802
13,268

2,990
2,847
3,117
2,819

106
104
113
113

1,295
1,366
1,448
1,433

9,143
8,902
9,124
8,903

2,851
2,849
2,867
2,891

124,555
123,690
126,530
123,984

May

24,050
23,871
23,917

2,687
2,531
2,467
2,426
2,515

,940 11,778 6,049
1,596
1,591
,954 11,804 5,991
1,522 2,034 12,036 5,858
1,549 2,031 12,011 5,756
1,539 2,033 11,986 5,655

12,668
12,763
12,824
12,928
12,941

13,788
13,407
13,629
13,413
13,007

3,249
2,872
3,156
2,860
2,852

117
118
123
128
125

1,327
1,325
1,397
1,409
1,391

9,095
9,092
8,953
9,016
8,639

2,961
2,937
2,920
2,855
2,938

126,816
124,610
127,595
125,263
124,584

May

15
22

29

Outside
New York City
1962
May 2
9
16
23
30
1963

1
8
15
22
29

23,773
23,728

For notes see the following page.




816

WEEKLY REPORTING MEMBER BANKS

JUNE 1963

ASSETS AND LIABILITIES O F BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Deposits

Borrowings

Demand
Wednesday

Demand
Total
deunadjusted^ posits
adTotal*
justed 5

IPC

Time

DomesStates
For- U.S. tic
and
Total«
local eign? Govt. commerGovt.
cial
banks

Other time
Sav-

Other Capital
From From liabiliacF. R. others ties counts
Banks

IPC

States
Forand
local eign 7
Govt.

7,860
7,964
8,061
8,169
8,322

3,426
3,420
3,394
3,404
3,403

2,245
2,256
2,267
2,264
2,265

36
36
174
44
38

2,098
1,948
2,186
2,120
1,804

5,498
5,330
5,478
5,434
5,473

13,225
13,237
13,220
13,217
13,253

Total—
Leading Cities
1962
138,731
134,859
138,450
134,954
135,781

63,071
61,842
60,657
60,857
61,621

93,061
88,959
92,378
88,675
89,297

65,458
63,380
64,770
62,589
63,705

5,771
5,366
5,179
5,404
5,404

4,744 11,297
684 4,201
4
10,997
5,725 11,439
622 5,521
5
10,390
5,028 10,357

45,670
45,900
46,072
46,279
46,484

Apr. 3 . . .
10...
17...
24

144,118
142,962
146,256
142,722

61,811
63,139
64,393
63,529

90,700
89,439
92,831
89,07:

65,005
65,970
68,586
65,806

4,772
4,652
5,056
5,050

,676 3,684 12,072
,674 1,843
' ~'~ 11,545
,676 1,991 12,070
758 2,389 10,874

53,418
53,523
53,425
53,650

35,956 10 ,447
35,929 10,529
35,785 10,470
35,801 10,601

3,839
3,856
3,961
4,006

2,790
2,814
2,812
2,843

48
269
33
798

2,563
2,409
2,559
2,359

5,462
5,442
5,636
5,759

13,797
13,820
13,785
13,785

May

148,923
144,163
148,507
144,892
144,714

63,699
61,888
61,006
61,245
61,143

95,17:
90,13'
94,266
90,477
90,176

67,004
63,914
66,197
63,760
64,260

5,993
5,376
5,364
5,367
5,399

,691
,773
,748
,672
,635

4,957 11,414
4,191 11,302
5,204 11,866
5,481 10,678
4,537 10,753

53,751
54,026
54,241
54,415
54,538

35,822 10,679
35,909 10,854
35,952 11,036
36,014 11,133
36,048 11,175

4,019
4,052
4,027
4,039
4,076

2,834
2,818
2,834
2,847
2,857

75
332
565
732
79

2,671
2,551
2,481
2,293
2,662

5,737
5,738
5,833
5,817
5,926

13,866
13,881
13,865
13,860
13,919

33,734
31,721
33,043
31,931
32,341

16,289
15,575
15,345
15,377
15,650

26,096
24,007
25,268
24,086
24,411

17,075
16,109
16,592
16,078
16,666

439
316
293
365
330

,318
,280
,281
,218
,203

1,633
1,349
1,657
1,562
1,378

1,072
815
1,269
968
615

2,866
2,750
2,700
2,769
2,786

3,741
3,744
3,739
3,736
3,737

3
10
17
24

33,889
33,528
33,938
33,295

15,647
15,966
16,167
15,988

24,123
23,738
24,243
23,518

16,334
16,484
17,161
16,575

894
,037
,096
,232

2,792
2,740
2,849
2,935

3,858
3,858
3,856
3,857

1
8
15
22
29

36,615
34,122
35,416
34,116
34,653

16,422
15,372
15,004
15,262
15,025

26,831
24,287
25,529
24,203
24,711

,073
,185
,248
,226
,293

2,
2,860
2,854
2,838
2,887

3,884
3,887
3,885
3,875
3,875

104,997
103,138
105,407
103,023
103,440

46,782
46,267
45,312
45,480
45,971

Apr. 3

10
17
24

110,229
109,434
112,318
109,427

1
8
15
22
29

112,308
110,041
113,091
110,776
110,061

May 2 . . .
9...
16...
23...
30...

31,776
31,891
31,976
32,066
'32,116

1963

1...
8
15...
22...
29...

New York City
1962
May

2...
9...
16...
23...
30...

3,029
2,900
3,173
2,884
2,829

7,638
7,714
7,775
7,845
7,930

3,355
3,377
3,395
3,422
3,429

2,323
2,364
2,391
2,436
2,505

189
191
188
185
193

1,601
1,607
1,624
1,624
1,623

298
278
287
274

1,218 1,037 3,232
1,236 493 2,944
1,245 498 3,164
1,309 662 2,892

9,766
9,790
9,695
9,777

4,189
4,188
4,165
4,169

3,110
3,108
3,053
3,113

269
268
266
265

2,004
2,027
2,015
2,03'

17,405
15,974
16,620
15,976
16,414

755
312
311
331
394

1,259
1,341
1,304
1,251
1,225

66,965
64,952
67,110
64,589
64,886

48,383
47,271
48,178
46,511
47,039

46,164
47,173
48,226
47,541

66,577
65,701
68,588
65,55

47,277
46,516
46,002
45,983
46,118

68,341
65,850
68,737
66,274
65,465

1963
Apr.

May

49
120

,579
,279
,466
,462
,185

3,233
3,146
3,396
2,962
3,206

9,784
9,835
9,887
9,913
9,942

4,175
4,194
4,204
4,216
4,215

3,126
3,172
3,212
3,211
3,231

265
265
270
274
279

2,026
2,011
2,020
2,030
2,035

5,332
5,050
4,886
5,039
5,074

413 3,111
404 2,852
404 4,068
404 3,959
398 3,650

8,268
8,097
8,266
7,506
7,528

38,032
38,186
38,297
38,434
38,554

'28,421
••28,514
'28,581
••28,644
'28,687

'5,537
'5,600
'5,670
'5,733
r
5,817

3,23'
3,229
3,206
3,219
3,210

644
64!
643
640
642

36 1,026 2,632
36 1,133 2,580
137
917 2,778
44 1,152 2,665
1,189 2,687

9,484
9,493
9,481
9,481
9,516

48,671
49,486
51,425
49,231

4,474
4,374
4,769
4,776

458
438
431
449

2 ,647
1,350
1,493
1,727

8,840
8,601
8,906
7,982

43,652
43,733
43,730
43,873

31,767
31,741
31,620
31,63f

7,337
7,421
7,417
7,488

3,570
3,588
3,695
3,741

786
78'
79
809

48
220
33
678

,669
,372
,463
,127

2,670
2,702
2,787
2,824

9,939
9,962
9,929
9,928

49,599
47,940
49,57?
47,784
47,846

5,238
5,064
5,053
5,036
5,005

43: 3,378
43: 2,912
444 3,738
3
421 4,019
410 3,35:

8,181
8,156
8,470
7,716
7,547

43,967
44,191
44,354
44,502
44,596

31,647
31,715
31,748
31,798
31,833

7,553
7,682
7,824
7,922
7,944

3,754
3,787
3,757
3,765
3,797

808
807
81
817
822

75
332
308
450
79

,598
,366
,233
,06'
,369

2,85
9,981
2,878 9,993
2,979 9,984
2,979 9,991
3,039 10,036

257
282

Outside
New York City
1962

May

2
9
16
23
30

1963

May

1
After deduction of valuation reserves.
2 Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loans items are shown gross.
3 Excludes cash items in process of collection.
4 Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U.S. Govt., less cash items in process of collection.




6 Includes certified and officers' checks and deposits of mutual savings
banks,
not shown separately.
7
Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign
branches of U.S. banks other than reporting bank.
8 Includes U.S. Govt., postal savings, domestic commercial interbank,
and mutual savings banks, not shown separately.

JUNE 1963

817

BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(Net change in millions of dollars)

Industry
May
22

Week

Month

1963

1963

May
15

May
8

May
1

May

Quarter
1962

1963

Apr.

Mar.

Half year

I

IV

1962
III

1st

2nd

Durable goods manufacturing:
Machinery
Transportation equipment
Other fabricated metal products...
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
Trade: Commodity dealers
Retail
Transportation, communication, and

8
-7
-31
1
-5

-11
-15

-46
-13
19
-24
4

18
-26
-44
20
23

-61
-12
-105
9
9

16
107
23
2
46

12
135
-11
22
33

-25
-13
62
-44
-158

-49
31
-15
-48
140

-74
19
47
-91
-18

-131
89
96
126
128

-120
26
26
-52
20

-136
9
12
17
-7

-67
125
13
105
34

-371
207
-32
90
46

416
-275
31
25
-112

111
96
12
-154
7

528
-179
43
-129
-105

-497
289
-67
76
174

13
-34
2
-35

16
14
-6
4
7
3
-21
15
39

6
-94
43
24

-30
-78
50
22

78
-82
2
102

296
-69
-77
-7

91
133
60
117

-25
87
63
36

66
220
123
154

178
-237
34
61

-22
13

19
23

-41
91

-64
53

16
23

-233
-42

346
-46

309
29

655
-17

-510
182

-1

-5
2
5
4
7

16
-23
-20
8
7

-48
-26
-1
-26
-5

26
26
11
-3
8

-68
25
4
-4
7

-15
-7
13
-6

3
-7
4
-10

8
-25
10
35

-39
9

2
7

17
17
7
16

-32

-15

-1
39
11

-21

89

32

67

60

21

283

8

290

20<

Net change in classified loans

-171

-154

153

-132

258

-46

-244

598

21

893

640

1533

19f

Commercial and industrial change—
all weekly reporting banks

-199

-166

201

-105

301

32

-172

644

42

1103

709

1812

434

Construction
.
All other types of business, mainly

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

All
loans

period

Size of loan
(thousands of dollars)

Area

1—
10

10—
100

100—
200

200
and over

Year:
19 large cities:
1954
1955
1956
1957
1958
1959
I960
1961
1962

. ..

. ...

3.6
3.7
4.2
4 6
4 3
5.0

5.0
5.0
5.2
5 5
5 5
5.8

4.3
4.4
4.8
5 1
5 0
5.5

3.9
4.0
4.4
4 8
4 6
5.2

3.4
3.5
4.0
4 5
4.1
4.9

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 98
5.01
4 99
5.02
5.00

5 89
5 88
5 86
5.88
5.89

5 54
5 53
5 53
5^55
5.55

5 21
5 25
5 21
5.28
5.21

4 81
4.84
4 82
4.85
4.83

Quarter: 1
19 large cities:
1962

Mar
June
Sept
Dec
1963 Mar

i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL.,
pp. 228-37. Bank prime rate was 3% per cent Jan. 1,1954-Mar. 16,1954.




All
loans

QTlH

period

Quarter—cont.: *
New York City:
1962—Mar
June
Sept
Dec
1963 Mar
..
7 northern and
eastern cities:
1962—Mar
June.
Sept
Dec .
1963—Mar
11 southern and
western cities:
1962 Mar
June
Sent
Dec
1963—Mar

...
...

Size of loan
(thousands of dollars)
1—
10

10—
100

100—
200

200
and over

4.78
4.79
4.77
4.78
4 80

5.65
5.64
5.60
5.61
5 62

5.36
5.35
5.35
5.33
5 36

5.04
5.09
5.14
5.12
5 06

4.68
4.68
4.65
4.68
4 70

4.97
5 00
5.00
5.05
4.98

5.85
5 83
5.87
5.85
5.85

5.53
5 52
5.51
5.55
5.53

5.17
5 21
5.20
5.23
5.18

4.83
4 86
4.87
4.92
4.84

5 28
5.33
5 32
5.33
5.30

6 01
6.01
5 98
6.01
6.02

5 66
5.65
5 65
5.68
5.66

5 35
5.39
5 28
5.41
5.33

5 03
5.12
5 12
5.10
5.07

Changes thereafter occurred on the following dates (new levels shown, in
per cent): 1954—Mar. 17, 3; 1955—Aug. 4, 3 % ; Oct. 14, 3 ^ ; 1956—
Apr. 13, 334; Aug. 21, 4; 1957—Aug. 6, 4 % ; 1958—Jan. 22, 4; Apr. 21,
3Vi; Sept. 11, 4; 1959—May 18, 4%; Sept. 1, 5; and 1960—Aug. 23, 4&

818

INTEREST RATES

JUNE 1963
MONEY MARKET RATES
(Per cent per annum)

Period

U.S. Government securities (taxable) j

Finance

Prime
coml.
paper,
^toe- 1
months

CO.

paper
placed
3- to 6months 2

Prime
bankers'
acceptances,
90 days 1

6-month bills

3-month bills

9- to 12-month issues

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

Bills
(market
yield)

Other*

3-to 5year
issues 5

I960
1961
1962

3 85
2.97
3.26

3.54
2.68
3.07

3 51
2.81
3.01

2.928
2.378
2.778

2.87
2.36
2.77

3.247
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

1962—May
June
July
SeDt
Oct
Nov
Dec

3.16
3.25
3.36
3.30
3.34
3.27
3.23
3.29

2.95
3.02
3.20
3.12
3.13
3.04
3.08
3.16

2.91
2.90
3.07
3.11
3.09
3.03
3.00
3.00

2.694
2.719
2.945
2.837
2.792
2.751
2.803
2.856

2.68
2.73
2.92
2.82
2.78
2.74
2.83
2.87

2.789
2.804
3.085
3.005
2.947
2.859
2.875
2.908

2.78
2.80
3.08
2.99
2.93
2.84
2.89
2.91

2.91
2.89
3.17
3.10
2.99
2.90
2.94
2.94

2.98
3.02
3.23
3.13
3.00
2.90
2.92
2.95

3.53
3.51
3.71
3.57
3.56
3.46
3.46
3.44

1963 Jan
Feb
Mar
Apr
May

3.34
3.25
3.34
3.32
3.25

3.18
3.13
3.15
3.17
3.15

3.07
3.13
3.13
3.13
3.13

2.914
2.916
2.897
2.909
2.920

2.91
2.92
2.89
2.90
2.92

2.962
2.970
2.950
2.988
3.006

2.96
2.98
2.95
2.98
3.01

3.00
3.00
2.97
3.03
3.06

2.97
2.89
2.99
3.02
3.06

3.47
3.48
3.50
3.56
3.57

3.25
3.25
3.25
3.25
3.25

3.13
3.14
3.19
3.15
3.13

3.13
3.13
3.13
3.13
3.13

2.898
2.905
2.903
2.922
2.974

2.90
2.91
2.90
2.94
2.98

2.988
2.993
2.990
3.005
3.055

2.99
2.99
2.99
3.02
3.06

3.05
3.04
3.04
3.06
3.09

3.00
3.00
3.03
3.10
3.17

3.56
3.54
3.55
3 59
3.64

Week ending—
1963 May 4
11
18
25

i Averages of daily offering rates of dealers.
* Averages of daily rates, published byfinancecos., 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.
3 Selected note and bond issues.

BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds

Period

United
States
(longterm)

Corporate bonds

State
and local

By selected
rating
Industrial

Railroad

Public
utility

Preferred

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

3.47
2 97
3 37

3.55
3.65
3.72
3.74
3.66
3.62
3.53
3.57

4.58
4.59
4.63
4.64
4.61
4.57
4.55
4.52

4.28
4.28
4.34
4.35
4.32
4.28
4.25
4.24

5.00
5.02
5.05
5.06
5.03
4.99
4.96
4.92

4.42
4.45
4.52
4.51
4.45
4.40
4.39
4.40

4.83
4.86
4.90
4.90
4.88
4.85
4.83
4.76

4.50
4.47
4.48
4.50
4.49
4.46
4.42
4.41

4.45
4.52
4 59
4.55
4.50
4.49
4 45
4.42

3.32
3.78
3.68
3.57
3.60
3.71
3 50
3.40

r

6.40

r

6 57

2.95
2.99
2.97
2.97
2.99

3.56
3.57
3.56
3.55
3.54

4.49
4.48
4.47
4.47
4.48

4.21
4.19
4.19
4.21
4.22

4.91
4.89
4.88
4.87
4.86

4.38
4.37
4.38
4.40
4.40

4.72
4.69
4.65
4.63
4.63

4.38
4.37
4.38
4.39
4.39

4.34
4.27
4.24
4.31
4.29

3.31
3.27
3.28
3.15
3.13

*3.53

3.01
3.01
2.97
2.97
3.00

3 56
3.56
3.52
3.52
3.55

4.48
4.48
4.47
4.47
4.48

4.22
4.22
4.21
4.22
4.23

4 87
4.86
4.86
4.85
4.84

4 41
4.40
4.40
4.40
4.40

4 63
4.63
4.63
4 63
4.63

4 40
4 39
4.39
4 39
4.39

4 31
4 30
4 28
4 27
4.27

3 09
3 10
3 14
3 15
3.15

5

5

120

30

30

40

40

40

14

500

4.01
3.90
3.95

3.69
3.60
3.30

3.26
3.27
3.03

4.22
4.01
3.67

3.88
3.90
4.02
3.97
3.94
3.89
3.87
3.87

3.21
3.31
3.37
3.38
3.28
3.21
3.15
3.22

2.98
3.06
3.10
3.10
3.01
2.94
2.89
2.93

1963—Jan
Feb
Mar
Apr

3.88
3.92
3.93
3.97
3.97

3.22
3.24
3.21
3.21
3.21

Week ending—
1963 Mav
4
y
ii:.::::::::::::::
18
25
June 1

3.98
3.97
3.96
3 97
3.99

3.23
3.23
3.19
3.20
3.22

4-12

20

Sept
Oct
Nov
Dec

i Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.




Earnings/
price ratio

Baa

Baa

July

Dividend/
price ratio

Aaa

Aaa

1962—May

By
group

Total i
Total i

I960
1961
1962

Stock:i

Common
5 oo
4 74
6 05

r

6.24

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.

JUNE 1963

819

SECURITY MARKETS
SECURITY PRICES
Bonds

Common stocks

Standard
and Poor's
U.S.
Govt.
(longterm)

Period

State
and
local

Corporate
AAA

Standard and Poor's index
(1941-43= 10)

Volume
of
trading
Trade,
(thoufisands
nance, Minof
and
ing shares)
service

Securities and Exchange Commission index
(1957-59= 100)
M a nufacturing

Industrial

Total

Railroad

Public
utility

Total
Total

Trans- Public
utilNon- portation
ity
durable

Durable

1960
1961...
1962

86.22
87.55
86.94

103.9
107.8
112.0

94.7
95.2
95.6

55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4
66.27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2
62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0

1962—May....
June....
July
Aug....
Sept
Oct
Nov
Dec

87.87
87.61
86.07
86.64
87.02
87.73
87.96
87.96

113.5
111.2
110.2
110.1
112.1
114.4
114.5
113.0

95.9
95.7
95.4
95.3
95.8
96.6
96.6
96.6

62.99
55.63
56.97
58.52
58.00
56.17
60.04
62.64

66.32
58.32
59.61
61.29
60.67
58.66
62.90
65.59

30.71
28.05
28.29
28.09
27.68
27.40
30.47
32.24

58.84
53.32
55.51
56.96
56.96
55.63
57.69
60.24

128.3
114.3
116.0
119.5
117.9
114.3
122.8
128.0

119.0
105.7
106.9
110.4
108.9
105.6
114.0
119.1

117.5
103.2
104.4
109.1
106.2
102.5
110.7
114.0

120.6 98.5
108.1 90.2
109.2 90.0
111.7 90.6
111.5 88.5
108.4 86.6
117.3 97.2
123.8 102.3

167.1
151.1
156.7
160.7
158.2
154.3
162.0
167.9

161.6 97.5
141.3 88.3
139.4 90.9
143.6 92.7
141.6 92.3
135.9 91.3
145.4 97.7
151.8 101.5

5,045
4,770
3,532
3,368
3,310
3,423
4,803
4,048

1963- Jan
Feb
Mar....
Apr
May....

87.81
87.33
87.15
86.63
86.66

113.0
112.1
113.3
113.2
112.6

97.4
97.8
97.8
97.4
97.1

65.06
65.92
65.67
68.76
70.13

68.00
68.91
68.71
72.17
73.60

34.06
34.59
34.60
36.25
38.37

63.35
64.07
63.35
64.64
65.56

132.6
135.0
133.7
140.7
143.2

123.6
125.5
124.5
132.0
134.3

119.2
121.0
118.7
126.9
130.7

127.7
129.7
129.9
136.9
137.7

107.3
110.3
109.3
116.3
124.2

173.0
177.5
174.5
179.2
180.6

155.8
158.4
158.6
164.8
170.0

106.8
109.3
111.5
120.1
123.2

4,574
4,168
3,565
5,072
4,781

Week ending—
1963—May 4.
11.
18.
25.
June 1.

86.55
86.70
86.80
86.67
86.45

112.9
113.0
112.7
112.5
111.8

97.2
97.1
97.2
97.0
97.1

69.92
69.97
70.33
70.07
70.25

73.42
73.49
73.79
— '"
73.47
73.71

37.58
37.48i
38.18;
39.00
39.49

65.24
65.21
65.84
65.72
65.40

142.7
143.7
143.0
142.5
144.1

133.8
135.0
133.9
133.3
135.4

128.6:
'"*
131.7130.3
129.8
133.3

*~~ -!
I
138
137 .4
136 .7
137 .5

181.6
181.4'
180.6!
180.0
179.61

168.01
168.8
171.6
170.7
171.1

121.9
123.2
123.3
122.9
124.7

4,593
4,856
5,075
4,936
4,155

NOTE.—Annual data are averages of monthly data. Monthly and
weekly data are computed as follows:
U.S. Govt. bonds, derived from average market yields in preceding
table on basis of an assumed 3 per cent, 20-year bond, averages of daily
figures.
Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year
bond; Wed. closing prices.

138.6 121.lj!
121.2
124.4
126.7!
127.6!

73.8 3,042
92.5 4,085
98.0 3,820

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 5 */i-hour trading day.

STOCK MARKET CREDIT
(In millions of dollars)
Customer credit

Months

Total
securities
other than
U.S. Govt.

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—

U.S.
Govt.
securities

Other
securities

U.S.
Govt.
securities

Other
securities

Money borrowed on—

U.S.
Govt.
securities

Customers'
free

Other securities
Total

Customer
collateral

Other
collateral

balances

1959—Dec
1960—Dec
1961—Dec

4,461
4,415
5,602

150
95
35

3,280
3,222
4,259

167
138
125

1,181
1,193
1,343

221
142
48

2,362
2,133
2,954

2,044
1,806
2,572

318
327
382

1,135
1,219

1962—May....
June....
July
Aug
Sept
Oct
Nov
Dec

5,408
4,938
4,876
5,073
5,156
5,165
5,285
5,494

35
32
29
23
27
25
24
24

4,000
3,605
3,562
3,773
3,887
3,864
3,951
4,125

91
92
83
80
81
81
82
97

1,408
1,333
1,314
1,300
1,269
1,301
1,334
1,369

44
46
32
35
49
29
28
35

2,845
2,194
2,091
2,472
2,689
2,596
2,558
2,785

2,499
1,897
1,856
2,190
2,381
2,271
2,269
2,434

346
297
235
282
308
325
289
351

1,205
1,374
1,252
1,130
1,091
1,126
1,151
1,216

1963—Jan
Feb
Mar
Apr
May.. ..

5,595
5,717
5,754
5,978
6,229

28
23
28
27
24

4,208
4,332
4,331
4,526
4,737

95
91
100
99
75

1,387
1,385
1,423
1,452
1,492

32
35
63
33
33

2,895
'3,059
C
3,129
C
3,239
3,655

2,556
2,695
2,754
2,889
3,150

339
364
375
350
505

1,199
1,191
1,175
1,201
1,166

NOTE.—Data in the first three cols, and last col. are for end of month,
in the other cols., for last Wed.
Net debit balances and broker and dealer credit; ledger balances of
member firms of the N. Y. Stock Exchange carrying margin accounts, as
reported to the Exchange. Customers' debit and free credit balances
exclude balances maintained with the reporting firm by other member
firms of national securities exchanges and balances of the reporting firm
and of general partners of the reporting firm. Balances are net for each
customer—i.e., all accounts of one customer are consolidated. Money
borrowed includes borrowings from banks and from other lenders except
member firms of national securities exchanges.




996

Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks. Before July 1959, loans for purchasing or
carrying U.S. Govt. securities were reported separately only by N. Y.
and Chicago banks. Accordingly, for that period the fifth col. includes
any loans for purchasing or carrying such securities at other reporting
banks. Composition of series also changed beginning with July 1959;
revised data for the new reporting series (but not for the breakdown of
loans by purpose) are available back through July 1958 and have been
incorporated.

820

OPEN MARKET PAPER; SAVINGS INSTITUTIONS

JUNE 1963

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances

Commercial and finance
company paper

Based on—

Held b y End of period

Accepting banks
Placed
through
dealers *

Placed
directly2

Total

2,672
32,751
3,202
4,497
4,686

551
840
677
1,358
1,711

2,121
3 1,911
2,525
3,139
2,975

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

5,641
5,919
5,865
6,170
6,576
6,577
6,986
7,091
6,000

1,883
1,869
1,878
2,002
2,119
2,228
2,417
2,501
2,088

1963—Jan
Feb
Mar
Apr

6,790
6,996
7,076
7,359

2,091
2,193
2,260
2,204

Total

1957
1958.
1959
1960
1961.

Total

Own Bills
bills bought

1,307
1,194
1,151
2,027
2,683

287
302
319
662
1,272

194
238
282
490
896

3,758
4,050
3,987
4,168
4,457
4,349
4,569
4,590
3,912

2,392
2,345
2,342
2,306
2,277
2,281
2,367
2,476
2,650

981
949
965
1,009
937
952
1,025
1,086
1,153

4,699
4,803
4,816
5,155

2,593
2,565
2,589
2,658

1,153
1,141
1,167
1,251

F.R.
Banks

ImOthers ports
into
United
States

Exports
from
United
States

Dollar
exchange

Own
acct.

Foreign
corr.

94
64
36
173
376

66
49
75
74
51

76
68
82
230
126

878
775

67 S
,060
,234

278
254
357
403
485

456
349
309
669
969

763
733
731
736
721
748
824
841
865

218
216
234
273
216
204
201
245
288

36
33
60
43
35
36
34
38
110

94
112
85
80
71
68
69
88
86

,281
,251
,232
,175
,234
,225
1,239
,264
,301

479
462
473
485
488
520
502
525
541

849
840
886
977

304
301
280
274

72
54
52
44

84
84
83
83

[,284
1,285
1,288
1,280

538
542
554
523

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
nvestors.

Goods stored in or
shipped between
points in—
United
States

Foreign
countries

46
83
74
122
117

296
244
162
308
293

232
263
249
524
819

826
787
751
705
667
674
679
719
778

74
96
145
143
138
144
160
173
186

158
145
117
93
72
73
110
145
171

855
855
857
881
912
870
917
914
974

730
703
730
750

149
159
142
146

180
148
122
108

996
1,013
1,041
1,130

3Beginning 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)
Loans

Securities

End of period
Mortgage

Other

U.S.
Govt.

State
and
local
govt.

Corporate
and
other 1

Other
assets

Deposits 2

Other
liabilities

Surplus
accounts

Mortgage loan
commitments 3

Number

Amount

829
606

689
185

11,772
16,962

10,503
15,332

38
48

1,231
1,582

3,366
3,549
4,344
4,971
4,845

966
920
889
921
829

414
448
490
535
552

31,346
33,381
35,215
37,784
38,945

28,182
30,026
31,683
34,031
34,977

310
369
427
526
606

2,854
2,986
3,105
3,227
3,362

89,912
65,248

1,664
1,170

672
677
527

5,076
5,040
5,177

874
937
956

589
640
695

40,571
42,829
46,121

36,343
38,277
41,336

678
781
828

3,550 58,350
3,771 61,855
3,957 114,985

1,200
1,654
2,548

6,531
6,315
6,331
6,296
6,285
6,311
6,314
6,152
6,133
6,107

633
607
587
582
577
568
563
548
542
527

5,090
5,055
5,057
5,069

5,177

896
817
829
883
837
808
852
867
832
956

676
671
670
675
678
677
702
697
683
695

43,897
43,766
44,100
44,421
44,706
45,073
45,388
45,502
45,776
46,121

39,083
39,032
39,216
39,642
39,814
40,029
40,458
40,644
40,791
41,336

973
923
1,016
921
1,021
1,127
996
955
1,025
828

3,840 69,223
3,811 73,401
3,868 78,707
3,859 79,248
3,871 84,357
3,917 83,803
3,934 88,882
3,904 93,526
3,960 99,616
3,957 114,985

1,698
1,817
1,897
1,940
1,994
2,088
2,122
2,229
2,323
2,548

6,146
6,177
6,436

512
^501
475

5,173
5,162
5,153

819
870
891

735 46,451 41,565
722 '46,826 '41,780
743 47,435 42,305

932
1,052
1,107

3,955 101,815
»"3,993 108,060
4,023 103,534

2,345
2,398
2,379

1941
1945

4,787
4,202

89
62

3,592
10,650

1955
1956
1957
1958
19594

17,279
19,559
20,971
23,038
24,769

211
248
253
320
358

8,464
7,982
7,583
7,270
6,871

646
675
685
729
721

1960
1961
1962

26,702
28,902
32,056

416
475
602

6,243
6,160
6,107

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

29,563
29,833
30,087
30,398
30,688
31,000
31,243
31,548
31,820
32,056

508
468
537
519
506
560
563
536
586
602

1963—Jan..
Feb.
Mar.

32,492
32,812
33,125

575
'583
611

1,786
1,257

r

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. 807.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings
Banks Association of the State of New York.
4
Data reflect consolidation of a large mutual savings bank with a
commercial bank.




Cash
assets

Total
assets—
Total
liabilities
and
surplus
accts.

NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in BULLETIN; the latter are for call dates and
are based on reports filed with U.S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves.

SAVINGS INSTITUTIONS

JUNE 1963

821

LIFE INSURANCE COMPANIES
(In millions of dollars)
Business securities

Government securities
Total
assets

End of period

Statement value:
1941
1945

Total

United State and Foreign *
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

84 486
90,432
96,011
101,309
107,580
113,650

12,262
11,829
11,067
10,690
11,234
11,581

9 070
8,576
7,555
7,029
7,183
6,868

1,846
2,038
2,273
2,376
2,681
3,200

1,346
1,215
1,239
1,285
1,370
1,513

37,300
39,545
41,543
44,057
47,108
49,666

34,032
35,912
38,040
40,666
42,999
45,105

3,268
3,633
3,503
3,391
4,109
4,561

25,976
29,445
32,989
35,236
37,062
39,197

2,298
2,581
2,817
3,119
3,364
3,651

3,127
3,290
3,519
3,869
4,188
4,618

3 523
3,743
4,076
4 338
4,624
4,937

119 576
126 816

11,679
11,896

6 427
6 134

3 588
3,888

1,664
1,874

51,857
55,294

46,876
49,036

4,981
6,258

41,771
44,203

3,765
4,007

5 231
5,733

5 273
5 683

119,576
126,816

11,699
11,915

6,428
6,135

3,606
3,902

1,665
1,878

51,053
53,967

46,967
49,149

4,086
4,818

41,815
44,250

3,796
4,011

5,233
5,735

5,980
6,938

Sept
Oct
Nov
Dec

128,351
128 569
128,931
129 144
130,002
130,596
131 069
131,735
132 505
133,169

12,271
12,341
12,323
12,237
12,418
12,459
12,451
12,609
12,720
12,510

6,307
6 351
6,325
6 230
6 406
6,385
6 337
6,368
6 405
6,189

4,051
4,064
4,050
4 058
4,062
4,090
4,104
4,080
4,062
4,060

1,913
1,926
1,948
1,949
1,950
1,984
2,010
2,161
2,253
2,261

54,719
54,965
55,274
55,445
55,697
55,927
56,165
56,359
56,509
56,555

49,811
50,039
50,307
50,491
50,706
50,908
51,099
51,246
51,352
51,374

4,908
4,926
4,967
4,954
4,991
5,019
5,066
5,113
5,157
5,181

44,656
44,751
44,946
45,142
45,340
45,576
45,758
46,051
46,380
46,980

4,036
4,010
4,024
4,043
4,097
4,106
4,110
4,124
4,134
4,124

5,850
5 880
5,927
5 981
6,038
6,079
6 114
6,151
6 185
6,214

6,819
6 622
6,437
6 296
6 412
6,449
6 471
6,441
6 577
6 786

l%3_jan
Feb
Mar

134 011
134,500
134,977

12,852
12,877
12,687

6,312
6,243
6,032

4.088
4,080
4,063

2.452
2,554
2,592

56,829
57,059
57,381

51,592
51,784
52,038

5.237
5,275
5,343

47,203
47,348
47,618

4,154
4,171
4,179

6 245
6,279
6,320

6 728
6,766
6,792

1954
1955
1956
1957
1958
1959

...

1960
1961
Book value:
I960—Dec
1961 Dec
1962—Mar.r
Apr
May
June • . . •
July

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)
Liabilities

Assets
End of
period

Total
assets 2 —
Total
liabilities

Reserves
and
undivided
profits

Mortgages

U.S.
Govt.
securities

1941
1945

4,578
5,376

107
2,420

344
450

775
356

6,049
8,747

4,682
7,365

475
644

256
336

t 36
402

1955
1956
1957
1958
1959

31,408
35,729
40,007
45,627
53,141

2,338
2,782
3,173
3,819
4,477

2,063
2,119
2,146
2,585
2,183

1,789
2,199
2,770
3,108
3,729

37,656
42,875
48,138
55,139
63,530

32,142
37,148
41,912
47,976
54,583

2,557
2,950
3,363
3,845
4,393

1,546
1,347
1,379
1,444
2,387

1,411
1,430
1,484
1,161
1,293

I960
1961
1962

60,070
68,834
78,973

4,595
5,211
5,549

2,680
3,315
3,946

4,131
4,775
5,348

71,476
82,135
93,816

62,142
70,885
80,422

4,983
5,708
6,539

2,197
2,856
3,633

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

70,766
71,608
72,585
73,631
74,511
75,527
76,371
77,333
78,137
78,973

5,528
5,482
5,468
5,402
5,448
5,437
5,479
5,509
5,556
5,549

3,187
3,109
3,116
3,381
2,987
2,949
3,036
3,135
3,234
3,946

4,790
4,884
5,297
5,237
5,054
5,158
5,236
5,276
5,448
5,348

84,271
85,083
86,466
87,651
88,000
89,071
90,122
91,253
92,375
93,816

72,888
73,274
74,056
75,487
75,501
76,149
77,019
77,854
78,728
80,422

5,738
5,737
5,741
6,025
6,029
6,032
6,047
6,067
6,081
6,539

1963—Jan
Feb.'
Mar

79,648
80,341
81,247

5,739
5,910
6,087

3,612
3,719
3,809

5,234
5,283
5,399

94,233
95,253
96,542

81,407
82,251
83,446

6,572
6,588
6,583

Cash

Other*

1
Includes other loans, stock in the Federal home loans 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 Jan. 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.




Savings
capital

Borrowed
money 3

Loans in
process

Other

Mortgage
loan
commitments

713
874

833
843
862
1,475
1,285

1,186
1,550
2,010

968
1,136
1,212

1,359
1,908
2,230

2,296
2,422
2,520
2,885
2,972
3,065
3,160
3,196
3,173
3,633

1,656
1,792
1,910
1,983
2,010
1,998
2,006
1,993
1,941
2,010

1,693
1,858
2,239
1,271
1,488
1,827
1,890
2,143
2,452
1,212

2,335
2,474
2,616
2,557
2,551
2,518
2,472
2,438
'2,436
2,230

2,896
2,701
2,605

1,939
1,964
2,108

1,419
1,749
1,800

2,343
2,447
2,663

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.

822

FEDERAL FINANCE

JUNE 1963
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U.S. Government cash transactions
Payments to the public,
other than debt

Receipts from the public,
other than debt

Net cash borrowing
or repayment

Period
Budget
net

Plus:
Trust
funds

Less:
Intragovt. i

Equals:
Total
rects.2

Plus:
Trust
funds

Budget

Less:
Equals:
Adjust-3 Total
ments
payts.

Net
rects.
or
payts.

Change
Less:
in
Invest.
debt
by
(direct agen. &
& agen.) trusts

Less:
Noncash
debt

Equals:
Net

Cal. year—1960
1961
1962.

79,518
78,157
84,709

21,773
24,260
25,508

2,946 98,287
4,425 97,929
3,942 106,230

77,565
84,463
91,908

21,285
24.689
24|456

3,593
4,156 94,694
4,414 104,738 - 6 , 8 0 9
4,414 111,949 - 5 , 7 2 1

-549
6,791
9,053

1,629
-434
1,056

491
470
1,386

-2,669
6,755
6,612

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
3,129 94,301
111
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:
1961—Jan.- J u n e . . . .
July-Dec
1962—Jan.-June
July-Dec

42,330
35,826
45,583
39,126

13,442
10,673
13,652
11,856

2,497
1,782
2,007
1,935

53,249
44,680
57,207
49,023

41,298
43,165
44,622
47,286

12,533
12,010
12,099
12,357

2,990
1,278
2,907
1,507

50,840
53,898
53,814
58,136

2,408
-9,217
3,393
-9,114

-1,307
8,098
2,911
6,142

1,052
-1,484
-1,950
-894

68
402
521
865

-2,426
9,180
440
6,172

Month:
1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

5,754
7,024
11,615
3,566
7,089
10,053
3,030
7,027
8,360

1,587
4,053
2,575
1,194
3,447
1,622
1,377
2,531
1,684

279
222
1,109
190
204
532
253
265
491

7,060
10,850
13,077
4,567
10,328
11,140
4,150
9,289
9,548

7,289
7,229
8,102
7,252
8,541
7,327
8,524
8,070
7,572

1,867
1,591
2,252
1,859
2,082
2,362
2,197
2,047
1,811

83
-340
730
-203
46
1,049
573
95
-53

9,074
9,160
9,624
9,314
10,577
8,639
10,149
10,021
9,436

-2,014
1,690
3,453
-4,747
-249
2,501
-5,998
-732
112

784
2,386
-674
-62
4,266
-2,309
2,974
3,258
-1,984

-737
39
2,168
85
41
564
101
-940
411
1,511
21
-624
121
-353
449 «1,548
-936 6-1,337

-1,278
778
2,344
-1,706
3,206
1,262
289

1963—Jan
Feb
Mar
Apr

5,533
7,305
9,663
5,735

994

3,365
2,128
1,757

238
315
239
238

6,285
10,352
11,548
7,251

8,013
6,763
7,806
7,590

2,477
2,492
2,232
2,035

1,660
478
1,041
-104

8,830
8,776
8,997
9,728

-2,544
1,576
2,552
-2,476

-372
1,010
-1,949
104

-1,007
522
49
-884

61
33
-4

1,482
133

575
455
-1,996
901

Effects of operations on Treasurer's account
Net operating transactions
Period

Agencies & trusts
Budget
surplus
or
deficit

Fiscal year—1959...
1960...
1961...
1962...

Net financing transactions

Trust
funds

Clearing

Change in
cash balances

Treasurer's account
(end of period)
Operating bal.

Market
issuance
of
sec. *

Invest,
in U.S.
Govt.
sec. 4

Change
in
gross
direct
public
debt

71

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

—710

-12,427
1,224
-3,856
-6,378

-1,511
-359
565
213

-29
-149
285
566

1,023
-733

658

1,112
-714
-435
-435

1,032

Held
outside
Treasury

Treasurer's
account

Balance

F.R.
banks

Tax
and
loan
accts.

Other
net
assets

Half year:
1961—Jan.-June
July-Dec
1962—Jan.-June
July-Dec

-7,339
962
-8,160

906
-1,338
1,551
-502

266
-137
703
-598

-240
394
263
-62

1,221
-1,656
1,135

—1,246
7,198
2,032
5,269

—274
199
-81
4

283
-200
3,935
-2,922

6,694
6,494
10,430
7,509

408
465
612
597

5,453
5,157
8,815
6,092

833
872
1,003
820

Month:
1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

-1,535
-205
3,513
-3,686
-1,452
2,727
-5,494
-1,042
788

-279
2,461
320
-664
1,365
-739
-821
485
-127

10
-449
-44
-163
-356
541
151
-1,852
1,080

-43
-21
5
-119
46
41
10
3
-42

864
455
2,222
-2,182
-642
-973
992
-325
3,966
-1,470
-2,344
572
796
2,569
-382
«3,323
626 «-l,920

395
-319
-111
85
-52
60
-39
-57
6

-924
2,145
2,290
-4,051
2,151
738
-2,750
591
400

5,995
8,140
10,430
6,380
8,530
9,268
6,518
7,109
7,509

569
526
612
390
478
400
513
585
597

4,150
6,623
8,815
5,089
7,210
7,919
5,131
5,728
6,092

1,276
991
1,003
901
842
949
874
796
820

1963—Jan
Feb
Mar
Apr

-2,480
542
1,857
-1,854

-1,483
873

692
-133
619
-160

-39
-17
-209
-70

57
73
-245
100

-2,024
1,961
806
-1,672

5,485
7,446
8,252
6,579

821
841
909
952

3,678
5,580
6,466
4,340

9S6
1,025
877
1,287

-104
-277

1,396
-452
43
616

1
Primarily interest payments by Treasury to trust accounts and accumulations
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.




-53
1,221
-1,645
173

5 Primarily military defense, military assistance, and atomic energy.
^ Includes $1,412 million of 2VA per cent Treasury bonds of 1960-65
acquired by Treasury for retirement on Dec. 15, 1962, in exchange for
various issues on Nov. 15, 1962.
NOTE.—Treasury Dept. & Bureau of the Budget.

823

FEDERAL FINANCE

JUNE 1963
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)

Selected excise taxes
(IRS data)

Budget receipts
Transfers to trusts

Period
Net2

Fiscal year—1959
1960
1961.....
1962

Indiv. taxes

High- R.re-R.
way tire.

Oldage

67,915 7,920 2,074
77.763 10,122 2,539
77,659 11,490 2,798
81,409 11,545 2,949

Refunds

Total

Employment
taxes

Corpo- Excise
ration
taxes
taxes

Other
receipts

Liquor

Mfrs.
Torebacco and
tailers

5,464
6.813
7,007
6,412

3.002
3,194
3.213
3,341

1,807
1,932
1,991
2,026

4,315
5,114
5,294
5,536
2,570
2,656
2.8SO
2,876

Withheld

Other

525
607
571
564

83,904 29,001
5,114
5,237 96,962 31,675
5,976 99,491 32,978
6,266 103,818 36,246

11,733
13,271
13,175
14,403

18,092
22,179
21,765
21,296

16,362 9,990
17,652 3,189
18.593 11,213
18,958 3,319

12,927
8,259
13,036
8,810

5,826
6,394
6.358
6,808

7,439
5.024
7,686
5,608

3,877
3,057
3,357
4,050

1,528
1,754
1 587
1,805

984
1,035
QQ1
1,040

10.760 8.854
11,865 11,159
12.064 12 502
12,752 12,708

Half year:
1961—Jan.-June.... 42,330
35,826
July-Dec.
1962—Jan.-June.... 45,583
39,126
July-Dec

6,728
4,741
6,802
5,311

1,301
1,533
1,415
1,672

274
278
288
291

5,104
885
5,380
805

56,421
43,575
60,243
47,553

Month:
1962—Apr
May........
June
July
Aug
Sept
Oct
Nov
Dec

5,754
7.024
11,615
3,566
7.089
10 053
3 030
7,027
8,360

729
2.181
1,001
436
1,699
911
536
1,129
600

230
264
233
281
332
287
276
218
277

13
82
51
12
86
50
14
77
51

1.417
1,101
233
165
193
111
200
73
64

8,153
10.658
13,346
4,540
9.445
11,414
4.068
8,533
9,553

1,017
5.287
3,024
1 199
5,298
2,980
1 156
5,195
3,131

4,330
955
1,985
299
169
2,092
235
117
407

445
469
5,377
525
431
3,533
460
412
3,450

959
.157
,126
,106
.188
,103
.150
,125
,136

745
2,266
1,054
450
1,786
962
551
1,208
652

65?
524
780
961
573
744
516
478
780

245
305
311
257
289
290
363
339
267

158
169
192
148
197
171
190
182
152

5,533
7,305
9,663

178
1,761
1,308
920

261
234
279
258

12
78
48
13

109
838
1,720
1,603

6,285 1,269
10.997 5,422
13,093 3,182
8,544
973

2,367
783
745
4,371

517
422
6,081
551

,099
,038
,081
,022

429
2,596
1,428
940

605
736
576
686

243
216
278

166
163
160

1963—Jan
Feb
Mar
Apr

5,735

1,356
1,509
1,367

•1,635

Budget expenditures

Total ^

National
defense5

Fiscal year—1959..
I960..
1961..
1962..

80,342
76,539
81.515
87,787

46,491
45,691
47,494
51,103

Half year:
1961—Jan.-June.
July-Dec..
1962—Jan.-June.
July-Dec..

41,298
43,165
44,622
47,286

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

Space
research

Agriculture

Natural
resources

Commerce
and
transp.

3,780
1,832
2,500
2,817

145
401
744
1,257

6,590
4.882
5,173
5,895

1,670
1.714
2.006
2,147

2,017
1,963
2,573
2,774

24,269
23.980
27,123
25,953

1,334
1,634
1,183
1,317

412
482
775
1,024

2,310
3,567
2,328
4,590

948
1,179
968
1,331

1,359
1,262
1,512
1,339

7,289
7,229
8,102
7,252
8.541
7,327
8.524
8,070
7,572

4,314
4,786
5,036
3,954
4,448
4,035
4 610
4,566
4,344

273
-110

141

363

143

214

-10

155
142

—29
-90

358
327
57

156
300
224
232
212
215

190
23
-19
-23

721

161
209
191
247
268
231
219
175

231
308

135
187
141
187
187
187

300
396
664

8,013
6.763
7,806
7,589

4,548
4.102
4,523
4,522

251

233

510
253
473
397

184
156
143
157

224

3

310
212
220

-125

483
HO
379
443

150
125
110
93

Period

Intl.
affairs

314
95
276
204

708

194

210
299

250
271

1961

1.126

570
978

531

1962

Hous- Health,
ing
&
& com. labor
devel. welfare

Education

970
122
320
349

3,877
3 690
4.244
4,524

112
346
3
364

2,289
2,397
2,127
2,556

72
121

116

-157

1963

1961

I

III

General
Govt.

Veterans

Interest

732
866
943
1,076

5,287
5,266
5,414
5,403

7,671
9.266
9,050
9,198

1,466
1,542
1,709
1,875

535
462
614
578

2,755
2,725
2,678
2,663

4.463
4.502
4.696
4,936

856
938
937
979

381

84

438

780

297
492
460
348
415
454
470
409

98
109

434
397
442
492
401
440
443
445

780
831
834
806
813
826
814

175
129
168
138
195
150
182
156
158

486
445

863

405
367

832
828

84
131
125
61
79
98

843
820

1962

170
149
157
156
1963

Item
II

III

IV

II

III

IV

Seasonally adjusted

Net.

24 .5
26 .7

24 .6
26 .3

25 . 2
26 .9

25 .3
27

26 .5
27 . 0

27. 3
28. 1

27. 1
29. 2

2 .1

- 1 .7

- 1 .7

2 .2

- .5

-. 7

-2. 1

For notes, see opposite page.




III

IV

Not seasonally adjusted

as

Cash budget:
Receipts
Payments. . .

IV

27.4
28.3

28.5
27.4

23 .4
26 .7

21 .3
27 .2

26 .2
26 .0

31 .0
27 .9

26 .0
28 .5

23 .0
29 .6

28.2
26.6

1.1

- 3 .3

- 5 .9

.3

3 .1

- 2 .5

- 6 .6

1.6

824

U.S. GOVERNMENT SECURITIES

JUNE 1963

TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues 3
Total
gross
debt 1

End of period

Total
gross
direct
debt 2

Marketable
Total
Total

1941_Dec
1945_Dec
1947_Dec

Bills

Certificates

Notes

Bonds 4

Convertible
bonds

Nonmarketable

Special
issues 6

Total 5

Savings
bonds

8.9
56.9
59 5

6.1
48.2
52 1

7.0
20.0
29.0

64.3
278.7
257 0

57.9
278.1
256 9

50.5
255.7
225 3

41.6
198.8
165 8

2 0
17.0
15 1

38.2
21.2

6.0
23.0
11 4

33.6
120.6
118 0

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

280.8
276.7
275.0
283.0
290.9

280.8
276.6
274.9
282.9
290.8

233.9
228.6
227.1
236.0
244.2

163.3
160.4
164.2
175.6
188.3

22.3
25.2
26.9
29.7
39.6

15.7
19.0
34.6
36.4
19.7

43.3
35.3
20.7
26.1
44.2

81.9
80.9
82.1
83.4
84.8

11.4
10.8
9.5
8.3
7.1

59.2
57.4
53.4
52.1
48.9

57.9
56.3
52.5
51.2
48.2

43.9
45.6
45.8
44.8
43.5

1960—Dec
1961—Dec

290.4
296.5

290.2
296.2

242.5
249.2

189.0
196.0

39.4
43.4

18.4
5.5

51.3
71.5

79.8
75.5

5.7
4.6

47.8
48.6

47.2
47.5

44.3
43.5

1962—May

299.6
298.6
298.3
302.3
300.0
302.6
305.9
304.0

299.2
298.2
297.9
301.8
299.5
302.1
305.4
303.5

251.2
249.5
250.1
252.5
251.0
254.3
257.2
255.8

198.2
196.1
196.9
199.3
197.9
201.3
204.2
203.0

43.7
42.0
42.8
43.6
42.2
46.1
47.8
48.3

13.5
13.5
13.5
20.4
17.8
17.9
22.7
22.7

65.4
65.5
65.5
58.1
58.1
57.6
53.7
53.7

75.5
75.0
75.0
77.2
79.8
79.7
80.0
78.4

4.3
4.3
4.3
4.2
4.1
4.0
4.0
4.0

48.7
49.2
49.0
49.0
48.9
48.9
49.0
48.8

47.6
47.6
47.7
47.7
47.7
47.7
47.7
47.5

44.3
44.9
43.8
45.4
44.6
43.9
44.2
43.4

303.9
305 2
303.5
303.7
305.8

303.4
304.6
303.0
303.2
305.2

257.1
258.1
256.8
257.6
257.6

204.0
204.8
203.5
204.3
204.1

48.9
49.9
48.5
49.4
49.7

22.7
23.7
21.8
21.8
22.2

53.7
50.0
53.4
53.0
52.1

78.6
81.1
79.8
80.1
80.1

4.0
3 9
3.7
3.5
3.5

49.2
49 4
49.6
49.7
50.0

47.7
47.9
48.0
48.1
48.2

42.2
42.5
42.2
41.6
43.6

....

July
Aug
Sept
Oct
Nov. 7
Dec
1963—Jan
Feb
Mar
Apr
May

1 Includes some debt not subject to statutory debt limitation (amounting
to $368 million on May 31, 1963), and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled
$12,728 million on Apr. 30, 1963.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces

leave bonds, adjusted service bonds, Foreign ' currency series, Foreign
series, Rural Electrification Administration bonds, and before 1956,
tax and savings notes, not shown separately.
6 Held only by U.S. Govt. agencies and trust funds.
7 Includes $1.4 billion of 2% per cent partially tax-exempt bonds,
acquired by Treasury for retirement on Dec. 15, 1962, in exchange for
various issues on Nov. 15, 1962.
NOTE.—Based on daily statement of U.S. Treasury.

OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
End of
period

Total
gross
debt

Held by the public

U.S.
Govt.
agencies
and
trust
funds l

F.R.
banks

Total

Commercial
banks

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
govts.

Individuals
Other
Savings
bonds securities

Foreign
and
international2

Other
misc.
investors3

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

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

280.8
276.7
275.0
283.0
290.9

51.7
54.0
55.2
54.4
53.7

24.8
24.9
24.2
26.3
26.6

204.3
197.8
195.5
202.3
210.6

62.0
59.5
59.5
67.5
60.3

8.5
8.0
7.6
7.3
6.9

14.6
13.2
12.5
12.7
12.5

23.5
19.1
18.6
18.8
22.6

15.4
16.3
16.6
16.5
18.0

50.2
50.1
48.2
47.7
45.9

14.5
15.4
15.8
15.3
22.3

7.5
7.8
7.6
7.7
12.0

8.1
8.4
9.0
8.9
10.1

1960—Dec
1961—Dec

290.4
296.5

55.1
54.5

27.4
28.9

207.9
213.1

62.1
67.2

6.3
6.1

11.9
11.4

19.7
19.4

18.7
18.7

45.7
46.4

19.3
18.8

13.0
13.4

11.2
11.6

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

297.4
299.6
298.6
298.3
302.3
300.0
302.6
305.9
304.0

53.7
55.9
56.5
55.5
57.1
56.4
56.1
57.9
55.6

29.2
29.6
29.7
29.8
30.4
29.8
30.2
30.5
30.8

214.4
214.1
212.5
213.0
214.9
213.7
216.3
217.5
217.6

65.3
65.2
65.0
64.5
64.5
64.6
65.9
65.4
66.5

6.3
6.3
6.3
6.3
6.3
6.3
6.1
6.1
6.1

11.5
11.5
11.3
11.5
11.5
11.4
11.5
11.5
11.5

20.4
20.8
19.3
19.8
20.9
18.8
19.7
21.5
19.8

19.6
19.7
19.7
19.9
19.9
19.8
19.6
19.3
19.5

46.6
46.6
46.6
46.7
46.8
46.8
46.8
46.9
46.9

18.9
18.5
18.5
18.9
18.9
19.1
19.0
19.1
19.3

13.3
13.5
14.1
14.2
14.6
'15.1
15.4
15.4
15.3

12.5
11.8
11.6
11.3
11.5
11.9
12.3
12.2
12.7

1963—Jan
Feb
Mar
Apr

303.9
305.2
303.5
303.7

54.5
55.1
55.1
54.3

30.3
30.6
31.0
31.2

219.1
219.5
217.4
218.2

66.0
65.1
63.9
64.2

6.1
6.1
6.3
6.1

11.5
11.4
11.2
11.1

20.8
21.4
20.5
20.7

19.9
'19.9
20.1
20.6

47.1
47.2
47.3
47.3

19.6
19.6
20.1
19.5

'15.3
'15.2
'15.3
15.6

1 Includes the Postal Savings System.
2
Includes investments of foreign balances and international accounts
in the United States.




r

12.9
'13.8
'12.8
13.1

3 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.

JUNE 1963

U.S. GOVERNMENT SECURITIES

825

OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year

1-5
years

5-10
years

10-20
years

Over
20 years

48,530
49,430

34,384
40,984
39,034
33,117
33,039

72,298
66,360
61,640
61,328
61,079

18,684
19,782
33,983
37,962
37,952

13,224
11,976
4,565
6,770
6,770

10,979
13,419
15,539
15,764
16,054

1,482
1,252
1,591
1,900
1,702

591
583
865
1,229
1,050

891
669
726
671
652

2,431
1,860
1,425
1,173
1,173

1,602
1,594
2,731
2,948
2,949

1,461
1,756
1,309
1,808
1,809

1,140
2,022
2,583
2,630
2,630

27,384
28,881
30,820
30,963
31,182

15,223
17,650
17,741
17,691
17,846

3,217
3,349
2,723
2,583
2,664

12,006
14,301
15,018
15,108
15,182

10,711
8,737
10,834
10,924
10,988

1,179
2,227
2,094
2,183
2,183

243
204
68
69
69

28
63
83
96
96

Held by public:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30

153,515
158,600
162,553
162,050
162,878

57,125
65,526
67,952
62,056
62,921

35,638
39,512
44,662
44,718
45,718

21,487
26,014
23,290
17,338
17,203

59,156
55,763
49,381
49,231
48,918

15,903
15,961
29,158
32,831
32,820

11,520
10,016
3,188
4,893
4,892

9,811
11,334
12,873
13,038
13,328

Commercial banks:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30

54,260
59,073
58,004
55,686
56,098

14,697
21,149
19.885
15,179
15,593

6,976
9,962
9,838
8,039
8,481

7,721
11,187
10,047
7,140
7,112

31,596
30,751
26,348
26,045
25,920

5,654
5,043
11,163
13,390
13,414

1,775
1,724
191
652
631

538
407
417
420
540

Mutual savings banks:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30

5,944
5,867
5,793
6,053
5,865

480
686
635
875
679

144
181
252
568
384

336
505
383
307
295

1,544
1,514
1,337
1,304
1,305

1,849
1,708
2,210
2,196
2,202

897
662
306
392
394

1,174
1,298
1,305
1,285
1,285

Insurance companies:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30

9,001
9,020
9,265
9,153
9,232

940
1,228
1,259
926
920

341
442
552
521
515

599
786
707
405
405

2,508
2,222
2,175
2,138
2,208

2,076
1,625
2,223
2,360
2,371

1,433
1,274
718
810
811

2,044
2,671
2,890
2,919
2,921

10,741
10,547
10,750
10,762
10,986

8,340
8,697
9.063
8,319
8,659

5,599
5,466
6,551
6,597
7,175

2,741
3,231
2,512
1,722
1,484

2,269
1,747
1,524
2,006
1,922

58
72
149
415
382

39
22
5
13
9

33
8
9
9
14

2,454
2,760
2,862
3,173
3,188

322
446
437
427
396

163
155
254
260
241

159
291
183
167
155

858
895
817
771
769

473
617
1.030
1,246
1,285

396
371
105
256
259

406
431
473
473
480

State and local governments:
I960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30

10,957
10,893
11,716
11,835
12,510

3,933
3,974
4,447
4,374
4,983

2,643
2,710
3.282
3,506
4,119

1,290
1,264
1,165
868
864

1,785
1,320
1.059
1,044
1,046

828
842
1,505
1,420
1,423

1,382
1,250
688
937
987

3,029
3,507
4 017
4,060
4,070

All others:
I960—Dec.
1961—Dec.
1962—Dec.
1963—Mar.
Apr.

60,158
60,440
64,162
65,387
65,000

28,413
29,346
32,227
31,955
31,691

19,772
20,596
23.935
25,227
24,802

8,641
8,750
8.292
6,728
6,889

18,596
17,314
16.121
15,924
15,748

4,965
6,054
10,877
11,805
11,743

5,598
4,713
1,175
1,832
1,800

2,587
3,012
3,761
3,871
4,017

Type of holder and date

TO",
Total

Bills

Other

189,015
195,965
203,011
203,472
204,323

73,830
84,428
87,284
81,647
82,469

39,446
43,444
48,250

U.S. Govt. agencies and trust funds:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30

8,116
8,484
9,638
10,459
10,263

Federal Reserve Banks:
I960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30

All holders:
I960—Dec.
1961—Dec.
1962—Dec.
1963—Mar.
Apr.

31
31
31
31
30

Nonfinancial corporations:
I960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Mar. 31
Apr. 30
Savings and loan
1960—Dec.
1961—Dec.
1962—Dec.
1963—Mar.
Apr.

associations:
31
31
31
31
30

31
31
31
31
30

NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date and the
number of reporting owners surveyed were: (1) about 90 per cent by the
6,130 commercial banks, 507 mutual savings banks, and 809 insurance




cos. combined; (2) about 50 per cent by the 472 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

826

U.S. GOVERNMENT SECURITIES

JUNE 1963

DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity

By type of customer

Period
Total

1963

Jan
Feb
Apr

Over
10 years

5-10
years

1,689
'1,693
1 681
1,682
1,603
1,913
1,967
1,770
2,071

1,350
'1,337
1,3^7
1,457
1,318
1,432
1,517
1,266
1,446

180
218
191
139
158
293
263
262
366

114
114
'99
63
94
147
159
210
222

'1,871
2 350
1,694
1,788

'1,484
1,646
1,241
1,438

226
400
224
195

124
230
149
105

U.S.
Govt.
securities

Commercial
banks

Other

All
other

541
564
553
529
542
571
682
550
610

42
35
29
34
27
42
40
32
38

653
'661
652
621
600
766
744
722
881

453
433
'447
498
435
534
'501
466
543

90
90
89
82
78
105
115
70
88

79
50

621
733
544
509

37
44
39
33

730
952
657
757

484
622
454
488

81
73
91
91

45
'25
33
23
33
40
28
'32
OJ
00

. .

1-5
years

-JOJ
-HON

Within
1 year

1962—Apr
M^ay
June
July
Aug
Sept
Oct
Nov
Dec

U.S. Govt
agency
securities

Dealers and brokers

Week ending—
1963

Apr

3
10
17
24

1,944
1 491
2,107
1,499

1,589
1,181
1,787
1,205

208
170
163
163

106
87
110
96

42
53
47
35

547
466
561
483

24
27
41
29

781
618
942
604

593
380
564
384

93
62
54
124

May

1
8
15
22
29

2,249
1 738
1,506
1 489
1,679

1,671
1,199
1,087
1 092
1,134

350
311
256
203
326

157
134
103
130
146

71
94
59
65
73

603
578
488
439
590

48
31
37
25
27

904
632
608
585
558

695
499
373
439
504

98
136
40
94
61

NOTE.—The transactions data combine market purchases and sales of
U.S. Govt. securities dealers reporting to the F. R. Bank of N. Y. They
do not include allotments of and exchanges for new U.S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-

ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.

DEALER POSITIONS

DEALER FINANCING
(In millions of dollars)

(Par value, in millions of dollars)
U.S. Government securities, by maturity
Period

Commercial banks

U.S.
Govt.
agency
securities

Period

All
maturities

Within
1 year

1-5
years

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

'3,770
'3,641
3,777
2,881
'2,648
3,177
'3,569
4,013
4,268

3,388
2,985
3,398
2,818
2,484
2,643
2,991
3,309
3,829

252
403
261
94
72
323
383
447
365

131
255
118
-32
91
211
'195
256
74

193
196
293
'231
165
190
248
204
'227

1963—Jan
Feb
Mar
Apr

4,021
3,410
3,547
3,467

'3,622
2,863
'2,439
2,934

368
473
563
355

30
74
'543
178

'185
'128
'212
228

6..
13. .
20. .
27. .

3,279
3,368
4,061
3,567

1,937
2,111
2,940
2,661

622
620
596
493

718
638
526
414

185
208
207
219

1963—Mar.

3. .
10..
17..
24..

3,164
2,983
3,694
3,415

2,445
2,327
3,207
3,014

379
403
359
311

340
254
128
90

231
228
200
204

Apr.

Over
5 years

All
sources

New
York
City

Elsewhere

Corporations i

All
other

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

3,621
3,738
3,900
3,053
2,597
3,332
3,528
4,100
4,378

976
978
1,092
636
460
943
1,074
1,170
1,563

835
769
720
521
405
660
707
716
839

,354
,612
,798
,631
,438
,308
,301
,666
,566

456
379
290
266
294
421
445
548
411

1963—Jan
Feb
Mar
Apr

4,062
3,553
4,027
3,548

1,388
1,070
1,436
886

895
897
1,009
854

,396
,083
,129
,366

383
502
453
442

6...
13...
20. . .
27. . .

4,531
4,493
3,908
3,547

1,800
1,754
1,553
998

1,147
977
975
1,052

,031
,219
,065
,051

552
543
315
447

3...
10. . .
17. . .
24. . .

3,430
3,068
3,593
3,437

906
697
995
724

823
654
820
826

,286
,201
,316
: ,553

416
516
462
334

Week ending—
Week ending—
1963—Mar.

Apr.

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.




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 to the opposite table on this page.

827

OUTSTANDING SECURITIES

JUNE 1963

U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MAY 31, 1963
(In millions of dollars)
Issue and coupon rate
Treasury bills
June 6,1963
June 13, 1963
June 20, 1963
June 24, 1963
June 27, 1963
July 5, 1963
July 11, 1963
July 15, 1963
July 18, 1963
July 25, 1963
Aug. 1,1963
Aug. 8, 1963
Aug. 15, 1963
Aug. 22, 1963
Aug. 29, 1963
Sept. 5, 1963
Sept. 12, 1963
Sept. 19, 1963
Sept. 26, 1963
Oct. 3,1963
Oct. 10, 1963
Oct. 15, 1963
Oct. 17, 1963
Oct. 24, 1963
Oct. 31, 1963
Nov. 7, 1963
1

Amount

Issue and coupon rate

Amount

Treasury bills—Cont
2,102
Nov 14 1963
2 101
Nov 21 1963
2,101
Nov 29 1963
2,503
Jan. 15 1964
2,102
Apr. 15 1964
2,101
2,102 Certificates
2.004
Aug. 15, 1963.... ..31/2
2,101
Nov, 15, 1963 , . . 3 i / 8
3V4
2,101
Feb. 15, 1964
2,102
May 15, 1964
..314
2,100
2,102 Treasury notes
2,102
Oct. 1, 1963.... ••I 1 /!
2,103
Nov. 15, 1963.... ..47/s
801
Apr. 1,1964.... ..IV2
800
May 15, 1964.... ..434
801
May 15, 1964....
800
5
Aug 15 1964
800
Aug. 15, 1964.... ..334
801
Oct. 1,1964.... . . n / i
.-47/s
2,500
Nov. 15, 1964
800
Apr. 1,1965.... . . 1 Vi
801
May 15, 1965.... ..45/s
801
Oct. 1,1965.... . . I V z
802
Nov. 15, 1965.... . . 3 1 / 2

801
800
801

2.496
2,501
5,181
4,554
6.741
5,693
506

3,011
457

4,933
3.893
2 316
5,019
490

4.195
466

2.113
315

2,954

Issue and coupon rate
Treasury notes—Cont.
Feb. 15, 1966
Apr. 1. 1966
Aug. 15, 1966
Oct. 1,1966
Feb. 15, 1967
Apr. 1, 1967
Aug. 15, 1967
Oct. 1, 1967
Apr. 15, 1968

Amount

3%
IV2
4
11/2
3%
U/2
334
P/ 2
IVi

Treasury bonds
June 15, 1962-67... 2 y2
Aug. 15, 1963
2Vi
Dec. 15, 1963-68... 21/2
Feb. 15, 1964
3
June 15, 1964-69... 21/2
Dec. 15, 1964-69... 2V2
Feb. 15, 1965
25/g
Mar. 15, 1965-70.. .2Vi
May 15, 1966
334
Aug. 15, 1966
3
Nov. 15, 1966
33/8
Mar. 15, 1966-71.. .2%
June 15, 1967-72... 2%
Sept. 15, 1967-72... 21/2

Issue and coupon rate
Treasury bonds—Cont.
Nov. 15, 1967
3Y»
Dec. 15, 1967-72... 21/2
May 15, 1968
3%
Aug. 15, 1968
334
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
37/s
May 15, 1975-85.. .4*4
June 15, 1978-83... 314
Feb. 15, 1980
4
Nov. 15, 1980
31/2
May 15, 1985
3!4
Feb. 15, 1990
3Vi
Aug. 15, 1987-92...414
Feb. 15, 1988-93.... 4
May 15, 1989-94.. AV&
Feb. 15, 1995
3
Nov. 15, 1998
31/2

5 ,653
675
A ,454
357
A ,287
270

5 ,282
457
25

1,462
1,461
] ,815
1,634
2 .632
2 ,543
4 .682
2 ,421
3 .597
1 ,024
1 ,852
1 .4C9 Convertible bonds
Investment Series B
I ,316
Apr. 1, 1975-80... 234
1 ,952

3,604
2,780
2,460
3,747
1,844
2,538
2,806
2,760
2,344
2.579
2,244
470
1,591
2,611
1.915
1,130
4,913
365
250
300
2,566
4,458

3,499

NOTE.—Direct public issues only. Based on Daily Statement of
U.S. Treasury.

Tax anticipation series.

FEDERALLY SPONSORED AGENCIES, APRIL 30, 1963
Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
July 20, 1962
Sept. 17, 1962
Oct. 15, 1962
Mar. 15, 1963
Apr. 15, 1963
Bonds:
Apr. 15, 1958
Apr. 16, 1962
Sept. 17, 1962

Maturity

3.40
3.30
3.30
3.20
3*4
3%
314
334

May
Auc.
Sept.
Jan.
Feb.

Amount
(millions
of dollars)

15, 1963
15, 1963
16, 1963
15,1964
17, 1964

308
110
450
320
265

Apr. 15, 1963
July 16, 1963
Sept. 15, 1965

241
280
175

Federal National Mortgage Associationsecondary market operations
Discount notes

71

Debentures:
Nov. 10, 1958
May 10, 1961
Sept. 11, 1961
Dec. 11, 1961
Dec. 10. 1957
Sept. 10, 1962
Dec. 12, 1960
Mar. 10, 1958
Apr. 10, 1959
Apr. 11, 1960
Sept. 12, 1960
Aug. 23, 1960
Sept. 11, 1961
Feb. 10, 1960
Dec. l\, 1961
June 12, 1961
Feb. 13, 1962

41/s
3%
4
37/s
43/8
334
4Vs
3%
43/8
4%
41/s
4Vs
41/2
5V»
4%
414
4Vi

Nov. 12,
May 11,
Sept. 10,
Dec. 11,
June 10,
Mar. 10,
Dec. 12,
Mar. 11,
Apr. 10,
Apr. 10,
Sept. 10,
Aug. 10,
Sept. 10,
Feb. 10,
June 12,
June 12,
Feb. 10,

Banks for cooperatives
Debentures:
Dec. 3, 1962
Feb. 4,1963
Apr. 1,1963

3.05
3.15
3.15

June

1963
1964
1964
1964
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977

3, 1963
Aug. 1, 1963
Oct. 1 , 1963

97
100
149
122
99
142
96
97
88
146
123
69
98
100
100
147
198

162
169
160

NOTE.—These securities are not guaranteed by the U.S. Govt.; sec
also NOTE to table at top of following page.




Agency, type and date of issue,
and coupon rate

Maturity

Federal intermediate credit banks
Debentures:
Aug. 1, 1962
Sept. 4, 1962
Oct. 1, 1962
Nov. 1, 1962
Dec. 3,1962
Jan. 2, 1963
Feb. 4,1963
Mar. 4, 1963
Apr. 1,1963

3.45
3.35
3.20
3.10
3.15
3.15
3.15
3.15
3.20

Federal land banks
Bonds:
May 1,1958
Aug. 20, 1962
Oct. 22, 1962
Apr. 20, 1963
Dec. 20, I960
Oct. 20, 1960
June 20, 1961
Apr. 3, 1961
May 1,1958
Sept. 20, 1961
Feb. 15, 1957
May 1, 1962
Oct. 1, 1957
Apr. 1, 1959
Feb. 2, 1959
July 15, 1957
Feb. 1, 1960
Feb. 14, 1958
Jan. 5, 1960

234
35/s
314
4i/2
4
4
4
35J/8
34
414
A%
4
41/2
AlA
43/8
45/
8
5l/s
V/2
5%

May

3V'2

May

May

1,1956

Sept. 14, 1956
Feb. 20, 1963
Feb. 20, 1962
Tennessee
Bonds:
^io\.
July
Feb.

37/s
4i/8
AVi

May

June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.

Aug.
Oct.
Apr.
Oct.
Oct.
Dec.
Feb.
May

July
Feb.
May

Oct.
Mar.
Mar.
Julv
Feb.
Apr.
July
Sept.
Feb.
Feb.

1, 1963
3, 1963
1, 1963
1, 1963
3, 1963
1, 1963
4, 1963
2,1963
2, 1964

1, 1963
20, 1963
22, 1963
20, 1964
20, 1964
20, 1965
20. 1965
21, 1966
2, 1966
20, 1966
15, 1967-72
22, 1967
1, 1967-70
20, 1968
20, 1969
15, 1969
20, 1970
1, 1970
20, 1970
1, 1971
15, 1972
20,1973-78
20, 1974

Amount
(millions
of dollars)

197
145
167
197
198
229
272
267
263

122
144
136
147
90
160
115
150
108
193
72
180
75
86
100
60
82
83
85
60
109
148
155

Valley Authority
15, 1960
1, 1961
1, 1962

4.40
4%
AVi

Nov. 15, 1985
July 1, 1986
Feb. 1, 1987

50
50
45

828

CREDIT AGENCIES; SECURITY ISSUES

.TUNE 19*3

MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Liabilities and capital

Assets
End of
period

Federal National
Mortgage Assn.
(secondary market
operations)

Advances
to
members

Investments

1955
1956
1957
1958
1959

1,417
1.228
1,265
1,298
2,134

765
1,027
908
999
1,093

62
62
63
75
103

1960
1961

1,981
2,662

1,233
,153

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

2,323
2,429
2,767
2,860
2,948
3,046
3,091
3.068
3,479

1963—Jan...
Feb...
Mar..
Apr...

2,802
2,611
2,514
2,635

Federal
intermediate
credit banks

Mortgage
loans
(A)

Debentures
and
notes
(L)

Loans
to
cooperatives
(A)

Debentures

516
607
685
769
866

83
628
1,562
1,323
1,967

200
1,315
1,100
1,640

371
457
454
510
622

938
1,180

989
1,107

2,788
2,770

2,523
2,453

1,498
1,564
1,797
2,108
2,233
2,257
2,707
2,707
2,707

1,096
1,107
1,192
976
954
984
1,016
1,028
1,214

1,113
1,114
1,116
1,117
,118
1,118
1,120
,121
1,126

2,853
2,817
2,774
2,743
2,750
2,752
2,765
2,768
2,752

2,348
2,096
2,003
1,908

1,155
1,213
1,283
1,250

,128
,129
,130
1,133

2,708
2,599
2,446
2,285

Member
deposits

Capital
stock

975
963
825
714
1,774

698
683
653
819
589

90
159

1,266
1,571

1,435
,407
1,335
,384
,420
,363
,800
,848
,531

61
60
114
67
58
75
79
75
173

.876
,883
,974
,702

87
81
62
87

Cash
and
deposits

Banks
for
cooperatives

Bonds
and
notes

NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among the omitted balance
sheet items are capital accounts of all agencies, except for stock of home
loan banks. Bonds, debentures, and notes are valued at par. They include
only publicly offered securities (excluding, for the home loan banks,

Federal
land
banks

Loans
and
discounts
(A)

Debentures
(L)

Mortgage
loans
(A)

110
143
222
252
364

693
747
932
1,157
1,391

657
705
886
1,116
1,356

1,497
1,744
1,919
2,089
2,360

1,191
1,437
1,599
1,743
1,986

649
697

407
435

1,501
1,650

1,454
,585

2,564
2,828

2,210
2,431

2,612
2,566
2,557
2,435
2,458
2,481
2,492
2,479
2,422

719
694
692
704
680
690
738
746
735

441
441
430
430
482
475
480
480
505

1,843
1,923
1,998
2,047
2,049
2,007
,896
1,822
,840

1,718
1,781
1,855
1,926
,952
,930
,842
1,774
,727

2,922
2,948
2,968
2,986
3,003
3,021
3,031
3,037
3,052

2,495
2,550
2,550
2,550
2,596
2,596
2,628
2,628
2,628

2,370
2,343
2,126
2,043

in

505
480
480
491

1,858
1,926
,892
2,108

1,729
,787
.842
,935

3,069
3,089
3,118
3,147

2.628
2,661
2,661
2,661

775
761
745

(L)

Bonds
(L)

bonds held within the FHLB System), and are not guaranteed by the
U.S. Govt.; for a listing of these securities, see preceding page. Loans
are gross of valuation reserves and represent cost for FNMA and unpaid
principal for other agencies.

NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Type of issuer

Type of issue
Period
Total

General
obligations

Revenue

PHA i

Issues for new capital

U.S.
Govt.
loans

State

Special
district
and Other*
stat.
auth.

Total
amount
delivered 3

Use of proceeds
Total

Education

Roads Utiland
bridges ities 4

Housing 5

Veter- Other
ans'
puraid
poses

1957
1958
1959

6,926
7,526
7,697

4,795
5,447
4,782

1,965
1,778
2,407

66
187
332

99 1.489
115
993
176
,686

1,272 4,164
1,371 4,162
2,121 3,890

6,568 6,875
7,708 7,441
7,423 7,589

2,524
2,617
2,318

1,036
1,164
844

1.517
41?
,985

113
251
401

333
339
355

I960
1961
1962

7,292
8,566
8,845

4,771
5,724
5,582

2,095
2,407
2,681

302
315
437

125
120
145

110
,928
419

1,984 4,198
2,165 4,473
2,600 4,825

7,102 7,247
8,301 8,463
8,732 8,568

2,405
2,821
2,963

1,007
1,167
1,114

,316
,700
668

426
385
521

201 1,891
478 1,913
125 2,177

894
940
790
650
563
440
666
610
572

602
670
556
404
251
343
378
403
277

179
258
205
237
200
74
273
194
173

101

12
12
29
9
6
23
15
12
6

67
206
173
34
62
60
150
121
54

266
229
164
179
184
58
236
200
242

561
505
454
437
317
323
280
289
276

704
897
841
839
639
559
416
650
544

873
912
786
612
544
427
650
578
550

276
348
328
190
127
175
211
213
163

111
31
67
62
33
31
14
97
14

149
234
127
146
151
85
136
150
93

106
58
*

100

2
117

230
242
163
213
126
128
290
116
163

'978
r
824
995
856

'532
r
431
674
669

'425
'373
168
,7,

'21
20
16
16

'41
'100
265
156

'251
'336
322
148

'686
'387
408
552

'657
'844
870
856

'732
'722
968
812

'310
'238
251
333

99
114
52
69

'182
'83
230
2.4

2
91
142
1

'138
r
196
292
195

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

106

117

138

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 Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser
(and payment to issuer), which occurs after date of sale.
* Water, sewer, and other utilities.




r

106
7

1,352
1,657
1,685

5
Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt. loans.
Investment Bankers Assn. data; par amounts of long-term issues.
Based on date of sale unless otherwise indicated.

JUNE 1963

829

SECURITY ISSUES
TOTAL NEW ISSUES
(In millions of dollars)

Proposed use of net proceeds,
all corporate issues 5

Gross proceeds, all issues *
Noncorporate

Corporate

Period
Total

1955
1956
1957
1958
1959.

...

I960
1961
1962

26,772 9,628
22,405 5,517
30,571 9,601
34,443 12,063
31,074 12,322

746
169
572
2,321
707

27,541 7,906
35,494 12,253
29,975 8,590

1,672
1,448
1,188

1,877
4,075
2,149
2,422
1,663
4,056
1,568
2,150
1,821
2,149

372
1,506
352
363
358
2,408
300
359
327
295

r
2,708
r

774
425
396

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

U.S.
Govt.
U.S.
Govt. 2 agency 3

2,166
2,830

461

150
175

148

U.S.
State
and
local

7

Bonds
Other

4

Total

Publicly
offered

Total

5,977
5,446
6,958
7,449
7,681
7,230
8,345
8,558

182
334
557
1,052
616

621
877
897

38
14
99

760

67

7 4?0
8 ,00?

10,240
10,939
12,884
11,558
9,748

q ,957
q

579 10,154
302 13,147
869 10,770

Stock
Total

New Other
Total money 6 purposes

Privately Pre- Complaced ferred mon

10,049 8,821 7,957
10,749 10,384 9,663
12 661 12,447 11,784
11,372 10,823 9,907
9,527 9,392 8,578

Retirement
of
securities

864 1,227
721
364
663
214
549
915
814
135

7 ,190

4,119
4,225
6,118
6,332
3,557

3,301
3,777
3,839
3,320
3,632

635
636
411
571
531

8 ,081
q
9 ,016

4,806
4,706
4,487

3,275
4,720
4,529

409 1,664 9,924 9,653 8,758
895
449 3,273 12,874 11.979 10,829 1,150
436 1,318 10,572 9,814 8,323 1,491

271
895
757

34
17
34
169
115
111

847
1,217
801
1,232
630
922
632
976
784
1,197

638
881
667
1 ,063
565
840
472
853
732
1 ,072

386
654
247
488
200
477
176
539
286
264

253
227
420
575
366
363
295
314
446
808

5
120
14
46
32
24
51
49
24
59

204
216
120
124
32
58
110
74
28
65

823
1,185
785
1,214
621
907
618
961
776
1,184

807
1,113
760
1,132
582
749
579
835
703
1,103

709
1,033
621
953
504
620
441
727
494
923

97
80
139
180
78
129
138
108
209
180

16
72
25
82
39
159
39
126
73
81

240
141
82

r
695
r
642
1,363

243
'289
774

30

1 ,273

m

r
71
HI
74

r
684
'631
1,349

r
613
''594
1,144

r
563
r
448
1,056

r
50
M46
88

r
72
r
37
205

641
559
426
646
595
547
999
810
989

New capital

r

r

r

350
259
499

548

2,185
2,301
2,516
1,334
2,027

17

Proposed uses of net proceeds, major groups of corporate issuers
Manufc icturing
Period

Commercial and
miscellaneous

Transportation

Public utility

RetireRetireRetirement of
New
New
ment of
ment of
New
New
secusecusecucapital 8
capital 8
capital 8
capital 8
rities
rities
rities
1955
1956
1957
1958
1959

2.397
3 336
4,104
3,265
1,941

533
243
49
195

769
682
579
867

70

812

I960
1961
1962

1,997
3.708
3,020

79
306

794
1,095

204

832

318

2

75

1962—Mar
Apr..
May
June.
July.

384
270
342
217
218

Aug

4

47

21
10

135
'•220
592

Nov

Dec.
Jan
Feb..
Mar..

103
100
90
28

166
153
271
345

Sept..
Oct

1963

67
5
14
31

r

40

31

104

r

r49
'52
85

31

942

672
680

2
3

74

4
7
6
4
r

2

n
5

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 flotation.




544
694
802
778

30
46
29

56
40

3

5

51
51
29
13
28

551

28
38
48
24
71
54
20
35
90

338
20
14
38
15

2 ,254

39
26
30

2 ,754

*

15
13

,474

3 ,821
,605

^ ,189

174
14
51
138
15

1,045
1,384
1,441
1,294

51
104

56
17
67
47

707

1,812
1 815
1,701
1 014
1,801

1
378
10

2,401
2 176
1,773

71
36

126

10

445

193
377
198
410
118
110
148
141
175
252

1

21

16

56
4

88
64
79
88

142

120

14
108

67
260

50

4

25

54

65
'30
61

125
68
43

r

Retirement of
securities

77
21
4
118
*

? ,357

,892

Real estate
and financial

RetireRetirement of
ment of
New
New
secusecucapital 8
capital 8
rities
rities

1,036
1,427
1,281

»"114
115
97

99
'30
143

Communication

*

134
91
163
107

4
2
2
3
r

r

3

6

39

1
3

7

183

3

88
222
178
257

42
5

r
91
110
183

105

1

r*

6
7

For plant and equipment and working capital.
Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8 All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.

830

SECURITY ISSUES

JUNE 1963

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of ch ange, all is«suers
All securities

Bonds and notes

Common and preferred stocks

Period
New issues

New
issues

Retirements

Net
change

New
issues

Retirements

Net
change

Retirements
Invest.
cos. 1

Invest.
cos. 1

Other

1,391
2,018
2,353

3,321
3,070
3,377

406
515

785

1,024

2,288
3,259
2,788

2,724
4,261
2,109

869
1,181
1,123

1,086
1,696
1,561

1957
1958
1959

14,350
14,761
12,855

3,609
5,296
4,858

10,741
9,465
7,998

9,638
9,673
7,125

2,584
3,817
3,049

I960
1961
1962

13,084
16,745
13,490

5,033
6,967
6,249

8,051
9,778

7,241

8,072
'9,225
8,593

3,078
4,090
3,566

1961—IV

4,338

1,991

2,347

2,432

852

1,581

867

1,039

263

1962—I

3,226
4,097
2,744
3,423

1,406
1,633
1,634
1,576

1,820
2,463
1,110
1,848

1,668
2,606
1,816
2,503

730
793

938

966
811
500
511

592
680
428
409

282
320
235
286

II

Ill
IV

1,082

960

7,053
5,856
4,076
r

4,994
5,134
5,028

Net change

r

1,813
734

1,543

Other

Invest.
cos. 1

Other

1,503
1,568

2 703
2,106
2,354

1 419
2 078
1,665

1 638
2 566

877

604

162

394
520
317
330

684
491
265
225

198
160

618
964

985

r

548

111
79

Type of issuer
Manufacturing
Period

1957
1958
1959

Commercial
and other *

Bonds
& notes

Stock

1 779
2,191

1,391

.. .

Communication

Stock

Bonds
& notes

Stock

24

289

9
158

413
335

-93

2

2,585
2,133
1,738

1,027
1,028

261
505
313

-91

-403

-431
-173

173
63
-61

-42
1
-34

1,689
1,655
1,301

451
318

399

1,938
1,479

Bonds
& notes

Stock

Public
utility

169
417
217

-61
425

316

I960
1961
1962

Bonds
& notes

Transportation 3

Bonds
& notes
1,236

815

Real estate
and financial

Stock
198

Bonds
& notes

4

Stock
1,259
1,656
1,866

995
206
994

494

1,070

475

443

635
700

901
148

1,472

1,178

1,572
r
825

487

363

819

1,749
2,584
1,972

356

r

1961—IV

377

64

259

-500

12

-2

628

152

119

150

186

903

1962—I
II
Ill
IV

193
605
291
390

28

79
147
8
78

-122

-56
-18
-27
40

-1
-9
-12
-11

201
698
87
316

51
233
134
69

434
191
244
308

82
85
100
97

86
191
132
410

844
558
302
268

-189
-159
-83

-25
11
-35

1
2

Open-end and closed-end cos.
Extractive and commercial and misc. cos.
3 Railroad and other transportation cos.
Includes investment companies.

4

NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 829, new issues

ana aiso new SHOCK issues ana casn proceeas connectea witn conversions
of bonds into stocks. Retirements include the same types of issues, and
also securities retired with internal funds or with proceeds of issues for
that purpose shown on p. 829.

OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares

Assets (market value
at end of period)

Month

Year
Sales

Redemptions

Net
sales

Total

1

Cash
position

1952
1953
1954

783
672
863

196
239
400

587
433
463

3,931
4,146
6,110

n.a.
n.a.
309

1955
1956
1957
1958
1959

1,207
1,347
1,391
1,620
2,280

443
433
406
511
786

765
914
984
1,109
1,494

7,838
9,046
8,714
13,242
15,818

438
492
523
634
860

1960
1961
1962

2,097
2,951
2,699

842
1,160
1,123

1,255
1,791
1,576

17,026
22,789
21,271

973
980
1,315

2

Sales

Other

Redemptions

Net
sales

Total i

Cash
position

2

Other

n.a. 1962—Apr..
May.
n.a.
June.
5,801
July..
Aug..
7,400
Sept.
8,554
Oct..
8,191
Nov.
12,608
Dec.
14,958

260
292
219
207
155
134
157
163
191

91
122
107
74
79
83
92
89
105

169
171
112
133
76
51
65
74
87

21,811
19,947
18,436
19,384
20,124
19,088
19,215
21,088
21,271

1,207
1,106
1,019
1,205
1,382
1,334
1,298
1,324
1,315

20,604
18,841
17,417
18,179
18,742
17,754
17,917
19,764
19,956

16,053 1963—Jan..
Feb..
21,809
Mar.
19,956
Apr..

235
166
200
203

116
115
117
133

118
51
84
70

22,447
22,015
22,639
23,487

1,336
1,401
1,350
[,256

21,111
20,614
21,289
22,231

1 Market value at end of period less current liabilities.
2 Cash and deposits, receivables, all U.S. Govt. securities, other
short-term debt securities less current liabilities.




Sales and redemption
of own shares

Assets (market value
at end of period)

NOTE.—Investment Co. Institute data based on reports of members,
which comprise substantially all open-end investment companies registered
with the Securities and Exchange Commission. Data reflect newly formed
companies after their initial offering of securities.

831

BUSINESS FINANCE

JUNE 1963

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1961'
Industry

1958

1959

1960

1961'

1963

1962

19623
III

I

IV

IV 3

III

II

13

Manufacturing
Total (180 corps.):
Sales
Profits before taxes
. . .
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 1
Sales
Profits before taxes . .
Profits after taxes
Dividends...
Durable goods industries (101 corps.): 2
Sales
Profits before taxes
Profits after taxes
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
. .
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes . . .

. . .

Primary metals and products (35 corps.):
Sales
. .
Profits before taxes
Profits after taxes
Dividends
. .
Machinery (25 corps.):
Sales
Profits before taxes
Dividends
.
.
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Dividends

105,134 118,423 123,126 122,849 135,579 29,816 32,875 33,291 34,602 31,995 35,690 34,448
10,466 14,090 13.463 13,200 '15,401 2,943 4,140 3,908 4.096 3,187 '4,210 3,961
5 714 7 440 7 121 7 135 8 184 1 606 2 258 2 033 2 096 1 700 2 355 2 083
1,162
4,078 4,342 4,464 4 714 5,022 1 117 1 380 1 154 1 158 1,163 1,548
41,541 45 442 47,277 49 237 52,077 12 387 12 706 12 793 12 984 12 981 13,320 13 105
4,402 5,648 5,570 5,589 '6,001 1,406
1,522 1,461 1,501 1,453 '1,586 1,512
873
827
959
801
894
816
815
2 574 3,210 3 210 3 219 3,416
611
536
488
577
512
517
1,785 1,912 1,953 2,037 2,153
513
63,593 72,981 75,849 73,612 83,502 17 429 20 169 20 499 21 619 19,014 22,371 21,343
6,065 8,442 7,893 7,611 9,400 1 538 2,618 2,447 2,595 1,734 2,624 2,448
873
1,397
1,210
805 1,364
3,140 4,231 3,911 3,916 4,768
1,217 1,282
936
626
803
642
647
2,294 2,430 2,510 2,677 2,870
629
644
10,707 11,303 11,901 12 607 13,124
1,440
1,274 1,328
1,417
1,152
685
670
604
555
631
392
419
344
312
367

3 195
374
176
99

3 202
365
174
101

3 231
336
160
103

3 267
355
167
103

3 328
380
180
104

3,298
368
178
109

3 250
337
162
107

10,390 11,979 12,411 12,825 13,978
1,538 2,187 2,010 1,989 2,229
1,160
1,039
1,061
829 1,131
843
799
795
717
876

3 243

3 331

3 372

3 567

3 467

552

296
270

3 572
553
301
283

3 508

500

262
191

12,838 13,372 13,815 14,483 15,013
919
1,187
1,237 '1,362
1,267
1,084
791
969 1,026 1,025
566
521
516
518
528

3 611

3 735

3,872

546

545

586

279
198

297
196

283
199

3 771

3 612

3,714

552

285
204

294

341

343

300

299

246
131

280
133

262
139

227
142

255
141

3,916
'420
341
145

19,226 21,035 20,898 20,308 21,361
1,860
2,182 2,331 2,215 1,998
1,003
1,154
1,222 1,170 1,067
821
802
845
831
840

5,276
525
276
208

5,360
618
338
221

5,733
620
320
209

5,535
505
269
210

4,992
353
186
210

5,102
383
228
192

5,155
431
231
180

14,685 17,095 16,826 17,576 19,127
1 463 1 890 1 499 1,672 1,913

4,342
389

4,727
516

4,768
481

385

310
149

4,537
454

4,916
490

4,665
457

5,008
512

957

194

240

265

124

225

228

520

256

128

129

129

129

133

137

18,469 22,731 25,738 22,779 28,603
1,332 2 985 3 185 2,788 4,326
706
1,479
1,527 1,410 2,136
758
969 1,148
807
833

4,604

6,577
1,152

5,708

8,476
1,389

7,851
1,265

597

531

596

207

348

215

216

216

9,440
728
571
'367

2 355
186
122
68

2,415
276
199
113

2,296
133
'66
'85

2,408
186
105
'92

2,332
172
125
67

10,195 11,129 11,906 12,478 '13,252
2,704 2,983 3,163 3,349 3,591
1,519
1,655
1,793
1,883 2,053
1 134 1 219 1 307 1 374 1,459

3,060
807
445

3,268
840
475

3,399 '3,206
1,051
835
472
585

2 156
620
310

734

934

763

838

422

448

482

497

319
172

6,904
1 096

7,515
1 253

589
287

239

721

599

501

216

Public Utility
Railroad:
Profits before taxes . .
Profits after taxes
Dividends . .
Electric power:
Operating revenue
Profits before taxes
Dividends
Telephone:
Operating revenue
Profits before taxes . .
Profits after taxes

9,565
843
602
419
. . . .

6,939
1,860
921
674

1

9,825
845
578
406

9 514
648
445
385

7,572
2,153
1,073

8,111
2,326
1,155

8,615
2,478
1,233

9,196
2,639
1,327

743

806

867

935

Includes 17 cos. in groups not shown separately.
23 Includes 27 cos. in groups not shown separately.
Figures have not been adjusted for the varying treatment by individual companies of additional depreciation under the new guidelines and
of the investment tax credit.
NOTE.—Manufacturing corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power. Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.




9,189
625
382
359

339

218

344

2 230
657
326
225

366

2 245
648
320
231

371

2 296
678
335
232

2,405 ^2,238
237
275
'123

3,255 '3,392
887
818
488
508
356

2,300
683
337
235

366

2,355
630
335
237

3,831
1,100
626
392

2,365
672
336
225

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.
AH 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.

832

BUSINESS FINANCE

JUNE 1963

CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

Undistributed
profits

Corporate
capital
consumption
allowances l

Quarter

1955
1956
1957
1958
1959

44.9
44.7
43.2
37.4
47.7

21.8
21.2
20.9
18.6
23.2

23.0
23.5
22.3
18.8
24.5

11.2
12.1
12.6
12.4
13.7

11.8
11.3
9.7
6.4
10.8

18.4
20.0
21.8
22.7
24.3

1961—1
II....
III...
IV...

I960
1961
1962

45.4
45.6
51.3

22.4
22.3
25.0

23.0
23.3
26.3

14.4
15.0
15.9

8.6
8.3
10.3

25.9
27.5
29.2

1962—1
II....
III...
IV...

Year

i Includes depreciation, capital outlays charged to current accounts, and
accidental damages.

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

Undistributed
profits

Corporate
capital
consumption
allowances l

.
.
.
.

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

26.6
27.3
27.8
28.5

.
.
.
.

50.1
50.9
51.1
53.2

24.4
24.9
24.9
26.0

25.6
26.1
26.1
27.3

15.8
15.8
15.8
16.4

9.9
10.3
10.3
10.9

28.7
29.1
29.4
29.7

Quarterly data are at seasonally

NOTE.—Dept. of Commerce estimates,
adjusted annual rates.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets

End of period

Net
working
capital

Total

Cash

U.S.
Govt.
securities

Current liabilities

Notes and accts.
receivable
U.S.
Govt.i

Other

Inventories

Other

Total

Notes and accts.
payable
Accrued
Federal
income
U,S.
taxes
Other
Govt. i

Other

1955
1956
1957
1958
1959
I960

103.0
107.4
111.6
118.7
124.2
129.0

224.0
237.9
244.7
255.3
277.3
286.0

34.6
34.8
34.9
37.4
36.3
36.1

23.5
19.1
18.6
18.8
22.8
19.9

2.3
2.6
2.8
2.8
2.9
3.1

86.6
95.1
99.4
106.9
117.7
125.1

72.8
80.4
82.2
81.9
88.4
91.6

4.2
5.9
6.7
7.5
9.1
10.2

121.0
130.5
133.1
136.6
153.1
157.0

2.3
2.4
2-3
1.7
7
L.8

73.8
81.5
84.3
88.7
99.3
103.1

19.3
17.6
15.4
12.9
15.0
13.5

25.7
29.0
31.1
33.3
37.0
38.6

1961—ITI
IV

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

1.8
L.8

104.5
109.5

12.4
14.1

40.3
40.3

1^62—1
II

139.0
141.1
142.1
144.5

305.7
310.5
317.5
322.8

35.6
36.1
36.3
39.7

20.2
19.3
18.8
19.8

3.4
3.3
3.4
3.6

136.0
140.0
145.4
145.5

97.7
98.7
100.3
100.9

12.7
13.1
13.3
13.3

166.7
169.4
175.4
178.2

18
1.8
L.9
2.0

109.5
111.6
115.7
117.8

13 6
13.6
14.6
15.0

41.8
42.4
43 2
43.4

m
IV
1

Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.

NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan associations, and insurance cos.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period

Total
Durable

Nondurable

Transportation
Mining
Railroad

Other

Public
utilities

Communications

Other i

Total
(S. A
annual
rate)

1955
1956
1957
1958
1959

28.70
35.08
36.96
30.53
32.54

5.44
7.62
8.02
5.47
5.77

6.00
7.33
7.94
5.96
6.29

1.24
1.24
.94
.99

.92
1.23
1.40
.75
.92

1.60
1.71
1.77
1.50
2.02

4.31
4.90
6.20
6.09
5.67

1.98
2.68
3 03
2 62
2.67

7
8
7
7
8

I960
1961
1962
19632r

35.68
34.37
37.31
39.24

7.18
6.27
7.03
7.72

7.30
7.40
7.65
7.84

.99
.98
1.08
1.02

1.03
.67
.85
1.08

1.94
1.85
2.07
1.90

5.68
5.52
5.48
5.61

3.13
3.22
3 63

8 44
8 46
9 52

1961—IV

9.54

1.79

2.09

.26

.16

.50

1.54

.88

2.32

35.40

1962 I
II
ITT
IV

8.02
9.50
9.62
10.18

1.44
1.77
1.79
2.03

1.69
1.92
1.93
2.10

.26
.27
.28
.27

.16
.26
.24
.20

.47
.60
.50
.50

1.06
1.37
1.54
1.52

.88
.93
.87
.95

2.06
2 37
2.48
2.60

35.70
36 95
38.35
37.95

8.25
9.84
10.09

1.62
1.96
1 .94

1.65
1.97
1.96

.24
.26
.26

.21
.30
.26

.39
.52
.49

1.04
1.43
1.55

.85

2.26

36.95
38.40
39.95

1963

Tr
II 2 r
Ill 2

1

Includes trade, service, finance, and construction.
* Anticipated by business.




.96

14 07

3. 40
3. 62

49
36
37
20
21

NOTE.—Dept. of Commerce and Securities and Exchange Commission
;stimates for corp. and noncorp. business, excluding agriculture.

833

REAL ESTATE CREDTT

JUNE 1963
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties

End of period

Other
holders 2
Financial
holdinstiIndiU.S. viduals
ers
tutions1 agenand
cies
others

1961

12.9

8.1

4.8

6.4

1.5

4.9

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

6.5

38.3
41 3
45.7

194.0
211.6
235.0

141.3
153.0
168.4

117.9
128.7
142.9

23.4
24.3
25.5

52.7
58.6
66.6

35.0
38.9
44.3

17.7
19 7
22.3

13.1
14 2
15.5

4.7

11 8
12.2

8.4

5 0
5.5

9 2
10.0

160.2
364.4
168 4
172.6

11 .3
11.2
11 4
11.8

38.9
39.7
40 4
41.3

197.0
201.6
206 3
211.6

143.2
146.3
149.6
153.0

119.7
122.8
125.8
128.7

23.5
23.5
23.8
24.3

53.8
55.2
56 7
58.6

35.7
36.7
37 7
38.9

18.0
18.5
19 0
19.7

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 4
237.0
243.5
250 5

176 0
181.6
187.0
192 7

12 1
12.1
12.1
12 2

42 3
43.3
44.4
45 7

215.9
222.0
228.2
235.0

155.7
159.9
164.2
168.4

130.9
135.0
139.1
142.9

24.8
24.9
25.1
25.5

60 2
62.2
64.0
66.6

40.0
41.3
42.5
44.3

20 2
20.9
21.5
22 3

14 5
14.9
15.2
15 5

5 1
5.3
5.4
5 5

9 4
9.7
9 9
10 0

255.8

197.5

11.8

46.5

240.0

6.0
7.5

207.1
225 8
250.5

157.6
172 6
192.7

112

210.3
215.3
220 3
225.8

llrP
ll\rp
IVr*>

Ir"

\P

\\\rv
IV rp
1962

1963

FinanOther
cial
holdinsti- 1 holders*
ers tutions

7.2

111.2
119.7
131 5
145.5

If rv

Finan. Other
instiholdTotal
tutions i
ers

11.2
12.2

144.5
156.6
171 9
190.9

\rv

Finan. Other
instiholdTotal
tutions 1 ers

3

18.4

4.7

I960 rv
1961
1962^

holders

Multifamily and
commercial properties

31.2

20.7
21.0

. .

1- to 4-family houses

Farm

12.2
12.1
27.3
29.4
32 7
35 4

37.6
35.5

1941
1945
1956
1957
1958
1959

]Nonfarm

7 8
10.0

6 0
7 1
7 7

15 8

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.
* Derived figures; includes small amounts of farm loans held by savings
and loan assns.

* 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

l

Mutual savings bank holdings

Residential

Residential

End of period
Total
Total

FHAinsured

VAguaranteed

Total

FHAinsured

VAguaranteed

4,812
4,208

3,884
3 387

8,300
8,735
9,780
11,037

4,379
4,823
5,461
6,237

,336
,367
,471
,588

19,746
21,169
23,263
24,992

17,703
19,010
20,935
22,486

4,409
4,669
5,501
6,276

7,139
7,790
8,360
8,589

2,859
2,627
2,654

11,652
12,623
14,308

6,796
7,470
8,972

*1,022

,648
,747

26,935
29,145
32,320

24,306
26,341
29,181

7,074
8,045
9,238

5,851

2,859

11,652

6,796

1 ,648

26,935

24,306

5,793
5,820
5,905
5,975

2,776
2,726
2,676
2,627

11,712
12,049
12,372
12,623

6,906
7,072
7,227
7,470

1 ,677
,716
1 740
1 ,747

27,447
28,015
28,589
29,145

24,800
25,318
25,892
26,341

6,003
6,195
6,376
6,520

2,547
2,593
2,617
2,654

12,661
13,260
13,831
14,308

7,817
8,218
8,628
8,972

,816
,977

29,833
30,638
31,484
32,320

26,940
27,632
28,464
29,181

22,719
23,337
25,523
28,145

17,004
17,147
18,591
20,320

4,803
4,823
5,476
6,122

3,902
3,589
3,335
3,161

I960
1961
1962

28,806
30,442
34,476

20,362
21,225
23,482

5,851
5,975
6,520

I960—IV

28,806

20,362

1961

I
II
Ill
IV

28,864
29,383
29,920
30,442

20,281
20,595
20,953
21,225

1962 I
II
Ill
IV

30,844
32,194
33,430
34,476

21,211
22,049
22,824
23,482

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.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commercial and mutual savings banks in the United States




Total

566
521

1956
1957
1958
1959

1

Farm

856

3,292
3 395

. ..

Conventional

Other
nonfarm

1,048

4,906
4 772

1941
(945

2

978

>,022

Conventional

Other
nonfarm

Farm

900
797

28
24

6,155
6 551
7,073
7,622

1,984
2 102
2,275
2,451

59
57
53
55

8,986 8,246
9,267 9,028
9 787 10 156

2,575
2,753
3 088

54
51
51

7,074

8,986

8,246

2,575

54

7,353
7,634
7,811
8,045

9,111
9,192
9,231
9,267

8 336
8,492
8,850
9,028

2 597
2,645
2,646
2,753

50
51
51

8 340
8,662
8,984
9,238

9,392 9 208
9,502 9,469
9,633 9,847
9,787 10,156

2 842
2 954
2,968
3,088

51
51
52
51

51

and possessions; first and third quarters, estimates based on FDIC data
for insured banks beginning in 1962. For earlier years the basis for
first and third quarter estimates included F.R. commercial bank call
data and data from National Assn. of Mutual Savings Banks.

834

REAL ESTATE CREDIT

JUNE 1963

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired

Loans outstanding (end of period)

Nonfarm

Nonfarm

Period
Total

FHAinsured

Total

VAguaranteed

Farm *
Other i

815
1,394

514
407
438
498

32,989
35,236
37,062
39,197

30,508
32,652
34,395
36,353

6,627
6,751
7,443
8,273

3,930
4,625
4,999

464
552
622

41,771
44.203
46,980

38,789
41,033
43,582

28
39
33
36
38
41
54
46
49

310
397
396
415
441
380
480
495
755

56
56
44
45
40
36
46
44
64

44,775
44 946
45,142
45 340
45,576
45,758
46,051
46,380
46,980

48
44
63
68

411
305
420
430

66
71
97
81

47,203
47,348
47,618
47,910

1956
1957
1958
1959

6,715
5,230
5,277
5,970

6,201
4,823
4 839
5,472

842
653
1,301
1,549

1,652
831
195
201

3,707
3,339
3,343
3,722

I960
1961
1962*>

6,086
6,785
7,476

5,622
6,233
6,854

1,401
1,388
1,397

291
220
458

1962—Apr.f
May

485
591
576
625
637
566
719
727
1,016

429
535
532
580
597
530
673
683
952

91
99
103
129
118
109
139
142
148

647
518
705
705

581
447
608
624

122
98
125
126

1963—Jan
Feb
Mar
Apr

.

i 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 i

New
construction

Loans outstanding (end of period)

FHAHome
inpur- Total 2
sured
chase

6.901
6,553
6,394

22,856
24.815
26,931

2,982
3,170
3,398

41,539
41,683
41,856
42,030
42,247
42.413
42,686
43,003
43,582

9,874
9,853
9,884
9,970
10.005
10,051
10,107
10,182
10,257

6,486
6,461
6.444
6.431
6,412
6,403
6,397
6,389
6,394

25,179
25 369
25 528
25 629
25 830
25.959
26,182
26,432
26,931

3,236
3 263
3,286
3,310
3,329
3,345
3.365
3,377
3,398

43,805
43,928
44,156
44,407

10,309
10,343
10,388
10,444

6,397
6,390
6,399
6,418

27,099
27,195
27,369
27,545

3,398
3,420
3,462
3,503

OF $20,000 OR LESS

By type of lender (N.S. A.)
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

27,088
24,244
27,388
32,235

9,532
9,217
10,516
13,094

1,799
1,472
1,460
1,523

5,458
4,264
5,204
5,832

1.824
1 429
1 640
1,780

29,341
31.157
34,187

12,158
13.662
15,144

1,318
1,160
1,212

4,520
4,997
5,851

1.557
1 741
1,957

2,670
2,745
2,836
2,891
2,973
2.933
2,929
2,925
2,939
2,916

2,627
2,704
2,983
3,075
3,134
3,333
2,861
3,208
2,883
2,682

1,172
1,210
ls35O
1,391
1,382
1,501
1,285
1,403
1,270
1,168

90
89
100
107
107
123
104
116
105
103

442
482
534
542
549
563
476
554
490
444

120
131
154
177
201
201
183
191
178
168

2,876
2,869

2,658
2,424
2,751

1,143
1,086
1,261

100
88
99

457
408
467

141
123
126

3,699
3,484
4,050
5,201

4,620
4,591
5,172
6,613

35,729
40,007
45,627
53,141

1,486
1,643
2,206
2,995

6,643
7,011
7,077
7,186

27,600
31,353
36,344
42,960

1956
1957
1958
1959

I960
1961
1962

14.304
17,364
20 754

4,678
5,081
5,979

6,132 60,070
7,207 68,834
8,524 78,973

3,524
4,167
4,480

7,222 49,324
7,152 57,515
7,022 67,471

I960.
1961
1962

1.661
,857
,936

512
584
572
515
540
495
543
505
534

635
739
823
796
920
746
823
708
643

71,608
72,585
73,631
74,511
75,527
76,371
77,333
78,137
78,973

4,311
4,333
4,355
4,378
4,399
4,414
4,425
4,459
4,480

7,120
7,133
7,120
7,105
7,097
7,086
7,081
7,069
7,022

60,177
61,119
62,156
63,028
64,031
64,871
65,827
66,609
67,471

Mar
Apr
May

434
429
573
618

616
576
666
764

79,648
80,341
81,247
82,307

4,507
4,529
4,542
4,557

7,026
7,057
7,055
7,049

68,115
68,755
69,650
70,701

.. .

1962

1962

>,036
,731
953
,750
,755

July
Aug
Sept
Oct
Nov
Dec

1963
1,573
8^4

2,081

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.




9,032
9,665
10,257

Savings &
loan
assns.

S.A.2

10,325
10.160
12,182
15,151

p

2.481
2 584
2,667
2,844

Period

1956
1957
1958
1959

Apr

16,577
18,180
19,519
20,994

N.S.A.

ConVAvenguaranteed tional 2

4 578
5 376

Jan
Feb

7,304
7,721
7,433
7,086

Total i

581
1 358

May
June.......
July
Aus
Sept
Oct .
Nov . . . .
Dec

913
776

(In millions of dollars)

437
181

.

4 714
4 466

NONFARM MORTGAGE RECORDINGS

1 379
1 913

1941
1945

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

5 529
5,860

976

Sept
Oct
Nov
Dec

Total

6,442
6,636

1941
1945

July

Total

1963
Jan
Feb
Mar
1
2

Includes amounts for other lenders, not shown separately.
Three-month moving average, seasonally adjusted by Federal Reserve.
NOTE.—Federal Home Loan Bank Board data.

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
(In millions of dollars)

(In billions of dollars)

FHA-insured

VA-guaranteed

Mortgages

Period
Total

1945

665

Projects i

Governmentunderwritten

Mortgages

Prop-

imTotal 3
proveNew
ments 2
homes

New
homes

Existing
homes

257

217

20

171

192

3,461
3,715
6,349
7,694

1,133
880
1,666
2,563

1,505
1,371
2,885
3,507

130
595
929
628

692
869
868
997

5,868
3,761
1,865
2,787

3,910
2,890
1,311
2,051

1,948
863
549
730

I960
1961
1962

6,293
6,546
7,184

2,197
1,783
1,849

2,403
2,982
3,421

711
926
1,079

982
855
834

1,985
1,829
2,652

1,554
1,170
1,357

428
656
1,292

Sent
Oct
Nov
Dec

515
560
643
678
670
576
673
649
589

132
140
137
144
157
144
193
172
145

240
263
267
289
308
287
353
321
284

88
87
143
164
130
62
54
86
95

56
70
96
81
75
83
72
70
65

182
184
207
219
247
231
285
254
236

99
96
108
109
120
114
136
124
115

83
88
99
110
127
117
149
129
121

1963—Jan
Feb
Mar
Apr

618
536
546
540

179
141
137
120

324
259
279
273

60
82
73
86

54
54
57
62

254
202
219
245

123
100
106
114

131
101
113
130

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

FEDERAL NATIONAL MORTGAGE ASSOCIATION

ACTIVITY

End of
period
Total

FHAinsured

1956
1957
1958
1959

3,047
3,974
3,901
5,531

978
1,237
1,483
2,546

I960
1961
1962

6 159
6,093
5,923

1962—Apr
May

VAguaranteed

Mortgage
transactions
(during
period)

Commitments
undisbursed

Sales

2,069
2,737
2,418
2,985

609
1,096
623
1,907

5
3
482
5

1,541
568

3,356
3,490
3,571

2,803
2,603
2,353

1,248
815
740

357
541
498

631
355

Sept
Oct
Nov
Dec

6,151
6,120
6,035
5,989
5,969
5 951
5,944
5,949
5,923

3,616
3,627
3,571
3,557
3,556
3,552
3,555
3,575
3,571

2,535
2,493
2,464
2,432
2,413
2,399
2,389
2,374
2,353

60
82
52
34
35
32
39
57
26

106
76
101
47
19
12
11
19
18

562
527
504
485
442
429
431
366
355

1963 Jan
Feb
Mar
Apr

5,853
5,697
5,501
5,227

3,552
3,469
3,375
3,269

2,300
2,227
2,126
1,958

34
17
28
28

66
129
191
270

316
323
289
281

360
764

576

NOTE. —Federal National Mortgage Association data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage
Company, the Defense Homes Corporation, the Public Housing Administration and Community Facilities Administration.




Total

ConvenFHA- VA- tional
inguarsured anteed

1945

18.6

4.3

4.1

.2

14.3

1956
1957
1958
1959

99.0
107.6
117.7
130.9

43.9
47.2
50.1
53.8

15.5
16.5
19.7
23.8

28.4
30.7
30.4
30.0

55.1
60.4
67.6
77.0

I960
1961*
1962P

141.3
153.0
168.4

56.4
59.1
62.0

26.7
29.5
32.3

29.7 84.8
29.6 93.9
29.7 106.4

I960—IV

141.3

56.4

26.7

29.7

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

1962—IP
IIP 3
Ill*
IV*

155.7
159.9
164.2
168.4

59.9
60.4
61.0
62.0

30.3
30.9
31.5
32.3

29.6 95.8
29.5 99.4
29.5 103.2
29.7 106.4

NOTE.—For total debt outstanding, figures are
FHLBB and F.R. estimates. For conventional,
figures are derived.
Based on data from Federal Home Loan Bank
Board, Federal Housing Administration, and Veterans
Administration.

(In millions of dollars)

Purchases

July

Total

FEDERAL HOME LOAN BANKS

(In millions of dollars)
Mortgage holdings

End of
period

Existing
homes

1956
1957
1958
1959

1962—-Apr
May
June
July

835

REAL ESTATE CREDIT

JUNE 1963

Period

Advances

Repayments

Advances outstanding
(end of period)
Total

Short- Longterm ! term 2

Members
deposits

1945

278

213

195

176

19

46

1956
1957
1958
1959

745
1,116
1,364
2,067

934
1,079
1,331
1,231

1,228
1,265
1,298
2,134

798
731
685
18192

430
534
613
942

683
653
819
589

I960
1961
1962

1,943
2.882
4,111

2,097
2,200
3,294

1,981
2,662
3,479

1,089
1,447
2,005

892
,216
,474

938
1,180
1,213

295
503
480
312
279
383
252
611

189
165
387
225
180
338
275
200

2,429
2,767
2,860
2.948
3,046
3 091
3,068
3,479

1,319
1,569
1,708
1,787
1,835
1,876
1,821
2,005

,110
,198
,151
,161
,211
,215
,246
,474

249
178
250
451
382

926
370
348
329
277

2,802
2,611
2 514
2,635
2,740

1,669
1,534
1,399
1,516
1,585

,134
,077
,115
,119
,155

1962—May
June
July
Sept
Oct
Nov.......
Dec
1963—Jan
Feb
Mar
Apr
May
1
2

c

l,109
1,192
976
954
984
1,016
1,028
1,213
1,155
1,213
1,282
1,250
1,236

Secured or unsecured loans maturing in 1 year or less.
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.

836

CONSUMER CREDIT

JUNE 1963
TOTAL CREDIT
(In millions of dollars)
Instalment

End of period

Total

1939
1941
1945
1956
1957
1958
1959

.

.

1960
1961
1962
1962—Apr
iMay
June .
July
Aus
Sept
Oct
Nov
Dec

...

1963—Jan
Feb
Mar
Apr

Other
consumer
goods
paper

Total

Automobile
paper

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

42,334
44,970
45,129
51,542

31,720
33,867
33,642
39,245

14,420
15,340
14,152
16,420

56,028
57,678
63,458

42,832
43,527
48,243

57,314
58,318
59,108
59,364
60,003
60,126
60,626
61,473
63,458
62,740
62,219
62,276
63,267

Noninstalment
Repair
and modernization
loans *

Singlepayment
loans

Charge
accounts

Service
credit

Personal
loans

Total

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

8,606
8,844
9,028
10,630

1,905
2,101
2,346
2,809

6,789
7,582
8,116
9,386

10,614
11,103
11,487
12,297

3,253
3,364
3,627
4,129

4,995
5,146
5,060
5,104

2,366
2,593
2,800
3,064

17,688
17,223
19,384

11,525
11,857
12,855

3,139
3,191
3,290

10,480
11,256
12,714

13,196
14,151
15,215

4,507
5,136
5,579

5,329
5,324
5,642

3,360
3,691
3,994

43,837
44,495
45,208
45,650
46,204
46,310
46,722
47,274
48,243

17,671
18,032
18,410
18,680
18,933
18,881
19,083
19,307
19,384

11,498
11,598
11,726
11,754
11,824
11,861
11,986
12,186
12,855

3,128
3,169
3,200
3,226
3,260
3,277
3,289
3,302
3,290

11,540
11,696
11,872
11,990
12,187
12,291
12,364
12,479
12,714

13,477
13,823
13,900
13,714
13,799
13,816
13,904
14,199
15,215

5,241
5,400
5,428
5,402
5,469
5,481
5,442
5,526
5,579

4,319
4,544
4,596
4,457
4,491
4,495
4,663
4,825
5,642

3,917
3,879
3,876
3,855
3,839
3,840
3,799
3,848
3,994

48,130
48,025
48,190
48,873

19,426
19,503
19,720
20,121

12,719
12,511
12,396
12,455

3,250
3,221
3,210
3,229

12,735
12,790
12,864
13,068

14,610
14,194
14,086
14,394

5,511
5,545
5,593
5,596

5,058
4,496
4,340
4,567

4,041
4,153
4,151
4,231

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 estimates include data for Alaska beginning with
Jan. 1959 (except for instalment credit held by sales finance cos.) and
for Hawaii beginning with Aug. 1959. For a description of the series
see BULL., Apr. 1953. Back data are available upon request.

INSTALMENT CREDIT
(In millions of dollars)
I"inancial institutions
End of period

Total
Total

Commercial
banks

Sales
finance
cos.

ConCredit
sumer Other i
unions finance 1

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

1956
1957
1958
1959

31,720
33,867
33,642
39,245

26,977
29,200
28,659
33,570

11,777
12,843
12,780
15,227

9,117
9,609
8,844
10,319

2,014
2,429
2,668
3,280

I960
1961
1962

42,832
43,527
48,243

37,218
37,935
41,807

16,672
17,008
18,909

11,472
11,273
12,194

Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec

43,837
44,495
45,208
45,650
46,204
46,310
46,722
47,274
48,243

38,497
39,032
39,639
40,062
40,537
40,597
40,896
41,285
41,807

17,366
17,686
18,024
18,235
18,427
18,443
18,613
18,765
18,909

1963—Jan
Feb
Mar
Apr

48,130
48.025
48,190
48,873

42,317
42,280
42,421
42,980

18,981
19,057
19,203
19,581

1962

Total

Department
stores 2

Furniture
stores

Appliance
stores

Automobile
dealers 3

Other

629

1,438
1,605
686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

2,940
3,124
3,085
3,337

1.129
1,195
1,282
,407

4,743
4,668
4,983
5,676

1,408
1,393
1,882
2,292

1,187
1,210
1,128
1,225

377
361
292
310

502
478
506
481

J.269
1,226
1,175
1,368

3,923
4,330
4,973

3,670
3,799
4,131

1,481
[,525
,600

5,615
5,595
6,436

2,414
2,421
3,013

1,107
1,058
1,073

333
293
279

359
342
284

1,402
1,481
1,787

11,359
11,440
11,570
11,682
11,796
11,787
11,860
11,986
12,194

4,426
4,520
4,616
4,681
4,783
4,814
4,874
4,928
4,973

3,826
3,836
3,876
3,907
3,948
3,969
3,974
4,009
4,131

,520
1,550
1,553
1,557
1,583
,584
1,575
1,597
1,600

5,340
5,463
5,569
5,588
5 667
5,713
5,826
5,989
6,436

2,339
2,430
2,522
2,545
2 609
2,675
2,737
2,835
3,013

991
991
988
989
999
998
1,002
1,019
1,073

275
274
276
275
275
273
273
274
279

320
310
302
298
296
299
298
292
284

1,415
1,458
1,481
1,481
I 488
1,468
1,516
1,569
.787

12,681
12,550
12,483
12,527

4,939
4,952
5,007
5,117

4,134
4,138
4,139
4,174

1,582
1,583
1,589
I 581

5,813
5,745
5,769
5,893

2,478
2,506
2,581
2,702

1,049
1,027
1,002
992

275
273
264
259

272
259
277
270

1 739
1,680
1,645
1,670

1
Consumer finance cos. included with 'other" financial institutions
until
Sept. 1950.
2
Includes mail-order houses.




Retail outlets

657
759

3
Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.

See also NOTE to table above.

837

CONSUMER CREDIT

JUNE 1963
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS

INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES

(In millions of dollars)

(In millions of dollars)

Automobile
paper
End of period

Other Repair
and
commodsumer ernizagoods
tion
paper loans

Total
Purchased Direct

Personal
loans

1939
1941
1945

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1956
1957
1958
1959

11,777
12,843
12,780
15,227

3,651
4,130
4,014
4,827

2,075
2,225
2,170
2,525

2,464
2,557
2,269
2,640

1,469
1,580
1,715
2,039

2,118
2,351
2,612
3,196

1960
1961
1962

16,672
17,008
18,909

5,316
5,391
6,181

2,820
2,860
3,393

2,759
2,761
2,811

2,200
2,198
2,238

3,577
3,798
4,286

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

17,366
17,686
18,024
18,235
18,427
18,443
18,613
18,765
18,909

5,569
5,692
5,823
5,922
6,008
6,009
6,091
6,160
6,181

3,056
3,144
3,229
3,270
3,295
3,259
3,305
3,357
3,393

2,653
2,682
2,716
2,734
2,726
2,732
2,746
2,762
2,811

2,143
2,165
2,188
2,206
2,224
2,235
2,246
2,250
2,238

3,945
4,003
4,068
4,103
4,174
4,208
4,225
4.236
4,286

1963—Jan
Feb
Mar
Apr

18,981
19,057
19,203
19,58 1

6,194
6,240
6,327
6,470

3,427
3,458
3,513
3,612

2,832
2,822
2,809
2,824

2,213
2,191
2,178
2,194

4,315
4,346
4,376
4,481

Total

End of period

878
1,363
164

115
167
24

148
201
58

1956
1957
1958
1959

9,117
9,609
8,844
10,319

7,238
7,393
6,310
7,187

1,277
1,509
1,717
2,114

32
31
36
72

570
676
781
946

I960
1961
1962

11,472
11,273
12,194

7,528
6 *11
7,449

2,739
3,100
3,123

139
161
170

1.066
[,201
1,452

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

11,359
11,440
11,570
11 682
11,796
11,787
11,860
11,986
12,194

6,864
6,991

3,093
3,027
2,997

165
167

2,981

7,296
7,350
7,440
7,449

2,969
2,957
2,952
2,967
3,123

171
171
172
172
171
170

1,237
1,255
1,283
1,302
1,329
1,362
1,386
1,408
1,452

7,471
7,477
7,514
7,639

3,580
3,440
3,330
3,235

167

.

...

1963—Jan
Feb
Mar

12,681
12,550
12,483
12,527

Apr

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

81
122
54

24
36
20

15
14
14

669
785
643

1956
1957
1958
1959

6,083
6,748
7,035
8,024

954

1,114
1,152
1,400

624
588

404
490

565
681

595
698

4,101
4,555
4,723
5,244

I960
1961
1962

9,074
9,654
10,704

1,665
1,819
2,077

771
743

800
832

769

882

1962—Apr
May
June
July
Aug
Sept
Oct

1,862
1,895
1,934
1,962
2,007
2,018
2,039
2,058
2,077

732

820

Dec

9,772
9,906
10,045
10,145
10,314
10,367
10,423
10,534
10,704

746
749
758
758
760
760
769

844
849
865
870
871
881
882

6,358
6,438
6,521
6,585
6,684
6,721
6,753
6,835
6,976

1963—Jan
Feb
Mar
Apr

10,655
10,673
10,735
10,872

2,062
2,069
2,089
2,130

766
763
765
773

870
865
868
873

6,957
6,976
7,013
7,096

736

837

5,837
6,257
6,976

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.




168

165
164

162

1,463
1,468
1,475
1,491

(In millions of dollars)

789
957
731

See NOTE to first table on previous page.

7,122
7,228
7,327

56

66
54

NONINSTALMENT CREDIT

1939
1941
1945

Nov

Personal
loans

1,197
1,797
300

(In millions of dollars)

Total

Repair
and
modernization
loans

1939
1941
1945

INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS

End of period

Other
consumer
goods
paper

See NOTE to first table on previous page.

See NOTE to first table on previous page.

Automobile
paper

Automobile
paper

Singlepayment
loans

Charge accounts

Service
Other Decredit
Other Credit
finan- partcial
retail
2
insti- ment1 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

1956
1957
1958
1959

10,614
11,103
11,487
12,297

2,843
2,937
3,156
3,582

410
427
471
547

893
876
907
958

3,842
3,953
3,808
3,753

260
317
345
393

2,366
2,593
2,800
3,064

1960
1961
1962

13,196
14,151
15,215

3,884
4,413
4,704

623
723
875

941
948
927

3,952
3,907
4,203

436
469
512

3,360
3.691
3,994

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

13,477
13,823
13,900
13,714
13,799
13,816
13,904
14,199
15,215

4,544
4,614
4,671
4,662
4,657
4,666
4,662
4,680
4,704

697
786
757
740
812
815
780
846
875

620
636
612
569
570
614
638
688
927

3,249
3,444
3,505
3,388
3,394
3,353
3,507
3,629
4,203

450
464
479
500
527
528
518
508
512

3.917
3.879
3,876
3,855
3,839
3,840
3,799
3,848
3,994

1963— Tan.... 14,610
Feb.. . 14.194
Mar... 14,086
Apr.. . 14,394

4,680
4,704
4,713
4,774

831
841
880
822

775
646
587
603

3,759
3,324
3,251
3,466

524
526
502
498

4,041
4,153
4,153
4,231

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.

838

CONSUMER CREDIT

JUNE 1963

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total

Automobile paper

Other consumer
goods paper

S.A.1

S.A.1

Repair and
modernization loans

Personal loans

Period
S.A.I

N.S.A.

N.S.A.

N.S.A.

S.A.1

N.S.A.

S.A.1

N.S.A.

Extensions
1956
1957
1958
1959

39,868
42,016
40,119
48 052

15,515
16,465
14,226
17 779

11,721
11,807
11,747
13 982

1 582
1,674
1,871
2 222

11,051
12,069
12,275
14 070

I960
1961
1962

49,560
48 396
55,395

17,654
16 007
19,515

14,470
14 578
16 129

2,213
2 068
2 113

15,223
15 744
17,638

June
July
Aug
Sept
Oct
Nov
Dec

4,659
4,650
4.623
4.669
4,619
4.491
4,682
4,961
4,829

4,737
4,950
4,923
4,720
4,862
4,098
4,913
4,932
5,379

1,675
1,655
1,621
1,631
1,602
1,505
1,685
1,797
1,684

1 732
1,837
1,810
1,751
1,731
1,309
1,816
1,701
1,539

1,345
1,338
1,344
1,368
1,325
1,308
1,335
1,425
1,469

J.319
1,383
1,384
1,290
1,345
1,255
1,432
1,499
1,937

1963 Jan
Feb
Mar
Apr

4,878
4,885
4,940
5,020

4,368
4,033
4,675
5,279

1,743
1,734
1,782
1,864

1,570
,477
.754
2,001

1,421
1,406
1,408
1,382

1,230
.054
1,247
1,381

1962

Apr
May

. .

182

183
187
189
179

170
169
168

172
176
165
178
187

181
216
201
199
209
176
191
177
151

1 457
1,474
1,471
1,481
1,513
1,508
1,493
1,571
1,504

1 .505
1,514
1,528
1,480
1,577
1,358
1,474
1,555
.752

130
125
159
193

1,538
1,580
1,572
1,587

1,438
1,377
1,515
1,704

Repayments
1956
1957
1958
1959

37,054
39,868
40,344
42,603

14,555
15,545
15,415
15,579

I960
1961
1962

45,972
47,700
50.679

16,384
16,472
17,354

1962 Apr
May

June
July
Aug
Sept
Oct
Nov

..

Dec

1963 Jan
Feb
M^ar
Apr

.

...

10,756
11,569
11,563

12,402
13,574
14,246

15.131

4,166
4,211
4,202
4,283
4,261
4,289
4,298
4,380
4,371

4,111
4,292
4,210
4,278
4,308
3,992
4,501
4,380
4,410

1.435
1,447
1,433
1,456
1,446
1,440
1,491
1,490
1,513

1,409
1,476
1,432
1,481
1,478
1,361
1,614
1,477
1,462

1.247
1,260
1,260
1,296
1,281
1,298
1,261
1,302
1,293

1,228
1,283
1,256
1,262
1,275
1,218
1,307
1,299
1,268

168

172
169
165
163
171

4,376
4,449
4,540
4,490

4,481
4,138
4,510
4,596

1,504
1,517
,550
[.570

1,528
1,400
1,537
1,600

1,294
1,307
,355
1.294

1,366
1,262
1,362
1,322

169
167
173
171

Net change in credit outstanding
1956
1957
1958
1959

2,814
2,148
-225
5,601

I960
1961
1962

3,588

960
920

1962 Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

493
439
421
386
358
202
384
581
458

626
658
713
442
554
106
412
552
969

240
208
188
175

1963 Jan
Feb
Mar
Aor

502
436
400
530

-113
-105
165
683

..

323
361

156
65
194
307
171

72
44
10
74
123
176

239
217
232
294

42
77
217
401

127
99
53
88

1 Includes adjustment for difference in trading days.
2 Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction
of outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and




14,130
14,967
16,180

173
175
159
179
164
163

1.316
1,331
1,339
,361
1,362
1,382
1,381
1,425
.394

1.308
1,358
1,352
1,362
1,380
1,254
1,401
1,440
1,517

170
154
170
174

1,409
1,458
1,462
1,455

1,417
1,322
1,441
1.500

166
175
170

678
793
534

1,269
1,093

330
53
99

998
98
78
84

1 883
2,015
2,014

212
197
245
463

896
332

378
270
253
-52
202
224
77

10,373
11,276
11,741
12,857

2

1,602

1,270
-465
2,161

696

170

965
238
184

-1,189
2,268

4,716

173
170

1,370
1,477
1,626
1,765

111

1,458

91
100
128
28
70
37
125
200
669

14
10
17
19
7
1
4
5
1

15
41
31
26
34
17
12
13
-12

141
143
132
120
151
126
112
146
110

115
235

-136
-208
-115

7
-2
5
16

-40
-29
-11
19

129
122
110
132

21
55
74
204

59

197
156
176
118
197
104
73

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.

JUNE 1963

CONSUMER CREDIT

839

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

Other financial
institutions

N.S.A.

S.A.I

N.S.A.

Retail outlets
S.A.I

N.S.A.

Extensions
1956.
1957.
1958.
1959.

39,868
42,016
40,119
48,052

14,463
15,355
14,860
17,976

9,619
10,250
9,043
11,196

9,148
9,915
9,654
10,940

6,638
6,495
6,563
7,940

1960.
1961.
1962.

49,560
48,396
55,395

18,269
17,711
20,360

11,456
10,667
12,124

12,073
12,282
13,623

7,762
7,736
9,288

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

4,659
4,650
4,623
4,669
4,619
4,491
4,682
4,961
4,829

4,737
4,950
4,923
4,720
4,862
4,098
4,913
4,932
5,379

1,726
1,710
1,720
1,708
1,679
1,643
1,722
1,813
1,772

1,816
1,881
1,862
1,789
',773
,486
,806
,701
,682

1,010
1,007
992
984
971
944
1,021
,104
,189

1,008
1,059
1,081
1,069
1,068
863
1,108
1,070
1,189

1,149
1,150
1,139
1,146
1,177
1,138
1,144
1,208
1,143

1,154
1,205
1,194
1,152
1,233
,015
,136
,231
,332

774
783
772
831
792
766
795
836
725

759
805
786
710
788
734
863
930
1,176

1963—Jan
Feb
Mar
Apr

4,878
4,885
4,940
5,020

4,368
4,033
4,675
5,279

1,782
1,794
1,829
1,880

,698
,552
,774
2,057

,091
,020
,042
,046

984
844
983
1,086

1,174
1,186
1,199
1,237

,050
,025
1,162
1,289

831
885
870
857

636
612
756
847

Repayments
1956
1957
1958
1959

37,054
39,868
40,344
42,603

13,362
14,360
14,647
15,560

8,949
9,759
9,842
9,742

8,415
9,250
9,365
10,020

6,328
6,499
6,490
7,281

1960.
1961.
1962.

45,972
47,700
50,679

16,832
18,294
18,450

10,442
10,943
11,434

11,022
11,715
12,570

7,676
6,749
8,225

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

4,166
4,211
4,202
4,283
4,261
4,289
4,298
4,380
4,371

4,111
4,292
4,210
4,278
4,308
3,992
4,501
4,380
4,410

1,514
1,526
1,526
1,546
1,555
1,562
1,546
1,579
1,594

1,503
1,561
1,524
1,578
1,581
1,470
1,636
1,549
1,538

952
965
960
956
932
936
949
937
978

941
978
951
957
954
872
1,035
944
981

1,042
1,047
1,038
1,055
1,054
1,062
1,071
1,105
1,060

1,032
1,071
1,055
1,052
1,064
962
1,080
1,120
1,162

658
673
678
726
720
729
732
759
739

635
682
680
691
709
688
750
767
729

1963- -Jan.. .
Feb...
Mar...
Apr.. .

4,376
4,449
4,540
4,490

4,481
4,138
4,510
4,596

1,586
1,564
1,657
1,628

1,626
1,476
1,628
1,679

970
1,068
1,041
1,015

959
975
1,050
1,042

1,090
1,113
1,113
1,126

1,099
1,007
1,100
1,152

730
704
729
721

797
680
732
723

Net change in credit outstanding

2

1956
1957
1958
1959

2,814
2,148
-225
5,601

1,176
1,066
-63
2,447

670
491
-765
1,475

733
665
289
986

235
-75
315
693

1960.
1961.
1962.

3,588
696
4,716

1,446
335
1,901

1,152
-199
921

1,051
578
1,053

-61
-20
841

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

493
439
421
386
358
202
384
581
458

1963—Jan..
Feb..
Mar..
Apr..

502
436
400
530

1
2

626
658
713
442
554
106
412
552
969
-113

-105
165
683

203
184
194
162
124
81
176
234
178

304
320
338
211
192
16
170
152
144

67
42
32
28
39
8
72
167
211

76
81
130
112
114
-9
73
126
208

107
103
101
91
123
76
73
103
83

122
134
139
100
169
53
56
111
170

116
110
94
105
72
37
63
77
-14

124
123
106
19
79
46
113
163
447

196
230
172
252

72
76
146
378

583
-48

487
-131
-67
44

84
73
86

-49
18
62
137

-361
181
141
136

-623
-68
24
124

Includes adjustment for differences in trading days.
Net changes in credit outstanding equal to extensions less repayments
except: (1) in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii, and (2) in certain months
when data for extensions and repayments have been adjusted as necessary




31

111

to eliminate duplication resulting from large transfers of paper. In
those months the differences between the two for some types of holders
do not equal the changes in outstanding credit. Such transfers do not
affect total instalment credit outstanding.
See also NOTE to previous table.

840

INDUSTRIAL PRODUCTION: S.A.

JUNE 1963

MARKET GROUPINGS
(1957-59= 100)
1957-59 1962
proaverporage*
tion

Grouping

1962
Apr.

June

May

Aug.

July

1963
Sept.

Oct. Nov.

Dec.

Jan. r

Feb. r

Mar. r Apr.

100 00 118.2 117.7 118.4 118 6 119 3 119 7 119.8 119.2 119.6 119.1 119.2 120.2 121.3 122.5

Total index
Consumer goods
Equipment, including defense....
Materials

47 35
32.31
15.04
52.65

119.7
119.7
119.8
116.8

118 5
119 1
117.0
117.1

120
121
118
117

2
1
5
0

120 6
120 9
120 1
117 1

121
121
121
117

7
7
8
0

121.6
120 9
123 2
117.7

122.0
121.8
123 2
118.1

121.5
120.8
123.6
117.2

121.4
120.7
123.1
117.8

121.4
120.5
123.2
117.1

122.3
121.8
122.0
116.8

122.6
122.9
121.5
118.0

122.5
123.1
120.7
120.2

122.2
122.9
120.8
122.6

Consumer goods
3.21 131.1 129.4 132 8 126 8 135 2 134.1 135.3 135.8 135.4 137.2 136.5 137.7 136.3 137.7
1.82 135.9 133.9 140.8 129 3 142 4 140.0 141.2 142.1 141.1 142.0 141.3 142.0 141.8 141.9
1.39 124.9 123.5 122.3 123 6 125 7 126.3 127.5 127.5 128.0 130.8 130.2 132.1 129.1 132.1

Autos

10.00
4.59
1 81
1.33
.47
1 26
1 52
5.41

118.0
122.2
118.0
121.1
109.2
123.9
125.7
114.6

120.1
124 4
123 8
120.1
134 2
123.8
125.6
114.2

121 2
126 0
124 2
120.7
133.9
124.5
129.5
114.8

121.7
126.2
123.3
122.9
124.7
126.5
129.3
115.6

120 I
122.7
118.5
120 9
112.0
124.3
126.2
115.4

118.7
121.2
115.2
119.3
103.7
125.4
123.4
114.9

119.8
122.2
115 8
120.7
102.1
127.9
125.2
116.1

119.3
121.1
116.7
124 0
96.1
125.8
122.3
116.1

118.9
122.1
118.1
127.3
92.3
125.8
123.9
116.2

120.2
124.8
121.1
130.9
93.3
125.4
128.8
116.3

120.2 120.8
USA
125.9
116.5 119.8
121.9 123.7
101.2 108.8
130.0 126.0
132.3 132.9
115.7 116.6

121.5
121A
123.6
125.9
117.2
127.4
132.0
116.4

121.5
127.9

19 10
8.43
2 43
2 97
1.47
3 67
1 20
2.46
1.72
.74

118.6
113.7
109.9
129.5
116.8
127.3
111.8
134.8
136.5
125.6

117 1
113 6
106 9
125 8
115 7
125 I
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

120.6
115.7
111.9
132.0
117.0
128.9
114.0
136.2
139.3

119.1
114.0
109.5
131.6
116.4
128.0
112.8
135.5
137.6

119.7
114.3
112.1
130.8
116.4
129.0
112.0
137.4
139.9

119.7
114.4
111.7
132.9
115.8
127.9
113.7
134.9
139.5

120.2
113.8
115.1
134.2
113.9
129.7
113.2
137.7
142.0

121.4
114.5
114.3
135.2
115.0
133.4
117.9
140.9
144.9

121.8
115.2
114.0
137.7
115.3
131.4
117.3
138.2
141.9

121.2
114 7

11.63
6.85
2.42
1.76
.61

122.1
117.2
143.1
117.2
107.7

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
117.3

125.9
120.5
144.4
124.5
117.6

126.0
119.9
144.2
126.7
123.3

125.0
118.8
145.3
126.2
118.8

125.0
119.3
144.5
126.9
123.2

124.9
119.2
143.8
126.3
119.7

124.8
119.2
143.5
126.0
115.1

Construction
Metal materials n e e

26 73
3 43
7 84
9.17
6.29

114.1
127.5
118.9
110.4
106.0

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

114.9
129.7
121.3
113.3
98.5

114.0
127.6
121.0
111.2
99.1

114 1
126.9
120.4
111.3
102.3

113.2
128.5
120.3
108.6
103.5

113.3
129.3
121.4
108.6
106.0

114.4
130.9
121.2
109.2
109.5

118.1
134.0
122.2
112.4
115.4

121 1
135.5
123.0
115.1
120.4

Business suoolies
Containers
General business supplies .
Nondurable materials n.e.c

25 92
9 11
3.03
6.07
7.40

119.7
116.1
117.0
115.7
134.2

117
114
113
114
131

9
1
1
6
3

119.3
116.1
115.9
116 2
133.9

120.5
116 9
117 5
116 6
135.9

120 3
116 1
117 2
115.5
135.3

120.7
116.5
116.4
116.6
135.5

121.5
118.1
118.6
117.9
136.7

120.5
116.2
115.9
116.3
135.2

122.3
118.2
120.5
117.1
137.9

121.0
117.1
117.9
116.7
137.8

120.5
116.0
118.5
114.7
137.3

121.8
116 7
119.3
115.4
138.0

122.4
117 6
121 A
115.7
139.8

124 1
118 9
117.0
119 9
142.5

9.41
6 07
2 86
2 32
1.03
1 21
.54

111.6
104.7
130.1
130.6
122.6
140.0
126.4

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 I
130 9
132.4
124 1
142 0

112.0
105 5
129 1
130.1
122 0
139 5

112.7
106.6
130.2
130 4
122.7
139.5

113.1
106.5
131.9
132.3
124.3
141.7

114.1
107.2
133.1
133.6
123.5
144.9

111.7
103.8
132.9
133.6
123.2
145.1

111.7
102.9
134.3
135.0
124.9
146.5

113.9
105.6
135 9
136.9
125.8
149.2

113.3 114.6
105.2 106.7
134 7
135.3
124.2
147.5

Appliances, TV, and radios
TV and home radios
Furniture and rugs
Apparel, knit goods, and shoes
Processed foods
Drugs soap and toiletries
Newspapers, magazines, and books.
Residential utilities
Electricity
Gas

125.1
127.0
130.6
116.0

136.5
118.6
U3.8

Equipment
Industrial equipment
Freight and passenger equipment...
Farm equipment

3.41
Materials
Durable goods materials
Consumer durable

Business fuel and power
Mineral fuels
Nonresidential utilities

..
.

...

General industrial
Gas

.

Supplementary groups of
consumer goods
ADDarel and staples
See NOTE on opposite page.




7 80 126.0 126 5 128.9 126 5 127 9 126.3 127.6 127.1 127.6 129.9 130.0 130.7 131.1 131.9
24 51 117.8 116.5 117.9 118.4 119.2 118.6 119.6 118.4 118.9 119.0 119.2 120.4 120.6 120.1

841

INDUSTRIAL PRODUCTION: S.A.

JUNE 1963

INDUSTRY GROUPINGS
(1957-59- 100)
1957-59 1962
proaverporage*
tion

Grouping

1962
Apr.

100.00 118.2 117.7

Total index
Durable
Nondurable
Utilities

May

June

July

Aug.

1963
Sept.

Oct.

118.4 118.6 119.3 119.7 119.8 119.2
118.9 119.7 120.3 120.4 119.7
117.7 118.7 119.8 119.5 118.6
120.3 121.0 120.8 121.5 120.9

118.8
118.2
119.6
104.8
129.8

Nov.

Dec.

119.6 119.1

120.0
119.1
121.1
104.6 106.1 105.5 105.9 105.5 106.2
132.4 133.5 132.3 133.0 133.5 135.1

Jan. r

Feb. r

Mar. r Apr.

119.2 120 2 121.3 122 5

119 J
118.9
120.6
103.0
135.5

119.8
119.0
120.7
103.0
135.9

120.6
120 0
121.4
104 7
138 2

121.9
121.5
122.4
105 4
136.4

123.2
123 0
123.3
106 5
136 5

107.3
99.7
95.8
120.6
117.2
112.5

107.8
99.6
96.0
121.7
118.4
113.5

111.0
105 2
102 2
121.0
118 5
113.9

115.3
112.2
112.0
123.7
119.3
115.4

120.1
120 0
121 6
121.4
120 3
116.6

121.2 122.9 122.9 124.8 125.6 124.9 124.6 124.5 125.0
122.9 124.5 125.9 125.4 126.5 126.4 125.6 125.3 125.9
117.8 120.0 121.8 121.9 124.6 123.9 123.0 122.8 121.4
129.7 130.4 131.3 130.1 129.0 129.6 129.0 128.6 131.8
116.8 119.4 116.8 122.1 122.0 121.5 121.8 121.5 121.9
134.4 139.1 132.0 141.3 138.1 137.8 138.1 137.3 138.2
100.7 101.6 103.0 104.7 107.3 106.7 107.2 107.2 107.0
122.3 122.6 124.7 124.9 125.8 124.3 124.2 125.0 125.4

124.7
125.2
122.2
129.2
122.4
137.9
107.9
125.7

125.3
126.4
123.1
130 8
122.3
139 1
106.8
127.0

125.0
126.2
122.7
130 9
122.1
140 2
105.6
127.2

125.8
126.9
123.0
132 2
123.6
141 9
107.0
126.4

86.45
48.07
38.38
8 23
5.32

118.6
117.9
119.4
104.9
132.3

118.1
118.5
117.5
105.5
128.1

12.32
6.95
5.45
1.50
5.37
2.86

110.0
104.5
100.6
118.9
117.1
113.2

114.1 108.3 106.3 106.3 108.2
112.4 101.3 96.8 96.6 99.1
112.6 96.5 89.5 87.8 92.1
118.6 120.8 118.2 117.9 112.9
116.3 117.4 118.5 118.8 119.9
113.7 115.7 116.4 115.6 115.2

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

122.1
123.4
119.7
128.4
118.3
134.1
103.9
122.9

Durable manufactures
Primary

and fabricated

metals......

Nonferrous metals and products..

Machinery and related products
Machinery
Nonelectrical machinery
Transportation equipment
Aircraft and other equipment....
Instruments and related products...

108.2
99.6
92.8
118.4
119.3
115.1

107.1
98.9
91.0
120.1
117.8
114.2

108.5
100.7
95.3
121.2
118.5
112.8

Clay, glass, and lumber
Clay, glass, and stone products
Lumber and products

4.72 109.1 108.9 110.1 110.7 109.9 112.1 112.5 108.9 110.7 109.8 110.9 109.8 115.0 112.4
2.99 111.0 110.3 111.9 112.5 113.7 114.9 114.9 113.2 113.3 110.5 113.9 110.7 114.6 115.1
1.73 106.0 106.4 107.1 107.5 103.4 107.4 108.3 101.5 106.1 108.7 105.7 108.2 115.7 107.8

Furniture

3.05 124.6 126.1 127.3 127.4 127.3 125.8 126.% 125.3 125.5 124.6 125.0 123.6 124.8 125.6
1.54 126.8 126.6 129.3 129.2 127.7 128.3 129.2 128.2 129.3 128.6 129 2 126 6 128 3 129 2
1.51 122.3 125.5 125.2 125.5 126.9 123.3 124.4 122.3 121.7 120.5 120.7 120 6 121 3 121 9

and miscellaneous

........

Nondurable manufactures

Apparel products
Leather and products
Paper and printing
Newspapers
Chemicals, petroleum, and rubber....
Chemicals and products
Industrial chemicals

Foods and beverages
Tobacco products

7.60
2.90
3.59
1.11

114.9
114.7
118.9
102.4

114.8 115.2 115.8 115.5 115.2
115.0 116.1 117.1 116.6 117.1
117.6 118.3 118.4 119.2 118.1
105.5 102.9 103.8 100.5 100.6

115.7 115.5 115.2 115.2 115.6 115.9 117.0
114.5 112.9 112.7 113 4 112 6 114 0 115 6
121.4 122.3 122.2 122.5 123.2 122.5 123.2
100.8 100.7 99.4 96.4 98.7 99.6

8.17
3.43
4.74
1.53

116.7
119.7
114.6
108.5

115.7 117.0 116.7
117.5 119.9 119.6
114.4 114.9 114.7
107.5 107.9 108.6

116.7
115.9
120.5
106.6
118.0 118.1 118.2
121.1 120.5 120.9
115.7 116.3 116.2
110.3 111.8 111.3

117.2 117.9 115.4 114.5 115.8 115.7
120.8 122.1 119.6 120 3 123 3 123 9
114.6 114.8 112.3 110 2 110 5 109 7
108.2 109.7 100.5 94.0 93.9 90.8

11.54
7.58
3.84
1.97
1.99

130.6
135.6
146.9
112.8
129.0

126.6
131.6
142.2
109.6
124.0

130.8
135.7
145.8
112.6
130.2

132.6
137.1
147.7
115.1
132.8

133.2
137.6
149.7
113.4
136.1

133.2
138.3
150.7
112.1
134.8

133.7
139.0
151.0
113.6
133.4

134.2
139.5
153.1
113.6
134.1

133.7
139.1
152.7
113.0
133.4

133.9
138.6
150.5
114 2
135.5

134.2
140 0
152.6
114 3
131.4

135.3
141 4
153.1
114 3
132.8

137.9 138.8
143 4 145 7
154.8
115 5 113 7
139.5

11.07
10.25
8.64
1.61
.82

113.0
113.0
113.8
108.7
112.3

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

114.7
114.6
115.5
109.8
116.0

113.5
113.9
114.6
109.9
108.6

114.1
114.0
114.7
110.5
115.2

114.4
114.6
115.1
111.9
111.4

115 0
115.2
115 0
116.1
113.0

115 0
115.0
115 2
114 2
114.6

115 6 114 9
115.7 114.9
116 0 115 5
113 9
114.2

6.80
1.16
5.64
4.91
4.25
.66
.73

103.6
94.3
105.5
107.2
105.1
120.7
94.2

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
121.6
92.8

104.1
93.7
106.2
108.3
106.7
119.2
92.3

105.2
93.8
107.5
109.6
107.8
121.4
93.0

105.3
94.0
107.6
109.4
107 2
121.2
95.4

105.5
96.3
107.4
109.8
107.5
123.7
91.5

102.3 101 3 103 7 103 9 105 0
93.2 95.1 96 1 93 9 100 8
104.2 102 6 105 3 106 0 105 8

118.7
121 5
116 7
109.7

Mining
Coal
Crude oil
Oil and gas drilling
Metal, stone, and earth minerals

106.3 104.8 107.9 107.8 108.1
103.8 101.6 104.8 104.9 105.3
121.9
90.5 87.6 87.4 93.5 90.3

1.43 110.9 112.5 115.7 112.0 112.8 112.0 109.5 106.7 109.3 106.2 111.1 109.7 112.5 113.8
.61 112.5 120.0 116.6 109.5 110.4 104.1 97.8 96.8 106.2 114.9 110 1 114 3 115 7 113 5
.82 109.6 106.9 115.1 113.8 114.5 117.9 118.2 114.0 111.6 99.7 111.9 106.2 110.2 114.1

Utilities
Electric
Gas

4.04 133.2 129.3 131.8
1.28 129.8 124.2 123.6

135.1 136.2 H4.5 134.2 134.5 136.3 136.1 138.0 140.3 138.1
123.8 126.4 128.6 127.5 126.2 124.6 126.8

NOTE—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Preduction—1957-59 Base. Figures for individual seres and
subtotals (N.S.A ) are pubJished in the monthly Bus ness Indexes release

842

INDUSTRIAL PRODUCTION: N.S.A.

JUNE 1963

MARKET GROUPINGS
(1957-59- 100)

Grouping

Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials

1957-59 1962
propor- average*
tion

1962
Apr.

May

June

July

1963

Aug. Sept.

Oct. Nov. Dec.

Jan.r Feb. r Mar.r Apr,

100.00 118.2 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.9 120.5 122.5 123.1
47.35
32 31
15 04
52.65

119.7
119.7
119.8
116.8

1186
118 5
118.6
118.2

118.5
118 2
119.
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

122.
122.2
122.0
119.2

119.4
117.6
123.4
115.1

120.0
119.0
122.1
115.9

122.4
122.4
122.6
118.7

123.7
123.9
123.1
121.4

122.4
122.4
122.2
123.7

Consumer goods
Automotive products
Autos
Auto parts and allied products

3.21 131.1 138,6 138.5 133.1 129.8 79.4 124.9 148.1 145.1 143.7 142.4 144.0 144.7 148.3
1.82 135.9 150 0 149.3 137 1 136.7 43.4 120.0 160.6 159.4 157.6 152.6 153.4 157.4 160.4
1.39 124.9 123.6 124.2 127.9 120.7 126.8 131.3 131.6 126.3 125.5 129.0 131.5 128.1 132.3

Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
,
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

118.0
122.2
118.0
121.
109.2
123.9
125.7
114.6

120 5
122.4
121 3
125 8
108 7
121 9
124
118.8

117.6
121.0
117 2
120 8
107 1
120.1
126.3
114.8

120.8
125.5
124 3
129 9
108.5
123 5
128.5
116.8

107.7
110 7
99 6
107
78.4
116 8
119.0
105.0

119.6
117.8
103.6
101.7
108.9
126.7
127.3
121.2

124.0
130.6
127.5
127.1
128.6
131.4
133.6
118.4

123.9
131.1
128.1
127.5
129.7
131.6
134.2
117.8

120.1
128.3
124.8
128.1
115.4
129.6
131.3
113.2

111.2
123.2
115.6
124.8
89.6
130.4
126.5
100.9

113.6
118.0
108.3
112.6
96.1
126.1
122.8
109.9

123.1
126.6
127.3
133.5
109.9
126.0
126.3
120.1

126.2
128.3
128.9
137.3
105.5
127.1
128.6
124.5

122.5
125.5

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

19.10
8.43
2 43
2 97
1.47
3.67
1.20
2.46
1.72
.74

118.6
113.7
109.9
129.5
116.8
127.3
111.8
134.8
136.5
125.6

114 1
106 3
109.7
127 7
115,7
122.8
105.1

115.1
107 4
116 6
128 7
116 2
120 0
108.6

119.7
112 0
125 0
133 2
115 9
124.3
113.4

118.9
116 1
113.6
125.3
114.8
125.7
114.2

125.0
124 2
117 8
133 9
117 6
127.6
112.3

128.0
131 0
116.4
132.4
119.9
128.9
113.5

124.5
126.0
113.9
134.2
118.1
122.7
110.1

119.5
117.5
105.9
131.2
116.4
124.3
111.5

116.6
110.7
96.7
131.6
115.8
131.5
116.6

117.9
107.5
101.2
133.
113.9
141.9
117.9

118.3
106.7
104.2
134.8
114.4
142.2
120.4

119.2
108.9
110.3
136.3
116.5
135.5
115.4

118.1
107.4

11.63
6 85
2.42
1.76
.61

122.1
117.2
143.
U7.2
107.7

121.3
115.7
141.3
116,2
120.2

122.0
116 8
142.7
116 1
114.9

124.6
119.6
145 2
119.5
113.7

122.0
117.8
142.7
117.6
99.6

122.6
118 8
145.0
116.6
94.1

124.9
120.0
147.1
118.2
111.4

125.3
119.7
146.2
124.3
108.0

124.3
118.8
146.1
122.0
106.6

126.1
120.6
146.7
122.6
116.3

125.1
119.0
145.4
123.7
117.3

126.3
118.7
143.5
128.4
137.4

127.3
119.3
142.5
134.0
136.9

126.5
119.3
140.8
132.5
134.6

26.73
3.43
7.84
9.17
6.29

114.1
127.5
118.9
110.4
106.0

116.9
128 4
120 9
109 6
116.3

116.5
130.6
119.7
114.7
107.1

116 A
123 6
119 8
118 8
103.6

108.7
117 4
115.4
113 8
88.4

111.3
107.5
116 1
119 4
95.7

116.8
130.5
119.4
119.9
101.5

116.6
134.1
120.2
116.7
102.5

115.5
136.0
121.7
111.1
103.1

112.3
138.8
122.7
102.5
98.9

112.3
135.5
123.5
100.2
103.2

114.6
135.5
123.5
102.0
110.5

118.6
137.4
124.4
106.9
118.2

122.0
135.9
123.6
113.9
124.0

25.92
9.11
3.03
6.07
7.40

119.7
116.1
117.0
115.7
134.2

119.4
117 2
116 5
117.5
133.9

119.7
117.3
117.
117.4
135.9

121.3
118 2
123,4
115 6
136.6

112.7
108.7
112 5
106 8
124.9

121.1
118.5
128 0
113.7
134.8

122.7
121.9
126.3
119.7
135.3

123.4
121.6
121.7
121.5
137.9

122.9
119.2
113.9
121.8
139.3

118.1
111.2
102.6
115.5
133.7

119.7
112.2
111.4
112.6
137.3

122.9
115.1
116.9
114.2
142.1

124.3
118.4
121.4
116.9
144.0

125.5
122.1
120.5
122.9
143.9

9.41
6.07
2.86
2.32
1,03
1.21
.54

111.6
104.7
130.1
130.6
122.6
140.0
126.4

110.2 109.2 112.3 107.0 112.8 113.6 113.6 113.7 112.5 113.1 115.2 114.6 114.3
105.4 102.5 104.8 96.4 103.7 104.8 106.7 107.8 106.1 105.8 109.6 108.4 108.2

130.3 121.6 126.9 134.0 139.1 139.7 128.1 130.1 145.]

106.3
125.7
129.0
119.9

137.2
118.1
108.3

164.7 162.0 152.1

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment

3.41

Materials
Durable goods materials.
Consumer durable
Equipment.
Construction
Metal materials n.e.c....
Nondurable materials
Business supplies
Containers.
General business supplies.
Nondurable materials n.e.c.
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other.
Gas

122.3 126.6 133.6 136.1 140.3 139.3 134.2 130.7 130.4 132.6 131.1 131.4
120.1 121.6 123.7 120 6 125.4 125.2 127.0 123.9 122.0 124.3 122.5 124.9
126.2 133.1 144.7 152.2 156.1 154.3 143. 139.0 140.0 142.3 141.0 139.5

Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.




7.80 126.0 129.3 128.4 128.8 118.8 102.2 128.3 138. 135.2 131.7 128.0 133.8 135.1 134.9
24.51 117.8 115.3 115.1 119.1 116.0 124.3 125.9 123.0 118. 113.1 116.1 118.7 120.4 118.5

843

INDUSTRIAL PRODUCTION: N.S.A.

JUNE 1963

INDUSTRY GROUPINGS
(1957-59= 100)

Grouping

1957-59 1962
proaverportion

1962
Apr.

May

June

July

Aug.

1963
Sept.

Oct.

Nov.

Dec.

Jan.*

Feb.1

Mar.

Apr.

100.00 118.2 118.3 118.2 119.9 113.9 117.7 122.2 122.5 120.6 117.2 117.9 120.5 122.5 123.1

Total index

86.45
48.07
38.38
8.23
5.32

118.6
117.9
119.4
104.9
132.3

119.1
119.6
118.4
104.9

119.0
118 8
119.1
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

121.3
121.0
121.7
106.3

117.5
119.4
115.0
103.1

117.8
118.3
117.2
102.6

120.7
120.7
120.6
104.9

123.2
123.2
123.3
104.6

124.0
124.3
123.7
106.0

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

110.0
104.5
100.6
118.9
117.
113.2

116.5
117.7
116.0
123.8
115.1
110.7

109.
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
99.9
93 7
122.4
121.3
117.9

709.0
101.7
96.3
121.2
118.6
116.0

106.2
97.3
93.4
111.4
117.8
114.8

108.
102.6
97.9
119.6
116.0
112.4

112.6
110.1
106.6
122.8
115.8
111.5

118.3
119.2
117.6
125.1
117.2
112.2

122.5
125.6
125.2
126.7
118.5
113.6

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

122.1
123.4
119.7
128.4
118.3
134.1
103.9
122.9

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

127.1
126.2
120.5
133.7
127.2
149.1
107.8
127.2

127.7
127.0
122.5
132.9
127.6
149.1
108.6
127.0

125.9
124.9
122.2
128.5
126.2
145.6
109.0
125.2

127.6
128.1
125.3
132.0
126.0
145.9
108.1
126.2

128.2
128.4
126.1
131.4
127.4
148.5
108.2
126.9

727.5
126.8
125.3
128.8
127.7
149.4
107.5
126.3

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
87.0
104.8
125.0

123.8
127.6
121.2
136.
116.6
128 9
105.4
125.2

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.72 109.1 108.3 113.9 118.3 112.6 120.1 119.4 116.3 110.3 99.8
2.99 111.0 109.7 116.4 118.7 117.7 121.8 119.5 118.9 113.9 102.8
1.73 106.0 105.8 109.6 117.6 103.9 117.2 119.3 111.7 104.1 94.6

Furniture and miscellaneous...
Furniture and fixtures
Miscellaneous manufactures..

3.05 124.6 121.8 123.3 126.4 122.5 129.1 131.9 132.1 129.6 126.5 120.9 121.8 123.3 722.5
1.54 126.8 123.6 \1A.Z 127.9 124.8 132.1 133.1 133.3 131.4 131.2 126.9 126.3 126.8 126.1
1.51 122.3 120.0 122.2 124.9 120.2 126.0 130.6 130.9 127.9 121.7 114.8 117.2 119.7 119.0

97.2 100.5 705.7 772.2
99.7 99.1 105.4 115.1
93.0 102.8 107.3 107.2

Nondurable manufacture
Textiles, apparel, and leather.
Textile mill products
Apparel products.
Leather and products
Paper and printing
Paper and products
Printing and publishing.
Newspapers
,

7.60
2.90
3.59
1.11

114.9
114.7
118.9
102.4

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

8.17
3.43
4.74
1.53

116.7
119.7
114.6
108.5

118.4
122.0
115.8
114.1

117.7 117.5 108.7 117.2 119.6 122.4 120.8 111.4 112.1 115.9 777.7 727.5

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

130.6
135.6
146.9
112.8
129.0

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

134.2
138.1
149.2
118.1
135.1

135.4
139.4
151.6
114.2
141.6

133.2
138.5
153.6
111.3
134.2

131.2
136.6
150.5
112.5
129.4

134.3
138.9
152.6
112.6
138.1

137.2
142.7
156.5
112.6
140.5

139.5 141.3
145.6 149.3
159.0
111.5 i i 613
144.0

Foods, beverages, and tobacco...
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

113.0
113.0
113.8
108.7
112.3

107.3
107.0
106.6
109,4
110.

109.5
108.9
107.5
116.5
116.6

114.7
114.5
111.8
129.
116.9

115.2
116.4
115.7
120.3
100.4

122.4
122.5
123.7
116.0
121.2

127.4
128.
130.5
114.8
119.4

123.5
123.9
126.1
111.7
118.3

115.4 107.9
115.3 109.3
118.1 111.1
100.3 99.8
117.0 90.7

106.6
106.2
108.1
95.8
111.8

106.7
106.1
107.4
99.2
114.0

109.6 109 A
109.4 109.1
109.4 107.7
109.2
112.5

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

103.6
94.3
105.5
107.2
105.1
120.7
94.2

104.0
94 9
105.9
107.9
105.9
120.5
92.4

101.4
93.
103.0
104.7
103.1
114.8
91.9

103.5 96.2 102.8 103.8
103.8 60.7 98.6 99,2
103.4 103.6 103.7 104 7
105.1 104.8 104.9 106 1
104.0
T03 7 104 o
111.9 113.2 112.9 114.1
92.0 95.2 95.7 95.1

105.5
102.5
106.1
107 6
<os 6
118.3
95.9

106.2
100.2
107.5
109.6
106 7
127.5
93.3

104.7
92.3
107.3
109.3
105.8
132.0
93.2

104.3
93.2
106.6
108.7
104.7

707.0
97.3
109.0
112.5
108.7

105.9
94.7
108.3
111.7
108.3

705.6
101.5
106.5
109.8
107.1

92.0

85.4

85.1

84.1

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
Utilities

1.43 110.9 108.8 125.0 126.5 123.9 123.5 119.7 114.6 106.5
.61 112.5 112.9 133.7 134.8 126.6 119.5 113.2 105.6 96.2
.82 109.6 105.8 118.6 120.3 121.8 126.4 124.5 121.2 114.2

95.6
94.7
96.2

Electric.
Gas

4.04 133.2 125.7 124.5 130.8 135.3 139.8 139.51 131.6 130.4 136.7 146.3 144.3 140.2
1.28 129.8

117.4
115.9
122.3
105.2

116.9 114.6 104.7 112.1
115.6 115.2 108.2 112.3
122.6 119.2 105.7 116.4
102.3 98.2 92.2 97.8

120.8
116.0
129.4
105.5

724.7 720.7
119.7 115.0
134.8 130.2
105.1

120.0 122.0 107.8 123.5 122.0 127.3 123.0 108.6 118.6 125.9 127.0 126.1
116.0 114.3 109.5 112.7 117.9 118.9 119.2 113.4 107.5 108.7 111.0 118.1
115.0 108.6 96.0 101.7 112.1 117.7 120.7 100.0 86.6 90.3 92.6 116.4

Mining

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




94.3 94.7 98.0 107.8
96.9 102.9 101.8 103.3
92.4 88.6 95.1 111.2

Industrial Production—1957-59 Base. Figures for individual series and
subtotals N.S.A.) are published in the monthly Business Indexes release.

844

BUSINESS ACTIVITY

JUNE 1963
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing

Industrial production

Major market groupings

Constrution
contracts

Major industry
groupings

Period
Final products
Total
ConEquipTotal sumer
ment
goods

Materials
Mfg.

Mining

Utilities

Nonagricultural
employment—
Total i

Employment

Prices 3

2

Freight Department
carstore
loadsales
ings

Payrolls

Consumer

Wholesale
commodity

1949

64.7

64.5

68.8

52.0

64.8

65.1

74.5

43.4

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
77.8
79.5
85.0
84.3

56.4
78.4
94.1
100.5
88.9

76.9
83.8
84.3
92.6
85.9

75.8
81.9
85.2
92.7
86.3

83.2
91.3
90.5
92.9
90.2

49.5
56.4
61.2
66.8
71.8

61
63
67
70
76

86.0
91.0
92.9
95.6
93.3

99.4
106.1
106.1
111.6
101.8

68.9
80.3
84.5
93.6
85.4

117.1
121.5
115.0
116.6
104.6

72
76
78
80

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
99.9
100.7
93.7
105.6

93.9
98.1
99.4
94.8
105.7

93.3
95.5
97.0
96.4
106.6

95.0
103.7
104.6
91.3
104.1

99.0
101.6
101.9
92.7
105.4

97.3
100.2
100.8
93.2
106.0

99.2
104.8
104.6
95.6
99.7

80.2
87.9
93.9
98.1
108.0

91
92
93
102
105

96.4
99.7
100.6
97.8
101.6

105.5
106.7
104.7
95.3
100.0

94.8
100.2
101.4
93.5
105.1

115.3
115.9
108.2
93.8
97.9

94
96
99
105

93.3
94.7
98.0
100.7
101.5

93.2
96.2
99.0
100.4
100.6

1960
1961
1962

108.7
109.8
118.2

109.9
111.3
119.7

111.0
112.7
119.7

107.6
108.3
119.8

107.6
108.4
116.8

108.9
109.7
118.6

101.6
102.6
104.9

115.6
122.8
132.3

105
108
120

103.4
102.9
105.2

99.7
95.6
98.6

106.6
105.2
113.3

95.3
91.2
92.4

106
109
114

103.1
104.2
105.4

100.7
100.3
100.6

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

117.7
118.4
118.6
119.3
119.7
119.8
119.2
119.6
119.1

118.5
120.2
120.6
121.7
121.6
122.0
121.5
121.4
121.4

119.1
121.1
120.9
121.7
120.9
121.8
120.8
120.7
120.5

117.0

117.

118.1

120.1
121.8
123.2
123.2
123.6
123.
123.2

117.1
117.0
117.7
118.
117.2
117.8
117.1

118.9
119.7
120.3
120.4
119.7
120.0
119.7

105.5
104.8
104.6
106.1
105.5
105.9
105.5
106.2
103.0

128.1
129.8
132.4
133.5
132.3
133.0
133.5
135.1
135.5

121
117
120
117
118
113
117
123
138

105.1
105.4
105.6
105.8
105.6
105.7
105.9
105.8
105.7

99.6
99.8
99.9
99.7
98.7
98.8
98.6
97.9
97.8

114.8
113.7
113.5
113.1
112.5
115.2
113.2
113.3
114.3

96.1
94.0
89.9
89.6
90.2
90.0
90.3
94.1
90.5

113
115
111
114
115
117
110
118
117

105.2
105.2
105.3
105.5
105.5
106.1
106.0
100.7
105.8

100.4
100.2
100.0
100.4
100.5
101.2
100.6
106.0
100.4

1963—Jan
Feb
Mar
Apr
May

119.2
120.2
121.3
122.5
^123.8

119.8
103.0
'120.6 104.7
'121.9 r105.4
123.2
106.5
^124.5 ^107.6

135.9
138.2
136.4
136.5

121
130
118
125

105.6
106.0
106.5
106.9

97.3 114.5
97.5 115.2
98.3 116.0
99.4 115.9
*>99.9 P116.4

88.2
94.5
94.7
96.6
96.8

114
114
119
^115
116

106.0
106.1
106.2
106.2

100.5
100.2
99.9
r
99.7
100.1

1
2
3

118.5 117.0 118.8

122.3 121.8 122.0 116.8
122.6 122.9 '121.5 118.0
'122.5 123.1 '120.7 120.2
122.2 122.9 120.8 122.6
^123.0 H23A *122.4 ^124.6

Employees only, excludes personnel in the armed forces.
Production workers only.
Prices are not seasonally adjusted.

NOTE.—Data are seasonally ajdusted unless otherwise noted.
Construction contracts: F . W. Dodge Corp. monthly index of dollar
value of total construction contracts, including residential, nonresidential,

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
Type of ownership and
type of construction

1961

Apr.
Total construction
By type of ownership:
Public . . .
Private
By type of construction:
Residential
Nonresidential
Public works and utilities

. . .

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

37,135 41,303 3,860 4,009

3,900 3,747 3,631

3,273 3,425 3,188

3,198

2,779

2,917

3,583 3,983

12,547 13,599 1,211
24,588 27,705 2,650

1,227
2,782

1,331
2,569

1,231
2,516

1,039
2,591

1,099
2,174

1,003
2,422

1,099
2,089

1,190
2,009

932
1,847

1,092
1,825

1,182
2,401

1,819
1,275
915

1,656
1,242
1,002

1,623
1,197
926

1,651
1,177
802

1,519
1,019
735

1,610
1,075
740

1,361
1,066
761

1,166
921
1,111

1,250
1,016
514

1,215
1,005
698

1,642
1,146
796

16,123
12,115
8,897

18,039
13,010
10,255

1,816
1,102
943

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




1963

1962

1,168
2,814

data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.

845

CONSTRUCTION

JUNE 1963
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period

Total
Total

Nonfarm
residential

Public

Total

Industrial

Commercial

Public
utility

Other
nonresidential

Business

Total

Military

Sewer
and
water

Highway

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

,003
,287
,360
,287
,402

3,680
3,861
4,431
4,954
5,545

982
1,085
1,275
1,344
1,387

6,013
5,491
5,682
6,494
7,123

1959 i
1960
1961
1962

56,555
55,556
57,399
61,084

40,344
39,603
40,365
43,378

24,962
22,546
22,499
24,833

11,044
12,354
12,811
13,286

2,106
2,851
2,759
2,814

3,930
4,180
4,663
4,964

5,008
5,323
5,389
5,508

4,338
4,703
5,055
5,259

16,211
15,953
17,034
17,706

,488
,386
,368
,267

5,870
5,464
5,818
6,254

1,467
1,487
1,581
1,754

7,386
7,616
8,267
8,431

1962—May
June
July
Aug
Sept
Oct
Nov
Dec

60,764
62,678
62,084
62,829
62,358
63,517
62,610
61,823

43,472
44,842
44,908
45,244
44,976
43,843
44,059
44,134

25,018
26,118
25,987
25,957
25,813
25,013
25,432
25,654

13,119
13,354
13,516
13,835
13,692
13,478
13,424
13,424

2,886
2,950
2,962
2,936
2,930
2,885
2,820
2,788

4,752
4,865
5,110
5,273
5,214
5,018
4,967
4,979

5,481
5,539
5,444
5,626
5,548
5,575
5,637
5,657

5,335
5,370
5,405
5,452
5,471
352
203
056

17,292
17,836
17,176
17,585
17,382
19,674
18,551
17,689

,354
,549
,170
,244
,164
,492
,003
,324

5,830
5,989
5,876
6,195
6,140
7,786
6,922
6,343

1,805
1,807
1,802
1,771
1,754
1,764
1,755
1,738

8,303
8,491
8,328
8,375
8,324
8,632
8,871
8,284

1963—Jan
Feb
Mar
Apr.*3

62,917
60,353
61,018
60,473
62,739

43,434
42,313
42,483
43,651
44,832

24,830
23,878
23,978
25,132
26,401

13,480
13,303
13,323
13,249
13,042

2,773
2,716
2,722
2,815
2,837

5,086
4,999
4,982
4,846
4,630

5,621
5,588
5,619
5,588
5,575

5,124
5,132
5,182
5,270
5,389

19,483
18,040
18,535
16,822
17,907

,787
,684
,312

7,483
6,181
6,948

1,758
1,768
1,804
1,860
1,896

8,455
8,407
8,471

5,254

Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Depts. of Commerce and Labor.

i Beginning with 1959, includes data for Alaska and Hawaii.
NOTE.—Monthly data are at seasonally adjusted annual rates.

NEW HOUSING STARTS
(In thousands of units)

Period

Governmentunderwritten
Total

Total

By type of ownership

By area *

Annual rate,
S. A.
(private only)
Nonfarm

Metropolitan

Nonmetropolitan

Private
Total

family

2family

Multifamily

Public
Total

FHA

VA

1954.
1955.
1956.
1957.
1958.
1959.

,220
,329
,118
,042
,209
,379

897
976
780
700
827
946

324
353
338
342
382
432

,202
,310
,094
993
,142
,343

1,077
1,190
981
840
933
1,079

34
33
31
33
39
49

90
87
82
120
170
215

19
19
24
49
68
36

583
670
465
322
439
458

276
277
195
193
337
349

307
393
271
128
102
109

1959.
1960.
1961.
1962.

,554
,296
,365
,482

1,077
889
948
1,043

477
407
417
439

,517
,252
1,313
1,453

1,234
995
975
989

56
44
44
48

227
214
295
415

37
44
52
29

458
336
328
339

349
261
244
261

109
75
83
78

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

1,542
1,579
1,425
1,466
1,529
1,289
1,550
1,586
1,472

1,521
1,566
1,399
1,447
1,500
1,261
1,504
1,571
1,453

152
157
140
139
148
116
136
122
95

111
112
96
98
99
84
93
83
68

41
45
43
42
49
33
43
39
27

147
154
136
136
146
114
134
120
94

101
107
96
95
101
76
91
78
56

5
5
4
4
4
4
4
4
4

41
42
36
36
41
34
39
38
34

5
2
3
4
2
3
3
2
1

33
34
31
33
36
26
30
25
20

25
26
24
25
28
20
23
19
16

1963—Jan...
Feb..
Mar..
Apr..

1,242
1,280
^1,521
^1,627

1,220
1,255
2*1,497

83
88

62
65
88
108

22
23
39
48

81
87

47
52
81

3
4
4

31
31
38

3
1

18
17
22
29

14
13
17
21

\605

* Beginning with 1959, based on revised definition of metropolitan areas.
NOTE.—Beginning with 1959, Census Bureau series includes both
farm and nonfarm series developed initially by the Bureau of Labor




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.

846

EMPLOYMENT

JUNE 1963
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force

Total
labor
force

Total noninstitutional
population

Period

Employed1
Total
Total

In nonagricultural
industries

In
agriculture

Not in the

Unemployment2
rate
(per cent)
S.A.

4.3
6.8

Unemployed

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

1960 3
1961
1962

125,368
127,852
130,081

73,126
74,175
74,681

70,612
71,603
71,854

66,681
66,796
67,846

60,958
61,333
62,657

5,723
5,463
5,190

3,931
4,806
4,007

52,242
53,677
55,400

5.6

1962—May .
June
Julv
Aug
Sept
Oct
Nov
Dec

129,752
129 930
130,183
130,359
130 546
130,730
130 910
131 096

74,797
76,857
76,437
76,554
74,914
74,923
74 532
74,142

71,922
74,001
73,582
73,695
72,179
72,187
71,782
71,378

68,203
69,539
69,564
69,762
68,668
68,893
67,981
67,561

62,775
63,249
63,500
63,993
63,103
63,418
63,098
63,495

5,428
6,290
6,064
5,770
5,564
5,475
4,883
4,066

3,719
4,463
4,018
3,932
3,512
3,294
3,801
3,817

54,956
53,072
53,746
53,805
55,631
55,808
56,378
56,954

5.5
5.5

1963—Jan
Feb
Mar
Apr
May

131 253
131,414
131 590
131,740
131,865

73,323
73,999
74,382
74,897
75,864

70,607
71,275
71,650
72,161
73,127

65,935
66,358
67,148
68,097
69,061

61,730
62,309
62,812
63,424
63,883

4,206
4,049
4,337
4,673
5,178

4,672
4,918
4,501
4,063
4,066

57,930
57,414
57,208
56,843
56,001

5.8

1 Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.
2
3

4.2
5.5

6.7
5.6
5.4

5.7
5.6
5.3
5.8
5.5
6.1
5.6
5.7
5.9

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 estimate.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction

Transportation & public utilities

Trade

Finance

Service

Government

822
828
751
731

2,999
2,923
2,778
2,955

4,244
4,241
3,976
4,010

10,858
10,886
10,750
11,125

2,429
2,477
2,519
2,597

6,536
6,749
6,811
7,105

7 277
7,626
7,893
8,190

16,762
16,267
16,752

709
666
647

2,882
2,760
2,695

4,017
3,923
3,925

11,412
11,368
11,572

2,684
2,748
2,794

7,361
7,516
7,757

8,520
8,828
9,184

55,403
55,535
55,617
55,536
55,583
55,647
55,597
55,580

16,891
16,923
16,908
16,795
16,805
16,781
16,695
16,681

659
652
648
646
641
638
636
625

2,716
2,671
2,738
2,731
2,715
2,716
2,696
2,654

3,936
3,934
3,913
3,932
3,928
3,935
3,918
3,921

11,596
11,621
11,652
11,627
11,612
11,594
11,600
11,573

2,786
2,788
2,792
2,796
2,799
2,813
2,822

9,127
9,197
9,183
9,204
9 274
9,339

2,821

7,692
7,749
7,783
7,805
7,809
7,831
7,846
7,876

55,536
55,730
55,963
56,189
56,359

16,632
16,665
16,771
16,908
16,984

623
625
625
635

2,651
2,646
2,634
2,734
2,716

3,836
3,913
3,915
3,915
3,922

11,637
11,679
11,765
11,764
11,807

2,828
2,836
2,844
2,843
2,851

7,895
7,917
7,937
7 915
7,930

9.434
9 449
9,472
9 475
9,512

55,209
55,777
55,493
55,709
56,252
56,333
56,214
56,444

16,682
16,870
16,782
16,931
17,127
17,028
16,891
16,727

657

2,749
2,839
2,982
3,031
2,978
2,936
2,801
2,532

3,924
3,965
3,948
3,963
3,959
3,959
3,934
3,937

11,476
11,582
11,540
11,558
11,627
11,682
11,842
12,401

2,780
2,808
2,839
2,841
2,813
2,807
2,808
2,807

7,769
7 881
7,884
7,867
7 856
7,870
7,830
7,805

9,172
9 171
8 870
8,860
9 241
9 406
9,470
9,607

54,833
54,780
55,068
55,822
56,167

16,551
16,546
16,613
16,693
16,775

617
614
612

2,349
2,241
2,315
2,589
2,749

3,794
3,862
3,868
3,884
3,910

11,520
11,415
11,477
11,730
11,685

2,803
2,810
2,821
2,834
2,845

7 761
7,782
7,826
7,931
8,009

9 438
9,510
9 536
9,534
9,559

Total

Manufacturing

1956
1957
1958
1959 i

52,408
52,904
51,423
53,380

17,243
17,174
15,945
16,667

I960
1961
1962

54,347
54,077
55,325

Period

Mining

SEASONALLY ADJUSTED

1962—May
June
July
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar p

Apr
May 23

....

637

9,384
9,429

NOT SEASONALLY ADJUSTED

1962—May
June.
July
Sent
Oct
Dec
1963—Jan
Feb
Mar
Apr Pp
May

...

661
648
658
651
645
638
628

627
635

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.

JUNE 1963

847

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted

Seasonally adjusted
Industry group

1962

Total.

1963

1962
3

May

Mar.

Apr.*

May

25

1963

May

Mar.

12,566

12,386

12,521

12,578

12,372

12,240

12,319

12,387

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

7,037
98
544
321
467
972
873

6,930
98
556
316
451
929
852

6,883
98
518

6,967
96
528
314
460
952
858

7,037
96
551
311
469
964
869

1,012

1,034

1,034

1,051

1,035
1,141
230

7,097
96
549
318
469
971
881
1,025
1,053
1,186
234
315

6,975
98
546

1,018

7,036
96
548
319
465
956
871
1,021
1,040

1,019

1,027
1,177
231
309

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

5,529
1,184
76
803
1,111
479
599
521
129
304
323

5,481
1,152
76
776
1,134
480
596
522
122
310
313

1,142
230

321

1,178
232

310

310

5,456
1,182
76
774
1,114
478
581
520
119
304
308

5,485
1,171
77
775
1,131
479
592
523
121
306

NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay

310

314

313

467
965
861
1,027
1,025
1,133
227
315

436
931
846
1,028
1,024
1,159
230
300

5,397
1,121
65
797
1,080
475
595
525
129
298
313

5,357
1,086
68
769
1,128
473
580
523
118
302
310

1,173

231
302
5,352
1,090
66
770
1,106
475
590
532

5,350
1,091
65
770
1,102

476
592
526
122
304
303

120
303

301

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

1962
May

1963

1962
May?

Mar.

May

Mar.

Average hourly earnings
(dollars per hour; N.S.A.)

1963

1962

1963

Apr.*

May

Mar.

Total

40.6

40.4

40.3

40.5

96.80

98.09

97.76

98.98

2.39

2.44

2.45

2.45

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..

41.1
41.3
40.2
41.3
41.2
39.9
41.3
41.9
40.7
42.2
41.1
40.1

41.0
41.0
39.7
40.5
41.2
40.6
41.2
41.5
40.3
41.7
40.9
39.6

40.8
40.7
39.8
40.7
41.3
41.5
41.0
41.2
40.1
41.4
40.5
39.4

41.0
40.5
39.8
41.1
41.4
41.2
41.3
41.5
40.0
42.1
40.9
39.5

105.22
117.16
79.59
78.38
99.60
118.50
105.73
114.09
97.68
121.96
99.80
78.60

106.49
119.19
77.42
79.19
99.23
122.91
105.67
115.51
97.84
123.85
101.59
80.39

106.37
116.52
78.41
78.01
101.11
127.82
104.75
113.58
96.87
121.66
99.54
78.98

107.42
116.93
80.00
79.19
103.00
124.84
107.38
115.09
97.60
125.46
100.94
79.39

2.56
2.83
1.97
1.94
2.40
2.97
2.56
2.71
2.40
2.89
2.44
1.97

2.61
2.90
1.97
1.97
2.45
3.02
2.59
2.77
2.44
2.97
2.49
2.03

2.62
2.87
1.98
1.96
2.46
3.08
2.58
2.75
2.44
2.96
2.47
2.02

2.62
2.88
2.00
1.97
2.47
3.03
2.60
2.76
2.44
2.98
2.48
2.02

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

40.1
41.3
38.6
41.3
36.6
42.6
38.4
41.7
41.6
41.5
38.0

39.8
41.1
39.2
40.4
36.7
42.7
38.4
41.5
40.9
41.1
36.8

39.6
40.8
36.4
40.7
36.2
42.4
38.3
42.0
42.4
41.0
37.1

39.9
40.8
39.8
41.1
36.5
42.8
38.4
41.6
42.4
41.0
37.4

86.37
92.48
75.65
69.12
60.59
101.34
107.90
109.52
126.05
101.19
63.98

87.07
93.73
73.11
68.51
61.85
104.55
110.21
111.37
128.61
101.34
64.58

86.19
93.03
69.10
67.43
59.45
102.90
108.97
113.40
134.41
99.70
62.66

87.91
94.60
79.99
69.19
60.42
105.22
110.21
113.01
133.14
101.59
64.42

2.17
2.25
1.97
1.69
1.66
2.39
2.81
2.62
3.03
2.45
1.72

2.21
2.32
1.96
1.70
1.69
2.46
2.87
2.69
3.16
2.49
1.75

2.21
2.32
1.98
1.69
1.67
2.45
2.86
2.70
3.17
2.48
1.76

2.22
2.33
2.02
1.70
1.66
2.47
2.87
2.71
3.14
2.49
1.76

NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.




848

DEPARTMENT STORES

JUNE 1963

SALES AND STOCKS, BY DISTRICT
(1957-59= 100)
Federal Reserve district
Period

United
States
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

88
94
96
99
105
106
109
114

91
96
96
99
104
106
112

80
89
95
100
105
108
112
116

93
97
98
99
104
104
107
110

92
96
98
98
104
108

89
95
97
98
105
105
108
113

81
90
94
99
107
107

95
99
100
97
104
104
105

'112

116

119
113
108
113
117
120
112
121
118

'113
115
107
109
112
113
106
111
112

'111
117

July
Aug
Sept
Oct
Nov
Dec

113
115
111
114
115
117
110
118
117

1963—Jan
Feb
Mar
Apr

114
114
119
z-115

115
111
121
112

113
115
119
119

112

'114
108
108
87
96
117
115
147
225

St. Minne- Kansas
Dallas
City
Louis apolis

San
Francisco

SALES
1955
1956
1957
1958
1959
I960
1961
1962

114

no
113

no
118

no

90
96
97
98
104
103
104
109

85
93
97
99
104
106
108
109

88
93
94
99
107
108

109

82
91
93
98
109

in
114

84
92
96
99
105
100
102
108

115
116
111
116
113
118
108
117
117

104
108
107
112
107
113
100
109
111

'119
121
123
123
124
122
121
128
127

108
117
122

107
109
113
110

127
128
130

112
103
106
88
106
118
111
130
197

'112
113
105
105

'117

133
203

103
104
96
102
108
109
102
126
193

76
80
96
104

82
84
101
P114

83
80
98
108

97
101
105

no
115
123

SEASONALLY ADJUSTED
1962—Apr
May

no
112
115
117
116

no
120

no

no
115
no

114
109
116
108
116
114

103
108
112
105

113
109
105
86
94
120
120
152
216

'114

112
116
118
107
119
113

'111
117
115
118
118
121
112
125
122

108
112
108
111
113
115
107
113
114

107
113
105
112
108
113
104
111
115

113
109
118
111

116
112
123
111

123
119
'135
118

107
108
116
110

104
108
114
114

113

92
113
112
145
202

114
111
102
95
99
114
109
141
211

103
118
115
142
'210

115
111
104
106
109
114
113
139
219

108
111
103
92
101
116
111
136
201

105
113
97
94
103
114

no
108
111
111

no

116
in

no
no

114
117
103

NOT SEASONALLY ADJUSTED
1962— Apr
May

no

102
no
84

102
no
'94

no
117

July
Aug
Scot
Oct
Nov
Dec

105
96
104
117
113
141
212

1963—Jan
Feb
Mar

85
85
101

87
79
95
112

90
88
101
111

75
78
'98
104

79
97
111

82
79
102
112

94
92
116
121

79
79
97
109

133
201
79
78
97
107

85
94
99
98
103
109

no
117

88
96
97
99
104
108
111
116

78
89
97
99
104
110
109
115

87
95
99
98
103
105
105
112

86
93
102
97
101
113
112
116

90
99
100
96
104
108
110
118

86
98
102
97
101
107
108
118

89
97
100
97
103
108
109
119

93
102
103
98
99
103
111
117

88
98
102
97
101
108
108
112

90
99
100
98
103
109
111
113

79
91
99
98
104
106
103
112

81
92
96
97
107
114
115
125

115
117
118
119
118
118
120
118
117

116
115
115
118
115
114
116
116
118

112
113
113
113
116
116
118
119
120

'112
112
112
113
113
112
114
112
112

115
117
117
117
116
117
118
117
118

118
116
'119
119
117
117
119
121
'122

'112
114
115
120
116
119
125
123
130

113
116
121
122
123
122
124
122
121

117
121
117
117
116
115
117
119
121

113
113
114
113
115
115
115
113
111

114
115
114
115
115
111
111
108
111

111
114
115
114
112
113
112
111

'123
127
128
127
126
127
129
118
108

120
119
120

119
119
119
120

116
116
115
118

113
109
'108
110

125
121
119
122

121
119
'119
121

129
126
123
122

120
119
121
119

117
120
118
121

111
112
113
Pin

111
114
117

113
113
113

128
127
129

117
116
109
108
114
123
134
137

116
115
106
102
113
121
134
138
112

116
114
106
103
109
119
131
132
102

116
118
111
112
115
125
135
138
109

121
118
113
112
119
126
135
138
112

'116
113
107

118
119
117
119
122
129
135
136
108

121
120
111
112
117
123
133
135
108

112
111
104
107
111
120
128
131
104

116
114
109

July
Aug
Sept
Oct.
Nov
Dec

118
117
112
112
117
125
135
135
110

'114
112
108
109
115
117
127
128
103

125
125
123
123
126
132
143
129
118

1963—Jan
Feb
Mar

107
112
120

104
109
118
121

105
109
117
122

99
102
'109
115

106
112
119
123

106
109
'120
124

116
123
126
125

108

104

no

in

99
106
112

101
108
117
"121

99
106
114

115
120
130

no

in
119
in

112
119
121
117
145
232

STOCKS
1955
1956
1957
1958
1959
I960
1961
1962
SEASONALLY ADJUSTED
1962—Apr
May
July

Augi.
Sect
Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr

no

NOT SEASONALLY ADJUSTED
1962—Apr
May

no

NOTE.—Based on retail value figures; sales are average per trading day:
stocks are as of end of month or averages of monthly data.




no
116
126
144
140
115

121
125

119
124

no
112
116
126
123
103

For description of series and for back data beginning with 1947, see
July 1962 BULL., p. 803.

849

DEPARTMENT STORES; FOREIGN TRADE

JUNE 1963

DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales

Amounts (millions of dollars)
Period

Receipts

New
orders

Stocks

1,163
1,140

421
388

408
410

401
412

3.0
3.0

.1
.0

4.1
4.0

L.O
.0

437
454
459
462
488

1,195
1,286
1,338
1,323
1,391

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
.0
.1

4.0
4.1
4.1
4.1
4.1

.0
0

I960
1961
1962

494
506
526

1,474
1.485
L.593

518
529
571

496
512
535

493
517
533

3.1
3.1
3.2

.1
L.I
,7

4.3
4.2
4.4

1.0

1962—Apr
May

'499
507
472
406
482
493
556
657
998

1,589
1,571
1,509
1,490
1,571
1,700
1,845
1,892
L,5O5

'456
499
679
724
675
706
666
549
385

'507
489
410
387
563
622
701
704
611

'466
531
590
432
514
653
661
587
447

3.2
3.1
3.2
3.7
3.3
3.4
3.3
2.9
1.5

.9
0
.4
.8
1.4
.4
L.2

4.1
4.1
4.6
5.5
4.7
4.9
4.5
3.7
1.9

.0

407
366
467
512

1,466
1,508
1,616
1,653

498
555
507
459

368
408
575
549

481
465
527
501

3.6
4.1
3.5
3.3

11.2
1.5

Stocks

1953
1954

406
409

1955
1956
1957
1958
1959

July
Aug
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar

Apr.*5

NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts
reported by a selected group of department stores whose 1962 sales
were more than 40 per cent of estimated total department store sales. Sales
are total for month, stocks and outstanding orders are as of end of month.

Outstanding
orders

Stocks
plus
outs,
orders

Outstanding
orders

Sales

'.4

.9

Reccipts

0
0
L.I
0o
1.0
9
L.O
?

1.3
1.1
.6

4.8

9

5.6
4.5
4.1

1
1.1

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 o f dollars, seasonally adjusted)

Imports

Exports l
Period

1960

1961

1962

1.561
1,566
1,518
1,622
1,659
I 634
1,707
1,625
1,647
1,668
,681
.645

1.623
1,712
11,751
1,662
1,585
3 1,582
1,689
1,689
1,678
11,780
L,733
.725

n
ni

IV

4,645
4,915
4,979
4,994

Year 4

19,609

Month:
jan
Feb
Mar
Apr
May
June • • • •

July
Aug
Sept
Oct
Nov
Dec

Quarter:

1

1963

1960

1.655
1,812
1,674
1,803
1,782
1,838
1,729
1.687
31!943
3 1,493
1,695
3 1,839

3 982
32,131
3 1,991
3 1,918

1.213
1,307
1,261
1,315
1,242
I 252
1,235
1,227
1,188
1,178

'4,829
3 5,056
5,238

5,086

5,141
5,423
3 5,359
3 5,027

3 5,104

20,152

20,901

1962

Export surplus
1963

1960

1.327
1,315
1,339
1,364
1,386
1,342
1,362
1.364
31[476
3 1,319
1,432
3 1,372

31,093
31,493
3 1,484
31,423

1.109

1.161
1,150
1,163
1,152
1,153
3 I 174
3 1,379
1,254
1,262
1,300
I 309
.315

3,781
3,809
3,650
3,413

3,474
3 3,479
3 3,895
3,924

3,981
4,092
3 4,202
3 4,123

3 4,070

14,654

14,713

16,397

I 126

Exports of domestic and foreign merchandise; excludes Dept. of
Defense shipments of grant-aid military equipment and supplies under
Mutual Security Program.
2 General imports including imports for immediate consumption plus
entries into bonded warehouses.




1961

2

1961

1962

1963

348
259
257
308
417
382
471
398

462
562
588
510
432
3 408
3 310
435

3 -111
3 637
3
507
3 495

459
490

416
480
424

328
497
335
439
396
496
367
323
3 467
3 174

555
537

263

410

3 467

864
1 107
1,328
1 582

1,612
3 1 350
3 1,161
1 314

1 160
1 331
31,157
3904

4,955

5,439

4,504

3 Significantly affected by strikes.
* Sum of unadjusted figures.
NOTE.—Bureau of the Census data.

3 1,033

850

PRTCES

JUNE 1963
CONSUMER PRICES
(1957-59= 100)
Housing
All
items

Food

1929
1933
1941
1945

59.7
45 1
51.3
62.7

1954
1955
1956
1957
1958
1959

Period

Gas
and
electricity

Solid
and
petroleum
fuels

88.3
86.4

45.2
53.6

56.6
42 7
54.4
73.9

Total

Rent

55.6
35 3
44.2
58.4

61.4
67.5

85.4
60 8
64.3
66.1

93.6

95.4

93.4

93.5

92.5

90.6

101.9

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

. .

103.1
104.2
105.4

101.4
102.6
103.6

103.1
103.9
104.8

103.1
104.4
105.7

107.0
107.9
107.9

99.5
101.6
102.1

100.1
99.5
98.9

1962—Apr
May

105.2
105.2
105.3
105.5
105.5
106.1
106.0
106.0
105.8

103.4
103.2
103.5
103.8
103.8
104.8
104.3
104.1
103.5

104.6
104.7
104.8
104.8
104.8
104.9
105.0
105.1
105.2

105.4
105.5
105.6
105.7
105.8
105.9
106.1
106.2
106.2

107.8
107.7
107.7
108.0
108.0
108.0
108.0
108.1
108.1

102.4
100.1
99.4
99.7
100.1
101.3
102.4
103.6
104.8

106.0
106.1
106.2
106.2

104.7
105.0
104.6
104.3

105.4
105.4
105.7
105.8

106.3
106.4
106.4
106.5

108.2
108.0
108.0
107.5

104.9
104.8
104.8
104.2

I960
1961
1962

July
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr

Transportation

ApHouse- House- parel
hold
furnish operation
ings
56.2
42 8
51.9
71.2

51.2
55.4

89.5

97.3

90.8

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

104.8
105.9
107.4

102.1
102.8
103.2

99.3
99.0
99.1
99.0
98.5
98.7
98.8
98.7
98.6

107.1
107.4
107.4
107.5
107.4
107.6
107.6
107.8
108.1

97.9
98.3
98.6
98.5

109.3
109.3
109.7
109.9

53.3
62.9

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

50.6

47.6
63.6

57.3
75.0

58.2
67.3

57.5

88.5

92.4

94.3

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

103.8
105.0
107.2

108.1
111.3
114.2

104.1
104.6
106.5

104.9
107.2
109.6

103.8
104.6
105.3

102.7
102.7
102.8
102.9
102.5
104.6
104.9
104.3
103.9

107.2
107.3
107.3
106.8
107.4
107.8
108.1
108.3
108.0

113.9
114.1
114.4
114.6
114.6
114.7
114.9
115.0
115.3

106.3
106.4
106.1
106.8
106.8
106.8
106.9
107.1
107.6

109.4
109.5
109.2
110.0
110.3
110.0
109.5
110.1
110.0

105.1
105.1
105.2
105.6
105.5
105.6
105.6
105.6
105.6

103.0
103.3
103.6
103.8

106.6
106.8
107.0
107.0

115.5
115.6
115.8
116.1

107.4
107.3
107.3
107.6

110.2
110 0
110.1
111.0

105.7
105.7
105.7
105.8

86.6

NOTE.—Bureau of Labor Statistics index for city wage-earner and
clerical-worker families.

WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities

Period

All Farm Proccom- prod- essed
modi- ucts foods
ties
Total

92 9

1954.

104.4

97 6

2 97.9 94.3
2 96.6 94.3
0 99.2 97-9
4 103.6 102 .9
6 97.2 99 ?
100. 7 96.9 100 0
100 1 96 0 100 7
100 6
97.7 101 ?
93
96
99
100
100

1955.
1956.
1957.
1958.
1959.
I960.
1961.
1962.
1962— Anr.
May
July
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr

Tex
tiles
etc.

90.4 100 6

99. 9
99. 8

101 3 101.
100 8 9 9 . 7
100 8 100. 6

98.5 100 8 100 .7
96.5 100 5 100 6
95.4 rQQ 0 100 6
95.4 99 4 100 .4

100. 5
100. 7
100 8
100. 9
100. 8

94.6

97 3

r

105 ?
106 ?
107 4
106
107
108
107
107

99.6 100. ?
100.7 9 9 . 1
100.2 9 7 .

9 100.2
?
99.7
0
99.6
5 100.0
0
99.5

97. 9
97. 7
97 6
97. ?
97 0

100. 6 107 .5 100.8
100. 5 107 4 100.8
100. 107 3 100.7
100 6 106 9 100.8

96. 9
97. 1

100. 4 106 .0 100.4
100 3 105 1 100.3
100. nos 1 100.8
100.
104 .6 100.4

96. 9
96 7

See next page for composition of other commodities.




89 9

Chem- Rubicals, ber,
etc.
etc.

NonMa- Furni- meLumMisber, Paper, Metals chin- ture, tallic To- cellaery
min- bacco neous
etc
etc.
etc.
erals

87.6

97. 6

88 8

84.3

83.2

93.9

88.8

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

92.4
96.5
99 2
99 5
101 *3

100. 4 96.9 100 "> 100 Q
100. ? 96.2 99 6 100 9
100. 0 95.3 99 8 100 7
100. 4 96.5 100 8 100 8
100. s 97.6 101,5 100 6
101. 2 100.6 103 3 100 .8
100 7
100. 6 98.7 101
100. 7 99.3 101 3 100 7
100. 4 97.3 100 9 100 7
100. 5
100. ?

Hides, Fuel,
etc.
etc.

97 0
96 8

96. 8
96. 5

99.9 100 4 101 8 101.3 102.4 100.1 101.4 102.5 99.3
96.1 9 5 . 9 98 8 100.7 102.3 99.5 101.8 103.2 103 9
93.3 9 6 . 5 100 0 100.0 102.3 98.8 101.8 104.1 107 3
92.9
93.2
93.0
92.7
92.7
92.8
93.1
93.7
94.4
94.3
94.2
94.1
94.1

r

96. 8
97.
97 3
97.
97 4

101
100 8
100

97. 0
96. 6

99 .5
99 3

96 3
95 8

99
99 0

100.0
99 7

95. 9 99 .0
96 1 99 1
96. S '99-0
97. 0

99 . 0

100.3
100.2
99.8
99.7
99.8
99.7
99.4
99.3
99.3

102.3
102.3
102.4
102.3
102.3
102.3
102.2
102.2
102.3

98.9
99.0
98.9
98.8
98.7
98.6
98.5
98.6
98.4

102.4
102.1
101.9
101.6
101.6
101.5
101.6
101.6
101.5

104.0
104.1
104.1
104 0
104.2
104.2
104 5
104.5
104.3

99.5
99.4
99.4
99.4

102.3
102.2
102.0
102.0

98.3
98.2
98.2
98.2

101.4
101.5
101.5
101.5

104.3
104.3
104 3
104.3

106 0
106 0
105.4
107 6
107 2
109.1
108 7
109.8
110.2
111.6
111.5
110 8
108.0

r

JUNE 1963

851

PRICES
WHOLESALE PRICES: DETAIL
(1957-59=100)
1962

1962

1963

Group

Apr.

Feb.

Mar.

Apr.

99.5
Woodpulp
105.1
Wastepaper
88.2
Paper
102.0
Paperboard
98.5
Converted paper and paperboard....
Building paper and board
81.3
110.7
89.4 Metals and Metal Products:

95.0
98.0
103.1
93.8
103.0
97.9

89.4
96.1
102.2
94.1
99.9
95.5

89.4
96.6
102.2
94.1
'99.7
'94.1

91.3
92.5
102.2
94.1
99.7
95.5

Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products

99.6
99.8
103.7
104.1
103.7
93.7
98.1

98.6
98.0
104.5
104.0
101.1
92.4
98.0

'98.4
98.1
104.5
103.9
101.3
'92.6
'97.8

98.5
98.2
104.5
103.9
100.8
92.9
97.6

104.4

103.7

103.7

103.8

109.2
107.7
109.4

110.8
108.5
109.1

111.0
108.8

110.9
108.8
109.4

103.1
103.1

103.6
103.4

103.4
103.7

103.4
103.7

101.7
98.6
100.1

103.1
97.8
100.4

103.1
'97.1
100.3

103.1
97.0
100.2

100.5

100.5

100.5

100.5

103.4
102.2
97.0
94.7
91.2
103.2

104.5
102.3
95.9
92.3
90.1
102.8

104.6
102.3
96.0
92.3
89.4
102.8

104.7
102.3
95.9
92.2
89.4
103.0

97.9
103.1
102.6
103.6
105.0
101.4
102.8

96.6
103.0
102.2
103.6
105.0
94.1
101.5

96.6
103.0
102.2
103.6
105.0
94.1
101.5

96.6
103.0
102.2
103.6
105.0
94.1
101.4

102.0
100.8
116.7

102.2
101.1
117.4

102.2
101.1
117.4

102.2
101.1
117.4

Toys, sporting goods, small arms. . . 100.5
108.3
Manufactured animal feeds
98.7
Notions and accessories
Jewelry, watches, photo equipment... 104.1
101.3
Other miscellaneous products

101.1
118.2
98.7
104.0
101.7

100.5
117.1
98.7
103.9
101.7

Apr.

Feb.

Mar.

Apr.

99.0
98.5
94.1
98.9
98.8
91.7
107.4
93.2

96.5
103.0
89.5
100.8
101.1
99.1
113.5
89.1

99.0
103.7
85.6
101.8
'99.6
99.8
113.8
89.0

108.0
95.6
106.0

108.6
95.6
108.0

"108.0
91.8
107.1

108.1
90.4
106.9

99.0
102.3
82.6
86.2
91.4
94.9
101.9
101.2

'99.8
105.1
'79.1
86.0
82.5
89.2
91.9
101.5

"101.3
106.1
'79.1
'80.0
'83.8
90.0
90.5
101.5

102.4
98.6
93.7
121.6
101.3
118.5

100.5
100.7
93.7
151.1
101.4
118.2

100.2
100.8
'93.8
150.9
101.4
114.9

103.0
113.9
81.2
79.3
83.3
84.1 Machinery and Motive Products:
87.2
101.9
Agricultural machinery and equip... .
Construction machinery and equip.. .
Metalworking machinery and equip...
General purpose machinery and
equipment
100.1
Miscellaneous machinery
100.8
Special industry machinery and equip93.8
ment (Jan. 1961=100)
150.9
101.3
Electrical machinery and equip
117.7
Motor vehicles
Transportation equip., RR. rolling
stock (Jan. 1961=100)

103.3
109.5
108.7
102.6

85.9
104.7
108.3
104.8

88.4
103.7
"108.3
104.7

95.3
103.6
115.3
103.0
98.9

98.4
103.6
127.8
102.5
97.1

98.1
103.6
'127.8
102.4
98.2

85.0
and Other Household Dura102.8 Furniture
bles:
108.3
104.6
Household furniture
Commercial furniture
Floor coverings
Household appliances
95.8
Television, radios, and phonographs..
103.6
Other household durable goods
124.2
102.4
98.2 Nonmetallic Mineral Products:

96.5
103.7
96.6
97.0
79.3
104.3
103.7
99.3

95.2
103.8
93.0
95.1
72.7
103.6
102.3
99.5

95.4
103.7
93.0
95.2
'74.5
103.6
102.3
'99.5

Flat glass
Concrete ingredients
Concrete products
95.3
103.7
Structural clay products
91.5
Gypsum products
95.2
Prepared asphalt roofing
77.7
Other nonmetallic minerals
103.6
102.3 Tobacco Products and Bottled Bev98.6
erages:

94.1
86.1
99.1

93.7
89.0
99.7

92.7
89.0
99.8

96.8
101.3
94.2

96.2
102.3
90.5

'96.6
102.5
'91.2

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal
fibers
Fluid milk
Eggs
Hay and seeds
Other farm products

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). . . .
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
Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products

Tobacco products
Alcoholic beverages
Nonalcoholic beverages
92.8
89.0
99.8 Miscellaneous Products:

Lumber and Wood Products:
Lumber
Millwork
Plywood

NOTE.—Bureau of Labor Statistics Index.




1963

Group

97.6
102.4
91.0

852

NATIONAL PRODUCT AND INCOME

JUNE 1963

GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1963

1962
Item

1929

1933

1941

1950

1958

1959

1960

1961

1962
I

104.4

II

III

IV

I

56.0 125.8 284.6 444.5 482.7 503.4 518.7 553.9 545.0 552.0 555.3 563.5 571.8

Personal consumption expenditures
Durable goods
Nondurable goods
Services

79.0
9.2
37.7
32.1

Gross private domestic investment
New construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only

16.2
1.4
8 7
1 4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4

46.4
3.5
22.3
20.7

81.9 195.0 293.2 313.5 328.5 338.1 356.7 350.2 354.9 358.2 363.5 367.8
9.7 30.4 37.3 43.6 44.8 43.7 47.5 46.3 47.2 47.1 49.6 50.0
43.2 99.8 141.6 147.1 151.8 155.2 162.0 159.9 161.3 163.0 163.9 165.5
29.0 64.9 114.3 122.8 131.9 139.1 147.1 144.1 146.3 148.1 150.1 152.3
18.1
6 6
3.5
3.1
6.9
4.5
4.0

50.0 56.6
24.2 35.5
14.1 18.0
10.1 17.4
18.9 23.1
6.8 - 2 . 0
6.0 - 2 . 9

72.7
40.2
22.3
17.9
25.9
6.6
6.5

72.4
40.7
21.1
19.7
27.6
4.1
3.7

69.3
41.6
21.0
20.5
25.5
2.1
1.9

76.6
44.5

23.3
21.2
28.9
3.2
3.2

75.9
41.6
21.2
20.5
27.6
6.7
6.6

77.4
44.5
23.3
21.2
28.9
4.0
3.9

76.3
46 1
24.3
21.8
29.2
1.0
1.0

76.2
45.0
23.8
21.3
29.9
1.2
1.1

76.8
43.6
22.6
21.0
30.1
3.0
2.7

3.2
3.2
3.3
3.7
3.7
2.5
28.2 29.0 28.3 28.2 27.9
28.4 24.5
25.3 25.8 25.0 24.7
25.2
99.7 107.4 117.3 115.2 116.0 118.2 120.7 124.0
53.2 57.0
62.4 61.9 62.1 62.7 63.4 65.9

1.1
6.0
4.8

.6
13.1
12.5

1.2
22.7
21.5

-.8
22.9
23.6

2.9
26.4
23.5

4.0
27.3
23.3

8.0 24.8
16.9
2.0
( 13.8
2.0 \ 3.2

39.0
19.3
14.3
5.2

6.0

19*.7

93.5
52.6
44.8
8.3
.5
40.8

97.2
53.6
46.2
7.9
.5
43.6

45.7
8.1
.6
46.5

49.0
8.7
.6
50.4

Net exports of goods and services .
Exports
Imports

.8
7 0
6.3

Government purchases of goods and services..
Federal
National defense
Other
Less! Government sales.
State and local

8.5
1.3

} 1-3

Gross national product in constant (1954)
dollars

181.8 126.6 238.1 318.1 401.3 428.6 440.2 447.9 471.9 467.4 470.8 471.6 477.7 482.7

7.2

2 4
2.3

7.8

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For explanation of series see U.S. Income

53.4
9.7
.8
55.0

53.0
9.6
.6
53.3

53.2
9.5
.6
54.0

54.0
9.6
.8
55.5

54.2
10.1
.9
57.3

56.6
10.2
.9
58.1

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
Item

1929

1933

1941

1950

1958

1959

1960

1961

1963

1962
II

III

IV

40.2 104.7 241.9 367.4 400.5 415.5 427.8 458.0 448.9 456.7 459.8 466.6

National income

87.8

Compensation of employees

51.1

29.5

64.8 154.2 257.1 278.5 293.7 302.2 321.6 315.2 321.7 323.8 325.8 330.8

50.4
45.5
.3
4.6

29.0
23.9
.3
4.9

.7

.5

62.1 146.4 239.8 258.5 271.3 278.8 295.8 289.9 295.9 297.8 299.7 303.3
51.9 124.1 196.6 213.1 222.9 227.0 239.7 235.0 240.1 241.4 242.2 244.5
1.9
5.0
9.9
9.9 10.2 11.0 11.2 11.2 10.9 10.6 10.8
9.8
8.3 17.3 33.5 35.4 38.5 41.6 45.2 43.7 44.6 45.5 46.9 48.0
27.5
22.4 23.4 25.8 25.2
25.8
7.8 17.3 20.1
25.9
26.1
2.7

.1
.6

2.0
.7

4.0
3.8

8.0
9.4

9.7
10.4

11.4
11.0

12.0
11.4

13.5
12.3

13.3
12.0

13.4
12.3

13.5
12.4

13.6
12.5

14.8
12.6

14.8

.1
.4
5.6

17.4

37.5

46.1

46.5

46.2

47.8

49.8

49.1

49.5

49.7

50.9

50.7

8.8
6.0

3.2
2.4

10.9
6.5

23.5
14.0

32.5
13.5

35.1
11.4

34.2
12.0

34.8
13.1

36.8
13.0

36.2
12.9

36.8
12.8

37.0
12.8

37.3
13.6

37.7
13.0

5.4

2.0

3.5

9.0

12.2

11.9

11.9

12.3

12.8

12.6

12.8

12.9

12.9

13.0

10.1 - 2 . 0

14.5

35.7

37.2

47.2

45.6

45.5

51.5

50.4

50.7

51.0

54.0

.2
9.6
1.4
.5
-.4
8.3
5.8
2.1
2.4 - 2 . 4

17.0
7.6
9.4
4.5
4.9

40.6
17.9
22.8
9.2
13.6

37.4
18.6
18.8
12.4
6.4

47.7
23.2
24.5
13.7
10.8

45.4\
22.4|

45.6
22.3
23.3
15.0
8.3

57.3
25.0
26.3
15.9
10.3

50.7
24.4
25.6
15.8
9.8

50.9
24.9
26.1
15.8
10.3

57.7
24.9
26.1
15.8
10.3

53.2
26.0
27.3
16.4
10.9

.5 - 2 . 1

-2.5

-5.0

-.3

-.5

.2

.2

.3

-.2

-.1

5.0

4.5

5.5

14.8

16.4

18.1

20.0

22.2

21.5

22.0

22.5

Wages and salaries
Private
Military
Government civilian
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

6.4

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.




8.6

23.0

16.4

23.5

853

NATIONAL PRODUCT AND INCOME

JUNE 1963

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1962
Item

1929

1933

1941

1950

1958

1959

1960

1961

I

104 4

Gross national product
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

1963

1962

n

III

IV

I

56 0 125 8 284 6 444 5 482 7 503 4 518 7 553.9 545 0 552.0 555.3 563 5 571.8

8.6

7.2

9.0

19.1

38.6

7.0
.6

7.1
.7

11.3
5

23.7
.8

.3

.9

.4

39.3
1.8
-1.5

n

43.2

45.3

42.6 46.5
2.1
2 1
-3.0 -3.4

48.2
2.1
-3.1

41.0

47.6

47.0

51.6 50.2
2.1
2.1
-3.6 -1.4

47.5

47.5

48.3

48.8

51.4 51.8 52.9
2.1
2.1
2.1
-4.0 -4.3 -4.8

53.9
2.1

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

10.1
.2

-2.0
.3

14.5
2.8

35.7
6.9

37.2
14.8

47.2
17.6

45.6
20.6

45.5
21.6

51.5
23.9

50.4
23.6

50.7
23.9

51.0
24.0

54.0
24.2 "26.'6

.9
1.0
5.8

1.5
1.2
2.1

2.6
1.3
4.5

14.3
4.8
9.2

24.5
6.2
12.4
1 8

25.4
7.1
13.7
2 1

27.3
7.8
14.4
2 1

31.3
7.3
15.0
2 1

32.4
7.4
15.9
2 1

31.9
7.3
15.8
2 1

32.0
7.4
15.8

32.3
7.5
15.8

2.1

2.1

33.5
7.6
16.4
2 1

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

6

Equals * Personal income
Less: Personal tax and nontax payments
Federal
State and local

.1

.4

1.1

.5

1.7

1.7

1.8

1.8

1.8

1.6

1.2

40.2 104.7 241.9 367.4 400.5 415.5 427.8 458.0 448.9 456.7 459.8 466.6

7

85 8

47 2

2.6

7.5

5

8

34.3
7.8
16.4
2.1

96 3 228 5 360 3 383 9 400 8 416 4 440 5 432 0 439 5 442.6 448 0 452.1
3.3

20.8
18.2
2 6

42.3
36.6
5 7

46.8
40.4
6 4

51.4

52.8

57.6

56.4

57.7

58.5

58.7

59.5

44.0
7 4

45.0

49.1
8 5

48.0
8 4

49.2
8 5

49.9

50.1
8 7

50.5

.5

2.0

1 4

1 0

1 3

Equals: Disposable personal income

83.1

45.7

93.0 207.7 317.9 337.1 349.4 363.6 382.9 375.6 381.8 384.1 389.3 392.6

Less: Personal consumption expenditures

79.0

46.4

81.9 195.0 293.2 313.5 328.5 338.1 356.7 350.2 354.9 358.2 363.5 367.8

4.2

-.6

11.1

1.3

Equals: Personal saving
Disposable personal income in constant (1954)
dollars

12.6

24.7

23.6

20.9

25.6

26.2

25.4

26.9

8.6

26.0

25.8

9.0

24.8

134.9 102.1 175.1 231.0 296.3 310.7 317.3 327.3 341.6 336.6 340.9 342.1 345.8 347.1

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
Item

1961

Apr.
Total personal income

1963

1962
May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

416.4 440.5 438.3 439.7 440.7 441.9 443.0 443.5 445.6 448.2! 450.4 !452.4 451.1 453.2 455.8

Wage and salary disbursements
278.8 295.8 295.3 296.0 296.9 297.8 298.1 298.0 298.5 299.8\ 301.0 301.5 303.6 305.0 306.9
Commodity-producing industries... 110.8 117.2 118.2 118.2 118.1 118.4 118.1 117.9 117.8 117.8 117.8 117.6 118.3 119.0 120.5
87.5
94.5 '94.5 94.5
93.9
93.6
96.5
Manufacturing only
94.0
94.2
93.
94.7 95.4
94.4
94.0
94.1
72.9 76.2 75.8 16.1
76.2 16.4
Distributive industries
76.6 76.7 76.9 77.1 77.6 77.6 78.3 78.5 78.6
43.4 46.3 45.6 45.9 46.5 46.7 47.0 47.0 47.1 47.2 47.5 47.8 48.1 48.3 48.4
Service industries
51.8 56.2 55.6 55.8 56.0 56.3 56.5 56.4 56.7 57.7 58.0 58.5 58.8 59.1 59.4
Government
Other labor income.

11.4

12.3

12.2

12.3

12.4

12.4

12.4|

12.4

12.5

12.5

12.5

12.6

12.7

12.7

12.8

Proprietors' income
Business and professional.
Farm

47.8
34.8
13.1

49.8
36.8
13.0

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.
37.0

49.9
37.0
12.9

50.3
37.1
13.2

50.9
37.3
13.6

51.4
37.4
14.0

51.0
37.6
13.4

50.6
37.7
12.9

50.5
37.8
12.7

50.6
37.9
12.7

Rental income

12.3

12.8

12.7

12.8

12.8

12.8

12.9

12.9

12.9

12.9

13.0

13.0

13.0

13.1

Dividends

15.0

15.9j

15.8

15.8

15.8

15.7

16.0

16.1

16.2

17.0

16.3

16.4

16.5

16.6

Personal interest income.. .

27.4

29.7

29.2

29.4

29.6

29.8

30.2

30.4

30.6J

30.8

31.1

31.3J 31.6J

31.9

Transfer payments

33.4

34.6

34.2

34.2

34.1

34.2

34.5

35.5

35.8!

35.5

138.7

35.3i

35.6!

35.8

10.4

10.5

10.5

10.6

11 .7

11. 8

11 .8

11.9

Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income

for

12.9
15.7
30.0

i

34.5
9.7

10.5|

10.5

10.5

10.5

10.5

10.5

399.1) 423.2 421.2 422.6J 423.5 424.8 425.9 426.4 428.2 430.4 432.3 1434 .6 434. 0 436 .2 438.8
17.3

17.3

17.1

17.1

17.2

* Includes stepped-up rate of Govt. life insurance payments to veterans
and a special dividend to all W.W. II veterans holding NSLI policies;
disbursements amounted to $3.6 billion.




12.8

17.1

17.1

17.1

17.4

17.8

18.2

17 .7

17. 2

17 .0

17.1

NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

854

FLOW OF FUNDS/SAVING

JUNE 1963

SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)

I.
B
C
D
E
F
G
H
I
J
K.

1960

1962

1961

IV

I

II

Gross national investment
Consumer durable goods
Business inventories

Nonfin business
Financial sectors

O
P

Net financial investment
Discrepancy (A —H)

A
B
C

Net funds raised—Nonfin. sectors...
Loans and short-term securities....
Long-term securities and mtgs

D
E
F
G
H
I
J
K.

By sector
U. S. Government
Short-term securities
Other securities
Foreign borrowers
Loans . .
Securities
Pvt. domestic nonfin. sectors
Loans

94.2 114.6 117.9 114.7 125.0 112.7 104.4 111.2 118.8 124.4 125.5 125.9 123.9 124.9
37.3 43.6 44.8 43.7 47.5 44.0 40.8 43.5 44.0 46.6 46.3 47.2 47.1 49.6
3.2 -1.1 - 3 . 6
4.0
1.0
2.1
2.1
4.0
6.0
4.1
-2.0
6.6
6.7
1.2

H
I
J
K
L
M
N

66.2
22.1
43.3

68.3
21.6
45.8

67.0
20.1
46.1

73.0
21.0
51.2

63.7
20.2
42.7

65.5
18.7
45.9

.8

.8

.8

.8

67.6
21.6
45.1
.8

.8

.8

.8

.8

69.2
21.4
46.9
.8

.3 - 1 . 7
*
1.0

.7
2.5

1.8
2.3

1.2
3.6

2.2
2.2

3.4
1.6

.1
5.2

2.4
.6

1.2
1.7

3.4
.8

52.8
19.2
33.5

36.2
7.8
28.4

46.3
19.3
27.0

57.7
21.2
36.5

33.9
.2
33.7

30.1
26.9
3.2

44.6
17.3
27.3

55.7
4.2
51.5

54.8
28.9
25.9

59.2
33.2
26.0

8.7

-2.2
-5.1

7.4
11.3
-4.1

6.8

-2.4

36.2

48.6
14.2

33.3

5.6
4.7
3.8

8.4
2.4
2.4
3.6

7

42.8
3.3
39.5
8.6
-1.2
9.5
2.3
1.1
1.3

5.5
3.8
.8
.2
.7

2.4
2.0
1.4
.7

70.6
21.7
48.0

72.6
19.5
52.3

75.3
21.3
53.2

.8

.8

74.9
21.9
52.2
.8

2.0

.5
1.0

— .9
5.8

O
P

63.1 42.3
19.6 - 5 . 7
43.5 48.0

66.3
37.8
28.4

A
B
C

9.1
14.7
-7.8
4.1
2.4
1.7
47.0 53.1
15.7 18.6
8.2
4.5
4.8
7.8
6.4
2.6
31.3 34.5
4.6
3.2
3.5
3.8
15.6 17.6
8.7
8.8

D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S

6.7

2.7
1.9
.8

9.3 15.2
4.8 14.6
16.6 - 4 . 6 11.4 22.1
- 7 . 1 20.8 - 8 . 1 - 8 . 3
-.1
4.8
3.1
3.8
3.7
-1.0
2.4
3.4
.9
.7
1.1
.4
26.8 35.4 37.4 45.2 40.9
1.7
1.9
7.3 12.3
6 9
.2
-.7
4.3
3.1
1.1
•
7.2
.4
1.5
2.3
2.0
.8
1.0
4.7
1.6
25.1 33.5 30.1 32.9 33.9
5.7
6.7
6.0
12.3
5.0
4.7
4.7
10.2 11.8 12.4 14.2 13.5
5.5
5.5
6.0
7.3
8.0
.5

8.0 - 4 . 3

4.1 -18.6
4.0
16.3
1.6
-.4
.3
-.8
1.4
.5

36.4
11.0

1.8
1.1

4.4
2.9
3.7

5.8
1.4
2.3
2.2

28.8

29.1

25.3

30.4

34.5

24.9

8.0

5.4

5.4

7.0

4.7

5.9

10.1
5.2

13.2
5.8

10.4
5.8

12.1
6.1

15.7
8.6

10.0
5.4

Net sources of credit (—A)
...
Chg. in U.S. Govt. cash bal
U S Govt lendine
Foreign funds
Pvt. insur. and pension reserves. .
Sources n e e

42.8
1*7
3.2
7.8
5.2

52.8
.6
3.8
3.6
8.8
5.1

36.2
.8
2.4

46.3
.1
2.8

Z Pvt. Domestic nonfin. sectors..
AA Deposits and U S Govt secur
AB
Deposits
AC
Demand dep and curr
AD
Time and svgs. accounts....
AE
At commercial banks . . .

24.8
17.5
20.6

30.7
24.0
10.8

57.7 33.9 30.1
1.2 - 1 . 5 - 5 . 3
2.8
1.9
3.5
2.4
5.9
2.9
7.7
7.5
8.9
1.8
5.9
5.3
36.4 13.3 21.1
31.2
9.3 15.7
29.8 21.2 24.4

M
N

Bank loons
Other loans

AI

68.4
19.7
47.9

5.6 -10.8
22.0
1.1
8.2 - 2 2 . 1
2.3
2.8
3.1
1.3
2.6
2.4
1.0
.2
.6

6.2
5.6
2.4

AG

IV

III

A
B
C
D
E
F
G

43.2
14.1

Consumer

T
U
V
W
X
Y

II

I

Financial flows—Summary

L

S

IV

94.1 115.6 120.4 117.0 128.6 114.9 106.0 116.4 119.4 126.1 126.3 132.6 124.8 130.7
68.0 73.9 72.4 76.8 82.6 72.1 71.4 76.0 78.1 81.8 82.3 82.1 82.9 83.1
11.9 12.4 12.7 12.7 13.1 12.7 12.6 12.7 12.8 13.0 12.9 13.1 13.1 13.1
25.0 35.6 31.5 35.0 40.3 28.8 28.2 34.2 36.2 41.2 40.6 40.3 37.8 42.6
1.0 - 4 . 5 - 5 . 5
4.3 - 5 . 2 - 3 . 7
-7.9 -4.5
1.5 - 5 . 1 - 5 . 4 - 5 . 1 - 5 . 2 - 5 . 9
-5.0 - 4 . 0 -3.4 - 4 . 5 -5.3 - 4 . 2 -4.3 -3.9 -4.2 -5.6 -4.8 -4.8 -5.7 -6.1
1.3
.9
2
.
9
2
.
8
2.1
2.1
2.1
1.7
4.0
3.1
1.7
.9
3.5
1.1

58.5
18.1
39.7

Gross pvt fixed investment

M
N

O
P
Q

III

Saving and investment

Consumer and nonprofit
Farm and noncorp. business
Corporate nonfin. business
U.S. Government
State and local govt
Financial sectors

II.

1959

1958

1962

1961

1960
Transaction category,
or sector

31.9
3 1
.7

credit

nee

Securities and mortgages
State and local securities
Corporate securities
Other mortgages

U. S. Govt securities
Less security debt

.

•.
..

4.9

15.7
7.0
8 7
-3.1

3.2

8.2
6.8

2.5

8.7
5.2
27.1
23.1
24.1

14.8
7.8
13.7
4.0
.3 - 1 . 3
10.5 15.1 20.2
5.5
8.8
2.2
8 4
9 6 11.4
13.2 - 5 . 9 - 1 . 0

8 2

6 9

.9

.2

6 8

1.2

1.0

1.2

20.2 23.3
9.4 12.1
10.8 11.2
1.5 - 1 1 . 9 - 8 . 8

28.6
15.3
13.2

-.3

5.2
1.3

4.9
-.3

_ 3

5.6
.1

44.1

51.0

42.4

32.5

3.7

59.2
3.9
3.5
2.6

44.6
2.5
-.7
-.7
7.5
1.3

55.7 54.8
5.8 - 2 . 7
4.9
5.1
3.8
9.2
12.9

4.1
10.2
4.9

34.7
26.8
25.9

19.2
19.1
19.3

3.7

2.2

33.2
30.8
26.8

22.2
10.9
11.3

17.1
6.5
10.6

18.1
5.7
12.4
4.0

11.0

3.8
1.4

12 5

3.0

.6
.6

.9

-.2

8.8

8.6
1.5

39.0
26.1
24.8
-10.7
35.4
23.0
12 4
1.4

53.5

15.3
6.7
4.0
4.6

38.2
6.1
7.0
16.0
9.1
63.1 42.3 66.3 T
6.5 - 4 . 6 - 1 . 2 U
1.9
4.5 V
4.2
2.2
2.9 W
1.7
9.7
9.8
7.7 X
2.0
8.8
9.1 Y
38.5
32.2
26.5
.6

25.9
13.7
12.2
5.7

2.4

24.7
25.9
25.2

Z
AA
AB
AC
AD
AE
AF
AG

17

2 9 AH
.3 AI

43.3
40.7
42.6
2.4
12.5
22.8 30.2
9.8
14.9
13 0 15.3
.7 - 1 . 9

-3.9

2.8

42.7
11.7
24.7
6.2

48.4
40.7

44.1
-4.1
31.4
16.8

68.7
8.6
35.8
24.3

A
B
C
D

19.8
13.7
9.9
-.8

19.0
12.9
11.1

10.7
15.3
11.4
6.7

33.4
16.0
11.7

E
F
G

48.4 44.1
.9
1.3
32.6 20.5
6.4 - 2 . 1
13.8
9.6
12.4 13.0
4.9
4.8
4.9
4.9
6.9
7.2
2.1
3.3
1.3
1.2
.3
*
3.8
5.3
-.7
- 1 ..6
9
1.1
Q —1.2
4.6

68.7
3.5
44.3
12.8
16.2
15.3
3.0
4.7

I
J
K
L
M
N
O
P

.8
1.8
1.8
5.8
3.1

R
S
T
U
V

-.4

III. Financial institutions
A
B
C
D

Net funds advanced—Total
U. S. Govt. securities
Other securities and mtgs
Loans

37.6 30.2
11.3 - 6 . 9
23.2 23.1
3.1
14.0

34.5

7.9

4.1

8.5

8.1

27.9
8.3

33.1
13.8

24.1

22.0

40.2
9.3
26.0
4.9

54.9
15.2
31.3
8.3

48.8

2.8

20.8
11.0

E
F

By sector
Banking system
Savings institutions.

17.5
9.3

4.9
10.7
10.1

10.0
9.3
10.2

17.5
12.0
10.7

20.8
14.5
11.0

17.2
10.6
10.3

11.8
11.3
10.1

4.3

-.8

15.6
10.9
9.2
4.5

24.9
11.7
11.0
7.3

17.5
14.1
12.6

42.4 32.5 40.2
3.1
4.0
2.8
21.2 21.0 29.6
.6 - 2 . 0
6.2
9.7
11.8 11.9
10.9 11.2 11.5
3.4
3.7
3.3
4.2
4.0
4.2
.1
3.4
2.6
1.3
1.6
1.5
1.9
1.3
.9
.1 - 2 . 5
j q
1.2
2.2
5.0
1.9 - 4 5

54.9
1.7
28.5
10.1
7.8
10.6
4.0
5.2
6.0
2.0
.2
3.8
1.0
8.4

48.8 42.7
.9
1.1
27.0 31.6
7.8 - 3 . 5
6.3 22.7
12.9 12.4
3.9
4.7
6.3 4.0
6.2 4.2

H

Finance n.e.c

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 Life insurance reserves
P Pension fund reserves
0
Credit market instruments
R
Investment co. shares
S
Corporate bonds
T
Loans
U Security credit

9.0
1.9

4.5

5.0

3.9

4.7

37.6
2.1
22.6
5.7
8.0

30.2
2.1
10.6
1.1
1.2

8.9

8.4
3.6

34.5
2.9
15.3
*
5.8

44.1
2.1
26.5
5.5
9.4
11.5

51.0
1.7
32.3
3.4
15.6
13.3

3.7

4.3

4.7
3.5
1.5
1.4
.4

4.9
3.7
2.0
.8
.8

4.6
5.7
1.9
.8
2.9

4.1

2 2

3.3

4.4
c

1.6

-l!2
.6
4 1

5.2
5.9
1.8
1.0
3.0
*
2 7

9.5
3.5

t

c

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Apr. 1963 BULL., p. 545.




1.1

1 4

9.8

2.5

32.3
17.6

4.6

2.7
.9
2.1
1.6
3.0

7.6

5.4

7.6 H

4.5

0

855

FLOW OF FUNDS/SAVTNG

JUNE 1963

PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
1960
Transaction category,
or sector

I.
A

B
C
D

E

U S Oovt denosits
Other

N e t increase in assets, by s e c t o r . . . .

U S Govt

Other domestic sectors

I

State and local covts

K

Rest of the world

M

Other
IL

G
H

1961

1962

1962
IV

*
1.1
5.7
1
.8
6
.4 - . 8
5.6
.2
.2
6.3
.7
.9
1
-.5
-.6
6.1
1
0
2 5
.3
2 7 -2.2 -1.7
.5
.2
.2
.1
7
.5
*
*
j
j
.9
-.2
—5

I

III

II

3.4
.6
5.5
.1
1.2 - 1 . 5
2.2
2.0
5.5
4.8
3.3
.6
.3
1.3 - 1 . 5
1.9
1.3
4.1
1 1
3.1
2 0
1.2 - 2 . 0 - 1 . 6
-.1
.6
.7
1.2
1.0
.2
.1
.4
.8
-.3
-.1
.1
1.0
.2
-.1

-2.0
-5.3
3.3
-1.8
-5.7
2.9
5 0
-2.7
-.7
1 4
.9
.4
-.5

IV

I

II

6.4
6.2 10.1
7.8 - 3 . 5
3.9
6.5
2.5
2 7
5.8 - 10.5
4.3
-7.4
-.2
3.6
-.7
4.5 11.6
4.9
4.3
3.4
1.1
-3.1
6.0
9.0
2.2
4.3
7.0 - 6 . 0
-.8
1.7
1.3 - 3 4
2 1
2 1
.9
-.3
6.8 - 6 . 2 - 4 . 8
1.7
1.9 -1.6
2.6 - 3 . 2
.9
.2
1.5
1 2
1.1
.4
-.9
1.0
2.0
-.9
1.5 -3.2
.3
.5
.5
.2
1.8
2.5 - 3 . 3
1.5

At savings institutions. . .
Memo—Consumer and nonprofit
organ. — Total

21.0
9.4
1.3
.9
.6
6.6

28.9
15.6
2.6
1.0
.3
11.7

20.6
9.7
2.0
2.1
.3
5.3

22.9
11.8
5.6
1.0
-.3
5.5

23.4
11.9
1.2
.9
.7
8.8

18.4

3 0

15.3
5.8
.8
1.4
.3
3.3

8.4

9.5

11.5

13.3

10.9

11.2

11.5

14.0

11.3

12.9

18.0

25.0

16.1

16.7

20.1

10.6
15.4

-2.7
-5.1
2.4

7.2
11.3
-4.1

16.9
8.0
.9
.8
.9
5 3

9.6
1.2
-.4

8.9

— .4

-.9

III

IV

-2.1
12.8 A
B
-4.6 -1.2
2.5
13.9 C
10.8 D
-1.1
- 3 . 0 -1.4 E
3.0 11.6 F
.2
7 9 G
-.6
3.6 H
2.1 -1.1
I
1.2
1 3 J
-1.6
.6

.5 K
.2 L
1.8 M

Total net issues
Short-term direct
Other

8.3
-1.2
9.5

9.3
5.5
3.8

D
E
F
G
H

Net acquisitions, by sector
Pvt. domestic nonfin. sectors
Consumers and nonprofit
Svgs. bds. and postal svg. dep.. .
Securities

8.3
-3.1
-2.5

9.3

K
L
M
N

Financial sectors
Banking system. .
Monetary authorities
Cotfwtcrcial banks

Q
R

Finance n e e
Rest of the world

A
B
C
D
E

Total net issues, by sector
State and local govts .
Nonfinancial corporations
Finance comoanies
Rest of the world

14.9
5.5

F
G

Net purchases
Consumers and nonprofit org

14.9

11.8

3.6

2.9

1 7

13

J

Commercial banks

IV.

-2.6
7.2
-5.9 -1.0
-3.1
-.4
-.4
.7
-1.0
-2.7
-3.1
—8
.2
.2
2.8
7.9
2.7
7.4
.7
7.5
2.0
5.9
6
-.4
5
-.1
.2
-.4
>it
1.0
.1
3.0
.5
.4

13.2
7.0
j -2.0
9.0
-1.8
— 2
44
1.8
11.3 -6.9
10.4 -7.9
.3
2.2
8.2 -8.2
A

Rest of world
V.

4
.3
.2
1

-.1
6.6 - 2 . 7
5.6 - 1 0 . 8 22.0
1.1
8.2 - 2 2 . 1
6.7 - 2 . 6
1.5 - 1 1 . 9
.4 - 8 . 0
.3
.5
.1 -8.6
— .4 - 3 . 3
1.5
-.6
4.1
8.5
2.4
8.4
2.0
-.7
.5
9.1
.3
.3
.4 - . 9
.9
.6
1.2
.8

9.5 16.1
16.6 -4.6
- 7 . 1 20.8

26.2
13.8
2.6
.3
.2
10.8

22.6
9.6
.6
.4

12.9

12.4

12.4

13.0

19.6

28.5

23.0

21.8

3.3 13.8
11.4 22.1
-8.1 -8.3

8.8

31.5

A

16.2 B
2.3 C
1.3 D
1.4 E
11.3 F
15.3 G
26.7 H

8.1 - 2 . 3
6.9
4.1 - 1 8 . 6
14.7
4.0 16.3 -7.8

-.1
8.2
3.3 13.8
9.5 16.1
-8.8
.9
-.2
4.0
1.4
5.7
5.2
5.3 - 3 . 8
3.3
-7.9 -4.1
.8
1.2
.1
.3
.5
-./
3.2
4.4 4.2 -3.6
-8.1
-4.6
-1.5
4.0 -5.0
-.8
1.5
.5
A
.6
1.0
-.5
3.7
1.9
15.2
.1
9.3
8.1
11.7
7.0
10.8 13.7 - 2 . 0
9.3
1.2
2.2
.2
1.5
2.1
5.9
4.8
10.6
12.2 -4.1
3.4
1.2
1.2
-.2
I
1.2
1.6 - 1 . 0
-.3
.6
.7 - 1 . 2
.7
-.9
-.1
1.9
-.8
.1 _ 1
n
.6
.4
.7
2.3

8.0
.1
1.3

.5
2.5

6 5
— .5
4
1.1

11.8
4.7
5.4
1.0
.7

.7
.3

70

-.5
.1
-.7
1.2

11.2
3.7
5.4
1.4
.7

13.7
5.1
7.0
.8
.8

12.0
5.4
4.7
.8
1.0

12.0
3.7
5.9
1.9
.6

10.5
4.3
5.0
.9
.2

18.4
3.9
12.3

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
-.4
.2
-.6
1.4
2 0
.3

12.0
-.5
1.7
.5
4.5
7 Q0

18.4

-.8
1.1
1 9
-.1

12.0 10.5
.4
.3
1.5
1.5
-.3
1.0
2.2
2.8
7.8
6.0
.2 - 1 . 5
.2 - . 8
-.5
- A
.8
1.2
1.3
1.6
*
.4

|

1.3
.9

12.5
5.7
6.0
.2
.7

13.4
6.7
4.7
.9
1.1

12.8
7.7
4.7
*
.4

12.5 13.4 12.8
7.0 - 2 . 8
1.6
4.6
1.6
1.5
1.8
1.3
.3 - . 5
.9
1.7
1.3
3.7
3.2
4.6
7.2
9.0
8.7
5.6
-.1
1.0
- . 8 -4.2
*
1.9
- . 2 -2.3
j
- . 8 -1.1 -1.3
1.5
1.2
1.6
2.0
1.5
2.0
2.7
3.3
.1
.3 - . 4
.5

-2.3
7.2
.7 - 1 . 9
3.1 -1.0
.6
.6
2.5 -1.6
-3.2
-.5
.8
-.5
-4.1
8.6
-5.7
4.9
.2
1.7
-5.9
3.2
.4
.4
.3
.7
.9
2.6
1.1
.5

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R

15.7
6.1
7.0
1.2
1.4

11.6
4.6
3.5
1.8
1.7
11.6
-2.0
1.9
-.4
3.7
8.2
.6
.3
-.6
.2
.8
-.1

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q

7.7
3.2
3.8
.3
.5

15.7
7.7
-1.9 -2.6
1.9
1.7
*
.5
6.0
3.8
7.2
6.9
2.6 - 2 . 5
2.1
-.6
.6 - 1 . 6
2.7
-.4
2.1
1.3
*
.1

1 6

18

19.0
13.2

16.2
10.4
5.8

18.2
12.1
6.1

24.3
15.7
8.6

15.4
10.0
5.4

15.7
10.2
5.5

17.3
11.8

18.4
12.4
6.0

21 5
14.2
7.3

21.5
13.5
8.0

25.1
16.0
9.1

24.2
15.6
8.7

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

24.2
2.2
.1
4.0
13.5
3.2
.8

4.9
1.3

8.9
6.5
4.5
1.7
.3
1.3
.4

3.7
2.0
1.5

5.2
3.9
.4
2.9
.5
.1
1.0

6.5
4.2
2.9
.6
.6

.4

Mortgages

A
B
C

Total ne*' borrowing
I- to 4-family
Other

15.3
10.1

D
E
F
G
H

Net acquisitions
Consumer and nonprofit org
U S Govt
Commercial banks
Savings institutions

15.3

19.0

J

Mortgage companies

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

24.3
2.8
.3
3.9
13.4
3.0
.4

154
1.8
1.1
.3
9.5
2.6
-.3

157
2.3
*
.9
9.5
2.74t

17.3

2.2
.3
2.1
7.8
2.0
.5

/^
B
C
D
E
F
G

Total net borrowing
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
Rest of the world
Financial sectors

1.2
1.4
.4
5
.6
.5
-1.1

7.4
5.3
3.8
.9
.7
.2
1.6

2.8
2.7
2.6
*
.2
.1
-.3

3.1
2.0
1.6
.1
.3
.7
.1

6.2
4.2
2.6
.9
.7
.5
1.0

2.4
2.2
1.9
.2
.1
.5
-.6

-1.4
.4
1.7
-2.0
.7
.3
-2.1

-.2
-.2
.1
-.2

5.2

5.8

5.5

1.0
-.2
1.8

10.9

2.7
.5

26.4

A

17.6
8.8
26.4
3.0
.3
4.5
14.8
3.4
•

B
C
D
E
F
G
H
I
J

Bank loans n.e.c.

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Apr. 1963 BULL., p 545.




35.1
22.7
4.8
2.1
-.5
16.0

Other securities

Security brokers and dealers
Investment cos.—Net
Purchases

VI.

19.2
7.8
6.3
.8 - 2 . 4
.9
.9
1.3
.6
4.8
7.2

U.S. Govt. securities

A
B
C

O

1961

Time and savings accounts

Net increase—Total
At commercial banks—Total
Corporate business..

III.

M
N
O

1960

Demand deposits and currency

Net incr. in banking system liability. .

F

A
B
C

1959

1958

.8

-1.0

.9
.4
.1
3.3

.5
2.1
-.5

— 1
1.7

9.4 A
7.0
5.7
.2
1.1
-.2
1.8

B
C
D
E
F
G

856

BANK HOLDING COMPANIES

JUNE 1963

BANK HOLDING COMPANIES, DECEMBER 31, 1962
(Registered pursuant to Section 5, Bank Holding Company Act of 1956)
Location of
principal office
California
Los Angeles

Holding company

Western Bancorporation

Location of
principal office

Holding company

New Hampshire
Nashua

New Hampshire Bankshares, Inc.

New York
Buffalo
New York
New York
New York
Warsaw

Marine Midland Corporation
Amalgamated Clothing Workers of America
Empire Shares Corporation
Southeastern Shares Corporation
Financial Institutions, Inc.

Ohio
Columbus
Springfield

BancOhio Corporation
The Springfield Savings Society of Clark County

Colorado
Englewood

First Colorado Bankshares, Inc.

Florida
Jacksonville
Jacksonville
Jacksonville
Pensacola

The Atlantic National Bank of Jacksonville
Atlantic Trust Company
Barnett National Securities Corporation
Commercial Associates, Inc.

Georgia
Atlanta
Atlanta
Savannah
Savannah

Trust Company of Georgia
Trust Company of Georgia Associates
Citizens and Southern Holding Company
The Citizens and Southern National Bank

Tennessee
Chattanooga
Knoxville

Hamilton National Associates, Inc.
Tennessee Shares Corporation

Indiana
South Bend
South Bend

St. Joseph Agency, Inc.
St. Joseph Bank and Trust Company

Texas
Fort Worth
Houston

The Fort Worth National Bank
C. B. Investment Corporation

Iowa
Des Moines

Brenton Companies, Inc.

Utah
Salt Lake City

First Security Corporation

Kentucky
Louisville

Trustees, First National Bank of Louisville

Maine
Bangor

Virginia
Arlington
Richmond

The First Virginia Corporation
Virginia Commonwealth Corporation

Eastern Trust and Banking Company

Massachusetts
Boston
Boston
Boston

Baystate Corporation
The National Shawmut Bank of Boston
Shawmut Association

Washington
Port Angeles
Spokane

Union Bond & Mortgage Company
Old National Corporation

Wisconsin
Milwaukee
Milwaukee
Milwaukee
Wausau

First Wisconsin Bankshares Corporation
The Marine Corporation
Marshall & Ilsley Bank Stock Corporation
Central Wisconsin Bankshares, Inc.

Canada
Montreal
Toronto

Bank of Montreal
Canadian Imperial Bank of Commerce

Japan
Tokyo

The Bank of Tokyo, Ltd.

Minnesota
Minneapolis
Minneapolis
St. Paul

Bank Shares Incorporated
First Bank Stock Corporation
Northwest Bancorporation
Otto Bremer Company

St. Joseph
St. Louis

The First National Bank of St. Joseph
General Bancshares Corporation

Montana
Great Falls




Bancorporation of Montana




Financial Statistics

* International *
Reported gold reserves of central banks and governments

858

Gold production

859

Net gold purchases and gold stock of the United States

860

Estimated foreign gold reserves and dollar holdings

861

International capital transactions of the United States

862

U. S. balance of payments

871

Money rates in foreign countries

871

Foreign exchange rates

873

Guide to tabular presentation

794

Index to statistical tables

881

The figures on international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-

piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at end of the BULLETIN).

857

858

GOLD RESERVES

JUNE 1963

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
End of
period
1956
1957
1958
1959
1960
1961
1962—Apr
May
June
July
Aug. . . . . . . . .
Sent
Oct
Nov
Dec . . . .
1963—Jan ..
Feb
Mar
Apr

End of
period

1956
1957
1958
1959...
I960
1961

Estimated
total
world r i

Intl.
Monetary
Fund

United
States

Estimated
rest ofr
world

Argentina

38,075
38,765
39,445
40,195
40,505
41,105

1,692
1,180
1,332
2,407
2,439
2,077

22,058
22,857
20,582
19,507
17,804
16,947

14,325
14,730
17,530
18,280
20,260
22,080

224
126
60
56
104
190

107
126
162
154
147
162

71
103
194
292
293
303

2,099
2,106
2,110
2,136
2,155
2,175
2,179
2,190
2 194

16,519
16,458
16,527
16,182
16,139
16,081
16,026
16,014
16 057

114
114
102
78
74
71
68
64
61

170
174
177
180
182
184
186
187
190

H1,560

2 199
2,225
2,226
2,228

15 974
15,891
15,946 ^23,390
15,914

58
53

192
195
198
198

Cuba

Denmark

Dominican
Republic

41,285
41,250
41 430

136
136
80
50
1

1962—Apr
May.
July
Aug
Sept
Oct .
Nov
Dec

1963—Jan ..
Feb
Mar
Apr
End of
period

23 180

Ecuador

El Salvador

Finland

Congo,
Rep.
of the

46
40
40
43
45
48

57
62
72
71
78
88

122
81
83
42
30

963
913
669
674
683
689
695
702
708

46
45
45
44
44
43
43
43
43

91
92
93
93
94
83
84
64
57

714
725
732
739

43
42
42
42

58
58
59

Canada

925
915
1,270
1,134
1,170
1,248

324
324
325
327
287
285

1,103
1,100
1,078
960
885
946

363
363
363
419
419
419
429
439
454

1,315
1,318
1,335
1,335
1,342
1,341
1,341
1,340
I 365

285
286
286
286
286
286
286
286

454
469
484
494

1,372
1,372

I 362
^64

France

Germany,
Fed.
Rep. of

Greece

Guatemala

Chile

India

Indonesia

Iran

28
31
31
30
30
18

35
35
35
38
41
47

924
581
750
1,290
1,641
2,121

1,494
2,542
2,639
2,637
2 971
3,664

10
13
17
26
76
87

27
27
27
24
24
24

247
247
247
247
247
247

45
39
37
33
58
43

138
138
141
140
130
130

31
31
31
31
31
31
31
31
31

3
3
3
3
3
3
3
3
3

19
19
19
19
19
19
19
19
19

18
18
18
18
18
18
18
18
18

62
62
62
62
62
61
61
61
61

2,207
2,235
2,270
2,417
2,450
2,481
2,513
2,545
2 587

3,666
3,667
3,667
3,667
3,667
3,668
3,669
3,669
3 679

86
89
96
92
86
86
81
77
77

24
24
24
24
24
24
24
24
24

247
247
247
247
247
247
247
247
247

43
44
44
44
44
44
44

129
129
129
129
129
129
129
129
129

31
31
31
31

3
3
3
3

19
19
19
19

18
18
18

61
61
61
61

2 626
2,673
2,709
2,743

3,694
3,727
3,749
3,749

77
77
77

24

247
247
247
247

Italy

Lebanon

Mexico

NetherNew
lands Zealand

Norway

Pakistan

Peru

129
129
129

Philippines

Portugal

South
Africa

50
45
43
30
30
30

49
49
49
50
52
53

35
28
19
28
42
47

22
6
10
9
15
27

448
461
493
548
552
443

224
217
211
238
178
298

1,581
1,581
1,581
1,581
1,581
1,581
1,581
1,581
1 581

30
30
30
30
30
30
30
30
30

53
53
53
53
53
53
53
53
53

47
47
47
47
47
47
47
47
47

31
33
34
35
36
37
38

446
447
454
455
467
469
469
471
471

386
407
432
446
468
488
501
509
499

1 581
1,581
1,581
1,581

30
30
30
30

53
53
53
53

47
47
47

471
476

486
505
551
571

18
18
18
18
18
18

338
452
1,086
1 749
2,203
2 225

77
91
91
102
119
140

167
180
143
142
137
112

844
744
1,050
1,132
1,451
1,581

1962—Apr
May
June
July
Aug
Seot
Oct
Nov
Dec

98
98
98
98
98
98
98
98
98

18
18
18
18
18
18
18
18
18

2,234
2 240
2,242
2,244
2 244
2,241
2,239
2 237
2 243

140
140
151
172
172
172
172
172
172

109
107
106
106
98
97
95
95
95

18
18
18
18

2 254
2,284
2 286
2,286

172
172
172
172

95




Colombia

Brazil

22
22
22
20
20
19

14
20
34
84
98
84

For notes see end of table.

Belgium

11
11
11
10
10
3

1956
1957
1958
1959
1960
1961

1963—Jan
Feb
Mar
Apr....

Austria

31
31
31
31
31
31

Ireland,
Rep. of

Iraq

22,650

Australia

33
33
33
34
35
1

859

GOLD RESERVES AND PRODUCTION

JUNE 1963

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)

End of
period

lysd
19^7
19*58
1959
1960
1961

Spain

Sweden Switzerland

132

266

101
57

219
204

68

191

178
316

170
180

1962—Apr
May
June
July

376
400

181
181

409
429

182
182

Aug

429

181

Sept
Oct

428
438

181
181

Nov

437

181

J963

Dec

446

181

Jan

475

181

Feb
Mar

495
514
533

181
181
181

Apr

Thailand

Syria

1,664
1,706
1,925
1,934
2,185
2,560
2,424
2,409
2,409
2,459
2 459
2,453
2,452
2 421
2,667

Turkey

U.A.R.
(Egypt)

United
Kingdom

1,772
1,554
2,808
2,514
2,800
2,268

19

112

144

188

24
24

112
112

144
144

188
174

19

104

133

174

19
19

104
104

134
139

174
174

19
19

104
104

140
140

174
174

19
19

104
104

140
140

174
174

19

104

140

174

19
19

104
104

140
140

174
174

19
19

104

140

174

104

140

174

104

140

174

104
104

120
140
140

174
174
174

2,455
2 460
2 461
2,453

1
Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Ccnrnissicn for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.

Venezuela

Uruguay

2,618
2,517
2,582
2 447

Yugoslavia

Bank
for
Intl.
Settle-2
ments

EPUEF3

59

268

24
—42
-134
-19
115

254
126

186

603

18

180
180

719
719

14
17

180

652

10

180
180

401
401

4
6

180
180

401
401

6
6

180
180

401
401

162
165

203
209

180

401

6
3
3

210

3
3

200
172

180
180

401
401

180

401

4

180

401

4

180

401

116

180

401
401
401

107
132

40

55
56

46
62

151

-50

56

oo

41

2 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
3 European Payments Union through Dec. 1958 and European Fund
thereafter.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold" Section 14,
Supplement to Banking and Monetary Statistics.

GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
Period

1956
1957
1958
1959
I960
1961
1962
1962

World
production 1

975.0
1,015.0
1,050.0
1,125.0
1,175.0
1,215.0
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec

1963 Jan
Feb
Mar

.

North and South America

South
Africa

Rhodesia

Ghana

556.2
596.2
618.0
702.2
748.4
803.1
892.7

18.8
18.8
19.4
19.8
19.6
20.1
19.4

22.3
27.7
29.8
32.0
31.3
29.2

72.9
72.3
74.0
75.2
76.3
76.6
76.1
78.1
78.5
74.7

1.7
1.6
1.5
1.6
1.6

2.5
2.4
2.6
2.8
2.6

1.6
1.7
1.6

2.6
2.6
2.7

78.0
76.5
79.4

1 6

1 6

Congo, United
Rep.
of the States

Canada

Mexico

65.3
63.0
61.6
57.2
58.8
54.8

153.4
155.2
158.8
156.9
161.1
156.6
145.5

12.3
12.1
11.6
11.0
10.5
9.4
8.3

3.5
3.0
3.4
3.1
4.0

12.8
12.4
12.3
11.8
11.9
12.0
11.7
12.5
12.1
11.7

1.1
.9
.6
.8
.6

11.7
11 .0
11.6

.8

13.1
13.1
12.3
12.2
11.1
8.1
3

2.1

31.8
3

1.8

2 7

1.7

1 Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Gold exports.
3 Quarterly data.




4.6
4.8
4.3
3.8
3.7

.8
.7
.5
.3
.4

Nicaragua 2
7.6
6.9
7.2
7.3
7.0
7.7

Other

Brazil

Colom- Ausbia
tralia

India

4.3
4 2
3.9
3.8
4 1
4.4
4.5

15.3
11 4
13.0
13.9
15 2
14.0
13.7

36.1
37 9
38.6
38.1
38 0
37.5
37.4

7.3
6 3
6.0
5.8
5 7
5.7
5.7

4
.3
4
.4
.4

1 2
1.2
1 2
.9
1 2
1 2

31
2.6
3 0
3.3
3 3
3 4
3 4
3 2
3 0

5
.4
5
.5
55

4
.3
4
4
.3

1.1
1.2

1 0
.8

3.3

1 2

2 9

5
4
5
4

All
other i

63.0
62 2
69.8
64.8
64 2
64.4

. . ...

NOTE.—Estimated world production based on reports of the U. S.
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.

860

U.S. GOLD

JUNE 1963

NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1962
Area and country

1955

1956

1957

1958

Western Europe:
-68
10

France

3

-34

Italy
25

—5
-8
100
Bank for Intl. Settlements
Other
Total

4

is

-78

80

Latin American republics:

Other
Total

31

8

5

115
-1
28

75

Total

in

-143
-63
-456

-39
-28
-45

-17
-35
-96

-56

-30

-30

-214

-101

-101

-146
102
-387

-47
62
-181

-59
35
-150

-20
-45
-64

-20
50
8

-70

-12

-ii

-15

*

- 7 5 4 -1,105

-290

-337

-1
-141
-173
34

-30
-10

-249

23
100
-25

-114
-324
-550
-36
-96

-156
-125
-306
-23
-53

-827 -1,718

-144

190
67

-50
-2
—6
-20

-11

-90
-2

85
57
38

IV

-399

I

107

15

-9

-79

-104

59
27

17

190
25
-1

60
-1

24

59

_

i

10

6

2

-22

-17

-5

14

-28

81

69

19

-100

-109

175

*

30

-5

18

-4

157
-28

-97

i -101

2 -93

-24

-5

*

18

-34

-186

-113

-101

-93

-24

-3

-5

-38

-6

-1

-1

2

-2

-998 -1,969

-970

-833

-291

-102

-434

-6

-96

-833

-291

-102

-434

-6

-96

14
80
3 200

Grand total

H

-200
29

-68

Total foreign countries

I

-83
-39
-266

20
-350
-32
-38

1963

1962

14

1

All other

—349
-261
-20
32
-215
-900
-178
-21

1961

-30
65
-5

Asia:
Other

-84
-329

68 - 2 , 3 2 6

15

1960

1959

-68

280

172 - 2 , 2 9 4

3 300
-1,041 -1,669

1 Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2 Includes sales of $21 million to Burma, $32 million to Lebanon, and
$13 million to Saudi Arabia.

-4

9

83

-16

-41

-11

-16

-41

-11

*
16

15

600
772 - 2 , 2 9 4

-1

-8

-8

1

-1

150
-820

3 Proceeds from this sale invested by the IMF in U.S. Govt. securities;
upon termination of the investment the IMF can reacquire the sane
amount of gold from the United States.
4 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3).

U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)
Changes in—

End of period
Gold stock i

Year

Total
Total 2

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
22,053
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

Changes in—

Gold stock i
Total
Total 2

53 1962—May...
379
June...
-1,161
July. . .
Aug....
-298
Sept....
Oct
-40
-40
Nov....
305
305
Dec
799
799
-2,275
-2,275
- 1 , 0 7 5 4-1,075 1963—Jan... .
Feb....
-1,703
-1,703
Mar....
-741
-857
Apr....
-907
-890
May P . .

1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on May 31, 1963.
2 Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 802 and 804.




End of period
Foreign
currency3
Treasury holdings

Total

Total
gold

16,718
17,081
16,678
16,562
16,531
16,364
16,216
16,156

16,458
16,527
16,182
16,139
16,081
16,026
16,014
16,057

16,434
16,435
16,147
16,098
16,067
15,978
15,977
15,978

260
554
496
423
450
338
202
99

-44
363
-403
-116
-31
-167
-148
-60

-61
69
-345
-43
-58
-55
-12
43

16,102
16,023
16,078
16,046
16,010

15,974
15,891
15,946
15,914
15,855

15,928
15,878
15,878
15,877
15,798

128
132
132
132
155

-54
-79
55
-32
-36

-83
-83
55
-32
-59

4
Includes payment of $344 million as increase in U.S. gold subscription to the International Monetary Fund.

NOTE.—See Table 8 on page 869 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.

861

GOLD RESERVES AND DOLLAR HOLDINGS

JUNE 1963

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 3 I, 1961
Gold&
shortterm
dollars

Area and country

Western Europe:
Austria .
Finland
Pf ance

.
•

558
1,574
83
138
3,110
6,506
154
3,459
1.797
135
542
469
586
3,435

...

Italy
Norway
Portugal
Sweden . . .
Switzerland.
Turkev

United2 Kingdom
Other

.

'4,495
'681

.

'27,887

Mar. 3 1, 1962

U.S.
Gold&
Govt.
shortbonds
term
& notes dollars

3
8
30
2
4
3
*
3
126
1
1
93
83
*
435
48

594
1,616
80
138
3,360
6,200
189
3,416
1,822
142
532
516
584
3,262
'4,896
'732

June 30, 1962

Gold&
U.S.
shortGovt.
term
bonds
& notes dollars

Sept. 30, 1962

Gold&
U.S.
Govt.
shortbonds
term
& notes dollars

'4,319
'665

2
91
1
1
102
86
*
418
47

1
93
83
*
370
48

2
93
1
1
92
83

2
85
1
1
123
83

388
46

'4,882
'671

440
46

3
3

*
*
16
2
3
3
*

Gold &
U.S.
shortGovt.
term
bonds
dollars & notes i

789
1,555
96
140
4,123
6,224
243
3,385
1,809
160
633
704
673
3,273
162
4,640
563

744
1,511
78
135
3,643
6,467
187
3,533
1,857
142
610
588
639
3,290

2
29
2
3
3

U.S.
Gold&
U.S.
shortGovt.
Govt.
term
bonds
bonds
& notes dollars & notes »

783
1,539
98
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,199
540

640
1,593
83
133
3,664
6,289
206
3,429
1,888
131
584
568
607
3,360

8
29

Mar. 31 , 1963*

Dec. 31, 1962

30
2
3
3

*

87

2
1
16
2
3
3
1
2
111
1
1
73
85
297
46

751 '28,891

820 '28,570

786

28,919

708

29,172

644

3,704

459

3,454

423

3,566

253

4,169

266

4,057

389

3,869

513

1
1

301
499
147
228
37
58
528
85
154
272
780
296

1
1

269
430
176
205
16
65
626
98
152
281
806
272

1
*

318
400
165
226

1
1
*

*
6
1

310
511
176
252
38
76
609
87
137
259
765
329

1
1

5

407
492
160
228
40
82
615
82
137
255
801
270

1
1

Venezuela
Other

425
513
153
235
44
70
607
87
131
237
819
223

Total

3,544

12

3,569

12

3,549

12

3,385

1

'126
155
2,210

1

'77
157
2,344

41

Total

Latin American republics:
Chile
Cuba
Guatemala
Panama Republic of

Asia:

840 '28,239

1

1
1
1

1

1
1

1
0

6
1
1
1

f,

Indonesia
Iran

,

Other
Total
All other:
Australia
South Africa
H 4 R (Egypt)
Other

119
161
3 1,976
212
368
1,168

•
45

137
165
2,152
195
410
1,211

3 4,329

56

4,591

52

260
330

*

39

268
415
190
'615
'1,488

*

1,406

'41,341

IRQ

'618
'1,397

Total

Total foreign countries 4 . . . . '340,861
International and regional 5 .
Grand total

4

m

3

*
39

3
1

213
431

198
430

6
1
*
1
1

3

6

296

5
T
*
*

3
1

'4,762

52

*>^5

*

'647

*
40

1
3

74
157
2,537

1,296

•
40

1,357

40

4,934

50

5,110

49

337

*

340

*

437

*

624

837
323

288
72
148
2,481
212

1

52

538

42

'1,569

39

'1,683

40

1,280

'42,210

1,176

'42,569

1,156

43,027

r

1

1
3

97
155

6

188
658
1,721

42

276

13,

'4,635

*
39

*
1

3,598

41

*

*
*
4

691

13

1,263

281

16
94

4

3,396

1,204

471

•

12

•
41

*

*

*
39

218
471

592

193
655

•

*
*
38

39

1,780

38

1,199

43,529

1,257

'5,829

1,432

'6,457

1,275

'6,620

1,165

'7,127

993

7,350

911

7,217

966

'346,690

2,838

'47,798

2,555

'48,830

2,341

'49,696

2,149

50,377

2,110

50,746

2,223

1
Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries as shown in Table 9 on page 869.
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).
3 Total short-term dollars include $82 million reported by banks
initially included as of Dec. 31, 1961, of which $81 million reported for
Japan.
* Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.




3

1

5
International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, International Development Association, and other international organizations; Inter-American Development Bank, European Coal and Steel
Community, European Investment Bank, and other Latin American and
European regional organizations except the B.I.S. and E.F. (see note 3):.

NOTE.—Gold and short-term dollars include reported and estimated4
official gold reserves, and official and private short-term dollar holdings,
(principally deposits and U. S. Treasury bills and certificates); excludes,
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development
Association. U. S. Govt. bonds and notes are official and private holdings
of U.S. Govt. securities with an original maturity of more than 1 year.
See also NOTE to table on gold reserves.

862

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JUNE 1963

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)

End of period

Grand
total

International

Foreign

Europe

and

regional !

Official 2

Total

Other

Germany,
Fed.
Rep. of

Kingdom

Other
(excl.
regional) 3

Total
(excl.
regional) 3

Canada

Latin
America
(excl.
regonal)

5,081
5,496
3,903
5,253

7,708
8,473
9,046
10,322

2,019
2,198
2,439
2,758

2,403
2,408
2,307
2,341

2,205
2,780
3,115
52,974

279
373
353
386

Asia

All
Other

1958
1959
1960
1961

16,159 1,544
419,389 *3,158
21,272 4,012
522,533 3,752

14,615 8,665
16,231 9,154
17,260 10,212
518,781 10,940

5,950
7,076
7,048
57,841

1,755
1,987
3,476
2,842

1,667
2,227

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

23,408
23,536
24,072
23,623
24,158
24,524
25,211
25,196
'25,002

4,454
4,534
4,510
4,836
5,015
4,943
5,005
5,095
5,147

18,954
19,002
19,562
18,787
19,143
19,581
20,206
20,101
r
19,855

10,265
10,458
11,205
10,715
11,031
11,582
11,979
11,996
11,958

8,689
8,544
8,357
8,072
8,112
7,999
8,227
8,105
•7,897

2,518
2,509
2,622
2,543
2,592
2,799
2,823
2,770
2,730

2,469
2,399
2,264
1,853
1,846
1,802
1,853
1,893
1,617

5,382
5,566
5,713
5,195
5,259
5,429
5,563
5,627

10,369
10,474
10,599
9,591
9,697
10,030
10,239
10,290
'10,166

2,503
2,514
2,897
3,120
3,416
3,480
3,894
3,667
3,349

2,516
2,385
2,434
2,427
2,338
2,329
2,262
2,295
2,445

3,174
3,194
3,212
3,200
3,233
3,280
3,345
3,365
3,426

392
435
420
449
459
462
466
484
469

24,939
24,980
25,130
25,313

5,100
5,059
4,982
5,017

19,839
19,921
20,148
20,296

11,564
11,482
11,764
11,906

8,275
8,439
8,384
8,390

2,495
2,413
2,475
2,456

1,932
2.051
2,193
2.065

5,591
5,644
5,601
5.576

10,018
10,108
10,269
10.097

3,295
3,261
3,137
3,226

2,558
2,573
2,674
2,875

3,505
3,512
3,600
3,622

463
467
468
476

1963—Jan
Feb
Mar.P
Apr.?

873
990

la. Other Europe

End of period

1958
I959
I960
1961
1962 A or
May
June
July
Aug
Sept
Oct

Nov
Dec
1963 Jan
Feb
Mar P
Apr v

. .

Total
Aus(incl.
regional)3 tria

Belgium

Denmark

Finland

France Greece

Italy

Netherlands

Norway

Portugal

339

130
95

163

5 081
5 496
3,903
5,253

411
331
243
255

115
138
142
326

169
137
54
52

69
71
46
91

532
655
519
989

126
186
63
67

1,370
877
I 234

485
328
216

5 382
5,566
5,713
5,224
5,292
5,464
5,597
5 661
^5,853

229

293

49

74

1 161
,445
,394
,046

104

185

141

103
110

1,147
1,187
1,095
1,244
1,292
1,310
1,296
1,384

247
259
307
339
258
276

103
117
112

5,621
5 670
5 629
5,594

238
277

293
258

291
316
325

204
184
170

44
52
47

319
305

190
195

55
69

329

174

67

177
189

56
44

320
317

305
276

70
71

60
52

68
70
74

73
72

r

73

,272
.359
,414
,433

75
75

65
69

183
208

080

,162
,205
,271
,157

79
70

100
98
101

103
113
119

142
162
166
171

1,182
1,123
,099
,121

82
105

138
84
99

Spain

Sweden

36
86
149
153

303
213
227
406

160

391
415
425

Switzerland
852
969
678
875

Other 3

Regional 6

715
622
411

385

259
243

109
115

98
108
130
132
137
141
156
154

151
165

458
483

885
837

290
309

248

125

161

177

490

908

407

29
33
35
34
34
34

232
216

120
134

167
161

476
507

861
813

327
335

30
26

130
131

157
159

184
209

228
285

123
101

153
159
176
144
160

808

342

830
951

322
291

425
463
458

913
832
837

259
264
274

190
169

492
480

812
751

Neth., PanAntilles ama,
Reand
pubSuri- lic
of
nam

Peru

Uruguay

Venezuela

Other

77
82
72

82
62
51

494
277
398

156
172
210

57

418

262

447
379
364
436
394
379

306
306
329
313
314
308

60
55
62
65
82
84

All
407

300
295

126

105

75
72
79
73
87
92
90
85
101

405

295

281
253

28
18

lb. Latin America

End of period

M
1958
1959
I960
1961
1962

Total
(incl. Argen- Brazil Chile
regtina
ional)

2 403
2 408

Oct

Nov
Dec
1963—Jan
Feb
Mar.?
Apr.*3

Dominican
Rep.

100
185
135

169
217
158

286
164
77

40
37
37

235

228

105

147

43

23

2,576
2 440
2,496
2 492
2,420
2,413
2 388
2,420
2,621

221
209
208
231
210
230

255
236
225
201
198
213

110
110
131
113
106
104

140
142
159
149
143
145

42
43
48
43
42
40

180
176

112
101

152
136

38
37
37
37
36
36
7 15

208

204

133

148

2,732
2,750
2,831
3,026

210

188

129

183

14

234

173

116

177

14

150
337
315

187
205

265
308

For notes see following page.




Cuba

138
151
194

2,422
2,398

Apr
May
June
July
Aug
Sept

Colombia

192
198

123
117

167
163

15

15

15
15

35
44

42
35
39

41
47

El
Sal- Guate- Mexico
vador mala

26
28
24
22

42
37
44
46

418
442
397
495

79
88
72

146
129
123

89

87

84

29
34
35
36
33
31
25
21
22

57
55
52
42
37
34

517
491
503
474
454
431
437
492
531

97
90
87
96
93
94

90
91
87
87
87
85

92
90
90
96
104
107

84
87

103
103

35
45
47
49

47

558
589
596
639

97

96

105

90

455

315

95

102

103

95

413

317

33
33

41
61

70
75

92
95

97

95
94

98

97
103

108
110

96
91

436
505

325
361

Reglonal

115

57

125
176
175
177
158
151

JUNE 1963

863

INTL. CAPITAL TRANSACTIONS OF THE U.S.

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 AH Other
Asia

End of period
Total

1958
1959
I960
1961
1962 Apr
May
July
Sept
Oct
Nov
Dec . . . .

3,174
3,194
3,212
3,200
3,233
3,280
3,345
3,365
3,426
3,505
3,512
3,600
3,622

1963 Jan
Feb p
Mar.
Apr v

Korea,
Indo- Iran Israel Japan Re- PhilTaiippub- pines
nesia
wan
lic
of

Hong India
Kong

2,205
2,780
3,115
52,974

62
60

77
114

57

54

All other

56

78

108
139
178
76

58
62

70
54

88
80

56
60
60

49
39
39

82
79
83

57
63
62
65

46
49
51
41

33
39
26
28

62

46

30

61
61
66

45
49
40

30
30
33

935 145
,785 148
887 152
,672 199

43
47
22
31

56
87
75
63

23
18
26
32
37
28
27
22
19

78
76
76
76
89
81
74
81
81

,812 181
,855 174
906 164
,903 160
94? 155
2,040 153
2,104 147
2,111 142
2,177 136

161
163
171
174

37
22
28
49

87
93
96
95

2,190
2,179
2,233
2,246

5

129
120
116
108

Congo, South U.A.R.
Thai- Other Total Aus- Rep.
land
tralia of
Africa (Egypt) Other
the

176
172

99
94

133
141

371
494

279
373

79
110

30
31

30
49

124
162

84

186

217

353

16
20

203

29

264

258

98

34

22

182

92

386

32

185

88

32

15

207

173
184

90
85

314
323

287
283

392
435

96
97

262
269
250

104
122
126

s

17
25

209
231

327
327
327

420
449
459

43
42

80
78
76
75

326
326
324
333

275
275
299
297

174

79

348

181
180
176

81
88
92

361
367
368

179
169
169

85
86
82

462
466
484
469

131
155
158
147

323

463

142

339
352
348

467
468
476

137
142
149

37

37
41
35
31
38
35

39
36
45

47
42
43
39

19
22
13

12
13
17
14

221
232
234

237
225
228
234

36
36
32
32

40

13

232

41
41
40

16
19
19

237
234
236

1959

1960

1961

1962

19.7
34.4
35.8
63.1
2.5
9.4
21.0
38.0
1 4
23.5
14.8
111.6
3.5
5.0
68 3

10.9
6.9
34.8
13.8
1.8
9.6
5.0
36.2
6 3
10.6
14.2
18.4
1.9
4.2
14 6

15.3
6.5
34.6
20.2
1.6
27.1
4.6
52 3
4 4
10.1
14.6
24.9
3.2
2.6
7.9

12 6
4.9
35.7
n.a.
1.2
33.0
n.a.
65 9
12 6
15.9
n.a.
28.4
5.8
4.9
10 1

6

18 7
.4
20 3
17.6
57.8
2.0
6.8

.4
9 3
.9
16.8
5.6
64.3
2.2
35.1

.3
.8
1.6
8.4

3.9
3.5
1.9
2.8

.5
11 1
1.1
21.9
5.4
93.0
1.6
4.0
21 8
6.5
1.7
2.0
1 2

1 6
17 0
4.1
17 6
5.5
67.9
2.5
4 7
na
6.8
.6
2.4
na

Id. Supplementary Data 8 (end of year)
1959

1960

1961

1962

1.2
.7
1.3
2.7
5.4
7.2

.5
1.0
1.0
5.1
2.7
12.6

1.2
.9
1.0
3.1
3.2
16.1

1.6
1.1

4.0
,9
1.5
30.7
2.6
6.2

6.1
1.1
1.3
18.4
12.1
10.0

7.2
1.5
1.3
25.9
4.8
11.6

(10)
14.3
9
24
4
Bolivia
. . . . . . .
32 6
British West Indies **
18.9
Costa Rica
21.7
.5
French West Indies and French Guiana..
10.5
Haiti
12.8
Honduras

47.2
21.7
23 1
11.3
19.8
27.3
.4
10.7
15.0

Area or country
Other Europe:
Hungary
Iceland
.
Ireland, Republic of
Luxembourg
Monaco
Poland 9 9
Rumania

.

Turkey 9 9
XJ S S R
Other Latin America:

12.5
6.7

11.9
4.6

77.5
33.5
26 2
14.0
13.3
23.6
.5
9.9
14.8
1.8
17.3
4.9

(10)

(10)

(10)

11.0
4.3

9.8
.9

3.6
4.5

(10)

Paraguay
Trinidad and Tobago
Other Asia:

.

(10)

1.1
5.6
2.9
10.8
8.9

1 7
1.6
25.2
2.6
10.5

Other Asia (Cont.):
Cambodia
China Mainland 9
Iraq
Jordan
Kuwait
Laos
Malaya....
Pakistan
Ryukyu Islands (inci. Okinawa)
Saudi Arabia

Syria
Viet-Nam
81.7
41.1 All other:
23 2
Algeria
9.0
Ethiopia incl. Eritrea
16.5
Ghana
36.3
Liberia
1.0
Libya
.
10.5
Morocco (incl. Tangier) . . .
. .
13.8
Mozambique
.
n.a.
14.8
Nigeria
5.7
Rhodesia and Nyasaland, Federation of...
3.1
Somali Republic
Sudan
5.3
2.5

1
International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, International Development Association, and other international organizations;
Inter-American Development Bank, European Coal and Steel Community, European Investment Bank and other Latin American and
European regional organizations, except Bank for International Settlements and European Fund which are included under "Other Europe".
2 Foreign central banks and foreign central governments and their
agencies,
and Bank for International Settlements and European Fund.
3
Includes Bank for International Settlements and European Fund.
4 Includes $1,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959.
5 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
67 Not shown separately until July 1962.
Decline from Sept. reflects reclassification of deposits for changes
in domicile over the past few years from Cuba to other countries.




Area or country

s

8 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 9the "other" categories in Tables la-lc.
Based on reports by banks in all F.R. districts,
i1 1o Included with British West Indies.
Includes Bahamas, Jamaica, and Trinidad and Tobago as indicated
by note 10.
NOTE.—Short-term liabilities are principally deposits (demand and
time) and U.S. Govt. securities maturing in not more than 1 year from
their date of issue; the latter, however, exclude nonnegotiable, noninterest-bearing special U.S. notes held by the International Development Association and the Inter-American Development Bank. For
back figures and further 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.

864

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JUNE 1963

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(In millions of dollars)
Payable in dollars
To banks and official institutions

End of period, or area
and country

To all other foreigners

Payable
in foreign
currencies

Total
Total

Deposits

U.S.
Treasury
bills and 1
certificates

Other

2

Total

Deposits

U.S.
Treasury
bills and
certificates

Other 2

Total amounts outstanding
1958
1959
I960
1961
19613
1962—Apr
May
July

Aus

Sept
Oct
Nov
Dec
1963 Jan
Feb
Apr.*

16,159
19,389
21,272
22,450
22,533

13,669
16,913
18,929
19,944
20,025

6,772
6,341
7,568
8,644
8,707

5,823
9,245
9,960
9,751
9,751

1.075
1,328
,401
1,549
1,567

23,408
23,536
24,072
23,623
24,158
24,524
25,211
25,196
r
25,002

20,749
20,873
21,219
20,890
21,371
21,739
22,409
22,425
r
22,291

9,155
8,852
8,696
8,376
8,289
8,206
8,495
8,437
r
8,528

10,011
10,409
10,973
11,020
11,645
12,082
12,463
12,465
12,226

1,583
,612
1,550
1,494
1,437
1,451
1,451
,523
1,537

2,358
2,478
2,496
2,676
2,553
2,541
2,531

2,520
2,559
2,568

1,977
2,040
2,052
2,209
2,087
2,066
2,057

24,939
24,980
25,130
25,313

22,209
22,173
22,315
22,439

8,858
8,957
8,932
8,924

11,760
11,597
11,731
11,856

,591
,619
,652
,659

2,566
2,657
2,672
2,759

2,430
2,398
2,230
2,356

1,951
1,833
1,849
1,976

306
295
148
149
149

174
270
233
231

232

59
77
113
150
150

2,050
2,049
2,091

140
100
107
112
109
100
108
130
116

298
344
360
354
366
374
362
380
361

181
167
177
180
246
254
282
212
143

2,071
2,102
2,107
2,187

123
144
143
146

372
411
422
426

164
150
143
116

1
*

4
*

*
*
*

3

2

2

2

4
*
*
4

8
4

17

2
*
24

*
*
*
57

51

294

50

*

1

1

Area and country detail, Feb. 28, 1963
Europe:

Finland
Germany, Fed. Rep. of
Greece
Italy
Norway
Portugal

•

Turkey
United Kingdom
Yugoslavia
Other
Regional
Total
Canada
Latin America:
Argentina
Bolivia
Chile
Cuba
Dominican Republic
El Salvador
Guatemala

.

Neth. Antilles and Surinam
Panama Rep of
Peru
Urufiuav
Venezuela
Other
Regional
Total
For notes see end of table.




1,359

1,308

231
107
28
50
213

2,413
162
1,123
216
134

2,366
147
1,098
196
104

323
80
224
94
57

317
189
44
75

Belgium

316
155
35
73

6
8
1
5
91

2
33
8
2
49

2
28
8
2
44

27

316
35
136
10
20

40
15
25
16
30

34
15
23
11
28

5

46

46

59
369
184

2
12
205

32
12
112

29
10
72

51

78
40
5
18

1,004
1,727
33
739
91

161

115

111

209
507
813

178
495
644

116
114
255

36

34

34

2,051
13
285

1,509
12
269

217

26

26

1,241
10
58

10,134

9,081

3,364

4,689

3,261

3,002

1,678

1,312

234
23
173
116
177
14

119
5
89
34
84
1

89
5
77
34
81

28

39
45
61
589

19
30
46
382

95

2

2

2
1
1
*
*
j

*

*

492
1
14

148
1
13

1,027

930

515

79

336

123

12

243

174

53

16

16

115
18
84
82
93
13

112
18
83
81
90
13

t

2

1
*
12
1
1

4
*
2
2
2
*

*
*
*
*
*

18
11
21
217

1
5
7
81

20
15
15
207

20
14
15
203

*

14
19
84

*
2

*
2
*
3

41

23

14

4

55

33

2

19

*

102
103
95
413
293
177

20
35
39
177
164
177

19
35
33
177
140
26

1

6
18

6
*
18
133

82
67
57
235
126

73
66
52
234
113

1
*
1
*
6

8
1
4
2
7

*
*
*
3

2,750

1,462

1,007

185

271

1,284

1,218

12

54

4

98

2
114
6

20

*

865

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JUNE 1963

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYFE-Continued
(In millions of dollars)
Payable in dollars
To banks and official institutions

Area and
country

l

To all other foreigners

Payable
in foreign
currencies

Total
Total

Deposits

U.S.
Treasury
bills and
certificates

Other 2

Total

Deposits

U.S.
Treasury
bills and
certificates

Other 2

Area and country detai1, Feb. 28, 1963—Cont.
Asia:
Hong Kong
India....
[srael
Japan . . . . . . . . . . . . .
Korea Rep of.
Taiwan .

. .

Other
Total
All other:
Australia.
Congo Rep of the
South Africa
U A R (Egypt)
Other
Total
Total foreign countries.
International

• •••• •

Grand total

61
45
30
22
93

32
38
28
15
85

27
25
19
11
54

8
9
4
7

2,179

2,156

1,219

763

120
181
81
361
338

119
156
73
358
292

117
144
63
168
229

3,512

3,352

137

36
41
16
238

5
5
*
*
24

29
7
2
8
8

28
7
2
8
6

•

23
1
25
8
3
45

23
1
25
8
3
45

*

185
26

174
3
10
10
6
37

2,074

1,003

275

159

155

130

49

70

11

4

4

*

35
38
15
202

35
33
11
155

2

*

i

5

*

3
33

1
14

1
2
*
34

*
*

1
*

*

*

1

*

*

*

*

*

*

3

1
3
1
*
2

1

33

6

467

420

283

110

27

41

40

20,124

17,317

8,406

7,299

1,612

2,657

2,102

144

410
*

150

2,102

144

411

150

4,856

4,856

551

4 4,298

7

*

24,980

22,173

8,957

4 11,597

1,619

2,657

1
Includes nonnegotiable, non-interest-bearing special U.S. notes held
by the International Monetary Fund, which amounted to $2,981 million
on Apr. 30, 1963; excludes such notes held by the International Development Association and the Inter-American Development Bank, which
amounted to $276 million on Apr. 30.

2 Principally bankers' acceptances and commercial paper.
3 These figures reflect the inclusion of data for banks initially included
as 4of Dec. 31, 1961.
Includes $2,980 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

1958
1959
I960
1961

. .

1962—Apr
May
July
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar.»
Apr.p

Total

GerFrance many,
Fed.
Rep. of

2,542
2,623
3,614
14,804

102
57

77
54

32

82
165

r
4,959
r
4,943
r
4,880
r
4,877
r

47
55
55
51
42
43

4,833
'4,811
r
4,955
'4,866
'5,100

4,886
5,003
5,050

5,234

42

48
62
68
56
56
58
67

161
139
129
137
139
135
144
139
186
134
144
161

145

i Includes $58 million reported by banks initially included as of Dec.
31, 1961, of which $52 million reported for Japan.
MOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
n a d e to and acceptances made for foreigners; drafts drawn against




Latin
America

696
534
717
767

243
272
421

1.099
1.175
1,356
1,522

667
686
693
703
709
726
765
741

519
457
436
451
430
443
547
489

'879
752
795
830
856

United
Kingdom

Other

Total

36
30
34
35

42
38
60
105

124
121
245
181

315
234
264
239

41
37

68
68
68
67

208
228
254
244
254
276
251
222
271
255
284
279
316

Italy

45
43
54

75
64
75

142
159
151
161
166
163
202
211
r
225

51
69
61
69

72
67
71

184
175
200

66

193

36
43
39
41
r

Canada

Switzerland

69
68

539

Asia

All
other

69
56
69
85

435
586

1,052
11,891
'2,134
'2,114
r
2 089
'2,060
r
2,046
r
l,982
r
l,985
'1,940

446

1,538
1,583
1,546
1.540
,522
,521
1,524
,563
1.618

2,012

133
146

449
473
455
485

1,587
1,620
1,583
1,600

1,967
1,974
2,040
2,152

131
140
142

r

101
103
116
124
127
138
135

141

foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United Stales;
and foreign currency balances held abroad by banks and bankers and
their custorrers in the United States. Excludes convertible currencies
held by U. S. monetary authorities.
See also NOTE to Table 1

866

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JUNE 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
Netherlands

Norway

Portugal

7
5
6
6

56
38
33
54

22
7
17
27

24
26
27
28
28
28
31
32
30

4
4
5
5
5
5
6
7
6

58
62
59
57
55
60
49
24
27

35
39
39
41

6
6
6
9

26
36
29
33

Total

Austria

Belgium

Denmark

Finland

1958
1959
I960
1961

315
234
264
239

7
4
2
5

65
56
65
20

14
18
13
11

6
8
9
23

1962 Apr
May

208
228
254
244
254
276
252
222
271

5
6
5
7
6
7
7
7
7

15
18
18
19
19
15
16
21
31

7
9
11
11
11
12
10
10
14

255
284
279
316

7
8
8
8

19
28
24
28

9
13
13
15

End of period

July
Scot
Oct
Nov
Dec
1963 Jan
Feb
Mar P
Apr.P

Greece

Spain

Sweden

Turkey

2
2
4
5

30
8
8
11

24
19
28
35

72
47
49
16

1
3
11
9

9
18
19
17

21
23
24
26
27
28
27
28
35

5
5
7
8
9
11
8
9
9

13
16
12
12
18
22
24
23
19

17
19
20
16
17
16
15
18
18

13
13
37
27
31
41
24
12
42

5
5
6
6
6
6
6
5
6

21
22
23
22
22
25
29
26
27

34
35
32
33

9
10
11
13

19
23
25
32

16
19
22
23

42
36
32
40

6
6
9
12

27
24
29
29

Yugoslavia

Other

3b. Latin America

Brazil Chile

Cuba

Dominican
Rep.

3
3
4
6

148
117
225
186

52
59
73
127

51
68
80
125

166
115
26
19

19
29
16
13

10
15
22
17

12
10
14
20

293
291
343
425

6
4
8
13

1,538 203
204
1,546 189
,540 177
1,522 164
1,521 183
,5?4 169
1,563 182
1,618 181

5
5
6
6
8
4
4
5
6

161
173
200
199
191
196
188
180
171

121
139
154
164
158
161
174
174
188

156
163
143
147
138
137
151
138
131

18
17
17
18
17
17
17
17
17

12
14
15
15
15
14
13
19
25

16
10
11
12
11
10
12
12
16

18
17
13
14
14
16
17
18
19

434
428
409
393
397
369
376
400
418

156

4
4
4
5

187

170
162
153
153

129
149
146
139

17
17
17
17

24
25
26
28

18
21
19
10

20
20
18
18

427
432
423
413

1958
1959
I960
1961

1.099 40
1,175 60
1 ^ 5 6 121
1,522 192

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

,587
,620
1,583
,600

End of period

Neth. PanAntilles ama,
Reand
pubSuri- lic
of
nam

Colombia

BoTotal Argentina
livia

161

161
170

179

178
196

El
Sal- Guate- Mexico
vador mala

Peru

Uruguay

23
18
23
32

31
36
44
74

52
47
57
55

142
247
234
144

53
57
66
74

9
9
7
7
10
11
10
7
9

52
59
41
37
36
36
32
32
30

74
80
81
83
86
86
87
84
85

61
61
68
63
80
89
99
107
122

132
131
122
125
122
115
94
104
102

66
73
70
80
75
77
81
84
98

10
10
9
10

33
38
40
34

89

114
123
113
121

100
104
98
100

89
92
91
96

84
87
92

Vene- Other
zuela

3c. Asia and All Other
Asia
End of period
Total
1958
1959
I960
1961,
1962 Apr
May
June . . « . . . •
JU1y

Scot
Oct
Nov
Dec
1963—Jan
Feb
Mar.*
Apr.*

Hong India
Kong

Iran

Israel

Japan

Phil- Taiippines wan

Thai- Other Total
land

Australia

Congo,
Rep.
of the

South
Africa

U.A.R.
(Egypt)

Other

435
586
1,052
11,891

6
10
9
9

4
6
9
8

27
29
33
31

23
14
24
36

179
324
806
U,528

67
24
19
114

6
9
7
10

13
15
24
34

111
155
121
121

69
56
69
85

13
18
28
29

4
3
3
6

21
12
11
10

3
2
3
13

29
21
24
27

r
2,134
r
2,114
r
2
089
r 5

2,060
'2.046
r ,982
1,985
r 1,940
!,012

12
11
11
11
11
13
13
13
13

13
12
14
14
14
18
18
18
20

30
32
24
24
25
23
21
23
25

39
43
39
38
37
36
37
34
37

'1.775
r
l,762
r
l,758
r
l 765
r }
l,767
r
l,711
r
l,710
r
1.662
1,733

108
107
91
76
69
69
70
77
70

9
7
7
6
6
8
9
8
9

33
30
30
30
33
30
32
33
41

115
109
114
95
83
74
74
73
64

101
103
116
124
127
138
135
132
146

33
33
35
34
40
46
45
44
41

4
4
4
2
4
4
2
2
2

11
11
11
12
12
12
11
12
10

21
22
24
26
23
25
23
25
26

32
33
42
50
48
51
54
49
67

,967
1.974
21040
2,152

14
14
14
14

17
20
24
22

23
21
19
19

35
38
37
33

1,693
1,685
1,744
1,867

75
80
81
73

11
13
14
15

43
43
40
40

56
60
67
70

131
140
143
141

38
39
44
44

2
1
2
2

9
12
13
13

21
21
19
17

61
66
65
64

For notes so* preceding page.




All other

JUNE 1963

TNTL. CAPITAL TRANSACTIONS OF THE U.S.

867

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

Total

Deposits
with
foreigners

Other

Total amounts outstanding
1958..
1959..
I960..
1961..
19612.

1,362
1,545
1,698
2,034
2,034

2,542
2.623
3,614
4.746
4,804

2,344
2,406
3,135
4,160
4,217

840
848
815
,028
,038

428
460
482
618
622

421
516
605
694
700

656
582
,233
,821
,857

198
217
480
586
586

181
203
242
385
386

16
15
238
200
200

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

2,100
2.094
2,189
2,209
2,200
2,184
2,131
2,144
2,151

'4.959
'"4,943
r
4.880
'4.877
'4;833
'4,811
M.955
'•4.866
'5,100

'4,497
'4,430
'4,399
'4,387
'4,370
r
4,318
r4,33O
'4,294
'4,556

,261
,327
,338
,304
,274
,277
,243
,195
.312

'685
'575
'545
'560
'605
'593
'632
'644
651

730
717
703
701
698
690
706
718
739

,811
,813
,822
,793
,759
,749
,736
,855

462
513
481
490
463
493
625
572
544

278
296
316
311
304
312
419
364
371

184
217
165
179
159
181
207
208
173

1963-Jan..
Feb..

2,139
2,112
2.116
2; 164

4,886
5,003
5,050
5,234

'4,376
4,470
4,488
4,655

,167
,146
,108
,061

689
740
775
802

,861
,912
,933
2.106

'510
534
562
579

'347
359
375
383

163
175
187
196

Apr.*..

658
672
672
686 I

Area and country detail, Feb. 28, 1963

Europe:
Austria
Belgium
Denmark
Finland
France

66
12
15
14
24

28
13
39
56

7
19
12
38
46

82
13
44
1
206

144
6
69
36
35

120
6
65
25
35

32

Portugal
Spain
Sweden
Switzerland
Turkey

28
10
39
16

10
23
19
67
36

10
22
15
43
36

4
5
2
11
33

14
*

3
6
10
3

United Kingdom
Yugoslavia
Other

25
1
5

175
7
25

68
7
25

23
4
2

7

16

'ii*

Germany, Fed. Rep. of...
Greece
Italy
Netherlands
Norway

Total

9
28

9
5
6
9

11
3
2
16
31
5
16
17

6
36
15

10

10

24
*
4
11
1

3
11
1

1
4
25

1
4
18

21
2

107

93

30
31
1
25
3
5
7

15

599

795

599

157

93

202

196

170

26

Canada

279

473

291

19

150

114

182

55

127

Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba

60
*
257
42

161
4
179
162
149
17

136
4
115
162
148
17

22
*
34
32
42

28
*
53
26
36
1

45
3
23
25
23
16

41
1
5
78
47

25

25
21
20
432

25
21
20
423

4
150

110

11
6
7
35

9
13
8
128

10

10

Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands Antilles and
Surinam

12
220

Panama, Rep. of
Peru
Uruguay
Venezuela
Other

21
14
2
101
71

38
84
123
104
92

38
84
123
102
92

12
9
10
14
13

14
12
4
21
23

5
27
7
52
31

7
37
102
16
25

872

1,620

1,519

348

336

318

517

Total
For notes see end of table.




25

64

"64*

101

91

10

868

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JUNE 1963

4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued
(In millions of dollars)
Short-term
Payable in foreign currencies

Payable in dollars
Longterm—
total i

Area and
country

Loans to—
Total
Total

Banks and
official
institutions

Others

Collections
outstanding

Other

Total

Deposits
with
foreigners

Other

Area and country detail, Feb. 28, 1963—Cont.
Asia:
Hong Kong
India
Indonesia

...
.

..

Israel
Korea Rep of
Philippines
Taiwan
Thailand .
Other

3
14

14
20

9
25

21
38

74
*
71
*

1,685
10
80
13
43
51

16

Total
All other:
Australia
Congo Rep of the
South Africa
U A R (EevoO
Other
Total
Total foreign countries.

14
19
*
21

6
5

3
1

4
7

1
6

3
6

*
5

15
4

2
23

1,646
10
80
13
43
51

479

39

58
2
14
23

7
*
*
2

156
8
4
3
6
19

973
2
11
8
22
7

38

214

1,974

1,935

43
24
24
2
56

39
1
12
21
66

28
1
11
21
65

597

*
*
*

39

39

*

*

*

*

*

*

57

227

1,054

40

40

*

4

12
1
9
1
17

9

12

2

10

1
*
1
14

1

*
*
1

3

11

534

359

175

149

140

126

25

37

40

*
12
3
24

2,112

5,003

4,470

1,146

672

740

1,912

1

8
14

*
*
*

31

*

2
These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.

l 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. corporate
securities 2

U.S. Govt. bonds & notes
Net purchases
or sales

Period
Purchases

Purchases

Sales
Total

1959
1960
1961
1962
1962—Apr
May
June
July
Aug
Sent
Oct
Nov
Dec
1963 Jan
Feb
Mar.**
Apr.*3

..

.

1,217
1,730
1,744
1,780

1,603
1,231
2,508

104
142
115
146

141
299
136
119

135
327

347
334

77

110

-34

251
167

319
105

218
123
475
58

90
176
437
46

528

Intl. and Foreign
regional countries
524
-98
-20
-207

2,593
2,419
3,384
2,568

-67
62

-198
32
14
-74
-23

-24
— 63
-16
33
-13
-40
-48
7
85

233
286
245
168
160
125
155
210
r
195

127
-53
38
12

21
-6
39
7

106
-47
-1
5

214
183
177
273

689
127
512

165
225
532

-728

-521

-37

-13
-93
-5

-156
-21
26

-211
-8

n

1
Excludes nonmarketable U.S. Treasury bonds and notes held by
official
institutions of foreign countries; see Table 9.
2
Includes small amounts of State and local govt. securities.




Sales

Net pur- Purchases or chases
sales

435
252
223
60

1,093

1,458
1,445
1,262
2,037

211
260
309
200

22
26
-64
-32

79
125
56
64

114
301
136
89

156
140

4
-15

50
44

65
100

160
r

e

946
883
802

Foreign stocks

Net pur- PurSales chases or chases
sales

3,161
2,508

2,158
2,167

r

Foreign bonds

251

419

198
211

12
-16

70
60

201
216

202
190
176
235

12
-7
*
38

56
61
84
119

314
214
171
179

-512
-562
-460
-944

566
509
596
702

-35

57
79
70
48

-176
-80
-24

-15
-57
-168
-131
-157
-258
-153
-87
-60

48
44
58

Net purSales chases
or
sales

r

r

804
592
966

806
68
79

110
r

r

38

64
39
41

69
61

48
61

58
50
60
66

59
59
72
73

-238
-83
r

-370
-104
-10
r

- 4r 0

10

-16
r 4
17
22

—1
-9
-12
-7

NOTE.—Statistics include transactions of international organizations.
See also NOTE to Table 1.

869

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JUNE 1963

6. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Country or area

Type of security
Total i

Period

1959
I960
1961
1962
1962

Apr
May
June
J U ly
Aue
Sept
Oct
Nov
Dec

1963

1

.

Jan
Feb
Mar
Apr

...

. .

p
v

Stocks

Bonds

435
252
223
60

363
202
323
111

73
50
-99
-51

22
26
-64
-32
4
— 15
-5
12
-16

21
28
-65
-18
4

1
-2
1
-13
*
—6
-2
-8
-12

12
-7
*
38

3
-9
*
37

Q

-4
21
4

Belgium

France

5
5

Netherlands

Switzerland

United
Kingdom

Other
Europe

Total
Europe

Canada

Latin
America

31
1
20
6

254
171
166
129

15
-48
-17
-33

379
234
232
124

-30
— 45
-112
-43

40
36
44
'-20

18
—1
-2

15
13
-29
-28
-13
-5
9
-1
-3

34
43
-36
-23
-2
-10
-7
6
-15

-6
1
-14
-13
1
—4
2
*
2

2
-10
—4
*
-2
1
*
-3
'-5

-8

-6
6
13

35
66
38
'22
*
2
1
—1
2
-3
-2
2
'-3

4
-2
3
33

1
-7
-3
-5

1
*

7
1
1
7

40
38

4

21

4

4
2
-2
1
-2
—1

1
-2
*
*
*

*
-1
6

*
i

-1
-1

9
2

-1
-1

1

-I

-5

-1
-1

— 15

'-11

-1

-10

_2

-4

1

6
10
i

-2

46
28
58
*

—8
-9
4
8
—1
*
10
2

3

NOTE.—Statistics include small amounts of State and local govt.
securities.

Includes transactions of international organizations.

7. NET PURCHASES OR SALES BY FOREIGNERS
OF LONG-TERM FOREIGN SECURITIES, BY AREA

8. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F.R. BANKS FOR FOREIGNERS

(In millions of dollars)

(In millions of dollars)

Total
foreign
countries

Europe

-157
-147
1
-235

-593
-498
-832
'-814

-50
-117
-262
'-188

-443
-196
-318
'-360

11
-107
-58
-41

-97
-41
-121
-175

-15
-36
-73
-50

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

-21
-11
*
1
4
9
__4
-10
-78

-24
-165
'-119
'-16
-35
-61
r_147
-99
-78

-23
-22
'-68
'2
-32
8
29
4
2

1
-91
-31
8
2
-14
'-126
-95
'-45

1
-3
-18
*
#
2
-19
*
-7

-3
-26
-5
-1
-5
-57
-6
-10
-36

1
-23
3
-26
1
*
-24
2
7

1963—Jan
Feb
Mar.p
Apr.?

6
-29
-62

-35

-224
-167
-69
-5

-3
34
-42
37

-197
-96
-11

-12
-3
1

-12
-34
-19
-13

*
2
-30

Period

1959
1960
1961
1962

Intl.
and
regional

Canada

•

Latin
America

All
other

Asia

(In millions of dollars)
Payable in foreign currencies
End of period

Total

1962 Dec

251

1963 Jan

381

Austria

Belgium

Germany

Italy

Payable in dollars
Switzer- Total
land

200

51

200

81

Canada

Italy

Feb

481

100
200

200

81

183
183

125
125

58
58

Mar
Apr
May

481
551

200
200

200
200

81
126

183
183

125
125

58
58

200

200

150

183

125

58

605

25
25

30

Assets in custody
End of
period

Deposits

U.S. Govt.
securitiesx

Earmarked
gold

1958
1959
I960
1961

272
345
217
279

3,695
4,477
5^726
6,006

8,538
9,861
11\843
11^905

1962—May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...

223
334
248
168
229
182
202
247

5,754
6,228
6,026
6,407
6,767
7,137
7,132
6,990

12,308
12,368
12,678
12,689
12,687
12,706
12,680
12,700

1963—Jan....
Feb...
Mar...
Apr...
May..

197
192
201
160
171

7,033
7,079
7,277
7,478
7,886

12,789
12,836
12,789
12,815
12,878

1
U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.

9. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY
OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES




4
3
11
43

All

other i

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 Bank
ing and Monetary

Statistics).

870

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JUNE 1963

10. 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
6th revised
ser.i

5th revised ser. *
Area and country

1962
1962
I

Europe:
Austria .. .
Denmark
Finland

.

Germany Fed Rep of
Greece
Italy
Norway
Portusal
Spain
Sweden
Switzerland
Turkey
United Kingdom.
Yugoslavia
Other

. .....

IV*

Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba

Venezuela
Other
Total
Asia:
Hong Kong

2
21
3
1
32

2
21
3
1
32

3
26
6
2
46

4
22
7
2
37

5
25
8
3
43

4
27
6
4
49

6
24
8
3
51

6
24
8
3
51

30
2
24
43
8

32
2
22
41
8

34
2
25
41
8

38
3
27
27
9

33
1
28
26
10

33
28
26
10

101
3
51
35
10

118
4
60
43
12

130
4
67
47
12

106
6
62
37
13

116
5
75
31
15

117
5
78
31
15

1
10
8
25

8
7
15

1
8
7
18

1
11
7
25

1
9
7
24

7
12
21
28
5

7
14
22
24
4
165
2
5

7
16
23
27
5

6
20
15
29

178
2|
7

6
15
25
34
6
94S
2
6

227
3
7

6
20
15
29
4
238
3
7
661

117
\

122
6
3

115
4
2

93
4
2

350

323

341

341

301

302

8
560

552

609

654

645

45

47

58

67

80

81

687

679

723

824

732

6
1
27

8
1
25

9
I
26

9
2
23

9
2
17

9
2
17

36
3
60

34
3
59

36
4
68

32
4
90

33
4
106

34
4
106

4

5

5

4

4

21

21

24

25

25

25

2

2

1

*

16
6

17
6

15
6

2

2

1
6
5

4
3
5
41
3

4
3
6
52
3

4
3
6
53
2

6

1
6
5

13
5
3
3
5
42
2

14
6

1

4
*
2

6
52
6

15
6
6
4
6
53
6

25
8
1
23

25
8
1
24

9
14
4
46

10
12
4
38

11
14
51

10
23
5

20

20

28

31

44
39

38
43

13
20
6
33

13
20
6
33

126

127

295

288

336

362

379

383

1
*
8
12

4

6

8

8

1
7
5

27
6
3
19

15
4
2
19

15
5
2
21

18
3
5
19

8

8

9

16

126

105

112

118

44

45

11

4

3

3

4

4

4

15

24

40

34

2
6

3
8

29

2
6

3
7

3
6

3
7

35

2
6
2

2

11

10

14

12

10

10

66
1

48
3

52
3

100
2

96
3

101
3

112
3

119
4

123
4

5
17

5
*
3
15

3
*
4
12

3
*
4
12

5
3
3
22

9
4
3
31

11
5
3
33

10
3
4
30

10
3
5
26

11
3
5
26

98

107

111

92

96

176

192

223

215

226

231

13
*
11
2
15

13
*
12
1
16

13

14
*
121
12

11
*
121
13

11
*
121
13

25
3
8
15
14

23
2
9
15
17

25
3
10
17
22

24

14
1
18

10
13
27

24
3
10
10
25

24
3
10
10
26

42

43

46

40

37

37

64

66

77

76

73

73

1

*

*

*

*

*

678

636

642

1,783

1,777

1,969

2

2

2

4

8

10

2
5

2
7

2
6

Israel

3

1

1

68
*

57
*

9
1
3
11

4
*
5
16

59
*
5

115

South Africa
U A R (Eevot>
Other

Total
International

677

616

665

1
Includes data for a number of firms reporting for the first time on
June 30,1962 (5th revised series) and on Dec. 31, 1962 (6th revised series).

NOTE.—Reported by exporters, importers, and industrial and com-




2

194

11

3

Total

1
9
7
24
4
94
4

120
5
2

6

All other:
Australia .

IV,

3
24
5
1
34

6
6

.

IV*

2
24
5
1
30

Indonesia

Japan
Korea Rep. of.
Philippines
Taiwan
Thailand

III

2
23
4
1
28

2

Panama Rep of

II

II

1962

2
27
5
1
33

4

Dominican Repubilc
El Salvador
Mexico
Neth Antilles and Surinam

I

IV*

J

Total

1962

1962

m

II

II

6th revised
ser.i

5th revised ser. i
1962

2

2

2,132

3
7

1

1

2,056

2,102

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.

871

U.S. BALANCE OF PAYMENTS

JUNE 1963

U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1959

Item

1960

IV
1

1961
III

IV

1962
III

IV

in

IV*

Exports of goods and services, total . .
Merchandise
Services 2

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

7,881
5,497
2,384

7,143
4,895
2,248

7,795
5,159
2,636

Imports of goods and serrices, total...
Merchandise
Services
Military expenditures

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

6,494
3,974
1,790
730

6,305
4,196
1,331

504

540

837

563

1,885

1,544

1,357

578

1,664

1,113

1,563

649

1,490

Unilateral transfers (net)
Private remittances and pensions...
Government nonmilitary grants....

-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

-648
-223
-425

-714
-252
-462

U.S. long- and short-term capital (net).
Private, total
Direct investment
Portfolio and short-term investment
Government

-595
-838
-419

-883 -1,131
-653
-741
-303
-331

-419
243

-350
-230

-410
-390

-616
-145

-812
-340

-548
-383

-631
415

Foreign capital and gold (net)
Increase in foreign short-term assets and Government securities. .
Increase in other foreign a s s3e t s . . . .
Gold sales by United States

620

851

ls014

425
123
72 j

586
215'
50

Errors and omissions

146J

74

Balance on goods and services

1

-1,885 -1,372
-943 -1,545 -989
-441
-327
-733

-540 -1,104 -1,863 -1,263 -1,168
-955
-637 -1,372 -861
-722
-324
-341
-496
-196
-369
-296 -1,003
-467
-491

-665
-402

778

-493 -1,251
-518
-950
-314
-371

-226
-446

-204
25

-579
-301

1,239

1,156

506

185

916

1,469

763

365

848

1,180

7401
180
94!

548
54
637

254
-19
921

38
122
346

314
201
-330

626
20
270

890
123
456

414
160
189

487
85
-207

319
-21
550

783
22
375

-100J

-90

-476

16

-296

243

-574

135

-74

-356

-705

c

3
Beginning with the first quarter of 1961, net of change in convertible
currencies held by U.S. monetary authorities.

* Excludes military transfers imder grants.
Includes military transactions.

2

NOTE.—Dept. of Commerce estimates.

OPEN MARKET RATES
(Per cent per annum)

Month

France

United Kingdom

Canada

Treasury Day-today
bills,
3 months l money 2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

Bankers'
allowance Day-today
on
deposits money 3

Germany

Netherlands

Switzerland

Treasury
bills,
60-90
days 4

Day-today
money 5

Treasury
bills,
3 months

Day-today
money

Private
discount
rate

I960—Dec
1961—Dec

3.53
2.82

3.16
2.37

4.64
5.61

4.44
5.35

3.88
4.83

3.12
4.00

3.70
3.58

3.75
2.00

4.31
3.06

1 .51
] .32

1.13
1.11

2.00
2.00

1962—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

3.08
3.36
4.48
5.47
5.15
5.03
4.46
3.81
3.88

3.12
3.00
3.55
4.89
5.03
4.99
4.64
3.82
3.75

4.50
4.14
3.98
4.09
4.02
3.93
3.92
4.03
3.86

4.26
3.94
3.80
3.90
3.79
3.69
3.71
3.77
3.64

3.70
3.24
3.30
3.33
3.32
3.36
3.16
3.31
3.30

2.93
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50

3.93
3.98
3.59
3.66
3.46
3.48
3.51
3.50
3.51

2.13
2.13
2.25
2.38
2.50
2.50
2.63
2.63
2.63

2.75
2.56
3.31
2.94
2.50
3.06
2.50
2.56
3.50

>.13
i.46
>.32
'>.21
1 .53
L.57
L.96
L.85
.98

1.75
1.75
1.69
1.78
1.03
1.10
1.50
1.47
1.24

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

1963—Jan
Feb
Mar
Apr

3.82
3.68
3.63
3.58

3.68
3.52
3.55
3.60

3.69
3.63
3.70
3.88

3.51
3.45
3.55
3.71

2.85
2.82
2.82
2.84

2.04
2.00
2.00
2.00

3.39
3.45
3.43

2.63
2.63
2.63
2.63

2.50
2.94
3.50
3.06

L.93
t .67
1.88
1.91

1.66
1.00
1.79
1.67

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.
4 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.

872

MONEY RATES

JUNE 1963

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months

Rate as of
May 31, 1962
Country

1962
Per
cent

Brazil
Burma
Canada *
Chile 2
Colombia
Cuba
Egypt
El Salvador

Indonesia

Italy
Netherlands
New Zealand
Pakistan
Philippine Republic «
South Africa
Spain •
Switzerland
Thailand
Turkey
United Kingdom
Venezuela

Month
effective

June

July

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

6.0
5.0
4.0
10.0
4.0

Dec.
Mar.
Mar.
Apr.
Feb.

1957
1960
1962
1958
1962

3.77
4.0
15.27
5.0
3.0

May
Aug.
Jan.
Aug.
Apr.

1962 16.0
1960
1962
1959
1939

6.0
6.5
5.0
5.0
6.0

Jan.
May
Nov.
May
June

1960
1961
1956
1962
1961

6.0
6.5
5.0
5.0
6.0

7.0
3.5
3.0
6.0
3.0

Apr.
Oct.
May
Nov.
Jan.

1962
1960
1961
1960
1962

7.0
3.5
3.0
5.5
3.0

9.0
4.0
3.0
6.0
4.31

Dec.
May
Apr.
Nov.
May

1960
1957
1946
1960
1962

6.0
3.5
7.3
4.5
4.0

Feb.
June
Sept.
June
Apr.

1955
1958
1961
1942
1962

7.0
6.0
3.5
4.0
9.5

Mar.
Apr.
Feb.
Jan.
Nov.

1961
1954
1955
1959
1959

6.0
2.0
4.5
4.0
4.5

Jan.
Jan.
Dec.
June
Apr.

1962
1944
1961
1961
1962

2.0

Feb.
Feb.
May
Apr.
Dec.

1959
1945
1961
1962
1960

7.0

7.5
4.5
4.5

3.75

6.0
5.0
3.5
10.0
4.0

3.5

5 5

5 0

4 0

3.5

14.62

14.2

5 5

4.5

4.09

4.0

3.94

4.06

6.94

3.69

3.86

54.03

6.21

6.57
3 5

3.94

5.84

3.5
4.0
14.2
5.0
3.0

9.0
4.5
3.0
6.0
3.94
6.0
3.5
5.84
4.5
3.5
7.0
6.0
3.5
4.0
9.5

4.0
4.0

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.
* Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
5 Effective Mar. 29, 1963. On Mar. 5, 1963 the rate had been changed
to 3.62 per cent.
6 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.
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




Sept.

Rate
as of
May 31,
1963

1963

3 5
3.5

4.0

6.0
2.0
3.5
4.0
3.5
2.0
7.0
7.5
4.0
4.5

shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some of
these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultura
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 commercial 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.

JUNE 1963

FOREIGN EXCHANGE RATES

873

FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)

Australia
(pound)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

Denmark
(krone)

5.556
2.506
5.556
2.207
1.2730
1.2026
1.2076
i .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
293.561

20.913
21.049
21.055
21.048
21.023
21.034

14.482
14.482
14.508
14.505
14.481
14.490

.3995
.3118
.3115
.3112
.3110
.3107

.2376
.2374
2038
20.389
20 384
20.405

.9600
.8601
.8130
.8121
.7874
.7392
.6830
.7057

224.07
223.77
223.63
223.41
223.18
223.21
223.26
223.37

3.8698
3.8700
3.8700
3.8700
3.8700
3.8701
3.8680
3.8694

2.0089
2.0098
2.0103
2.0105
2.0093
2.0094
2.0098
2.0098

2 92.394
91.911
92.654
92.777
92.848
92.914
92.849
92.924

21.057
21.039
21.036
21.021
21.008
21.009
21.011
21.013

14.496
14.511
14.483
14.458
14.443
14.442
14.455
14.498

.3107
.3107
.3106
.3106
.3106
.3106
.3106
.3106

20.405
20.405
20 405
20.405
20.405
20 405
20.405
20.404

.7466
.7422
.7362
.7252
.7266

223.49
223.38
223.16
223.16
223.08

3.8694
3.8676
3.8681
3 8676
3.8677

2.0086
2.0073
2.0049
2 0058
2.0055

92.823
92.777
92.746
92.851
92.810

21.021
21.011
21.005
21.014
21.014

14.487
14.480
14.492
14 491
14.477

3 31.056
31 057
31.057
31 055
31.057

4 20.405
20 405
20.405
20 405
20.405

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

1962 May
June
July
Aus
Sept

25.009
25.039
25.084
25.020
24.996
24.963
24.947
25.031

21.066
21.030
21.019
21.008
20.971
20.963
20.970
20.989

281.21
280.83
280.66
280.38
280.09
280.13
280.19
280.33

.16108
.16109
.16110
.16110
.16110
.16106
.16104
.16105

.27625
.27628
.27628
.27631
.27852
.27902
.27901
.27897

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

27.821
27.806
27.821
27 742
27.755
27.748
27.748
27.779

278.43
278 05
277.88
277 61
277 32
277.36
277 42
277.56

24.966
24.985
25.023
25.045
25.090

20.996
20.984
20.963
20.964
20.962

280.48
280.34
280.06
280.07
279.96

.16104
.16102
.16102
.16100
.16097

.27894
.27892
.27886
.27716
.27582

32.817
32 717
32.633
32.594
32.586

8.0056
8 0056
8.0056
8.0056
8.0056

27.772
27 773
27.808
27.828
27.815

277.71
277 56
277 29
277.30
277.19

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

1962 Mav
June
July
Aug
Sept
Oct
Nov
Dec .

.

....

1963 Jan
Feb
Mar
Apr

May

Period

Oct

Nov
Dec
1963—Jan
Feb

Mar
Apr
May

Period

France
(franc)

Free

Official
1957
1958
1959
I960
1961
1962

Finland
(markka)

South Africa
(pound)

(rand)

1957
1958
1959
I960
1961
1962

14.008
14.008
14.028
14 018
14.000
14.010

1962 May
June
July
Aus
Sept
Oct
Nov
Dec

14.022
14.013
14.005
13.994
13.982
13.983
13 989
14.000

3.5050
3.5011
3.5000
3.4996
3.5018
3.4899
3 4900
3.4902

140.08
139.89
139.80
139 67
139.52
139.54
139 57
139.64

1 66S1
1.6651
1.6651
I 6651
L.6659
1.6661
I 6662
.6664

19.428
19.436
19.428
19.432
19.410
19.409
19 363
19.278

23.098
23.172
23.162
23 136
23.129
23 139
23 170
23.167

281.21
280.83
280.66
280 38
280.09
280 13
280 19
280.33

14.000
13.995
13.995
13.999
13.995

3 4900
3.4900
3.4901
3.4901
3.4900

139 72
139.64
139.51
139.51
139.46

1 6665
1.6664
1.6661
1.6663
1.6663

19 313
19.290
19.264
19.251
19.267

23 120
23.123
23.102
23 099
23.127

280 48
280.34
280.06
280 07
279.96

1963 Jan
Feb
Mar
Apr
May

. ...

1 Quotations not available Mar. 20-Apr. 3, 1962.
2 Effective May 2, 1962, the par value of the Canadian dollar was set at
92.5 U.S. cents.
3 A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
1963.
4
Effective Jan. 1, 1963, the franc again became the French monetary




278.28
279.93
279 83
279 71
279.48

unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960.
NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.

BOARD OF GOVERNORS
of the Federal Reserve System
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 Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARY

DIVISION OF EXAMINATIONS

MERRITT SHERMAN, Secretary

FREDERIC SOLOMON,

KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary

LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel

DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General

Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
GUY 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

LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director

Director

DANIEL H. BRILL, Adviser
FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
KENNETH B. WILLIAMS, Adviser

H. FRANKLIN SPRECHER, JR., Assistant

DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director

LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser

HARRY E. KERN, Assistant

Director

DIVISION OF INTERNATIONAL FINANCE
OFFICE OF THE CONTROLLER

RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser

J. J. CONNELL, Controller

A. B. HERSEY, Adviser

SAMPSON H. BASS, Assistant

Controller

ROBERT L. SAMMONS, Adviser

SAMUEL I. KATZ, Associate
RALPH C. WOOD, Associate

Adviser
Adviser

OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS,

DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director

M. B. DANIELS, Assistant




Director

M. H. SCHWARTZ, Director

Director

JOHN N. KILEY, JR., Assistant

Coordinator

DIVISION OF DATA PROCESSING

GERALD M. CONKLING, Assistant

Director

Director

LEE W. LANGHAM, Assistant

874

Director

FEDERAL RESERVE BANKS AND BRANCHES

875

Federal Open Market Committee
W M . M C C . MARTIN, JR.,

Chairman

ALFRED HAYES,

Vice Chairman

C. CANBY BALDERSTON

WATROUS H. IRONS

J. L. ROBERTSON

KARL R. BOPP

G. H. KING, JR.

CHARLES J. SCANLON

GEORGE H. CLAY

A. L. MILLS, JR.

CHAS. N. SHEPARDSON

GEORGE W.

MITCHELL

RALPH A. YOUNG, Secretary
MERRITT SHERMAN, Assistant Secretary

DAVID P. EASTBURN, Associate Economist

KENNETH A. KENYON, Assistant Secretary

J. HERBERT FURTH, Associate Economist

HOWARD H. HACKLEY, General Counsel

GEORGE GARVY, Associate Economist

DAVID B. HEXTER, Assistant General Counsel

RALPH T. GREEN, Associate Economist

GUY E. NOYES, Economist

ROBERT C. HOLLAND, Associate Economist

ERNEST T. BAUGHMAN, Associate Economist

ALBERT R. KOCH, Associate Economist

DANIEL H. BRILL, Associate Economist

CLARENCE W. TOW, Associate Economist

ROBERT W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account

Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON

KENNETH V. ZWIENER, CHICAGO

GEORGE A. MURPHY, NEW YORK, President

SIDNEY MAESTRE, ST. LOUIS

HOWARD C. PETERSEN, PHILADELPHIA

JOHN A. MOORHEAD, MINNEAPOLIS

L . A . STONER, CLEVELAND

M . L . BREIDENTHAL, KANSAS CITY

ROBERT B. HOBBS, RICHMOND, Vice President

JAMES W. ASTON, DALLAS

J. FlNLEY M c R A E , ATLANTA

ELLIOTT MCALLISTER, SAN FRANCISCO

HERBERT




V. PROCHNOW, Secretary

WILLIAM

J.

KORSVIK,

Assistant Secretary

876

FEDERAL RESERVE BULLETIN • JUNE 1963

Federal Reserve Banks and Branches
Federal Reserve Bank
or branch

Chairman
Deputy Chairman

President
First Vice President

Boston

Erwin D. Canham
William Webster

George H. Ellis
Earle O. Latham

New York

Philip D. Reed
James DeCamp Wise
Thomas E. LaMont

Alfred Hayes
William F. Treiber

Philadelphia

Walter E. Hoadley
David C. Bevan

Karl R. Bopp
Robert N. Hilkert

Cleveland

Joseph B. Hall
Logan T. Johnston
Howard E. Whitaker
William A. Steele

W. Braddock Hickman
Donald S. Thompson

Edwin Hyde
William H. Grier
Harry B. Cummings
George H. Aull

Edward A. Wayne
Aubrey N. Heflin

Jack Tarver
Henry G. Chalkley, Jr.
Selden Sheffield
Harry T. Vaughn
W. N. Krauth
Kenneth R. Giddens

Malcolm Bryan
Harold T. Patterson

Robert P. Briggs
James H. Hilton
James William Miller

Charles J. Scanlon
Hugh J. Helmer

Ethan A. H. Shepley
J. H. Longwell
Frederick P. Blanks
Philip Davidson
Edward B. LeMaster

Harry A. Shuford
Darryl R. Francis

Atherton Bean
Judson Bemis
John M. Otten

Frederick L. Deming
Albert W. Mills

Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin

George H. Clay
Henry O. Koppang

Robert O. Anderson
Morgan J. Davis
William R. Mathews
Max Levine
G. C. Hagelstein

Watrous H. Irons
Philip E. Coldwell

F. B. Whitman
John D. Fredericks
Robert J. Cannon
Raymond R. Reter
Thomas B. Rowland
Henry N. Anderson

Eliot J. Swan
H. Edward Hemmings

Buffalo

Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle




Vice President
in charge of branch

Insley B. Smith

Fred O. Kiel
Clyde E. Harrell

Donald F. Hagner
Edmund F. MacDonald

Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw

Russel A. Swaney

Fred Burton
Donald L. Henry
E. Francis DeVos

Clement A. Van Nice

Cecil Puckett
Howard W. Pritz
Philip A. Debus

Roy E. Bohne
J. Lee Cook
Carl H. Moore

Clifford H. Watkins
James A. Randall
Arthur L. Price
Erwin R. Barglebaugh

Federal Reserve Board Publications
Unless otherwise noted, material may be obtained from the Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washington 25, D. C. The items desired should be
checked and the mailing address indicated on the order form (page 4 of this list). Where there is a
charge, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. (Stamps and coupons not accepted.)
Base. 1962.
172 pp. $1.00 per copy; in quantities of 10 or
more for single shipment, $.85 each. (Copies
of the 1959 revision also are available at $.50
each.)

THE FEDERAL RESERVE SYSTEM- -PURPOSES AND
FUNCTIONS. 1961. 238 pp.

INDUSTRIAL PRODUCTION—1957-59

ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.

Monthly. Subscription prices: (1) $6.00 per annum or $.60 a
copy in the United States and its possessions,
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copy per month.

FEDERAL RESERVE BULLETIN.

Study by a
Federal Reserve System Committee. 1959. I l l
pp. $1.00 per copy; in quantities of 10 or more
for single shipment, $.85 each.

THE FEDERAL FUNDS MARKET—A

DEBITS AND CLEARINGS STATISTICS AND THEIR

USE (rev. ed.). 1959. 144 pp. $1.00 per copy;
in quantities of 10 or more for single shipment,
$.85 each.
1896-1955. Pt. I, U.S.
Summary. Pt. II, Summaries by States and other
areas. 1959. 1,229 pp. $4.00.

ALL-BANK STATISTICS,

THE FEDERAL RESERVE ACT, as amended through

FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual

October 1, 1961, with an Appendix containing
provisions of certain other statutes affecting the
Reserve System. 386 pp. $1.25.

subscription includes one issue of Historical
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annum or $.60 per copy in the United States
and the countries listed above. (2) Elsewhere,
$7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single
shipment, $.50 each.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

1955. 390 pp. $2.75.
SUPPLEMENT TO BANKING AND MONETARY STATISTICS. Sec. 1. Banks and the Monetary System.

1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50.
Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.
Gold. 1963. 24 pp. $.35. Sec. 15. International
Finance. 1962. 92 pp. $.65.

HISTORICAL CHART BOOK. Issued annually in Sep-

tember. Annual subscription to monthly chart
book includes one issue of the Historical. Prices:
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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.

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.




PUBLISHED INTERPRETATIONS

877

December 31, 1962. $2.50.

of the Board, as of

878

FEDERAL RESERVE BULLETIN • JUNE 1963
PERIODIC RELEASES

INTERDISTRICT SETTLEMENT FUND

(G.15)

WEEKLY

INDEX NUMBERS OF WHOLESALE PRICES (G.8)

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS
BY INDUSTRY (H.I2)

MONTHLY DEPARTMENT STORE SALES (G.7.2)

CHANGES IN STATE BANK MEMBERSHIP (K.3)

MONTHLY DEPARTMENT STORE SALES AND STOCKS,

BY DEPARTMENTS (G.7.3)

CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN N E W YORK AND CHICAGO (H.4.3)

MONTHLY DEPARTMENT STORE STOCKS (G.7.4.2)

CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES (H.4.2)

MONTHLY FOREIGN EXCHANGE RATES (G.5)

MEMBER

FACTORS AFFECTING BANK RESERVES AND CONDITION STATEMENT OF F.R. BANKS (H.4.1)
WEEKLY DEPARTMENT STORE SALES (H.8a)
WEEKLY DEPARTMENT STORE SALES—SELECTED

CITIES AND AREAS (H.8b)

(H.10)

SECURITY YIELDS

SEMIMONTHLY-IRREGULAR

OPEN MARKET MONEY RATES AND BOND PRICES

(G.13)
(G.I6)

ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (J.4)
CURRENCY,

SALES FINANCE COMPANIES

(G.20)

STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL R E -

SERVE BANKS (Also annual list) (G.4)

APPLICATIONS TO MERGE BANKS OR TO FORM OR
EXPAND A BANK HOLDING COMPANY RECEIVED
BY OR ACTED ON BY THE BOARD (K.2)

DEMAND DEPOSITS,
ITEMS (J.3)

(G.12.2)

RETAIL FURNITURE REPORT

WEEKLY FOREIGN EXCHANGE RATES
WEEKLY U.S. GOVERNMENT
AND PRICES (H. 15)

NATIONAL SUMMARY OF BUSINESS CONDITIONS

AND RELATED

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS (J.I)
RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2)

MONTHLY U.S. GOVERNMENT SECURITY YIELDS
AND PRICES (G.14)

QUARTERLY-SEMIANNUALLY
ALL BANKS IN THE UNITED STATES AND OTHER
AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY
STATES (E.4)
BANK RATES ON SHORT-TERM BUSINESS LOANS

(E.2)
SUMMARY REPORT—ASSETS AND LIABILITIES OF

MEMBER BANKS (E.3.1)

MONTHLY

MEMBER BANK EARNINGS (E.5)
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS (G.7.1)

MEMBER BANK LOANS (E.3.4)

BANK DEBITS AND DEPOSIT TURNOVER (G.6)

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (E.6)

BUSINESS INDEXES (G.12.3)
CONSUMER CREDIT

(G.19)

ANNUALLY

CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES (G.22)
CONSUMER INSTALMENT CREDIT AT COMMERCIAL

BANKS (G.I8)

DEPARTMENT

DEPARTMENT STORE CREDIT (G.17)
DEPARTMENT

STORE

MERCHANDISING

DATA,

UNITED STATES (G.7.4.1)

(Also annual list.
Both available at Federal Reserve Banks only)
(G.3)

FEDERAL RESERVE PAR LIST




BANK DEBITS TO DEMAND DEPOSITS ACCOUNTS
EXCEPT INTERBANK AND U.S. GOVERNMENT
ACCOUNTS (C.5)
STORE

TRADE,

UNITED

STATES

(C.7.3)
BIENNIALLY
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS (C.8)

879

FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS

(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. NOV.
1938.

20 pp.
ADJUSTMENT FOR SEASONAL VARIATION. Descrip-

tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pp.
THE MONETARY SYSTEM OF THE UNITED STATES.

Feb. 1953. 16 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.
1957

BULL.)

LIQUIDITY AND PUBLIC POLICY. Oct.

1961.

17 pp.

REVISION OF CONSUMER CREDIT STATISTICS.

REVISED INDEXES OF FREIGHT CARLOADINGS.

THE PRIVATE DEMAND FOR GOLD,

1931-53. Sept.

1954. 10 pp.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pp.
REVISION OF CONSUMER CREDIT STATISTICS.

Oct.

1956. 24 pp. (Also, similar reprint from Apr.
1953 BULL.)

Dec.

1961. 3 pp.
1962.

9 PP.
MONETARY EXPANSION DURING 1961.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pp.

Dec.

1961. 15 pp.

THE MEANS OF ECONOMIC PROGRESS. Feb.

INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. Mar. 1953. 16 pp.

Oct.

1961. 21 pp. (Also, similar reprint from Apr.

Feb.

1962.

7 pp.
CAPITAL FLOWS AND INTERNATIONAL PAYMENTS.

Mar. 1962. 8 pp.
MONETARY FUND RESOURCES AND THE INTERNATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp.
GROWTH IN INSTITUTIONAL SAVINGS. May

1962.

9 pp.
MONETARY POLICY, BANK CREDIT, AND MONEY.

SEASONAL FACTORS AFFECTING BANK RESERVES.

Feb. 1958. 12 pp.

July 1962,8 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958. 15 pp.

I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.

•PART

July 1962. 6 pp.
REVISION OF MONTHLY DEPARTMENT STORE INDEXES. July 1962. 6 pp.
ECONOMIC AND CREDIT CONDITIONS. Aug.

1962.

5 pp.
REVISION OF MONEY SUPPLY SERIES. Aug.

1962.

11 pp.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.

Combined reprint. Sept. 1960. 31 pp.

REVISION OF WEEKLY DEPARTMENT STORE SALES
INDEX. Aug. 1962. 3 pp.

SMALL BUSINESS FINANCING: CORPORATE MANUFACTURERS. Jan. 1961. 15 pp.

INTEREST RATES IN THE CURRENT CYCLE.

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE.

INTEREST RATES AND MONETARY POLICY.

ON THE GOVERNMENT

MARKET. Apr.




1961.

Sept.

1962. 28 pp.

Mar. 1961. 10 pp.
STATISTICS

Sept.

1962. 9 pp.

8

pp.

SECURITIES

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1962. 16 pp.

880

FEDERAL RESERVE BULLETIN • JUNE 1963

U.S. BALANCE OF PAYMENTS IN 1962. Oct.

1962.

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Mar. 1963. 10 pp.

UCI

FINANCING THE U.S.

8 pp.
INDUSTRIAL

PRODUCTION—1957-59

BASE.

PAYMENTS DEFICIT.

FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.

FEDERAL RESERVE OPEN MARKET OPERATIONS IN

1962. Apr. 1963. 29 pp.

1962. 15 pp.
AUTOMATION AT COMMERCIAL BANKS. NOV. 1962.

13 pp.
A SECTORAL ANALYSIS OF VELOCITY. Dec.

1962.

14 pp.

NEGOTIABLE

TIME

CERTIFICATES

OF

DEPOSIT.

Apr. 1963. 11 pp.
NEW FOREIGN BOND ISSUES IN THE U.S. MARKET.

May 1963. 13 pp.
BANKING AND MONETARY STATISTICS, 1962.

A N E W LOOK AT THE FARM DEBT PICTURE. Dec.

1962. 18 pp.
MONEY AND BANK CREDIT IN 1962.

Feb.

1963.

8

pp.
FARM DEBT AS RELATED TO VALUE OF SALES.

Feb. 1963. 9 pp.
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.

Mar. 1963, 10 pp.




Apr.

1963. 8 pp.

1962. 10 pp.

Se-

lected series of banking and monetary statistics
for 1962 only. Feb., Mar., and May 1963. 16
pp.
RECENT CHANGES IN LIQUIDITY.

June 1963. 10 pp.

INTEREST RATES ON TIME DEPOSITS,

Mid-Febru-

ary 1963. June 1963. 7 pp.
SURVEY OF COMMON TRUST FUNDS,

1963. 6 pp.

1962. June

Index to Statistical Tables
Acceptances, bankers', 818, 820
Agricultural loans of commercial banks, 812, 814
Assets and liabilities (See also Foreign liabilities
and claims):
Banks and the monetary system,
consolidated, 807
Corporate, current, 832
Domestic banks, by classes, 808, 812, 814, 820
Federal Reserve Banks, 802
Automobiles:
Consumer instalment credit, 836, 837, 838
Production index, 840, 841

Deposits—Continued
Banks, by classes, 801, 808, 813, 816, 820
Federal Reserve Banks, 802, 869
Postal savings, 801, 807
Discount rates, 800, 872
Discounts and advances by Federal Reserve
Banks, 796, 802, 804
Dividends, corporate, 831, 832
Dollar assets, foreign, 861, 869
Earnings and hours, manufacturing industries, 847
Employment, 844, 846, 847

Bank holding companies, list of, Dec. 31, 1962, 856
Bankers' balances, 813, 815
(See also Foreign liabilities and claims)
Banks and the monetary system, consolidated
statement, 807
Banks for cooperatives, 827, 828
Bonds (See also U.S. Govt. securities):
New issues, 828, 829, 830
Prices and yields, 818, 819
Brokers and dealers in securities, bank
loans to, 812, 814
Business expenditures on new plant and
equipment, 832
Business indexes, 844
Business loans (See Commercial and industrial loans)

Farm mortgage loans, 833, 834
Federal finance:
Cash transactions, 822
Receipts and expenditures, 823
Treasurer's balance, 822
Federal home loan banks, 827, 828, 835
Federal Housing Administration, 827, 828, 833,
834, 835
Federal intermediate credit banks, 827, 828
Federal land banks, 827, 828
Federal National Mortgage Association, 827, 828, 835
Federal Reserve Banks:
Condition statement, 802
U. S. Govt. securities held by, 796, 802, 804,
824, 825
Federal Reserve credit, 796, 802, 804
Federal Reserve notes, 802, 805
Federally sponsored credit agencies, 827, 828
Finance company paper, 818, 820
Financial institutions, loans to, 812, 814
Float, 796
Flow of funds/saving,-854
Foreign central banks, 858, 872
Foreign currency operations, 802, 804, 860, 869
Foreign deposits in U. S. banks, 796, 802, 807,
813, 816, 869
Foreign exchange rates, 873
Foreign liabilities and claims:
Banks, 862, 864, 867, 869
Nonfinancial concerns, 870
Foreign trade, 849

Capital accounts:
Banks, by classes, 808, 813, 816
Federal Reserve Banks, 802
Carloadings, 844
Central banks, foreign, 858, 872
Coins, circulation of, 805
Commercial banks:
Assets and liabilities, 808, 811, 812
Consumer loans held, by type, 837
Number, by classes, 808
Real estate mortgages held, by type, 833
Commercial and industrial loans:
Commercial banks, 812
Weekly reporting member banks, 814, 817
Commercial paper, 818, 820
Condition statements (See Assets and liabilities)
Construction, 844, 845
Consumer credit:
Instalment credit, 836, 837, 838, 839
Noninstalment credit, by holder, 837
Consumer price indexes, 844, 850
Consumption expenditures, 852, 853
Corporations:
Sales, profits, taxes, and dividends, 831, 832
Security issues, 829, 830
Security prices and yields, 818, 819
Cost of living (See Consumer price indexes)
Currency in circulation, 796, 805, 806
Customer credit, stock market, 819
Debits to deposit accounts, 804
Demand deposits:
Adjusted, banks and the monetary system, 807
Adjusted, commercial banks, 804, 806, 813
Banks, by classes, 801, 808, 816
Turnover of, 804
Type of holder, at commercial banks, 813
Department stores, 844, 848, 849
Deposits (See also specific types of deposits):
Adjusted, and currency, 807




Gold:
Certificates, 802, 805
Earmarked, 869
Net purchases by U. S., 860
Production, 859
Reserves of central banks and governments, 858
Reserves of foreign countries and international
institutions, 861
Stock, 796, 807, 860
Govt. debt (See U. S. Govt. securities)
Gross national product, 852, 853
Hours and earnings, manufacturing industries, 847
Housing starts, 845
Industrial production index, 840, 844
Instalment loans, 836, 837, 838, 839
Insurance companies, 821, 824, 825, 834
Insured commercial banks, 810, 812
Interbank deposits, 801, 808, 813
Interest rates:
Bond yields, 818
Business loans by banks, 817
Federal Reserve Bank discount rates, 800

881

882
Interest rates—Continued
Foreign countries, 871, 872
Open market, 818, 871
Stock yields, 818
Time deposits, maximum rates, 801
International capital transactions of the U. S., 862
International institutions, 858, 860, 861
Inventories, 852
Investment companies, new issues, 830
Investments (See also specific types of investments):
Banks, by classes, 808, 812, 815, 820
Commercial banks, 811
Federal Reserve Banks, 802, 804
Life insurance companies, 821
Savings and loan associations, 821
Labor force, 846
Loans (See also specific types of loans):
Banks, by classes, 808, 812, 814, 820
Commercial banks, 811
Federal Reserve Banks, 796, 802, 804
Insurance companies, 821, 834
Insured or guaranteed by U.S., 833, 834, 835
Savings and loan associations, 821, 834
Manufactures, production index, 841, 844
Margin requirements, 801
Member banks:
Assets and liabilities, by classes, 808, 812
Borrowings at Federal Reserve
Banks, 798, 802, 816
Deposits, by classes, 801
Number, by classes, 809
Reserve requirements, 801
Reserves and related items, 796
Weekly reporting series, 814
Mining, production index, 841, 844
Money rates (See Interest rates)
Money supply and related data, 806
Mortgages (See Real estate loans)
Mutual savings banks, 807, 808, 810, 820, 824,
825, 833
National banks, 810
National income, 852, 853
National security expenditures, 823, 852
Nonmember banks, 810, 812, 813
Payrolls, manufacturing, index, 844
Personal income, 853
Postal Savings System, 801, 807
Prices:
Consumer, 844, 850
Security, 819
Wholesale commodity, 844, 850
Production, 840, 844
Profits, corporate, 831, 832
Real estate loans:
Banks, by classes, 812, 820, 833
Type of holder, 833, 834, 835
Type of property mortgaged, 833, 834, 835
Reserve requirements, member banks, 801
Reserves:
Central banks and govts., 858
Commercial banks, 813
Federal Reserve Banks, 802




FEDERAL RESERVE BULLETIN • JUNE 1963
Reserves—Continued
Foreign countries and international
institutions, 861
Member banks, 796, 798, 801, 813, 815
Residential mortgage loans, 833, 834, 835
Sales finance companies, consumer
loans of, 836, 837, 839
Saving:
Flow-of-funds series, 854
National income series, 853
Savings deposits (See Time deposits)
Savings institutions, principal assets, 820, 821
Savings and loan associations, 821, 825, 834
Securities (See also U. S. Govt. securities):
Federally sponsored agencies, 827
International transactions, 868, 869
New issues, 828, 829, 830
Silver coin and silver certificates, 805
State member banks, 810
State and local govts.:
Deposits of, 813, 816
Holdings of U. S. Govt. securities, 824, 825
New security issues, 828, 829
Ownership of obligations of, 812, 820, 821
Prices and yields of securities, 818, 819
Stock market credit, 819
Stocks:
New issues, 829, 830
Prices and yields, 818, 819
Tax receipts, Federal, 823
Time deposits, 801, 806, 807, 808, 813, 816
Treasurer's account balance, 822
Treasury cash, 796, 805, 807
Treasury currency, 796, 805, 807
Treasury deposits, 796, 802, 822
Unemployment, 846
U. S. balance of payments, 871
U. S. Govt. balances:
Commercial bank holdings, by classes, 813, 816
Consolidated monetary statement, 807
Treasury deposits at Federal Reserve
Banks, 796, 802, 822
U. S. Govt. securities:
Bank holdings, 807, 808, 812, 815, 820, 824, 825
Dealer transactions, positions, and financing, 826
Federal Reserve Bank holdings, 796, 802,
804, 824, 825
Foreign and international holdings, 802, 861, 869
International transactions, 868
New issues, gross proceeds, 829
Outstanding, by type of security, 824, 825, 827
Ownership of, 824, 825
Prices and yields, 818, 819
United States notes, outstanding and in circulation, 805
Utilities, production index, 841, 844
Vault cash, 796, 801, 813
Veterans Administration, 833, 834, 835
Weekly reporting member banks, 814
Yields (See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

I.
)
Minneapolis,^

(o THE FEDERAL RESERVE SYSTEM g)

1

Boundaries of Federal Reserve Districts




Boundaries of Federal Reserve Branch Territories

© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities

• Federal Reserve Branch Cities