Full text of Federal Reserve Bulletin : November 1962
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FEDERAL RESERVE
November 1962
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
Stability in the Labor Market
1385
Flow of Funds Seasonally Adjusted
1393
Automation at Commercial Banks
1408
Quarterly Survey of Consumer Buying Intentions
1421
Law Department
1427
Announcements
1447
National Summary of Business Conditions
1448
Guide to Tabular Presentation
1450
|
Financial and Business Statistics, U. S. (Contents on p. 1451)
1452
j
International Financial Statistics (Contents on p. 1525)
1526
j
Board of Governors and Staff
1542
j
Open Market Committee and Staff; Federal Advisory Council
1543
j
Federal Reserve Banks and Branches
1543
1
;
Federal Reserve Board Publications
1545
!
:
Index to Statistical Tables
Map of Federal Reserve System
1547
Inside back cover
i
ji
!
Volume 48 * Number u
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j
;!
Stability in the Labor Market
NONFARM EMPLOYMENT has changed
little from the new high it reached in July.
This stability contrasts with a sizable increase in the first half of the year. Private
nonfarm employment was a little lower in
October than in July. In the public sector
State and local government employment
continued to grow rapidly.
In manufacturing, employment has been
reduced since midyear, although it has been
maintained in the automobile and defenserelated industries in which demands are
strong. Employers have tended to follow
cautious hiring policies and also have taken
care of variations in their short-term needs
for labor by adjusting the length of the
workweek. In October the workweek still
averaged more than 40 hours, but it was
down significantly from its spring high.
Both the labor force and unemployment
have fluctuated irregularly during the year.
In October, after allowance for seasonal
influences, the unemployed represented 5.5
per cent of the labor force. This rate was
within the narrow range that has prevailed
all year.
In the cyclical upswing from the low in
February 1961, periods of sharp gains in
nonfarm employment have alternated with
periods of little change, or decline. Over
the whole interval, employment has risen
less than it had in the comparable period
of earlier postwar expansions.
Growth in the labor force since the prerecession high in economic activity in the
spring of 1960 has been less than had been
officially projected. Over the same period the
gain in employment has been even smaller
than that in the labor force. As in the
two preceding upswings, employment in industrial activities has not regained its preceding cyclical high. Unemployment has
remained at a higher level than in other
postwar cyclical expansions.
The annual increase in average hourly
earnings in manufacturing has been smaller
NONFARM EMPLOYMENT stable since July;
I persons
manufacturing employment down slightly
NOTE.—Bureau of Labor Statistics data adjusted for seasonal
variation. Latest figures shown, Oct. 1962.
since 1960 than in earlier years and smaller
than the gain in output per manhour. Average labor costs per unit of output—including added fringe benefits—are apparently
no higher today than in 1959.
CHANGES IN EMPLOYMENT
Since midyear, declines in employment in
industrial activities, particularly manufac-
1385
1386
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
turing, have been about offset by increases
elsewhere.
In October, seasonally adjusted manufacturing employment totaled 16.8 million,
about the same as in September but 130,000
below the June level, as small but widespread declines were reported in both durable and nondurable goods lines. An important exception is the automobile industry where both output and employment have
been at high levels. In primary metals, employment was down 10 per cent from its
April high, as steel output declined sharply
following negotiation of labor-management
contracts.
In other industrial activities—mining,
construction, transportation, and public
utilities—employment has been stable or
down slightly. In nonindustrial activities,
employment in government and in private
services has continued to expand, but in
trade it has changed little.
Changes since cyclical high in 1960. Nonfarm employment in October, at 55.6 million, was about 1 million larger, after seasonal adjustment, than at the preceding
cyclical high in the spring of 1960. This
was a smaller gain than in the comparable
period of earlier postwar cycles. Furthermore, a continued downward trend from
cycle to cycle in employment in some industrial activities has resulted in the displacement of a large number of unskilled and
semiskilled older workers.
As compared with the preceding cyclical
high in May 1960, employment in October
was up 850,000 in government, 500,000 in
service activities, about 150,000 in finance,
and a similar number in trade. Despite substantial cyclical recovery, manufacturing employment was down 200,000. In construction, mining, and transportation, in which
employment declined a total of 330,000
during the recession, there has been a fur-
ther loss of 90,000 in the current recovery
period.
Manufacturing. In each of the past three
cyclical expansions, manufacturing employment has failed to return to its prerecession
level. Such employment is now about 1 million below the postwar high in 1953. A
decline of almost 2 million, or 15 per cent,
in the number of production workers has
been only partly offset by an increase of
850,000 in employment of nonproduction
workers. Over the same period manufacturing output has risen 25 per cent. In the
current expansion, however, the short-fall in
employment from the preceding peak has
been considerably less than in earlier cycles.
In comparison with levels of early 1960,
reductions in manufacturing employment
have been concentrated in durable goods
lines. Employment in October was down
most in primary metals. Here the reduction
of 150,000 was much larger than in each of
the preceding two cycles. Expanded defense
requirements and strong demand for cars
have resulted in higher levels of employment
in the electrical machinery, ordnance, and
transportation equipment industries. In other
durable goods industries reductions have
generally been small.
Although consumer expenditures for nondurable goods have risen fairly steadily, employment in these industries in October was
about the same as in early 1960. A small
decline during the recession was followed
by a corresponding increase.
In contrast with employment, the average workweek in manufacturing has fluctuated cyclically around a horizontal trend. In
October, the seasonally adjusted workweek
was 40.1 hours, about as high as at the comparable stage of the previous cycle. Overtime
hours have been at advanced levels in recent
months. The average factory workweek has
1387
STABILITY IN THE LABOR MARKET
been declining, however, and in October
was 0.7 of an hour below its April high.
Maintenance of a relatively long workweek in the face of a stable-to-weak labor
market suggests that many employers prefer
to pay overtime wages rather than add new
workers. This choice reflects the cost of
fringe and other benefits that accrue to new
employees and the provisions in some recent
labor-management contracts for supplementary payments to many employees who work
less than a 40-hour week.
EiPlOYlEMT if ii s*r«i<t, trrie, tut
ItvtriMit froi 1956
51BV
Ct
-
120
-
110
-^-
.
.
-
-
—
•
'
TRADE
100
1
1
!
1
„, 90
140
Nonmanufacturing activities. In activities
such as construction, transportation, and
raining, employment has declined somewhat
further in this cyclical expansion. For these
groups taken as a whole the loss of employment since the spring of 1960 has been
sharper than it was in earlier cycles.
In the expanding trade and service activities employment gains have been smaller
than in most previous postwar cyclical expansions. The slowdown has been more
pronounced in trade than in services. In
retail trade new merchandising techniques
have been introduced rapidly to meet competitive conditions. Although productivity
data in trade are difficult to interpret, there
is some evidence of more rapid gains recently than earlier in the postwar period.
Needs for education, health, and other
services continue to put pressure on State
and local governments, and employment
there has increased nearly 740,500 since
May 1960. After several years of little
growth, Federal Government employment
increased by 120,000 between early 1961
and October 1962.
STATE A N D LOCAL
/
GOVERNMENT
•
120
j S
11012 A .
-
100
/
~_
1
1
1
i
I
i
_
Jowi !• otfctr •oiwiMiocttrUg sectors
no
— 100
TRANSPORTATION
90
80
I
I
I
I
I
L
70
110
CONSTRUCTION
100
COMPOSITION OF EMPLOYMENT
Major changes in the occupational composition of employment reflect, in part, more
rapid growth in demand for services, public
and private, than for goods and, in part, dif-
110
GOV ER N MEN T , - ' "
90
I
1956
I
195*
I
I
1960
NOTE.—Based on Bureau of Labor Statistics data. Service
includes finance. Latest figures shown, Oct. 1962.
1388
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
ferential rates of productivity gain. Services
and Government have employed a growing
proportion of all employees; together these
activities now account for 36 per cent of
nonfarm employment compared with 30 per
cent in 1956. The proportion in trade, about
20 per cent, has shown little change in recent
years. Industrial activities have employed a
declining proportion. The number of workers on farms has continued its long-run
decline.
The ratio of white collar to blue collar
workers has risen almost without interruption in recent years. Demands for professional and managerial workers continue
strong. A record number of persons are now
employed in this group, and they continue
to account for a growing proportion of all
jobs. Employment of clerical personnel has
also risen sharply over the past 6 years.
Among sales workers, increases in employment have been relatively moderate. Salaried employees in manufacturing have continued to increase in both number and relative importance, but not so rapidly as
earlier.
One effect of the increased demand for
white collar workers has been that employment of adult women, both full-time and
part-time, has risen faster than that of adult
men. Women account for three-fifths of the
total gain in nonfarm employment in the last
6 years, and they now hold more than onethird of all nonfarm jobs. The sharpest increase has been among women 35 to 64
years of age.
UNEMPLOYMENT
Fewer persons were unemployed in October, after allowance for seasonal influences,
than in any month last year, but more than
in earlier postwar expansion periods. The
October figure was 4 million. Unemployment was 5.5 per cent of the civilian labor
ONE-FOURTH of the labor force and ONE-HALF of the
long-term unemployed are semiskilled or unskilled
NONFARM LABOR FORCE
SEMISKILLED,
UNSKILLED,
NO EXPERIENCE
MANAGERIAL,
PROFESSIONAL,
CLERICAL, SALES
LONG-TERM UNEMPLOYED
NOTE.—Bureau of Labor Statistics data on occupations for
Oct. 1962.
force; the range this year has been from
5.3 to 5.8 per cent.
In October 1.8 million persons, or more
than two-fifths of the unemployed, had been
looking for jobs for only a short time—less
than 5 weeks. The number in this group
has been relatively high throughout the
year.
Long-term unemployment has tended to
increase in recent years. About 1 million persons, one-fourth of all the unemployed, had
been looking for work at least 15 weeks. This
was 200,000 more than before the recession
and double the number in 1956. This group
of the unemployed showed a rapid cyclical
decline in the second half of 1961, but the
number has changed little this year, after allowance for seasonal influences.
Unskilled, semiskilled, and inexperienced
workers account for more than half of the
long-term unemployed. Most of the ex-
1389
STABILITY IN THE LABOR MARKET
perienced workers in this group had previously been engaged in industries that have
been curtailing their work forces. Once they
lose their jobs, these workers tend to remain
unemployed for long periods unless their
skills and education are in demand in activities with expanding employment. In contrast, employment of managerial, professional, and other white collar workers has
continued to increase, and this group accounts for a small proportion of the longterm unemployed.
Unemployment has remained high among
youths. Many of these have dropped out of
school before graduating. Insufficient education and lack of experience have contributed to their difficulty in finding jobs in the
current labor market. Of all the unemployed
about 800,000 persons, or one-fifth, are
teen-aged youths.
Unemployment rates have been higher
for adult women than for men, as shown in
UNEMPLOYMENT RATE changes l i t t l i i i
1962.
Percent
for adult women
CONTINUES higher
than men
-
FEMALES
20 YEARS AND OVER
/
A
\
/
f
MALES
20
__
1956
EARS AND OVEt
1
i
1958
i
1
I960
|
1962
NOTE.—Bureau of Labor Statistics data, seasonally adjusted.
Unemployment rate is percentage of civilian labor force unemployed. Latest figures shown, Oct. 1962.
the chart. Women now account for nearly
two-fifths of all the unemployed as compared
with one-third in April-May of 1960. The
high female unemployment rate apparently
reflects the continued large inflow of women
into the labor market at a time when job
opportunities for them have been expanding
less rapidly than earlier.
Unemployment is a persistent and severe
problem in many major labor market areas.
But the number of areas with substantial
labor surplus—that is, with unemployment
rates of 6 per cent or more—has declined
this year. In September, 44 of the 150 major
labor market areas were in this category.
This was less than half as many as in the
spring of 1961 but more than in early 1960.
Unemployment has remained high in steel
producing centers and in some other areas
with a heavy concentration of durable goods
industries and mining.
A number of measures have been adopted
to alleviate unemployment. The Area Redevelopment Act of 1961 provides assistance to depressed areas, largely in the form
of loans and grants for industrial development. The Manpower Development Act of
1962 provides for training or retraining to
help unemployed workers obtain jobs in expanding activities. The Public Works Act
of 1962 provides $400 million for public
works in areas with high unemployment.
LABOR FORCE
In the first 10 months of 1962, the total
labor force averaged 74.8 million persons,
600,000 more than in the corresponding
period of 1961 (after allowance for the introduction of 1960 Census data into the
estimating procedure in April 1962). The
armed services and the civilian labor force
each rose by 300,000. The increase in the
total was considerably smaller than the projected growth of about 1.1 million.
1390
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
The number of workers added to the
labor force since 1956 has averaged about
700,000 per year. Over this period the labor
force participation rate (proportion of population age 14 or over in the labor force)
has been declining, in contrast to the rise
earlier in the postwar period. The estimated
participation rate this year is 57.5 per cent
compared with 59.3 per cent in 1956.
1AB0R FORCE partfcl|i«tioH rat* J u l i u s
1950
1957
19S4
1956
1958
1960
1962
NOTE.—Bureau of Labor Statistics data. The participation rate
is total labor force as a per cent of the noninstitutional population 14 years of age or over.
Among male teenagers and older workers
participation rates have declined much more
sharply than had been anticipated. In most
other age-sex groups, increases in labor
force rates have also been smaller, or reductions greater, than had been projected
for the period.
The slower labor force growth in recent
years reflects a combination of economic,
social, and demographic forces. Higher
levels of unemployment and fewer job opportunities have been important in limiting
growth of the labor force, as is suggested
by the decline in the over-all participation
rate. Another factor is that demands for
labor have been strongest in those occupations which require extensive education,
and some youths have remained in school
longer and thus delayed their entrance into
the labor force. Furthermore, with the rapid
expansion and liberalization of retirement
programs, many older workers may have
withdrawn from the labor force earlier than
expected.
The Bureau of Labor Statistics recently
revised its projections of the labor force to
take into account data from the 1960 Census of population and changes in trends of
participation rates by age-sex groups. The
labor force is now expected to increase 12.6
million in the 1960's rather than 13.5 million as estimated earlier.
Because the actual 1962 level is below
the new projection, an average annual increase of 1.4 million workers over the next
3 years will be necessary if the labor force
is to reach the 78.9 million now projected
for 1965. Whether it expands this fast will
depend in large part on whether the economy provides job opportunities for the
growing number of potential workers.
LABOR INCOME
The rate of increase in hourly wages has continued to slow in recent years, as the chart
on page 1391 shows. Excess industrial
capacity and heightened competition in
product markets have intensified producer
attempts to minimize costs. Meanwhile,
easier conditions in labor markets, especially
among semiskilled factory workers, have
tended to weaken bargaining positions of
the unions. Moreover, pressure for wage
increases from rising prices has greatly diminished, and automatic wage gains based
on increases in consumer prices have been
smaller than in earlier years.
1391
STABILITY IN THE LABOR MARKET
Total wages and salaries in October were
about 5 per cent higher than a year earlier.
Such income has changed little since midyear, however, because of the leveling off
in employment and a shorter workweek in
manufacturing.
Manufacturing. Manufacturing workers on
the average earned $2.40 per hour in October. This was slightly more than at the beginning of the year and was 2.6 per cent
above October 1961. Labor contracts
negotiated this year tended to provide
smaller increases than obtained in earlier
contracts; in some instances, contracts did
not provide for any increase in wage rates.
In addition, fewer workers have received
deferred wage increases under long-term
contracts than in previous years.
In consequence, in those industries in
which contracts have been negotiated this
year—such as steel, aluminum, and lumber
—wage gains have been less than the average for all factory workers. On the other
hand, in the auto, rubber, and fabricated
metals industries, where deferred wage increases were negotiated before 1962, increases have been above average.
During the recovery of 1961 weekly earnings rose somewhat more than hourly earnings as the workweek lengthened and overtime and other premium payments increased
the amount of take-home pay. In recent
months weekly earnings have been relatively
stable. In October they were $96.72, 2.3 per
cent higher than a year earlier.
Increases in weekly earnings over the past
year have been largest in fabricated metals;
machinery; transportation equipment; stone,
clay, and glass; and food. Smaller than average increases were typical in nondurable
goods industries. In primary metals average
weekly earnings were smaller than last year
because of a shorter workweek and no
change in wage rates.
After allowance for price changes, the
average annual increase in weekly earnings
in manufacturing has been over 2 per cent
a year since 1960. This is a larger gain in
purchasing power than in preceding years
RATE OF INCREASE t i t a r i i i f i dtcliies
is most i i t a t r i * *
..........
1IL1CTID
AVI1AOI
MOOtlT
»J.
ANNUtl • * ! ( Of
,,,,13 i,
,,j7: o ,
^
m
MANUFACIUSfNG
MINING
2.70
CONSTRUCTION
3.17
TSADE
1.94
2
3
Per cent
NOTE.—Average hourly earnings data from Bureau of Labor
Statistics. Annual rate of increase for 1960-62 period for railroads based on Jan.-June average for 1962, all others based on
Jan.-Sept. average.
when both wage rates and consumer prices
were rising more rapidly.
Productivity gains in manufacturing have
been somewhat in excess of wage increases.
Hence, labor costs per unit of output, including an estimate for changes in fringe benefits,
declined in 1961 and 1962 and are probably no higher now than in 1959. These
changes in wages and productivity have considerably reduced earlier pressure of labor
costs on prices.
Nonmanufacturing. Wage gains in non-
manufacturing activities have also tended to
be smaller in recent years than earlier. But
1392
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
over the past year average hourly earnings in
most nonmanufacturing industries for which
data are available have risen slightly more
than in manufacturing.
Increases have been largest in the construction, retail trade, and communications
industries. Average weekly earnings in retail
trade have not gone up so rapidly as hourly
earnings because of a larger proportion of
part-time workers.
A two-phase pay increase has recently
been enacted for Federal civilian employees.
The first phase was effective in October; the
second will become effective January 1,
1964. The annual cost of the first phase is
estimated at $650 million; after the second
phase becomes effective, the total annual
cost is estimated at about $1 billion. Postal
service employees were granted increases of
8.6 per cent this autumn and another 2.6 per
cent will be effective in 1964. For classified
employees the increases average 5.6 and
4.1 per cent. Larger than average increases
were given to the middle and higher salary
grades to make their pay more nearly comparable with private industry.
COLLECTIVE BARGAINING
This year unions again have tended to put
major emphasis on job security rather than
on wage gains. They have demanded special
contract arrangements, shorter workweeks,
earlier retirement, and other means to maintain jobs.
In the steel industry, contract negotiations started early and were concluded by
the end of March, 3 months before the contract expiration date. The agreement provided for no wage increase in the first year
and it did not include a cost of living escalator clause, but it does permit a reopening
on wage rates upon 90 days notice after
May 1,1963. The union will be free to strike
if no agreement is reached.
The steel agreement liberalized pension,
insurance, and supplemental unemployment
benefits and seniority provisions. It also provided for a new fund to be financed by employer contributions of 3 cents per manhour. This fund is to be used to encourage
workers to retire earlier and to provide for
longer vacations.
Many new contracts contain provisions
for longer vacations and earlier retirement,
with the expressed purpose of creating additional employment. The arrangement
reached by can companies and the steel
workers union included a major innovation
—13 weeks of paid vacation every 5 years
to workers with 15 years of seniority. Thus
far, efforts by unions to obtain a shorter
workweek have been generally unsuccesful. Nevertheless, the 35-hour week is still
high on union priority lists for future negotiations.
Flow of Funds Seasonally Adjusted
presents the first publication of the Federal Reserve flow of funds
system of accounts on a seasonally adjusted
basis.1 Tables similar to those published regularly without adjustment appear on pages
1508-23; the table numbers in this article
refer to those tables.
A major purpose of the flow of funds system, discussed more fully in the 1959 presentation of unadjusted accounts, is to provide a framework for relating financialmarket developments on the one hand to
production, income, consumption, saving,
and capital formation on the other. Until
now few of the major series on financial
flows have been available in seasonally adjusted form, however, and the large intraTHIS BULLETIN
1
Structure and uses of the quarterly flow of funds
accounts are described in the August 1959 BULLETIN,
p. 828, in which the unadjusted accounts were first
published. The system has been maintained on a current basis since 1959 with BULLETIN tables and supplementary publications. The original work on this
form of accounts was done by Morris A. Copeland,
now of Cornell University, and was published in his
Study of Money flows in the United States (National
Bureau of Economic Research, New York, 1952). A
set of annual accounts developed by the Board staff
from Copeland's system was published in Flow of
Funds in the United States, 1939-1953 (Board of
Governors of the Federal Reserve System, Washington, D.C., 1955). The quarterly accounts introduced
in 1959 represent a considerable reconstruction of the
accounts as published in 1955.
NOTE.—The seasonally adjusted flow of funds accounts have been put together by the Flow of Funds
Section of the Board's Division of Research and
Statistics under direction of Stephen Taylor, Chief.
The work has been facilitated in a number of ways
by advice and assistance of the Bureau of Labor
Statistics, cooperation of the Board's computer staff,
and continuing interest in the project by M. H.
Schwartz, Assistant to the Director of the Board's
Division of Research and Statistics.
year movements characteristic of financial
flows have seriously impeded cyclical analysis of this type. Eliminating seasonal influences from the flow of funds system puts
the accounts on a basis much closer to the
principal measures of economic activity and
focuses analysis directly on cyclical aspects
of relationships.
REVIEW OF RESULTS
Some salient features of the adjusted data
are presented in the 11 charts on the next
two pages. These charts, based mainly on
the new summary tables on pages 1510 and
1512, sketch three aspects of financial flows
in the United States in recent years—the
relation of borrowing to economic activity,
sources of funds flowing into certain forms
of credit, and the relation between total borrowing and private investment in financial
assets. The charts illustrate general forms
of cyclical movements in a few summary
totals of the accounts. These movements reflect certain structural relations that were
present during the 1950's, in particular on
the supply side of credit markets, but that
are often obscured by short-run fluctuations
in financial-market flows.
Borrowing and economic activity. Total bor-
rowing by nonfinancial sectors moves closely
over the cycle with both total private investment and with changes in gross national
product, as illustrated in Chart 1. During the
last 10 years borrowing has reached peak
rates almost simultaneously with private in-
1393
1394
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
BANK DEPOSITS
BORROWING AND TOTAL DEMAND
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED AT ANNUAL RATES
20
10
DEMAND:
CHANGE IN GNP
CONSUMERS
10
10
-TIME:
10
CONSUMERS
A
CORPORATIONS
10
1
I
1
J
J
1
I
20
FEDERAL OBLIGATIONS
TOTAL BORROWING
— 30
10
_ tA f t a r
I
• l i m i n a t i o n of
1
trend
1
I
I
1
I
-
.TV V
20
V
10
—
20
BANKING
SYSTEM
SHORT-TERM DEMAND
I
PRIVATE
INVESTORS
XJ
BUS. INVENTORIES
~
10
-
10
-
10
— 20
1
1
1
,
1
1
1
1
1
1
1
1
LONG-TERM DEMAND
1
1
1
1
1
\
i
OTHER SECURITY MARKETS
TOTAL ISSUES
80
20
iz v -
10
FIN. INSTITUTIONS
10
PVT. LONG-TERM
BORROWING
-PRIVATE INVESTORS
10
10
i
1954
i
i
1956
i
J
1958
1960
NOTE.—For notes to these charts see p. 1407.
L
1962
J
1954
1
1
1956
1958
I
I
I
1960
I
1962
1395
FLOW OF FUNDS SEASONALLY ADJUSTED
SOURCES OF CREDIT ADVANCED
I
I
I
I
I
I
70
PRIVATE FINANCIAL INVESTMENT
T
I
T
T
T
I
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED AT ANNUAL RATES
50
40
60
TOTAL
50
30
20
40
30
30
\
20
v •-'
20
V
v
PRIVATE
FINANCIAL INVESTMENT
10
10
PRIVATE LIQUID ASSETS
INSURANCE AND PENSION FUNDS
0 10
J
FEDERAL OBLIGATIONS
1
I
I
I
1954
1956
10
1958
1960
NOTE.—For notes to these charts see p. 1407.
1962
1954
1956
1958
1960
1962
1396
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
vestment, and these peaks have occurred at
cyclical stages when GNP was expanding
most rapidly rather than when GNP itself
was at peak levels. Both borrowing and investment have thus been distinctly leading
series relative to GNP during the period.2
Although the movements are closely congruent, the relation does not appear to be
based on any single force such as inventory
movement.3 In the 1955 expansion the rise
in borrowing was almost entirely in credit
flows to consumers and business. In 195859, on the other hand, Federal borrowing
contributed at least as much to the movement as private credit demand and was the
source of the large rise in borrowing at that
time relative to private investment and GNP
changes. The pattern here is thus of a simple
conformity in totals overlying a complex
and shifting structure of components. To
identify cause-and-effect relations that are
consistent both with the simplicity of the
totals and the complexity of the parts will
require intensive further study of the data.
The other charts on page 1394 present
a
The term "private" as used in flow of funds tables
and in this presentation refers to domestic nonfinancial
sectors other than the Federal Government—consumers, nonfinancial business, and State and local governments. Financial sectors are consistently excluded in
use of the term.
Private total investment in Chart 1 consists of private outlays for physical assets, net foreign investment,
and net lending to the Federal Government. Apart
from statistical discrepancies, it is equal to gross private saving and is financed by that saving either directly or through financial flows.
Total borrowing in the chart consists of net funds
raised in credit markets by all nonfinancial sectors—
private, Federal Government, and foreigners. It excludes trade credit, noncorporate equities, and miscellaneous financial flows. While no single measure of
credit flows can be isolated as an unduplicated aggregate of primary borrowing in the economy, the
total shown here appears to be a useful proxy. Content of the series is outlined in notes to the chart.
3
In fact the single important departure in fit occurred during the 1959 steel strike, which disturbed
the cyclical pattern of inventory movement but had
no visible effect on credit demand.
several less aggregative comparisons. Within
the total of private borrowing, business demand for bank credit matches inventory
movements closely on a seasonally adjusted
basis (Chart 2 ) , more closely than in unadjusted data or for corporate and noncorporate business separately. There is evidence here of a variety of seasonal sources
of short-term funds and of interbusiness financing relations that are cleared from the
data when component series are put together
in the form shown here.
The relation between private long-term
borrowing and fixed investment is considerably less close (Chart 3). Decisions to
borrow in long-term forms are influenced
both by previous financing and by expectations on future capital needs, income, and
market conditions. These considerations introduce a flexibility into the timing of longterm borrowing that is irrelevant to the
major forms of short-term borrowing and
that makes analysis of credit demand more
complex than in short-term markets.
Deposit and security flows. Charts 4, 5,
and 6 show the flow of funds in four of the
major transaction accounts summarized in
Table 3. Chart 4 presents the sometimes
parallel and sometimes opposing movements
in consumer and business cash holdings. It
also indicates the recent increases in volatility of time deposit flows. These movements can be interpreted only as elements
of broader financial relationships discussed
below, since they combine a variety of effects of cyclical easing and tightening of
financial positions and of shifts in interestrate structure. Chart 5 illustrates the major
transfers of Government security holdings
between banks and private investors that
have characterized shifts in credit ease and
restraint in financial markets since the Treasury-Federal Reserve accord.
FLOW OF FUNDS SEASONALLY ADJUSTED
Chart 6, on flows into non-Federal securities, is interesting for its evidence on responses to sudden bursts of new flotations
such as that in the second quarter of 1961.
In several of these incidents the initial rise
appears to be absorbed by private investors
and to be followed by a reaction in the next
quarter in the form of large institutional purchases combined with sharply lower private
buying of securities. Whether these are real
or only statistical patterns needs further investigation.
Charts 4-6 can be put into economic
context most directly by relating them to
the second page of charts, which focuses
on connections between total borrowing and
private investment in financial assets—cash,
savings accounts, and securities. In terms of
the flow of funds matrix, the emphasis in this
second group is on interrelations within a
set of columns—for a sector group—rather
than the view along rows—that is, for individual markets—as in Charts 4-6.
Total credit demand and private supply of
funds. Borrowing and private financial investment, shown in Chart 7, necessarily
move closely with one another, since the
private investment total includes directly or
indirectly all of the major volatile elements
on the supply side of credit markets. It includes, for example, the flow of private
funds into bank deposits, both demand and
time, and thus reflects movements in bank
credit flows financed by such deposits. All
credit flows financed by private deposits at
financial intermediaries are transferred in
this way to the private investment total.
With intermediaries' credit flows from
deposits represented in this way, there remains a relatively small set of credit sources
other than private investment: Federal lending programs, funds supplied by foreigners,
insurance and pension reserves, and such
1397
miscellaneous sources as retained earnings
by financial institutions. As Chart 7 indicates, these sources have been either small
in the aggregate or, in the case of insurance
and pension reserves, relatively stable in
the short run. There has been thus a close
structural relation in the economy between
total credit demands and private financial
investment: any sizable shift in borrowing,
whether upward or downward, must be paralleled by a change in private flows into
financial assets, because there is no substantial alternative source of funds.
The relation, moreover, is more specific
than this since, as Chart 9 illustrates, almost
all of any large change in private investment flows occurs in liquid assets—deposits
and Federal obligations—and relatively
little in other forms of financial investment.4
While private purchases of private securities
are volatile and responsive to changes in
financial market conditions, such purchases
have been too small a part of total financial
flows to absorb any significant change in
credit demand. A high rate of borrowing,
whether private or Federal, has thus been
accompanied almost necessarily by a high
rate of growth in private liquid assets. Private investors do not have the capacity to
meet a large shift in credit demands through
investment forms other than liquid assets.
A substantial flexibility begins to appear
on the supply side of the market only in the
forms that private liquid-asset investment
takes. Chart 10 illustrates the large shifts in
liquidity flows that have occurred over the
* Long-term as well as short-term Government
securities have been included in the liquid asset
series in these charts to avoid the sudden movements
in the data that occur when a large issue moves from
long-term to short-term classification. Such passage of-time effects tend to dominate the data on a quarterly basis. Computations are now in process that
will yield a more stable measure of short-term Government securities; when the results are available,
they will be introduced into the accounts.
1398
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
last decade among three types of assets—
cash, time deposits and savings accounts,
and U.S. Government securities. Private net
purchases of Governments have fluctuated
over a wide range throughout the last decade, reflecting primarily, as illustrated in
Chart 5, large cyclical swings in bank demand for Government securities.
These shifts into and out of Governments
have been clearly mirrored by opposite shifts
in flows into deposits. In 1954 the response
to monetary ease and bank absorption of
Government securities was a rapid growth
in private demand deposits. In recent years,
however, with yields on time deposits increasing, private investors have made increasing use of these deposits as an alternative to demand deposits for holding
liquidity balances, and during the 1958
and 1961 recessions the shift from Government securities was reflected to a large extent in time- as well as demand-deposit flows.
Over the decade the increasing cost of holding cash balances has resulted in less use of
cash as a store of value, and demand for
cash has become more specifically limited
to transactions balances.
The shift from demand to time deposits
received its sharpest impetus in the rise last
January in rates paid on bank time deposits;
the effect shows clearly in Chart 10. The
shift was probably less direct than the chart
suggests, because the data indicate some redistribution of Governments among holders
during the period (Charts 8 and 11). The
final effect, however, was on demand and
time deposits alone; neither the total liquidasset flow nor net private buying of Governments was visibly affected during the
quarter.
The structural relations between credit
demand and supply suggested by these
charts constitute a backdrop for analysis of
almost any financial developments covering entire markets. They represent only general tendencies, to be sure, and many important aspects of the relations are yet to
be brought out, particularly as to the distribution of consumer asset holdings and the
sources of consumer demand for financial
assets.
Even the rough sketch given here has implications on the nature of financial-market
behavior, however. Thus, the limited capacity demonstrated by private investors for
direct buying of private securities means
that any large movement in private demand
for credit, whether through loans, mortgages, or securities, has tended to be absorbed within a few months by financial institutions, which in turn have supplied private investors with an equivalent volume of
liquidity instruments. In times of financialmarket ease the liquidity instruments
supplied have taken the form mainly of deposit claims on the institutions themselves,
while when markets were tight they have
been mainly Government securities sold
from institutions' portfolios.
Because intermediaries tend to specialize
in different types of lending, the form in
which borrowers want to raise funds may not
match closely the preferences of institutions
with available funds. When they do not, the
process of reconciling the types of credit that
borrowers want, the type of asset that institutions prefer, and the types of liquid assets that private investors prefer can cause
temporary but widespread unsettlement in
financial markets.
Whether the structural relations indicated
by these charts will continue into the 1960's
is a question that must be faced directly
when the data are used for long-range projections of flows in financial markets. Fi-
1399
FLOW OF FUNDS SEASONALLY ADJUSTED
nancial markets are continually evolving
systems, and in several of the charts movements in the most recent years deviate fairly
clearly from the regularities of the 1950's.
Generalizations from the past to the future
must thus be guarded and to the extent possible should be based on trends in economic
forces underlying the data rather than on the
data themselves.
SEASONAL ADJUSTMENT PROCEDURES
Adjustment of the flow of funds accounts
to eliminate seasonal movements was done
in three separate steps: adjustment of the
nonfinancial accounts, adjustment of financial flows, and balance of the adjusted
matrix. Although large parts of the accounts
were initially adjusted by computer methods,
the final system of data cannot be said to
represent any single adjustment program or
procedure. This is partly because several
forms of computer program were used in
adjusting the financial accounts and partly
because the requirement that the adjusted
matrix be forced to balance required modification of individual seasonal adjustments
throughout the system to bring the data into
mutual consistency.
Nonfinancial accounts. The adjusted series
included in the table for nonfinancial accounts—income, taxes, current outlays, saving, and capital formation—are not new
data. Nonfinancial series in the unadjusted
flow of funds are all derived directly from the
unadjusted income and product accounts
published by the Department of Commerce,
and adjusting these flow of funds series consisted almost entirely of using the same derivation procedures on the seasonally adjusted Commerce Department data.
The resulting accounts thus reflect almost
exclusively the seasonal adjustments used
in the income and product accounts, recombined for the flow of funds tables. The
only important exceptions are corporate
profit tax payments (as distinguished from
accruals) and the division of business inventory into corporate and noncorporate
components. Neither series was available
from the Commerce Department, and each
was adjusted by the X-9 version of the
Census Bureau's Method II program.
Financial flows. Almost all of the financial accounts included in the seasonally adjusted system reflect new seasonal adjustments, since with one exception—consumer
instalment credit—no financial data were
available in adjusted form applicable to flow
of funds accounts. Adjustment of financial
flows raised questions that were resolved in
several ways for various parts of the accounts. Financial accounts in flow of funds
are net series that represent simultaneously
both (1) changes over a period in levels of
assets and debts and (2) gross borrowing
less debt repayments (for debts) and gross
purchases less gross liquidation of holdings
(for assets). In adjusting these accounts a
choice exists among (1) adjusting the flows
directly, (2) adjusting levels of assets and
debts and taking flows as increments in
adjusted levels, and (3) adjusting gross
flows and taking net flows as increments.
Although there are sharp conceptual differences between adjustments made on different bases, their effects in computation are
generally not large, and practical considerations tend to dominate the choice of method
used. For the present adjustment, the decision was made to adjust the net-flow data
directly.5 Since financial flows on a net basis
5
The alternative of using increments in adjusted
levels of assets and liabilities raises the problem that
when seasonal factors are allowed to shift from one
year to the next, as is common in current seasonal
adjustment procedures, increments in adjusted levels
1400
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
can be and frequently are negative as well
as positive, they must be adjusted additively
—by a seasonal addend—rather than by
multiplicative seasonal factors, which imply
a zero lower limit to the series being adjusted.
For the major financial accounts in the
system—those that are large and cyclically
important and that have large seasonals—
seasonal adjustments were computed by an
additive version of the Bureau of Labor Statistics adjustment procedure.6 Since these
series dominate the financial matrix as a
whole, the seasonals computed for them by
the BLS program correspondingly dominate
the adjusted tables published here.
For less important financial series additive adjustment was approximated with the
Census Bureau's Method II program—a
multiplicative program—by adding positive
constants to the series before adjustment and
deducting the constant from the adjusted
series. Extremely minor series were either
adjusted by shorthand techniques or entered in the accounts without adjustment.
Balancing the seasonally adjusted matrix.
A major problem in seasonally adjusting the
flow of funds system originates in the nature
of the system as a closed matrix of balanced
accounts. In each column of the matrix total
over any 12-month period do not equal the actual
flows that occurred during that year. This may not
be a real problem conceptually, but a requirement
that adjusted flows over a year add to actual annual
flows is useful for the flow of funds accounts in
several ways, such as in integrating financial with
nonfinancial accounts. Such a requirement has therefore been adopted and is reflected in the tables.
It has the effect of dissociating seasonally adjusted
flows from adjusted levels to some extent, but it
may be possible with further work to integrate adjusted levels and flows more closely. The third
option—adjusting gross flows—is impossible for most
series since the relevant data do not exist.
8
Described in "The BLS Seasonal Factor Method,"
June 21, 1962, prepared by Abe Rothman, Office
of Statistical Standards, Bureau of Labor Statistics.
sources of funds for a sector equal total
uses of funds by definition (when the statistical discrepancy is included as a use).
Simultaneously, in each row of the matrix
total purchases in a market equal total sales
in that market. This condition holds in
the unadjusted matrix and can reasonably
be demanded of the adjusted matrix as well.
The adjusted matrix, that is, should preserve internal consistency among transactions in the system, with a balanced matrix
of seasonals eliminated from all of the data
simultaneously.
Additive seasonal adjustment can in fact
preserve matrix balance, but only on the
very restrictive condition that every series
in the system be adjusted by a single standard sequence of addition and subtraction
operations.7 This would be a dubious procedure, however, since it would not permit
recognition of extreme values in series. Allowance for extremes is common to all modern adjustment procedures and is essential
to achieving reasonable results. When it is
introduced, however, the sequence of arithmetic steps is no longer identical for all
series in the system, and the adjusted matrix,
as a result, is no longer in balance.
The balance problem is important only
if the discrepancies that arise from seasonal
adjustment are sizable enough to affect analysis. Early results of the flow of funds adjustment revealed that many accounts are
not far from balance in adjusted form, particularly those that are stable cyclically and
that have only minor seasonals. There are a
number of major accounts, nevertheless—
money supply, Federal securities, business
sectors, Federal Government, and banking
—where cyclical, seasonal, and irregular influences are all large and where imbalances
7
Under no conditions can balance be maintained
with multiplicative—factor or ratio—adjustments.
1401
FLOW OF FUNDS SEASONALLY ADJUSTED
from seasonal adjustment are correspondingly serious. For these accounts some form
of internal reconciliation is necessary if market-wide analysis is to have meaning.
One balancing procedure possible is to
establish a residual entry in each row and
column to be derived from adjusted data for
all other entries in the account; the seasonality of such residuals would be whatever is required to balance the adjusted account. Such
residuals are used, and are in fact a necessity, in assembling the unadjusted accounts.
In the adjusted system, however, the use of
residuals throws away information, since
every series in the unadjusted accounts,
whether derived directly or as a residual,
has economic content and contributes some
evidence on the seasonality of the matrix
as a whole.
In order to use all such evidence, the adjusted system was brought into balance by
a procedure that forces all sector and transaction accounts (rows and columns of the
matrix) into consistency simultaneously. In
this procedure the seasonal of every cell of
the matrix is subject to some degree of modification in order to bring the structure as a
whole into balance. Such forcing does not,
in general, constitute a distortion of seasonals for the sake of balance alone. It
represents, rather, a use of information
from outside a series to refine an adjustment
originally based only on internal evidence of
the series itself. The resulting matrix of
seasonals incorporates into each cell data
from the entire system and has a probability
of having improved, on balance, the accuracy of the seasonals taken as a set.
For the tables published on pages 1508-23
of this BULLETIN, forcing of simultaneous balance was applied to a submatrix of
18 strategic accounts—10 sectors and 8
transaction categories. These accounts, together with illustrative balancing adjustments for one period, are shown in the table
below. The rest of the system consists of (1)
nonfinancial accounts that incorporate the
seasonal adjustments in income and product
data and (2) financial accounts with small
seasonal adjustment discrepancies that can
easily be eliminated residually without real
loss of accuracy.
Balancing the 10x8 submatrix consisted
of altering each of the cells of the submatrix
by an amount that helped eliminate discrepancies in seasonals in both the row and the
A D J U S T M E N T S U S E D I N BALANCING T H E F L O W O F F U N D S M A T R I X , F O U R T H Q U A R T E R O F
1961
[In millions of dollars]
Sector
Item
Interbank transactions *
Demand deposits and currency:
Private
Federal
Federal oblisations
•
...
Bank loans n e e
Trade credit
Proprietors' net investment in
noncorp business
Sector discreoancv
Adjustment discrepancy
Consumers
Nonfarm
noncorp.
business
Farm
business
Nonfin.
corporations
State
and
local
govts.
Monetary
authorities
.
124
-46
188
-105
-35
-17
-20
-8
-28
-26
174
392
-120
-52
878
-151
-109
405
-167
-51
-36
Commercial
banks
34
-34
-40
22
-75
-121
94
-340
-81
Adjustment
Finance Transdiscrep.
action
n.e.c. discrep.
11
36
-46
15
-31
-22
-61
32
-249
253
-118
-81
-542
79
1
Adjustment to be divided among member bank reserves, member
bank borrowing, vault cash, and Federal Reserve float.
Federal
Govt.
-38
43
j
-4
-172
564
-524
-128
-52
269
-43
NOTE.—These figures are modifications of original seasonal adjustments to eliminate discrepancies arising from seasonal adjustment. Amounts are quarterly rates.
1402
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
column in which that cell stands. To find
such amounts by trial and error throughout
the matrix for each of the 42 periods in the
flow of funds quarterly data was clearly impracticable, and some form of computed set
of adjustments was an operating necessity.
Computed distribution of discrepancies
is possible provided a rule can be established
to control the distribution. The rule used
for the present accounts was based on the
view that adjustments in the seasonals for
individual cells should be held to a minimum
for the matrix as a whole consistent with
bringing the system into balance.
The "minimum" here is relative—series
with large movements or high volatility or
both should be subject to larger adjustments
than others, since there is greater uncertainty, in dollar amounts, as to the appropriate seasonal adjustment for such series.
Before computing the balance, therefore,
each cell was given a weight that measured
its relative alterability, based on the average
dollar volatility of the series over the 10year period 1952-61. The computation then
consisted of finding a set of adjustments to
the matrix of seasonals that would eliminate
all discrepancies from that matrix while at
the same time minimizing the sum, over the
matrix, of relative adjustments in individual
cells.
Balancing the matrix of seasonals thus
amounts to computing a constrained minimum sum of adjustments, where the constraint is that the adjustments add to the
discrepancies to be eliminated. More specifically, the computation consisted of solving a system of 17 linear equations in 17
variables, one for each column and each row
of the submatrix except one, which was
derived residually from the solution for the
rest of the system. The 17 variables, when
found, were combined in pairs, one for the
row and another for the column of each
cell, and weighted by the volatility index of
that cell to find the adjustment to be made in
the cell in balancing the submatrix. A calculation of this type was made for each of
the 42 periods covered by the data. Once the
basic form of such a system is established,
it proceeds rapidly on a computer, taking
less than a minute per matrix from start
to delivery of revised seasonally adjusted
cells.8
Bringing the matrix into balance by this
procedure is clearly more mechanical than
the usual editing procedure of eliminating
extremes and abrupt shifts in seasonals from
a series before subjecting it to seasonal ad8
One characteristic of this balancing procedure is
that it does not upset the relation of adjusted series
to annual totals. If each series adds to actual annual
totals before balance, then the matrices of seasonal
adjustments add to zero over the year, including adjustment discrepancy elements of those matrices. As
a result the modifications made in balancing also
add to zero over the year, and each adjusted series
adds to its annual total after, as well as before, modification for balance.
It may be noted that two of the transaction accounts in the balance matrix—the interbank account
and proprietors' net equity—are measured statistically so as to disallow discrepancies of any form,
whether seasonal or other. For proprietors' net
equity, moreover, no seasonal movement has ever
been estimated. The role of these two accounts in
the system is to extend the flexibility of the balance
mechanism.
The interbank account, which is a combination of
relations between the Federal Reserve and commercial banks through reserves, member bank borrowing, float, and vault cash, is fairly volatile both seasonally and otherwise and is therefore subject to
some modification to the extent that it helps balance
accounts for both subsectors of the banking system
simultaneously.
Proprietors' net equity was brought in because
it is statistically one of the least measureable series
in the system. To the extent that adding irregular
movements to it helps balance the consumer and
noncorporate accounts seasonally adjusted, there may
be evidence here as to the actual fluctuations in the
series itself. There irregulars, having been derived in
balancing the seasonally adjusted accounts, must be
carried back to the unadjusted accounts, because they
are to be interpreted as modifications of the series
itself rather than of seasonal adjustments.
FLOW OF FUNDS SEASONALLY ADJUSTED
justment. If one is working within a matrix,
however, normal editing becomes clumsy
and complex, because all aspects of a disturbance must be dealt with simultaneously
in both sector and transaction accounts.
A simple example of such a disturbance
is the shift in the due date for personal taxes
from March 15 to April 15. This shift,
made in 1955, caused straightforward and
abrupt change in seasonal pattern arising
from a change in regulations; if possible,
it should be allowed for in seasonal adjustment. The seasonal in tax payments, however, is closely tied to seasonals in the
types of financial assets that consumers use
to pay taxes, to the seasonals in Federal
borrowing and cash balances, and probably
to other seasonals in the system. These financial flows associated with taxes must be
identified before any adequate allowance
for the change in regulations can be made.
The accompanying table summarizes the
major items connected with the tax shift.
EFFECTS OF SHIFT IN TAX SETTLEMENT DATE FROM
MARCH 15 TO APRIL 15
[Annual rates in billons of dollars]
Shift of seasonal
from I to II i
Sector and item
Consumer:
Personal taxes
Gross saving
Gross i n v e s t m e n t . . .
Cash
Federal obligations
Private securities
Less: Consumer credit
Other
Discrepancy...
Federal Government:
Surplus
Netfinancialinvestment
Cash
Less: Net funds raised
Other
Discrepancy
. . .
....
Before
balance
After
balance
22.8
-23.2
22.8
-23.2
-11.7
-0.4
-4.0
-3.5
2.8
-1.0
-17.7
-3.6
-6.8
-3.5
2.8
-1.0
-1.6
-5.2
21.0
21.0
4.7
4.0
-2.0
-1.3
13.7
7.2
-7.8
-1.3
1.6
7.4
1
Net increase in average second-quarter seasonal less net increase
in averagefirst-quarterseasonal from 1953-54 to 1956-57.
1403
As shown in the table, the $23 billion (annual rate) change in tax seasonal was accompanied by an equal and opposite shift
in consumer saving, which in turn was reflected in several types of consumer financial transaction. Because the shift in seasonal for saving was virtually as abrupt as
that for taxes, it was too sharp to be followed closely in the original seasonal adjustment for financial flows, which turned
out to be shifted by only $13 billion when
the adjustment for the sector discrepancy
was included. The effect here was a net adjustment discrepancy of $10 billion. The
corresponding Federal Government discrepancy was $15 billion.
At this point, in normal editing practice,
the $10 billion gap in consumer seasonal
movement must be distributed among financial flows on an appropriate basis. The evidence of the raw adjustments is that the
flows most significantly affected by the tax
shift were neither cash nor savings accounts,
which had virtually no shift in seasonals, but
rather Government securities, corporate and
municipal securities, and consumer credit.
This in itself is a remarkable finding on interrelations among transaction accounts. The
problem remains, nevertheless, that if seasonals in these accounts are altered by hand
to eliminate the consumer discrepancy, the
row (transaction) accounts are out of balance until offsetting changes are made for
other investor sectors or for issuers of the
securities.9 Then those sector accounts are
out of balance until other seasonals are
modified.
The balance calculation described earlier
is an alternative to this procedure. As the
table indicates, the balancing operation
9
For private securities the associated shift along the
row occurred mainly in purchases by security dealers
and banks. About a quarter of the total shift was in
net issues.
1404
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
brought the shifts in the financial-flow seasonal considerably closer to the seasonal in
saving, having allocated about two-thirds of
the difference to sharper shifts for consumer
cash and Government securities and the rest
to the consumer discrepancy. The operation
clearly allocated too much to cash in this
case. Part of the shift should have gone to
private securities, but these were not in the
matrix to be balanced.
The inability to cope with the shift in
security purchases and issues in this example
illustrates a special problem in balancing
seasonals, whether by editing or computation. If, as suggested by the data, seasonals
shifted sharply in several parts of security
markets with the change in consumer tax
payment schedule, this shift was accompanied in other sectors by shifts in other seasonals such as those for liquid assets and
bank borrowing. In seasonal adjustment,
however, all of these shifts would be understated by approximately the same relative
amounts, and there would be no evidence in
discrepancies for nonconsumer sectors that
adjustments had been inadequate. Including
private securities in the balance matrix
would therefore not in itself have corrected
the overadjustment of consumer cash, since
it would not have revealed the presence of
under-adjustments throughout entire systems. This suggests that the balance operation should be expanded to include other indicators of poor adjustment than the presence of absence of discrepancies in the accounts, and tests in that direction will be
tried in coming months.
An interesting byproduct of balancing
seasonals is the possibility of establishing
balanced matrices of the irregular components of flows for particular periods of interest. Financial markets occasionally experience shocks of various types and inten-
sities, such as the speculative disturbance in
Government securities markets in mid-1958.
Such shocks appear in the adjusted data as
large irregular movements in numerous
forms of financial flows, and starting with
balanced seasonal adjustments it is possible
to isolate the set of irregulars in a period as
a single interrelated system. As a system,
large irregulars can bring out interconnections among financial markets in peculiarly
sharp form, and from early evidence it appears that these interconnections are extremely widespread. Further study of such
data can probably articulate many aspects
of financial-market mechanism that until
now could be recognized only in general
and unqualified terms.
RELATION TO PRECEDING FLOW OF
FUNDS PUBLICATIONS
The seasonally adjusted accounts published
here are almost identical in structure—definition of sectors and transaction accounts—
with the unadjusted accounts introduced
and described in the August 1959 BULLETIN. Reprints of that description are available on request. Three changes in structure
introduced at this time are described below.
Statistically, the adjusted data are fully
consistent with the unadjusted accounts published in the August 1962 BULLETIN, on
pages 1056-72. With minor exceptions, the
sector summary tables are also unchanged in
format.
Summary tables. The most prominent
change in the system introduced with these
tables is a reconstruction of the two summary tables, Tables 2 and 3. Table 2 now
presents on one page a condensed statement
of national saving and investment (Part I ) ,
a summary of credit flows most immediately
related to saving and investment (Part II),
FLOW OF FUNDS SEASONALLY ADJUSTED
and a brief recapitulation of credit flows
through financial institutions (Part III).
Table 3 in its new form presents certain
major transaction accounts that are of interest for current analysis—demand deposits, time and savings accounts, Federal and
other securities, mortgages, and bank loans.10
Table 2, Part II—the credit flow summary—is the only significant departure in
form from former flow of funds tables. It
constitutes a balanced account in which the
total of borrowing by nonfinancial sectors is
fully accounted for on the supply side of
credit markets by financial flows from nonfinancial sectors.
In the summary of supply, lending by
financial intermediaries has thus been removed by consolidation, with the sources
of intermediaries' funds that financed the
lending substituted for such lending. For
example, bank credit is reflected in the
table as changes in cash balances and time
deposits of private sectors, the Federal Government, and foreign investors, by retained
income of banks included in "sources n.e.c,"
and by stock issues to the extent that such
stocks are bought by nonfinancial sectors
rather than by other financial institutions.
Each of the financial sectors has been handled comparably.11
The purpose of this treatment is to present movements in borrowing in direct relation to the effects such movements have on
financial assets of nonfinancial sectors, par10
The term "transaction account" refers to rows
in the matrix form of the system shown in Table
1 as distinct from the sector accounts in Table 4,
which are columns of the matrix. Tables 3 and 4
thus summarize the same material in cross sections
along different dimensions of the matrix.
u
Although insurance and pension funds are viewed
in the flow of funds system as private claims, they
are markedly different in character from deposits
and securities and have been segregated in the table
to limit the private financial investment total to
flows subject to short-run discretionary action.
1405
ticularly private investors. Where private
investment does not parallel total borrowing,
the reason can be found in Federal cash or
lending, foreign flows, insurance and pensions, or the miscellaneous group, sources
n.e.c.12
Most of the large responses to developments in financial markets, however, are to
be found within the total for private financial investment in the form of shifts of flows
among cash, time deposits, and Federal securities. A comparison of 1957, 1958,
and 1959 in the annual columns of the table
brings out some of the variety of relationship among movements present in the table.13
Part III of Table 2 summarizes the aggregate flows through intermediaries that
have been consolidated out of Part II. Further detail on intermediaries' flows can be
found in Table 4, Parts G and H.
Structural changes. The most important
structual change introduced with these accounts is the removal of security credit from
the totals for credit-market borrowing. Security loans act primarily to supply bank
credit to security markets on a short-run
basis and do not constitute, in general, part
of the basic demand for credit in the economy. Although movements in security credit
are rarely large, they occasionally are significant enough to give a misleading impression of credit movements if they are included in the total. They are now shown in
13
Fluctuations in sources n.e.c. arise mainly from
sporadic discrepancy movements remaining in financial-sector accounts. These discrepancy shifts are
partly statistical and partly the result of seasonal
adjustment. Both types will be reduced with further
work on the accounts.
13
Consumer security credit—borrowing to carry
securities—is a negative component of private financial investment in Table 2, Part II. This credit is
supplied largely by banks, either directly or through
loans to brokers, and is reflected in the table in the
distribution of bank sources of funds, as described
earlier.
1406
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
the matrix and sector tables as an item separate from credit-market flows but are included in total borrowing and lending.14
In the second change in structure consumer-held savings bonds and Postal Savings
System deposits are now classified as Federal
obligations. Savings bonds and PSS deposits
are ambiguous financial instruments, serving both as redeemable savings deposits and
as advances of funds to a nonfinancial sector, the Federal Government. The flows are
normally small, however, and including
them in Federal obligations simplifies a summary use of the accounts.
The third structural change, in the treatment of nonlife insurance companies, is
mainly technical. The income of these companies has until now been the only element
of nonfinancial data not directly derived
from the Commerce Department's income
and product accounts. To close this remaining gap between income and product
and flow of funds accounts, the nonlife
premium and benefit transactions have been
shifted from a cash to the accrual basis
reflected in tax returns and national income.
Shifts to accrual accounting required establishment of a new financial claim of policy
holders for prepaid premiums and unpaid
benefits. This claim was introduced into the
accounts and included in miscellaneous fi14
Eliminating security credit from credit-market
totals does not eliminate all credit flows of that nature, because some borrowing to carry securities is
classified elsewhere in financial statistics and is not
identifiable as such. This change presumably adjusts
for the major part of the problem, however.
nancial transactions as a liability of the insurance sector and an asset of consumers
and business. The total flow—the difference
between net accruals and net cash payments
—is occasionally as large as $1 billion at
annual rates and is reflected in the accompanying sector tables.
PUBLICATION SCHEDULE
According to present plans, current data for
the adjusted flow of funds accounts will be
published quarterly in the BULLETIN on a
schedule similar to that maintained since
1959 for the unadjusted accounts. Annual
revisions of the accounts to reflect revisions
in income and product accounts and new
financial data will be published in the August BULLETIN of each year, and changes
in seasonal adjustments of the accounts will
appear at that time.
Flow of funds supplements presenting
data for all periods and all accounts will
continue to appear annually as soon as the
tables can be assembled following the August revisions. These supplements will include summaries of annual flows, seasonally
adjusted and unadjusted quarterly flows,
year-end levels of assets and liabilities, and
other information on the accounts that may
appear useful from time to time. Publication of the 1962 supplement has been delayed in order that it may include the seasonally adjusted accounts as well as unadjusted
data as revised in August 1962. A notice
of the publication of this supplement will
appear in the BULLETIN.
1407
FLOW OF FUNDS SEASONALLY ADJUSTED
NOTES TO CHARTS
Data for the charts are taken from Tables 2 and 3
(pp. 1510 and 1512). In all except Chart 6, the series
plotted are centered, 2-quarter moving averages of the
data in the tables. Financial flows are characteristically
more volatile from quarter to quarter than income and
product flows, even after seasonal adjustment. The
fluctuations reflect primarily the use of short-term
financing to cushion the first impact of large security
flotations and to shift timing of long-term financing
from one quarter to another. These short-run movements are important in the short run, but they obscure
the underlying cyclical relationships that most of the
charts are intended to illustrate. Such movements have
therefore been eliminated from the charts by the
shortest moving average possible with quarterly data.
Chart 6 presents flows without smoothing in order to
bring out the short-run relationship mentioned in the
text. 1962 data are shown directly in all charts.
Chart 1. Private total investment is discussed in
footnote 2 (p. 1396); in Table 2, Part I, it consists
of line H, Gross national investment, less lines E and
G, saving by Federal Government and financial sectors.
Total borrowing is taken from Table 2, Part II; it is
line A, total net funds raised by nonfinancial sectors,
less line U, changes in Federal cash balances. Movements in Federal cash are an element of credit supply
that offsets equivalent movements in Federal borrowing to a large extent as a component of credit demand.
Netting Federal cash movements against borrowing
eliminates a volatility of the total that is largely technical rather than part of major financial-nonfinancial
relationships.
Trend is removed from both investment and borrowing in Chart 1 to facilitate comparison with GNP
changes, in which the corresponding growth component is reflected as a nearly constant additive element
of the series.
Other charts. Sources for the other charts are shown
in the next column.
Chart
2 Inventories
Bank loans
3 Fixed investment
Long-term borrowing
4 Demand deposits
Time deposits
5 Federal obligations
6 Finan. institutions
Private investors
7 Total
Other series
8 Savings accounts
Cash
Federal obligations
9 Total
Liquid assets
Private securities
10 Private liquid assets
11 Cash
Time deposits
Federal obligations
Table Section
2
I
3
VI
2
I
2
II
3
I
3
II
3
III
3
IV
3
IV
2
II
2
II
1
II
3
I
n
III
2
II
2
II
2
II
2
II
4
D
3
II
3
III
Line
J
B
K
O
G, H
C, F
E, L
J, K, and L
G, H, and I
A less U
U through Z
H
G
F
Z
AA
AH less AI
AC, AD, AG
P
C
I
NOTES TO TABLES
Cash balances shown in Part II of Table 2 are on a
bank-record basis for both the Federal Government
(line U) and private investors (line AC). This treatment differs from the asset side of the demand-deposit
transaction account—Table 3, Part I—which is on
holder-record basis. The difference between bank and
holder record consists mainly of mail float—checks in
transit that are temporarily not in any depositor's
cash-balance record. This difference appears in Table
3, Part I as a discrepancy on line L for the Federal
Government and on line M for private depositors. For
the Federal Government, bank record appears in the
table as line B.
Net issues of other securities, Table 3, Part IV, exclude investment-company shares. These shares are
netted against investment-company purchases of securities (lines N, O, and P) and are included in consumer net purchases, line G.
For notes to Table 4, see August 1962 BULLETIN,
p. 1063 and August 1959 BULLETIN, p. 846ff.
Automation at Commercial Banks
• Commercial banks have already made
substantial strides toward automation, and
even greater advances are in prospect within
3 years on the basis of firm plans already
made.
• Nearly half of all banks with total
deposits of $25 million or more are using,
or are planning to use, automated equipment—mainly general purpose electronic
computer systems—for some of their bookkeeping operations. Nearly all large banks
and an appreciable number of smaller banks
are acquiring such systems.
• Regular checking accounts rank foremost among the banking operations to which
automated procedures are being applied.
Other operations with a high volume of
bookkeeping activity, such as special checking accounts and consumer loans, are close
behind. Automation is being least extensively applied in various low-volume operations, particularly time certificates of deposit, commercial loans, and trust activities.
• Preprinting of checks in magnetic ink
with transit number and routing symbol is
expected to be almost universal within 3
years. Encoding of checks with dollar
amount of check, however, will be confined
mainly to larger banks. Only about one-fifth
of the banks with total deposits of $25 million or more plan to encode checks sent to
the Federal Reserve or to correspondent
banks for collection.
These are some of the findings of a survey
conducted by the Board of Governors of
the Federal Reserve System, in cooperation
with the Federal Reserve Banks, in March
1962 to determine the existing status and expected progress of automation at commer-
cial banks. The major purpose of the survey
was to provide information needed by the
Federal Reserve System in adapting its operations to advancing technology in the field
of bank bookkeeping, including arrangements for processing the increasing flow of
magnetic ink encoded checks through the
clearing facilities of the Reserve Banks.
The survey included all 974 commercial
banks with total deposits of $25 million or
more; 972 of these banks submitted completed questionnaires.1 The reporting form
is reproduced at the end of this article.
STATUS OF AUTOMATION
On the March 1962 survey date, more than
45 per cent of all commercial banks with
total deposits of $25 million and over, or
447 banks, had already automated some
part of their bookkeeping operations or had
definite plans for automation within 3 years,
as shown in Table 1. Almost seven-eighths
of these automating banks are moving
toward advanced systems built around an
1
Unless otherwise indicated, all references to banks
in this article relate to commercial banks with total
deposits of $25 million or more. In seven Federal Reserve districts, appreciable numbers of smaller banks
were surveyed on a selective basis. The Districts involved are Boston, New York, Richmond, St. Louis,
Kansas City, Dallas, and San Francisco. The total
number of smaller banks reporting was 1,841.
NOTE.—The survey of commercial bank automation was conducted under the supervision of James B.
Eckert, Chief of the Banking Section of the Board's
Division of Research and Statistics. Assistance in
planning the survey was provided by various Federal
Reserve System groups having responsibilities relating
to automation. Mr. Robert R. Wyand, II, Economist
in the Banking Section, was responsible for developing the statistical procedures for processing and summarizing the data. This article was prepared by Mr.
Eckert and Mr. Wyand.
1408
1409
AUTOMATION AT COMMERCIAL BANKS
electronic computer; the remainder will employ mainly conventional punch-card accounting equipment.
Computers were already in operation or
were being installed for 178 banks. These
banks hold roughly 40 per cent of all commercial bank deposits. As might be expected, in view of the high initial cost of such
systems and the risks involved in moving
into relatively untried fields, larger banks
have been in the vanguard in adopting computer systems. All but 2 of the 60 largest
banks—those with total deposits of $500
million or more—are installing computers.
Most of them already have the equipment
on hand.
The proportion of banks with computer
systems, either existing or planned, becomes
progressively smaller for banks in the
smaller size classes, particularly for banks
with total deposits of less than $100 million. Nevertheless, 77 banks with total deposits in the $25 million-$50 million range,
or 17 per cent of all such banks, are adopting
TABLE 1
AUTOMATION AT COMMERCIAL BANKS, BY SIZE OF BANK
Size of bank
(total deposits, in millions of dollars)
Total
banks
Item
1,000 and over
Number
Per
cent
Total banks reporting
972 100.0
Nonautomating banks
525
54.0
Automating banks
Computer
Other
447
382
65
46.0
39.3
6.7
Number
Per
cent
23 100.0
23 100.0
23 100.0
500-1,000
Number
Per
cent
37 100.0
250-500
Number
Per
cent
50-100
100-250
Number
65 100.0
Per
cent
174 100.0
Number
Per
cent
25-50
Number
Per
cent
230 100.0
443 100.0
1
2.7
3
4.6
45
25.9
131
57.0
345
77.9
36
351
97.3
94.6
2.7
62
54
8
95.4
83.1
12.3
129
115
14
74.1
66.1
8.0
99
78
21
43.0
33.9
9.1
98
77
21
22.1
17.4
4.7
Status of computer automation
Total banks
With computer systems:
In operation
In process *
Planned 2
. .
.
382 100.0
116
62
204
30.4
16.2
53.4
23 100.0
17
1
5
73.9
4.3
21.7
35 100.0
54 100.0
20
6
9
25
9
20
57.1
17.1
25.7
46.3
16.7
37.0
115 100.0
27
20
68
23.5
17.4
59.1
78 100.0
77 100.0
16
8
54
11
18
48
20.5
10.3
69.2
14.3
23.4
62.3
Type of computer
Total banks
With general purpose computers:
Total
.
Large
Small
With special purpose computers
Other
Unspecified
382 100.0
23 100.0
35 100.0
245
16
70
159
84
11
42
21
9
8
4
91.3
39.1
34.8
17.4
2
8.7
30
3
15
12
2
1
2
64.1
4.2
18.3
41.6
22.0
2.9
11.0
85.7
8.6
42.9
34.3
5.7
2.9
5.7
54 100.0
45
2
13
30
5
1
3
83.3
3.7
24.1
55.6
9.3
1.9
5.6
115 100.0
82
71.3
18
64
17
2
14
15.7
55.7
14.8
1.7
12.2
78 100.0
77 100.0
45
1
11
33
25
2
6
22
1
5
16
35
57.7
1.3
14.1
42.3
32.1
2.6
7.7
17
28.6
1.3
6.5
20.8
45.5
3.9
22.1
Arrangement for management of computer systems
Total banks
With arrangements to—
Operate own computer:
Two or more banks cooperating...
Contract for computer services 3 . . . .
Unspecified
382 100.0
23 100.0
35 100.0
54 100.0
322
22
32
6
23 100.0
35 100.0
52
96.3
2
3.7
84.3
5.8
8.4
1.6
1 Includes banks at which computers are being installed and banks
in the process of converting from one computer to another.
2 Includes banks with computers on order and banks with definite
plans
to begin using computer systems within 3 years.
3
Includes banks contracting for computer services with a correspondent bank or an outside service bureau.
115 100.0
98
9
5
3
85.2
7.8
4.3
2.6
78 100.0
61
6
11
78.2
7.7
14.1
77 100.0
53
7
16
1
68.8
9.1
20.8
1.3
NOTE.—Details may not add to totals because of rounding. Figures
relating to planned computer and sorter systems refer only to that
equipment already on order or definitely planned to be operating
within 3 years.
1410
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
computer systems. For most of these 77
banks, however, the computers are still in
the planning stage.
On the other hand, nearly all banks automating with noncomputer systems are small
banks. In those districts in which the survey
was extended to some of the banks with
total deposits of less than $25 million, prospective automation at such banks was found
to be negligible.
Substantial progress toward automation
was reported in all Federal Reserve districts,
with the percentage of banks using or
planning computers ranging from 32 to 61
per cent, as shown in Supplementary Table
1. The San Francisco District, in which
branch banking is extensive, shows the largest proportion of computer-system banks, as
well as an unusually large proportion of
banks with systems already in operation or
being installed.
Type of computer. Nearly two-thirds of the
banks adopting computer systems are using
general purpose machines capable of adaptation to many types of bookkeeping operations. The 16 banks reporting large general
purpose computers are mainly those with
total deposits of $500 million or more, and
most of these machines are already in operation, as shown in Supplementary Table 2.
Medium-size computers were reported in appreciable numbers by banks in all size
groups down to total deposits of $50 million,
while small computers were reported mainly
by banks in the $50 million-$500 million
range of total deposits. Almost half the
medium-scale and more than half of the
small-scale computers were either in operation or being installed on the survey date.
For the most part smaller banks are the
ones adopting special purpose computers.
Such computers include those with special
capacity for handling large files of data.
A total of 94 banks, mainly those with
deposits of $100 million or more, are using
or plan to use more than one computer,
almost all general purpose machines. For
nearly half of these banks, two computers
were already in operation or being installed
on the survey date. In many cases, banks
were using or planning to use two computers
of the same general type.
Nearly all banks reporting large and
medium-size general purpose computers are
using either magnetic tape or a combination
of punch cards and magnetic tape as the
medium for reading data into the computer
and deriving output, as shown in Supplementary Table 2. This is also true for most
banks using small general purpose computers, although about one-fourth of these
banks reported punch-card input-output facilities. Banks using special purpose computers reported using punch-card facilities
more than other types, but an appreciable
number of such banks also reported using
magnetic tape and punch paper tape.
Arrangements for management. About 85
per cent of the banks adopting computer
systems are purchasing or leasing the equipment on an individual bank basis. This is
true for all such banks with total deposits
of $250 million or more and for the predominant proportion of all smaller banks.
A total of 32 banks, or less than 10 per cent
of all computer-system banks, are contracting with a correspondent bank or an outside
service firm to provide them with computer
services.
Nearly 200 banks, mainly the larger ones,
report that they are planning to make their
deposit accounting and sorting services
available to other banks. On the other hand,
only about 80 banks with deposits of $25
million or more indicate that they plan to
have one or both of these services performed
for them by other banks or by outside service organizations. Of the 1,841 respondent
1411
AUTOMATION AT COMMERCIAL BANKS
banks with total deposits of less than $25
million, 206 or about one-tenth reported
plans to use outside check processing services.2 These data suggest that competition
among large city banks for the check processing business of smaller banks may become
quite active and that the use of automated
services among smaller banks may spread
more rapidly than projected by these banks
at the time of the survey.
An additional 22 banks indicated that
they were arranging cooperative facilities
with other banks to perform their computer
operations, despite the legal difficulties in
doing so. At the time of the survey, investment in the stock of service corporations was
not permissible for Federally supervised
banks, but legislation permitting such in2
Since several districts surveying smaller banks
restricted coverage to banks most likely to be interested in automation, this proportion is higher than
would be true for smaller banks generally.
vestment was enacted on October 23 of
this year.3 As a result of this legislation,
more medium-size and small banks should
be able to avail themselves of the economies
possible only through use of the more advanced types of electronic computer systems.
The survey shows that banks participating
in cooperative ventures or contracting for
computer services generally have the use of
larger computers than banks of comparable
size purchasing or leasing their own equipment.
MAGNETIC INK CHARACTER
RECOGNITION SORTERS
A total of 361 banks, or nearly two-fifths of
all banks with deposits of $25 million or
more, are now using or plan to use magnetic
ink character recognition (MICR) equipment for sorting and reading checks and
other bank documents, as shown in Table 2.
5
Bank Service Corporation Act, Public Law 87-856.
TABLE 2
MICR SORTER EQUIPMENT AT COMMERCIAL BANKS, BY SIZE OF BANK
Size of bank
(total deposits, in millions of dollars)
Total
banks
Item
Total banks reporting
1,000 and over
Number
Per
cent
972
100.0
Number
23
Per
cent
100.0
500-1,000
Number
37
Per
cent
100.0
250-500
Number
65
50-100
100-250
25-50
Per
cent
Number
Per
cent
Number
Per
cent
Number
Per
cent
100.0
174
100.0
230
100.0
443
100.0
25.3
5.2
32.2
37.4
28
7
37
158
12.2
3.0
16.1
68.7
16
10
37
380
3.6
2.3
8.4
85.8
Status of sorter equipment
Banks with sorters
In operation
In process ^
Planned 2
Banks not planning sorters
165
34
162
611
17.0
3.5
16.7
62.9
18
78.3
5
ii.7
23
5
7
2
62.2
13.5
18 9
5.4
36
3
20
6
55.4
4.6
30.8
9.2
44
9
56
65
Arrangements for management of sorter equipment
Total banks
With arrangements to—
Operate own sorter:
Single bank
Two or more banks cooperating. .
Contract for sorter services
Unspecified
1
361
100.0
23 100.0
35 100.0
59 100.0
315
15
25
6
87.3
4.2
6.9
1.7
23 100.0
35 100.0
57
96.6
1
1
1.7
1.7
Includes banks at which sorters are being installed.
109 100.0
95
7
3
4
87.2
6.4
2.8
3.7
72 100.0
63 100.0
56
5
10
1
49
3
11
77.8
6.9
13.9
1.4
77.8
4.8
17.5
2
Includes banks with sorters on order and banks with definite
plans to begin using sorters within 3 years.
1412
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
In general, such sorters are one essential of
a fully automated system for processing
checks, incorporating an electronic computer. However, 56 banks that are acquiring
computers have no plans for MICR sorters,
and 19 banks acquiring sorters have no
plans for computers. In both instances most
of these banks fall in the smaller size classes.
Sorters are already in operation at 165
banks and are being installed at 34 other
banks; and 162 banks have such units on
order or definitely planned. Practically all
banks with deposits of $250 million and over
are using or have firm plans for MICR sorting equipment. The proportion of banks
using sorters decreases rapidly as size of
bank decreases, with sorters reported by
only 14 per cent of banks with deposits from
$25 million to $50 million. Most banks own
or lease sorters, operating them under singlebank management, but 15 smaller banks
are planning cooperative facilities for providing sorter services, and 25 are contracting for such services with correspondent
banks or data-processing organizations.
APPLICATIONS OF AUTOMATION
Statistical operations involving routine processing of large numbers of transactions are
particularly well suited for automation.
Banks have a large number of such operations. The recent development of equipment
capable of reading data imprinted with magnetic ink has greatly enhanced the possibilities for realization of the economies of automation in banking. As might be expected,
the survey shows that banks are employing
automated procedures in a variety of operations, with the extent of automation depending on the volume of transactions as well as
the adaptability of the operation to available
automation procedures.
For example, in most banks regular
checking accounts give rise to the largest
volume of bookkeeping activity; and they
are receiving the most attention in bank
automation planning. Within 3 years seveneighths, or 388, of the automating banks
will have coverage in this area, as shown in
Table 3. Other high-volume activities that
are being extensively automated include special checking accounts and consumer loans,
each reported by more than 70 per cent of
the automating banks, and savings accounts,
which were reported by almost 60 per cent.
More than half report coverage for mortgage loans and payroll accounts. Receiving
least attention are operations generally involving small volume and little processing,
including time certificates of deposit and
time deposits, open account; commercial
loans; and trust activities.
Implementation of automation plans,
however, is less advanced for regular checking accounts than for any other operation.
By the March survey date, only 16 per cent
of the banks automating regular checking
accounts had covered more than 80 per
cent of all such accounts within the bank.
An additional 52 per cent indicated that they
would achieve nearly complete coverage
with the use of equipment on hand or on
order, while 22 per cent of the banks had
yet to order the equipment. The extensive
work and planning involved in converting
regular checking accounts to MICR systems,
together with lags in the availability of
equipment, account in large part for the
limited progress reported thus far in automating these accounts.
In contrast, banks reported that they had
made most progress in implementing plans
for automating their payroll accounts.
Nearly three-fifths of all the banks that are
planning to automate these accounts reported almost complete coverage as of the
survey date. Substantial progress also was
reported in automating consumer loan and
1413
AUTOMATION AT COMMERCIAL BANKS
personal trust accounts. In each of these
areas, however, existing automation is
mainly through conventional punch-card ac-
counting equipment, which has been available for a long time. Although planned automation in these areas involves increased
TABLE 3
AUTOMATION OF ACCOUNTS BY COMMERCIAL BANKS
Equipment on hand or on order
Type of account
Total
banks
automating
accounts
Total
More than 80 per
cent automation
Currently
Planned
80 per cent
or less
automation
planned
Equipment
planned
Number of banks
Deposit:
Regular checking
Special checking
Savings
Other time
Loan:
Consumer
Mortgage
Commercial
Trust:
Personal
Transfer agent or registrar
Other
Other:
Transit
Payroll
388
358
259
92
303
285
168
64
60
86
51
27
201
166
107
36
42
33
10
1
85
73
91
28
322
235
147
248
164
91
123
74
27
115
83
61
10
7
3
74
71
56
172
129
140
145
106
111
101
63
71
41
40
37
3
3
3
27
23
29
192
235
102
197
7
138
78
58
17
1
90
38
Percentage distribution
Deposit:
Regular checking
Special checking
Savings
Other time
Loan:
Consumer
Mortgage
Commercial
Trust:
Personal
Transfer agent or registrar
Other
Other:
Transit
Payroll
100.0
100.0
100.0
100.0
78.1
79.6
64.9
69.6
15.5
24.0
19.7
29.3
51.8
46.4
41.3
39.1
10.8
9.2
3.9
1.1
21.9
20.4
35.1
30.4
100.0
100.0
100.0
77.0
69.8
61.9
38.2
31.5
18.4
35.7
35.3
41.5
3.1
3.0
2.0
23.0
30.2
38.1
100.0
100.0
100.0
84.3
82.2
79.3
58.7
48.8
50.7
23.8
31.0
26.4
1.7
2.3
2.1
15.7
17.8
20.7
100.0
100.0
53.1
83.8
3.6
58.7
40.6
24.7
8.9
.4
46.9
16.2
As percentage of the 447 automating banks
Deposit:
Regular checking
Special checking
Savings
Other time
Loan:
Consumer
Mortgage
Commercial
Trust:
Personal
Transfer agent or registrar
Other
Other:
Transit
Payroll
86.8
80.1
57.9
20.6
67.8
63.8
37.6
14.3
13.4
19.2
11.4
45.0
37.1
23.9
8.1
9.4
7.4
2.2
.2
19.0
16.3
20.4
72.0
52.6
32.9
55.5
36.7
20.4
27.5
16.6
6.0
25.7
18.6
13.6
2.2
1.6
.7
16.6
15.9
12.5
38.5
28.9
31.3
32.4
23.7
24.8
22.6
14.1
15.9
9.2
8.9
8.3
.7
.7
.7
6.0
5.1
6.5
43.0
52.6
22.8
44.1
30.9
1.6
17.4
13.0
3.8
.2
20.1
6.0
6.3
8.5
1414
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
use of computers, conventional systems will
remain dominant in payroll and personal
trust accounts even after planned expansion
has been completed.
The existing automation of nonsavings
time deposits, mortgage loans, and commercial loans is mainly through conventional
punch-card systems. When the proposed expansion is complete, however, each of these
types of accounts will be more than 50 per
cent computer automated.
At the time of the survey, very little automation of transit activities had been
achieved. A total of 192 banks, or 43 per
cent of the automating banks, however, expect to have transit activities automated
within 3 years.
ACCOUNT NUMBERING AND
CLASSIFICATION
Banks that plan to automate their deposit
accounting or that have already done so
have adopted modified versions of either a
straight numbering of accounts or an alphanumeric system. The simple alpha-numeric
system generally is modified by dividing the
alphabet into small sections, for example,
AAA-AIA, AJA-ARA, etc. Within these
alphabetic sections, new accounts are inserted at the next unassigned number instead of in strictly alphabetic positions. A
further modification involves the segregation of groups of accounts for special handling, such as high activity accounts, trusts,
interbank accounts, public funds, and employee accounts.
The straight numeric system generally is
modified by grouping numbered accounts by
type, for example, special checking, regular
checking, and commercial accounts. Frequently, broad alphabetic groups are maintained within each category of numbered
account. Although a majority of the automating banks have adopted a modified
straight numeric system for numbering both
their deposit accounts and their loan accounts, a substantial number will continue
to use a modified alpha-numeric system.
A total of 231 banks, or more than onehalf of all automating banks, report that
they would be able to obtain figures through
their automated systems for the classifications of deposits and loans as required in
official Reports of Condition. Moreover, 134
banks report that their automated systems
could provide totals for the suggested demand and time deposit classifications developed by the Federal Reserve System as a
guide to automating banks, and 123 banks
report that provision has been made to adopt
the System's recommendations at a later
date.4 The classifications currently in effect,
however, provide considerably less detail
than those suggested by the Federal Reserve.
MAGNETIC INK PREPRINTING AND
ENCODING
A prerequisite to the use of MICR sorters is
the preprinting of checks or other documents
with magnetic ink characters. Banks may
have one or more of three different categories of information mechanically recorded
on checks: bank transit number and routing
symbol to facilitate forwarding and crediting of checks between banks; dollar amount
of check to permit automatic debiting, crediting, and verifying of proper amounts; and
individual account identification to facilitate internal bookkeeping at the payee bank.
At the time of the survey more than 400
banks, or 43 per cent of all banks surveyed,
were preprinting more than four-fifths of
their checks with magnetic ink characters
showing transit number and routing symbol.
Almost all the banks were preprinting some
of their checks, as shown in Table 4. Fur4
See Federal Reserve BULLETINS, July 1960 and
May 1961.
1415
AUTOMATION AT COMMERCIAL BANKS
ther rapid progress in the use of magnetic
ink symbols is in prospect; 467 banks plan
to have all checks preprinted by the end of
this year, and 724 by mid-1963. Only 7
small banks have no plans for preprinting.
Almost one-third of the respondents, or
312 banks, have already acquired or have
ordered equipment to encode the dollar
amounts on checks in magnetic ink characters, as shown in Table 5. At the time of the
survey, only 25 banks were encoding the
dollar amounts on checks sent to Federal
Reserve Banks or to correspondent banks
for collection, and an additional 200 banks
were planning such encoding, using equipment on hand or on order.
In seven Federal Reserve districts some
banks with total deposits of less than $25
million were surveyed regarding the use of
magnetic ink encoding procedures and
equipment. A substantial number of these
smaller banks are preprinting checks with
their transit-routing numbers. But only a
few will encode the dollar amounts on
checks sent out for collection, and a very
small number of these banks will operate
their own electronic sorting equipment.
TABLE 4
STATUS OF MAGNETIC INK CHECK PREPRINTING AT COMMERCIAL BANKS
Size of bank
(tot al deposits, in millions of dollars)
Total
banks
500-1,000
250-500
100-250
50-100
Per
cent
Number
Per
cent
Number
Per
cent
Number
cent
Number
Per
cent
Number
972 100.0
23
100.0
37
100.0
65
100.0
174
100.0
230
.6
8 6
6.9
13.2
26.4
44.3
7
11
24
Number
Total reporting banks
,000 and over
Per
25-50
Per Numcent ber
Per
cent
100.0
443
100.0
3.0
4.8
13
30
44
2.9
6.8
9.9
91
39.6
187
43
61
18.7
26.5
27.8
11.3
5.2
.9
85
127
106
30
9.1
.4
52
6
Banks preprinting checks
Per cent of checks preprinted: l
None
1- 20
21-40
41-60
61- 80
. . . .
81-100
24
5O -J9
2
149
241
15.3
24.8
42.8
14
416
2
1
1
2.5
S7
85
4
3
8.7
17.4
13.0
60.9
4
11
18
5.4
2.7
2.7
10.8
29.7
48.6
1
2
11
22
29
1.5
3.1
16.9
33.8
44.6
1
15
12
23
46
77
34
63
10.4
14.8
27.4
73
96
16.5
21.7
42.2
Schedule for adopting 100 per cent preprinting
Schedule:
Mar 1 June 30 1962
July 1-Dec. 31, 1962.
Jan. 1-June 30 1963
July 1-Dec. 31, 1963
During 1964
1965 or later
Indefinite
No plans for preprinting
174
293
257
81
54
n
93
7
17.9
30.1
26.4
8.3
5.6
1 3
9.6
.7
4
9
5
3
1
17 4
39.1
21.7
13.0
4.3
2
1
1
4.3
1
1
Checks preprinted in magnetic ink characters with transit number
and routing symbol in March 1962.
9
15
7
2
24.3
40.5
18.9
5.4
5.4
2.7
2.7
7
18
23
9
2
10.8
27.7
35.4
13.8
6
9.2
3.1
26
63
52
11
8
2
12
14.9
36.2
29.9
6.3
64
26
6.9
12
2
21
4.6
1.1
1
29
8
19.2
28.7
23.9
6.8
6.5
1.8
11.7
1.4
1416
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
TABLE 5
ACQUISITION AND USE OF EQUIPMENT FOR MAGNETIC INK CHECK ENCODING
Total
banks
Item
Number
Per
cent
Size of bank
(total deposits, in millions of dollars)
1,000 and over
Number
Per
cent
972 100.0
23 100.0
312
32.1
.••••
157
155
16.2
15.9
Banks encoding dollar amounts on
checks for outside clearing, total..
225
Planned using available equipment..
Planned using equipment on order..
25
76
124
Banks with equipment for encoding
dollar amounts on checks, total...
On order 1 •
1
Number
Per
cent
250-500
Number
Per
cent
100-250
Number
Per
cent
50-100
Number
Per
cent
25-50
Number
Per
cent
37 100.0
65 100.0
23 100.0
32
86.5
47
72.3
98
56.3
57
24.8
55
12.4
16
7
69.6
30.4
24
8
64.9
21.6
31
16
47.7
24.6
42
56
24.1
32.2
26
31
11.3
13.5
18
37
4.1
8.4
23.1
17
73.9
27
73.0
32
49.2
72
41.4
35
15.2
42
9.5
2.6
7.8
12.8
6
3
8
26.1
13.0
34.8
2
17
8
5.4
45.9
21.6
3
14
15
4.6
21.5
23.1
9
23
40
5.2
13.2
23.0
3
8
24
1.3
3.5
10.4
2
11
29
.5
2.5
6.5
Excludes 43 banks with equipment on order as well as on hand.
500-1,000
174 100.0
230 100.0
443 100.0
1417
AUTOMATION AT COMMERCIAL BANKS
SUPPLEMENTARY TABLE 1
STATUS OF AUTOMATION AT COMMERCIAL BANKS, BY FEDERAL RESERVE DISTRICT
Banks using or planning computers
District
Total
Boston
New York
Philadelohia
Per cent
reporting
computers
Total
banks
reporting
.
Cleveland
Atlanta
Chicago
St Louis
Kansas City
Dallas
San Francisco
In operation
Total
Number
Per cent
Number
Per cent
Being installed
Number
l
Planned 2
Per cent
Number
Per cent
972
38.9
378
100.0
116
30.7
62
16.4
200
52.9
59
146
57
40.7
41.1
40.4
24
60
23
100.0
100.0
100.0
10
20
7
41.7
33.3
30.4
3
9
5
12.5
15.0
21.7
11
31
11
45.8
51.7
47.8
81
66
94
34.6
34.8
38.3
28
23
36
100.0
100.0
100.0
7
9
3
25.0
39.1
8.3
2
3
7
7.1
13.0
19.4
19
11
26
67.9
47.8
72.2
191
50
28
31.9
38.0
35.7
61
19
10
100.0
100.0
100.0
16
7
5
26.2
36.8
50.0
12
1
4
19.7
5.3
40.0
33
11
1
54.1
57.9
10.0
55
74
71
43.6
36.5
60.6
24
27
43
100.0
100.0
100.0
5
9
18
20.8
33.3
41.9
2
3
11
8.3
11.1
25.6
17
15
14
70.8
55.6
32.6
1
Includes banks at which computers are being installed and banks
in the process of converting from one computer to another.
2 Includes banks with computers on order and banks with definite
plans to begin using computer systems within 3 years.
NOTE.—Details may not add to totals because of rounding. Figures
relating to planned computer systems refer only to equipment already
on order or definitely planned to be operating within 3 years.
SUPPLEMENTARY TABLE 2
COMPUTER SYSTEMS AT COMMERCIAL BANKS, BY TYPE OF COMPUTER
All
types
Item
Number
Total banks reporting computers
Per
cent
382 100.0
General purpose
Total
Number
Per
cent
245 100.0
Medium
Large
Number
Per
cent
16 100.0
Number
Per
cent
70 100.0
Small
Number
Special
purpose
Per
cent
Number
159 100.0
84
100.0
32.1
20.1
47.2
.6
20
17
47
23.8
20.2
56.0
87.4
3.1
7.5
1.9
80
1
95.2
2.4
1.2
1.2
38
41
76
23.9
25.8
47.8
4
2.5
26
14
5
8
31
31 0
16.7
6.0
9.5
36.9
Per
cent
Otl
Number
Per
cent
153 100.0
Status of automation
In operation
In process 2
Planned 3
Unspecified
.
116
62
200
4
30.4
16.2
52.4
1.0
86
44
113
2
35.1
18.0
46.1
.8
13
1
2
81.3
6.3
12.5
22
11
36
1
31.4
15.7
51.4
1.4
51
32
75
1
10
1
40
18.9
1.9
75 5
3.8
Arrangements for management
Operate own computer:
Single bank
Two or more banks cooperating
Contract for computer services
Unspecified
319
22
32
9
83.5
5.8
8.4
2.4
200
16
25
4
81.6
6.5
10.2
1.6
14
87.5
2
12.5
47
11
11
1
67.1
15.7
15.7
1.4
139
5
12
3
39
4
6
4
73.6
7.5
11.3
7.5
Type of input-output
Punch-card
Punch-card and magnetic tape
Punch oaoer taDe
Unsoecificd
1
2
78
121
123
10
50
20 4
31.7
32.2
2.6
13.1
38
91
107
1
8
15.5
37.1
43.7
.4
3.3
Includes 42 banks that did not identify their computers.
Includes banks at which computers are being installed and banks
in the process of converting from one computer to another.
13
3
81.3
18.8
37
28
1
4
52.9
40.0
1.4
5.7
14
16
11
1
11
26 4
30.2
20.8
1.9
20.8
3
Includes banks with computers on order and banks with definite
plans to begin using computer systems within 3 years.
1418
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
SUPPLEMENTARY
TABLE 3
AUTOMATION OF ACCOUNTS AT COMMERCIAL BANKS BY METHOD
Punch-card accounting
Computer
Type of account
Total
Current
Planned
Total
Current
Planned
Number of banks
Deposit:
Regular checking
Special checking
Savings
Other time
Loan:
Consumer
Mortgage
Commercial
Trust:
Personal
Transfer agent or registrar,
Other
Other:
Transit
Payroll
18
38
34
26
12
31
29
20
6
7
5
6
285
247
134
38
48
55
22
7
237
192
112
31
103
74
24
91
57
18
12
17
6
145
90
67
32
17
9
113
73
58
99
63
69
92
54
63
7
9
6
46
43
42
9
9
8
37
34
34
1
119
110
1
9
101
78
7
28
94
50
NOTE.—Figures refer to banks using equipment already on hand or on order.
SUPPLEMENTARY
TABLE 4
PROVISION AND USE OF DEPOSIT ACCOUNTING AND SORTING
Number of banks
Size of bank
(total deposits, in millions of dollars)
All classes
1 000 or more
500-1,000
250-500
100-250
50-100
25 50
Providing services
Total
reporting
972
23
37
65
174
230
443
Deposit
accounting
Sorting
190
12
24
32
61
35
26
197
12
20
31
68
37
29
SERVICES
Percentage of all banks within size class
Using
deposit
accounting
and/or
sorting
services
83
7
20
55
Providing services
Deposit
accounting
Sorting
19.5
52 2
64.9
49.2
35.1
15.2
5.9
20.3
52 2
54.1
47.7
39.1
16 1
6.5
Using
deposit
accounting
and/or
sorting
services
8.5
1.5
4 0
8 7
12.4
1419
AUTOMATION AT COMMERCIAL BANKS
CONFIDENTIAL F.R.
Form approved
Budget Bureau No. 55-6201
February 1962
FEDERAL RESERVE SURVEY OF COMMERCIAL BANK AUTOMATION
Please complete this form and mail one copy to the Federal Reserve Bank in your District on or before
March
, 1962,
Name of bank_
Address
Number of banking offices
Name, title, and address of officer responsible for bank 's automation program
This questionnaire is concerned with bank automation, particularly as it involves (1) preprinting checks
with MICE transit number and routing symbol, (2) encoding the dollar amounts of checks, and (3) using computer or punch card accounting equipment in the performance of various bookkeeping functions. If your
bank is now doing or pinna to do any of these, please complete this questionnaire and return it.
If you have no definite automation plans, complete only Item 1 below on MICR and return this form to the
Federal Reserve Bank in your District.
1.
MICR (Magnetic Ink Character Recognition) - Deposit Accounting and Transit*
a.
What percentage of the checks drawn on your bank are now preprinted with your Transit NumberRouting Symbol in magnetic ink characters?
When do you expect that all (or most) of the checks drawn on your bank will be so preprinted?
Do you have on hand, on order, or are you planning to order high-speed electronic equipment for
deposit accounting or transit? Yes // No /"7
(1) If yes, do you plan to provide deposit accounting services for other banks? Yes /~7 No /"7
Sorting services? Yes £J No £ ]
(2)
If no, do you plan to make use of deposit accounting or sorting services provided by another
bank or service organization? Yes / / No /"7
Do you have on hand or on order equipment to encode the dollar amounts on the checks? Yes /"7 No /"7
(1) If on hand:
Are you presently encoding the dollar amounts on the checks that you send to Federal Reserve
Banks or correspondent banks for collection? Yes /"7 No /"7
If not presently encoding such checks, do you plan to do so?
Yes / 7 N o O
(2)
If
yes» when?
If on order:
When will equipment be delivered?
_________
Do you plan to encode the dollar amounts on the checks that you send to Federal Reserve Banks
of correspondent banks for collection? Yes /"7 No /"7
If yes, when will you start?
Computer Equipment. List below the computer equipment (including magnetic ink character recognition
sorters) in use or planned for your bank. Identify each separate computer system detailing (on an
attached sheet if necessary) peripheral equipment (including number of tape units).
Make and model
number
Computers
Management arrangement
Coopera- Independent
Owned or
leased by
tive
service
venbureau or
your bank
correspondent
ture
only
bank
O
MICR sorters
a
a
a
o
o
o
o
O
a
o
a
0
o
o
o
a
a
o
0
a
o
a
a
S t a t u s
In
operation
0
a
a
o
o
o
o
a
Being
installed
or in process of
conversion
On order or
firm plans
to convert
within 3
years
O
O
O
o
o
o
a
a
a
a
a
a
a
o
a
o
Input-output
facilities
(Check one or bothT
On-line
Magpunch
netic
card
tape
D
a
a
o
o
o
o
a
a
o
1420
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
- 2 -
3«
Iftf"iedApplications of Automation. Please indicate by check marks in the appropriate
squares of a, b, and c below all existing and planned applications of automation in your bank and
supply the requested information about each application in the adjoining columns.
Applications Currently Automated
Application
/ / Regular checking accounts
/"7 Special checking accounts
n
Savings deposits
£J
Other time deposits
/""7 Consumer loans
/~7 Mortgage loans
n
Commercial loans
£ 7 Transit
£J Payroll
/"7 Trust accounting (specify)
£J
k.
Other (specify)
Type of system
Computer Punch card
accounting
O
D
D
O
D
D
a
a
o
a
a
a
a
a
a
a
a
a
o
a
a
o
a
o
o
o
C o v e r ace
Approximate percentage Number of
of total number of
offices
specified accounts
affected
in bank
b.
Breakdown identical to 3a. above.
c.
Breakdown of accounts identical to 3a., but the only data requested were dates for completion
of planned automation.
Classification of Deposits and Loans.
a.
Can the automated portion of your accounting system provide figures for the classifications of
deposits and loans required in the Call Report of Condition? Yes /"*7 No /"7
b.
Can the automated portion of your accounting system provide totals for the demand and time deposit
classifications suggested in the Federal Reserve Bulletins of July 1960 and May 1961 (reprints
attached)? Yes // No fj
Has provision been made in your automated or planned accounting
system to provide this information at a future date? Yes f~f No /"7
c.
Within the automated portion of your existing or planned accounting system, what information is
contained in the master file about each loan and deposit account — for example, type of business,
location of customer, average size of account, etc.?
Describe classifications in detail on a separate sheet or attach prepared materials showing
breakdowns.
d.
Please describe on a separate sheet or submit prepared materials coi^taining a detailed description
of the account numbering system, including check digit system, used for your deposit and loan
accounts.
Quarterly Survey of Consumer
Buying Intentions
CONSUMER PLANS to buy automobiles
and household durable goods continued
strong in October, according to data from
the Quarterly Survey of Consumer Buying
Intentions. Plans to buy new automobiles
and household durable goods increased
more from July to October than they had in
either of the two preceding years. Plans to
buy used automobiles showed little change,
compared with small increases in other recent years.1
In October the number of consumers
reporting plans to buy automobiles within
the next 6 or 12 months or reporting plans
to buy household durable goods within 6
months were all appreciably larger than a
year earlier. Moreover, more families than
in other recent Octobers reported that they
definitely would buy or that they would buy
within the first 3 months. Plans to buy
houses declined slightly from July to October but in October were close to the yearearlier level.
Consumers continued to report favorable
expectations about prospective changes in
income. The proportion expecting higher
incomes over the next year was slightly
larger in October than in July; the propor1P
This article presents the findings of the October
1962 Quarterly Survey conducted by the U. S. Bureau of the Census. The Quarterly Survey is conducted under the supervision of Mona E. Dingle of
the Board's staff and James C. Byrnes of the Bureau
of the Census. The current article was prepared by
Theodore G. Flechsig. Articles covering the previous
Quarterly Surveys appeared in earlier issues of the
BULLETIN. A description of the Survey appeared in
the BULLETIN for September 1960, pp. 977-1003.
tion expecting no change was correspondingly smaller. The proportion of families
who expected lower incomes or who were
uncertain about their future income prospects remained unchanged at a level well
below that of the corresponding period of
1961. In the recent Survey about the same
number of families as in the April and July
Surveys reported that their incomes were
equal to or higher than those a year earlier.
Automobiles. Reported plans to buy new
automobiles within 3 or 6 months, already
at high levels for July, increased slightly
more from July to October than in the corresponding period of 1960 or 1961. Reported plans to buy in 6 to 12 months following the Survey also advanced more than
in either of the two preceding years. The
proportions of families in October who reported plans to buy new cars within each
of the planning intervals covered by the
Survey were well above the corresponding
proportions reported in October 1960 and
1961.
In October, 6-month plans to buy used
automobiles were about the same as in October 1961, after having been above yearearlier levels in April and July. Definite
plans to buy and plans to buy within 3
months, however, were reported more often
than in either of the two preceding October
Surveys.
The number of consumers reporting dissatisfaction with the cars they owned was
about the same this October as it was a year
earlier. Six per cent said they had been
1421
1422
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
AUTOS AND HOUSES - PLANS TO BUY
WITHIN 6 MONTHS
Per cent
WITHIN 12 MONTHS
JAN.
JULY
OCT.
JAN.
APR.
NOTE.—Plans to buy new automobiles and used automobiles
include pro rata shares of planners undecided between new
and used. These proportions differ from the proportions shown
in Table 1, which include only specific plans to buy either new
or used cars.
shopping for a new or used car in the weeks
immediately preceding the Survey, compared with 5 per cent in October 1961 and
slightly more than 6 per cent in October
1960.
In each quarter of this year consumer
purchases of new cars have been substantially larger than in the corresponding quarter of 1961 and for the first 9 months were
about one-fifth larger than in the same period of 1961. Consumer reports of used car
purchases showed little change from the
second to the third quarter this year, in contrast with substantial declines in the three
preceding years. According to Survey reports, purchases of used cars in the third
quarter were considerably above the third
quarter totals for 1961 and earlier years,
while purchases in the first half had been
equal to those in the first half of 1961.
Household durable goods. Six-month plans
to buy household durable goods increased
slightly more from July to October than in
the same period of 1961 and considerably
more than in 1960. Reported plans to buy
each of the household items included in
the Survey were higher than or about the
same as a year earlier. Expected purchases
of television sets, clothes dryers, and radio
and phonographic equipment were particularly strong.
As indicated in the chart, 6-month plans
per 100 families were about the same as in
October I960, after having been below the
corresponding 1960 levels in earlier Surveys this year. However, because these proportions are based on an expanding number of households, the number of plans was
actually about the same in July 1962 as
two years earlier and in October was slightly
larger than in October I960. 2 Plans to buy
household durable goods within 3 months,
moreover, continued at a substantially
HOUSEHOLD DURABLE GOODS - PLANS TO BUY
WITHIN
6
MONTHS
No per 100 fam
amities
-
1960
——
-
24
-
16
-
6
1961
19 6 2
1
1
WITHIN 3 MONTHS
JAN.
APR.
JULY
OCT.
JAN.
NOTE.—Plans to buy items listed in Table 3.
2
In terms of the number of plans or purchases, it
should be kept in mind that reported proportions are
based on the total number of households, which increase by about 1 million units, or 2 per cent, per
year. Thus 20.7 plans per 100 families in the recent
Survey is equivalent in numbers to about 21.5 plans
per 100 families in October 1960.
1423
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
higher level than in the corresponding Survey of the two preceding years.
Families interviewed in October reported
12.6 purchases of household durable goods
per 100 families for the third quarter, compared with 11 per 100 families in the second quarter. The increase between quarters
was about the same as in 1961. The total
number of purchases by consumers in the
third quarter was about 10 per cent larger
than the number reported for the corresponding quarter of 1960 and 1961. This
is the fourth consecutive quarter in which
reported purchases of household durable
goods have exceeded the year-earlier total.
Houses. Plans to buy houses within 6 or
12 months declined slightly from July to
October, compared with a similar decline
in the same period of 1960 and no change
in the corresponding period of 1961.
Slightly fewer families in October than a
year earlier expected to buy houses, and
fewer expressed definite plans to buy. In
July, plans had been slightly higher than in
July 1961. According to Survey data, in
the third quarter purchases of new and existing houses continued to show little change
from year-earlier levels.
Sampling variability. Data from Quarterly
Surveys are based on about 17,000 interviews and, as is true of all sample surveys,
may differ because of sampling variability
from data that would be obtained if a complete census were taken. The reliability of
estimates of percentages obtained from the
Survey depends on the size of the estimated
percentage and the size of the total sample
—or portion of the sample—on which the
percentage is based.
Sampling errors are shown in the table
for selected percentages and sample sizes.
The sample sizes are expressed in terms of
the estimated number of households repre-
SAMPLING ERRORS OF PROPORTIONS
The chances are 68 in 100 that the value being estimated lies within
a range equal to the reported percentage plus or minus the number
of percentage points shown below.
Number of
households
(in millions)
Reported percentage
2 or 98
5 or 95
10 or 90
25 or 75
50
1
2
5
.8
.6
.4
1.3
.9
.6
1.8
1.3
.8
2.6
1.8
1.2
3.0
2.1
1.4
10
20
50
.3
.2
.1
.4
.3
.2
.6
.4
.3
.8
.6
.4
1.0
.7
.4
sented by the Survey (or portion of the
Survey) rather than in terms of the actual
number of households sampled. The chances
are 68 in 100, or about 2 in 3, that an
estimate from the Survey would differ from
a complete census by less than the sample
errors shown in the table and 95 in 100
that the difference would be less than twice
the errors shown.
The second table shows the approximate
number of households by income and age
groups. The estimated size of each subgroup may be used in the first table to
obtain the approximate sampling error for
that subgroup in preceding Surveys as well
as in the October 1962 Survey.
SAMPLE SIZE FOR SPECIFIED GROUPS
Families or households 1
Group characteristic
Total
Proportion
in October
1962
Survey
Approximate number applicable to
all Surveys
(in millions)
100.0
54
Income: 2
Under $3,000
$3,000-$4,999
$5,000-57,499
$7,500-$9,999
$10,000 and over
Not ascertained
27.3
20.4
23.7
11.6
10.7
6.2
15
12
12
6
5
4
Age of head :
Under 35
35-54
55 and over
23.0
41.6
35.3
13
23
18
iFor the Quarterly Survey, data are collected only from the
principal family in the household. Therefore the number of families
is the same as the number of households.
2 Total money income before taxes of family in 12 months immediately preceding interview.
1424
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
TABLE 1
PLANS TO BUY HOUSES AND DURABLE GOODS, 1960-62
1
1961
1960
1962
Buying plan
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
18.9
7.9
17.4
7.6
19.5
8.0
8.8
2.9
9.5
3.2
6.0
9.1
Percentage of all families
New or used automobile: 2
Planning to buy within 12 months
Doesn't know about 12-month plan
Planning to buy within 6 months
Doesn't know about 6-month plan
Has shopped for automobile 3
Dissatisfied with automobile owned
New automobile:
Planning to buy within 12 months
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Used automobile:
Planning to buy within 12 months
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
House (new or existing):
Planning to buy within 24 months
Doesn't know about 24-month plan
Planning to buy within 12 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 6 months
Second 6 months
Doesn't know when in 12 m o n t h s . . . .
Doesn't know about 12-month plan
17.1
7.5
16.8
7.1
18.6
7.1
17.9
7.4
16.6
7.6
17.4
7.3
18.5
8.0
8.8
3.0
9.1
2.8
8.4
2.9
9.1
3.1
6.3
9.6
9.0
2.7
4.5
10.0
8.4
2.9
5.5
8.7
8.1
2.8
4.9
8.0
18.1
7.7
9.1
3.0
5.1
8.9
4.6
9.1
5.0
9.2
4.3
10.3
10.2
3.3
5.4
9.8
7.0
6.9
7.9
7.4
6.8
7.6
8.1
7.8
7.7
7.4
9.1
3.3
3.1
3.7
3.5
3.1
3.4
3.7
3.7
3.4
3.4
4.1
1.5
.9
1.2
1.0
.4
.1
.0
1.1
1.4
1.1
1.0
1.5
1.0
1.0
1.1
1.7
.9
1.3
1.3
1.4
1.0
.9
1.1
1.4
.9
1.8
1.2
1.2
.9
1.4
.7
1.6
1.2
.9
1.4
1.5
1.5
1.2
1.0
1.2
1.3
.7
1.5
1.2
.9
1.3
1.4
.9
7.2
7.2
8.0
8.3
7.7
7.9
8.2
8.2
9.2
8.1
8.3
3.9
3.8
4.0
4.5
4.1
4.2
4.4
4.3
5.6
4.5
4.4
.3
.2
.3
1.4
1.2
1.2
.2
.3
.4
1.5
1.4
1.6
.6
.3
.3
.5
.2
.5
.4
.5
.5
1.5
1.4
1.4
2.0
1.8
1.8
1.7
1.3
1.5
.6
.4
.5
.4
.3
1.4
1.2
1.1
.3
.7
.9
1.3
2.0
1.2
.7
.3
1.1
.6
.6
.0
.4
.7
.3
1.3
1.8
1.2
2.1
1.9
1.6
1.7
1.3
1.5
.7
.5
.2
11.1
6.2
11.2
6.6
10.6
6.8
10.3
6.4
10.0
6.3
10.0
6.1
10.6
6.4
9.8
6.1
10.0
6.4
10.1
6.0
10.4
6.7
.0
.6
.9
1.1
.9
.9
1.4
.8
1.1
1.5
4.6
1.6
1.6
.9
5.3
5.4
5.0
4.8
5.1
5.0
5.1
4.8
5.2
5.2
4.9
2.2
1.6
1.5
2.2
1.6
1.5
2.0
1.5
1.5
1.9
1.5
1.4
2.1
1.5
1.4
2.0
1.6
1.4
2.2
1.6
1.3
1.7
1.5
1.6
2.0
1.5
1.7
2.3
1.5
1.4
2.0
1.4
1.6
2.5
1.3
1.4
2.4
2.4
1.7
1.3
2.4
1.9
1.9
1.1
2.5
1.9
1.5
1.4
2.1
2.3
1.4
1.3
2.2
1.9
1.7
1.4
2.2
2.0
1.8
1.3
2.3
1.8
1.5
1.5
2.0
2.3
1.3
1.6
2.3
2.3
1.6
1.3
2.3
1.8
1.8
1.3
2.3
Plans per 100 families
Household durable goods: 4
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan
Major household durable goods: 5
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan
21.9
20.1
21.0
20.5
20.2
18.4
19.6
18.8
20.1
19.3
20.7
7.7
5.8
8.5
6.5
5.0
8.6
7.4
5.5
8.1
6.3
5.4
8.8
6.5
5.6
8.1
6.2
4.8
7.3
7.0
5.0
7.6
6.5
5.1
7.2
7.1
5.2
7.9
6.9
4.6
7.8
7.3
5.0
8.4
7.4
7.7
6.7
5.4
5.9
7.4
6.7
4.7
6.8
8.2
6.0
4.5
5.1
8.8
6.6
4.7
6.7
7.8
5.7
5.0
5.8
7.4
5.2
4.6
6.9
7.1
5.6
4.6
4.8
8.8
5.2
5.2
7.2
7.1
5.8
5.1
6.8
7.3
5.2
4.5
7.7
7.8
5.2
4.7
13.9
14.0
13.8
13.7
13.0
12.8
13.1
12.2
13.0
13.2
13.5
4.7
3.1
6.2
4.4
3.0
6.7
4.7
3.1
5.9
4.1
3.0
6.6
4.1
3.1
5.8
4.1
3.1
5.6
4.5
2.8
5.9
4.1
2.8
5.3
4.4
3.0
5.7
4.7
2.8
5.8
4.6
2.8
6.1
3.8
4.9
5.2
2.7
3.8
4.7
5.4
2.9
4.2
5.1
4.5
2.6
3.5
5.1
5.1
2.9
3.7
5.0
4.2
2.8
3.9
4.7
4.2
2.9
4.5
4.3
4.3
2.9
3.2
5.0
4.0
2.9
4.0
4.5
4.5
3.0
4.5
4.6
4.1
2.9
4.7
4.9
3.9
3.0
1
As reported in interviews in the first month of each calendar
quarter. Interviews are taken in the week that includes the 19th of
the2 month. Planning period begins on the date of interview.
Includes those undecided between new and used.
3 In the weeks immediately preceding interview.
4 Sum of plans to buy washing machines, refrigerators, television
sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers.
5 Sum of plans to buy first three items listed'in note 4.
1425
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
TABLE 2
PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1960-62
1960
1961
1962
Planning period, and income or age group
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
Planners as a percentage of all families in group
Planning to buy new automobile
within 6 months:
All families
Income: *
Under $3,000
$3,000-54,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
Planning to buy used automobile
within 6 months:
All families
Income: l
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
Planning to buy house within 12 months:
All families
Income: l
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
3.3
3.1
3.7
3.5
3.1
3.4
3.7
3.7
3.4
3.4
4.1
.9
1.7
4.5
5.5
9.6
.8
1.5
3.6
6.6
9.9
.6
2.4
4.5
6.8
11.7
.6
1.9
4.1
6.3
11.3
.8
1.7
3.8
4.8
9.6
.7
2.2
3.8
6.0
11.0
.7
2.3
3.4
6.7
13.4
.9
2.0
3.8
6.3
11.5
.9
1.8
3.5
6.2
9.4
.9
2.1
3.6
5.7
9.8
2.6
4.6
6.8
12.2
3.3
4.1
2.3
3.4
3.7
3.6
3.2
3.3
3.4
4.1
3.4
4.0
2.1
2.9
2.5
2.4
2.3
2.7
4.1
2.9
4.0
2.8
4.1
2.1
3.9
2.6
4.3
4.9
4.8
3.3
3.8
4.0
4.5
4.1
4.2
4.4
4.3
5.6
4.5
4.4
2.9
4.1
4.6
5.4
4.1
2.9
4.4
4.9
5.6
3.9
2.8
4.9
6.0
4.9
4.8
2.5
5.1
4.6
5.4
4.3
2.7
4.5
5.3
5.2
4.7
3.0
4.7
5.7
5.5
4.1
2.3
5.3
6.1
3.9
4.8
4.0
5.8
6.7
7.0
5.4
2.8
5.2
5.8
5.2
5.1
3.4
5.0
5.6
4.7
4.1
6.8
4.3
1.4
6.6
4.0
1.5
6.7
4.3
1.6
7.1
5.0
2.0
6.8
4.8
1.5
7.1
4.7
1.6
7.0
4.8
2.1
7.4
4.6
1.8
9.9
6.2
2.0
7.5
5.2
1.7
7.2
5.0
1.9
5.4
5.0
4.8
5.1
5.0
5.1
4.8
5.2
5.2
2.1
5.4
7.3
8.6
9.1
9.8
5.5
2.2
1.8
4.9
7.0
8.4
7.3
1.5
4.1
6.6
7.3
8.6
1.7
4.8
6.4
7.9
8.1
2.2
4.8
6.7
7.9
7.7
2.4
4.6
6.1
7.8
9.5
1.7
4.7
6.2
6.4
8.7
2.3
4.5
6.6
7.4
9.0
2.1
4.8
6.7
8.2
8.6
4.9
1.9
4.8
5.6
7.4
9.0
9.2
5.1
2.0
8.8
5.1
1.7
9.3
5.1
2.1
9.9
4.7
2.1
9.5
5.3
2.0
9.2
4.9
1.6
9.7
5.2
2.3
9.4
5.8
2.0
9.1
5.2
2.0
20.1
11.7
17.0
22.0
25.8
36.8
31.5
21.5
11.0
19.3
10.5
16.6
22.0
24.8
34.6
29.0
21.7
10.3
20.7
13.0
9.5
12.0
14.2
15.2
18.9
19.2
13.8
7.9
13.2
9.1
12.9
15.3
15.4
18.1
13.5
9.6
12.6
15.2
17.0
19.2
19.8
14.2
7.9
18.3
15.5
8.1
5.3
1.7
5.1
7.1
8.4
10.2
9.4
5.6
2.0
4.4
5.1
2.8
Plans per 100 families in group
Planning to buy household
durable goods
within 6 months: 2
All families
Income: 1
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
Planning to buy major household
durable
goods within 6 months: 3
All families
l
Income:
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
21.9
12.1
19.3
24.0
30.8
43.8
32.0
24.4
11.9
20.1
11.1
18.8
24.1
29.8
39.1
29.8
22.0
11.2
21.0
10.8
19.6
24.9
32.2
41.1
20.5
10.0
15.0
24.7
31.5
40.8
31.2
23.7
10.6
27.3
23.9
11.8
13.9
9.9
13.3
14.5
17.0
21.4
14.0
9.8
14.0
16.3
18.0
22.4
13.8
9.2
14.4
15.9
19.0
21.4
19.8
15.0
8.6
19.5
15.3
8.7
19.7
15.3
8.2
13.7
8.5
11.6
16.2
18.5
23.1
17.5
15.5
8.9
1 Total money income before taxes of family in 12 months immediately preceding interview.
**
2 Sum of plans to buy washing machines, refrigerators, television
20.2
10.4
15.9
21.4
28.6
39.7
29.6
21.8
12.0
18.4
10.7
14.8
20.5
28.4
34.0
26.9
20.2
10.4
19.6
10.9
16.5
21.1
30.2
37.5
18.8
10.0
16.4
21.4
25.9
34.2
28.1
21.3
11.8
27.6
21.3
9.7
13.0
8.7
11.5
13.7
15.2
21.5
12.8
9.5
11.4
13.6
18.7
19.2
13.1
9.5
12.4
13.9
17.7
20.2
12.2
8.7
11.6
13.4
15.1
17.8
18.3
13.7
8.6
17.8
14.0
7.9
18.3
14.0
8.6
17.2
13.5
7.2
11.1
17.0
24.5
29.1
34.6
29.6
23.9
11.0
sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers.
3 Sum of plans to buy first three items listed in note 2.
1426
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
TABLE 3
PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1960-62
[Percentage of all families]
1960
1962
1961
Type of durable good
Washing machine
.
Refrigerator
Television set
Air conditioner
Clothes dryer
Radio and phonographic equipment *
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
6.0
3.8
5.9
4.0
5.5
3.4
5.5
3.7
5.3
3.6
5.1
3.4
5.4
3.3
3.4
1.8
1.9
.8
1.4
2.0
1.9
.8
1.3
2.3
2.7
.8
2.0
1.9
2.1
.8
2.6
1.8
2.1
.8
1.7
2.1
.7
1.2
1.9
2.5
.8
5.2
3.1
3.9
1.9
1.8
2.3
.6
5.4
3.4
4.2
2.6
1.8
1.9
.8
5.3
3.6
4.3
1.3
2.1
1.9
.8
5.3
3.3
4.9
l.l
2.4
2.8
.8
1
Radios or phonographs (or their component parts) together
costing $100 or more.
TABLE 4
PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1960-62 *
[Percentage of all families]
1960
1961
1962
Item
Automobile:
New
Used
.
House (new or existing) 2
^Washing machine
Refrigerator
Television set
Air conditioner
Clothes dryer
... .
. . .
Radio and phonographic equipment 3
Dishwasher
Jan.Mar.
Apr.June
JulySept.
Oct.Dec.
Jan.Mar.
Apr.June
JulySept.
Oct.Dec.
Jan.Mar.
Apr.June
JulySept.
2.7
5.0
3.2
5.7
2.8
5.2
2.8
4.9
2.1
5.1
2.2
5.9
2.2
5.4
2.9
5.1
2.3
5.1
2.9
5.8
2.6
5.7
.8
1.4
1.4
1.2
1.0
1.1
1.4
1.2
.9
1.2
1.3
2.4
1.6
3.3
.3
.6
1.0
.3
2.7
2.4
2.9
2.8
2.7
3.4
1.0
.7
1.0
.3
2.9
1.9
4.8
.2
1.1
2.9
.4
2.2
1.7
2.8
.2
.7
.9
.2
2.5
2.2
2.7
.8
.4
1.0
.3
2.8
2.8
3.3
1.0
.6
1.0
.3
2.8
1.9
5.2
.3
1.0
2.8
.5
2.3
1.7
3.1
.2
.7
1.0
.2
2.6
2.4
2.8
1.5
.4
1.0
.3
2.7
3.1
3.4
1.0
.7
1.2
.3
.5
.9
.3
1
2
As reported in month immediately following purchase period.
Estimates are subject to somewhat larger sampling errors than
other data because of special problems involved in estimating pur-
chases
of new houses.
3
Radios or phonographs (or their component parts) together
costing $100 or more.
TABLE 5
PAST AND EXPECTED CHANGES IN INCOME, 1960-62
[Percentage distribution of families]
1960
1962
1961
Direction of change
Current income compared with a year earlier:
Higher
Same
Lower
...
Doesn't know
All families
Expected income compared with current: 1
Higher
Same
Lower
Doesn't know
All families
1
Expected a year hence.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
22.2
61.3
15.5
1.0
21.5
61.9
15.7
.9
23.2
58.7
17.0
1.1
22.6
57.9
18.7
.8
20.7
59.9
18.5
.8
20.6
61.0
17.6
.9
22.6
59.9
16.6
.9
22.2
60.2
16.5
1.0
23.1
61.6
14.6
.8
21.1
63.7
14.4
.8
22.1
62.3
14.6
1.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
24.2
60.2
5.6
10.0
24.6
59.6
5.9
9.8
24.5
59.2
5.8
10.5
24.6
57.2
6.0
12.2
23.9
59.4
5.4
11.4
24.7
58.5
5.8
11.0
23.7
59.3
5.7
11.3
24.0
60.0
5.0
11.1
24.2
60.3
5.1
10.4
23.2
61.2
5.1
10.6
24.4
59.8
5.2
10.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NOTE.—Details may not add to totals because of rounding.
Law Department
Administrative
interpretations, new regulations, and similar material
In the case presented, the shares of the mutual
fund (open-end investment company) are technically not issued at the time they are sold by the
The opinion of the Board of Governors has
underwriter and distributor. Several days may
been requested as to whether time deposits of the
elapse from the date of sale before a certificate
Bank for International Settlements with member
can be delivered by the transfer agent. The specific
banks would be exempted from interest rate limiinquiry to the Board was, in effect, whether the
tations under Public Law 87-827, approved Octo7-day period after which a purchase transaction
ber 15, 1962, amending Section 19 of the Federal
must be liquidated or canceled for nonpayment
Reserve Act. In the light of the general purposes
should run, in the case of mutual fund shares,
of that statute and the nature of the organization
from the time when a certificate for the purchased
and functions of the Bank for International Setshares is available for delivery to the purchaser,
tlements, the Board has concluded that the phrase
instead of from the date of the purchase.
"monetary and financial authorities of foreign
Under the general rule of Section 220.4(c)(2)
governments" is susceptible of construction as inthat is applicable to purchases of outstanding
cluding the Bank for International Settlements
securities, the 7-day period runs from the date of
and, therefore, time deposits with member banks
purchase without regard to the time required for
by that agency, when acting in such capacity,
the mechanical acts of transfer of ownership and
would be covered by that statute.
delivery of a certificate. This rule is based on the
principles governing the use of special cash accounts in accordance with which, in the absence of
Time of Payment for Mutual Fund Shares
special circumstances, payment is to be made
Purchased in a Special Cash Account
promptly upon the purchase of securities.
The purpose of Section 220.4(c)(3) is to reThe Board has recently considered the quescognize the fact that, when an issue of securities
tion whether, in connection with the purchase of
is to be issued at some fixed future date, a security
mutual fund shares in a "special cash account"
that is a part of such issue can be purchased on a
under Federal Reserve Regulation T, the 7-day
"when-issued" basis and that payment may reaperiod with respect to liquidation for nonpaysonably be delayed until after such date of issue,
ment is that described in Section 220.4(c)(2) or
subject to other basic conditions for transactions
that described in Section 220.4(c)(3).
in a special cash account. Thus, unissued securities
Section 220.4(c)(2) provides as follows:
should be regarded as "made available for deliv"In case a customer purchases a security (other than
ery to purchasers" on the date when they are suban exempted security) in the special cash account and
stantially as available as outstanding securities are
does not make full cash payment for the security
within 7 days after the date on which the security is
available upon purchase, and this would ordiso purchased, the creditor shall, except as provided in
narily be the designated date of issuance or, in
subparagraphs (3)-(7) of this paragraph, promptly
the case of a stock dividend, the "payment date."
cancel or otherwise liquidate the transaction or the
unsettled portion thereof." (Emphasis supplied)
In any case, the time required for the mechanics
of transfer and delivery of a certificate is not
Section 220.4(c)(3), one of the exceptions
material under Section 220.4(c)(3) any more
referred to, provides in relevant part as follows:
than it is under Section 220.4(c)(2).
"If the security when so purchased is an unissued
Mutual fund shares are essentially available
security, the period applicable to the transaction under
upon purchase to the same extent as outstanding
subparagraph (2) of this paragraph shall be 7 days
after the date on which the security is made available securities. The mechanics of their issuance and
by the issuer for delivery to purchasers." (Emphasis of the delivery of certificates are not significantly
supplied)
Interest on Time Deposits of Bank for
International Settlements
1427
1428
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
different from the mechanics of transfer and
delivery of certificates for shares of outstanding
securities, and the issuance of mutual fund shares
is not a future event in a sense that would warrant
the extension of the time for payment beyond that
afforded in the case of outstanding securities.
Consequently, the Board has concluded that a
purchase of mutual fund shares is not a purchase
of an "unissued security" to which Section
220.4(c)(3) applies, but is a transaction to which
Section 220.4(c) (2) applies.
Compilation of Federal and State Laws
Relating to Bank Holding Companies
A compilation of provisions of Federal and
State laws relating to bank holding companies, as
of June 1, 1962, has been prepared by the Legal
Division of the Board of Governors, with the
assistance of the Counsel for the Federal Reserve
Banks. Copies of the compilation may be obtained upon request.
Bank Service Corporations
The Act of Congress, approved October 23,
1962 (Public Law 87-856), the so-called "Bank
Service Corporation Act," authorizes all banks
subject to Federal supervision to invest in corporations whose purpose is to provide clerical, bookkeeping, accounting, and statistical services. The
Board of Governors issued a statement on October 23, 1962, to all State chartered member
banks, explaining the provisions of the Bank
Service Corporation Act. The texts of the Act
and of the Board's Statement read as follows:
AN ACT
To authorize certain banks to invest in corporations
whose purpose is to provide clerical services for
them, and for other purposes.
Be it enacted by the Senate and House of
Representatives of the United States of America
in Congress assembled, That for the purposes
of this Act—
{a) The Term "Federal supervisory agency" means
the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, or the
Board of Directors of the Federal Deposit Insurance
Corporation.
(b) The term "bank services" means services such
as check and deposit sorting and posting, computation and posting of interest and other credits and
charges, preparation and mailing of checks, state-
ments, notices, and similar items, or any other
clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank.
(c) The term "bank service corporation" means a
corporation organized to perform bank services for
two or more banks, each of which owns part of the
capital stock of such corporation, and at least one
of which is subject to examination by a Federal supervisory agency.
(d) The term "invest" includes any advance of
funds to a bank service corporation, whether by the
purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold
and delivered, or services rendered prior to the making of such payment.
SEC. 2. (a) No limitation or prohibition otherwise
imposed by any provision of Federal law exclusively
relating to banks shall prevent any two or more banks
from investing not more than 10 percentum of the
paid-in and unimpaired capital and unimpaired surplus of each of them in a bank service corporation.
(b) If stock in a bank service corporation has
been held by two banks, and one of such banks ceases
to utilize the services of the corporation and ceases
to hold stock in it, and leaves the other as the sole
stockholding bank, the corporation may nevertheless
continue to function as such and the other bank may
continue to hold stock in it.
SEC. 3. Whenever a bank (referred to in this section
as an "applying bank") subject to examination by a
Federal supervisory agency applies for a type of bank
services for itself from a bank service corporation
which supplies the same type of bank services to
another bank, and the applying bank is competitive
with any bank (referred to in this section as a "stockholding bank") which holds stock in such corporation, the corporation must offer to supply such
services by either—
(1) issuing stock to the applying bank and furnishing bank services to it on the same basis as to
the other banks holding stock in the corporation,
or
(2) furnishing bank services to the applying
bank at rates no higher than necessary to fairly
reflect the cost of such services, including the reasonable cost of the capital provided to the corporation by its stockholders,
at the corporation's option, unless comparable services
at competitive overall cost are available to the applying bank from another source, or unless the furnishing
of the services sought by the applying bank would be
beyond the practical capacity of the corporation. In
any action or proceeding to enforce the duty imposed
by this section, or for damages for the breach thereof,
the burden shall be upon the bank service corporation
to show such availability.
SEC. 4. No bank service corporation may engage
in any activity other than the performance of bank
services for banks.
SEC. 5. (a) No bank subject to examination by a
Federal supervisory agency may cause to be performed, by contract or otherwise, any bank services
for itself, whether on or off its premises, unless assurances satisfactorv to the agency prescribed in
subsection (b) of this section are furnished to such
agency by both the bank and the party performing
such services that the performance thereof will be
LAW DEPARTMENT
subject to regulation and examination by such agency
to the same extent as if such services were being performed by the bank itself on its own premises.
(b) The assurances required by subsection (a)
of this section shall be given, in the case of—
(1) a national banking association or a bank
operating under the code of laws for the District
of Columbia, to the Comptroller of the Currency;
(2) a bank (other than a bank described in
paragraph (1)) which is a member of the Federal
Reserve System, to the Board of Governors of the
Federal Reserve System; and
(3) a bank (other than a bank described in
paragraph (1) or (2)) whose deposits are insured
by the Federal Deposit Insurance Corporation, to
the Board of Directors of the Federal Deposit Insurance Corporation.
Approved October, 1962.
STATEMENT OF THE
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM ON THE
BANK SERVICE CORPORATION ACT
Purpose of the Statement. The purpose of this
statement is to provide some initial guidance to
State banks that are members of the Federal Reserve
System relative to the so-called "Bank Service Corporation Act," which became effective on the approval date shown on the cover page hereof. A copy
of the text of the Act is attached to this statement.
The Act involves an area of relatively recent development and is the first Federal legislation to deal
with the subject specifically. None of the provisions
of the Act has a delayed effective date. While all
banks are not expected to have the same immediate interest therein, the Act or some of its provisions will have a present interest to many banks
which contemplate or now have arrangements for
utilizing bank services of the kind covered by the
Act. Accordingly, this statement sets forth or summarizes salient features of the Act and refers in
some detail to the provisions of Section 5 of the
Act relating specifically to the assurances concerning
regulation and examination required to be furnished
to the appropriate Federal supervisory agency which,
in the case of State member banks, is the Board of
Governors of the Federal Reserve System.
Bank investment in bank service corporations. The
legislative history of the Act contains numerous
recognitions of the need to enable banks to utilize
modern automated equipment by means of their
ownership of stock in corporations referred to in the
Act as "bank service corporations."
To facilitate this objective, the Act provides that
"No limitation or prohibition otherwise imposed by
any provision of Federal law exclusively relating to
banks shall prevent any two or more banks from
investing not more than 10 percentum of the paid-in
and unimpaired capital and unimpaired surplus of
each of them in a bank service corporation." This
10 per cent investment ceiling applies to loans and
other advances of funds, as well as the purchase of
stock.
The Act, however, does not authorize a State bank
to invest in a bank service corporation if the bank is
not permitted to do so under the applicable State law.
1429
Bank service corporations. "Bank service corporation" is defined in the Act to mean "a corporation organized to perform bank services for two or more
banks, each of which owns part of the capital stock of
such corporation, and at least one of which is subject
to examination by a Federal supervisory agency."
While initially at least two or more banks must
own stock in a bank service corporation, the Act
provides that if one bank ceases to hold such stock
and to utilize the services of the corporation, the
remaining bank may continue to hold stock of and
be serviced by the corporation.
Bank service corporations are prohibited from performing any services for persons or organizations
other than banks. Another provision of the Act is
intended to prevent any unfair or anti-competitive use
of a bank service corporation to the disadvantage of
a nonstockholding bank applying for service from
the corporation.
Examination and regulation. Under Section 5 of
the Act, no State member bank "may cause to be
performed, by contract or otherwise, any bank services for itself, whether on or off its premises, unless
assurances satisfactory to" the Board of Governors
of the Federal Reserve System are furnished to it
"by both the bank and the party performing such
services that the performance thereof will be subject
to regulation and examination by" the Board of
Governors "to the same extent as if such services
were being performed by the bank itself on its own
premises." (Section 5 of the Act also applies to national banks and nonmember insured banks; but, as to
them, the assurances described in the section must
be furnished to the Comptroller of the Currency or
the Federal Deposit Insurance Corporation, as the
case may be.)
With respect to Section 5 of the Act, the Senate
Committee on Banking and Currency stated that the
Federal supervisory agencies "must be able to examine
all of the banks' records, and they must be able to
exercise proper supervision over all the banks' activities, whether performed by the banks' employees on
their premises or by anyone else on or off the banks'
premises. This examination and this supervision cannot be frustrated by a transfer of the banks' records
to some other organization or by having some other
organization carry out all or part of the banks'
functions." (S. Rept. No. 2105, 87th Cong, on H. R.
8874, Sept. 18, 1962, p. 3.) Similarly, the Committee on Banking and Currency of the House of
Representatives stated that "it would obviously be
unwise to permit banks to avoid the examination and
supervision of vital banking functions by the simple
expedient of farming out such functions." (H. Rept.
No. 2062, 87th Cong, on H. R. 8874, July 30, 1962,
P- 2.)
Assurances of banks and suppliers of bank services. The assurances required by Section 5 of the
Act in the case of a State member bank should be
furnished to the Board of Governors through the
Federal Reserve Bank of the district. The Act requires
such assurances from the party or organization performing the bank services, as well as from the bank
which the services are performed. Assurances are
required whether the services are performed under
pre-existing arrangements or new arrangements, and
whether the services are performed by bank service
corporations or others.
Unless and until further experience with the new
1430
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
legislation should indicate a need for other or more
detailed procedures, it will be satisfactory for the
required assurances to be furnished to the Board
of Governors by a letter addressed by the State
member bank to the Federal Reserve Bank, stating
in substance that the bank and the servicing agency
have agreed that the performance of the services
will be subject to regulation and examination by the
Board of Governors to the same extent as if the
services were being performed by the Bank itself
on its own premises. With respect to any service arrangement in existence at the effective date of the
Act, it is expected that the letter of assurance will
be received by the Federal Reserve Bank as promptly
as practicable, preferably within 30 days from such
date. As to any service arrangement entered into or
renewed after the effective date of the Act, the letter
of assurance should be received by the Federal
Reserve Bank prior to the performance of any services under such arrangement. Such letters need not
be furnished, unless specifically requested by the
Board of Governors, in connection with arrangements for the performance of legal services or administrative services such as transportation services
or guard services. Arrangements for bank services
needed because of emergencies or short periods of
unusually heavy work may also be made without furnishing such letters where it would be impracticable
to do so.
Inquiries concerning the Act. Inquiries concerning
the Act as it relates to State member banks should be
addressed to the Federal Reserve Bank of the district
in which the inquiry arises.
"Bank services." In connection with Section 5 of
the Act, as well as in other connections, references
are made in the Act to "bank services." That term is
defined in the Act to mean "services such as check
and deposit sorting and posting, computation and
posting of interest and other credits and charges,
preparation and mailing of checks, statements, notices,
and similar items, or any other clerical, bookkeeping,
accounting, statistical, or similar functions performed
for a bank."
As previously noted, numerous recognitions appear
in the Act's legislative history of the need for banks
and their customers to benefit from the use of modern
automated equipment. Of further relevance with respect to the meaning of "bank services" are the statements quoted above from the reports of the congressional committees. Bearing importantly upon the
meaning of "bank services" also is the following further quotation from page 3 of the Report of the Senate Committee:
This proceeding was initially instituted by an
Order of the Board of Governors of the Federal
Reserve System dated June 29, 1956, in which
the Board ordered a hearing to determine (1)
the adequacy or inadequacy of the net capital and
surplus funds of the Continental Bank and Trust
Company of Salt Lake City, Utah (hereinafter
called the "Bank"), (2) the additional amount of
capital funds, if any, needed by the Bank, and
(3) what period of time would be reasonable in
which to allow the Bank to increase its capital
funds to make them adequate.
By an Order dated July 18, 1960, [1960 F R
BULLETIN, page 860] based upon evidence contained in the record of that hearing, to the extent
indicated in that Order, and upon examination
and supervisory reports of the Bank equally available to the Bank, the Board found that the Bank's
net capital and surplus funds as of that date were
inadequate in relation to the character and condition of its assets and to its deposit liabilities and
other corporate responsibilities, and ordered that
within six months of the date of the Order the
Bank, by the sale of common stock for cash, effect
an increase in its net capital and surplus funds in
the amount of not less than $1,500,000.
Upon failure of the Bank to comply with such
Order of July 18, 1960, the Board on June 28,
1961, issued an Order for a hearing at which the
Bank might show cause why the Board should
"The authority to examine and supervise banks is broad
and must be vigorously exercised. At the same time sound
discretion must be used. Banks have always employed others
to do many things for them, and they will have to continue
to do so, and the bill is not intended to prevent this or to
make it more difficult. For example, banks have employed
lawyers to prepare trust and estate accounts and to prosecute
judicial proceedings for the settlement of such accounts. Banks
have employed accountants to prepare earnings statements
and balance sheets. Banks have employed public relations and
advertising firms. And banks have employed individuals or
firms to perform all kinds of administrative activities, including
armored car and other transportation services, guard services
and, in many cases, other mechanical services needed to run
the banks' buildings. It is not expected that the bank supervisory agencies would find it necessary to examine or regulate
any of these agents or representatives of a bank, except under
the most unusual circumstances. The authority is intended to
be limited to banking functions as such.
"The committee is aware also that, during emergencies and
short periods of unusually heavy work, performance of bank
services by outside organizations may be necessary and may
involve no problems from the point of view of bank examination and supervision. The committee expects the bank supervisory agencies to make sure that the authority vested in them
under the bill and their general supervisory authority are
exercised with this need in mind."
Termination of Proceeding Regarding
Adequacy of Capital Funds
The Board of Governors, on October 30, 1962,
issued an Order terminating the administrative
proceeding involving The Continental Bank and
Trust Company, Salt Lake City, Utah. The text
of the Order is as follows:
THE CONTINENTAL BANK AND TRUST
COMPANY, SALT LAKE CITY, UTAH
In the matter of The Continental Bank and
Trust Company, Salt Lake City, Utah.
ORDER TERMINATING PROCEEDING
1431
LAW DEPARTMENT
not require it to surrender its stock in the Federal
Reserve Bank of San Francisco and to forfeit all
rights and privileges of membership in the Federal Reserve System for failure to comply with the
Bank's Condition of Membership No. 2; which
provides:
"The net capital and surplus funds of such bank
shall be adequate in relation to the character and
condition of its assets and to its deposit liabilities and
other corporate responsibilities, and its capital shall
not be reduced except with the permission of the
Board of Governors of the Federal Reserve System."
The Show Cause Hearing was held before a
duly appointed Hearing Examiner on October 29,
1962, the record of such hearing was closed on
the same date by the Hearing Examiner, and such
record has been certified by the Hearing Examiner
to the Board.
The record so certified contains a letter addressed by the Bank to the Board under date of
October 9, 1962, enclosing a resolution of its
Board of Directors which sets forth a plan for increasing the Bank's capital accounts. In substance
that plan provides:
1. By the end of 1962 the capital, surplus, undivided profits, and unapplied reserve accounts
of the Bank will be increased to a total of not less
than $6,500,000, which will require a cash increase of not less than $1,111,000 over the June
30, 1962 total of these accounts.
2. This cash increase of $1,111,000 in its capital structure will be accomplished by the Bank in
the following manner:
a. The issuance and sale of additional common
stock for cash in the amount of $540,000; and
b. Cash dividends from the two wholly owned
building subsidiaries of the Bank; cash proceeds
of the liquidation of the Paramount Life Insurance Company of Texas; and the declaration of a
stock dividend in lieu of the Bank's 1962 year-end
cash dividend, the total of such dividends and
proceeds of liquidation amounting to $571,000.
3. This $1,111,000 cash increase in the Bank's
capital structure will be allocated as follows:
$810,000 to capital stock,
$270,000 to surplus, and
$31,000 to undivided profits and/or reserves.
4. Upon the accomplishment of this capital increase the Bank will have:
Capital stock
Surplus
Undivided profits
Reserves
$3,510,000
1,700,000
505,000
785,000
$6,500,000
In addition the Bank's letter of October 9, 1962,
represented that the Bank would continue to improve its capital structure through net retained
earnings.
The Board has considered the fact that during
the period between the aforesaid July 18, 1960
Order and the June 30, 1962 Report of Condition
the Bank had increased its capital accounts by
$388,530 from retained earnings, which together
with the additional $1,111,000 will result in a total
capital account increase since July 18, 1960 of
$1,499,530. The Board has further considered
such changes as have occurred since July 18, 1960
in the amount, character, and condition of the
Bank's assets and in its deposit liabilities and other
corporate responsibilities. The Board has also
noted that through earnings retained since the
commencement of this proceeding in 1956, the
Bank had increased its capital structure as of June
30, 1962 from $3,488,202 to $5,389,350. With
the addition of the aforesaid $1,111,000 by year
end 1962, the Bank will have increased its capital structure by somewhat more than $3,000,000
since the commencement of this proceeding.
On the basis of these considerations the Board
addressed a letter to the Bank dated October 11,
1962, which is a part of the certified record,
stating that accomplishment of the plan set forth
by the Bank would constitute sufficient cause for
terminating this proceeding.
Accordingly, the Board finds that, in the light
of the Bank's current capital condition as reflected by the latest report of examination of the
Bank, and by the Bank's latest reports of condition and of income and dividends, the anticipated
accomplishment within a reasonable period of
time of the actions to increase the Bank's capital
funds, as described in the resolution of the Bank's
Board of Directors enclosed with the said letter
from the Bank dated October 9, 1962, constitutes
sufficient cause for termination of this proceeding.
IT IS HEREBY ORDERED that the capital adequacy
proceeding involving the Bank, originally instituted by the Board's Order of June 29, 1956,
and culminating in the Board's Order to Show
1432
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
Cause and for Hearing Thereon of June 28, 1961,
and the hearing held on October 29, 1962, pursuant to that Order, is hereby terminated, on the
condition that if within the period of time proposed by the Bank, or by such later date as the
Board, for good cause shown, may hereafter specify, the Bank shall not have furnished the Board
with satisfactory evidence that the Bank has substantially accomplished the actions described in
the resolution of its Board of Directors enclosed
with such letter of October 9, 1962, then and in
that event this Order shall be deemed to be of no
effect and the Board may then reopen the record
of the Show Cause Hearing or take such other
action as may be appropriate in the circumstances
at that time.
Dated at Washington, D. C , this 30th day of
October, 1962.
By order of the Board of Governors.
(Signed)
MERRITT SHERMAN,
Secretary.
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 12th day of
October, 1962.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Shepardson. Absent and
not voting: Governors Robertson, King, and Mitchell.
[SEAL]
(Signed) MERRITT SHERMAN,
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 mergers of certain banks:
UNION TRUST COMPANY OF MARYLAND,
BALTIMORE, MARYLAND
In the matter of the application of Union Trust
Company of Maryland for approval of merger
with The Liberty Bank.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Union Trust
Company of Maryland, Baltimore, Maryland, a
member bank of the Federal Reserve System, for
prior approval by the Board of the merger of that
bank and The Liberty Bank, Easton, Maryland,
under the charter and title of the former. As an
incident to the merger, the three offices of The
Liberty Bank would be operated as branches of
the Union Trust Company of Maryland. Notice
[SEAL]
STATEMENT
Union Trust Company of Maryland, Baltimore,
Maryland ("Union Trust"), with deposits of
$286.6 million as of December 30, 1961 (adjusted for two mergers heretofore consummated
in 1962), has applied, pursuant to the Bank
Merger Act (12 U.S.C. 1828(c)), for prior approval by the Board of the merger of that bank
and The Liberty Bank, Easton, Maryland ("Liberty Bank"), with deposits of $7 million as of the
same date. The banks would merge under the
charter and title of Union Trust, which is a Statechartered member bank of the Federal Reserve
System, and the three offices of Liberty Bank
would become branches of Union Trust, increasing the number of offices of Union Trust from
35 to 38.
Under the Act, the Board is required to consider (1) the financial history and condition of
each of the banks involved, (2) the adequacy of
its capital structure, (3) its 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
LAW DEPARTMENT
Deposit Insurance Act), (6) the convenience and
needs of the communities 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 of Union
Trust is satisfactory, its asset condition is sound,
and its capital structure is adequate. Its management is good and its earnings prospects are
favorable. The financial history of Liberty Bank
is also satisfactory; however, its financial condition is only fair, its earnings have been below
average, and its capital structure is less than desirable. Liberty Bank has a serious management succession problem which this merger would correct.
This transaction would have the effect of adding
management strength and of establishing a basis
for improved earnings that does not presently exist
on the part of the offices of Liberty Bank. No
indication exists that there is or would be any
inconsistency with the purposes of 12 U.S.C., Ch.
16.
Convenience and needs of the communities.
Thirty-three of the offices of Union Trust are in
Baltimore or within twenty miles of the city limits
(city population 939,000 and metropolitan area
population 1,785,000). The other two are in Salisbury (city population about 16,300 and trade area
population of 225,000) on the Eastern Shore of
Maryland. The main office of Liberty Bank is in
Easton (city population about 6,300), which is 60
miles from Baltimore and 45 miles from Salisbury.
There is a branch of Liberty Bank in Trappe, 8
miles south of Easton, and one in Hillsboro, 15
miles northeast of Easton.
The merger would affect principally those people living in the service area of Liberty Bank.
The Hillsboro and Trappe offices of Liberty Bank
would offer a number of new banking services
and the Easton office would become another
source of certain services. For example, larger
loans, consumer loans, and trust services would
be available at all three.
Competition. The nearest offices of the two
banks involved in this proposal are those at
Trappe and Salisbury, 38 miles apart. There are
several other banking offices in the area between
these offices of Liberty Bank and Union Trust.
This merger would have little, if any, effect upon
1433
them. The service areas of Union Trust and Liberty Bank do not overlap, and each draws only a
negligible amount of business from the area of
the other. There is virtually no competition between them.
The small banks in the areas surrounding
Easton, Trappe, and Hillsboro serve principally
their own communities and would probably not
be perceptibly affected by this merger. Upon
consummation of this merger there would be in
Easton one branch of Union Trust (third largest
bank in Maryland), two branches of Maryland
National Bank (the largest bank in the State),
and one unit bank, The Talbot Bank of Easton.
The proposed transaction would probably have no
deleterious effect upon competition in Easton.
Consummation of this proposal would cause
Union Trust to hold only .2 per cent more of the
total commercial bank deposits of Maryland, and
its position as third largest bank in the State would
not change.
Summary and conclusion. There is little, if
any, competition between Liberty Bank and Union
Trust which would be eliminated by this merger,
and the over-all effect upon competition for other
banks in the area should not be appreciably adverse. This merger would not materially increase
Union Trust's percentage of total bank deposits
in Maryland, and its relative size among the banks
in the State would not change. Consummation of
the proposal would not only provide the people
within the service area of Liberty Bank with
broader banking services but would also solve the
management succession and capital problems of
Liberty Bank.
Accordingly, the Board finds the proposed
merger to be in the public interest.
GARY TRUST AND SAVINGS BANK,
GARY, INDIANA
In the matter of the application of Gary Trust
and Savings Bank for approval of merger with
Lake County State Bank.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828 (c)), an application by Gary Trust
and Savings Bank, Gary, Indiana, a member bank
1434
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
of the Federal Reserve System, for the Board's
prior approval of the merger of that bank and
Lake County State Bank, East Gary, Indiana,
under the charter of the former and title of Bank
of Indiana and, as an incident to the merger, the
two offices of Lake County State Bank would be
operated as branches of Bank of Indiana. Notice
of the proposed merger, in form approved by the
Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed
merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 30th day of
October, 1962.
By Order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and Mitchell.
Absent and not voting: Governors Robertson and
King.
(Signed) MERRITT SHERMAN.
Secretaiy.
[SEAL]
STATEMENT
Gary Trust and Savings Bank, Gary, Indiana
("Gary Trust"), with deposits of about $27 million,* has applied, pursuant to the Bank Merger
Act of 1960 (12 U.S.C. 1828(c)), for prior approval by the Board of the merger of that bank
and Lake County State Bank, East Gary, Indiana
("Lake County Bank"), with deposits of about
$4.3 million.* The banks would merge under the
charter of Gary Trust, which is a state-chartered
member bank of the Federal Reserve System, and
under the title of Bank of Indiana. Bank of Indiana
would have five offices as it would continue the
three offices of Gary Trust and the two offices of
* As of March 26, 1962.
Lake County Bank would become branches of
Bank of Indiana.
Under the Act, the Board is required to consider (1) the financial history and condition of
each of the banks involved, (2) the adequancy 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 condition and
capital structure of each of the banks are satisfactory, as would be true of the resulting bank.
The earnings prospects of the resulting bank would
be satisfactory. Lake County Bank's management
succession problem would be relieved by the management of Gary Trust.
There is no indication that the powers of either
of the banks are or would be inconsistent with
12 U.S.C, Ch. 16.
Convenience and needs of the communities.
Gary, Indiana (1960 population about 178,000),
is a growing industrial city situated on Lake Michigan and is one of the leading steel producing areas
in the United States. The steel industry provides
employment for over one-half of the Gary labor
force. Banking services in Gary are supplied by
Gary National Bank, by far the largest bank in
the metropolitan area, which operates twelve offices, and Gary Trust, which operates three offices.
Lake County Bank has its main office in East
Gary (1960 population about 9,300) and operates
a branch at Hobart (1960 population about
18,600) located to the south of East Gary. These
communities are mostly residential in character
and the principal employment is provided by the
nearby steel plants.
The proposed merger would provide home owners, small businessmen, and salaried individuals,
which constitute the population of the East Gary
area, with more complete and broader banking
services.
Competition. Although East Gary and Hobart
are contiguous to Gary, there is little overlapping
1435
LAW DEPARTMENT
of the service areas of the two banks involved
in this merger. The main offices of Gary Trust
and Lake Couny Bank are seven miles apart and
no offices of the respective banks are closer than
four miles to each other. There appears to be only
a small amount of competition between these
banks.
Gary National Bank has long been the dominant
institution in the Gary metropolitan area. This
bank operates 12 of the 17 offices operated by
the two Gary banks and the Lake County Bank,
and holds over 82 per cent of the IPC deposits
held by these three banks. Among its offices is
one in Hobart which now competes with a branch
of the much smaller Lake County Bank. Under
the proposal, the Hobart office of Lake County
Bank would become an office of the Bank of Indiana, and this should increase competition in the
Hobart area.
Since the present management of Gary Trust
acquired control of that bank about three and
one-half years go, the bank's deposits have increased from approximately $16 million to about
$25 million. Consummation of the proposal would
extend the services of that aggressive management
into a new area.
Summary and conclusion. Very little competition will be eliminated by this proposed merger,
and a basis would be provided for the resulting
bank, with stronger management, to compete more
aggressively and effectively with the much larger
bank which presently competes directly with both
of the merging banks. The proposed merger would
provide broader and more complete banking services in the City of East Gary.
Accordingly, the Board finds the proposed
merger to be in the public interest.
THE COUNTY TRUST COMPANY,
WHITE PLAINS, NEW YORK
In the matter of the application of The County
Trust Company for approval of merger with The
Gramatan National Bank and Trust Company of
Bronxville.
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 County
Trust Company, White Plains, New York, a member of the Federal Reserve System, for the Board's
prior approval of the merger of that bank and
The Gramatan National Bank and Trust Company
of Bronxville, Bronxville, New York, under the
charter and title of County Trust and, as an incident to the merger, the two offices of Gramatan
National would be operated as branches of County
Trust. 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 7th day of
November, 1962.
By order of the Board of Governors.
Voting for this action: Unanimous, with all members
present.
(Signed)
MERRITT SHERMAN,
Secretary.
[SEAL!
STATEMENT
The County Trust Company, White Plains,
Westchester County, New York ("County Trust"),
with deposits of $516.2 million,* has applied,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828 (c)), for prior approval by the
Board of the merger of that bank and The Gramatan National Bank and Trust Company of
Bronxville, Bronxville, Westchester County, New
York ("Gramatan"), with deposits of $16.2 million.* The banks would merge under the charter
and title of County Trust, which is a member
State bank of the Federal Reserve System. As an
incident to the merger, the two offices of Gramatan National would become branches of County
!
As of December 31, 1961.
1436
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
Trust, increasing the number of offices of County
Trust from 43 to 45.
Under the Act, the Board is required to consider (1) the financial history and condition of
each of the banks involved, (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
(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 of each
bank is satisfactory. Both have sound financial
conditions, adequate capital structures, and the
future earnings prospects of County Trust are
favorable. This would be true also of the resulting bank, which would be under the competent
management of County Trust. Gramatan, with
a good earnings record, is facing a management
succession problem as the bank's chief executive
officer has announced his intention to retire this
year, and efforts thus far to find a qualified successor have not been fruitful. This situation is
complicated by virtue of the unusual lending operations of Gramatan, which consist mostly of
instalment loans originating outside Westchester
County. Consummation of the proposal would not
only solve Gramatan's management problem, but
the resulting arrangement would provide more
local use of banking resources at the two offices
now operated by Gramatan.
There is no indication that the powers of either
of the banks are or would be inconsistent with
12 U.S.C, Ch. 16.
Convenience and needs of the communities.
Westchester County is a rapidly growing area
which adjoins New York City on the north. The
county, which had a population of about 809,000
in 1960, is primarily residential, although it has
experienced important business growth in recent
years. Continued substantial growth both in population and business is expected. The proposed
merger would have little effect on the convenience
and needs of the communities now served by
County Trust, which has its main office and six
of its branches in White Plains (population 50,-
485 in 1960), county seat of Westchester County.
County Trust's 36 other branches are located in
most of the larger towns and villages in Westchester County.
Gramatan's main office and one branch are
located in the Village of Bronxville (population
of 6,744 in 1960) about nine miles south of White
Plains. The bank's service area, i.e., the area from
which it derives more than 75 per cent of its
deposits by individuals, partnerships, and corporations ("IPC deposits"), is principally residential and includes portions of the adjacent communities of Eastchester, Tuckahoe, Yonkers, and
Mt. Vernon, and has an estimated population of
40,000.
Gramatan, as noted previously, has not provided
all normal banking services to Bronxville and
environs. For many years about 90 per cent of
the bank's loan portfolio has consisted of instalment loans originating, not in Westchester County,
but in the eastern and southeastern parts of the
United States. Such loans as are made by Gramatan within the Bronxville area carry higher
interest rates than do similar loans at County
Trust; and consequently, consummation of the
proposed merger would provide to the Bronxville area a source of credit at lower rates, and
would eliminate the "home office protection"
which under New York law, now prevents other
banks from establishing new branches in Bronxville. The result should be increased competition
and improved banking services in the Bronxville
area.
Competition. Gramatan's unusual type of operation has minimized its competitive ability and little
competition exists between it and County Trust.
Nine commercial banks with head offices in
Westchester County are currently operating 65
banking offices, and two of these have a total of
six branches approved but not yet opened. Four
New York City banks, three of which are in the
multi-billion dollar deposit category, are currently operating seven branch offices in the county
and two of these have eight additional offices approved but not yet opened.
County Trust is the largest commercial bank
with head office in Westchester County. If the
proposed merger were consummated, County Trust
would hold 49 per cent of the IPC deposits in
the county held by commercial banks. This would
1437
LAW DEPARTMENT
be an increase of only 1.6 per cent, however; and
County Trust's size has had no adverse effect
upon the other county-headquartered banks, which
now hold a larger percentage of commercial banking business in the county than they held at the
end of 1956. Five of these other banks show a
much higher rate of growth than County Trust.
The movement of New York City banks into the
area weakens any tendency toward dominance of
county banking by County Trust.
Following the proposed merger, there would
remain numerous alternative banking offices in
or near to Gramatan's present service area, including ten branches of three banks with home offices
in Westchester County and two branches of large
New York City banks. Consummation of the proposal also would terminate the "home office protection" now prevailing in Bronxville, as noted
above; and this would likely result in increased
competition. Applications for branches by banks
not presently operating offices in Bronxville have
been filed, contingent on consummation of this
merger.
Summary and conclusion. The slight increase in
banking concentration that would result from the
proposed merger would be more than offset by
the positive benefits that would flow therefrom.
The elimination of the "home office protection"
presently existing in Bronxville can be expected
to result in increased competition. Moreover, the
share of commercial bank deposists in Westchester
County held by County Trust and Gramatan has
declined during the past five years. This, together
with the present activity of New York City banks
in establishing branches in Westchester County,
substantially lessens any tendency toward dominance of county banking by County Trust.
Such slight competition as exists between County
Trust and Gramatan consist primarily of competition for deposits and not for loans, largely because of Gramatan's emphasis on instalment loans
originating outside of Westchester County. The
proposed merger would not only solve the management succession problem at Gramatan, which
is closely related to the bank's unusual type of
business, but would enable County Trust to provide a full range of banking services at the present offices of Gramatan.
Accordingly, the Board finds the proposed
merger to be in the public interest.
Orders Under Section 3
of Bank Holding Company Act
The Board of Governors of the Federal Reserve
System has issued the following Orders and Statements with respect to applications by bank holding companies for approval of acquisitions of voting shares of certain banks:
THE FIRST VIRGINIA CORPORATION,
ARLINGTON, VIRGINIA
In the matter of the applications of The First
Virginia Corporation for approval of the acquisition of voting shares of Southern Bank of Norfolk,
Norfolk; Peoples's Bank, Mount Jackson; Shenandoah County Bank and Trust Company, Woodstock.
ORDER APPROVING APPLICATIONS
UNDER BANK HOLDING COMPANY ACT
There have come before the Board of Governors, pursuant to Section 3(a) (2) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1842)
and Section 4(a)(2) of the Federal Reserve
Regulation Y (12 CFR 222.4(a) (2) ), three applications for the Board's prior approval of the
acquisition of 80 per cent or more of the outstanding voting shares of each of the following three
banks in the Commonwealth of Virginia:
(1) Southern Bank of Norfolk, Norfolk;
(2) Peoples' Bank, Mount Jackson;
(3) Shenandoah County Bank and Trust Company, Woodstock.
As required by Section 3(c) of the Act, notice
of each of these applications was given to the
Commissioner of Banking of the Commonwealth
of Virginia, who expressed no objection to approval thereof. In addition, notices of receipt of
these applications were published in the Federal
Register on February 10, 1962 (27 Fed. Reg.
1300), February 10, 1962 (27 Fed. Reg. 1300),
and April 14, 1962 (27 Fed. Reg. 3618), respectively, providing an opportunity for submission of
comments and views regarding the proposed acquisitions. The time for filing such comments and
views has expired and all comments and views
filed with the Board have been considered by it.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
applications be and hereby are approved, provided
1438
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
that none of the acquisitions so approved shall
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 18th day of
October, 1962.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, King, and
Mitchell. Absent and not voting: Governor Robertson.
(Signed)
MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
The First Virginia Corporation ("First" or "Applicant"), Arlington, Virginia, a registered bank
holding company, has filed three separate applications, pursuant to Section 3 (a) (2) of the Bank
Holding Company Act of 1956 ("the Act"), for
the Board's approval of the acquisition of 80 per
cent or more of the outstanding voting shares of
each of the following banks in Virginia:
(1) Southern Bank of Norfolk, Norfolk
("Southern-Norfolk");
(2) Peoples' Bank, Mount Jackson ("Peoples'Mt. Jackson"); and
(3) Shenandoah County Bank and Trust Company, Woodstock ("Woodstock Bank").
Statutory factors. With respect to each such
acquisition, Section 3(c) of the Act requires the
Board to take into consideration the following
five factors: (1) the financial history and condition of the holding company and bank concerned;
(2) their prospects; (3) the character of their
management; (4) the convenience, needs, and welfare of the communities and the area concerned;
and (5) whether the effect of the acquisition would
be to expand the size or extent of the bank holding company system involved beyond limits consistent with adequate and sound banking, the
public interest, and the preservation of competition in the field of banking.
The Board has deemed it appropriate to consider the three instant applications together, particularly because of possible interrelations between
them in weighing their competitive effects under
the fifth statutory factor. Considerations relating
to the holding company's financial history and
condition, prospects, and management are, in gen-
eral, equally applicable in all three instances.
Similar considerations with respect to each of the
banks involved, as well as considerations relating
to the fourth and fifth statutory factors, require
separate treatment.
First Virginia Corporation. First presently controls 6 banks, all in Virginia, having a total of 22
offices and total deposits of $116 million,* taking
into account First's subsequent acquisition of
Richmond Bank and Trust Company and the
consolidation in 1962 of Mount Vernon Bank and
Trust Company with Old Dominion National
Bank of Fairfax County (now Mount Vernon
National Bank and Trust Company of Fairfax
County). Of the system's total deposits, about
$47 million are held by Old Dominion Bank, Arlington. The three subsidiaries other than those
already mentioned are The National Bank of
Manassas, Manassas; The Purcellville National
Bank, Purcellville; and Falls Church Bank, Falls
Church.
Consideration of the financial condition and
history, the prospects, and the management of
First and of its system as a whole, discloses nothing
that would weigh materially for or against approval
of the present applications. In its Statement on the
denial of First's application to acquire stock of
Farmers and Merchants National Bank, Winchester, Virginia, the Board expressed views adverse to the two-class stock structure of First,
principally on the ground that it represented an
inequitable distribution of voting power among
the corporation's stockholders (1962 F. R. BULLETIN, page 1163). Since that time, the stockholders of First have approved amendments to
the Articles of Incorporation resulting in conversion to a single class of stock with uniform rights
and privileges, thereby removing this problem.
First's financial history and condition are satisfactory and would be expected to continue to be
so whether or not the proposed acquisitions were
consummated. First's banks have been operated
soundly and successfully. The prospects of the
system as presently constituted are satisfactory
and the addition of the proposed subsidiaries
would not alter this conclusion.
Southern Bank, Norfolk. Southern-Norfolk,
with about $27 million in total deposits or about
* Unless otherwise stated, all figures herein are as
of December 31, 1961.
LAW DEPARTMENT
9 per cent of the total for the City of Norfolk,
has 9 banking offices, all located in the city. The
bank is strongly capitalized. Norfolk is a major
commercial port of the United States, contains
a very large naval installation, and has experienced steady and considerable growth. However,
Southern-Norfolk does not appear to have shared
in the benefits of such growth to the same extent
as the other Norfolk banks, or to have expanded
proportionately its scope and capacity to serve the
growing needs of the area. The fact that Southern-Norfolk is the smallest bank with offices in
the city may have some bearing on this situation,
but it appears that the bank has remained relatively
stationary more from a lack of progressive management policies than from other circumstances.
In summary, the financial history and condition, prospects, and management factors as to
Southern-Norfolk are not such as to indicate that
the bank cannot continue its sound operation independently, but strengthened management, together with a vitalization of policies and services
would improve the bank's prospects. The assistance that First proposes to provide in these respects is therefore a consideration favorable to
approval of the acquisition of Southern-Norfolk.
The three other banks with offices in Norfolk
and their total deposits as of year-end 1961 are
National Bank of Commerce—$197 million, The
Seaboard Citizens National Bank—$72 million,
and Bank of Virginia—$151 million (for all offices; only three of its 17 branches are located in
Norfolk). It is not shown by Applicant that the
banking needs of the Norfolk area are not being
conveniently met. On the other hand, the auspices
for economic growth in the Norfolk area are considered especially favorable. There is reason to
believe that the demand for credit and other banking service will make full use of the potential as
well as the present capacity of the area's banks.
Thus, the assistance that First proposes to provide to Southern-Norfolk would make an affirmative contribution to the convenience, needs, and
welfare of the Norfolk area, both directly and also
indirectly through making Southern-Norfolk a
more effective competitor. The extent to which
support will be provided by First either in the
long or short run cannot be anticipated with certainty, but the likelihood that it will be provided
and that it will be of positive benefit to the area
1439
is sufficient under the fourth statutory factor to
weigh in favor of approval of this application.
With respect to competitive effects, the proposed acquisition of Southern-Norfolk should tend
to intensify banking competition in a beneficial
way, in view of Southern-Norfolk's history and
present relative size. While Southern-Norfolk does
have nine offices in Norfolk, it is clear enough
that its affiliation with the holding company should
on the whole tend towards a balancing of competitive strength rather than the contrary.
Present subsidiaries of First draw a small
amount of business from Norfolk, and SouthernNorfolk holds some loan and deposit accounts
originating in the areas served by First's banks.
However, the extent of present competition between Southern-Norfolk and subsidiaries of First
is not consequential in terms of the total business
of any of the banks involved, and even less so
in terms of the total business of banks in the
competitive areas involved. The nearest office
of a First bank to Southern-Norfolk is that of
Richmond Bank & Trust Company, some 90 miles
distant, and it appears that the elimination of
neither present nor potential competition between
Southern-Norfolk and First's present subsidiaries
is a significant concern in connection with the
proposed acquisition.
Peoples* Bank, Mount Jackson. Peoples'-Mt.
Jackson, with deposits of $2.8 million, has its only
office in Mount Jackson, Shenandoah County. Its
primary service area (wherein 75 per cent or more
of its total deposits originate) is the town of
Mount Jackson and the surrounding agricultural
area within a radius of approximately eight miles,
having a population of about 12,000. The County's
population of about 22,000 has been stable for
years, as has the population of Mount Jackson,
now about 720. The County generally is rural in
nature, with about 11 per cent of its population employed in small industries.
Peoples' Bank is adequately capitalized and has
been soundly operated. Its growth has been somewhat slow as compared with other banks in the
area, but the bank's financial history and condition are generally satisfactory. As a subsidiary,
the bank would have the benefit of First's auditing
program.
In view of the relatively stable economy of the
present and potential service areas of the bank,
it could reasonably anticipate maintaining a sound
1440
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
condition, but its prospects for profit and growth
are naturally somewhat dependent on continuity
of competent management. The operation of the
bank since 1959 reflects the capable leadership of
its present chief executive officer. There is some
question as to how long the bank as a small independent institution would be able to retain his
services, and the bank anticipates some difficulty
in providing satisfactory management succession.
It appears that First would be able to provide useful assistance in this regard, as well as with respect
to the bank's lending and investment policies. Accordingly, considerations as to both prospects and
management of the bank are somewhat favorable
to the acquisition of Peoples'-Mt. Jackson by First.
There is little, if any, evidence that the banking
needs of the Mount Jackson area are not now
being conveniently and adequately served. The
stability of the economy argues against a significant present demand for expanded facilities or
services. Two other smaller banks, with one office
each, are located within Peoples'-Mt. Jackson's
primary service area, and the Applicant states that
the other four banks in the County compete for
business from that area to some extent, although
the largest of these four has only about $4.2 million in deposits, and they are from 14 to 25 miles
distant from Mount Jackson. However, it appears
that the holding company affiliation might help to
stimulate the economy of the area and thereby
promote the welfare of its people. This prospect
provides some support for approval of the proposed acquisition of the bank by First, although
such support is limited by the absence of a showing of present or potential inadequancy of banking facilities.
It does not appear that the acquisition of
Peoples'-Mt. Jackson by First and the proposed
benefits of the affiliation would have the effect
of giving the bank an undue advantage over
its competitors, the nearest of which are about
seven miles distant. While all the banks in the
County are relatively small, the limited demand
for services that they cannot independently provide and the nature of banking in the area limit
accordingly the advantages of affiliation with a
banking system of much greater resources. Thus,
it does not appear that competition would be intensified for the remaining independent banks in
such a way as to be harmful to them or to the
general health of banking competition in the area.
The amount of existing or potential competition
between Peoples'-Mt. Jackson and present subsidiaries of First appears to be negligible. The nearest office of a First subsidiary is that of Purcellville National Bank, approximately 71 miles distant. The proposed acquisition would not by itself
reduce alternative sources of banking service to
a material extent.
For the reasons stated, the Board is of the
opinion that the acquisition of Peoples'-Mt. Jackson alone would not have a significant adverse
effect on competition in the Mount Jackson area.
Possible elimination of competition among the
three proposed subsidiaries if the acquisitions are
consummated must also be considered. Southern Norfolk serves an area remote from both Peoples'Mt. Jackson and Woodstock Bank, so that competitive considerations as to the Norfolk area
need not be related to the other two acquisitions.
Woodstock Bank and Peoples', on the other hand,
are both located in Shenandoah County, about
14 miles apart. Accordingly, the competitive relationship of those two banks and the effects of
the acquisition of both will be discussed following
a discussion of the Woodstock Bank proposal in
the light of other statutory considerations.
Shenandoah County Bank and Trust Company,
Woodstock. Woodstock Bank, with one office and
total deposits of $3.6 million, is located in Shenandoah County, about 30 miles southwest of Winchester and 14 miles northeast of Mount Jackson.
The bank's trade area is predominantly agricultural with a relatively stable economy. The bank
has been operated soundly and conservatively. In
the five years ending with 1961, the bank's rate
of growth in deposits was the next to lowest among
the seven banks in the County for the period
and in terms of dollar increase it ranked fifth,
but the bank is well capitalized, and in all probability could continue to be operated soundly as
an independent institution.
While there is no apparent need for the financial support of a holding company, Woodstock
Bank's performance indicates that its prospects
could be improved. While significant economic
expansion is not predicted for the area, it would
appear that the bank has not taken full advantage of existing opportunities within the scope of
conservative banking practice, particularly with
respect to lending policies, as to which First's ex-
LAW DEPARTMENT
perience and advice could be beneficial. The institution of an auditing program and the availability of trust and investment assistance from
First also also proposed contributions to the bank's
prospects.
The present management of Woodstock Bank
is competent. However, successor management
must be provided before long and, as with other
banks in the same size range, Woodstock Bank's
own capacity to provide it is limited. While this
is not in itself a strong reason for approval of the
acquisition of the bank by First, such added assurance of management continuity as the affiliation would provide is a favorable consideration.
As indicated, affiliation with First's holding company system should be of some benefit to Woodstock Bank with respect to its prospects and its
management. This benefit should in turn be reflected in benefit to those who are or may be served
by the bank. How important this is to the convenience, needs, and welfare of the community and
the area depends on the total availability of required banking service. In Woodstock itself ( population about 2,100), there is one other bank with
about $3 million in total deposits. Also located
in Woodstock Bank's primary service area is Farmers Bank of Edinburg (deposits of $1.8 million).
The other four banks in Shenandoah County compete within Woodstock Bank's primary service
area to a slight extent. Thus, there are banking
alternatives available to the Woodstock area, and
it does not appear from the evidence before the
Board that banking needs therein are not being
met with reasonable convenience. However, it
appears that the affiliation of Woodstock Bank
with First's system might tend to improve the
general level of banking service presently available and thereby be of benefit to the community.
The situation of Woodstock Bank is similar to
that of Peopdes'-Mt. Jackson in this respect.
The competitive situation of Woodstock Bank
in its own area is also somewhat similar to that of
Peoples'-Mt. Jackson. As noted above, there are
two other banks in the primary service area of
Woodstock Bank: National Bank of Woodstock
in Woodstock, and Farmers Bank of Edinburg,
about seven miles distant, which is also in the
primary service area of Peoples'-Mt. Jackson. Because of the competitor in Woodstock, the effects
on other banks of any improvement in Woodstock
Bank's competitive position would be more im-
1441
mediate than they would in the case of Peoples'Mt. Jackson, whose nearest competitor is about
seven miles away, but it would not appear that the
acquisition of Woodstock Bank by First would
have material adverse effects on competing banks.
Thus, as in the case of Peoples'-Mt. Jackson, the
Board believes that the acquisition by First of
Woodstock Bank alone would not have significant
adverse effects on competition in the Woodstock
area.
As for the combined effect on competition of
the acquisition of both Peoples'-Mt. Jackson and
Woodstock Bank by First, the two banks for the
most part serve their respective communities and
surrounding areas, although their primary service
areas overlap slightly in the area of Edinburg,
which is about midway between Mount Jackson
and Woodstock. Analysis indicates that the two
banks are alternative banking sources to some
extent for the areas they serve but, with the possible exception of loan business drawn by Peoples'
from the service area of Woodstock, the amount
of business drawn by each bank from the service
area of the other is not large, even as a proportion of each bank's own totals. In view of the other
alternative sources of banking service, including
the bank in Edinburg, another bank in Woodstock,
and the other banks in the County to a lesser
extent, the amount of active competition that
would be eliminated by First's acquisition of both
Peoples' and Woodstock Bank and the effect of
that elimination on banking competition in the
area generally cannot be regarded as substantial
in its importance to the public. The acquisition of
both Peoples'-Mt. Jackson and Woodstock Bank
by First would combine about 30 per cent of the
deposits and about 25 per cent of the loans of
the County's banks under common control. However, since the total volume of business of the
two banks is to a considerable degree drawn from
separate competitive areas, it is only a qualified
measure of concentration.
Having found that the competitive effects of
the proposed acquisitions of Peoples' and Woodstock Bank in their respective service areas are
not adverse to approval of the two applications
when considered independently, the Board finds
further that, while some competition between the
two banks would be eliminated by First's acquisition of both, that fact is not, in the general context
of banking competition and service in the area,
1442
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
sufficiently adverse to outweigh the other considerations noted as favorable to approval of each
application.
Conclusion. As indicated, the Board is of the
view that the proposed acquisitions would not expand the size of the holding company beyond
limits consistent with the preservation of competition in the field of banking in the local competitive areas principally concerned. Moreover, the
Board concludes that the proposed acquisitions
would not unduly expand the size or extent of
the holding company on either a regional or statewide basis, considering the size of the proposed
subsidiaries, their competitive range, and their
geographic distribution relative to each other and
to present subsidiaries of First. The three acquisitions would increase First's percentage of banking offices in the State from 3.5 to 5.3 and its
percentage of total banking deposits in the State
from 3.3 to 4.2. While First would, by these three
acquisitions, be extending its interest at a distance
from the area of its principal operations, this
would not appear to be inconsistent with adequate
and sound banking.
Upon consideration of all the relevant facts in
the light of the factors set forth in Section 3(c)
of the Act and the underlying purposes of the Act,
it is the Board's judgment that the proposed acquisitions would be consistent with the public interest
and that the three subject applications should be
approved.
WHITNEY HOLDING CORPORATION,
NEW ORLEANS, LOUISIANA
In the matter of the application of Whitney
Holding Corporation for approval of its becoming
a bank holding company by acquiring the stock
of Crescent City National Bank, New Orleans,
Louisiana, and Whitney National Bank in Jefferson
Parish, Jefferson Parish, Louisiana.
ORDER EXTENDING PERIOD OF TIME
PRESCRIBED BY PROVISO IN ORDER OF APPROVAL
WHEREAS, by Order dated May 3, 1962, the
Board of Governors, pursuant to Section 3 (a) (1)
of the Bank Holding Company Act of 1956 (12
U.S.C. 1842) and Section 222.4(a) (1) of Federal
Reserve Regulation Y (12 U.S.C. 222.4(a)(l)),
approved action whereby Whitney Holding Corpo-
ration would become a bank holding company by
acquiring substantially all of the voting stock of
two banks named therein, and said Order was
made subject to the proviso "that Whitney National Bank in Jefferson Parish shall be opened
for business within six months after said date";
and
WHEREAS, Whitney Holding Corporation has
applied to the Board for modification of said proviso for the reason that compliance within the
time prescribed therein apparently will not be
feasible, and it appears to the Board that good
cause exists for modification of the terms of the
proviso with respect to the period of time prescribed therein;
IT IS HEREBY ORDERED, that said Order be, and
it hereby is, amended so that said proviso shall
read as follows: "provided further that Whitney
National Bank in Jefferson Parish shall be opened
for business not later than November 4, 1963."
Dated at Washington, D. C , this 19th day of
October, 1962.
By order of the Board of Governors.
(Signed)
MERRITT SHERMAN,
Secretary.
[SEAL]
VIRGINIA COMMONWEALTH CORPORATION, RICHMOND, VIRGINIA
In the matter of the application of Virginia
Commonwealth Corporation for permission to become a bank holding company by acquiring stock
of five banks in Virginia.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT
There has come before the Board of Governors,
pursuant to Section 3(a)(l) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842) and
Section 4 ( a ) ( l ) of the Board's Regulation Y (12
CFR 222.4(a)(l)), an application by Virginia
Commonwealth Corporation, Richmond, Virginia,
for the Board's prior approval of action whereby
Applicant would become a bank holding company
through the acquisition of more than 50 per cent
of the voting shares of The Bank of Virginia,
Richmond, Virginia, The Bank of Henrico, Sandston, Virginia, The Bank of Salem, Salem, Virginia, The Bank of Occoquan, Occoquan, Virginia,
1443
LAW DEPARTMENT
and the Bank of Warwick, Newport News, Virginia.
As required by Section 3(c) of the Act, the
Board notified the Commissioner of Banking for
the State of Virginia of the receipt of the application and requested his views. The Commissioner
stated in writing that his office knew of no reason
why it should not be approved.
Notice of receipt of said application was published in the Federal Register on May 18, 1962
(27 F. R. 4748), which notice provided an opportunity for the filing of comments and views regarding the proposed acquisitions, and the time for
filing such comments and views has expired and
all comments and views filed with the Board have
been considered by it.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that the said
application be and hereby is granted, and the acquisition by Applicant of more than 50 per cent
of the voting shares of the above-mentioned banks
is hereby approved, provided that such acquisition
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 25th day of
October, 1962.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and King. Absent and not voting: Governors Robertson and
Mitchell.
(Signed)
MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
Virginia Commonwealth Corporation, Richmond, Virginia ("Applicant"), has applied, pursuant to Section 3(a)(l) of the Bank Holding
Company Act of 1956 ("the Act"), for the Board's
prior approval of action that would result in
Applicant becoming a bank holding company—
namely, acquisition of more than 50 per cent of
the voting shares of The Bank of Virginia, Richmond, Virginia, with deposits of $151 million;*
The Bank of Henrico, Sandston, Virginia ("Henrico"), with deposits of $3.2 million; The Bank
* Unless otherwise indicated, deposit and loan figures herein stated are as of December 31, 1961.
of Salem, Salem, Virginia ("Salem"), with deposits
of $8.9 million; The Bank of Occoquan, Occoquan, Virginia ("Occoquan"), with deposits of
$6.4 million; and the Bank of Warwick, Newport
News, Virginia ("Warwick"), with deposits of
$15.2 million.
The Bank of Virginia is the fourth largest bank
in the State and would be the principal bank in
the proposed holding company system. With control of that bank and the four smaller banks, the
group would still rank fourth in total deposits,
although very close in size to the National Bank
of Commerce, of Norfolk, which would retain
third place.
The Bank of Virginia has 19 offices distributed
in five areas, in the Richmond metropolitan area,
in Petersburg, in Norfolk, in Newport News, and
in Roanoke. Acquisition of the bank in Occoquan
would give Applicant representation in the northern part of the State.
A chief admitted advantage to Bank of Virginia
from the formation of the proposed holding company system arises out of statutory restrictions on
further branching in Virginia. All of that Bank's
branches were acquired before a "freeze" imposed
by the State legislature in 1948. In 1962, the restriction was relaxed somewhat, but only to permit city banks to establish additional branches in
the city where the head office of the bank is located (in this case, in Richmond), or within five
miles of the city limits. As a result, Bank of Virginia can only establish more branches in the remaining areas of the State where it now has interests, or in other areas, through mergers.
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following five factors: (1) the financial history
and condition of the holding company and the
banks concerned; (2) their prospects; (3) the
character of their management; (4) the convenience, needs, and welfare of the communities and
area concerned; and (5) whether or not the effect
of the acquisitions would be to expand the size
or extent of the bank holding company system
involved beyond limits consistent with adequate
and sound banking, the public interest, and the
preservation of competition in the field of banking.
Banking factors. The financial history, condition, prospects, and management of the five banks
are satisfactory, as are the proposed financial
structure, proposed management, and prospects of
1444
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
the Applicant. Virginia Commonwealth Corporation was incorporated as a Virginia corporation on
January 11, 1962, for the purpose of acquiring
more than 50 per cent of the outstanding shares
of, and furnishing services to, the banks proposed
to be acquired by it. Its management is to be made
up largely of officers of the banks involved, who
are regarded as competent.
The Bank of Virginia was organized in 1922,
as a Morris Plan bank. Ten of its branches and
two facilities are located in the Richmond metropolitan area, three branches in Norfolk, and one
branch each in Portsmouth, Petersburg, Roanoke,
and Newport News. As of December 31, 1961,
Bank of Virginia had loans of $93 million.
Henrico was organized in 1957, with major
assistance from Bank of Virginia. It now operates
two branches, and the Virginia State Corporation
Commission has authorized the opening of an
additional branch. It offers general commercial
banking other than trust services, and had $2.4
million of loans on December 31, 1961.
Occoquan has its main office in the town of
Occoquan, and has three branches, all within
Prince William County, about 75 to 85 miles
north of Richmond. It is the third largest of the
five banks located in that county. The bank and
its branches are situated between Washington,
D. C , and Quantico, and the area is predominantly residential. It has loans of $3.8 million.
Salem was organized in 1891. The bank did
not operate any branches until 1961 when it established a branch in a shopping center in Roanoke
County adjacent to the city of Roanoke. Loans
outstanding total $6 million.
Warwick was organized in 1941 in what was
then the town of Hilton Village in Warwick
County. Subsequently the county became an incorporated city, and later was consolidated with
the city of Newport News. Warwick operates two
branches in Newport News and has made application for a branch to be located in adjacent York
County. Its total loans amount to $7.5 million.
As to the prospects of the proposed holding
company, Applicant argues that a notable economic surge forward which Virginia has made in
recent years requires, and will require, stronger
banking sources, and that creation of the bank
holding company system will help provide such
sources with a corresponding opportunity for
growth of the five banks as well as of Applicant.
In this connection, Applicant contends that the
holding company will better be able to raise the
capital needed to keep pace with industrial expansion in the State than could the individual banks.
It does not appear to the Board that it would
be substantially easier for the banks to raise capital
through the holding company system, as apparently
none of the banks has experienced difficulty in
the past in floating new issues of stock when
needed. On the other hand, basically, additional
capital is justified by deposit growth, and to the
extent that general improvements in management
and efficiency of the subsidiary banks promoted
deposited growth, their prospects would be improved.
Ready access to the automated equipment already installed by Bank of Virginia should also
improve the operating efficiency of the small banks
and facilitate their growth, thus improving their
prospects.
Turning to the third factor, the character of the
management of the Applicant and the banks concerned, it appears that Bank of Virginia has for
some years maintained a strong training program.
Through the extension of this program, Applicant
argues, it will be able to supply the smaller banks
with officers who are more qualified than those
which the banks individually could attract or
develop.
Against this contention, it can be urged that,
on Applicant's own showing, the present management of all the banks is satisfactory, and there is
no reason to suppose, except in the case of one of
them, which has recently had a management succession problem, that they will be unable to attract capable officers in the future. Despite past
performance in this regard, however, it would appear that since Applicant will be able to place
officers from the smaller banks for periods of
training in the more specialized departments of
the large bank, and can offer executives of the
smaller banks better opportunities of promotion,
and advantage would accrue to the smaller banks
under this factor.
Convenience and needs of communities. The
fourth factor, the convenience, needs, and welfare
of the communities and the areas concerned, is
of course intimately interwoven with the first
three. Additional arguments which have been
brought forward under the fourth factor include
the fact that Bank of Virginia has a sizable and
LAW DEPARTMENT
active trust department, and Applicant plans to
make expert advice and guidance in the trust field
available to the smaller banks, although it does
not propose to establish trust departments in the
three which have none. A second point made by
Applicant is that the greater ease of arranging
participations within the holding company system
would have the effect of raising the effective (although not the legal) lending limit of its subsidiary banks.
While the contemplated guidance on trust matters would be of some assistance to the smaller
banks and to their communities, the scale of their
future operations will probably not justify much
trust activity. As to the second point, the smaller
banks have been able to arrange participations with
correspondent banks, particularly with Bank of
Virginia, when needed, and should be able to
continue doing so were they to remain independent
of the system.
Competitive effect. The final factor, whether the
effect of the proposed transaction would be to
expand the size or extent of the bank holding company involved beyond limits consistent with adequate and sound banking, the public interest, and
the preservation of competition in the field of
banking, is more difficult to analyze. However,
the Board is of the opinion that the proposed
holding company system will remain well within
limits consistent with adequate and sound banking, and so far, will be consistent with the public
interest.
Applicant's banks would have about 5 per cent
of the offices and deposits of all banks in the State.
In the areas where more than one of the proposed
subsidiaries have offices, the group's proportion
of deposits would be about 10 per cent in the case
of the Roanoke and Salem banks and 11 per cent
of banks in the Richmond metropolitan area. In
Newport News, the subsidiary banks would have
about 26 per cent of combined bank deposits,
considerably less than that of the largest bank in
the city. The merger of that bank with First and
Merchant's National Bank of Richmond, on October 31, 1962, will make it a branch of the largest
bank in the State.
On the question whether there will be a significant lessening of competition in the field of banking as a result of approval, the Department of
Justice has urged that
1445
"The proposed formation of a holding company, which standing alone may appear of not
too great significance, may actually be the
incipient step which will trigger other and more
substantial conglomerations resulting in Virginia banking in every community being dominated by a small number of large holding companies with a consequent diminution in the
number of smaller, locally controlled banks."
The Board agrees with the inference in the
statement by the Department of Justice that the
lessening of present competition which is likely
to result from the proposed acquisitions is not sufficient to require denial of the application. Occoquan is about 85 miles from Richmond, and there
is no existing competition between Occoquan and
Bank of Virginia. In the case of Henrico, the
close relationship with Bank of Virginia, as well
as the location of Henrico in suburbs of the city,
where the larger bank is not represented, has forestalled the development of competition between
them.
In the case of Salem, Applicant urges with some
reason that the degree of existing competition with
the Roanoke branch of Bank of Virginia is slight
and due to special, self-terminating factors.
As to Warwick, the $1.05 million of deposits
and $.9 million of loans of Bank of Virginia's
Newport News branch which originate in the primary service area of Warwick are equivalent to
6.9 per cent of the deposits and 12.2 per cent of
the loans of the Bank of Warwick. The deposits
and loans of Warwick which orginate in the primary service area of Bank of Virginia's branch are
less significant from the competitive point of view,
as five commercial depositors, two of whom are
directors of Warwick, account for about $.3 million of the $.35 million of such deposits, and three
commercial customers, two of whom are directors, account for about 85 per cent of the $.2
million of such loans.
In addition, the size and number of alternative
banking sources which would remain would tend
to mitigate the lessening of competition which can
be expected to result from approval.
The statement that approval of this application
will "trigger other and more substantial conglomerations," as urged by the Department of Justice, seems to imply that approval will in some
fashion commit the Board to approving future ap-
1446
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
plications. But it is the statutory duty of the Board
to determine the point at which a line should
be drawn, deterring further concentration of banking facilities, and it has done so. In one recent
case, the matter of the application of Morgan New
York State Corporation, where the proposed system would have included the fifth largest bank in
New York City, and six of the largest banks in
the respective upstate New York areas, thus widening the competitive gap between the larger and the
smaller banks in the cities concerned, the Board
found that this prospective result compelled the
conclusion that formation of the holding company
would have adverse consequences for the competitive banking structure of the State and required
denial. (48 F. R. BULLETIN 567, May 1962)
Approval of the application of First Bancorporation of Florida similarly would have united four
powerful banks already "strongly entrenched" in
the State's four largest metropolitan areas. The
Board found that since "Among relatively large
and aggressive banks competing for the business
of sophisticated customers such as other banks,
small advantages can be decisive," it was "probable that the competitive ability of the remaining
major correspondent banks would be seriously
diminished" and denied the application. (48 F. R.
BULLETIN 979 at 982, August 1962)
By contrast, the proposed holding company
would not be the dominant banking institution in
any area in which it operated. Four of the banks
are relatively small, and there would be no change
in the relative rank of the principal State banking
organizations as a result of approval.
While the shoe industry is, of course, different
from the banking industry, it may be relevant to
note that in its recent decision in Brown Shoe Co.
v. United States, the Supreme Court found that
supporters of the 1954 amendment to Section 7
of the Clayton Act "indicated that it would not
impede, for example, a merger between two small
companies to enable the combination to compete
more effectively with larger corporations dominating the relevant market" and held that "Congress
indicated plainly that a merger had to be functionally viewed, in the context of its particular industry." Indeed, the Court described as a "mitigating
factor" a "demonstrated need for combination to
enable small companies to enter into a more meaningful competition with those dominating the relevant markets." (370 U.S. 294 at 319, 321-322, 346
(June 25, 1962)) In the present case, uniting the
four smaller banks with Bank of Virginia should
enable all these banks to compete more effectively,
both with the larger banks in their own areas and
with the powerful Richmond and out-of-state
banks which are now active in the Virginia banking field. Nor under all the circumstances does it
appear that the remaining smaller independent
banks would be adversely affected.
Viewing the relevant facts in the light of the
general purposes of the Act and the factors enumerated in Section 3(c), as well as the cited opinion of the Supreme Court, it is the judgment of the
Board that the proposed acquisitions would be
consistent with the statutory objectives and the
public interest and that the application should be
granted.
Announcements
APPOINTMENT OF DIRECTOR
On November 8, 1962, the Board of Governors
announced the appointment of Max P. Heavenrich, Jr., of Saginaw, Michigan, as a director of
the Detroit Branch of the Federal Reserve Bank
of Chicago, for the unexpired portion of a term
ending December 31, 1963. Mr. Heavenrich is
President and General Manager, Heavenrich Bros,
and Co., Saginaw. As a director of the Detroit
Branch he succeeds Mr. Carl A. Gerstacker,
Chairman of the Board, The Dow Chemical
Company, Midland, Michigan, who recently resigned.
CHANGES IN BOARD'S STAFF
Effective October 19, 1962, Mr. Albert R. Koch,
an Adviser in the Division of Research and Statistics since January 1960, was appointed Associate Director, and Mr. Daniel H. Brill, an Associate Adviser in the Division since January 1960,
was appointed an Adviser.
RESERVE REQUIREMENTS
On October 18, 1962, the Board of Governors
of the Federal Reserve System announced a reduction from 5 per cent to 4 per cent in the
reserves against savings and time deposits that
member banks are required to maintain with
Federal Reserve Banks. The reduction in requirements became effective at the beginning of the
next reserve computation periods, October 25,
1962, for reserve city banks and November 1,
1962, for all other member banks.
This action reduced member bank required reserves by an estimated $767 million—$410 million at reserve city banks and $357 million at all
other member banks. The release of these reserves, coming at this time, will assist in meeting
the heavy seasonal needs for reserves that the
banking system experiences in the closing months
of the year. In addition, the reserves thus supplied will help in providing for the longer-term
growth in bank deposits needed to facilitate the
expansion of economic activity and trade.
Reserves supplied in this manner substitute for
a corresponding amount of reserves supplied
through Federal Reserve purchases of Government securities in the open market, most of
which, because of the characteristics of the market, would necessarily be in short-term securities.
Thus, this method of supplying reserves will
minimize downward pressures from System purchases upon short-term market rates, which is
desirable in the present circumstances in order
to keep incentives for short-term capital flows
abroad from becoming stronger. In addition, the
reduction in the requirement will make reserves
available directly to banks throughout the country, to be used by them as their own local circumstances dictate to support seasonal or other
changes in earning assets and deposits.
In taking this action, the Board took into account the character of the growth in deposits
at commercial banks this past year. Net increases
in savings and time deposits during 1962 have
been comparatively large, in response to widespread offering by banks of higher rates of interest for such deposits. In these circumstances, the
Board felt a lower requirement behind these deposits would be appropriate.
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 October 15, 1962, to November 15, 1962.
New Jersey
Hillside
Hillside State Bank
1447
National Summary of Business Conditions
Released for publication November 16
Industrial production, construction activity, and
nonagricultural employment continued to change
little in October. Retail sales rose, as buying of
autos increased sharply after introduction of the
1963 models. Commercial bank credit continued
to expand, reflecting mainly an increase in loans.
Common stock prices, after declining further in
response to the Cuban crisis in late October, rose
sharply.
was maintained at the advanced levels prevailing
since July.
Declines in output of materials were widespread
but generally small. Production of nonferrous
metals, construction materials, and textiles and
most other nondurable materials was reduced
somewhat. Output of iron and steel changed little.
INDUSTRIAL PRODUCTION
New construction activity in October—at a
seasonally adjusted annual rate of $63 billion—
was unchanged from the August-September level.
Private residential construction, which had
changed little through the summer, declined moderately, and industrial, commercial, and most
other types of private activity also declined. Public construction, however, increased sharply.
Industrial production in October remained at
the August-September level of 120 per cent of the
1957-59 average. While output of business equipment rose further, production of materials declined somewhat and output of consumer goods
changed little.
Auto assemblies, after allowance for the sharp
recovery from the model changeover low, remained at about the level prevailing since July.
Production of other consumer durable goods declined, however, reflecting mainly reductions in
television sets and furniture. In the business equipment industries, output of farm machinery and
freight and passenger equipment increased while
output of industrial and commercial machinery
INDUSTRIAL PRODUCTION
1957-59 = 100
CONSTRUCTION
EMPLOYMENT
Seasonally adjusted employment in nonfarm
establishments continued to change little in October. Employment increased further in services and
State and local government but changed little in
manufacturing, trade, and most other lines. Average weekly hours and earnings in manufacturing
declined somewhat. The unemployment rate was
5.5 per cent, compared with 5.8 per cent in August
and September and an average of 5.5 per cent in
the first seven months of this year.
FINAL
PRODUCTS,
DISTRIBUTION
-
NONDURABLE
MANUFACTURES
100
90
1963
1959
Federal Reserve indexes, seasonally adjusted. Monthly
ures, latest shown are for October.
fig-
Retail sales rose 2 per cent in October and were
8 per cent higher than a year earlier. After newmodel introductions around the first of the month,
deliveries of domestic autos increased sharply to a
seasonally adjusted annual rate of about 8 million
units in October; sales in early November were not
far below this advanced rate. Department store
sales declined in October, primarily reflecting abnormal temperatures in some parts of the country
that limited consumer interest in winter clothing.
1448
1449
NATIONAL SUMMARY OF BUSINESS CONDITIONS
COMMODITY PRICES
The wholesale commodity price index was
stable in late October and early November. In response to the Cuban crisis, basic commodity prices
rose in spot and futures markets, and in early November, prices of rubber, burlap, and some other
commodities remained moderately higher than before the crisis. Prices of lead increased, partly because of a strike affecting output at some domestic
mines. On the other hand, prices of aluminum
scrap and steel scrap declined and pig iron prices
were reduced. Among finished goods, price increases of up to 5 per cent were announced for
tires and refrigerators; prices for both of these
products had been below a year ago.
BANK CREDIT AND RESERVES
Total commercial bank credit, seasonally adjusted, continued to rise in October, reflecting
mainly expansion in all major categories of loans.
The money supply increased and time deposits at
commercial banks rose substantially further.
In late October and early November, a reduction from 5 per cent to 4 per cent in reserves required against time and saving deposits released
about $780 million of reserve funds. Over the
four weeks ending November 14, total reserves
declined $915 million. Reserves were absorbed
through a reduction in Federal Reserve holdings
of U. S. Government securities, a decrease in float,
an outflow of gold, and an increase in currency in
circulation. Both excess reserves and member bank
borrowings from the Federal Reserve increased
somewhat between mid-October and mid-November.
SECURITY MARKETS
Bond yields generally declined further between
mid-October and mid-November, with yields on
corporate and State and local government bonds
setting new lows for this year and those on Treasury issues approximating their previous 1962 lows.
Rates on 3-month Treasury bills increased to
about 2.80 per cent.
After declining further in initial response to the
Cuban crisis, common stock prices increased
sharply in heavy trading. In mid-November, average prices were 15 per cent above the June low
and 17 per cent below the peak reached in December 1961.
INTEREST RATES
RETAIL TRADE
1957-59 = 100
DEPARTMENT STORES
RETAIL SALES
LONGTER/
GO VERNMENT 5E
•A
'I
hi
j
%f
F R
SCOUNT
RATES
n
u
-
TREASURY
B11L
S
TOTAL LESS
AUTOMOTIVE GROUP
1
I
I
1958
I
I
I960
i
1
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest for stocks is September, for other series, October.
!
I
Discount rate, range or level for all F. R. Banks. Weekly
average market yields for U. S. Government bonds maturing
in 10 years or more and for 90-day Treasury bills. Latest
figures shown are for week ending November 16.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp
IPC
A
L
S
Estimated
Corrected
Preliminary
Revised
Revised preliminary
i, n,
in, iv
n.a.
n.e.c.
S.A.
N.S.A.
U
Quarters
Not available
Not elsewhere classified
Monthly (or quarterly) figures adjusted for
seasonal variation
Monthly (or quarterly) figures not adjusted
for seasonal variation
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. Goyt. agencies as well as direct obligations of the
Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not
originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the
data.
LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Issue
A nnually—cont.
Page
Flow of funds
Nov. 1962 1508-23
Selected assets and liabilities of Federal business-type activities
July 1962
904
Banks and branches, number of, by class and
State
Apr. 1962
Semiannually
Banking offices:
Analysis of changes in number of
Aug. 1962
On, and not on, Federal Reserve Par List,
number of
Aug. 1962
Annually
Bank holding companies:
List of, Dec. 31, 1961
June 1962
Banking offices and deposits of group banks.
Dec. 31, 1961
Aug. 1962
Banking and monetary statistics, 1961
Issue
1073
1074
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks
Page
(Feb. 1962 238-44
jMar. 1962 362-63
(May 1962 652-55
Feb. 1962
482-83
234-35
644-51
902
Apr. 1962 484-86
July 1962
903
762
1075
Stock Exchange firms, detailed debit and credit
balances
Sept. 1962
1450
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
1452
1456
1458
1460
1462
1464
1468
1470
1473
Interest rates
Security prices; stock market credit; open market paper.
Savings institutions
Federal finance
Security issues
Business finance
Real estate credit
Consumer credit
1474
1475
1476
1478
1483
1485
1487
1490
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
1494
1498
1498
1500
1502
1503
1504
1506
1508
Guide to tabular presentation
Index to statistical tables
1450
1547
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).
1451
1452
BANK RESERVES AND RELATED ITEMS
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
Toand Float 1 tal*
Bought Repurchase
adTotal outagree- vances
right ments
Gold
stock
Treas- Curury
cur- rency
in
rency
ciroutstand- culation
ing
Deposits, other
than member bank
Treas- with reserves,
F. R. Banks
ury
cash
holdings Treas- Forury
eign Other i
Member bank
reserves
Other
F. R.
accounts With
F. R.
Banks
Currency Total
and j
coin 3
Averages of
daily figures
61 1,317 4,024 2,018 4,400
210
272
12 2,208 4,030 2,295 5,455
83 2,612 17,518 2,956 7,609 2,402
170 2,404 22.759 3,239 10,985 2,189
652 24,744 20,047 4,322 28,452 2,269
30
81
616
592
625
20,336
23,310
23,876
25,218
24,888
142 1,117 21,606 22,879 4,629 27,806 1,290
9
375 25,446 22,483 4,701 29,139 1,280
657
99
262 27,299 23,276 4.806 30,494 1,271
524 1,633
018 27,107 22,028 4,885 30,968
448
767
421
992 26,317 21,711 4,982 30,749
407
805
29
615
271
569
602
443
920
571
745
466
439
353
264
290
390
365
24,318
24,498
23,615
26,216
26,993
284
267
367
96
43
840
706
716
564
911
1960—Dec
1961—June
1961—Oct..
Nov
Dec...
27.248 27,170
26,935 26,927
78
8
94
66
28.044 27,997
28,616 28,532
29,098 29,061
47
84
37
67
107
152
1962—Jan...
Feb
Mar
Apr...
May
June
July
Aug
Sept
28,519
28.384
28,570
29,143
29,503
29,568
29,581
30,088
29,921
30,241
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
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
24.602
24 765
23,982
26,312
27,036
Oct
28,478
28,377
28,524
29,015
29,457
29,510
29,540
30,074
29,865
30,178
978
250
8
381
41
7
46
128
46
58
41
14
56
63
30
164
739
1,531
1,247
376 2,314
350 2,211
248 11,473
292 12.812
493 16,027
2,314
2,211
11,473
12,812
16,027
739
796
832
908
929
17,391
20,310
21,180
19,920
19,279
17,391
20.310
21,180
19,920
19,279
19,240
19.535
19,420
18,899
18,628
19,240
19.535
19,420
18,899
304 18,932
5,008
5.064
5,144
5,230
5,311
31,265
31,775
31,932
32,371
32,775
777
772
768
691
396
434
463
385
470
524
459
372
345
262
361
394
247
186
337
348
983
998
,063
,174
,195
,665 29,060 17,954 5,396
,265 28,304 17,475 5,432
,358 29,504 17,328 5,569
,377 30,142 17,180 5,583
,921 31,217 16,929 5,587
33,019
32,246
408
411
522
515
250
205
495
250
,029 16,688 2.595 19,283
,038 16,547 2,495 19,042
32,864
33,255
33,954
415
414
422
469
483
514
254
258
229
305
244
244
,014 17,082 2,578 19,660
,068 17,183 2,657 19,840
,112 17,259 2,859 20,118
,389
,633
,443
,496
,426
26.853
27.156
26,186
28,412
29,435
21,689
21,942
22,769
20,563
19,482
807
93
290
118
293
156
317
134
326
128
508
154
736
109
330
143
760
91
76 1J705
30,468
29,839
30,063
30,634
30,991
31,265
31,475
31,600
31,807
32,057
16,852
16,793
16,707
16,564
16,456
16,434
16,310
16,136
16,079
16,050
5,588
5,586
5,588
5,588
5,594
5,601
5,602
5,598
5,548
5,552
33,291
32,848
32,996
33,235
33,327
33,626
33,989
33,962
c
34,004
34,110
441
449
439
428
419
402
398
405
C
398
404
417
426
448
485
551
514
490
524
500
517
234
211
215
220
221
269
273
200
211
216
288 ,042 17,195 2,894 20,089
272 ,096 16,916 2,655 19,571
272 ,049 16,939 2,608 19,547
350
985 17,083 2,640 19,723
351 1,048 17,122 2,695 19,817
322
971 17,196 2,728 19,924
312
654 17.272 2,774 20,046
335
764 17,144 2,777 19,921
296
799 17,227 2,807 20,034
320
710 17,382 *>2,822 '20,205
999
,186
,843
,723
28,931
29,052
29,251
28,986
17,451
17,451
17,451
17,451
5,553
5,553
5,554
5,560
32,664
32,836
32,775
32,612
406
414
413
414
469
469
566
436
270
275
282
296
303
319
313
320
Week ending—
1961
27,840 27,840
27,803
"•M:::::::.
27,330
20
10
3
57
28
45
29
1,111
1,088
1,048
1,049
16,712
16,655
16,861
16,871
2,402
2,543
2,612
2,648
19,114
19,198
19,473
19,519
27
27,803
27,320
27,200 27,197
4
11
18
25
27,834
28,195
28,250
27,819
27,823
28,143
28,130
27,791
11
52
120
28
36
31
147
57
,332 29,237
,257|29,517
,305 29,737
,630 29,544
17,380
17,350
17,336
17,302
5,563
5,565
5,568
5,572
32,678
32,886
33,010
32,849
408
417
422
414
422
450
479
486
300
261
248
249
281 1,054 17,036 2,569 19,605
363 1,05" 17,005 2,421 19,426
300
998 17,184 2,620 19,804
268
991 17,162 2,663 19,825
Nov. 1
8
15
22
29
28,052
28.495
28.466
28,588
28,874
28.039
28.466
28.380
28,461
28,760
13
29
86
127
114
76
93
125
92
103
,238 29,404
,130129,760
,18629.817
,743 30,465
,492 30,510
17.302
17.291
17,276
17,190
16,975
5,576
5,579
5,583
5,585
5,586
32,802
32.967
33 222
33,350
33,503
410
423
40:
414
415
491
475
476
506
456
241
273
247
309
210
303
990 17.045
258
992 17 241
253
992 17,084
251 1,144 17,265
213 1,143 17,132
2,706
2,430
2,657
2.629
2,810
19,751
19,671
19,741
19,894
19,942
Dec.
29,274
29,334
29,007
28,893
29,274
29,334
29,007
28,845
48
36
40
109
218
279 30,631
30,780
240 31,401
526 31,685
16,975
16,961
16,920
16,889
5,588
5,590
5,588
5,584
33,579
33,937
34,072
34,171
416
423
424
421
501
460
600
511
216
247
215
207
258
228
219
238
1,143
1,131
l,10f
1,106
17,082
16,906
17,277
17,506
2,68:
2,836
2,957
2,84f
19,764
19,742
20,234
20,348
356 2,355 31 ,695
79 2,059 30 ,972
89
870 30,529
72
786 30,185
94
227 29,678
16,889
16,883
16,839
16,839
16,832
5,586
5,587
5,586
5,589
5,590
33,919
33,661
33,386
33,070
32,793
429
434
440
44:
450
441
380
435
439
424
290
240
23:
220
213
297
261
29:
305
296
1,053
1,043
1,040
1,043
l,04f
17,740
17,421
17,130
17,094
16,882
3,062
2,871
2,926
2,878
2,876
20,802
20,292
20,056
19,972
19,758
117 29,873
12:
050 29,791
120
;655 29,913
12:
108 1,340 29,778;
16,804
16,789
16,790
16.790
5,584
5,585
5,586
5,588
32,776
32,888
32,870
32,85^"
460
448
447
439
359
444!
433|
470
223
197
19
227
277
252
274
285
1,042
1,022!
1,163!
1,156,
17,125
16,914
16,904
16,721
2,573
2,606
2,676
2,764
19,698
19,520
19,580
19,485
Oct.
6
13
20
27
1962
Jan.
3
10
17
24
31
28,931
28,784
28,520
28,279
28,310
28,720
28,717
28,501
28,279
28,310
Feb.
7
14
21
28
28,588
28,575
28,090
28,285
28,588
28,575
28,062
28,285
For notes see opposite page.
211
67
19
28
1453
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Factors absorbing reserve funds
Factors supplying reserve funds
F. R. Bank credit outstanding
U. S. Govt. securities
Period
or
date
Discounts
and Float i
Bought Repurchase adTotal outagree- vances
right ments
TotaP
Gold
stock
Treas- Curury
cur- rency
in
rency
ciroutstand- culation
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F.
R.
Banks
Other
ury
F . R.
cash
acholdcounts With
Curings Treas- ForTotal
Other i
F. R. rency
and
ury eign
Banks coin
3
Averages of
daily figures
Week ending—
1962
Mar. 7.
14.
21.
28.
28,433
28,502
28,487
28,679
28,419
28,463
28,415
28,651
14
39
72
28
156
118
198
151
,339 29,974
,252 29,917
,446 30,176
,248 30,121
16,772
16,724
16,709
16,666
5,587
5,590
5,586
5,587
32,908
33,066
33,048
32,951
440
441
446
433
401
461
460
481
214
224
219
197
283
234
224
318
1,100
1,053
1,027
1,028
16,987
16,751
17,048
16,966
2,497
2,597
2,617
2,682
19,484
19,348
19,665
19,648
Apr.
4.
11.
18.
25.
29,150
29,281
29,030
29,033
28,996
29,134
28,957
28,882
154
147
73
151
140
125
140
150
,029 30,361
,156 30,603
,412 30,622
,500 30,722
16,609
16,609
16,585
16,523
5,591
5,589
5,584
5,586
33,050
33,274
33,356
33,244
433
432
425
428
400
458
480
518
220
252
204
209
351
327
364
354
1,025
1,030
960
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
May
2.
16!
23.
30.
29,188
29,634
29,532
29,341
29,560
29,093
29,467
29,511
29,341
29,560
95
167
21
128
112
129
112
151
,351 30,704
,245 31,025
,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
372
342
327
344
958
956
996
1,132
1,130
17,091
17,369
17,098
17,138
17,007
2,777
2,482
2,717
2,693
2,802
19,868
19,851
19,815
19,831
19,809
6
13
20
27
29,837
29,672
29,433
29,320
29,837
29,672
29,356
29,233
117
107
180
216
,211 31,198
,
,30431,115
,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
339
337
266
1,077
1,056
996
886
17,155
16,976
17,291
17,244
2,646
2,662
2,747
2,818
19,801
19,638
20,038
20,062
4
11
18
25
Aug. 1
8
15
22
29
29,884
29,962
29,304
. .. 29,230
29,592
30,194
30,177
. .. 29,902
30,019
29,707
29,870
29,304
29,230
177
92
153
81
178
74
1,498 31 ,597
1,627 31 ,729
2,039 31,561
1,968 31 ,315
16,435
16,412
16,298
16,269
5,600
5,602
5,601
5,603
33,863
34,155
34,091
33,901
391
394
388
404
533
452
496
551
330
294
315
221
290
301
298
317
699
700
607
641
17,527
17,447
17,265
17,152
2,713
2,694
2,829
2,850
20,240
20,141
20,094
20,002
29,592
30,194
30,160 ""\7
29,890
12
30,019
85
171
145
171
92
1,346
1,150
1,279
1,684
1,287
31 ,066
31 ,559
31,642
31,795
31
31,433
16,168
16,148
16,148
16,147
16,112
5,604
5,603
5,596
5,597
5,601
33,813
33,938
34,059
34,003
33,870
414
417
402
397
404
428
488
598
553
502
234
217
198
189
192
343
331
375
325
314
643
692
703
827
820
16,962
17,226
17,050
17,247
17,044
2,876
2,589
2,763
2,763
2,870
19,838
19,815
19,813
20,010
19,914
Sept. 5
12
19
26
30,412
30,396
29,748
29,340
30,264
30,269
29 748
29,340
148
127
105
89
36
152
134 31,685
400 31,921
136 31,955
176 31,702
16,098
16,093
16,067
16,068
5,556
5,550
5,544
5,548
33,977
34,167
34,045
33,882
404
392
390
401
459
503
579
494
175
204
222
219
315
293
284
283
866
839
774
760
17,143
17,165
17,273
17,278
2,696
2,787
2,886
2,913
19,839
19,952
20,159
20,191
Oct.
29,959
30,682
30,480
29,931
29,888
29,946
30,546
30,385
29,931
29,853
13
136
95
74
56
82
67
91
1,747 31,816
"",416
1,",645 32
1,,633 32 ,229
2,083 32,116
1,475 31 ,491
16,068
16,067
16,067
16,052
16,006
5,552
5,555
5,551
5,551
5,552
33,909
34,102
34,256
34,115
34,039
407
410
397
398
409
476
513
480
519
541
217
243
214
211
207
323
314
336
315
311
754
751
717
684
672
17,352 2,822
17,706 2,627
17,445 2,861
17,476 ^2,882
16,872 *>2,935
20,174
20,333
20,306
'20,358
•19,807
101 1,124 31 ,618 16,098 5,548 33,932
48 1,781 31,690 16,067 5,551 33,893
219 1,171 31,625 "15,978 5553 *>34,090
394
390
478
400
513
168
229
182
311
318
309
871 17,110 3,022 20,132
756 17,321 2,566 19,887
827 16,821 *3,238 '20,059
June
July
3
10
17
24
31
771
87!
"•'35
End of month
1962
Aug...
Sept...
Oct...
30,358 30, 246
29,825 29, 825
30,201 29, 953
112
248
Wednesday
1962
19
26
Oct. 3.
10.
17.
24.
31.
2,868
3,124
3,152
3,209
30,327j
30,196
29,668
29,102
136 31,849
1, 477 31,953
2, 112 31,883
1,641 31,550
34,128
34,146
33,960
33,849
420
396
404
405
454
627
583
511
177
218
228
251
310
275
292
290
851
777
773
757
17,157
17,123
17,256
17,105
30,568
30,529
30,193
29,833
30,201
30,476
30,457
30,193
29,833
29,953
1,511 32,277 16,068 5,554 33,976
326 31,981 16,068 5,557 34,252
1,326
1, 763 32,162 16,068 5,550 34,187
1, 524 31,547 16,018 5,552 34,043
1,171 31,625 ^15,978 *>5,553 ^34,090
416
414
403
410
P4U
492
492
479
495
513
196
227
206
217
182
330
307
322
297
309
752
749
688
688
827
17,737 2,946 20,683
17,164 2,957 20,121
17,495 3,156 20,651
16,967 ^3,170 *>20,137
16,821 ?3238 *>20,059
16,098
16,068
16,068
16,068
1 Beginning with 1960 reflects a minor change in concept, see Feb.
1961 BULL., p. 164.
2 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.
5,550
5,541
5,545
5,550
30,560
30,267
29,668
29,102
20,025
20,247
20,408
20,314
3 Part allowed as reserves Dec 1, 1959-Nov. 23, 1960; all allowed
thereafter. Beginning with Jan. 1962 figures are estimated except for
weekly averages.
1454
BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS
[In millions of dollars]
Reserve city banks
All member banks
New York City
Period
] Reserves
Total
held
Required
Borrowings
at
Excess F. R.
Banks
1929—June
1933 June
1939 Dec
1941 Dec
1945 Dec
1947 Dec
2,314 2,275
i 2,160 1,797
11,473 6,462
12,812 9,422
16,027 14,536
17,261 16,275
42
363
5,011
3,390
1,491
986
1950
1951
1952
1953
1954
1955
Dec
Dec
Dec
Dec
Dec
Dec
17,391
20,310
21,180
19,920
19,279
19,240
16,364
19,484
20,457
19,227
18,576
18,646
1,027
826
723
1956
1957
1958
1959
I960
1961
Dec
Dec
Dec
Dec
Dec
June
19,535
19,420
18,899
18,932
19,283
19 042
1961 Oct
Nov
Dec
1962
974
184
3
5
334
224
Reserves
Free
reserves
-932
179
5,008
3,385
1,157
762
703
594
142
657
1,593
441
246
839
18,883
18,843
18,383
18,450
18,527
18 430
652
577
688
710
-36
-133
557
906
87
63
-41
19,660 19,153
19,840 19,218
20,118 19,550
507
622
568
105
149
19,473
19,069
616
502
470
510
70
68
91
69
63
100
89
693
516
482
756
612
65
885
169
-870
252
457
-245
Total
held
762
861
5,623
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
Required
755
792
3,012
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397
Borrowings
at
Excess F. R.
Banks
1,199
1,356
1,406
1,295
1,210
1,166
1,191
1,353
1,409
1,295
1,210
1,164
147
139
102
99
19
-91
-105
-81
— 109
10
40
1,149
1,136
1,077
1,038
1,138
1,127
1,070
1 038
958
970
953
964
4
6
4
23
57
12
14
-50
983
37
7
985
987
985
982
987
-1
3
7
6
12
10
1
41
11
-24
50
987
955
964
940
982
954
949
953
5
1
15
-13
10
-12
18
7
— 19
34
1,000
1,017
1,021
1,036
990
976
983
977
989
1,013
1 022
1,032
985
968
980
1,001
982
968
983
998
985
987
995
988
962
970
3,733
3,697
3,834
3,716
3,660
3,826
3,811
3,680
3,693
3,752
3,724
3,781
3,766
3,709
3,718
3,774
3,763
3,664
3,705
3,692
3,713
3,774
3,732
3,684
3,723
3,736
48
17
-12
60
16
19,121
18,933
19,230
19,277
484
493
574
548
34
29
145
56
450
464
429
492
3,794
3,654
3,716
3,772
3,768
3,649
3,706
3,768
26
6
11
4
19,868
19 852
19,815
19,831
19,809
19,410
19 393
19,328
19,299
19,202
458
63
395
46
413
3,792
3,743
3,680
3,707
3,683
36
459
3,828
3 757
3,695
3,727
3,765
19 801
19,638
20,038
20,062
19 289
19,245
19,568
19,569
470
493
124
168
346
325
3,740
3,691
3,831
3,827
3,733
3,689
3,807
3,813
24
14
18
25
20,240
20,141
20,094
20,002
19,697
19,595
19,532
19,427
543
546
562
575
120
55
163
59
423
491
399
516
3,907
3,764
3,694
3,753
3,867
3,746
3,688
3,678
40
19
7
75
1....
8
15....
22
29
19 838
19,815
19,813
20,010
19,914
19,404
19,325
19,216
19,468
19,379
434
490
597
542
535
70
156
130
156
73
364
334
467
386
462
3,768
3,706
3,667
3,716
3,691
3,753
3,704
3,630
3,704
3,677
15
3
37
12
15
Sept. 5
12....
19....
26
19,839
19,952
20,159
20,191
19,418
19,427 *
19,643
19,687
421
525
516
504
94
77
25
141
327
448
491
363
3,697
3,676
3,777
3,751
3,689
3,664
3,749
3,744
8
12
28
8
446
479
485
^506
M52
63
44
71
56
79
383
435
414
3,810
3,779
3,721
3,772
3,735
3,785
3,764
3,729
3,755
3,674
25
15
-8
18
61
4....
11
18....
25
19,605
19,426
19,804
19,825
2
9. . . .
16
23
30
6....
13
20....
27
July
Aus
Sept
Oct
..
174
69
2,611
989
151
486
115
62
197
40
127
80
65
..
May........
1
78
540
295
14
13
67
-107
-456
-101
-50
-162
497
471
532
563
458
M84
19,077
19,213
19,320
19,453
19,514
19,358
19,576
. . . .
Excess
58
125
44
30
14
12
35
57
34
23
-10
29
546
434
379
441
434
371
443
436
378
2419
20,089
19,571
19,547
19 723
19,817
19,924
20 046
19,921
20 034
220,505
Jan
Feb
Mar
Apr
Required
-144
67
517
419
442
-167
Total
held
192
38
4,392
4,303
4,010
3,930
3,658
3,658
669
549
Reserves
Free
reserves
161
211
1,141
1,143
939
1,024
7
69
2,611
989
48
105
4,448
4,336
4,033
3,920
3,687
3,698
-424
City of Chicago
11
7
34
24
-4
38
19
16
17
15
4
161
133
601
848
924
1,011
Borrowings
at
F. R.
Banks
Free
reserves
63
6
8
5
3
—4
64
232
1
-1
2
12
8
7
7
-1
10
4
-1
5
37
15
85
97
85
39
104
8
1
23
16
22
3
4
— 62
78
540
295
14
7
3
-61
— 236
— 36
-16
-83
-86
—77
-31
— 104
—4
5
—24
-13
-22
2
2
-6
— 20
21
7
4
2
4
18
9
6
6
-14
— 10
1
6
78
17
-81
-13
3
-3
Week ending—
1961—Oct.
1962—May
June
July
4
Aug.
Oct.
3
10....
17....
24
31....
20,174
20,333
20,306
220,358
219,807
19,728
19,854
19,821
^19,852
For notes see opposite page.
487
532
607
512
393
64
47
86
423
485
521
55
457
47
346
ii
7
14
15
20
82
5
7
2
1
36
35
30
11
40
18
8
40
8
24
6
-3
36
14
10
20
82
6
14
3
-2
6
-4
9
32
3
9
3
5
c
1
— 11
3
-9
8
31
986
986
—7
4
—4
7
7
1
—7
4
-12
6
1,012
980
981
984
999
985
986
972
14
-5
-4
12
11
2
15
-15
29
-27
7
1,024
1,012
997
1,026
1,024
1,016
1,010
999
1,022
1,019
8
2
-2
4
5
3
18
23
26
10
28
-29
1,024
1,015
1,024
1,031
1,021
1,009
1,026
1,025
3
6
-2
6
10
9
3
18
19
15
-22
15
61
1,037
1,042
1,035
1,041
1,014
1,032
1,040
1,035
1,042
1,009
5
4
1
9
9
2
5
978
989
1,006
7
1
-12
-22
963
982
993
10
8
-33
75
8
15
37
3
-3
4
982
980
974
959
5
4
10
-5
-15
10
5
-16
-25
-22
-5
-7
q
-5
-12
4
-5
-9
-2
1455
BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
[In millions of dollars]
Other reserve city banks
Reserves
Period
Total
held
Required
Excess
Country banks
Borrowings at
F. R.
Banks
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
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
6,689
7,922
8,323
7,962
7,927
7,924
6,458
7,738
8,203
7,877
7,836
7,865
1956—Dec.
1957—Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—June.
8,078
8,042
7,940
7,954
7,950
7,823
1961—Oct..
Nov..
Dec.
Reserves
Free
reserves
Total
held
Required
Excess
Borrowings at
F. R.
Banks
Free
reserves
1
96
123
-397
62
1,188
1,302
322
148
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
232
184
120
85
91
60
50
354
639
184
117
398
182
-170
-519
-99
-26
-338
4,761
5,756
6,094
5,901
5,634
5,716
4,099
5,161
5,518
5,307
5,032
5,220
663
596
576
594
602
497
29
88
236
105
52
159
634
508
340
489
550
338
7,983
7,956
7,883
7,912
7,851
7,740
96
86
57
41
100
83
300
314
254
490
20
17
-203
-228
-198
-449
80
66
5,859
5,906
5,849
6,020
6,689
6,551
5,371
5,457
5,419
5,569
6,066
6,068
488
449
430
450
623
483
144
172
162
213
40
45
344
277
268
237
583
438
8,147
8,241
8,367
8,311
8,094
8,106
8,195
8,231
8,270
8,309
8,179
8,192
8,203
8,122
8,184
8,308
8,257
8,047
8,065
8,158
8,174
8,229
8,266
8,129
8,166
8,174
26
57
59
18
44
39
13
20
20
22
31
446
502
471
34
25
26
28
21
45
40
47
26
24
20
22
15
9
36
-4
3
2
6,330
6,393
6,429
6,471
6,405
6,358
6,410
6,449
6,473
6,526
6,531
6,665
466
524
502
54
47
41
37
57
41
43
49
26
29
6,797
6,917
6,931
6,979
6,842
6,784
6,836
6,872
6,896
6,972
7,017
7,103
7192
509
437
426
425
422
423
445
486
438
Ml 3
26
33
32
24
37
34
29
45
30
31
483
404
394
401
385
389
416
441
408
"382
1961_Oct. 4..
11.,
18.,
25.,
8,127
8,068
8,216
8,188
8,066
8,023
8,191
8,161
61
45
25
27
10
12
32
20
50
33
-7
7
6,699
6,736
6,892
6,864
6,304
6,294
6,350
6,350
395
441
541
514
23
11
24
12
372
430
517
502
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
June 6.
13
20
27
8,201
8,174
8,307
8,325
8,433
8,359
8,324
8,298
8,152
8,139
8,274
8,288
8,342
8,322
8,301
8,243
8,142
8,121
8,088
8,199
8,104
49
36
33
38
26
13
64
69
23
23
-31
-31
29
33
17
63
433
318
401
372
57
13
97
22
34
23
-73
33
399
496
538
433
29
31
15
35
369
464
523
398
30
30
70
33
34
27
66
49
52
21
4
-34
21
-19
13
6,434
6,458
6,501
6,483
6,488
6,542
6,556
6,532
6,493
6,491
6,499
6,543
6,580
463
352
418
435
91
36
24
55
6,897
6,810
6,919
6,918
6,888
7,037
7,094
6,966
6,874
6,945
6,991
7,035
7,061
381
455
492
492
481
40
54
50
38
34
340
401
443
454
447
8,126
8,120
8,181
8,200
8,206
8,268
8,267
8,244
7,905
29
37
30
22
20
24
3
62
9
13
27
-39
6,964
7,104
7,147
7,186
382
470
460
469
56
29
19
24
326
441
441
445
26
31
20
37
38
28
11
16
26
30
-2
20
4
11
7,095
7,213
7,263
PI,262
7116
6,582
6,633
6,687
6,717
6,705
6,782
6,791
^6,811
391
431
473
M51
'349
28
24
32
25
44
363
407
441
H26
^305
1962—Jan...
Feb..
Mar..
May!
June.
July..
Aug..
Sept..
Oct.. ,
P6,179
Week ending—
July
4
11
18
25
Aug.
8 .
15
22
29
Sept. 5
12
19
26
Oct.
3
10
17
24
31
8,172
8,151
8,158
8,232
8,138
8,154
8,157
8,211
8,223
8,232
8,299
8,287
8,281
7,943
1
This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1962 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through
6167
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.
1456
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances and discounts under
Sees. 13 and 13a i
Federal Reserve Bank
Rate on
Oct. 31
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Effective
date
Previous
rate
Advances to all others under
last par. Sec. 133
Advances under
Sec. 10(b)2
Rate on
Oct. 31
Effective
date
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
Previous
rate
Rate on
Oct. 31
Aug. 23, 1960
June 10, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
June 10, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
June 3. 1960
Aug. 23, 1960
Aug. 12, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
Aug. 19, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
Sept. 2, 1960
i Advances secured by U.S. Govt. securities and discounts of and
advances secured by eligible paper. Rates shown also apply to advances
secured by securities of Federal intermediate credit banks maturing
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper may have
maturities not over 6 months and 9 months, respectively, and advances
Effective
date
Previous
rate
f
r
secured by FICB securities are limited to 15 days.
2 Advances secured to the satisfaction of the F. R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum
maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Effective
date
Range
(or level)—
all F. R.
Banks
F. R.
Bank
of
N. Y.
Effective
date
In effect Dec. 31, 1932
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb. 2
Mar. 16
Jan. 11
May 14
Aug. 27
Sept. 4
Apr. 11
Oct. 15
30
1950
1933
P
1953
5
15
Apr. 14
16
May 21
1935
1J4-2
Apr. 14
1 -2
I -1V4
1942
,
,
May 2
Aug. 4
,
12!!!!!!
Sept. 9
13
Nov. 18
23
1946
1948
1954
1955
Apr. 13
20
Aug. 24
1
1956
,
,
31
frf
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.
NOTE.—Discount rates under Sees. 13 and 13a (as described in table
above). For data before 1933, sec Banking and Monetary Statistics,
pp. 439-^2.
The rates charged by the F. R. Bank of N. Y. on repurchase contracts
xv
\t
F. R.
Bank
of
N.Y.
Range
(or level)—
all F. R.
Banks
Effective
date
F. R.
Bank
of
N.Y.
1957—Cont.
Nov. 15
Dec. 2
Jan. 22
24
Mar. 7
15
Apr. 25
May 10
Jan. 12
19
,
Jan. 16
23
Feb.
1934
1937
Aug. 21
25
Range
(or level)—
all F. R.
Banks
Apr.
May
Aug.
Sept.
1958
,
13
,
21
18
9
15
12
23
,
,
,
,
Nov. 7
June
3
10
14
Aug. 12
Sept. 9
I
2
2%
Oct. 24
Mar. 6
16
May 29
June 12
Sept. 11
18
2V
1959
,
1960
,
1962
In effect Oct. 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.
1457
RESERVE REQUIREMENTS
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS
RESERVE REQUIREMENTS OF MEMBER BANKS
[Per cent of deposits]
[Per cent per annum]
Net demand deposits 2
Effective date
Type of deposit
Jan. 1,
1936
Savings deposits held for:
1 year or more
Less than 1 year
Jan. 1,
1957
I **
Jan. 1,
1962
{ k
3
Postal savings deposits held for:
{ k
3
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
{ k
3
2*
1
1
For exceptions see Oct. 1962 BULL., p. 1279.
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in
any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member
bank is located. Effective Feb. 1, 1936, maximum rates that may be
paid by insured nonmember commercial banks, as established by the
F.D.I.C., have been the same as those in effect for member banks.
Maximum rate payable on all types of time and savings deposits:
Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2 ^
per cent.
Effective date i
Central
reserve
city
banks3
Regulation
Oct. 16, July 28, Julv 10,
1960
1962
1958
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
90
90
70
70
50
50
90
70
50
NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension: margin requirements are the difference between the market value (100%) and the maximum loan value.
Central
reserve
and
reserve
city
banks
Country
banks
26
22
16
m
IVi
1949—May 1,5
June 30, July 1..
Aug. 1,11
Aug. 16, 18
Aug. 25
Sept. 1
1951—Jan. 11, 16
Jan. 25,Feb 1..
1953—July 1,9
1954—June 16,24
July 29, Aug. 1..
24
21
20
19Vi
19
181/i
18
19
20
19
15
14
13
12
7
6
5
7
6
13
14
13
6
6
18
12
5
5
\VA
HK
1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov.
Dec.
27, Mar. 1.
20, Apr. 1..
17
24
1
24
1
§*
g*
23
24
22
21
20
ii*
5
16Vi
171/2
12
161/2
1962—Oct 25 Nov 1
4
In effect Nov. 1, 1962. .
16i/2
Present legal requirement:
Minimum
Maximum
Effective date
Country
banks
In effect Dec. 31, 1948..
MARGIN REQUIREMENTS
[Per cent of market value]
Reserve
city
banks
Time deposits
10
4 22
12
4
4
7
14
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]
Item
All
member
banks
Reserve city banks
New
York
City
City
of
Chicago
Other
Country
banks
Four weeks ending Sept. 19, 1962
Gross demand:
Total
Interbank
U. S. Govt
Other
Net demand l
Time
Demand balances due
from domestic banks.
Currency and coin
Balances with F. R.
Banks
Total reserves held
Required
Excess
All
member
banks
Reserve city banks
New
York
City
City
of
Chicago
Other
Country
banks
Four weeks ending Oct. 17, 1962
127,145
13,923
6,279
106,943
105,772
76,581
24,399
3,988
1,245
19.167
19,824
8,477
6,219
1,257
353
4,608
5,324
2,804
49,059
7,031
2,455
39,574
40,295
29,679
47,468
1,647
2,226
43,595
40,328
35,621
7,183
2,810
117
217
90
38
1,959
873
5,017
1,682
17,156
19,966
19,467
499
3,493
3,710
3,695
15
984
1,022
1,019
3
7,292
8,165
8,133
32
5,387
7,069
6,620
449
i Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
Item
Gross demand:
Total
129,833
Interbank
14,487
U. S. Govt
7,265
Other 1
108,082
Net demand
107,650
Time
77,321
Demand balances due
from domestic banks.
7,404
Currency and coin
2,806
Balances with F. R.
Banks
17,445
Total reserves held
20,251
Required
19,773
Excess
478
25,015
4,162
1,549
19,303
20,171
8,547
6,353
1,299
449
4,605
5,400
2,840
49,867
7,304
2,774
39,790
40,841
29,932
48,598
1,721
2,493
44,384
41,238
36,002
118
223
96
38
2,038
866
152
679
3,542
3,765
3,756
9
998
1,036
1,033
3
7,394
8,260
8,235
25
5,511
7,190
6,749
441
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.
1458
FEDERAL RESERVE BANKS
CONSOLIDATED STATEMENT OF CONDITION
[In millions of dollars]
Wednesday
End of month
1962
Item
1961
1962
Oct. 31
Oct. 24
Oct. 17
Oct. 10
Oct. 3
Oct.
Sept.
Oct.
Gold certificate account
Redemption fund for F. R. notes
14,481
1,211
14,526
1,208
14,578
1,212
14,590
1,200
14,596
1,198
14,481
1,211
14,596
1,200
15,926
1,102
Total gold certificate reserves
15,692
15,734
15,790
15,790
15,794
15,692
15,796
17,028
366
368
367
354
379
366
397
404
207
12
34
145
11
34
161
11
34
76
16
34
153
11
34
207
12
34
37
11
36
57
2
38
Assets
Cash
Discounts and advances:
Member bank borrowings
Other
Acceptances—Bought outright
Held under repurchase agreement
U. S. Govt. securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds.
2,378
2.258
2,618
2,882
2,984
2,378
2,373
3,242
9,542
13,902
4,131
9,542
13,902
4,131
9,542
13,902
4,131
9,542
13,902
4,131
9,542
13,849
4,101
9,542
13,902
4,131
9,538
13,837
4,077
1,654
19,769
3,603
29,953
248
29,833
30,193
30,457
72
30,476
92
29,953
248
29,825
28,268
Total U. S. Govt. securities
30,201
29,833
30,193
30,529
30,568
30,201
29,825
28,268
Total loans and securities
30,454
30,023
30,399
30,655
30,766
30,454
29,909
28,365
5,064
105
5,235
106
6,314
106
4,881
107
5,306
107
5,064
105
5,041
107
4,462
110
214
385
350
368
355
352
360
330
360
310
214
385
350
307
329
52,280
52,184
53,683
52,477
53,022
52,280
51,907
50,698
29,031
28,985
29,129
29,186
28,943
29,031
28,859
27,798
16,821
513
182
309
16,967
495
217
297
17,495
479
206
322
17,164
492
227
307
17,737
492
196
330
16,821
513
182
309
17,321
400
229
318
16,888
502
249
555
17,825
17,976
18,502
18,190
18,755
17,825
18,268
18,194
3,893
75
3,711
72
4,551
79
3,555
70
3,795
71
3,893
75
3,260
70
3,279
69
50,824
50,744
52,261
51,001
51,564
50,824
50,457
49,340
463
888
105
463
888
89
462
888
72
462
888
126
462
888
108
463
888
105
462
888
100
433
817
108
52,280
52,184
53,683
52,477
53,022
52,280
51,907
50,698
69
68
68
69
68
69
68
117
7,137
7,171
7,079
6,883
6,841
7,137
6,767
5,988
Total bought outright.
Held under repurchase agreement
Cash items in process of collection
Other assets:
Denominated in foreign currencies
All other
Total assets
Liabilities
F R notes
Deposits:
Member bank reserves
U. S Treasurer—General account
Other
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
Capital Accounts
Capital paid in
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents
U. S. Govt. securities held in custody for foreign
account
....
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
•
Eligible paper
U. S. Govt. securities
Total collateral...
. . .
30, 815
30 ,831
30 ,874
30,769
30,650
30 ,815
30 ,609
29,463
7, 810
20
2 4 , 159
7 .810
12
24 ,059
7 ,780
9
24 ,099
7,805
7
24,079
7,795
17
23,859
7 ,810
20
24 ,159
7 ,795
12
23 ,839
8,535
23
21,835
3 1 , 989
31 ,881
31 ,888
31,891
31,671
31 ,989
31 ,646
30,393
1459
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH BANK ON OCTOBER 31, 1962
[In millions of dollars]
Item
Total
Boston
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
St. MinneLouis apolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Redemption fund for F. R. notes
14,481
1,211
780
70
3.675
287
697
72
1,088
1,067
94
809
72
2,491
104
213
630
51
309
28
593
52
551
38
1 791
130
Total gold certificate reserves
15,692
850
3,962
769
1,192
1,161
881
2,704
681
337
645
589
1,921
457
366
36
27
132
61
62
23
20
28
28
22
38
30
26
64
12
18
33
13
13
11
18
13
39
56
2
3
8
3
2
I
23
1
19
10
1
114
2
7
*
1
11
8
1
F. R. notes of other Banks
Other c a s h . . . .
Discounts and advances:
Secured by U. S. Govt. securities...
205
Other
14
Acceptances:
Bought outright
34
Held under repurchase agreement..
U. S. Govt. securities:
29,953
Bought outright
Held under repurchase agreement..
248
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies..
Allother
Total assets
•
34
1,472
7,424
248
1,709
2,517
1,947
1,607
5,074
1,185
601
1,304
1,211
3,902
30,454
1,477
7,717
1,712
2,541
1,966
1,618
5,190
1,192
602
1,315
1,220
3,904
6,239
105
483
3
1,233
8
283
6
203
4
690
11
30
64
7
16
5
8
12
16
29
49
2,905 13,269
4,345
11
22
3,062
9,107
2,215
1,205
316
7
9
17
2,333
254
13
159
97
449
5
10
24
3,665
1,005
24
10
19
506
7
20
31
448
14
214
385
53,912
369
3
12
22
2,972
2,135
6,699
1,723
6,850
1,802
2,581
2,456
1,716
5,376
1,248
563
1,201
873
3,099
4,742
54
2 50
245
741
30
11
1,162
31
17
2
720
66
8
3
840
35
10
1
2,574
52
25
2
641
33
6
1
413
28
4
*
771
46
8
909
43
10
2 674
59
25
53
17,825
634
36
8
*
678
5,091
782
1,212
797
886
2,653
681
445
826
963
2,811
5.068
' 75
430
4
915
21
301
4
859
12
232
3
8,900
2,164
2,271
214
3
2,053
585
10
2,983
162
2
1,172
242
2
2,889
338
5
3,596
377
4
2,835 12,877
413
5
4,211
6,505
125
243
24
26
51
6
43
83
8
22
40
7
25
47
7
65
124
18
16
31
4
11
20
2
20
37
5
26
50
6
62
120
12
2,905 13,269
2,972
4,345
3,665
3,062
9,107
2,215
1,205
2,333
2,135
6,699
32.5
33.5
38.6
Liabilities
F R notes
29,488
Deposits:
16,821
Member bank reserves
513
U. S. Treasurer—General account..
Foreign
182
Other
309
Total deposits.
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
.
....
52,456
Capital Accounts
463
888
105
Capital paid in
Surplus
Other capital accounts
Total liabilities and capital accounts.. 53,912
22
42
6
Ratio of gold certificate reserves to
deposit and F. R. note liabilities
combined (per cent):
Oct. 31, 1962
Sept 30 1962
Oct 31 1961
33.2
33.2
36.7
35.4
30.6
36.5
33.2
32.4
38.2
29.8
31.0
33.6
31.4
31.9
36.6
35.7
34.7
38.9
33.9
34.8
34.2
33.7
34.0
35.3
35.3
35.5
37.0
33.4
34.4
30.1
31.8
34.7
35.7
32.1
32.1
36.1
Contingent liability on acceptances
purchased for foreign correspondents
.. ,
69
3
319
4
6
3
4
10
2
2
3
4
5,536
1 303
653
1,238
928
130
Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Gold certificate account
U. S. Govt. securities
Total collateral
1
2
30
1 ,791
7, 810
20
24, 159
3 1 , 989
1 ,850
7 174
1,860
735
2,562
480
1, 6C0
485
1,400
900
1,824
1 ,400
4,300
1 ,010
550
320
11
950
215
5, 800
465
720
2
1,500 " 2 ,100
755
1 ,370
755
2 ,600
7, 400
1,967
2 ,820
2,579
1 ,885
5,700
1 ,357
680
1,281
970
3 ,500
After deducting $155 million participations of other F. R. Banks.
After deducting $132 million participations of other F. R. Banks.
3
789
340
7
3 ?46
After deducting $50 million participations of other F. R. Banks.
1460
FEDERAL RESERVE BANKS; BANK DEBITS
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In millions of dollars]
Wednesday
Type of holding
End of month
1962
1962
Oct. 31
Oct. 24
Oct. 17
Oct. 10
Oct. 3
219
203
15
156
142
14
172
158
14
92
78
14
164
149
34
7
27
34
8
26
34
8
26
34
7
27
30,201
3,922
1,491
12,077
10,183
2,325
203
29,833
388
4,600
12,134
10,183
2,325
203
30,193
444
4,744
12,294
10,183
2,325
203
30,529
717
4,906
12,195
10,183
2,325
203
Discounts and advances—Total
Within 15 days
16 days to 90 days
91 days to 1 year
U. S. Government securities—Total
Within 15daysi
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
Sept.
Oct.
Oct.
219
203
15
1
48
33
15
59
53
6
34
9
25
34
7
27
36
11
25
38
10
28
30,568
754
4,977
12,175
10,142
2,317
203
30,201
3,922
1,491
12,077
10,183
2,325
203
29,825
290
4,949
11,960
10,127
2,300
199
28,268
405
1,332
11,990
12,016
2,287
238
Netherlands
guilders
Swiss
francs
15
1
Acceptances—Total
Within 15 days
16 days to 90 days
1961
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
Pounds
sterling
Total
9
84
84
134
439
1962—Feb..
Mar.
Apr.,
May,
June
July.
Belgian
francs
50
50
50
418
Canadian
dollars
50
50
French
francs
German
marks
50
50
50
50
50
7
32
32
32
27
16
250
250
Italian
lire
1
1
1
1
11
1
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts *
[In billions of dollars]
All
reporting
centers
Period
N.S.A.
Leading centers
New York
S.A.
1,887.4
2,043.5
2,200.6
1954
1955
1956
1957
S.A.
738.9
766.9
815.9 •••••••
888.5
2,356.8
2 439 8
1958
1959
1960
1961
N.S.A.
6 others
958.7
1,023.6
1,102.9
1,278.8
2,679.2
2,838.8
3,111.1
2
N.S.A.
Annual rate of turnover
of demand deposits *
337 other
reporting
centers 3
S.A.
390.1
431.7 '.*.;:;'.:
462.9
489.3
487.4
545.3
577.6
622.7
N.S.A.
Leading centers
New York
S.A.
N.S.A.
993.6
53 6
56.4
60.0
70.0
30 0
32.5
34.8
36.8
22 9
24.5
25.7
26.1
979.0
1,110.3
1,158.3
1,209.6
113.7
112.5
120.3
54.0
54.4
55.0
54.3
54.2
57.5
104.7
104.2
104.8
106.7
105.9
108.8
75.6
75.3
73.4
75.1
75.0
77.4
1962 Jan
Feb
294.6
239.5
293.2
281.5
295.5
291.8
279.7
281.1
263.3
308.7
110.3
103.3
118.1
118.1
119.1
115.7
114.4
115.8
120.9
124.5
118.1
94.3
124.7
117.2
122.1
121.9
111.4
110.8
109.7
127.5
58.2
54.4
57.5
59.1
57.6
57.9
59.0
57.4
58.1
62.3
61.5
49.0
59.7
58.0
59.8
59.4
57.5
57.5
53.4
64.1
109.3
105.4
107.9
111.3
110.3
108.8
112.3
110.7
107.6
112.4
115.1
96.1
108.8
106.3
113.6
110.5
110.7
112.8
100.1
117.2
70.9
68.1
71.6
64.6
80.5
1 Excludes interbank and U. S. Govt. demand accounts or deposits.
2
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
N.S.A.
19.2
20.4
21.8
23.0
115.2
114.0
Sept
Oct
S.A.
25.8
27.3 • • • • • •
28.8
30.4
113.6
..
N.S.A.
42.3
42.7
45.8
49.5
274.7
272.6
286.6
Apr
May
June
July
S.A.
2
758.4
845.0
921.9
1961—Oct
Nov
Dec
Mar
6 others
337 other
reporting
centers 3
78.2
78.4
78.8
77.3
77.3
78.8
82.2
82.9
76.9
79.0
83.0
76.1
74.3
81 1
82.3
3 Before April 1955, 338 centers.
38.3
38.5
38.7
40.6
38.4
40.9
41 7
40.8
41.3
42 1
41.1
41 8
P44.6
37.7
37.9
39.5
40.3
36 3
43.2
42 6
41 5
43.0
41 2
39.9
41 2
H3.9
27.0
27.0
27.2
27.5
27.7
27 1
27.6
28 2
28 0
27.8
27.6
25 9
27.7
27 3
28 4
28.7
28 5
27.9
27 3
^28.5
26.8
26.8
28 6
28.3
27 3
P28.5
1461
U. S. CURRENCY
DENOMINATIONS IN CIRCULATION
[In millions of dollars]
Total
in circulation i
Total
Coin
$1 2
$2
1939
1941
1945
1947
1950
7,598
11,160
28,515
28,868
27,741
5,553
8,120
20,683
20,020
19,305
590
751
1,274
1,404
1,554
559
695
1,039
1,048
1,113
1955
1956
1958
1959
1960
31,158
31,790
32,193
32,591
32,869
22,021
22,598
22,856
23,264
23,521
1,927
2,027
2,182
2,304
2,427
1961—Sept.
Oct..
Nov.
Dec,
32,658
32,836
33,538
33,918
23,415
23,552
24,154
24,388
1962—Jan..
Feb..
Mar.
Apr..
May,
June,
July.
Aug.
Sept.
32,774
32,880
33,018
33,159
33,518
33,770
33,869
33,932
33,893
23,400
23,530
23,651
23,742
24,057
24,267
24,327
24,364
24,305
End of period
Coin and small denomination currency
Large 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
1,312
1,369
1,494
1,511
1,533
75
78
83
85
2,151
2,196
2,186
2,216
2,246
6,617
6,734
6,624
6,672
6,691
9,940
10,194
10,288
10,476
10,536
9,136
9,192
9,337
9,326
9,348
2,736
2,771
2,792
2,803
2,815
5,641
5,704
5,886
5,913
5,954
307
292
275
261
249
438
407
373
341
316
3
3
3
3
3
12
14
9
5
10
2,506
2,532
2,563
2,582
1,475
1,494
1,534
1,588
89
90
92
2,163
2,180
2,246
2,313
6,656
6,671
6,866
6,878
10,527
10,586
10,856
10,935
9,243
9,283
9,384
9,531
2,766
2,773
2,814
2,869
5,926
5,959
6,021
6,106
241
241
241
242
301
301
299
300
3
3
3
3
5
5
5
10
2,552
2,562
2,580
2,612
2,637
2,652
2,671
2,687
2,701
1,485
1,477
1,484
1,497
1,515
1,516
1,512
1,502
1,518
91
91
91
92
93
93
94
93
93
2,178
2,178
2,188
2,190
2,225
2,231
2,214
2,210
2,211
6,575
6,644
6,686
6,680
6,789
6,837
6,814
6,832
6,801
10,519
10,579
10,622
10,670
10,798
10,937
11,021
11,040
10,980
9,374
9,350
9,367
9,418
9,461
9,503
9,542
9,568
9,588
2,804
2,791
2,795
2,812
2,831
2,850
2,868
2,870
2,864
6,027
6,017
6,032
6,066
6,089
6,111
6,134
6,163
6,188
239
239
238
238
238
239
239
237
237
297
296
294
294
295
295
294
291
291
3
3
3
3
3
3
3
3
3
5
5
5
5
5
5
5
5
5
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]
HeldL in the Treasury
Kind of currency
Gold
F. R. notes
Treasury currency—Total
Standard silver dollars... .
Silver bullion
Silver certificates
Subsidiary silver coin
M^inor coin
United States n o t e s . . . .
In process of retirement 4
Total
Sept 30 1962
Aug 31 1962
Sept 30 1961
Total outstanding As security
Sept. 30,
against
Treasury
1962
gold and
cash
silver
certificates
16,067
(15,796)
30 609
5,551
(15,796)
2 271
(2,241)
84
35
487
2,156
(2,241)
1 738
85
2,156
22
(18,037)
(18,070)
(19,471)
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. 1453.
2 Includes $156 million reserve against United States notes.
3 Consists of credits payable in gold certificates: (1) the Gold Certificate
Fund—Board of Governors, F.R.S., and (2) the Redemption Fund for
F.R. notes.
* Redeemable from the general fund of the Treasury. Beginning with
Aug. 1962, excludes $58 million which was determined, pursuant to the
Old Series Currency Adjustment Act, to have been destroyed or lost.
312,980
390
394
400
2,816
1,751
398
8
1
3
*
649
347
174
5 52,228
5 52,152
5 52,133
For
F. R.
Banks
and
Agents
Currency in circulation *
Held by
F.R.
Banks
and
Agents
Aug. 31,
1962
Sept. 30,
1961
28,774
5,119
28,824
5,108
27,548
5,110
10
370
367
337
3i3
1,928
1,689
1,930
1,680
642
316
174
2,049
1,572
639
318
174
598
314
241
42
5
27
1
12,980
13,001
14,283
Sept. 30,
1962
4,964
4,825
4,792
33,893
33,932
32,658
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.
1462
MONEY SUPPLY
MONEY SUPPLY AND RELATED DATA
[In billions of dollars]
Seasonally adjusted
Not seasonally adjusted
Money supply
Period
Total
Currency Demand
deposit
component component
Money supply
Time
deposits
adjusted i
Total
Currency Demand
deposit
component component
Time
deposits
adjusted1
U. S.
Govt.
demandl
deposits
1954—Dec
1955—Dec
1956—Dec
1957—Dec
132.3
135.2
136.9
135.9
27.4
27.8
28.2
28.3
104.9
107.4
108.7
107.5
48.4
50.2
52.1
57.5
135.6
138.6
140.3
139.3
27.9
28.4
28.8
28.9
107.7
110.2
111.5
110.4
48.0
49.6
51.4
56.7
5.0
3.4
3.4
3.5
1958—Dec
1959—Dec
1960—Dec
1961—Dec
141.2
142.0
141.2
145.7
28.6
28.9
28.9
29.6
112.6
113.2
112.2
116.1
65.5
67.4
72.7
82.5
144.7
i45.6
144.7
149.4
29.2
29.5
29.6
30.2
115.5
116.1
115.2
119.2
64.6
66.6
72.1
81.8
3.9
4.9
4.7
4.9
1961—Oct
Nov....
Dec
144.2
144.9
145.7
29.3
29.4
29.6
114.9
115.5
116.1
81.3
82.0
82.5
144.5
146.3
149.4
29.4
29.7
30.2
115.1
116.6
119.2
81.5
81.5
81.8
6.4
5.8
4.9
1962—Jan
Feb
Mar
Apr
May....
June....
July
Aug.. . .
Sept.. . .
Oct
145.9
145.5
145.7
146.1
145.7
145.6
145.7
145.1
145.3
146.1
29.7
29.7
29.9
30.0
30.0
30.1
30.2
30.2
30.2
30.3
116.3
115.8
115.8
116.0
115.7
115.4
115.5
114.9
115.1
115.8
84.1
85.8
87.5
88.7
89.6
90.7
91.8
92.5
93.4
94.6
149.0
145.3
144.2
146.2
143.6
144.0
144.3
143.8
145.0
146.5
29.5
29.3
29.6
29.8
29.8
30.0
30.3
30.3
30.3
30.4
119.5
115.9
114.6
116.4
113.8
113.9
114.0
113.5
114.6
116.1
83.5
85.4
87.4
88.9
89.9
91.1
92.2
93.0
93.8
94.9
3.8
4.6
5.1
3.8
7.0
7.2
7.1
6.8
7.2
7.3
1
145.7
145.7
30.2
30.2
115.5
115.5
91.6
91.9
144.0
144.7
30.5
30.2
113.5
114.5
92.1
92.3
8.2
6.0
Aug. 1
145.6
144.8
30.2
30.2
115.4
114.6
92.2
92.7
145.0
142.6
30.4
30.2
114.6
112.4
92.7
93.2
5.4
8.1
Sept. 1
145.4
145.3
30.2
30.2
115.2
115.1
93.1
93.6
145.2
144.7
30.5
30.2
114.7
114.6
93.6
94.1
Oct.
146.1
146.2
30.3
30.3
115.8
115.9
94.3
95.0
145.7
146.2
30.6
30.3
115.2
117.0
94.7
95.2
6.6
7.8
8.2
6.5
Half month
1962—July
1
2
Not seasonally adjusted
Not seasonally adjusted
Money supply
Week
ending—
Total
Currency Demand
deposit
compo- component
nent
U.S.
Govt.
demand1
deposits
Week
ending—
Total
91.9
92.1
92.2
92.3
9.5
8.2
6.6
6.0
145.0
145.2
144.8
142.5
142.7
30.0
30.5
30.4
30.4
30.1
114 9
114.7
114.4
112.1
112.6
92.5
92.6
92.8
93.0
93.3
5.8
5.6
5.0
8.4
7.9
19.
26.
••143.9
145.5
146.0
144.1
30.4
30.5
30.3
30.1
113.5
115.0
115.7
114.0
93.5
93.6
93.8
94.1
7.8
6.1
6.3
8.1
3.
10.
17.
24.
31.
144.9
145.4
146.8
146.7
147.7
30.2
30.6
30.5
30.4
30.2
114.7
114.8
116.3
116.3
117.5
94.3
94.6
94.9
95.1
95.3
8.2
8.9
7.4
6.9
5.8
111.3
111.9
112.7
112.8
79.3
79.3
79.5
79.7
6.1
4.5
3.1
2.8
Aug. 2.
9.,
16.
23.
30.
142.4
142.4
142.4
140.5
140.9
29.0
29.4
29.3
29.2
29.0
113.4
113.0
113.1
111.3
111.9
79.9
80.0
80.2
80.3
80.4
6.0
5.1
4.8
6.1
5.6
Aug. 1.,
8..
15.
22.
29.
Sept. 6.
13.
20.
27.
142.0
143.6
144.6
142.3
29.4
29.4
29.3
29.1
112.6
114.2
115.3
113.3
80.6
80.8
80.9
81.0
5.4
3.6
4.4
5.9
Sep
Oct.
4.
11.
18.
25.
142.6
143.6
145.0
145.0
29.2
29.6
113.3
113.9
115.5
115.7
81.6
8.1
6.2
6.9
6.2
Nov. 1.
145.8
146.0
147.1
29.2
29.7
29.7
116.6
116.3
117.4
81.7
81.7
81.7
5.6
5.8
4.8
At all commercial banks.
U.S.
Govt.
demand1
deposits
113.1
113.4
114.3
114.2
29.2
29.4
29.2
29.0
NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL.,
pp. 941-51. Money supply consists of (I) demand deposits at all commercial banks other than those due to domestic commercial banks and
Time
deposits
adjusted i
30.2
30.6
30.4
30.2
140.5
141.3
141.9
141.8
1962—July
Oct.
Currency Demand
deposit
compo- component
nent
143.3
143.9
144.7
144.3
5..
12.,
19.,
26.
1961—July
1
Money supply
Time
deposits
adjusted i
M::
Nov. 7.
14.
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.
1463
BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
[In millions of dollars]
Liabilities
and capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
64,698
48,465
75,171
90,637
191,785
188,148
199,009
280,202
289,947
292.816
55,776
42,029
68,359
82,811
180,806
175,348
184,384
256,020
263,165
265.604
8,922
6,436
6,812
7,826
10,979
12,800
14,624
24,186
26.783
27,212
Bank credit
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1959—Dec.
I960—Dec.
1961—June
Gold
Treasury
currency
outstanding
U. S. Government securities
Total
Loans,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
29..
30..
30..
31..
31..
31..
30..
31..
31..
30.
4,037
4,031
17,644
22,1Z1
20,065
22,754
22,706
19,456
17,767
17.550
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,311
5,398
5.437
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43,023
171,667 60,366
255,435 135,867
266,782 144,704
269.828 145.784
5,741
10,328
23,105
29,049
128,417
107,086
96,560
93,497
95,461
96.121
5,499
8,199
19,417
25,511
101,288
81,199
72,894
65,801
67,242
68.104
216
1,998
2,484
2,254
24,262
22,559
20,778
26,648
27,384
27.253
26
131
1,204
1,284
2,867
3,328
2,888
835
764
11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,071
26,617
27,923
1961-Oct. 25.
Nov. 29.
Dec. 30..
17,300
17,000
16,889
5,600
5,600
5,585
278,300 147,800
280,000 149,000
285,992 154,017
101,500
101,900
102,308
72,800
72,400
72,715
28,000
28,800
28,881
700
800
712
29,000
29,100
29,667
301,200
302.600
308,466
272,400
273,000
280,397
28.800
29,600
28,070
1962—Jan. 31.
Feb. 28.
Mar. 28.
Apr. 2 5 . .
May 30..
June 30..
July 2 5 . .
Aug. 2 9 P
Sept. 26 *
Oct. 31»
16,800
16,800
16,600
16,500
16,400
16,435
16,200
16,100
16,100
16,000
5,600
5,600
5,600
5,600
5,600
282,600
283,000
284,800
287,400
288,900
293,212
291,700
293,900
297,100
300,600
102,700
101,400
100.400
100,600
100,900
101,052
100,300
101,000
100,300
102,300
73,500
72,300
71,000
71,000
70,700
70,722
70,500
70,200
70,600
71,700
28,500
28,400
28,800
29,000
29,600
29,663
29,200
30,100
29,100
30,000
700
700
700
700
700
667
700
700
700
700
29.800
30,200
31,100
31,800
31,800
32,697
33,200
33,600
33,900
34,300
305,000
305,400
307,000
309,400
310,900
315,245
313,500
315,600
318,700
322,100
276,300
276,400
278,100
280,700
281,600
286,968
284,800
285,300
289,200
291,800
28,600
29,000
28.900
28,700
29,300
28,275
28,600
30,300
29,500
30,400
5,600
150,000
151,500
153.300
154,900
156,200
159,463
158,200
159,400
162,800
164,100
1,048
DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted1
Date
Total
1929—June
1933 June
1939—Dec
1941 Dec.
1945—Dec
1947—Dec.
1950—Dec.
1959—Dec
1960—Dec
1961—June
29
30
30
31
31
31....
30....
31....
31....
30....
1961—Oct. 2 5 . . . .
Nov. 2 9 . . . .
Dec. 3 0 . . . .
1962—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Currency
outside
banks
Demand
deposits
adjusted 2
Related deposits (not seasonally adjusted)
Total
Currency
outside
banks
Demand
deposits
adjusted 2
Total
Commercial
banks
U.S. Government
Postal
Mutual Savings
savings
Sysbanks*
tem
Foreign,
nets
Treasury
cash
holdings
At
commerAt
cial
F.R.
and
Banks
savings
banks
110,500
114,600
140,200
139,200
140,900
26,i66
26,179
19,172
36,194
48,607
102,341
113,597
117,670
144,824
144,458
139,649
3 ,639 22,540 28 ,611
4 ,761 14 411 21 ,656
6 ,401 29,793 27 ,059
9 ,615 38,992 27 ,729
26 ,490 75,851 48 ,452
26 ,476 87,121 56 ,411
25 ,398 92,272 59 ,247
29 ,422 115,402 101 ,779
29 ,356 115,102 108 ,468
29 ,361 110,288 117 ,280
19,557
10 849
15,258
15,884
30,135
35,249
36,314
65,884
71,380
79,092
8,905
9 621
10,523
10,532
15,385
17,746
20,009
34,947
36,318
37,486
149
1,186
1,278
1,313
2,932
3,416
2,923
948
770
702
365
50
1,217
1,498
2,141
1,682
2,518
3,203
3,184
1,250
204
264
2,409
2,215
2,287
1,336
1,293
391
377
379
381
852
846
1,895
24,608
1,452
2,989
5,319
6,193
6,638
36
35
634
867
977
870
668
504
485
408
143,800
143,400
144,800
28,800 115,000 144,300
28,600 114,800 145,200
28,700 116,100 150,578
28 ,700 115,700 120 ,100
29 ,100 116,200 119 ,800
30 ,053 120,525 121 ,216
81,400
81,200
82,145
37,900
38,000
38,420
700
700
651
1,300
1,200
1,497
400
400
422
6,000
5,700
6,219
400
500
465
29,100
29,300
29,200
29,200
29,200
29,300
29,400
29,300
29,300
29,400
28 ,700
28 ,900
28 ,900
28 ,900
29 ,300
30 ,433
29 ,500
29 ,500
29 ,400
29 ,700
84,200
85,800
87.700
88,600
90,100
91,734
92,000
93,100
94,000
95,000
38,600
38,800
39.200
39,200
39,300
39,791
40,000
40,200
40,600
40,700
600
600
600
600
600
581
600
600
600
600
1,300
1,300
1,300
1,300
1,300
1,508
1,300
1,200
1,300
1,200
500
400
400
400
400
379
400
400
400
400
5,200
5,400
6,500
4,200
7,500
9,841
5,800
7,700
8,300
6,600
400
400
500
600
600
612
600
500
500
500
3 1 . . . . 143,700
2 8 . . . . 144,400
2 8 . . . . 144,000
2 5 . . . . 145,800
3 0 . . . . 143,500
3 0 . . . . 143,300
2 5 . . . . 144,300
2 9 P . . . 142,900
2 6 ^ . . 144,400
31*»... 145,100
84,400
24,600 90,000
28,200 112,000
28,200 111,000
28,200 112,700
114,600
115,100
114,800
116,600
114,300
114,000
114,900
113,600
115,100
115,700
145,600
143,600
141,900
145,800
141,900
142,522
144,200
141,600
143,500
146,800
117,000
114,800
113,000
116,900
112,600
112,089
114,700
112,100
114,100
117,100
1
Series begin in 1946 • data are available only for last Wed. of the month.
For description of series and back data see Feb. 1960 BULL., pp. 133-36.
2 Other than interbank and U. S. Govt, less cash items in process of
collection.
3 Other than interbank, Treasurer's open account, and those of Postal
Savings System in banks.
* Before June 30, 1947, includes a small amount of demand deposits.
Beginning with June 1961 includes amounts reported by insured mutual
savings banks as demand deposits, previously reported as time deposits
or 5other liabilities.
Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time and $4C0
million to demand deposits).
Time 3
Not seasonally adjusted
123 ,400
125 ,200
127 ,600
128 ,400
130 ,000
132 ,106
132 ,600
133 ,800
135 ,200
136 ,300
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 or call dates, figures are partly estimated and are rounded to
nearest $100 million.
1464
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
[Amounts in millions of dollars]
Deposits
Total
assets—
Total
Securities
Interbank 1
Other
liaCash 1 bilities
assets
and
Demand
capital Total i DeU . S . Other
acTime 3
Time
mand
Govt.
counts 2
U.S. Other
Govt.
Loans and investments
Class of bank
and date
All banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31 <.
1960—Dec. 31..
1961—June 30..
Oct. 25..
Dec. 30..
Total
Loans
61,126 26,615 25,511 8,999 27,344 90,908 81,816
10,982
140,227 30,362 101,288 8,577 35,415 177,332 165,612
14,065
134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793
240
238,623 144,764 67,242 26,617 53,022 298,126 266,196 17,080 1,800
242,192 146,164 68,104 27,923 46,457 295,567 262,547 13,633
462
251,150 149,370 72,820 28,960 46,140 304,230 269,030 14,530
480
256,700 154,318 72,715 29,667 57,368 321,394 287,176 17,914
482
1962—Mar. 2 8 . .
Apr. 25. .
May 30..
June 3 0 . .
July 2 5 . .
Aug. 29*.
Sept. 26 r *
Oct. 31*.
257,520 155,460
259,680 156,920
260,500 158,050
263,542 160,123
263,570 159,920
265,700 161,980
269,080 164,640
272,270 166,350
70,960
70,950
70,680
70,722
70,460
70,160
70,560
71,660
Commercial banks:
1941—Dec. 3 1 . .
1945_Dec. 3 1 . .
1947—Dec. 31 *.
I960—Dec. 3 1 . .
1961—June 3 0 . .
Oct. 2 5 . .
Dec. 3 0 . .
50,746 21,714
124,019 26,083
116,284 38,057
199,509 117,642
201,848 117,953
210,290 120,470
215,441 124,925
21,808 7,225 26,551 79,104 71,283
10,982
90,606 7,331 34,806 160,312 150,227
14,065
69,221 9,006 37,502 155,377 144,103 12,792
240
17,079 1,799
61,003 20,864 52,150 257,552 "",843
229
461
,997 13,633
61,824 22,071 .. ,
,.
480
66,630 23,190 45,320 261,910 231,050 14,530
481
66,578 23,937 56,432 278,561 248,689 17,914
1962—Mar. 28..
Apr. 25. .
May 30..
June 30..
July 25..
Aug. 29*.
Sept. 26*.
Oct. 31 P.
215,180 125,380
217,390 126,610
217,960 127,480
220,670 129,193
220,410 128,730
222,140 130,430
225,270 132,840
228,460 134,400
64,440 25,360 44 ,680 266 340 234,
64,650 26;130 45 ,390 269 180 237.
64,400 26 080 45 ,390 269 690 237;
64,443 27,034 48 ,728 276 220 245 i
64,180 27;500 44 ,600 271 520 239.
63,850 27;860 44 ,670 273 230 240;
64,250 28 180 46 ,630 278 400 245 i
65,450 28 610 49,690 284 790 251,
Member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
I960—Dec. 31..
1961—June 30..
Oct. 25..
Dec. 30..
43,521 18,021
107,183 22,775
97,846 32.628
165,619 99,933
168,049 99,992
175,084 102,107
179,599 106,232
19,539 5,961 23,123 68,121 61,717 10,385
78,338 6,070 '",845
138,304 129,670 13,576
29
57,914 7,304
.
32,845 132,060 122,528 12,353
49,106 16,579 45,756 216
"" ,577193,029 16,436
50,361 17,696 40,084 213,719 189,226 13,077
13,913
54,290 18,687 39,721 220,414 '-",863
193
54,058 19,308 49,579 235; 112 209,630 17,195
179,254 106,600
180,872 107,424
",980
181,180 107
183,497 109.212
183,008 108,767
184,398 110,331
186,641 112,240
189,420 "",711
113
52,036 20,618 39 091 224,114 196,595 13,209
52,103
345 39 662 226;233 198,674 13,178
51,913
,287 39 702 226 i556 198
12,689
52,065 22,:,219 42 853 232 359 206;
13,796
51,612 22 629 39 001 227,806 200,482 13,241
51,149 22 918 39 107 229.231 200,667 13,232
51,271 " '
279 204,
13,878
14,577
52,238 23,471 43,686 239,009 210,
1962—Mar. 2 8 . .
Apr. 2 5 . .
May 30..
June 3 0 . .
July 2 5 . .
Aug. 2 9 . .
Sept. 26*.
Oct. 31*.
31,100 45,560 310,230 273,
31;810 46; 190 312,940 276;
31;770 46 210 313.720 276;
32!697 49 612 320,638 285;
33!190 45,440 316,200 279;
33!560 45;480 318. 280 280;
33;880 47,480 323,770 286;
34;260 50; 510 33O3 130 292;
Mutual savings banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 * .
1960—Dec. 3 1 . .
1961—June 3 0 . .
Oct. 2 5 . .
Dec. 3 0 . .
10,379
16,208
18,641
39,114
40,344
40,860
41,259
4,901 3,704 1,774
4,279 10,682 1,246
4,944 11,978 1,718
27,122 6,239 5,752
28,211 6,281 5,852
28,900 6,190 5,770
29,393 6,136 5,730
1962—Mar. 2 8 . .
Apr. 2 5 . .
May 3 0 . .
June 3 0 . .
July 2 5 . .
Aug. 29*.
Sept. 26 r *
Oct. 31*.
42,340
42,290
42,540
42,872
43,160
43,560
43,810
43,810
30,080
30,310
30,570
30,930
31,190
31,550
31,800
31,950
For notes see end of table.
6,520
6,300
6,280
6,278
6,280
6,310
6,310
6,210
5,740
5,680
5,690
5,663
5,690
5,700
5,700
5,650
13,750
13,730
13,200
14,400
13,830
13,840
14,530
15,260
13,750
13,730
13,200
14,400
13,830
13,840
14,530
15,260
510
520
520
526
520
510
510
510
Bor- Total Number
row- capital
acof
ings counts
banks
^826
44,355
23 8,414 14,:
26,479
^,553
105,935
45,613
227 10,542 14,;
1
66 11,948 14,714
1,346 94,381 53,105
167 24,539 13,986
1
5,949 133,408 107,959
1
452
.__ 25 ,405 13,977
6,368 125,219 116,865
5,680 128,700 119,640 1,830 25,760 13,951
• 26,227* 13,946
5,952 141,979 120,848
482
6,260 125 980 127,220
3 ,920 130,,180 128,090
7 ,170 126,370 129,710
131,855
9 ,559
5 ,530 127,510 132,290
,450 124,960 133,550
9 128
8,090
134,880
6 ,330 134
135,980
2,420 26,470 13,930
2,360 26,,560
f " 13,920
2,070 26,'
i,780 13,926
796 27,1
,036 13,934
1,930 26,880 13,931
2,750 27,,100 13,932
2,610 27,L
,250 13,933
,460 13,924
2,780 27,4
44,349
105,921
1,343 94,367
5,945 133,379
6,362 125,161
5,680 128,640
5,946 141,920
15,952
23 7,173 14,278
30,241
219 8,950 14,011
35,360
65 10,059 14,181
71,641
163 20,986 13,472
79,380
443. 21,745
,. ._ 13,463
81,720 1,830 22,060 13,437
82,429
•" 13,432
471 22,459
6 ,260 125,920
3 ,920 130,120
7 ,170 126,310
9 ,554 128,785
5,,530 127,450
7,450 124,900
124
8 ,090 128,100
6,330 "",970
133
87,990
88,910
90,380
92,034
92,310
93,350
94,250
95,300
140 1,709 37,136
64 22
2,179 69,640
50 1,176 80,609
,639 5,287 112,393
276 5,731 105,568
293 5,020 108,063
108
303 5,381 119,595
12,347
24,210
28,340
57,272
64,574
66,574
67,157
4 5,886
208 7,589
54 8,464
130 17,398
382 18,027
,808 18,293
438 18,638
6,619
6,884
6,923
6,174
6,141
6,122
6,113
71,868
72,602
73,852
75,162
75,331
76,122
76,794
77,667
2,380 18,785
2,319 18,877
2,002 19,015
735 19,179
1,870 19",060
2,682 19,212
2,585 19,281
",466
2,722 19
6,085
6,074
6,073
6,070
6,062
6,060
6,053
6,053
510
520
520
525
520
510
510
510
335
340
345
351
347
338
337
339
5,631
3,506
6,463
8,734
4,952
6,695
7,284
5,700
105,552
109,048
105,629
108,014
106,611
104,280
106,702
112,045
2,420 22 630 13,417
2,360 22 750 13,407
2,070 22 930 13,414
786 23 183 13,422
1,930 23 020 13,419
2,750 23 200 13,421
2,610 23,
13,417
2,780 23,
13,413
793
609
886
872
862
820
936
11,804
17,020
19,714
40.574
41,818
42,320
42,833
10,533
15,385
17,763
36,353
37.551
37,980
38,487
10,527
15,371
17,745
36,318
37,487
37,920
38,420
1,241
1,592
1,889
3,553
3,660
3,700
3,768
548
542
533
514
514
514
514
880
800
820
884
840
810
850
820
43,890
43,760
44,030
44,418
44,680
45,050
45,370
45,340
39,290
39,240
39,390
39,888
40,040
40,260
40,690
40,740
39,230
39,180
39,330
39,821
39,980
40,200
40,630
40,680
3,840
3,810
3,850
10 3,853
3,860
3,900
3,920
3,900
513
513
512
512
511
511
511
511
COMMERCIAL AND MUTUAL SAVINGS BANKS
1465
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Reserve city member banks:
New York City:5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1960—Dec. 31
1961—June 3 0 . . .
Oct. 25
Dec. 30
1962—Mar.
Apr.
May
June
July
Aug.
Aug.
Sept.
Oct.
29,650
29,855
29,534
30,396
29,All
29,672
30,090
30,497
31,196
19,494
19,380
19,223
19,224
18,852
19,319
19,619
20,234
20,693
6,826
6,948
7,167
7,659
6,995
6,619
6,709
6,421
6,684
3,330
3,527
3,144
3,513
3,624
3,734
3,762
3,842
3,819
2,760
5,931
5,088
7,050
7,020
7,562
7,606
954
1,333
1,801
4,485
4,249
4,359
4,626
1,430
4,213
2,890
1,882
2,058
2,364
2,041
376
385
397
683
714
839
940
7,652
7,504
7,631
7,937
7,765
7,883
8,201
8,293
8,552
4,503
4,557
4,592
4,672
4,510
4,570
4,761
4,879
4,961
2,183
1,880
1,926
1,936
1,907
1,923
2,001
2,028
2,175
966
,067
,113
,329
,348
,390
,439
,386
,416
15,347
40,108
36,040
62,953
63,670
66,833
68,565
7,105
8,514
13,449
40,002
39,747
40,961
42,379
68,635
69,238
69,433
70,145
70,305
70,333
69,597
69,932
71,007
banks: 6
31
31
31
31
30
25
30
28
25
30
30
25
29
26*
31*
28
25
30
30
25
29 (old basis)
29 (new basis)
26*
31*
Other reserve city:6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1960—Dec. 31
1961—June 30
Oct. 25
Dec. 30
1962—Mar. 28
Apr. 25
May 30
June 30
July 25
Aug. 29 (old basis;
Aug. 29 (new basis;
Sept. 26*
Oct. 31*
For notes see end of table.
Time
4,072 7,265 1,559 6,637 19,862 17,932 4,202
6
866 12,051
807
7,334 17,574 1,235 6,439 32,887 30,121 4,640
17 6,940 17,287 1,236
7,179 11,972 1,242 7,261 27,982 25,216 4,453
12
267 19,040 1,445
18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206
18,054 7,642 2,524 8,616 38,741 32,225 4,211
167 1,380 19,832 6,635
18,022 7,942 2,782 8,168 38,857 31,455 3,903
967 19,323 7,084
178
19,535 7,862 2,900 11,164 43,538 36,818 5,296
191 1,267 23,129 6,935
1962—Mar. 28
Apr. 25
May 30
June 30
July 25
Aug. 29 (old basis)
Aug. 29 (new basis)
Sept. 26*
Oct. 31*
1962—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Bor- Total Numrow- capital ber
of
acings
counts banks
12,896
26,143
20,393
27,726
28,220
28,746
30,297
City of Chicago:5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1960—Dec. 31
1961—June 30
Oct. 25
Dec. 30
Country member
1941—Dec.
1945—Dec.
1947_Dec.
1960—Dec.
1961—June
Oct.
Dec.
Loans
Deposits
Total
assets—
Total
Securities
Interbank *
Other
liaCash
assets1 bilities
and
Demand
capital Total i DeU.S. Other
acTime
Govt.
mand
counts 2
U.S.
Govt. Other
8,480
8,063
8,292
9,552
7,578
7,942
8,026
8,488
10,491
40,147
39,851
39,746
41,910
38,990
39,576
40,085
40,868
43,634
32,496
32,214
32,586
35,039
32,065
31,775
32,214
33,033
35,766
3,885
3,859
3,902
4,517
3,923
3,836
3,844
3,990
4,350
209
208
211
210
214
210
210
208
205
1,255
860
1,373
1,918
937
1,315
1,332
1,459
1,287
19,481
19,667
19,178
20,296
18,988
18,247
18,552
19,054
21,501
7,666
7,620
7,922
8,098
8,003
8,167
8,276
8,322
8,423
127
1,552
72
327
380
304
369
2,419
3,462
4,201
4,899
4,602
4,728
5,268
323
158
356
546
256
361
384
440
366
4,383
4,676
4,548
4,520
4,489
4,353
4,554
4,569
4,826
1 648
195 2,120
30 2,259
3 554
121 3,634
860 3,692
283 3,683
36
37
37
15
15
14
13
1,073
1,065
606
381
393
1,225
1,242
1,384
1,333
3,689
3,714
3,741
3,761
3,748
3,764
3,806
3,809
3,853
13
13
13
13
13
13
16
16
16
476
719
913
1,530
1,920
1,949
2,008
35
10
254
35
288
377
426
822
848
855
870
13
12
14
10
10
9
9
2,292
2,392
2,483
2,598
2,619
2,656
2,778
2,820
2,892
329
73
75
34
75
117
122
163
267
870
877
884
894
890
895
925
930
944
9
9
9
9
9
9
12
12
12
2
1
73
131
616
81
1,566 4,363
1,489 7,459
1,739 6,866
2,046 9,219
1,899 9,068
1,841 9,561
2,603 10,383
4,057 1,035
7,046 ',312
6,402 ,217
8,197
,380
8,037 ,125
8,250 ,255
9,283 ,624
1,788
1,912
1,928
1,893
1,860
1,801
1,870
1,997
2,073
9,613
9,592
9,720
10,009
9,795
9,852
10,247
10,469
10,815
8,208
8,421
8,524
8,810
8,584
8,580
8,934
9,087
9,380
,194
,177
,118
,128
,203
,193
,201
,243
,281
6,467
29,552
20,196
17,396
18,053
19,642
19,748
1,776 8,518
2,042 11,286
2,396 13,066
5,554 18,668
18
5,870 16,529
6,230 16,469
6,438 20,216
24,430
51,898
49,659
83,464
82,141
85,283
90,815
22,313
49,085
46,467
75,067
73,557
75,960
81,883
4,356
6,418
5,627
7,989
6,335
7,183
8,350
104
30
22
326
62
64
62
491
8,221
405
1,960
2,241
1,930
2,103
12,557 4,806
24,655 9,760
28,990 11,423
42,
,525
39,721 25,199
40,778 "',005
26
44,986 26,381
1,967
2,566
2,844
6,423
6,684
6,794
6,997
351
359
353
217
205
206
206
42,713
42,984
43,304
43,824
43,969
44,540
44,049
44,389
45,155
18,840
18,891
18,585
18,627
18,482
17,987
17,819
17,809
17,947
7,082
7,363
7,544
7,694
7,854
7,806
7,729
7,734
7,905
16,089
16,641
16,523
17,602
16,409
16
16,180
16,027
16 ,897
17,046
86,762
87,944
88,089
89,885
88,886
88,626
87,722
88,950
90,244
77,084
78,042
77,911
80,631
78,686
78,317
77,524
78,946
80,217
6,678
6,675
6,314
6,622
6,633
6,662
6,646
7,010
7,235
73
77
78
75
79
74
74
66
71
2,213
1,280
2,688
3,670
1,927
2,639
2,599
2,839
2,063
39,743 28,377
836 7,087
41,,266 28,744 ,013 7,106
39,611 29,220 ,058 7,162
40,601 29,663
240 7,201
40,367 "",680
29
,159 7,181
39,126 29,816 ,058 7,214
38,,620 29,585 1,036 7,142
39,259 29.772
938 7,148
40,781 30,067
892 7,190
206
206
206
206
207
200
194
193
193
12,518
35,002
36,324
67,890
69,139
71,943
73,131
5,890
5,596
10,199
36,981
37,942
38,765
39,693
4,377
26,999
22,857
22,848
22,608
24,342
24,407
2,250 6,402
2,408 10,632
3,268 10,778
8; 060 14,740
8,588 13,039
8,836 13,243
9,031 15,595
19,466
46,059
47,553
84,126
83,769
86,713
90,376
17,415
792
43,418 1,207
44,443 ,056
76,004 ,778
75,407 ,406
78,198 ,572
81,646 ,925
22:
5,465
432
1,783
1,730
1,819
1,641
10,109 6,258
24,235 12,494
28,378 14,560
43,,395 29,011
41,413 30,820
43,234 31,536
46,211 31,832
4
11
23
23
121
78
40
1,982
2,525
2,934
6,599
6,861
6,952
7,088
6,219
6,476
6,519
5,932
5,911
5,893
5,885
73,317
74,275
74,582
75,019
75,467
76,510
77,919
78,665
39,890
40,503
40,861
41,492
41,436
41,902
42,738
42,902
24,187 9,240
24,384 9,388
24,235 9,486
23,843 9,685
24,228 9,803
24,620 9,988
25,013 10,168
25,432 10,331
87,592
88,846
89,001
90,555
90,135
91,177
92,992
94,316
78,807
79,997
79,957
81,577
81,147
81,995
83,929
84,965
,452
,467
,355
,529
,482
,541
,635
,711
1,840
1,208
2,046
2,601
1,832
2,380
2,546
1,984
41,945 33,533
43,439 33,846
42,
,227
42,596 34,803
42,767 35,029
,483
42,
43.820 35.880
44,937 36,285
142
168
263
80
243
282
100
230
7,139
7,180
7,228
7,323
7,241
7,339
7,394
7,479
5,857
5,846
5,845
5,842
5,833
5,838
5.832
5,832
12 ,734
13,046
12,959
13,806
13,154
13,184
13,495
14,076
1466
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
Securities
Cash
assets l
Class of bank
and date
Total
Loans
U.S.
Govt.
Other
Insured commercial
banks:
49,290 21,259 21,046 6,984
1941—Dec. 31.
1945—Dec. 31. 121,809 25,765 88,912 7,131
1947—Dec. 31.. 114,274 37,583 67,941 8,750
1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—June
31.
31.
31.
30.
30.
National member
banks:
1941_Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1958—Dec.
1959_Dec.
I960—Dec.
1961—Dec.
1962—June
31.
31.
31.
30.
30.
State member banks:
1941_Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1958—Dec.
1959_Dec.
1960—Dec.
1961—Dec.
1962—June
31.
31.
31.
30.
30.
Insured nonmember
commercial banks:
1941—Dec. 31.
1945_Dec. 31.
1947—Dec. 31.
1958—Dec. 31.
1959—Dec. 31.
I960—Dec. 31.
1961—Dec. 30.
1962—June 30..
Noninsured nonmember
commercial banks:
1941_Dec. 31..
1945—Dec. 3 1 . .
1947—Dec. 31*
1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
Total
assets—
Total
liabilities
and
capital
accounts 2
Interbank *
Demand
Time
Total Numcapital ber
of
accounts banks
Time
U.S.
Govt.
Other
25,788
34,292
36,926
76,820
157,544
152,733
69,411
10,654
1,762 41,298 15,699
147,775
13,883
23,740 80,276 ",876
141,851 12,615
54 1,325 92,975 34,882
10 6,844 13,426
215 8,671 13,297
61 9,734 13,398
65,669 20,198
58,348 20,143
60,468 20,451
66,026 23,531
63,921 26,630
48,689
49,158
51,836
56,086
48,415
236,724
242,828
255,669
276,600
274,318
214,485
218,474
228.401
247,176
243,856
15,653 2,209 4,241 129,214 63,168
15,500 1,358 5,037 130,720 65,858
16,921 1,667 5,932 132,533 71,348
17,737
333 5,934 141,050 82,122
14,235
388 9,529 127,990 91,714
67 18,154 13,101
602 19,206 13,107
149 20,628 13,119
462 22,089 13,108
773 22,810 13,104
27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178
14,977
20,114
22,024
43,433
90,220
88,182
39,458
84,939
82,023
6,786
1,088 23,262 8,322
9,229
14,013 45,473 16,224
,375
35
795 53,541 19,278
4 3,640 5,117
78 4,664 5,017
45 5,409 5,005
35,714 10,936
31,761 10,892
32,712 11,140
36,088 13,006
34,508 14,962
26,781
27,464
28,675
31,078
26,860
128,397
132,636
139,261
150,809
149,559
15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125
8,145
9,731
10,822
24,688
48,084
43,879
22,259
3,739
621 13,874 4,025
44,730
4,411
8,166 24,168 7,986
40,505 3,978
15
381 27,068 9,062
5,568
5,396
5,439
6,302
7,257
16,407
16,045
17,081
18,501
15,993
73,620
73,090
77,316
84,303
82,800
66,102
65,069
68,118
74,119
72,329
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
183,596 97,730
188,790 110,299
198,011 117,092
213,904 124,348
219,163 128,613
99,277
102,615
107,546
116,402
119,241
52,627
59,962
63,694
67,309
69,771
116,714 9,035
119,638 8,947
124,911 9,829
135,511 10,359
133,728 8,154
31,435
34,817
36,240
38,924
39,442
5,776
14,639
16,444
3,241
2,992
4,958
28,759
30,939
32,411
34,320
35,681
13,682
15,534
17,169
18,123
19,409
11,381
11,546
11,368
11,972
11,860
3,696
3,859
3,874
4,225
4,412
5,504
5,651
6,082
6,508
5,563
34,737
37,132
39,114
41,504
41,975
31,696
33,795
35,391
37,560
37,814
426
451
484
543
440
1,457
2,211
2,009
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
177
1,568
1,480
1,498
1,536
1,507
484
534
550
577
580
707
589
535
553
523
377
358
413
406
404
301
309
314
346
313
1,927
1,858
1,883
1,961
1,902
1,532
1,429
1,443
1,513
1,442
146
150
159
177
165
3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703
3,431
4.962
4,659
10,992
22,024
23,334
9,573
20,571
21,591
18,585
15,052
16,394
17,971
17,557
1958—Dec. 3 1 . .
1959—Dec. 3 1 . .
1960—Dec. 3 1 . .
1961—Dec. 30..
1962—June 30..
30,327
32,419
33,910
35,856
37,188
14,165
16,068
17,719
18,700
19,989
12,088
12,134
11,904
12,525
12,383
4,074
4,216
4,287
4,631
4,816
5,805
5,961
6,396
6,854
5,876
36,664
38,990
40,997
43,465
43,877
33,227
35,224
36,834
39,073
39,256
Insured mutual
savings banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1,693
10,846
12,683
642
3,081
3,560
629
7,160
8,165
421
606
958
151
429
675
1,958
11,424
13,499
1,789
10,363
12,207
28,980
30,580
33,794
35,660
36,989
19,180
20,942
23,852
25,812
27,179
5,215
5,016
4,787
4,690
4,708
4,585
4,622
5,155
5,158
5,102
752
686
766
828
779
30,189
31,743
35,092
37,065
38,366
27,277
28,577
31,502
33,400
34,581
For notes see end of table.
767
514
611
104
123
2,292
2,742
3,265
3,315
5,424
6,192 1,420 1,530
6,102
825 1,763
6,608 1,028 2,022
6,835
199 2,066
5,641
227 3,310
55,588
55,264
58,073
63,196
64,256
7,233
16,849
18,454
Borrowings
Demand
Total i
Nonmember
commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 314
1958—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
Other
129
244
4
69,808 34,812
71,015 36,421
71,660 '",546
39
76,292 45,441
69,256 50,770
40,640 16,320
39,974 16,406
40,733 17,727
43,303 21,716
38,758 24,392
18,766
19,732
20,140
21,456
19,976
12,063
13
",059
14,095
14,979
16,565
185
1,291
1,905
18 1,392
253
365
478
163
83
132
148
137
890
873
846
869
795
325
311
293
307
320
439
190
572
601
643
719
605
185
103
160
178
174
457
425
9,643
10,302
11,098
11,875
12,243
4,578
4,542
4,530
4,513
4,500
2,246 1,502
130 2,945 1,867
3,055 1,918
10
240
20
213
355
53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
5,817
5,962
6,299
6,763
6,936
1,734
1,691
1,644
1,600
1,570
959 6,810
1,083 6,416
1,271 6,478
2,696
2,944
3,232
3,452
3,633
6,793
6,878
6,948
6,997
7,036
13
4
4
329
279
325
852
714
783
6
12
14
332
350
358
370
372
399
366
352
323
318
5,504
3,613
14,101
6,045
167 13,758 7,036
1,288
1,362
1,596
7,662
7,130
7,261
428
545
657
565
819
19,655 12,387
20,605 13,370
20; 986 14,388
22,325 15,286
20,771 16,886
3,028
3,294
3,590
3,822
4.00S
7,192
7,244
7,300
7,320
7,353
1,789
10,351
12 12
M92
164
1,034
1,252
52
192
194
28 27,243
28 28,544
29 31,468
256 33,137
33
275 34,300
2,473
2,654
2,998
3,191
3,259
241
268
325
330
331
419
533
645
553
795
329
181
43
340
111
225
379
12
1467
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
[Amounts in millions of dollars
Loans and investments
Securities
Class of bank
and date
Total
Loans
U.S.
Govt.
Noninsured mutual savings
banks:
1941_Dec. 31
1945—Dec. 31 4
1947_Dec. 31
1958—Dec.
1959—Dec.
I960—Dec.
1961—Dec
1962—June
31
31
31
30
30
Deposits
Total
assets—
Total
Interbank *
Cash
assets1 bilities
and
capital Total» DeOther
acmand Time
counts 2
Other
Bor- Total Number
row- capital
of
acings counts
banks
Demand
Time
U.S.
Govt.
Other
8,687
5,361
5,957
4,259
1,198
1,384
3,075 1,353
3,522
641
3,813
760
642
180
211
9,846
5,596
6,215
8,744
5,022
5,556
6
2
1
8,738
5.020
2 5,553
7,341
6,981
5,320
5,600
5,882
4,177
4.184
3.270
3,581
3,751
2,050 1,113
1,848
949
1,453
597
1,446
572
1,570
561
169
143
107
108
104
7,589
7,200
5.481
5,768
6,052
6,763
6,405
4,850
5,087
5,306
1
1
6,762
6,404
4 850
4 5,083
15 5,291
1 Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and $400 million demand to other demand).
2 Includes other assets and liabilities not shown separately.
3 See note 4 on page 1463.
4
Beginning with Dec. 31, 1947, the series was revised. A net of 115
noninsured nonmember commercial banks with total loans and investments of about $110 million were added, and 8 banks with total loans
and investments of $34 million were transferred from noninsured mutual
savings to nonmember commercial banks.
5 These data reflect the reclassification of New York City and city of
Chicago as reserve cities effective July 28, 1962. For details see Aug.
1962 BULLETIN, p. 993.
6 See note 6, Oct. 1962 BULL., p. 1315.
1
1
6
1,077
558
637
496
350
339
746
705
555
577
594
278
249
189
184
181
1
1
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959).
Commercial banks include all nonmember and member commercial
banks; stock savings banks and nondeposit trust cos. are included with
commercial banks. Member banks include 1 national bank in the
Virgin Islands that became a member in May 1957, 2 noninsured nondeposit trust cos. and, before July 1962, mutual savings banks that
became members of the Federal Reserve System during 1941 (3 before
Jan. 1960, 2 until June 1961, and 1 until July 1962). These banks were
excluded from commercial banks.
Comparability of figures for classes of banks is affected somewhat
by changes in F. R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL.,
pp. 870-71.
LOANS AND INVESTMENTS AT COMMERCIAL BANKS
[In billions of dollars]
Not seasonally adjusted
Seasonally adjusted
Securities
Securities
Period
Total i
Loans *
Total 1
U.S.
Govt.
Other
Loansl
U.S.
Govt.
Other
1955
1956
1957
1958
1959
157.6
161.6
166.4
181.0
185.7
80.5
88.0
91.4
95.6
107.8
60.4
57.3
57.0
64.9
57.6
16.7
16.3
17.9
20.5
20.4
160.3
164.5
169.3
184.4
189.5
82.0
89.7
93.2
97.5
110.0
61.6
58.6
58.2
66.4
58.9
16.7
16.3
17.9
20.6
20.5
I960
1961
194.5
209.6
114.2
121.1
59.6
64.7
20.7
23.8
198.5
214.4
116.7
123.9
61.0
66.6
20.9
23.9
1961—Oct
Nov
Dec
207.1
208.3
209.6
118.6
119.4
121.1
65.3
65.3
64.7
23.2
23.6
23.8
208.3
209.1
214.4
118.5
119.5
123.9
66.6
66.2
66.6
23.2
23.4
23.9
1962 Jan
Feb
Mar
Apr
May . .
June
July
Aue
Sept.**
Oct p
210.7
213.3
215.2
215.0
216.4
220.3
217.8
220.3
222.0
224.4
120.8
122.6
123.8
124.5
124.8
126.6
126.1
127.3
129.7
131.7
65.7
66.1
66.1
64.6
65.5
66.6
64.1
65.0
64.3
64.1
24.2
24.6
25.3
25.9
26.1
27.1
27.6
28.0
28.0
28.6
210.9
211.6
212.4
214.8
215.3
219.2
217.8
219.0
223.1
225.7
119.6
121.1
122.6
124.0
124.8
127.7
126.1
127.3
130.6
131.6
67.2
66.0
64.4
64.7
64.4
64.4
64.2
63.9
64.3
65.5
24.1
24.5
25.4
26.1
26.1
27.0
27.5
27.9
28.2
28.6
...
* Adjusted to exclude interbank loans.
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.
1468
COMMERCIAL BANKS
LOANS AND INVESTMENTS BY CLASS OF BANK
[In millions of dollars]
Loans
Total
loans l
and
investments Total
Class of
bank and
call date
Total: 2
1947—Dec. 31.
1960-Dec. 31.
1961—Dec. 30.
1962—Mar. 26 •
June 30.
For
purchasing
or carrying
securities
,
_,...
1,660 830
116,284 38,057 18,167
199,509 117,642 43,125 5,676 3,284
124,925
45,172
6,248
4 ,056
215,441
215,750 125,910 44,940 6,560 3,730
129,193
45,909
6,801
220,670
3,254
198,011 117,092
213,904 124,348
214,261 125,337
219,163 128,613
Investments
To
financial
institutions
Commer- Agricial
Real
and culestur- To
intate
al
broduskers To
To
To
trial
and others banks others
dealers
Other
to
in- Other
dividuals
Total
9,393 5,723 947 69,221
1,220
115
1,833
>8,713 26,396 2,901 61,003
966 7, 106 28,713
2,134 1,033 7,311 30,320 27 ,847 3,412 66,578
2,080 2,570 6,460
460 30,690 27,890 3,640 64 ,570
713 64,443
2,005 1,474 7,221 32^036 29
All insured:
1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662
1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606
1947—Dec. 31., 114,274 37,583 18,012 1,610 823 1,190
I960—Dec. 31.
1961—Dec. 30.
1962—Mar. 26.
June 30.
1
U. S. Government
securities
Bills
2,193
8,072
11,488
9,420
8,320
Certificates
State
and
local Other
govt. secusecu- rities
Notes Bonds rities
276 3,729
7,789 6,034 53,205
570 3,294
30 ,998
2,920 19,013
,
345
26
,641
2,114 26,336 26,64120,.
.. 3,592
550 221,710 3,560
3,740 24,860 26,550
,55
165
3,869
3,629 26,0412643
26,453 23
23
21,046
988
4,773
4,505
3,159 16,899 3,651 3,333
4,677 2,361 1,132 88,912 2,455 19,071 16,045 51 ,342 3,873 3,258
9,266 5,654 914 67,941 2,124 7,552 5,918 52 ,347 5,129 3,621
40
49
114
42,957 5,628 3,247 1,811
965 7,090 28,602 26,263 2,883 60,468 7,994 2,884 18,868 30,722 17,300 3,150
44,965 6,2114,030 2,107 1,027 7,296 30,211 27,708 3,396 66,026 11,356 2,098 26,145 26,426 20,068 3,462
44,742 6,523 3,706 2,059 2,556 6,446 30,578 27,752 3,622 64,034 9,298 3,706 24,686 26,343 21,448 3,442
45,717 6,766 3,234 1,981 1,469 7,200 31,915 29,299 3,692 63,921 8,226
22,883
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
3,653
19,539
971
3,494
3,007 15,561 3,090 2,871
78
2,275 16,985 14,271 44,807 3,254 2,815
3,455 1,900 1,057 78,338
7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 4,199 3,105
39
47
113
1960—Dec. 31. 165,619 99,933 39,288 3,509 3,124 1,564
947 6,726 22,518 21,622 2,694 49,106
"
3,198 54,058
1961—Dec. 30. 179,599 106,232 40,931 3,934 3,877 1,827 1,014
'~~ 4,078
'
3,550
""" '
1,777
— 2,510
3,424 51,924
1962—Mar. 26. 179,272 106,765 400,638
1,435 4,220 3,088 '
" ~ 1,453 6;789 25,362 24,006 3,480 52,065
1,699
June 30. 183,497 109,212 41
6,402
9,229
7,262
6,467
2,296 15,072 25,335 14,141 2,439
1,842 "21;390
39021,598
21
16,691 2,617
2
3,184 20 123 21,354 17,994 2,589
2,984 21 367 21,247 19,321 2,899
New York City: 3
1941—Dec. 31. 12,896
1945—Dec. 31. 26,143
1947—Dec. 31. 20,393
1960—Dec. 31.
1961—Dec. 30..
1962—Mar. 26..
June 30..
27,726
30,297
29,930
30,396
4,072 2,807
7,334 3,044
7,179 5,361
412 169
2,453 1,172
545 267
123
80
111
32
26
93
18,465 10,876
19,535 11,278
19,795 11,064
19,224 10,980
10 1,574
23 1,956
12 2,031
2
10 1,512
399
467
456
409
954
732
1,333
760
1,801 1,418
48
211
73
52
233
87
4,485
4,626
4,494
4,672
322
354
202
265
134
137
130
147
300
205
225
114
427
170
194
503
484
40,002 16,223 887
42,379 16,879 1,076
42,588 16,690 1,116
",077 1,184
43,824 17
719
976
912
739
351 3,216
784
470 3,261
749 1,179 2,872
727
556 3,148
500
376
798
568
1,799
1,711
1,463
1,774
868
934
992
,084
311
522
7,265
1,623 5,331
477 3,433 3,325 10,339
287 272 17,574
564 238 11,972 1,002
640
558 9,772
1,930 940 6,980 1,422
2,072 1,220 7,862 2,117
2,035 1,452 6,805 1,471
2,075 ,321 7,659 1,989
578
442
603
492
1,708
2,496
2,410
2,931
729
606
638
830
629
604
3,272
2,806
2,320
2,247
1,964
2,635
3,045
3,158
317
265
285
355
City of Chicago: 3
1941—Dec. 31.. 2,760
1945—Dec. 31.. 5,931
1947—Dec. 31.. 5,088
1960—Dec. 31..
1961—Dec. 30..
1962—Mar. 26..
June 30..
7,050
7,606
7,687
7,937
2,690
2,609
2,677
2,659
Reserve city:
1941—Dec. 31.. 15,347 7,105 3,456
1945—Dec. 31.. 40,108 8,514 3,661
1947_Dec. 31.. 36,040 13,449 7,088
1960—Dec. 31..
1961—Dec. 30..
1962—Mar. 26..
June 30..
62,953
68,565
68,373
70,145
Country:
1941—Dec. 31.. 12,518 5,890 1,676
1945—Dec. 31.. 35,002 5,596 1,484
1947—Dec. 31.. 36,324 10,199 3,096
1960—Dec. 31..
1961—Dec. 30..
1962—Mar. 26..
June 30..
Nonmember: 2
1947—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
564
669
575
611
20
42
23
183
471
227
2
4
5
36,981 9,499 2,589
39,693 10,165 2,811
39,888 10,207 2,928
4i;492 10,719 3,007
508
591
405
424
293
438
442
416
29
116
448
240
18,454 5,432 1,205 614
33,910 17,719 3,838
838 2,167
35,856 18,700 4,241 2,314
37,188 19,989 4 , 474
-• 2,580
20
161
179
165
156
269
306
306
67,890
73,131
73,282
75,019
196
221
235
278
421
476
447
456
1,430
256
133 1,467
132
235
153 1,022
749 1,864
248 2,274
182
181
213
193
204
185
1,882
2,041
2,223
1,936
132
478
681
200
663 1,050
607
728
743
816
647
693
886
844
741 1,150
76
124
83
179
40 4,213
26 2,890
197
229
270
298
9,005
9,590
9,748
10,272
8,721 909
9,172 998
9,177 980
9,682 ,129
17,396
19,748
18,779
18,627
4,377
1,823
1,528
1,881
707 359 26,999
3,827 1,979 224 22,857
1,147
1,251
1,149
1,256
1
Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans
continue to be shown net.
2
Breakdowns of loan, investment, and deposit classifications are not
51
149
37
92
202
151
6,467
295
751 5,421
1,527
1,508
956 820
1,459
855 387 29,552 1,034 6,982 5,653 15,883 1,126 916
373 2,358 1,901 15,563 1,342 1,053
3,147 1,969 351 20,196
4
17
15
659
648
818
95
22
36
46
12,449 10,550
13,242 11,132
13,297 11,110
13,728 11,792
2,266 1,061
379 6,205 4,774
418 6,341 4,995
431 6,682 5,439
647 22,848
751 24,407
721 24,117
732 ",843
23
2,031
794 5,461
3,020
741 8,605
2,038 1,333 7,872
1,611 1,267 8,186
9,111
7,382
7,535
7,563
4,817
5,710
6,278
6,867
738
728
728
827
110
481 3,787 1,222 1,028
630 5,102 4,544 16,722 1,342 1,067
480 2,583 2,108 17,687 2,006 1,262
2,817
888 7,240
3,614
566 9,560
3,071 1,047 9,193
2,667 1,075 9,405
11,903
10,667
10,806
10,696
6,752 1,308
7,530 1,500
7,785 1,493
8,146 1,539
206 1,973 1,219 7,920 1,078
109 11,318
207 11,904 1,670
624 3,941 5,668 3,431
214 12,525 2,259
272 4,947 5,046 3,655
233 12,383 1,853
645 4,675 5,210 3,845
625
857
976
971
available before 1947; summary figures for earlier dates appear in the
preceding
table.
3
Central reserve city banks; redesignation as reserve city not effective
until July 28, 1962.
For other notes see opposite page.
COMMERCIAL BANKS
1469
RESERVES AND LIABILITIES BY CLASS OF BANK
[In millions of dollars]
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
16,520
16,839
2,216
3,346
3,689
3,760
3,185
Interl >ank
Time deposits
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
6,780
9,554
6,799
11,674
12,242
11,280
11,814
2,581
4,602
5,056
3,540
4,437
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
6,768
9,529
11,582
12,149
11,192
11,727
4,564
5,023
3,522
4,390
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
140
64
50
50
99
105
8,582
8,724
6,833
7,182
5,287
5,381
6,125
8,734
9,016
9,487
8,616
9,107
4,244 99,134 1,639
4,654 105,454
303
332
3,258 93,661
351
4,080 94,826
237
260
261
274
3,559
4,371
4,866
5,096
Total: 2
1947_Dec.
1960—Dec.
1961—Dec.
1962—Mar.
June
1960—Dec.
1961—Dec.
1962—Mar.
June
31....
31....
30....
26«...
30....
87,123
115,120
122,654
114,720
114,043
3 1 . . . . 16,720 3,326 13,409 114,292
3 0 . . . . 16,918 3,670 13,871 121,671
2 6 . . . . 16,518 3,740 11,039 113,838
16,839 3,168 11,524 113,136
30
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
1960—Dec.
1961—Dec.
1962—Mar.
June
10,216
13,681
14,169
11,270
11,799
3 1 . . . . 16,720 2,518
3 0 . . . . 16,918 2,813
2 6 . . . . 16,519 2,866
16,839 2,399
30
New York City :*
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
94,594
100,660
94,164
93,555
DoFormestic4 eign 6
11,362
15,453
16,574
12,710
13,185
15,339
16,440
12,625
13,053
14,875
15,924
12,203
12,633
1,430
1,627
1,340
1,140
1,215
1,582
1,298
1,128
1,182
1,561
1,270
1,108
1,163
IPC
240
84,987
117,103 1,799
481
124,622
390
111,460
112,534
525
36,544
72,593
83,723
111
262
283
280
300
158
70
54
59
103
111
116,388 1,667
123,878
333
110,793
364
111,874
388
262
283
284
300
33,061
62,950
72,704
866
4,544
5,465
6,070
6,341
IPC
65 10,059
34,383
66,836 163 20,986
76,680 471 22,459
81,680 2,130 22,790
85,393 786 23,183
492 15,146
496 29,277
826 33,946
4,481
5,412
6,013
6,290
Bor- Capital
row- acings counts
10 6,844
215 8,671
61 9,734
66,605 149 20,628
76,426 462 22,089
81,412 2,117 22,442
85,124 773 22,810
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
53,477 130 17,398
62,526 438 18,638
66,655 2,063 18,884
69,793 735 19,179
5,105
4,015
4,639
93
111
151
141 10,761
78 15,065
70 16,653
3,595
866
607
3,535 1,105 6,940
3,236 1,217
267
319
237
290
450
1,338
1,105
11,282
15,712
17,646
6
17
12
10
12
29
20
14
778
1,206
1,418
1,648
195 2,120
30 2,259
31....
30....
26....
30
3,398
3,286
3,271
3,495
199
240
231
165
147
143
68
106
15,352
17,089
16,005
15,796
4,105 1,184 1,217
4,330
967 1,267
3,215
824 1,379
3,643
874 1,918
305
333
243
327
2,476
2,583
1,830
2,390
19,051 1,216
191
20,213
198
17,271
210
17,580
27
38
43
53
203
162
220
221
3,976
6,735
7,387
7,824
3,554
283 3,683
829 3,707
381 3,761
City of Chicago:*
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 31 .
1,021
942
1,070
43
36
30
298
200
175
2,215
3,153
3,737
j
1,292
1 196
127
8
20 1,552
72
21
233
237
285
34
66
63
2,152
3,160
3 853
2
9
476
719
902
288
377
426
31....
30....
26....
30
899
889
981
916
33
37
34
31
171
158
94
94
3,968
3,809
3,782
3,728
1,327
1,578
1,090
1,083
53
45
39
44
327
369
369
546
298
315
222
330
102
124
85
109
4,499
4,830
4,022
4,082
61
14
16
18
2
5
5
7
7
8
8
10
1,521
1,996
2,280
2,581
Reserve city:
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
405
131
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
22
20
38
45
31....
30....
26....
30
7,354
7,533
7,445
7,406
753
858
897
764
2,610
2,542
2,137
2,111
34,357
36,187
34,137
33,710
7,688
8,107
6,460
6,394
301
243
231
228
1,960
2,103
2,436
3,670
3,329
3,520
3,057
3,191
953
1,152
773
907
37,986
40,315
35,939
36,504
326
62
73
75
85
110
110
110
Country:
1941—Dec. 3 1 . . . .
1945—Dec, 3 1 . . . .
1947—Dec. 3 1 . . . .
2,210
4,527
4,993
526
796
929
3,216 9,661
4,665 23,595
3,900 27,424
790
1,199
1,049
225
2
8 5,465
432
7
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
31
52
45
5,070
5,210
4,822
5,023
1,534
1,678
1,705
1,438
5,655
5,881
4,535
4,872
40,917
43,575
40,240
40,321
,755
1,910
1,438
1,512
23
15
14
17
1,783
1,641
1,940
2,601
5,083
5,320
5,093
5,261
713
796
570
676
37,598
40,095
36,429
36,660
37
37
45
48
122
108
103
104
544
828
876
787
3,947
5,099
5,446
4,617
13,595
20 525
21,994
20,489
385
578
649
553
55
65
70
52
167
657
565
819
1,295
2,658
2,755
2,707
180
357
402
356
12,284
17,970
19,168
17,708
190
160
178
174
I960—Dec.
1961—Dec.
1962—Mar.
June
1960—Dec.
1961—Dec.
1962—Mar.
June
1960—Dec.
1961—Dec.
1962—Mar.
June
1960—Dec.
1961—Dec.
1962—Mar.
June
Nonmember: 2
1947_Dec
1960—Dec.
1961—Dec.
1962—June
31....
30....
26....
30
31. .
31
30
30 .
mi
4
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.
243 4,542
160 9,563
332 11,045
1,787
2,310
2,512
2,706
20,652
23,962
25,684
26,847
146 6,082
219 12,224
337 14,177
35
35
357
34
822
870
870
894
1,967
2 2,566
2,844
73
81
752
240
6,423
6,997
7,070
7,201
4 1,982
11 2,525
23 2,934
27,327
29,834
31,304
32,541
23
40
126
80
6,599
7,088
7,237
7,323
6
172 6,858
985 13,378
25
23 1,094 14,169
26 1,245 15,614
12
33
33
52
1,596
3,590
3,822
4,005
1,562
1,891
2,125
2,158
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 sayings banks became members of the
FRS; these banks (2 beginning with June 1960 and 1 beginning Sept.
1961) 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.
1470
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
invest-1
ments
Loans
and
Cominvestments Loans mercial
ad- 2
ad- 2
and
justed justed \ industrial
Agricultural
To brokers
and dealers
To financial institutions
To others
U.S. Other U.S. Other
Govt.
Govt. securiseties
curi- cuncunties
ties
ties
Bank
Foreign
Nonbank
DoPers.
mesand
tic
sales
com- finan. Other
mer- COS.,
cial
etc.
Real
estate
All
other
Valuation
reserves
TotalLeading Cities
1961
Oct.
4
...
11...........
18
25....... . ...
117,677
118,561
119,473
118.242
116,175
116,984
117,777
117.035
70,726
70,989
71,466
71,093
31,786
31,849
32,020
31,877
124,449
124,909
126,065
125,344
122,592
123,149
124,252
124,140
76,211
76,957
78,259
78,178
126,698
126,104
126,955
125,924
127,402
124,897
124,344
125,093
124,200
125.533
77,726
77,708
77,981
77,441
78,765
34,081
34,085
34,221
34,009
34,290
28,531
28,741
29,469
28,453
28,233
28,435
28,760
28,210
17,471
17,679
17,969
17,609
**•£::::::::::
19....
26
29,791
29,943
30,363
29,872
29,159
29,490
29,919
29,669
Oct.
3...........
10
17
24
31...........
30,117
29,852
30,175
29,771
30,568
1,179
1,180
1,189
1,205
1,853
1,982
1,932
1,993
1,317
1,305
1,301
1,304
522
535
530
530
,502
,577
,696
,207
3,389
3,219
3,174
3,047
2,143
2,128
2,180
2,191
13,140
13,196
13,221
13,247
16,396
16,359
16,379
16,413
1,577
1,574
1,569
1,567
33,392 1,243
304 1,976
33,590 1,263
827 2,040
33,881
,286 1,440 2,180
34,063
,296 1,178 2,188
1,298
1,295
1,290
1,269
704
681
666
650
,857
,760
,813
,204
3,684
3,525
3,637
3,530
2,631
2,648
2,683
2,696
14,728
14,810
14,877
14,927
17,905
17,931
17,970
18,034
1,734
1,735
1,733
1,734
,318
661
,327
758
,340
823
,351
614
,384 1,186
2,131
2,123
2,142
2,069
2,196
1,270
1,272
1,285
1,288
1,301
642
652
648
653
663
,801
,760
,862
,724
,869
3,572
3,429
3,422
3,314
3,432
2,707
2,724
2,737
2,703
2,712
14,940
15,008
15,084
15,155
15,203
18,062
17,991
17,939
17,947
18,065
1,741
1,741
1,742
1,742
1,748
10,511
10,517
10,603
10,546
254
420
673
431
1,115
1,226
1,171
1,146
421
415
413
414
235
237
231
231
298 1,151
306 1,070
709 1,041
243
995
412
417
418
418
785
794
801
2,999
2,995
3,026
3,023
441
441
437
437
18,540
19,031
19,697
19,590
11,006
11,075
11,203
11,300
115
601
979
834
1,035
1,089
1,186
1,186
399
400
396
387
331
302
292
274
632
453
444
203
1,261
1,128
1,200
1,083
563
573
573
570
,055
,082
,092
,107
3,251
3,257
3,253
3,326
498
498
498
497
29,399
29,157
29,393
29,051
30,065
19,131
19,045
19,151
18,903
19,747
11,298
11,270
11,345
11,234
11,357
454
512
549
470
961
1,128
1,073
1,091
1,039
1,125
387
385
390
385
384
272
274
267
280
297
718
695
782
720
503
1,104
1,052
1,066
1,018
1,118
546
545
549
547
557
,109
,123
,146
,173
,179
3,311
3,290
3,227
3,235
3,244
499
499
499
500
502
89,146
89,820
90,004
89,789
87,942
88,549
89,017
88,825
53,255
53,310
53,497
53,484
21,275
21,332
21,417
21,331
,170
,171
,180
,196
220
291
340
319
738
756
761
847
896
890
890
287 1,204 2,238 1,731
298 1,271 2,149 1,711
987 2,133 1,762
299
299
964 2,052 1,773
12,355
12,402
12,420
12,439
13,397
13,364
13,353
13,390
,136
,133
,132
,130
-£::::::::::
19
26
94,658
94,966
95,702
95,472
93,433
93,659
94,333
94,471
57,671
57,926
58,562
58,588
22,386
22,515
22,678
22,763
,235
,255
,278
,289
189
941
226
951
461
994
344 1,002
899
895
894
882
373 1,225 2,423 2,068
379 1,307 2,397 2,075
374 ',369 2,437 2,110
376
,001 2,447 2,126
13,673
13,728
13,785
13,820
14,654
14,674
14,717
14,708
,236
,237
,235
,237
3...........
10
17
24
31
96,581
96,252
96,780
96,153
96,834
95,498
95,187
95,700
95,149
95,468
58,595
58,663
58,830
58,538
59,018
22,783
22,815
22,876
22,775
22,933
,310
,320
,333
,342
,370
207
246
274
144
225
1,003
1,050
1,051
1,030
1,071
883
887
895
903
917
370
,083
378
,065
,080
381
,004
373
366 1,366
13,831
13,885
13,938
13,982
14,024
14,751
14,701
14,712
14,712
14,821
,242
,242
,243
,242
,246
474
711
1,013
750
104
99
96
103
1962
sept
,l:::::::::::
19
26....
Oct.
3......
10...........
17...........
24.....
31
New York City
1961
Oct.
4........
1 1 . . . . . . . . ...
18
25
1962
Outside
New York City
1961
Oct.
4...........
11
18
25
1962
Sept
Oct.
For note see p. 1472.
2,468
2,377
2,356
2,296
2,314
2,161
2,179
2,188
2,156
2,155
1471
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Cash assets
Investments
3
Total
U. S. Government securities
Wednesday
Total
Bills
Certificates
Notes and bonds
maturing—
Balances
with
domestic
banks
Balances
with
foreign
banks
Currency
and
coin
Reserves
with
F. R.
Banks
All
other
assets
Total
liabilities
and
capital
accounts
Other
securities
Total
4,041
4,031
3,995
3,974
11,806
11,755
11,703
11,615
17,249
16,973
17,415
17,461
2,93!
2,833
2,937
2,761
152
150
138
150
1,336
1,444
1,460
1,483
12,829
12,546
12,88C
13,06'
4,420
4,411
4,427
4,426
151,753
152,835
154,439
151,630
5,241
5,164
5,190
5,709
15,011
15,275
15,049
15,144
17,329
17,576
17,622
17,464
2,901
2,964
2,971
2,822
157
159
152
141
,525
,670
,628
,654
12,746
12,783
12,871
12,84^
4,628
4,589
4,568
4,544
158,747
161,224
161,527
159,833
3,004
2,762
2,979
2,790
2,975
147
144
144
146
245
,506
,609
,591
1,610
1,585
13,368
12,656
12,998
12,665
12,585
4,560
4,569
4,510
4,520
4,710
162,241
160,490
164,094
160,500
164,676
183
210
192
205
3,920
3,640
3,337
4,006
1,937
1,918
1,947
1,913
38,972
39,274
39,568
38,502
With- 1 to After
in
1 year 5 years 5 years
Total—
Leading Cities
1961
33,643
34,240
34,608
34,327
6,109
5,607
6,059
5,879
1,530
1,514
1,516
1,507
Sept. 5
12
19
26
31,370
30,917
30,944
30,818
3,194
3,034
3,081
r
2,963
2,939
2,921
2,885
r
2116
Oct.
31,995
31,513
31,846
31,444
31,432
4,310
3,972
4,356
4,019
4,017
7,853
7,875
7.921
7,823
6,311
6,319
6,305
6,285
15,652
16,769
16,733
16,682
7,530
7,432
7,431
5,938
12,466
12,366
12,357
14,092
2,102
2,096
2,096
2,105
2,098
5,925
5,884
5,863
5,819
5,758
13,989
13,925
13,916
13,871
13,897
5,669
5,636
5,615
5,630
5,662
15,176
15,123
15,266
15,315
15,336
18,025
17,171
17,712
17,211
17,390
2,205
1,996
2,083
1,995
499
500
504
506
1,340
1,320
1,337
1,341
3,068
3,317
3,265
3,267
741
742
732
714
2,909
2,881
2,870
2,778
4,256
4,003
3,663
4,349
6,885
6,538
6,429
6,266
1,410
1,205
1,095
969
664
659
676
476
,528
,507
,506
,239
2,151
2,088
2,084
2,392
1,132
1,079
1,068
1,190
3,734
3,921
3,793
3,813
3,682
4,094
3,915
4,050
67
61
67
61
83
87
83
72
230
240
230
242
3,302
3,706
3,535
3,675
1,904
1,887
1,887
1,844
39,074
40,410
40,403
40,091
6,435
6,357
6,446
6,326
6,527
1,222
1,124
1,248
1,178
1,454
477
478
473
477
456
,235
,237
,222
,200
,140
2,321
2,357
2,357
2,339
2,329
1,180
1,161
1,146
1,132
1,148
3,833
3,755
3,796
3,822
3,791
4,235
3,743
3,832
3,900
4,148
90
66
98
58
110
79
77
79
76
128
229
263
233
232
229
3,837
3,337
3,422
3,534
3,681
1,858
1,848
1,816
1,824
1,903
40,491
39,743
41,034
40,141
42,844
25,790
26,365
26,687
26,504
3,904
3,611
3,976
3,884
1,031
1,014
1,012
1,001
4,971
4,999
4,968
4,944
12,584
13,452
13,468
13,415
3,300
3,289
3,263
3,260
8,897
8,874
8,833
8,837
12,993
12,970
13,752
13,112
2,854
2,747
2,859
2,693
1,153
1,234
1,268
1,278
8,909
8,906
9,543
9,061
2,483
2,493
2,480
2,513
112,781
113,561
114,871
113,128
Sept. 5
12
19
26
24,485
24,379
24,515
24,552
1,784
1,829
1,986
r
l,994
2,275
2,262
2,209
r
l,640
6,002
5,925
5,925
'4,699
10,315
10,278
10,273
11,700
4,109
4,085
4,122
r
4,519
11,277
11,354
11,256
11,331
13,647
13,482
13,707
13,414
2,834
2,903
2,904
2,761
74
72
69
69
1,295
1,430
1,398
1,412
9,444
9,077
9,336
9,172
2,724
2,702
2,681
2,700
119,673
120,814
121,124
119,742
Oct.
25,560
25,156
25,400
25,118
24,905
3,088
2,848
3,108
2,841
2,563
,625
,618
,623
,628
,642
4,690
4,647
4,641
4,619
4,618
11,668
11,568
11,559
11,532
11,568
4,489
4,475
4,469
4,498
4,514
11,343
11,368
11,470
11,493
11,545
13,790
13,428
13,880
13,311
13,242
2,914
2,696
2,881
2,732
2,865
68
67
65
70
117
1,277
1,346
1,358
1,378
1,356
9,531
9,319
9,576
9,131
8,904
2,702
2,721
2,694
2,696
2,807
121,750
120,747
123,060
120,359
121,832
Oct.
4
11
18
25
1962
3
10
17
24
31
r
r
New York City
1961
Oct.
4
11
18
25
1962
Sept. 5
12
19
26
Oct.
3
10
17
24
31
Outside
New York City
1961
Oct.
4
11
18
25
1962
3
10
17
24
31
For notes see p. 1472.
1472
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits
Borrowings
Demand
Wednesday
DeTotal mand
deunad- 4 posits
justed
ad- Total 6
justed 5
IPC
State
Forand
local eign 7
govt.
Time
Domestic
U.S.
Total
Govt. commercial
banks
Other time
Savings
IPC
State
and Forlocal eign 7
govt.
Other Capital
From From liabilacF. R. others ities counts
Banks
Total—
Leading Cities
1961
132,067
132,999
134,387
131,705
61,54:
62,189
63,410
63,920
90,894 64 ,305
91,741 65,924
93,170 67,325
90,463 66",365
4,739
4,374
4,407
4,505
1,624
1,586
1,721
1,634
5,023
4,669
4,366
3,628
11,922
11,993
12,270
11,414
41,173
41,258
41,217
41,242
29,400
29,466
29,516
29,565
6,498
6,512
6,499
6,485
2,775
2,757
2,709
2,703
2,180
2,205
2,174
2,180
24
75
19
226
1,744
1,780
1,934
1,544
5,185
5,232
5,373
5,419
12,733
12,749
12,726
12,736
Sept. 5
12
19
26
137,348
139,636
140,077
138.524
60,899
62,094
61,758
61,073
89,625 63,769
91,735
,735 66
",878
92,174 65,687
90,421 64,190
4,819
4,389
4,426
4,528
1,571
1,575
1,593
1,554
4,451
3,247
5,052
5,418
11,934
12,244
12,092
11,449
47,723
47,901
47,903
48,103
33,481
33,552
33,631
r
33,735
8,402
8,548
8,457
r
8,544
3,222
3,216
3,238
3,253
2,264
2,230
2,224
2,216
58
147
40
741
2,435
2,579
2,588
1,795
5,483
5,448
5,424
5,344
13,423
13,414
13,398
13,429
Oct.
141,070
139,490
142,578
139,300
143,170
60,744
61,377
61,511
62,311
63,025
92,845 64 ,085
91,059 64 ,492
94,071 67,053
",269
90,684 65
94,512 66,996
4,631
4,491
4,350
4,623
5,017
1,533
1,500
1,534
1,689
1,681
7,022 12,121
4,868 12,168
4,829 12,814
3,986 11,542
11
4,283 12,030
48,225
48,431
48,507
48,616
48,658
33,921
34,058
34,126
34,185
34,246
8,566
8,647
8,664
8,696
8,688
3,218
3,188
3,165
3,148
3,144
2,177
2,185
2,199
2,232
2,231
117
54
136
122
160
2,343
2,247
2,616
2,311
2,433
5,243
5,231
5,282
5,281
5,352
13,468
13,468
13,482
13,486
13,561
31,634
31,758
32,389
31,154
15,955
15,838
16,758
16,512
24,589
24,675
25,361
24,126
16,733
17,016
17,795
17,059
275
277
327
310
1,209 1,328 3,058
1,197 1,254 2,971
1,308 1,158 2,956
1,208
956 2,871
7,045
7,083
7,028
7,028
2,761
2,770
2,769
2,787
2,207
2,219
2,211
2,198
255
252
242
238
,680
,698
,663
,665
951
1,091
720
813
45
2,725
2,765
2,801
2,827
3,649
3,655
3,658
3,663
31,299
32,406
32,402
32,337
15,432
15,867
15,806
15,372
23,182 15,943
24,219 16,888
24,277 16,669
24,121 16,281
320
255
260
233
1,167 1,231 2,822
1,147
834 3,032
1,177 1,269 2,964
1,155 1,446 2,978
8,117
8,187
8,125
8,216
3,705
3,727
3,745
3,771
2,437
2,519
2,442
2,503
201
193
196
208
,595
,569
,561
,551
1,270
59 1,487
1,571
245 1,143
2,723
2,683
2,660
2,602
3,774
3,775
3,770
3,764
32,976
32,408
33,382
32,745
35,064
15,369
15,344
15,189
15,604
15,953
24,740
24,109
25,084
24,417
26,749
16,151
15,962
16,797
16,344
17,290
297
312
295
268
486
,110
,114
,112
,282
269
2,082
1,441
1,409
1,134
1,280
3,008
3,024
3,275
3,033
3,291
8,236
8,299
8,298
8,328
8,315
3,788
3,819
3,840
3,848
3,860
2,562
2,584
2,563
2,560
2,549
197
197
191
191
193
1,517
1,519
1,524
1,549
1,538
1,123
939
1,255
1,019
1,333
2,604
2,608
2,567
2,568
2,640
3,788
3,788
3,790
3,789
3,807
00,433
01,241
01,998
00,551
45,587
46,351
46,652
47,408
66,305 47,572
67,066 48,908
67,809 49,530
66,337 49,306
4,464
4,097
4,080
4,195
415
389
413
426
3,695
3,415
3,208
2,672
8,864
9,022
9,314
8,543
34,128
34,175
34,189
34,214
26,639
26,696
26,747
26,778
4,291
4,293
4,288
4,287
2,520
2,505
2,467
2,465
500
507
511
515
11
70
19
181
793
689
,214
731
2,460
2,467
2,572
2,592
9,084
9,094
9,068
9,073
26
06,049
07,230
07,675
06,187
45,467
46,227
45,952
45,701
66,443 47,826
67,516 49,990
67,897 49,018
66,300 47,909
4,499
4,134
4,166
4,295
404
428
416
399
3,220
2,413
3,783
3,972
9,112
9,212
9,128
8,471
39,606
39,714
39,778
39,887
29,776
29,825
29,886
29,964
5,965
6,029
6,015
6,041
3,021
3,023
3,042
3,045
669
661
663
665
50
88
40
496
,165
,092
,017
652
2,760
2,765
2,764
2,742
9,649
9,639
9,628
9,665
3
10
17
24
31
08,094
07,082
09,196
06,555
08,106
45,375
46,033
46,322
46,707
47,072
68,105 47 ,934
66,950 48,530
68,987 50,256
66,267 48
",925
67,763 49 ,706
4,334
4,179
4,055
4,355
4,531
423
386
422
407
412
4,940
3,427
3,420
2,852
3,003
9,113
9,144
9,539
8,509
8,739
39,989
40,132
40,209
40,288
40,343
30,133
30,239
30,286
30,337
30,386
6,004
6,063
6,101
6,136
6,139
3,021
2,991
2,974
2,957
2,951
660
666
675
683
693
117
54
96
102
160
,220
,308
,361
,292
,100
2,639
2,623
2,715
2,713
Oct.
4
11
18
25
1962
3
10
17
24
31
New York City
1961
Oct.
4
11
18
25
1962
Sept. 5
12
19
26
Oct.
3
10
17
24
31
Outside
New York City
1961
Oct.
4
11
18
25
1962
Sept
- 19,2::::::::
Oct.
1
After deduction of valuation reserves.
2 Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loan items are shown gross.
3 Excludes cash items in process of collection.
4
Total demand and total time deposits.
5
Demand deposits other than domestic corrmercial interbank and
U. S. Govt., less cash items in process of collection.
9,680
9,680
9,692
9,697
2,712 9,754
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.
1473
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
[Net change in millions of dollars]
Week
Month
1962
Industry *
Oct.
31
1962
Oct.
17
Oct.
24
Quarter
Oct.
10
Oct.
3
Oct.
Classification basis
Sept.
Half year
1962
Aug.
III
II
I
1962
1961
1st.
1st.
New
Durable goods manufacturing:
Primary metals
—1
16
-6
8
-1
-3
-27
-13
-7
-10
2
-4
-2
-10
-10
48
-35
23
4
-19
-27
-52
8
-5
-30
118
-45
-14
-1
-13
-14
24
-1
25
-1
34
-13
25
3
27
20
44
9
25
2
36
16
17
10
18
132
10
-74
-9
-3
4
•Machinery
Transportation equipment
Other fabricated metal products.. .
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles apparel and leather.
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and
other public utilities
-10
ji
-3
1
9
-13
-3
6
Old
-25
-18
-23
-14
-10
-25
-44
-58
-26
-30
-11
69
57
-9
31
24
2
80
-14
19
-49
31
-15
-48
140
-119
-50
27
50
112
-12
138
69
76
16
70
-8
-12
-4
217
-153
6
-10
-63
52
101
7
-26
25
111
96
12
-154
7
-152
42
-14
37
164
-345
247
-53
39
10
-497
-498
289
177
-67 1
O1
81
76 /
174
12
126
19
148
160
-13
11
-51
17
3
42
32
30
-19
42
32
25
-25
87
63
36
8
-161
52
52
170
-77
-18
10
178
249
-237
-325
34
61 } - 1 7 5
14
-10
88
-6
212
-4
94
23
309
29
-223
164
-288
18
-510
182
H
-131
89
96
126
128
-100
-330
53
37
6
4
19
-2
-47
-13
-13
26
-40
8
127
79
205
406
Net change in classified loans
248
-199
118
19
2
188
602
429
640
116
80
196
-463
Commercial and industrial change—
all weekly reporting banks
281
-212
136
14
18
227
621
488
709
340
94
434 2-387
All other types of business, mainly
services
1
Because of ^classifications as of Sept. 27, 1961, many categories are
not strictly comparable with prior data; for example, new "mining"
includes a part of old "other manufacturing and mining," with which
it is compared; a part of "metals and metal products"; and coal, crude
petroleum, and natural gas from old "petroleum, coal, chemicals, and
rubber." "Other durable" and "other nondurable" were in old "other
manufacturing and mining."
2
Reflects new coverage; see June 1961 BULL., p. 654.
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)
1—
10
10—
100
100—
200
Area
200
and over
Year:
19 large cities:
period
Quarter—cont.: i
New York City:
1961—Sept
Dec
1962 Mar
1953
1954
1955
1956
1957
3.7
3 6
3.7
4.2
4.6
5.0
5 0
5.0
5.2
5.5
4.4
4 3
4.4
4.8
5.1
3.9
3 9
4.0
4.4
4.8
3.5
3 4
3.5
4.0
4.5
1958
1959
I960
1961
4.3
5.0
5.2
5.0
5.5
5.8
6.0
5.9
5.0
5.5
5.7
5.5
4.6
5.2
5.4
5.2
4.1
4.9
5.0
4.8
7 northern and
eastern cities:
1961—Sept
Dec
1962—Mar
4.82
4.78
4.81
4.84
4.82
11 southern and
western cities:
1961 Sept
Dec
1962—Mar
June
Sept
Sept
Quarter:!
19 large cities:
1961—Sept
Dec
1962—Mar
June
Sept
1
.
4.99
4.96
4.98
5 01
4.99
5.87
5.84
5.89
5 88
5.86
5.52
5.52
5.54
5 53
5.53
5.19
5.21
5.21
5 25
5.21
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, 1953-Apr. 26, 1953.
Changes thereafter occurred on the following dates (new levels shown, in
Sept
All
loans
Size of loan
(thousands of dollars)
200
1—
10
10—
100
100—
200
4.75
4.77
4 78
4.79
4.77
5.65
5.66
5 65
5.64
5.60
5.36
5.37
5 36
5.35
5.35
5.04
5.04
5.09
5.14
5.06
4.64
4.66
4 68
4.68
4.65
5.05
4.96
4.97
5.00
5.00
5.86
5.82
5.85
5.83
5.87
5.53
5.51
5.53
5.52
5.51
5.18
5.22
5.17
5.21
5.20
4.93
4.81
4.83
4.86
4.87
5.26
5.24
5.28
5 33
5.32
5.97
5.94
6.01
6 01
5.98
5.62
5.62
5.66
5.65
5.65
5.28
5.31
5.35
5.39
5.28
5.04
5.00
5.03
5.12
5.12
and over
per cent): 1953—Apr. 27, 3 % ; 1954—Mar. 17, 3; 1955—Aug. 4, 3 % ;
Oct. 14, 3 % ; 1956—Apr. 13, 3 % ; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—
Jan. 22, 4; Apr. 21, 3 % ; Sept. 11, 4; 1959—May 18, 4%; Sept. 1, 5; and
I960—Aug. 23, 4%.
1474
INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
Period
Prime
coml.
paper,
4- to 6-1
months
U. S. Government securities (taxable)4
Finance
CO.
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days 3
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 5
3- to 5year
issues 6
1959
1960
1961
3.97
3.85
2.97
3.82
3.54
2.68
3.49
3.51
2.81
3.405
2.928
2.378
3.37
2.87
2.36
3.832
3.247
2.605
3.79
3.20
2.59
3.41
2.81
4.11
3.55
2.91
4.33
3.99
3.60
1961—Oct
Nov
Dec
3.00
2.98
3.19
2.79
2.74
2.93
2.75
2.75
2.87
2.350
2.458
2.617
2.30
2.48
2.60
2.702
2.686
2.875
2.66
2.70
2.88
2.90
2.90
2.97
2.97
2.95
3.03
3.64
3.68
3.82
1962—Jan
Feb
Mar
Apr
May
June
July....
Aug
Sept
Oct
3.26
3.22
3.25
3.20
3.16
3.25
3.36
3.30
3.34
3.27
3.05
3.00
3.02
3.09
2.95
3.02
3.20
3.12
3.13
3.04
3.00
3.00
3.00
3.00
2.91
2.90
3.07
3.11
3.09
3.03
2.746
2.752
2.719
2.735
2.694
2.719
2.945
2.837
2.792
2.751
2.72
2.73
2.72
2.73
2.68
2.73
2.92
2.82
2.78
2.74
2.965
2.955
2.883
2.838
2.789
2.804
3.085
3.005
2.947
2.859
2.94
2.93
2.87
2.83
2.78
2.80
3.08
2.99
2.93
2.84
3.19
3.21
2.98
2.90
2.91
2.89
3.17
3.10
2.99
2.90
3.08
3.11
2.99
2.94
2.98
3.02
3.23
3.13
3.00
2.90
3.84
3.77
3.55
3.48
Week ending—
1962—Oct. 6.
13.
20.
27.
Nov. 3.
3.38
3.25
3.25
3.25
3.15
3.20
3.02
3.00
3.00
2.95
3.13
3.00
3.00
3.00
3.00
2.752
2.760
2.749
2.742
2.686
2.75
2.76
2.74
2.74
2.74
2.902
2.864
2.843
2.828
2.774
2.89
2.86
2.84
2.83
2.82
2.90
2.87
2.92
2.91
2.90
2.92
2.91
2.88
2.89
2.87
3.44
3.46
3.46
3.48
3.45
1 Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3 Averages of daily prevailing rates.
3.71
3.57
3.56
3.46
4
Except for new bill issues, yields are averages computed from daily
closing
bid prices.
5
Certificates of indebtedness and selected note and bond issues.
6
Selected note and bond issues.
BOND AND STOCK YIELDS
[Per cent per annum]
Corporate bonds
Government bonds
Period
1959
1960
1961
1961
Oct
Nov
Dec
1962 Jan
Feb
Mar
Apr . . . .
May
June
.
July . . . .
Aug
Sept . . .
Oct
Week ending—
1962—Oct. 6
13
20
27
Nov. 3
Number of issues
United
States
(longterm)
State
and loca
By selected
rating
Dividend/
price ratio
By
group
Earnings/
price ratio
Total i
Total i
Aaa
Baa
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
4.69
4.75
4.66
3.23
3.46
2.98
5.92
5.88
4.74
4.62
4.59
4.64
2 91
2.83
2.85
5.10
4 07
4.01
3.90
3 74
3.69
3.60
3.35
3.26
3.27
4.24
4.22
4.01
4.65
4.73
4.66
4.38
4.41
4.35
5.05
5.19
5.08
4.51
4.59
4.54
4.75
4.92
4.82
3 98
3.98
4.06
3 59
3.57
3.63
3.28
3.27
3.32
3 98
3.96
4.04
4 73
4.70
4.71
4.42
4.39
4.42
5 13
5.11
5.10
4.60
4.58
4.59
4.92
4.89
4.91
4.70
4.69
4.57
4.66
4.63
4.62
4 08
4 09
4.01
3 89
3.88
3.90
4 02
3.97
3.94
3.89
3 55
3 40
3.30
3 21
3.21
3.31
3 37
3.38
3.28
3.21
3 21
3.08
3.03
2.98
2.98
3.06
3.10
3.10
3.01
2.94
4 01
3.83
3.66
3.55
3.55
3.65
3.72
3.74
3.66
3.62
4 70
4.70
4.67
4 63
4.58
4.59
4.63
4.64
4.61
4.57
4 42
4.42
4.39
4.33
4.28
4.28
4.34
4.35
4.32
4.28
5 08
5.07
5.04
5.02
5.00
5.02
5.05
5.06
5.03
4.99
4 57
4.57
4.52
4.46
4.42
4.45
4.52
4.51
4.45
4.40
4 92
4.90
4.88
4.86
4.83
4.86
4.90
4.90
4.88
4.85
4 61
4.62
4.60
4.56
4.50
4.47
4.48
4.50
4.49
4.46
4 59
4.52
4.48
4.45
4.45
4.52
4.59
4.55
4.50
4.49
2 97
2.95
2.95
3.05
3.32
3.78
3.68
3.57
3.60
3.71
3.90
3 90
3 88
3.89
3.87
3.26
3.25
3 17
3.16
3.15
3.00
2.99
2.89
2.88
2.88
3.65
3.65
3.59
3.58
3.53
4.59
4.57
4.57
4.57
4.57
4.29
4.28
4.27
4.27
4.26
5.00
4.99
4.98
4.98
4.99
4.42
4.40
4.40
4.39
4.40
4.85
4.85
4.85
4.85
4.86
4.48
4.46
4.46
4.46
4.45
4.50
4.47
4.48
4.51
4.49
3.72
3.66
3.68
3.79
3.69
4-10
20
5
5
120
30
30
40
40
40
14
500
1
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.
Stocks
5.00
6.41
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.
1475
SECURITY MARKETS
SECURITY PRICES
Bonds
Common stocks
Period
1959.
1960.
1961.
1961—Oct..
Nov..
Dec...
1962—Jan...
Feb...
Mar..
Apr..,
May.,
June..
July..
Aug..
Sept..
Oct...
Week ending—
1961—Oct. 6..
13..
20..
27..
Nov. 3..
U.S.
Govt.
(longterm)
Municipal
(highgrade)
Corporate
(highgrade) Total
85.49
86.22
87.55
100.7
103.9
107.8
95.0
94.7
95.2
86.61
86.52
85.61
85.34
85.17
86.21
87.69
87.87
87.61
86.07
86.64
87.02
87.73
107.7
108.1
107.3
87.61
87.64
87.79
87.74
87.94
Manufacturing
Industrial
PubHe
utility
Railroad
Total
Total
Durable
Trans- Publio
Non- portautiltion
duity
rable
109.9
110.5
111.9
113.7
113.5
111.2
110.2
110.1
112.1
114.4
94.6
94.9
94.5
94.5
94.5
94.9
95.4
95.9
95.7
95.4
95.3
95.8
96.6
57.38 61.45 35.09 44.15
55.85 59.43 30.31 46.86
66.27 71.42 32.84 60.18
68.00 71.42 34.53 64.15
71.08 74.72 34.30 67.19
71.74 75.81 33.21 65.77
69.07 72.99 33.77 62.69
70.22 74.22 34.23 63.70
70.29 74.22 33.45 64.51
68.05 71.64 32.31 63.86
62.99 66.32 30.71 58.84
55.63 58.32 28.05 53.32
56.97 59.61 28.29 55.51
58.52 61.29 28.09 56.96
58.00 60.67 27.68 56.96
56.17 58.66 27.40 55.63
116.7 116.5 120.8 112.6
113.9 110.9 117.3 104.9
134.2 126.7 129.2 124.4
138.0 129.1 132.2 126.4
144.0 133.7 135.7 131.9
145.8 135.6 138.1 133.3
140.4 130.8 133.6 128.1
142.8 133.4 134.4 132.6
142.9 133.5 134.0 133.1
138.0 128.2 128.0 128.5
128.3 119.0 117.5 120.6
114.3 105.7 103.2 108.1
116.0 106.9 104.4 109.2
119.5 110.4 109.1 111.7
117.9 108.9 106.2 111.5
114.3 105.6 102.5 108.4
113.3
114.1
115.0
114.5
115.1
96.6
96.7
96.8
96.5
96.6
56.30
57.10
56.63
54.58
56.73
58.82
59.61
59.10
56.98
59.36
26.99
27.40
27.38
27.43
28.19
55.78
56.83
56.41
53.89
55.65
116.6
116.2
113.2
111.2
118.0
107.6
107.3
104.3
103.0
109.7
104.8
104.3
100.7
100.2
106.5
15
17
500
425
25
50
300
193
108
Number of issues.
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.
Volume
of
trading
(in
Trade,
thoufinance, Min- sands
of
and
ing shares)
service
Securities and Exchange Commission index
(1957-59= 100)
Standard and Poor's index
(1941-43- 10)
115.6 117.6 122.3
95.8 129.3 127.4
105.7 168.4 160.2
95.0 3,242
73.8 3,042
92.5 4,085
110.1 173.9 176.6 90.3 3,318
109.9 186.0 187.7 95.1 4,390
107.9 188.4 188.0 101.1 4,120
108.5
110.5
107.4
103.1
98.5
90.2
90.0
90.6
88.5
86.6
181.4
183.0
184.2
180.3
167.1
151.1
156.7
160.7
158.2
154.3
175.2
176.4
175.2
172.0
161.6
141.3
139.4
143.6
141.6
135.9
104.1
109.7
106.6
103.9
97.5
88.3
90.9
92.7
92.3
91.3
3,677
3,481
3,113
3,263
5,045
4,770
3,532
3,368
3,310
3,423
110.3
110.1
107.8
105.5
112.8
87.0
87.8
85.5
86.1
90.4!
157.4
156.9
153.6
149.4
156.0
139.4
138.6
135.6
129.8
138.9
92.5
93.3
90.1
89.2
93.4
2,791
2,365
3,336
5,012
4,015
85
18
34
45
10
Common stocks, Standard and Poor's index based on averages of daily
figures; Securities and Exchange Commission index on weekly closing
prices.
Volume of trading, average daily trading in stocks on the N. Y. Stock
Exchange for a 5Vi-nour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit
Customer credit
Month
Total
securities
other than
U. S. Govt.
securities
Net debit balances with
N. Y. Stock Exchange
firms secured by—
Bank loans to others than
brokers and dealers for purchasing and carrying—
Money borrowed on—
U. S. Govt.
securities
Other
securities
U. S. Govt.
securities
Other
securities
U. S. Govt.
securities
Other
securities
Customers'
net
free
credit
balances
1958—Dec.
1959—Dec.
1960—Dec.
4,537
4,461
4,415
146
150
95
3,285
3,280
3,222
63
164
134
1,252
1,181
1,193
234
221
142
2,071
2,362
2,133
1,159
996
1,135
1961—Oct..
Nov.
Dec.
5,333
5,460
5,602
44
39
35
4,029
4,141
4,259
103
102
125
1,304
1,319
1,343
56
51
48
2,654
2,752
2,954
1,214
1,213
1,219
1962—Jan..
Feb.,
Mar.
Apr.
May
June,
July.
Aug.
Sept.
Oct..
5,464
5,426
5,457
5,491
5,408
4,938
4,876
5,073
r
5,156
5,165
34
34
34
36
35
32
29
23
27
25
4,111
4,066
4,083
4,079
4,000
3,605
3,562
3,773
r
3,887
3,864
111
133
105
117
91
92
83
80
81
81
1,353
1,360
1,374
1,412
1,408
1,333
1,314
1,300
1,269
1,301
51
71
52
57
44
46
32
35
49
29
2,860
2,812
2,912
3,015
2,845
2,194
2,091
2,472
2,689
2,596
1,225
1,190
1,154
1,110
1,205
1,374
1,252
1.130
r
l,091
1,126
NOTE.—Data in the first three cols, and last col. are for end of month,
in the other cols., for last Wed.
Net debit balances and broker and dealer credit: ledger balances of
member firms of the N. Y. Stock Exchange carrying margin accounts, as
reported to the Exchange. Customers' debit and free credit balances
exclude balances maintained with the reporting firm by other member
firms of national securities exhanges and balances of the reporting firm
and of general partners of the reporting firm. Balances are net for each
customer—i.e., all accounts of one customer are consolidated. Money
borrowed includes borrowings from banks and from other lenders except
member firms of national securities exchanges.
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.
1476
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars
Dollar acceptances
Commercial and finance
company paper
End of period
Accepting banks
Placed
through
dealers 1
Placed
directly2
2,183
2,672
3 2,751
3,202
4,497
506
551
840
677
1,358
1,677
2 121
1961—Sept
Oct
Nov
Dec .
4,875
5,119
5,349
4,686
1962—Jan
Feb
Mar
Apr
May
June.
July
Aug
Sept
5,556
5,520
5,713
5,640
5,917
5,864
6,169
6,575
6,573
Total
1956
1957
1958
1959
1960
Based on—
Held b y -
Total
Own Bills
bills bought
F. R.
Banks
Others
Own
acct.
Foreign
corr.
Goods stored in or
shipped between
ImExports Dollar
ports
points in—
from
into
exUnited United change
United Foreign
States States
States countries
2'525
3,139
967
1,307
1,194
1,151
2,027
227
287
302
319
662
155
194
238
282
490
72
94
64
36
173
69
66
49
75
74
50
76
68
82
230
621
878
775
675
1,060
261
278
254
357
403
329
456
349
309
669
2
46
83
74
122
227
296
244
162
308
148
232
263
249
524
J.730
1,818
1,868
1,711
3 145
3,301
3,481
2,975
2,422
946
2,491 1,035
2,555 1,122
2,683 1,272
740
829
871
896
207
206
251
376
35
38
43
51
123
117
110
126
1,318
1,301
1,280
1,234
452
457
461
485
964
949
939
969
59
91
98
117
191
225
287
293
757
769
770
819
1,762
,762
1,876
[,883
1,869
3,794
3,758
3,837
3,757
4,048
3,986
4,167
4 456
4,345
2,621
2,559
2,498
2,392
2,345
2,342
2,306
2,277
2,281
804
788
774
763
733
731
736
721
748
359
305
298
218
216
234
273
216
204
45
44
42
36
33
60
43
35
36
120
113
100
94
112
85
80
71
68
1,294
1,309
1,284
1,281
1,251
1,232
1,175
1,234
1,225
477
472
474
479
462
473
485
488
520
946
915
889
826
787
751
705
667
674
74
106
86
74
96
145
143
138
144
271
223
182
158
145
117
93
72
73
853
844
867
855
855
857
881
912
870
878
2,002
2,119
2,228
1,163
1,093
1,072
981
949
965
1,009
937
952
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.
3
Beginning with Nov. 1958, series includes all paper with maturity
of 270 days or more. Figures on old basis for Dec. were (in millions):
total $2,739; placed directly, $1,899.
MUTUAL SAVINGS BANKS
[Amounts in millions of dollars]
Lo ins
Securities
End of period
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
4 787
4,202
89
62
3 592
10,650
1954
1955..
1956
1957
14,845
17,279
19 559
20,971
188
211
248
253
8,755
8,464
7 982
7,583
608
646
675
685
1958
1959 «
1960
1961
23,038
24,769
26,702
28,902
320
358
416
475
7,270
6,871
6,243
6,160
1961_Aug
Sept
Oct
Nov
Dec
28,179
28,335
28,513
28,680
28,902
431
455
420
469
475
1962—Jan
Fefe
Mar
Apr
May
June
July
Aug
29,145
29,333
29,563
29,833
30,087
30,398
30,688
31,000
455
461
508
468
537
519
506
560
1941
1945
Corporate
and
other i
1 786
1,257
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
3,548
3,366
3 549
4,344
1 026
966
920
889
380
414
448
490
29,350
31,346
33 381
35,215
26,351
28,182
30 026
31,683
261
310
369
427
2 738
2,854
2 986
3,105
729
721
672
677
4,971
4,845
5,076
5,040
921
829
874
937
535
552
589
640
37 784
38,945
40,571
42,829
34,031
34,977
36,343
38,277
526
606
678
781
3,227
3,362
3,550
3,771
89,912
65,248
58,350
61,855
1.664
1,170
1,200
1,654
6,320
6,305
6,185
6,172
6,160
686
687
682
677
677
5,137
5,118
5,062
5,042
5,040
821
867
840
847
937
629
654
645
642
640
42,202
42,422
42,348
42,529
42,829
37,549
37,859
37,844
37,892
38,277
935
823
788
857
781
3,718
3,739
3,716
3,779
3,771
64,910
65,662
62,918
59,882
61,855
1,536
1,526
1,546
1,533
1,654
6,245
6,322
6,531
6,315
6,331
6,296
6,285
6,311
669
651
633
607
587
582
577
568
5,064
5,065
5,090
5,055
5,057
5,069
5,135
5,149
837
884
896
817
829
883
837
808
655
661
676
671
670
675
678
677
43,071
43,378
43,897
43,766
44 100
44,421
44,706
45,073
38,446
38,611
39,083
39,032
39,216
39,642
39,814
40,029
845
944
973
923
1,016
921
1,021
1,127
3,780
3,823
3,840
3,811
3,868
3,859
3,871
3,917
68,614
65,839
69,223
73,401
78,707
79,248
84,357
83,803
1,588
1,644
1,698
1,817
I 897
[,940
1 994
2,088
1
Includes securities of foreign governments and international organizations and U. S. Govt. agencies not guaranteed, as well as corporate
securities.
2 Sec note 4, p. 1463.
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.
1477
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
End of period
Total
assets
MortTotal
Statement value:
1941
1945
Business securities
United State and Foreign'
States
local
Total
Bonds
Stocks
Real
estate
Policy
Other
assets
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
1954
1955
1956
1957
84,486
90,432
96,011
101,309
12,262
11,829
11,067
10,690
9,070
8,576
7,555
7,029
1,846
2,038
2,273
2,376
,346
,215
;239
,285
37,300
39,545
41,543
44,057
34,032
35,912
38,040
40,666
3,268
3,633
3,503
3,391
25,976
29,445
32,989
35,236
2,298
2,581
2,817
3,119
3,127
3,290
3,519
3,869
3,523
3,743
4,076
4,338
1958
1959
1960
1961
107,580
113,650
119,576
126,816
11,234
11,581
11,679
11,896
7,183
6,868
6,427
6,134
2,681
3,200
3,588
3,888
,370
,513
!664
,874
47,108
49,666
51,857
55,294
42,999
45,105
46,876
49,036
4,109
4,561
4,981
6,258
37,062
39,197
41,771
44,203
3,364
3,651
3,765
4,007
4,188
4,618
5,231
5,733
4,624
4,937
5,273
5,683
Book value:
1959_Dec...
1960—Dec...
113,650
119,576
11,599
11,699
6,858
6,428
3,221
3,606
,520
,665
48,840
51,063
45,157
46,967
3,683
4,086
39,237
41,815
3,678
3,796
4,620
5,233
5,676
5,980
1961—Aug....
Sept....
Oct....
Nov....
Dec...
123,902
124,411
125,064
125,706
126,589
12,021
12,057
12,093
12,133
11,893
6,440
6,390
6,403
6,360
6,104
3,822
3,851
3,868
3,904
3,922
,75!*
,816
,822
,869
,867
52,839
53,003
53,292
53,473
53,938
48,424
48,533
48,767
48,891
49,158
4,415
4,470
4,525
4,582
4,780
43,216
43,381
43,580
43,815
44,241
3,901
3,917
3,936
3,952
3,966
5,580
5,618
5,652
5,683
5,720
6,345
6,435
6,511
6,650
6,831
1962—Jan
Feb....
Mar....
Apr....
May...
June...
July. . .
Aug
127,311
127,731
128,108
128,569
128,931
129,144
130,002
130,596
12,155
12,196
12,248
12,341
12,323
12,237
12,418
12,459
6,314
6,335
6,257
6,351
6,325
6,230
6,406
6,385
3,958
3,960
4,078
4,064
4,050
4,058
4,062
4,090
,883
54,329
54,519
54,704
54,965
55,274
55,445
55,697
55,927
49,506
49,657
49,814
50,039
50,307
50,491
50,706
50,908
4,823
4,862
4,890
4,926
4,967
4,954
4,991
5,019
44,378
44,494
44,637
44,751
44,946
45,142
45,340
45,576
3,973
3,992
3,989
4,010
4,024
4,043
4,097
4,106
5,768
5,792
5,834
5,8£0
5,927
5,981
6,038
6,079
6,708
6,738
6,696
6,622
6,437
6,296
6,412
6,449
,901
,913
,926
,948
,949
,950
,984
1
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
assets2—
Total
liabilities
Savings
capital
Mortgage
loan
commitments
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
402
1954
1955
1956
1957
26,108
31,408
35,729
40,007
2,013
2,338
2,782
3,173
1,971
2,063
2,119
2,146
1,469
1,789
2,199
2,770
31,633
37,656
42,875
48,138
27,252
32,142
37,148
41,912
2,187
2,557
2,950
3,363
950
1,546
1,347
1,379
1,244
1,411
1,430
1,484
1958.
1959
1960
1961
45,627
53,141
60,070
68,833
3,819
4,477
4,595
5,222
2,585
2,183
2,680
3,298
3,108
3,729
4,131
4,743
55,139
63,530
71,476
82,096
47,976
54,583
62,142
70,851
3,845
4,393
4,983
5,721
1,444
2,387
2,197
2,863
,161
,293
,186
,547
713
874
968
1,114
1,475
1,285
1,359
1,908
1961—Aug
Sept
Oct.,
Nov
Dec
65,705
66,507
67,317
68,069
68,833
5 055
5,050
5,095
5,177
5,222
2,638
2,685
2,766
2,850
3,298
4,417
4,500
4,603
4,801
4,743
77,815
78,742
79,781
80,897
82,096
67,177
67,839
68,565
69,340
70,851
5,286
5,290
5.289
5,293
5,721
2,160
2.290
2,364
2,445
2,863
.596
,589
,579
,558
,547
1,596
1,734
1,984
2,261
1,114
2,186
2,110
2,128
2,028
1,908
1962-Jan
Feb
Mar
Apr
May
June
July
Aug
69,368
69,968
70,769
71,616
72,587
73,631
74,525
75,542
5,408
5,503
5,539
5,493
5,480
5,413
5,459
5,448
2,933
3,031
3,162
3,084
3,094
3,357
2,963
2,924
4,628
4,668
4,761
4,851
5,264
5,206
5,012
5,117
82,337
83,170
84,231
85,044
86,425
87,607
87,959
89,031
71,342
71,920
72,854
73,240
74,022
75,449
75,467
76,115
5,745
5,748
5,751
5,747
5,753
6,042
6,047
6,047
2,480
2,384
2,301
2,427
2,525
2,890
2 979
3,071
,488
,539
,657
,795
,911
,985
>,010
* ,999
1,282
1,579
1,668
1,835
2,214
1,241
1,456
1,799
1,988
2,150
2,335
2,474
2,616
2,556
2,551
2,518
Cash
Other i
1 Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2 Before 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage pledged shares. Beginning with January 1958,
no deduction is made for mortgage pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
Reserves
and
undivided
profits
Borrowed
money 3
Loans in
process
Other
i
833
843
862
3 Consists of advances from FHLB and other borrowing.
NOTE.—Federal Sayings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns. in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.
1478
FEDERAL FINANCE
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
Cal. year—1959
1960
1961
72,738
79,518
78,157;
Fiscal year—1959....
I960....
1961....
1962^...
Half year:
I960—July-Dec...
1961—Jan.-June...
July-Dec....
1962—Jan.-June*..
Month:
1961—Sept
Oct
Nov
Dec
1962—Jan
Feb
Mar
Apr
May
June**
July
Aug
Sept
Plus:
Trust
funds
Less:
Intragovt.!
Equals:
Total
rects. 2
Plus:
Trust
funds
Budget
Less:
Adjustments 3
Equals:
Total
payts.
Net
rects.
or
payts.
Change Less:
in
Invest.
debt
b y
(direct agen. *&
& agen.) trusts
Less:
Noncash
debt
Equals:
Net
87,553
98,287
97,929
79,778
77,565
84,463
19,759
21,285
24,542
3,978 95,559 -8,006
3,593
4,156 94,694
4,268 104,738 -6,809
10,112
-549
6,791
-546
1,629
-434
2,079
491
470
8,578
-2,669
6,755
67,915 16,950
77,763 20,534
77,659, 23,583
81,360 24,336
3,161 81,660
3,167 95,078
3,946 97,242
3,786 101,853
80,342
76,539
81,515
87,668
18,462
20,891
23,016
24,118
4,002 94,804 -13,144
111
3,129 94,301
5,003 99,528 -2,286
4,195 107,591 -5,738
9,656
3,371
2,102
11,009
-1,181
953
870
483
2,160
597
536
923
8,678
1,821
698
9,602
35,329i
42,330!
35,826
45,534
10,141
13,442
10,673
13,664
1,449
2,497
1,782
2,004
43,992
53,249
44,680
57,173
40,217
41,298
43,165
44,503
10,483
12,533
12,010
12,107
2,013
2,990
1,278
2,917
48,687
50,840
53,898
53,693
-4,695
2,408
-9,217
3,480
3,409
-1,307
8,098
2,911
-182
1,052
1,486
1,969
468
68
402
521
3,124
-2,426
9,180
422
8,945
3,141
6,424
7,967
1,478
979
2,438
1,484
180
239
304
577
10,236
3,872
8,554
8,868
6,771
7,796
7,485
7,160
2,203
1,994
1,958
1,934
709
405
225
519
8,266
9,385
9,218
8,576
1,970
-5,512
-663
292
448
1,934
1,519
-716
-545
-905
396
-860
54
64
114
939
2,775
707
30
5,357
6,729
9,104
5,754
7,024
866
2,743
1,828
1,587
4,053
2,586
1,194
3,447
1,622
250
-98
245
279
222
1,106
190
204
532
5,968
9,567
10,685
7,060
10,850
13,042
4,567
10,328
11,140
7,395
6,858
7,749
7,289
7,229
7,983
7,252
8,541
7,327
2,322
2,027
2,040
1,867
1,591
2,261
1,859
2,082
2,362
991
-82
1,525
83
-340
741
-203
46
1,049
8,726 -2,758
8,967
600
8,263
2,422
9,074 -2,014
9,160
1,690
9,503
3,539
9,314 -4,747
10,577
-249
8,639
2,501
608
450
-641
784
2,386
-675
-62
4,266
-2,309
-737
366
329
-737
2,168
581
-940
1,511
-624
102
31
223
39
85
41
101
411
21
1,243
53
-1,193
1,482
133
-1,296
778
2,344
-1,706
11,566
3,566
7,089
10,053
18,346
21,773
24,115
3,480
2,946
4,279
417
Effects of operations on Treasurer's account
Net operating transactions
Period
Agencies & trusts
Budget
surplus
or
deficit
Fiscal year—1959. . .
1960...
1961. . .
1962P..
Net financing transactions
Treasurer's account
(end of period)
Operating bal.
Invest.
in U. S.
Govt.
sec. *
Change
in
gross
direct
public
debt
Held
outside
Treasury
Treasurer's
account
Balance
71
,023
-733
658
1,112
-714
-435
-445
8,363
1,625
2,640
9,230
-23
-4
-222
186
-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
275
-710
1,221
52
-274
199
-13
-1,594
283
-200
3,936
6,411
6,694
6,494
10,430
485
408
465
612
5,165
5,453
5,157
8,815
761
833
872
1,003
Clearing
accounts
Market
issuance
of
sec. 4
-29
-149
285
568
19
266
F. R.
banks
Tax
and
loan
accts.
Other
net
assets
-3,856
-6,308
-1,511
-359
565
219
Half year:
1960—July-Dec....
1961—Jan.-June...
July-Dec....
1962—Jan.-JuneP..
-4,888
1,032
-7,339
1,031
906
-1,338
1,557
-137
705
-493
-240
394
264
-1,666
3,886
-1,246
7,198
2,032
Month:
1961—Sept
Oct
Nov
Dec
2,174
-4,655
-1,060
807
-726
-1,015
479
-450
663
170
-560
106
108
33
28
168
662
828
-191
540
35
1,911
1,350
-842
-20
30
-17
95
2,936
-2,759
63
234
8,956
6,197
6,261
6,494
348
502
489
465
7,754
4,834
4,930
5,157
853
861
842
872
-2,038
-129
1,356
-1,535
-205
3,583
-3,686
-1,452
2,727
-1,455
716
-212
-279
2,461
325
-664
1,365
-739
337
-66
915
10
-449
-42
-163
-356
541
165
102
55
-43
-21
5
-119
46
41
1,137
-437
13
455
-2,182
-651
992
-1,470
572
345
470
-896
864
2,222
-973
-325
3,966
-2,344
4
12
-62
395
-319
-43
85
-52
60
-1,513
644
1,293
-924
2,145
2,290
-4,051
2,151
738
4,981
5,626
6,919
5,995
8,140
10,430
6,380
8,530
9,268
362
449
403
569
526
612
390
478
400
3,552
4,172
5,568
4,150
6,623
8,815
5,089
7,210
7,919
1,067
1,005
948
1,276
991
1,003
901
842
949
1962—Jan
Feb
Mar
M P ay!'.'.'.'.'.'.
JuneP
July
Aug
Sept
-12,427
Trust
funds
Change in
cash balances
1,224
-341
1 Primarily interest payments by Treasury to trust accounts and accumuations to U. S. employees trust funds.
2 Includes small adjustments not shown separately.
3 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts,' and (4) govt. sponsored enterprises.
4
Excludes net transactions of govt. sponsored enterprises.
5 Primarily military defense, military assistance, and atomic energy.
NOTE.—Treasury Dept. & Bureau of the Budget.
1479
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAILS
[In millions of dollars]
Selected excise taxes
(IRS data)
Budget receipts
Transfers to trusts
Period
Net 2
Indiv. taxes
High- R.re-R.
tire.
Old-
Refunds
Total
Withheld
Other
525
607
571
570
5,114 83,904 29 ,001
5,237 96,962 31 ,675
5,976 99,491 32,978
"',216
6,265 103,786 36
11,733
13,271
13,175
14,404
Employment
taxes
ExCorpo- cise
ration taxes
taxes
Other
receipts
Liquor
10,760 8,854
11,865 11,159
12,064 12,502
12,749 12,726
5,464
6,813
7,007
6,395
3,002
3,194
3,213
3,341
1,807
1,932
1,991
2,026
4,315
5,114
5,294
5,536
6,238
5,826
6,394
6,355
5,063
7,439
5,024
7,702
3,130
3,877
3,057
3,338
1,685
1,528
1,754
1,587
1,007
984
1,035
991
2,724
2,570
2,656
2,880
Mfrs.
Torebacco and
tailers
Fiscal year—1959
I960....
1961....
1962*...
67,915 7,920 2,074
77,763 10,122 2,539
77,659 11,490 2,798
81,360 11,557 2,949
Half year:
I960—July-Dec....
1961—Jan.-June...
July-Dec
1962—Jan.-June*..
35,329
42,330
35,826
45,534
4,762
6,728
4,741
6,816
1,497
1,301
1,533
1,416
297
274
278
292
872
5,104
885
5,380
43,070
56,421
43,575
60,211
8,945
3,141
6,424
7,967
828
239
1,189
458
267
258
231
255
55
76
47
186
162
86
67
10,285
3,811
8,007
8,980
2,662
1,399
4,767
2,935
2,017
215
123
428
3,251
408
377
3,322
983
1,102
1,123
1,013
884
241
1,266
505
488
446
351
777
284
344
343
254
169
184
184
165
5,357
6,729
9,104
5,754
7,024
152
1,620
1,119
729
2,181
1,013
436
1,699
911
233
207
248
230
264
233
281
332
287
11
81
50
13
82
57
12
86
50
73
743
1,813
1,417
101
233
165
193
111
5,959
9,773
12,354
8,153
10,658
13,315
4,540
9,445
11,414
1,245
5,124
2,896
1,017
5,287
2,994
1,199
5,298
2,980
2,325
786
832
4,330
955
1,985
299
169
2,092
466
400
5,879
445
469
5,377
525
431
3,533
1,009
967
1,140
959
1,157
1,123
1,106
1,188
1,103
353
2,080
1,188
745
2,266
1,071
450
1,786
962
561
416
419
657
524
765
961
573
744
224
189
313
245
305
311
257
289
140
116
215
158
169
192
148
197
Month:
1961—Sept
Oct
Nov
Dec
1962—Jan
Feb
Mar
Apr
May
June?
July
Aug
Sept
11,566
3,566
7,089
10,053
18,092
22,179
21,765
21,296
16,616 3,185
8,838
16,362 9,990 12,927
17,652 3,189
8,259
18,564 11,215 13,037
1,277
1,524
1,356
jn.a.
Budget expenditures
Period
Total
2
National
defense 5
Intl.
affairs
Space
research
Commerce
and
transp.
Nattural
Agriculture
Hous- Health,
ing
& Educa& com. labor,
tion
devel. welfare
Veterans
Interest
General
govt.
Fiscal year—1959..
1960..
1961..
1962».
80,342
76,539
81,515
87,668
46,491
45,691
47,494
51,042
3,780
1,832
2,500
2,771
145
401
744
,257
6,590
4,882
5,173
6,036
1,670
1,714
2,006
2,133
2,017
1,963
2,573
2,755
970
122
320
335
3,877
3,690
4,244
4,425
943
,076
5,287
5,266
5,414
5,404
7,671
9,266
9,050
9,218
1,466
1,542
1,709
1,874
Half year:
1960—July-Dec..
1961—Jan.-June.
July-Dec..
1962—Jan.-June *
40,217
41,298
43,165
44,503
23,225
24,269
23,982
27,060
1,166
1,334
1,651
1,120
332
412
481
776
2,863
2,310
3,543
2,493
1,058
948
1,178
955
1,214
1,359
1,262
1,493
208
112
345
-10
1,955
2,289
2,396
2,029
408
535
455
621
2,659
2,755
2,724
2,680
4,587
4,463
4,502
4,716
852
856
953
92S
6,771
7,796
7,485
7,160
3,861
4,067
4,261
4,286
288
363
326
172
72
75
97
80
421
912
486
550
218
220
188
166
236
219
176
206
6
113
105
-21
350
413
459
409
66
69
54
68
422
449
452
485
740
718
744
788
94
187
138
157
7,395
6,858
7,749
7,289
7,229
7,983
7,252
8,541
7,327
4,290
4,099
4,598
4,314
4,786
4,970
3,954
4,448
4,035
237
236
233
273
-110
246
95
276
204
96
101
140
141
155
142
135
187
141
394
371
504
363
300
562
664
,126
570
154
167
134
143
161
196
191
247
268
190
258
311
214
231
290
156
300
224
41
72
19
-10
-29
-105
190
23
-19
467
123
367
381
297
394
460
348
415
113
108
102
84
98
116
84
131
125
503
457
449
438
434
399
442
492
401
808
764
733
780
780
847
834
806
813
186
118
161
175
129
158
138
195
150
Month:
1961—Sept..
Oct..
Nov..
Dec.
1962—Jan....
Feb...
Mar...
Apr...
May..
June*.
July...
Aug...
Sept...
1960
1961
1962
732
1961
1960
1962
Item
IV
II
III
II
IV
III
IV
III
Seasonally adjusted
Cash budget:
Receipts
Payments...
Net.
23.3
25.1
24.6
24.3
-1.
For notes, see opposite page.
24.6
26.5
24.9
26.2
25.3
26.9
24.6
27.8
-1.9
-1.4
-1.6
-3.2
IV
II
III
26.0
28.5
-2.5
Not seasonally adjusted
26.i
26.1
27.6
28.0
20.6
24.5
24 .8
23 .4
28.5
27.4
23 .4
26 .7
21 3
27 2
26 .2
26 .0
31 ,0
27 .7
-.3
-3.9
1 .4
1.1
- 3 .3
-5.9
.3
3 .2
1480
U. S. GOVERNMENT SECURITIES
TOTAL DEBT, BY TYPE OF SECURITY
[In billions of dollars]
Public issues 3
Total
gross
debti
End of period
Total
gross
direct
debt 2
Total
Marketable
Total
Bills
Certificates
Notes
17.0
15.1
38.2
21.2
23.0
11.4
33.6
120.6
118.0
19.5
22.3
28.5
15.7
19.0
34.6
36.4
28.0
43.3
35.3
20.7
26.1
81.8
81.9
80.9
82.1
83.4
11.8
11.4
10.8
19.7
18.4
44.2
51.3
84.8
79.8
7.1
1941—Dec
1945—Dec
1947 Dec
64.3
278.7
257.0
57.9
278.1
256.9
50.5
255.7
225.3
41.6
198.8
165.8
1954 Dec
1955 Dec
1956—Dec
1957—Dec
1958 Dec
278.8
280.8
276.7
275.0
283.0
278.8
280.8
276.6
274.9
282.9
233.2
233.9
228.6
227.1
236.0
157.8
163.3
160.4
164.2
175.6
1959 Dec .
I960—Dec
290.9
290.4
290.8
290.2
244.2
242.5
188.3
189.0
25.2
26.9
29.7
39.6
39.4
1962
2.0
Dec
.. .
296.0
297.3
296.5
295.7
297.0
296.2
248.8
249.4
249.2
195.2
195.6
196.0
42.6
43.4
43.4
Jan
Feb
Mar
Apr
May
June
July
A.U2
296.9
297.4
296.5
297.4
....
299.6
298.6
298.3
302.3
• 300.0
302.6
296.5
297.0
296.1
297.0
299.2
298.2
297.9
301.8
299.5
302.1
250.8
250.8
249.7
251.2
251.2
249.5
250.1
252.5
251.0
254.3
197.6
197.6
196.5
198.1
198.2
196.1
196.9
199.3
197.9
201.3
43.9
44.2
43.0
43.4
43.7
42.0
42.8
43.6
42.2
46.1
1961 Oct
Nov
Sent
Oct
1
Includes some debt not subject to statutory debt limitation (amounting
to $372 million on Oct. 31, 1962), and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by U. S. Govt. agencies and trust funds, which
totaled $11,867 million on Sept. 30, 1962.
* Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
Bonds 4
Convertible
bonds
6.0
Nonmarketable
Total 5 Savings
bonds
56.9
59.5
6.1
48.2
52.1
20.0
29.0
63.6
59.2
57.4
53.4
52.1
57.7
57.9
56.3
52.5
51.2
42.6
43.9
45.6
45.8
44.8
48.9
47.8
48.2
47.2
43.5
44.3
8.9
9.5
8.3
5.7
Special
issues*
7.0
5.5
71.5
67.8
71.5
79.3
75.2
75.5
4.7
4.7
48.9
49.1
48.6
47.7
47.8
47.5
43.9
44.2
43.5
5.5
12.4
12.4
12.4
13.5
13.5
71.6
64.4
64.5
64.5
76.6
76.6
76.6
77.8
75.5
75.0
75.0
77.2
79.8
79.7
4.5
48.6
48.7
48.8
48.8
48.7
49.2
49.0
49.0
48.9
48.9
47.5
47.5
47.6
47.6
47.6
47.6
47.7
47 7
47.7
47.7
42.3
42.8
42.8
42.1
44.3
44.9
43.8
45 4
44.6
43.9
5.5
5.5
13.5
20.4
17.8
17.9
65.4
65.5
65.5
58.1
58.1
57.6
4.6
4.5
4.4
4.3
4.3
4.3
4.3
4.2
4.1
4.0
5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, certificates of indebtedness—Foreign
series, and Rural Electrification Administration bonds, and, before 1956,
tax6 and savings notes, not shown separately.
Held only by U. S. Govt. agencies and trust funds.
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
U.S.
Govt.
agencies
and
trust
funds 1
Held by the public
F. R.
Banks
Total
2.3
Insurance
companies
Commercial
banks 2
Mutual
savings
banks
3.7
8.2
10.7
12.0
24.0
23.9
22.2
14.1
19.2
23.5
19.1
18.6
18.8
Other
corporations
1941 Dec
1945 Dec
1947 Dec
64.3
278 7
257.0
27 0
34.4
24.3
22.6
52.5
227.4
200.1
21.4
90.8
68.7
1954—Dec
1955—Dec
1956 Dec
1957—Dec
1958 Dec
278.8
280.8
276.7
275.0
283.0
49.6
51.7
54.0
55.2
54.4
24.9
24.8
24.9
24.2
26.3
204.2
204.3
197.8
195.5
202.3
69.2
62.0
59.5
59.5
67.5
8.8
8.5
8.0
7.6
7.3
15.3
14.6
13.2
12.5
12.7
1959—Dec
I960 Dec
290.9
290.4
53.7
55.1
26.6
27.4
210.6
207.9
60.3
62.1
6.9
6.3
12.5
11.9
22.6
19.7
1961—Sept
Oct
Nov
294.0
296.0
297.3
296.5
55.9
55.0
55.4
54.5
27.8
28.3
29.2
28.9
210.3
212.9
212.7
213.1
66.6
67.3
66.9
67.2
6.3
11.5
11.6
11.5
11.4
296.9
297.4
296.5
297.4
299.6
298.6
298.3
302.3
300.0
53.8
54.2
54.5
53.7
55.9
56.5
55.5
57.1
56.4
28.5
28.4
29.1
29.2
29.6
29.7
29.8
30.4
29.8
214.6
214.8
213.0
214.4
214.1
212.5
213.0
214.9
213.7
67.8
66.6
64.0
65.3
65.2
65.0
64.5
64.5
64.6
6.2
11.6
11.5
11.5
11.5
11.5
11.3
11.5
11.5
11.4
Dec
1962 Jan
Feb
Mar
Apr
May
June
July
Aue
Sept
9.5
1 Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to about $70 million on Dec. 31, 1961.
3 Includes investments of foreign balances and international accounts
i n the United States.
2
6.2
6.2
6.1
6.3
6.6
6.3
6.3
6.3
6.3
6.3
6.3
4.0
State
and
local
govts.
Individuals
Savings
Other
bonds securities
Foreign
and
international 3
Other
misc.
investors 4
.7
6.5
7.3
4
5
42.9
46.2
21 2
19.4
2 4
2 7
6 6
5 7
14.4
15.4
16.3
16.6
50.0
50.2
50.1
48.2
13.5
14.5
15.4
15.8
15.3
6.3
7.5
7 6
7 8
7.7
8 4
9 0
8.9
12.0
13.0
10 1
11.2
5.4
8.2
7.6
8.1
16.5
18.0
47.7
45.9
45.7
22.3
20.0
18.6
19.5
20.3
19.4
18.5
18.4
18.2
18.3
46.3
46.4
46.5
46.4
18.8
18.9
19.0
19.2
12.8
12 9
13 1
13.4
10.9
11 6
11 0
11.6
20.4
21.4
20.2
20.4
20.8
r
19.3
20.0
21.1
19.0
18.6
18.8
19.1
19.2
19.3
19.4
19.6
19.6
19.4
46.5
46.6
46.6
46.6
46.6
46.6
46.7
46.8
46.8
19.2
19.2
19.4
19 2
18.9
r
18.9
19.0
19.1
19.1
12.9
13 0
13 6
13 3
13 5
14.1
14 2
14 6
15.2
11 2
11 5
12 0
12 5
11 8
11 6
11 3
r
ll 5
11.9
18.2
4
Includes savings and loan assns., dealers and brokers, nonprofit
institutions, and corporate pension funds.
NOTE.—Reported data for F. R. Banks and U. S. Govt. agencies and
trust funds; Treasury estimates for other groups.
U.S. GOVERNMENT SECURITIES
1481
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
[Par value in millions of dollars]
Within 1 year
1-5
years
5-10
years
10-20
years
Over
20 years
38,813
34,384
40,984
50,091
42,231
61,609
72,298
66,360
52,806
58,158
23,625
18,684
19,782
27,885
32,411
16,494
13,224
11,976
9,309
7,353
8,085
10,979
13,419
15,567
15,562
260
591
583
695
605
777
891
669
916
615
1,909
2,431
1,860
1,123
1,345
1,882
1,602
1,594
2,375
2,814
1,917
1,461
1,756
1,441
1,407
650
1,140
2,022
2,557
2,557
18,654
15,223
17,650
17,923
17,200
2,626
3,217
3,349
3,079
2,373
16,028
12,006
14,301
14,844
14,827
6,524
10,711
8,737
9,987
10,127
2,227
2,233
2,300
765
243
204
153
135
28
28
63
63
64
154,227
153,515
158,600
159,830
158,783
58,765
57,125
65,526
74,194
66,047
36,757
35,638
39,512
39,863
39,258
22,008
21,487
26,014
34,331
26,789
53,176
59,156
55,763
41,696
46,686
21,066
15,903
15,961
23,277
27,297
13,812
11,520
10,016
7,715
5,811
7,407
9,811
11,334
12,947
12,941
51,841
54,260
59,073
56,363
56,390
11,198
14,697
21,149
23,647
19,696
5,011
6,976
9,962
6,610
6,850
6,187
7,721
11,187
17,037
12,846
28,778
31,596
30,751
21,882
24,968
9,235
5,654
5,043
8,980
10,909
2,173
1,775
1,724
1,362
350
457
538
407
492
467
Mutual savings banks:
1959—Dec. 3 1 . . .
1960—Dec. 3 1 . . .
1961—Dec. 3 1 . . .
1962—Aug. 3 1 . . .
Sept. 3 0 . . .
6,129
5,944
5,867
6,004
5,985
486
480
686
861
702
191
144
181
347
347
295
336
505
514
355
1,401
1,544
1,514
2,254
1,849
1,708
1,925
2,115
1,427
897
662
501
392
560
1,174
1,298
1,333
1,328
Insurance companies:
1959—Dec. 3 1 . . .
I960—Dec. 3 1 . . .
1961—Dec. 3 1 . .
1962—Aug. 3 1 . . .
Sept. 30..
9,175
9,001
9,020
1,024
940
416
341
442
545
536
608
599
786
1,014
814
2,279
2,508
2,222
1,875
1,977
2,422
2,076
1,625
1,821
2,043
2,396
1,433
1,274
1,095
945
1,054
2,044
2,671
2,905
2,910
Type of holder and date
Total
Total
Bills
Other
188,269
189,015
195,965
199,295
197,951
78,456
73,830
84,428
93,728
84,467
39,643
39,446
43,444
43,637
42,236
7,394
8,116
8,484
9,107
9,343
1,037
1,482
1,252
1,611
1,220
26,648
27,384
28,881
30,358
29,825
Held by public:
1959—Dec. 31.
1960—Dec. 31.
1961—Dec. 31.
1962—Aug. 31.
Sept. 30.
Commercial banks:
1959—Dec. 31.
I960—Dec. 31.
1961—Dec. 31.
1962—Aug. 31.
Sept. 30.
All holders:
1959—Dec. 31.
1960—Dec. 31.
1961—Dec. 31.
1962—Aug. 31.
Sept. 30.
U. S. Govt. agencies and trust funds:
1959—Dec. 31
I960—Dec. 31
1961—Dec. 31
1962—Aug. 31
Sept. 30
Federal Reserve Banks:
1959—Dec. 31
I960—Dec. 31
1961—Dec. 31
1962—Aug. 31
Sept. 3 0 . . . .
Nonfinancial corporations:
1959—Dec. 31
1960—Dec. 31
1961—Dec. 31
1962—Aug. 31
Sept. 30
Savings and loan
1959—Dec.
1960—Dec.
1961—Dec.
1962—Aug.
Sept.
State and local governments:
1959—Dec. 31
1960—Dec. 31
1961—Dec. 31
1962—Aug. 31
Sept. 30
1962—Aug. 31 .
Sept. 30.
9,255
9,226
1,228
1,559
1,350
10,741
10,547
10,777
8,956
8,340
8,697
9,371
7,442
5,599
5,466
5,826
4,609
2,741
3,231
3,545
2,833
2,269
1,747
1,225
1,316
58
72
135
160
39
22
17
17
21
2,454
2,760
2,811
2,844
322
446
444
321
163
155
160
153
159
291
284
168
858
895
661
727
473
617
949
1,112
396
371
265
193
491
490
10,957
10,893
12,061
11,862
3,933
3,974
5,070
4,711
2,643
2,710
3,541
3,336
1,290
1,264
1,529
1,375
1,785
1,320
943
965
828
842
1,097
1,196
1,382
1,250
972
966
3,029
3,507
3,979
4,024
60,158
60,440
62,559
63,520
28,413
29,346
33,243
31,825
19,772
20,596
22,834
23,429
8,641
8,750
10,409
8,395
18,596
17,314
13,725
15,284
4,965
6,054
8,369
9,762
5,598
4,713
3,504
2,948
2,587
3,012
3,717
3,701
l
associations: :
31
31
31
31
30
AH others:
1959—Dec. 31.
1960—Dec. 31.
1961—Dec. 31.
33
29
406
431
2
1 First reported separately in the Feb. 1960 Survey. Monthly figures
for Feb.-May 1960 shown in the Sept. 1960 Treasury Bull., pp. 55-56.
2 First reported separately in the Dec. 1961 Survey. Monthly figures
for Dec. 1960-Sept. 1961 shown in the Feb. 1962 Treasury Bull, pp. 59-60.
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U. S. Govt. agencies and trust funds and F. R. Banks,
but for other groups are based on Treasury Survey data. O ftotal mar-
1,383
1,448
677
1,179
ketable 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
6,181 commercial banks, 508 mutual savings banks, and 812 insurance
cos. combined; (2) about 50 per cent by the 473 nonfinancial corps, and
488 savings and loan assns.; and (3) about 60 per cent by 484 State and
local goyts.
Holdings of "all others," a residual throughout, include holdings of
all those not reporting in the Treasury Survey, including investor groups
not listed separately.
1482
U. S. GOVERNMENT SECURITIES
DEALER TRANSACTIONS
[Par value, in millions of dollars]
U. S. Government securities
By maturity
By type of customer
Period
Dealers and brokers
Total
Within
1 year
5-10
years
1-5
years
After
10 years
U.S.
Goyt.
securities
Other
Commercial
banks
All
other
U.S. Govt.
agency
securities
1961—Sept
Oct
Nov
Dec
,442
,690
,686
,653
,185
,389
,295
,328
177
254
309
228
47
27
41
45
34
20
43
52
406
547
514
540
25
38
33
29
608
695
691
698
403
410
448
386
99
61
90
69
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
,717
,970
,675
,689
,694
,681
,682
,603
,913
,478
,520
,332
,350
,338
,357
,457
,318
,432
149
295
217
180
218
191
139
158
293
64
95
69
114
114
100
63
94
147
26
60
56
45
24
33
23
33
40
538
565
569
541
564
553
529
542
571
25
36
33
42
35
29
34
27
42
716
832
659
653
662
652
621
600
766
438
537
414
453
433
446
498
435
534
98
83
80
90
90
89
82
78
105
,244
2,445
,516
,799
,068
,786
,130
,308
112
382
225
324
41
225
129
130
22
52
32
38
339
709
486
604
18
53
44
43
505
1,023
599
662
383
660
388
491
65
158
90
,287
,678
,260
799
324
261
247
180
331
154
137
119
142
229
42
28
20
40
20
636
651
685
594
790
34
33
37
42
49
857
649
796
600
929
681
381
546
387
611
83
170
110
108
90
Week ending—
1962—Sept. 5 . . . .
12....
19
26....
Oct.
3....
10....
17
24....
31....
2,209
1,714
2,064
1,622
2,379
NOTE.—The transactions data combine market purchases and sales of
U. S. Govt. securities dealers reporting to the F. R. Bank of N. Y. They
do not include allotments of and exchanges for new U. S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-
ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.
DEALER POSITIONS
DEALER FINANCING
[Par value, in millions of dollars]
[In millions of dollars]
U. S. Government securities, by maturity
Period
Commercial banks
U. S.
Govt.
agency
securities
All
maturities
Within
1 year
1-5
years
After
5 years
1961—Sept
Oct
Nov
Dec......
2,497
3,227
3,807
2.939
2,339
3,044
3,272
2,655
144
194
464
260
15
-12
71
23
107
105
140
86
jl 962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
2,778
2.265
3^056
3 771
3,642
3,777
2.881
2,647
3,177
2,589
1,914
2,721
3,388
2,985
3,398
2,818
2,484
2,643
184
297
228
252
403
261
94
72
323
5
54
106
131
255
118
-32
91
211
93
115
168
193
196
293
232
165
190
2,391
2,482
2,673
2,843
2,607
2,340
2,285
2,472
2.654
2; 468
107
80
77
75
71
-55
118
124
115
69
202
168
159
156
169
2,923
3,087
3,128
3,254
2,892
2,988
2,265
2,443
17
70
490
506
14
29
372
305
167
154
167
230
All
sources
Period
New
York
City
Elsewhere
Corporations 1
All
other
1961—Sept
Oct
Nov
Dec
2,416
3,077
3,915
3,088
688
926
1,173
725
574
735
870
744
982
1,029
1,477
1,345
171
387
393
275
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
2,740
2,296
3,025
3,621
3,738
3,900
3.053
2,597
3,332
482
426
855
976
978
1,092
636
460
943
596
449
637
835
769
720
521
405
660
1,341
1,218
1,299
1,354
1,612
,798
1,631
,438
,307
320
203
235
456
379
290
266
294
421
Week ending—
Week ending—
1962—Aug.
1. .
8..
15..
22..
29..
Sep,^..
19..
26..
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.
1962—Aug.
1...
8...
15...
22...
29...
2,492
2,207
2,484
2,913
2,693
408
306
411
675
427
387
340
360
453
442
1,489
1,346
1,428
,464
,505
207
215
284
321
319
Sept.
5...
12...
19. . .
26...
2,990
3,145
3,903
3,261
519
660
1,395
1,014
494
479
793
776
1 ,490
1 ,487
,263
1 ,159
488
519
453
312
1
All business corps, except commercial banks and insurance cos.
NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
note of the opposite table on this page.
1483
FEDERAL FINANCE; SECURITY ISSUES
U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OUTSTANDING OCTOBER 3 1 , 1962
[In millions of dollars]
Issue and coupon rate
Treasury bills
Nov. 1, 1962..
Nov. 8, 1962..
Nov. 15, 1962..
Nov. 23, 1962. .
Nov. 29, 1962.,
Dec.
6, 1962 . .
Dec. 13, 1962. .
Dec. 20, 1962. .
Dec. 27, 1962. ,
Jan.
3, 1963. .
Jan. 10, 1963 . ,
Jan. 15, 1963.,
Jan. 17, 1963..
Jan. 24, 1963..
Jan. 31, 1963..
Feb.
7,1963..
Feb. 14, 1963..
Feb. 21, 1963..
Feb. 28, 1963..
Mar. 7, 1963..
Mar. 14, 1963..
Mar. 21, 1963..
Mar. 22, 19631.
Mar. 28, 1963..
Apr. 4, 1963..
Apr. 11, 1963..
1
2
Amount
1,901
1,903
1,901
1,901
1,902
2,003
Amount
Issue and coupon rate
Treasury bills—Cont.
Apr. 15, 1963
Apr. 18, 1963
Apr. 25, 1963
July 15, 1963
Oct. 15, 1963
2,001
2,002
Certificates
Feb. 15, 1963
May 15, 1963
Aug. 15, 1963
3%
3V4
2YS
3V4
iy2
4
3V4
iy2
4%
11/2
4%
3%
5
3V4
11/2
Tax anticipation series.
Partially tax-exempt called for redemption on Dec. 15, 1962.
Issue and coupon rate
Amount
Treasury notes—Cont.
Nov. 15, 1964
4%
Apr. 1,1965
lft
May 15, 1965
45/8
Oct.
1,1965
lft
Feb. 15, 1966
3%
Apr. 1,1966
lft
Aug.
15,
1966
4
5,719
Oct.
1, 1966
iy 2
5,284
Apr. 1,1967
lft
6,851
Aug. 15, 1967
3}4
Oct.
1,1967
lft
1,143
6,082 Treasury bonds
1,487
Dec. 15, 1959-62... 214
2,257
Dec. 15, 1960-652..2%
533
June 15, 1962-67... 2ft
1,183
Aug. 15, 1963
2ft
3,030
Dec. 15, 1963-68...2ft
506
Feb. 15, 1964
3
3,011
June 15, 1964-69...2ft
457
Dec. 15, 1964-69... 2ft
4,933
Feb. 15, 1965
2%
3,893
Mar. 15, 1965-70... 2 ft
2,316
May 15, 1966
3y4
5,019
Aug. 15, 1966
3
490
N o v . 15, 1966
3V%
2,001
700
700
2,004
2,500
3ft
3V4
31/2
2,001
2,001
2,001 Treasury notes
Nov. 15, 1962
2,001
Nov. 15, 1962
2,000
Feb. 15, 1963
2,003
700
Feb. 15, 1963
700
Apr. 1,1963
704
May 15, 1963
May 15, 1963
700
700
Oct.
1,1963
700
Nov. 15, 1963
Apr. 1,1964
701
May 15, 1964
700
May 15, 1964
3,005
700
Aug. 15, 1964
701
Aug. 15, 1964
701
Oct.
1,1964
Issue and coupon rate
4,195
466
2,113
315
3,114
675
4,454
357
270
5,281
5
2,269
1,485
1,462
4,317
1,816
2,700
2,633
2,545
4,682
2,424
3,597
1,484
2,438
Amount
Treasury bonds—Cont.
Mar. 15, 1966-71...2ft
June 15, 1967-72... 2 f t
Sept. 15, 1967-72. ~ '
Nov. 15, 1 9 6 7 . . . .
Dec. 15, 1967-72.
May 15, 1968
3%
Aug. 15, 1968
334
Feb. 15, 1969
4
Oct.
1,1969
4
Aug. 15, 1971
4
Nov. 15, 1971
3%
Aug. 15, 1972
4
Nov. 15, 1974
3%
May 15, 1 9 7 5 - 8 5 . . . 4 ^
June 15, 1978-83... 3lA
Feb. 15, 1980
4
Nov. 15, 1980
3ft
May 15, 1985
3*4
Feb. 15, 1990
3ft
Aug. 15, 1987-92... 414
Feb. 15, 1995
3
Nov. 15, 1998
3ft
1,412
1,329
1,952
3,604
2,815
2,460
1,258
1,844
2,538
2,806
1,204
2,579
1,171
470
1,593
1,446
1,915
1,131
4,915
365
2,614
4,461
Convertible bonds
Investment Series B
Apr. 1, 1975-80... 234
4,037
NOTE.—Direct public issues only.
U. S. Treasury.
Based on Daily Statement of
NEW ISSUES O F STATE AND LOCAL GOVERNMENT SECURITIES
[In millions of dollars]
All issues (new capil al and refunding)
Type of issue
Issues for new capital
Type of issuer
3
Period
Total
General
obligations
Revenue
PHA 1
1954
1955
1956
1957
6,969
5,976
5,446
8 6,925
3,380
3,770
3,577
4,792
3,205
1,730
1,626
1,967
374
474
199
66
1958
1959
I960
1961
7 526
7,695
7,302
8,562
5 447
4,778
4,677
5,721
1,777
2,409
2,097
2,406
187
333
403
315
1961—June....
July
Aug
Sept
Oct
Nov
Dec
1,036
488
605
742
680
793
675
628
318
423
570
516
376
371
394
103
112
168
150
326
297
1962—Jan
Feb
Mar r
Apr.r...
885
1,189
644
896
934
719
497
803
395
601
668
533
348
299
241
180
256
156
May...
June
52
60
79
1
33
80
101
U. S.
Govt.
loans 2
State
9 2,047
2 1,408
44
800
99 1,489
Special
district
Other 4
and
stat.
auth.
Use of proceeds
Total
Education
Roads
and
bridges
Utilities 6
3
Housing 7
Veterans'
aid
Other
purposes
1,463
1,097
983
1,272
3,459
3,472
3,664
4,163
6,568
6,789
5,911
5,383
6,874
1,432
1,516
1,455
2,524
2,136
1,362
698
1,036
1,270
881
1,399
1,516
456
570
258
113
162 1,333
169 1,414
110 1,464
333 1,352
7,708 7,441
7,423 7,588
7,112 7,257
8,298 8,460
2,617
2,314
2,411
2,821
1,164
844
1,007
1,167
1,412
1,989
1,318
1,700
251
402
425
385
339
355
201
478
1,657
1,683
1,894
1,909
100
65
271
110
121
152
208
175
128
115
176
125
120
1,993
1,686
1,110
1,928
1,371
2,120
1,985
2,164
4,162
3,889
4,206
4,470
15
16
10
4
15
12
6
193
115
134
289
225
103
39
264
111
163
124
76
402
325
580
262
309
328
378
288
311
709
965
517
578
716
614
877
1,034
485
604
734
678
789
606
224
160
281
282
193
150
194
257
69
55
49
58
284
112
272
93
86
147
125
101
162
10
52
61
4
30
80
9
7
7
8
14
10
30
218
202
72
66
206
172
348
296
198
266
230
114
320
691
374
563
498
433
706
805
1,130
704
896
836
876
1,132
628
874
910
716
324
386
220
274
348
316
252
265
137
111
31
26
94
157
147
152
233
120
33
87
4
106
58
*
1
Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to the local authority.
2
Beginning with 1957, coverage is considerably broader than earlier.
3
Classifications before 1957 as to use of proceeds and type of issuer
are based principally on issues of $500,000 or more; smaller issues not
classified. As a result some categories, particularly education, are understated relative to later data.
4
Municipalities, counties, townships, school districts, and, before 1957,
small unclassified issues.
Total
amount
delivered 5
25
ioo
172
211
120
230
241
153
5
Excludes U. S. Govt. loans. Based on date of delivery to purchaser
(and payment to issuer), which occurs after date of sale.
6
Water, sewer, and other utilities.
7
Includes urban redevelopment loans.
8 Beginning with 1957 this figure differs from that shown on the following page, which is based on Bond Buyer data. The principal difference
is in the treatment of U. S. Govt. loans.
NOTE.—Beginning with 1957, Investment Bankers Assn. data; par
amounts of long-term issues. Based on date of sale unless otherwise
indicated. Before 1957, based on Bond Buyer data.
1484
SECURITY ISSUES
NEW SECURITY ISSUES
[In millions of dollars]
Gross proceeds, all isues
Proposed use of net proceeds,
all corporate issues 5
l
Noncorporate
Corporate
Period
Total
U.S.
Govt.2
U.S.
Govt.
agency 3
458 6,969
746 5,977
169 5,446
572 7 6,958
.
.
.
.
29,765 12,532
26,772 9,62«
22,405 5,517
30,571 9.601
1958
1959
1960
1961
.
.
.
.
34,443 12,063
31,074 12,322
27,541 7,906
35,494 12,253
2,321
707
1,672
1,448
7,449
7,681
7,230
8,345
250
193
603
699
643
789
654
.
1961—Aug
Sept
Oct....
Nov....
Dec
2,064
1,913
4.410
2,404
2,094
392
338
2,564
357
341
.
.
.
3,506
2,537
1,877
4,075
2,149
2,422
1,646
4,042
1,589
361
372
1,506
352
363
358
2,408
1962—Jan
Feb
Mar....
Apr
May....
June....
July
Aug....
.
225
246
156
461
150
Bonds
U.S.
State Other 4 Total
and
local
1954
1955
1956
1957
866
1,123
621
877
897
760
641
559
New capital
Total
Publicly
offered
Total
•p _
tirement
Stock
Privately Pre- Complaced ferred mon
New 6 purTotal money
poses
securities
289 9,516
182 10,240
334 10,939
557 12,884
1 ,488
1 ,420
,00?
9 ,957
4,003
4,119
4,225
6,118
3 484
3,301
3,777
3,839
816
635
636
411
1,213 9,365 7,490 6 ,780
2,185 10,049 8,821 7 957
2,301 10,749 10,384 9 ,663
2,516 12,661 12,447 11 784
1,052 11,558
616 9,748
579 10,154
302 13,147
,653
1 ,190
f>,081
9 ,475
6,332
3,557
4,806
4,706
3,320
3,632
3,275
4,720
571
531
409
449
1,334 11,372 10,823 9 907
915
814
2,027 9,527 9,392 8 ,578
1,664 9,924 9,653 8 758
895
3,273 12,874 11,979 10 8?9 1,150
549
135
271
895
813
678
1,155
987
1,094
637
460
845
762
784
225
123
336
414
217
411
336
509
348
567
45
17
12
41
26
131
201
298
184
284
793
658
1,129
961
1,071
762
647
1,090
948
1,000
908
930
100
36
138
40
70
31
11
40
13
71
647
884
847
1,217
801
1,232
616
907
504
728
638
881
667
1 ,063
552
825
273
497
386
654
247
488
200
477
232
232
253
227
420
575
352
348
2
9
5
120
14
46
32
24
141
146
204
216
120
124
32
58
632
866
823
1,185
785
1,214
607
894
592
859
807
1,113
760
1,132
590
734
507
792
709
1 ,033
621
953
531
647
85
67
97
80
139
180
59
87
39
7
16
72
25
82
17
160
5
5
48
46
4
159
13
38
14
99
67
31
17
662
612
709 1,875
864 1,227
364
663
214
Proposed UM* of set proceeds, major groups of corporate issuers
Manufacturing
Commercial and
miscellaneous
Retirement of
New
capital8 securities
RetireNew
ment of
capital8 securities
Transportation
Public utility
Communication
Period
2,044
2,397
3,336
4,104
190
533
243
49
3,265
1,941
1,997
3,708
1961 Aug
Sept
Oct
Nov
Dec
1962 Jan . . . .
Feb
Mar
Apr .
May
June
July . .
1954
1955
1956
1957
.
.
1958
1959
I960
1961
A.U2
831
769
682
579
195
70
79
306
867
812
794
1,095
255
252
271
215
306
25
8
28
10
18
83
76
146
61
151
205
131
318
384
270
342
211
211
14
2
2
67
5
14
6
4
99
52
75
103
100
90
33
48
RetireRetireRetireRetirement of
New
New
ment of
ment of
New
New
ment of
capital 8 secucapital 8 secucapital8 secucapital8 securities
rities
rities
rities
93
501
?,70
338
70
29
544
694
802
13
28
30
46
778
942
672
680
38
15
1
1
1
1
7
69
28
60
56
32
1
*
2
23
45
74
1
*
*
3
1
4
*
7
28
38
48
21
*
51
51
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.
Real estate
and financial
71
14
39
26
*
1
2 ,675
2 ,254
2 ,474
3 ,821
990
14
51
651
1,045
1,384
1,441
60
77
21
4
788
1,812
1,815
1,701
273
56
17
3 ,605
3 ,189
7 ,754
138
15
51
104
1,294
707
1,036
1,427
118
1,014
1,801
2,401
2,176
47
6
71
36
215
111
306
362
168
2
13
8
25
80
42
127
105
281
174
302
2
1
2
2
102
122
126
134
91
163
113
177
1
1
10
1
3
7
2
2 ,892
89
148
193
377
198
410
124
109
174
40
24
4
1
16
56
5
142
1
378
73
362
21
88
64
19
*
119
2
67
4
6 For plant and equipment and working capital.
7 Beginning with 1957 this figure differs from that shown on the previous8 page because this one is based on Bond Buyer data.
All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
1485
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
1961
1960
Industry
1957
1958
1959
1960
1962
1961
IV
I
II
III
IV
I
n
Manufacturing
Total (180 corps.):
Sales
114,229 105,134 118,423 123,126 122,632 30,526 28,651 31,233 29,541 33,207 33,291 34,591
13,349 10,466 14,090 13,463 13,293 3,083 2,693 3,478 2,961 4,161 3,908 4,097
7,177 5,714 7,440 7,121 7,180 1,703 1,436
1,838
1,618 2,288 2,033 2,094
1,103 1,111
4,192 4,078 4,342 4,464 4,710 1,201
1,154
1,117
1,380
1,158
Profits after taxes
Nondurable goods industries (79 corps.): *
Sales
41,704 41,541 45,442 47,277 49,226 11,971 11,831 12,133 12,205 13,056 12,793 12,984
1,324 1,385
5,010 4,402 5,648 5,570 5,659 1,302
1,406
1,461
1,545
1,501
2,944 2,574 3,210 3,210 3,246
764
757
772
796
921
816
815
1,776 1,785 1,912 1,953 2,036
528
486
486
488
512
577
513
Profits after taxes
Dividends
Durable goods industries (101 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
72,525 63,593 72,981 75,849 73,406 18,556 16,820 19,100 17,336 20,151 20,499 21,607
8,339 6,065 8,442 7,893 7,634 1,781
1,368 2,094 1,555 2,616 2,447 2,596
4,233 3,140 4,231 3,911 3,935
910
679 1,066
822 1,367 1,217
1,278
2,416 2,294 2,430 2,510 2,674
673
618
625
629
803
644
642
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
. ...
9,987 10,707 11 303 11,901 12 578
1,024 1,152
1,274 1,328
1,424
497
555
604
631
672
289
312
344
367
392
3,090
334
162
95
3,021
319
150
95
3,154
360
170
96
3 233
379
179
99
3,169
365
174
101
3,231
336
160
103
3,267
355
167
103
10,669 10,390 11,979 12,411 12 788
1,823 1,538 2,187 2,010 2,015
948
829 1,131 1,061
1,063
737
799
795
717
843
2,981
423
238
230
2,979
438
229
193
3,250
514
267
189
3,210
499
260
191
3,348
564
306
270
3 372
545
279
198
3,567
586
297
196
13,372 13,815 14 409
1,267
1,187
1,255
969 1,026 1,011
521
518
528
3,694
325
248
133
3,488
354
272
129
3,398
270
214
134
3,424
292
243
131
4,100
339
283
133
3 771
343
262
139
3,612
300
227
142
21,035 20,898 20,155
2,331 2,215 2,020
1,222 1,170
1,090
840
831
844
4,500
343
182
219
4,396
309
166
207
5,189
560
295
208
5,235
550
299
208
5,335
602
329
221
5,733
620
320
209
5,527
505
267
210
17,095 16,826 17 531
1,890 1,499
1,675
934
763
837
448
482
497
4,297
323
167
123
4,137
362
178
121
4,367
398
202
125
4,295
384
191
124
4,732
530
267
128
4,537
454
225
129
4,916
490
239
130
22,731 25,738 22 781
2,985 3,185 2,788
1,479
1,527 1,408
807
833
967
6,521
832
400
228
5,293
478
223
205
6,309
840
417
207
4,604
319
173
207
6,577
1,151
596
348
6 904
1,096
531
215
7,512
1,254
595
216
9,514
648
445
385
9,189
625
382
356
2,303
168
142
125
2,129
27
-12
86
2,289
137
74
91
2,355
184
122
67
2,414
278
200
112
2,296
133
66
84
2,408
186
105
91
9,670 10,195 11,129 11,906 r12,594
2,579 2,704 2,983 3,163 3 331
1,413 1,519
1,655
1,793 1,894
1,069
1,134
1,219
1,307
1,375
3,015
761
452
337
3,314
918
523
343
3,007
767
447
344
3,050
802
447
335
3,223
844
477
353
3,399
1 051
585
366
3,210
835
472
371
6,467
1,562
788
613
2,077
594
294
207
2,090
587
290
210
2,139
614
307
214
2,156
620
310
218
2,230
657
326
225
2,245
648
320
231
2,296
678
335
232
Petroleum refining (16 corps.):
13,463 12,838
Sales
Profits before taxes
1,325
919
1,075791
Profits after taxes
512
516
Dividends
Primary metals and products (35 corps.):
22,468 19,226
Sales
2,977 2,182
Profits before taxes
1,154
Profits after taxes
. . . . 1,540
873
802
Machinery (25 corps.):
15,115
14,685
Sales
1,457 1,463
Profits before taxes •.
. ...
.
729
734
Profits after taxes
422
416
Automobiles and equipment (14 corps.):
23,453 18,469
Sales
2,701 1,332
Profits before taxes
1,354
706
Profits after taxes
805
758
Dividends
Public Utility
Railroad:
Operating revenue
Profits after taxes
Electric power:
Ooeratinc revenue
Profits before taxes
Profits after taxes
Telephone:
Operating revenue
Dividends
1
••
•••
...
10,491
1,058
737
438
9,565
843
602
419
6,939
1,860
921
674
9,825
845
578
406
7,572
2,153
1,073
743
Includes 17 cos. in groups not shown separately.
Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power. Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
2
8,111
2,326
1,155
806
8,615
2,478
1,233
867
Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and 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.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series sec
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp.
215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power).
Back data available from Division of Research and Statistics.
1486
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
[In billions of dollars]
[In millions of dollars]
Income
taxes
1955
1956
1957
44.9
44.7
43.2
21.8
21.2
20.9
23.0
23.5
22.3
11.2
12.1
12.6
11.8
11.3
9.7
1958
1959
I960
1961
37.4
47.7
45.4
45.6
18.6
23.2
22.4
22.3
18.8
24.5
23.0
23.3
12.4
13.7
6.4
10.8
14.4
15.0
8.6
8.3
1960—11
HI
IV
51.9
46.5
45.3
25.2
22.6
22.0
26.6
23.9
23.3
13.4
14.1
14.2
13.3
9.8
9.0
1961
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
50.1
50.9
24.4
24.9
25.6
26.1
15.8
15.8
9.8
10.3
I
II
in
IV
1962 III
All types
Profits Cash Undisdivi- tributed
after
taxes dends profits
Profits
before
taxes
Period
Period
Bonds and notes
Stocks
New Retire- Net
New Retire- Net
New RetireNet
issues ments change issues ments change issues ments change
1954
1955
1956
1957
11,694
12,474
13,201
14.350
5,629 6,065
5,599 6,875
5,038 8,162
3,609 10,741
7,832
7,571
7,934
9.638
4,033
3,383
3,203
2,584
3,799
4,188
4,731
7,053
3,862
4,903
5,267
4,712
1,596
2,216
1,836
1,024
1958
1959
I960
1961
14,761
12,855
12,958
16,745
5,296
4,858
4,760
6,967
9,465
7,998
8,198
9,778
9,673
7,125
8,044
9,205
3,817
3,049
3,010
4,090
5,856 5,088
4,076 5,730
1,479
1,809
1,751
2,876
5,566
3,594
4,338
1,808
1,750
1,991
3,758 3,273
1,844 2,011
2,347 2,432
1,255
1,213
852
3,226
4,097
1,406
1,633
1,820 1,668
2,463 2,606
730
793
1961 n
m
IV
1962—III
5,034 4,914
5,114 7,540
2,018 2,293
798 1,582
1,581 1,908
553
537
1,140
938 1,558
1,813 1,491
67«
840
2,265
2,687
3,432
3.688
3,609
3,922
3,164
4,664
1,740
1,046
766
882
651
NOTE.—Securities and Exchange Commission estimates reflect cash transactions only.
Unlike data shown on p. 1484 new issues exclude foreign and include offerings of open-end
investment cos., sales of securities held by affiliated cos., special offerings to employees,
and also new stock issues and cash proceeds connected with conversions of bonds into
stocks. Retirements include similar issues, and also securities retired with internal funds
or with proceeds of issues for that purpose shown on p. 1484.
NOTE.—Dept. of Commerce estimates. Quarterly data
are at seasonally adjusted annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
[In billions of dollars]
Current assets
End of period
Net
working
capital
Total
U.S.
Govt.
securities
Cash
Current liabilities
Notes and accts.
receivable
Inventories
U.S.
Govt.1
Other
65.3
72.8
80.4
82.2
81.9
88.4
91.6
Notes and accts.
payable
U.S.
Govt. i
Other
Accrued
Federal
income
taxes
2.4
2.3
2.4
21
7.5
9.1
10.2
99.7
121.0
130.5
133.1
136.6
153.1
157.0
1.7
1.7
L.8
59.3
73.8
81.5
84.3
88.7
99.3
103.1
15.5
19.3
17.6
15.4
12.9
15.0
13.5
22.5
25.7
29.0
31 1
33.3
Other
Total
Other
1954
1955
1956
1957
1958
1959
I960
94.9
103.0
107.4
111.6
118.7
124.2
129.0
194.6
224.0
237.9
244.7
255.3
277.3
286.0
33.4
34.6
34.8
34.9
37.4
36.3
36.1
19.2
23.5
19.1
18.6
18.8
22.8
19.9
2.4
2.3
2.6
2.8
2.8
2.9
3.1
71.2
86.6
95.1
99.4
106.9
117.7
125.1
1961—II
Ill
134.7
136.0
137.4
290.2
294.9
303.0
35.2
36.0
39.0
19.7
18.6
19.4
3.1
3.2
3.4
127.9
131.5
134.5
92.6
93.5
95.2
11.7
12.1
11.5
155.5
159.0
165.6
L.7
L.8
L.8
102.8
104.5
109.5
11.4
12.4
14.1
39.5
40.3
40.3
139.0
141.1
305.7
310.5
35.6
36.1
20.2
19.3
3.4
3.3
136.0
140.0
97.7
98.7
12.7
13.1
166.7
169.4
1.8
18
109.5
111.6
13.6
13.6
41.8
42.4
IV
1962 I
II
1
Receivables from, and payables to, the U. S. Govt. exclude
amounts offset against each other on corps.' books.
3.1
4.2
5.9
6.7
37.0
38.6
NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan associations, and insurance cos.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
[In billions of dollars]
Transportation
Year
1954
1955
1956
1957
1958
1959
I960
1961
19623
1
2
Total
26.8
28.7
35.1
37.0
30.5
32.5
35.7
34.4
37.2
Manufacturing
Mining
11.0
11.4
15.0
16.0
11.4
12.1
14.5
13.7
14.6
1.0
.0
.2
?
.9
L.O
0
.0
l.l
Railroad
Other
.9
.9
1.2
1.4
.8
.9
1.0
.7
.8
1.5
1.6
1.7
1.8
1.5
2.0
1.9
1.9
2.1
Includes trade, service, finance, and construction.
Includes communications and other.
3 Anticipated by business.
Public Comutili- muni- Other1
ties
cations
4.2
1.7
6.5
4.3
4.9
2.0
2.7
7.5
8.4
3.0
7.4
2.6
2.7
7.2
8.2
6.2
6.1
5.7
5.7
5.5
5.4
3.1
3.2
3.7
8.4
8.5
9.5
Quarter
Total
Mfg.
and
mining
1961—1...
II...
III..
IV..
7.6
3.2
.6
8.6
8.7
3.7
3.6
.7
.6
9.5
4.1
.7
1962—1...
II...
Ill 3.
IV3.
8.0
9.5
9.5
3.4
4.0
10.2
4.4
.6
.9
.7
.7
3.9
Trans- Public
porta- utilition
ties
J -1
L.4
L.5
All
other 2
Total
(S.A
annual
rate)
L.5
3.2
33.9
33.5
34 7
35 4
l.l
1.4
2.9
3.3
3.4
3.5
35 7
37 0
37 8
38.0
1.5
1.5
2.7
2.9
2 9
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
1487
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
[In billions of dollars]
All properties
End of period
Farm
]Nionfarm
Other
holders 2
FinanAll
cial
holdIndiinsti- 1 U.S.
ers tutions
agen- viduals
and
cies
others
1- to 4-family houses
All
holders
Firtan. Other
insti- holdtutions1 ers
Total
Multifamily and
commercial properties 3
Total
Finan. Other
insti- holdtutions1 ers
FinanAll
cial
Other 4
hold- instiers tutions 1 holders
1941
1945
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
1.5
1.3
4.9
1955
1956
1957
1958
1959
129.9
144.5
156.6
171.9
190.9
99.3
111.2
119.7
131.5
145.5
5.2
6.0
7.5
7.8
10.0
25.4
27.3
29.4
32.7
35.4
120.9
134.6
146.1
160.7
178.7
88.2
99.0
107.6
117.7
130.9
73.8
83.4
89.9
98.5
109.2
14.4
15.6
17.7
19.2
21.6
32.6
35.6
38.5
43.0
47.9
21.8
23.9
25.8
28.8
31.9
10.8
11.7
12.7
14.2
16.0
9.1
9.9
10.5
11.3
12.2
3.6
3.9
4.0
4.2
4.5
5.4
6.0
6.5
7.1
I960
1961*
207.1
225.3
157.6
172.6
11.2
11.8
38.3
40.9
194.0
211.1
141.3
153.4
117.9
129.1
23.4
24.3
52.7
57.7
35.0
38.5
17.7
19.2
13.1
14.2
4.7
5.0
9.2
I960—II
Ill
IV
198.9
203.2
207.1
151.3
154.6
157.6
10.6
11.0
11.2
37.0
37.7
38.3
186.1
190.3
194.0
135.9
138.8
141.3
113.3
115.8
117.9
22.5
23.1
23.4
50.2
51.5
52.7
33.4
34.2
35.0
16.9
17.3
17.7
12.8
13.0
13.1
4.6
4.6
4.7
8.2
8.3
1961—\P
Ilv
Ill*
IV*
210.3
215.0
219.9
225.3
160.2
164.3
168.4
172.6
11.3
11.2
11.4
11.8
38.8
39.5
40.1
40.9
197.0
201.3
205.9
211.1
143.3
146.5
149.9
153.4
119.8
123.0
126.1
129.1
23.5
23.5
23.8
24.3
53.7
54.8
56.0
57.7
35.7
36.5
37.3
38.5
18.0
18.3
18.7
19.2
13.3
13.7
14.0
14.2
4.7
4.8
4.9
5.0
1962—IP
IIP
229.8
236.5
176.0
181.6
12.1
12.1
41.6
42.8
215.3
221.5
156.0
160.0
131.3
135.2
24.7
24.8
59.3
61.5
39.6
41.1
19.7
20.4
14.5
14.9
5.1
5.3
3.4
7.7
8.4
8.4
8.6
8.9
9.1
9.2
9.4
9.7
4
1 Commercial banks (including nondeposit trust cos. but not trust
depts.), mutual savings banks, life insurance cos., and savings and loan
assns.
2 U. S. agencies are FNMA, FHA, VA, PHA, Farmers Home Administration, and Federal land banks, and in earlier years RFC, HOLC,
and FFMC. Other U. S. agencies (amounts small or current separate
data
not readily available) included with individuals and others.
3
Derived figures; includes small amounts of farm loans held by savings
and loan assns.
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]
Mutual savings bank holdings 2
Commercial bank holdings 1
Residential
Residential
End of period
Total
Total
FHAinsured
VAguaranteed
1941
1945
4 906
4 772
3 292
3 395
1955
1956
1957
1958
1959
21,004
22,719
23,337
25,523
28,145
15,888
17,004
17,147
18,591
20,320
4,560
4,803
4,823
5,476
6,122
3,711
3,902
3,589
3,335
3,161
I960
1961
28,806
30,442
20,362
21,225
5,851
5,975
I960—II
Ill
IV
28,463
3 28,693
28,806
20,334
20,399
20,362
1961—1
II
28,864
29,383
29,920
30,442
30,844
32,194
m
rv
1962—1
II
Conventional
Other
nonfarm
Total
Total
FHAinsured
VAguaranteed
856
566
521
4,812
4,208
3,884
3 387
7,617
8,300
8,735
9,780
11,037
3,819
4,379
4,823
5,461
6,237
1 ,297
336
1 ,367
471
1 588
17,457
19,746
21,169
23,263
24,992
15,568
17,703
19,010
20,935
22,486
4,150
4,409
4,669
5,501
6,276
5,773
7,139
7,790
8,360
8,589
2,859
2,627
11,652
12,623
6,796
7,470
1 648
1 ,747
26,935
29,145
24,306
26,341
7,074
8,045
5,978
5,906
5,851
3,032
2,919
2,859
11,324
11,574
11,652
6,484
6,651
6,796
1 646
25,849
26,430
26,935
23,293
23,835
24,306
20,281
20,595
20,953
21,225
5,793
5,820
5,905
5,975
2,776
2,726
2,676
2,627
11,712
12,049
12,372
12,623
6,906
7,072
7,227
7,470
,677
,716
,747
27,447
28,015
28,589
29,145
21,211
22,049
6,003
6,195
2,547
2,593
12,661
13,260
7,817
8,218
,816
1,927
29,781
30,638
1,048
1 Includes loans held by nondeposit trust cos. but not bank trust depts.
23 Data for 1941 and 1945, except for totals, are special F. R. estimates.
Reflects a $40 million reclassification of loans from commercial
and industrial to real estate by 1 bank.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
Farm
,643
,648
740
Conventional
Other
nonfarm
Farm
900
797
28
24
5,645
6,155
6,551
7,073
7,622
1,831
1,984
2,102
2,275
2,451
58
59
57
53
8,986
9,267
8,246
9,028
2,575
2,753
54
51
6,571
6,832
7,074
8,879
8,941
8,986
7,843
8,062
8,246
2,503
2,542
2,575
53
53
54
24,800
25,318
25,892
26,341
7,353
7,634
7,811
8,045
9,111
9,192
9,231
9,267
8,336
8,492
8,850
9,028
2,597
2,645
2,646
2,753
50
51
51
51
26,909
27,632
8,340
8,662
9,384
9,502
9,185
9,469
2,822
2,954
51
51
55
series for all commercial and mutual savings banks in the United States
and possessions; first and third quarters, estimates based on FDIC data
for insured banks beginning in 1962. For earlier years the basis for
first and third quarter estimates included F. R. commercial bank call
data and data from National Assn. of Mutual Savings Banks.
1488
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans outstanding (end of period)
Loans acquired
Nonfarm
Nonfarm
Period
Total
Total
FHAinsured
VAguaranteed
Farm 1
Other i
1941
1945
976
1955
1956
1957
1958
1959
6,623
6,715
5,230
5,277
5,970
6,108
6,201
4,823
4,839
5,472
971
842
653
1,301
1,549
1,839
1,652
831
195
201
3,298
3,707
3,339
3,343
3,722
I960
1961
6,086
6,785
5,622
6,233
1,401
1,388
291
220
512
580
590
878
474
541
543
826
106
112
110
134
560
457
521
481
591
576
625
637
566
495
400
452
425
535
532
580
597
530
122
98
104
86
99
103
129
118
109
1961
Sept
Oct
Nov
Dec
r
1962 Jan
Feb
Mar.
Apr
May
June
July
A rig
Sept
Total
FHAinsured
6,442
6,636
5 529
5,860
815
1,394
515
514
407
438
498
29,445
32,989
35,236
37,062
39,197
27,172
30,508
32,652
34,395
36,353
6,395
6,627
6,751
7,443
8,273
3,930
4,625
464
552
41,771
44,203
38,789
41,033
16
24
26
44
352
405
407
648
38
39
47
52
43,427
43,580
43,815
44,241
34
27
33
28
39
33
36
38
41
339
275
315
311
397
396
415
441
380
65
57
69
56
56
44
45
40
36
44,378
44,494
44,637
44,751
44,946
45,142
45,340
45,576
45,758
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
VAguaranteed
Farm
Other
4,714
4,466
913
776
6,074
7,304
7,721
7,433
7,086
14,703
16,577
18,180
19,519
20,994
2,273
2,481
2,584
2,667
2,844
9,032
9,665
6,901
6,553
22,856
24,815
2,982
3,170
40,299
40,435
40,656
41,070
9,595
9,574
9,620
9,664
6,622
6,592
6,566
6,552
24,082
24,269
24,470
24,854
3,128
3,145
3,159
3,171
41,209
41,304
41,425
41,516
41,683
41,856
42,030
42,247
42,413
9,726
9.766
9,797
9,821
9,853
9,884
9,970
10,005
10,051
6,532
6,507
6,498
6,478
6,461
6 444
6,431
6,412
6,403
24,951
25,031
25,130
25,217
25,369
25 528
25,629
25,830
25,959
3,169
3,190
3,212
3,235
3,263
3,286
3,310
3,329
3,345
monthly figures may not add to annual totals and for loans outstanding,
the end-of-Dec. figures may differ from end-of-year figures, because
monthly figures represent book value of ledger assets whereas year-end
figures represent annual statement asset values, and because data for
year-end adjustments are more complete.
For loans acquired, the
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Period
Total i
New
construction
Home
purchase
Total*
FHAinsured
VAConguarvenanteed tional 2
Total i
By type of lender (N.S. A.)
N.S.A.
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941.
1945.
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
Period
S.A.2
1,379
1,913
437
181
581
1,358
4,578
5,376
1955
1956
1957
1958
1959
11,255
10,325
10,160
12,182
15,151
3,984
3,699
3,484
4,050
5,201
5,155
4,620
4,591
5,172
6,613
31,408
35,729
40,007
45,627
53,141
1,404
1,486
1,643
2,206
2,995
5,883
6,643
7,011
7,077
7,186
24,121
27,600
31,353
36,344
42,960
1955.
1956.
1957.
1958.
1959.
28,484
27,088
24,244
27,388
32,235
10,452
9,532
9,217
10,516
13,094
1,932
1,799
1,472
1,460
1,523
5,617
5,458
4,264
5,204
5,832
,858
,824
,429
,640
,780
1960
1961
14,304
17,364
4,678
5,081
6,132 60,070
7,207 68.833
3,524
4,167
7,222 49,324
7,152 57,514
1960.
1961.
29,341
31,157
12,158
13,662
1,318
1,160
4,520
4,997
,557
,741
1,594
1,629
1,529
1,500
436
464
436
417
695
696
645
598
66,507
67,317
68,069
68,833
4,014
4,061
4,125
4,167
7,159
7,152
7,176
7,152
55,334
56,104
56,768
57,514
Aug..
Sept.
Oct..
Nov.,
Dec.
2,652
2,723
2,775
2,779
2,763
3,004
2,777
2,961
2,754
2,579
1,346
1,248
1,304
1,209
1,132
111
101
109
97
96
483
441
468
440
399
179
174
174
173
156
1,323
1,303
1,611
1,661
1.857
1,936
1,839
2,036
1,713
353
362
464
512
584
572
515
540
485
550
509
633
635
739
823
796
920
735
69,368
69,968
70,769
71,616
72,587
73,631
74,525
75,542
76,299
4,204
4,241
4,276
4,312
4,332
4,355
4,379
4,399
4,410
7,161
7,160
7,170
7,122
7,132
7,119
7,102
7,093
7,082
58,003
58,567
59,323
60,182
61,123
62,157
63,044
64.050
64,807
Jan...
Feb..,
Mar..
Apr..,
May.
June.
July..
Aug..
2,696
2,682
2,670
2,745
2,836
2,891
2,973
2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333
1,041
971
1,172
1,210
1,350
1,391
1,382
1,501
88
79
90
89
100
107
107
123
400
374
442
482
534
542
549
563
138
114
120
131
154
177
201
201
1941
1945.,
1961
Sept
Oct
Nov
Dec
1961
1962
1962
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.?
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.
1
Includes amounts for other lenders, not shown separately.
2
Three-month moving average, seasonally adjusted by Federal Reserve.
NOTE.—Federal Home Loan Bank Board data.
1489
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
FHA-insured
Mortgages
Period
Total
665
1945
VA-guaranteed
New
homes
Existing
homes
257
217
Projects 1
20
Governmentunderwritten
Mortgages
Property
imTotal 3
ExproveNew
isting
ments 2
homes homes
171
End of
period
Total
18.6
88.2
99.0
107.6
117.7
1945
192
1955
1956
1957
1958
1959
3,807
3,461
3,715
6,349
7,694
1,269
1,133
880
1,666
2,563
1,816
1,505
1,371
2,885
3,507
76
130
595
929
628
646
692
869
868
997
7,156
5,868
3,761
1,865
2,787
4,582
3,910
2,890
1,311
2,051
2,564
1,948
863
549
730
1960
1961
6,293
6,546
2,197
1,783
2,403
2,982
711
926
982
855
1,985
1,829
i,554
1,170
428
656
1961—Sept.
Oct..
Nov.
Dec..
569
599
622
553
147
148
174
153
276
285
310
273
73
83
65
62
74
83
73
65
168
201
206
197
98
114
118
112
70
86
87
84
1962—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
617
474
541
515
560
643
678
670
576
179
150
157
132
140
137
144
157
144
301
248
261
240
263
267
289
308
287
74
26
70
88
87
143
164
130
62
63
50
53
56
70
96
81
75
83
227
175
205
182
184
207
219
247
231
127
95
115
99
96
108
109
120
114
99
80
90
83
88
99
110
127
117
1
Monthly figures do not reflect mortgage amendments included in annual totals.
2 Not ordinarily secured by mortgages.
3
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
amount 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.
1955
1956
1957
1958
1959
I960
1961*
1960—11
Ill
IV
1961—IP
UP
III?
l\p
1962—IP
m>
ConvenFHA- VA- tional
in- guarTotal
sured anteed
4.3
4.1
.2
38 9
43.9
47.2
50.1
130.9 53.8
141.3 56.4
153.4 59.1
14.3
15.5
16.5
19.7
23.8
26.7
29.5
24.6
28.4
30.7
30.4
30.0
29.7
29.6
135.9 55 0
138.8 55.7
141.3 56.4
25.2
26.0
26.7
29.7
143.3
146.5
149.9
153.4
57.1
57.8
58.7
59.1
27.4
28.0
28.8
29.5
29.7
29.8
29.9
29.6
156.0 59.9
160.0 60.4
30.3
30.9
29.6
29.5
FEDERAL HOME LOAN BANKS
[In millions of dollars]
[In millions of dollars]
End of
period
Total
Mortgage
transactions
(during
period)
FHAinsured
VAguaranteed
901
978
1,096
Purchases
Sales
411
609
62
5
3
482
1955
1956
1957
1958
1959
2,615
3,047
3,974
3,901
5,531
1,237
1,483
2,546
1,714
2,069
2,737
2,418
2,985
I960
1961
6,159
6,093
3,356
3,490
2,803
2,603
1,248
1961 Sept
Oct
Nov
Dec
5,841
5,916
6,004
6,093
3,281
3,345
3,417
3,490
1962—Jan
Feb
Mar
Apr
May
6,186
6,248
6,231
6,151
6,120
6,035
5 989
5,969
5,951
3,566
3,618
3,653
3,616
3,627
3,571
3,557
3,556
3,552
July
Ang
Sept
96.1
99.6
Advances outstanding
(end of period)
Commitments
undisbursed
Period
Advances
Repayments
Total
Shortterm i
Longterm 2
Members'
deposits
1945
278
213
195
176
19
46
1,251
745
1,116
1,364
2,067
702
934
1,079
1,331
1,231
1,417
1,228
1,265
1,298
2,134
991
798
731
685
J.192
426
430
534
613
942
698
683
653
819
589
1,943
2,882
2,097
2,200
1,981
2,662
,089
,447
892
1,216
938
1,180
568
1955
1956
1957
1958
1959
815
357
541
576
631
I960
1961
2,561
2,571
2,587
2,603
76
108
121
127
10
2
3
2
626
653
656
1961—Oct
Nov
Dec
257
263
510
179
178
135
2,202
2,287
2,662
1,239
1,269
1,447
963
1,018
1,216
1,008
1,029
1,180
2,620
2,630
2,578
2,535
2,493
2,464
2,432
2,413
2,400
124
102
97
60
82
52
34
35
32
1
7
80
637
605
613
562
527
504
485
442
429
1962—Jan
Feb
Mar
265
145
204
382
295
503
480
312
279
383
608
236
281
209
189
165
387
225
180
338
2,320
2,228
2,151
2,323
2,429
2,767
2,860
2,948
3,046
3,091
1,293
1,228
1,170
1,244
1,319
,569
1,708
1,787
,835
,876
1,027
1,000
981
1,079
1,110
1,198
1,151
1,161
1,211
1,215
995
1,007
1,109
1,096
1,107
1,192
976
954
984
1,016
623
1,907
106
76
101
47
19
12
76
360
764
1,541
631
NOTE.—Federal National Mortgage Association data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage
Company, the Defense Homes Corporation and the Public Housing
Administration.
94.3
NOTE.—For total debt outstanding, figures are
FHLBB and F.R. estimates. For conventional,
figures are derived.
Based on data from Federal Home Loan Bank
Board, Federal Housing Administration, and Veterans
Administration.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
Mortgage holdings
29.8
29.7
14.3
49.3
55.1
60.4
67.6
77.0
84.8
94.3
80.9
83.2
84.8
86.2
88.7
91.2
M^y
June
July
Aug
Sept
Oct
1
2
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.
1490
CONSUMER CREDIT
TOTAL CREDIT
[In millions of dollars]
Nonins talment
Instalment
End of period
Total
Total
Automobile
paper
Other
consumer
goods
paper
Repair
and modernization
loans l
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1 929
298
376
816
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
845
1955
1956
1957
1958
1959
38,807
42 262
44,848
44,984
51,331
28,883
31 648
33,745
33,497
39,034
13,437
14,348
15,218
14,007
16,209
7,641
8 606
8,844
9,028
10,630
1,693
1 905
2,101
2,346
2,809
6,112
6,789
7,582
8,116
9,386
9,924
10,614
11,103
11,487
12,297
3,002
3,253
3,364
3,627
4,129
4,795
4 995
5,146
5,060
5,104
2,127
2,366
2,593
2,800
3,064
1960
1961
55,757
57,139
42,588
43,163
17,444
16,960
11,525
11,771
3.139
3,177
10,480
11,255
13,169
13,976
4,507
4,955
5,329
5,438
3,333
3,583
1961—Sept
Oct
Nov
Dec
54,757
54,902
55 451
57,139
42,039
42,181
42 419
43,163
16,902
16,913
16,960
16,960
11,006
11,085
11 215
11,771
3,180
3,183
3,192
3,177
10,951
11,000
11,052
11,255
12,718
12,721
13,032
13,976
4,832
4,778
4,880
4,955
4,423
4,517
4,684
5,438
3,463
3,426
3,468
3,583
1962—Jan
Feb
Mar
56,278
55,592
55,680
56,650
57,593
58,277
58,521
59,146
59,236
42,846
42,632
42,704
43,285
43,893
44,559
44,967
45,514
45,621
16,878
16,900
17,039
17,343
17,683
18,033
18,291
18,530
18,467
11,605
11,380
11,256
11,333
11,423
11.555
11,570
11 648
11,698
3,131
3,099
3,084
3,094
3,131
3,156
3,182
3,216
3,233
11,232
11,253
11,325
11,515
11,656
11,815
11.924
12,120
12,223
13,432
12,960
12,976
13,365
13,700
13,718
13,554
13,632
13,615
4,906
4,931
5,056
5,111
5,238
5,227
5,203
5,274
5,288
4,892
4,294
4,191
4,451
4,683
4,739
4,607
4,638
4,623
3,634
3,735
3,729
3,803
3,779
3,752
3,744
3,720
3,704
May
July
Aus
Sept
1
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
518
597
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 back data see the following
BULLS.: Apr. 1953 (includes a description of the series); Oct. 1956;
Nov. 1958 and 1959; and Dec. 1957, 1960, and 1961.
INSTALMENT CREDIT
[In millions of dollars]
Financial i nstitutions
End of period
Total
Sales
Total
Commercial
banks
finance
cos.
ConCredit
sumer 1 Other i
unions finance
1939
1941
1945
4,503
6,085
2 462
3,065
4,480
1 776
1,079
1,726
1,197
1,797
745
300
132
198
102
1955
1956
1957
1958
1959
28,883
31,648
33,745
33,497
39,034
24,375
26,905
29,078
28,514
33,359
10,601
11,777
12,843
12,780
15,227
8,424
9,045
9,487
8,699
10,108
1,678
2,014
2,429
2,668
3,280
I960
1961
42,588
43,163
36,974
37,580
16,672
16,843
11,228
11,052
1961—Sept
Oct
Nov
Dec
42,039
42,181
42,419
43,163
37,188
37,191
37,240
37,580
16,909
16,877
16,836
1962—Jan
Feb
Mar
Apr
May
42,846
42,632
42,704
43,285
43,893
44,559
44,967
45,514
45,621
37,551
37,469
37,509
37,965
38,453
39,010
39,426
39,894
39,954
July
Aue
Sept
16,843
16,759
16,726
16.779
17,042
17,316
17,610
17,815
18,005
18,020
Total
Department
stores 2
Furniture
stores
AppliAutoance
mobile
stores dealers 3
Other
657
759
629
1,438
1 605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
2,623
2,940
3,124
3,085
3,337
1.049
1,129
1,195
1,282
1,407
4,508
4,743
4,668
4,983
5,676
1,511
1,408
1,393
1,882
2,292
1 044
1,187
1,210
1,128
1,225
365
377
361
292
310
487
502
478
506
481
1 101
1,269
1 226
1,175
1 368
3,923
4,352
3,670
3,798
1,481
1,535
5.615
5,583
2,414
2,421
1,107
1,080
333
322
359
359
1 402
1 401
10,882
10,866
10,878
11,052
4,233
4,269
4,317
4,352
3,650
3,671
3,684
3,798
1,514
1,508
1,525
1,535
4 850
4,990
5,179
5,583
1,979
2,097
2 213
2,421
1,009
1,014
1 034
1,080
315
315
314
322
360
359
360
359
1
1
1
1
11,190
11,133
11,049
11,121
11,199
11,325
11,435
11,543
11,533
4,306
4,311
4,355
4,449
4,543
4,640
4,705
4,808
4,840
3,782
3,783
3,795
3,826
3,836
3,876
3,907
3,948
3,969
1,514
1,516
1,531
1,527
1,559
1,559
1,564
1,590
1,592
5,295
5,163
5,195
5,320
5,440
5,549
5,541
5,620
5,667
2,212
2,167
2,227
2,339
2,430
2,522
2,517
2,581
2,647
1 057
1,039
1 018
1,011
1,011
1,008
1,009
1 019
1,018
315
311
305
303
301
303
302
303
301
359
358
356
351
345
336
327
317
308
J 1*1
288
1 Consumer finance cos. included with "other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.
3 Automobile paper only; other instalment credit held by automobile
Retail outlets
dealers is included with "other" retail outlets.
See also NOTE to table above.
I
I
I
I
I
187
205
258
401
289
316
353
380
386
[ 400
1,393
1491
CONSUMER CREDIT
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
Total
Purchased Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1955
1956
1957
1958
1959
10,601
11,777
12,843
12,780
15,227
3,243
3,651
4,130
4,014
4,827
2,042
2,464
2,557
2,269
2,640
1,338
1,469
1,580
1,715
2,039
1,916
2,118
2,351
2,612
3.196
I960
1961..
16,672
16,843
5,316
5,307
2,062
2,075
2,225
2,170
2,525
2,820
2,862
2,759
2,684
2,200
2,180
3,577
3,810
16,909
16,877
16,836
16,843
5 284
5,308
5,314
5,307
2,822
2,825
2,852
2 862
2,826
2,769
2,700
2,684
2,197
2,198
2,195
2,180
3,781
3,777
3,775
3,810
16 759
16,726
16,779
17,042
17,316
, 17,610
17,815
18,005
18,020
5,292
5,309
5,364
5,472
5,590
5,716
5,814
5,900
5,900
2,871
2,881
2,918
2,993
3,063
3,130
3,169
3,193
3,158
2,631
2,594
2,549
2,535
2,551
2,574
2,590
2,581
2,586
2,147
2,119
2,100
2,106
2,123
2,141
2,158
2,176
2,187
3,818
3,823
3,848
3,936
3,989
4,049
4,084
4,155
4,189
1961—Sept
Oct..
Nov
Dec
.
.
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Total
Automobile
paper
Other
consumer
goods
paper
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1955
1956
1957
1958
1959
8,424
9,045
9,487
8,699
10,108
6,882
7,166
7,271
6,165
6,976
1,048
1,277
1,509
1,717
2,114
28
32
31
36
72
466
570
676
781
946
1960
1961
1961—Sept.
Oct..
Nov.
Dec.
11,228
11,052
7,284
6,590
2,739
3,100
139
161
,066
,201
10,882
10,866
10,878
11,052
6,650
6,621
6,611
6,590
2,937
2,929
2,940
3,100
153
157
160
161
,142
,159
,167
,201
1962—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
11,190
11,133
11,049
11,121
11,199
11,325
11,435
11,543
11,533
6,535
6,528
6,554
6,642
6,766
6,892
6,994
7,088
7,057
3,286
3,232
3,118
3,078
3,021
3,002
2,997
2,985
2,973
162
162
163
165
167
168
171
171
172
1,207
1,211
1,214
1,236
1,245
1,263
1,273
1,299
1,331
End of period
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
NONINSTALMENT CREDIT
[In millions of dollars]
[In millions of dollars]
End of period
Total
Other
consumer
goods
paper
Repair
and
modernization
loans
1939
1941
1945
789
957
731
81
122
54
24
36
15
14
20
14
1955
1956
1957
1958
1959
5,350
6,083
6,748
7,035
8,024
763
530
Personal
loans
669
785
643
1,114
1,152
1,400
624
588
565
681
404
490
595
698
3,730
4,101
4,555
4,723
5,244
9,074
9,685
1,665
,842
771
763
800
836
5.837
6,244
1961—Sept
Oct
Nov
Dec
9,397
9,448
9,526
9,685
1,786
1,800
,823
1,842
753
756
830
828
756
837
836
6,028
6,064
6,110
6,244
1962—Jan
Feb
Mar
Apr
May
9,602
9,610
9,681
9,802
9,938
10,075
10,176
10,346
10,401
1,821
1,824
1,847
1,885
1,919
1,959
.987
2,032
2,044
752
749
750
822
818
821
823
841
847
853
869
874
6,207
6,219
6,263
6,343
6,422
6,503
6,567
6,666
6,703
I960
1961
..
July
Aug
Sept
. . .
954
See NOTE to first table on preceding page.
Personal
loans
See NOTE to first table on previous page.
See NOTE to first table on previous page.
Automobile
paper
Repair
and
modernization
loans
763
751
756
766
769
779
780
327
Singlepayment
loans
End of period
1939
1941
1945
Total
Charge accounts
service
credit
Com- Other
Depart- Other Credit
mer- finan.
ment 1 retail cards 2
cial
instibanks tutions stores outlets
2 719
3,087
3,203
625
693
674
162
152
72
236 1,178
275 1,370
290 1,322
1955
1956 .
1957
1958 . . .
1959
9,924
10 614
11,103
11,487
12,297
2,635
2,843
2,937
3,156
3.582
367
410
427
471
547
862 3 717
893 3 842
876 3,953
907 3 808
958 3,753
216
317
345
393
2,127
2*366
2,593
2 800
3,064
I960
1961
13,169 3,884
13,976 4,224
623
731
941 3,952
948 4,027
436
463
3,333
3,583
1961—Sept
Oct...
Nov...
Dec...
12,718
12,721
13,032
13,976
4,129
4,125
4,158
4,224
703
653
722
731
623
656
717
948
3,312
3,382
3,498
4,027
488
479
469
463
3,463
3,426
3,468
3,583
1962—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
13,432
12,960
12,976
13,365
13,700
13,718
13,554
13,632
13,615
4,203
4,220
4,279
4,390
4,421
4,439
4,430
4,425
4,434
703
711
804
635
594
620
636
612
569
570
614
3,614
3,188
3,139
3,367
3,571
3,635
3,518
3,521
3,467
474
471
458
464
476
492
520
547
542
3,634
3,735
3,729
3,803
3,779
3,752
3,744
3,720
3,704
in
721
817
788
773
849
854
1
2
518
597
845
260
Includes mail-order houses.
Service station and misc. credit-card accounts and home-heating-oil
accounts.
See NOTE to first table on previous page.
1492
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[In millions of dollars]
Total
Automobile paper
Period
S.A.1
N.S.A.
S.A.1
N.S.A.
Other consumer
goods paper
S.A.1
Repair and
modernization loans
N.S.A.
S.A.1
N.S.A.
Personal loans
S.A.1
N.S.A.
Extensions
1955 .
1956
1957
1958
1959 2
1960
1961
...
.
38,944
39 775
41,871
39,962
47,818
16,706
15 421
16,321
14,069
17,544
10 642
11 721
11 807
11,747
13,982
1,393
1 582
1,674
1,871
2 222
10,203
11 051
12,069
12,275
14,070
49,313
47,984
17,408
15,779
14,470
14,477
2,212
2,049
15,223
15,679
1961—Sept
Oct
Nov
Dec
3,942
4,209
4,317
4,315
3,789
4,244
4,275
4,754
1.271
1,405
1,511
1,471
1.168
1,452
1,402
1,289
1,199
1.254
1,249
1,316
1,200
1,300
1,327
1,750
175
173
174
186
177
159
145
1962 Jan
Feb
Mar
Apr
4,194
4,302
4,363
4,625
4,593
4,477
4,580
4,580
4,397
3,756
3,566
4,301
4,658
4,858
4,830
4,641
4,792
4,040
1,474
t.496
1,526
1,606
1,604
1,536
1,601
1,578
1,429
1,320
1,284
1,574
1,688
1,787
1,755
1,709
1.686
1,256
1,185
1,281
1,257
1,382
1,312
1,308
1,332
1,325
,302
1,039
157
120
972
168
172
169
185
122
154
175
210
169
194
192
211
176
168
206
173
June
July
Sept
1.161
1,287
1,346
1,358
1,249
1,331
1,246
184
1,297
J.377
1,383
1,369
1,237
1,306
1,369
1,570
1,378
1,357
1,408
1,468
L492
1,464
1,453
1,501
,498
1,277
1,188
1,412
1,508
1,515
1,525
1,472
1,569
1,365
Repayments
1955
1956
1957
1958
1959 2
. .
•
I960
1961
33,629
37,009
39 775
40,211
42,435
13,077
14,510
15 451
15,281
15,411
9,752
10,756
11 569
11,563
12,402
1,316
1,370
1,477
1,626
1,765
9,484
10,373
11 278
11,741
12,857
45,759
47,412
16,172
16,262
13,574
14,233
1,883
2,012
14,130
14,905
1961—Sept
Oct
Nov
Dec
3,956
4,028
4,017
4,051
3,839
4,102
4,037
4,010
1.350
1,372
1,359
1,361
1,327
1,441
1,355
c
1,289
1.190
1,210
1,188
1,233
1.159
1,221
1,197
1,194
170
178
166
168
160
1962 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
3,979
4,066
4,094
4,108
4,180
4,159
4,239
4,194
4,232
4,073
3,780
4,229
4,077
4,250
4,164
4,233
4,245
3,933
1,380
1,369
1,393
1,403
1,418
1,402
1,430
1,417
1,403
1.402
,262
,435
,384
,447
,405
,451
.447
1,319
1,147
1,253
1,226
,217
1,234
,230
,271
1,257
,276
1,205
1,197
1,285
1,210
1,256
1,226
1,234
1,253
1,196
164
166
166
166
166
170
166
182
166
166
154
169
165
173
167
185
172
156
Net change in credit outstanding
1955
1956
1957
1958
1959 2
5 315
2,766
2,096
-249
5 535
I960
1961
3 554
3 629
-1,212
2,201
1,602
77
212
197
245
463
1 236
-483
896
244
329
37
1961—Sept
Oct
Nov
Dec
-14
181
300
264
-50
142
238
744
-79
33
152
110
-159
11
47
*
9
44
61
83
41
79
130
556
5
-5
8
-9
1962—Jan
Feb
Mar
215
236
269
517
413
318
341
386
165
-317
-214
94
127
133
203
186
134
171
161
26
-82
22
139
304
340
350
258
239
-63
38
28
31
165
78
78
61
68
26
-166
-225
-124
-7
2
6
3
15
3
12
10
2
June
July
Sept
72
581
608
666
408
547
107
1 Includes adjustment for differences in trading days.
2 Includes data for Alaska and Hawaii beginning with the months in
which they became States. The differences between extensions and
repayments do not equal the changes in outstanding credit for 1959
because such differences do not reflect the effect of the introduction of
outstanding balances for these States.
3 Credit extended less credit repaid, except as indicated in note 2.
NOTE.—Estimates are based on accounting records and often include
77
90
132
15
78
50
1,246
1,268
1,304
1,289
1.184
1,257
1,317
1,367
1,288
1.278
1,309
,322
,358
,361
,356
,354
,387
1,300
1,167
1,340
1,318
1,374
1,366
1.363
1,373
1,262
3
890
965
238
184
911
870
572
169
183
168
15
3
9
719
678
791
534
1 269
1 093
774
-15
51
109
79
80
53
49
52
203
-46
-32
-15
10
37
25
26
34
17
90
79
99
146
134
103
97
147
111
-23
21
72
190
141
159
109
196
103
financing charges. Renewals and refinancing of loans, purchases and
sales of instalment paper, and certain other transactions may increase the
amount of extensions and repayments without affecting the amount
outstanding.
For a description of the series in this and the following table see Jan.
1954 BULL., pp. 9-17. For back data see the following BULLS., Oct. 1956,
pp. 1043-48, and Dec. 1961, pp. 1393-96.
CONSUMER CREDIT
1493
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[In millions of dollars]
Total
Commercial banks
Period
S.A. i
N.S.A.
S.A. i
N.S.A.
Sales finance
companies
S.A. i
N.S.A.
Other financial
institutions
S.A. i
N.S.A.
Retail outlets
S.A, i
N.S.A.
Extensions
1955
1956
1957
1958
1959
2
I960
1961
1961 Sept
Oct
Nov
Dec
1962 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
...
• .
38 944
39,775
41,871
39,962
47,818
14 109
14,463
15,355
14,860
17,976
10 178
9,526
10,106
8,886
10,962
8 376
9,148
9,915
9,654
10,940
6 281
6 638
6,495
6,563
7,940
49,313
47,984
18,269
17,512
11,211
10,481
12,073
12,264
7,762
7,727
3,942
4,209
4,317
4,315
3,789
4,244
4,275
4,754
1,438
1,533
1,557
1,546
1,371
1.536
,456
1,431
828
913
957
809
951
924
1,076
1,086
4,194
4,302
4,363
4,625
4,593
4,477
4,580
4,580
4,397
3,756
3,566
4,301
4,658
4,858
4,830
4,641
4,792
4,040
1,515
1.557
,580
,646
,642
,639
,681
,646
,594
,441
,359
1,593
1,747
,807
,784
,756
,732
,450
907
975
928
994
991
961
982
961
909
821
797
917
997
1,046
1,067
1,045
1,044
845
1,023
1,078
1,115
1,071
1,034
1,118
1,240
1,058
1.064
1,122
,148
1,176
,125
,131
,176
,135
1,118
1,158
1,209
1,195
1,161
1,238
1,021
958
944
918
653
685
688
622
651
723
111
997
714
706
733
837
784
752
786
797
759
550
492
673
756
796
784
679
778
724
Repayments
1955
1956
1957
1958
1959 2
....
I960
1961
1961 Sept
Oct
Nov
Dec
1962 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.
...
•.
....
33,629
37,009
39,775
40,211
42,435
12,304
13,362
14,360
14,647
15,560
7,898
8,904
9,664
9,708
9,574
7,536
8,415
9,250
9,365
10,020
5,891
6,328
6,499
6,490
7,281
45,759
47,412
16,832
18,261
10,229
10,733
11,022
11,666
7,676
6,752
3,956
4,028
4,017
4,051
3,839
4,102
4,037
4,010
1.521
,523
1,495
[,509
1.486
1,569
1,480
1,424
883
918
899
931
3,979
4,066
4,094
4,108
4,180
4,159
4,239
4,194
4,232
4,073
3,780
4,229
4,077
4,250
4,164
4,233
4,245
3,933
1,486
[,469
1,517
1,472
1,492
1,489
1,524
,522
,532
1,525
1,392
1,540
1,475
1,533
1,490
1,551
1,542
1,435
874
971
950
935
961
952
938
909
917
862
967
912
912
867
904
1,001
934
968
941
935
936
855
982
997
930
1,031
1,008
1,040
1,081
1,022
996
1,020
1,043
1,061
1,045
1,053
1,056
1,065
1,027
910
1,047
1,037
1,073
1,058
1,060
1,068
983
966
570
590
592
603
561
583
605
593
597
630
607
658
666
673
724
707
718
654
574
641
631
676
675
687
699
677
Net change in credit outstanding 3
1,805
1,176
1,066
2,280
1955
1956
1957
1958 f2
1959
5,315
2 766
2,096
5 535
2,447
-788
1,409
I960
1961
3,554
1,446
572
169
1,120
-174
-63
249
1961 Sept
Oct
Nov
Dec
1962 Jan
Feb
M^ay
June
July
Aug
Sept
...
840
733
665
289
986
390
235
-75
315
693
1,051
-61
— 32
609
-124
-156
744
10
45
37
-33
-41
7
-6
-5
58
145
-4
-16
12
174
41
81
84
63
28
51
78
159
75
95
113
19
82
140
189
404
-317
-214
72
581
608
666
408
547
107
29
88
63
165
150
150
157
124
62
-84
-33
53
263
274
294
205
190
15
217
54
-22
68
30
9
44
52
-8
138
-57
-84
72
36
68
102
105
115
80
78
120
70
-83
8
71
121
136
137
101
170
55
-67
-288
-132
32
125
120
109
-8
79
47
-14
181
300
264
-50
142
238
215
236
269
517
413
318
341
386
165
1 Includes adjustment for differences in trading days.
2 Includes data for Alaska and Hawaii beginning with the months in
which they became States. The differences between extensions and
repayments do not equal the changes in outstanding credit for 1959
622
442
78
126
110
108
-10
26
126
179
118
79
62
90
41
because such differences do not reflect the effect of the introduction of
outstanding
balances for these States.
3
Credit extended less credit repaid, except as indicated in note 2.
See also NOTE to previous table.
1494
INDUSTRIAL PRODUCTION: S.A.
MARKET GROUPINGS
[1957-59= 100]
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense. . .
Materials
1957-59 1961
proaverporage
tion
1961
Sept.
Oct.
112.
113.5
114.8
47.35 111.3 112.
114.
112.7 113.4 115.9
32.3
15.04 108.3 110.8 112.4
52.65 108.4 110.S 112.9
116.4
117.5
114.
113.9
100.OC
1962
Jan.
Feb.
115.
114.
116.
117.
117.
118.4 118.
116.9
117.
114.
114.
115.
116.8
116.5 117.
112.
115.0
113.7 115.5
118.
118.
116.
116.
118.
119.
117.
120.2
121.
118.5
117.0
120.
120.9
120.
117.
111.8 102.8 116.
127.3 130.8
108.6 91.8 114.
131.5 136.
116.0 117.2 119.0 121.6 123.7
127.8
132.8
121.1
122.6
123.
121.0
129.4
133.9
123.5
132.
140.8
122.3
126.
129.3
123.6
135.2
142.4
125.
134.1 135.3
140.0 141.2
126.3 127.5
114.1 116.5 119.0 120.1 121.2 121.7 120.1
118.8 120.
122.6 124.4 126.0 126.2 122.7
114.0 116.0 120.3 123.8 124.2 123.3 118.5
115.
114.
117.7 120.1 120.7 122.9 120.9
110.1 118.8 127.5 134.2 133.9 124.7 112.0
126.5 124.3
118.5 121.0 121.5 123.8 124.
124.8 125.1 126.3 125.6 129.5 129.3 126.2
110.2 113.2 116.0 116.5 117.1 118.0 118.0
118.7 118.4
121.2 122.4
115.2 115.5
119.3 120.2
103.7 102.1
127.9
125.
123.4 126.2
116.5
117.1 118.8 119.2 120.3
113.6 114.3 112.8 115.
106.9 109.1 109.0 110.9
125.8 129.9 131.9 131.5
115.7 117.4 117.7 117.7
125.1 126.9 130.7 128.3
112.3 115.0 111.7
110.
132.3 134.0 138.4 136.
139.5 141.4
133.6
131.6
119.7 119.9
115.2 115.2
108.0
131.0 132.0
117.0 117.4
127.0
108.4 113.5
136.0
140.4
109. i
Nov.
Dec.
Mar.
Apr.
May
June
Aug.
Sept.
119.
119.
119.8
121.
121.
121.
117.
121.6 121.5
120.9 121.0
123.2 123.5
117.
118.2
July
Consumer goods
Automotive products
Autos
Auto parts and allied products
3.21
1.82
1.39
Home goods and apparel
Home goods
Appliances, TV, and radios. .
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods...
Apparel, knit goods, and shoes.
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
110.5 112
112.2 115.9
109.9 114.
110.
117.
107.8 104.7
112.8 118.
114.5 116.0
109.0 110.1
114.2 115.7
116.0 117.9
113.8 115.7
117.8 118
102.4 107.8
118.5 120.7
116.5 118.3
112.6 113.9
117.2
120.3
116.3
119.0
108.5
120.1
125.2
114.6
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
1.7
.74
114.0 115.5
110.5 112.0
109.5 110.2
120.7 122.9
114.9 116.2
119.2 120.7
107.6 105.8
124.9 127.9
125.3 127.9
124.0
116.
116.8
112.8 112.
112.8 112.1
123.
125.
116.6 115.
122.4 122.5
109.
110.
128.5 128.3
129.
128.9
116.1 115.8
111.6 111.3
110.7 108.4
125.
123.6
115.2 116.2
122.7 124.
110.0 110.
128.
131.
129.3 131.
11.6.
6.85
2.4:
1.76
.61
110.1 112.
107.4 108.4
127.0 129.0
103.4 107.9
93.4
91.1
114.1 115.8
110.4 111.8
131.0 133.7
109.7 113.7
85.1
91.3
116.4
113.4
135.2
113.8
90.3
110.2
109.3
111.1
107.9
106.8
123.7
125.5
121.
116.6 118.0
111.5 113.
109.9 113.7
126.6 127.5
116.9 116.6
124.3 124.8
111.1 111.3
130.8 131.5
131.
131.3
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment
113.4 116.3
112.
113.4
136.3 139.3
107.0 109.0
87.8
94.
118.0
114.
141.7
111.6
99.
119.3
115.1
144.0
109.7
102.6
121.
116.7
123.1
118.5
111.2
105.6
114.9
110.4
124.4
119.0
125.5 125.8
119.2 119.4
144.4 144.8 145.6 144.7 145.1
121.0
110.4
123.5
110.8
124.0
101.9
3.41
Materials
110.9 111.8
114.0 120.3
111.7 113.4
107.5 106.5
108.5 114.3
Durable goods materials.
Consumer durable
Equipment
Construction
Metal materials n.e.c... .
26.73
3.43
7.84
9.17
6.29
104.8 107.6
107.9 106.7
105.7 108.4
105.2 107.3
101.2 108.4
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
25.92
9.11
3.03
6.07
7.40
112.1
110.5
111.3
110.0
120.6
114.3 115.7 116.9
111.3 112.3 114.2
114.0 114.6 117.2
110.0 111.2 112.7
125.5 127.5 128.8
118.0
114.9
117.1
113.8
132.0
Business fuel and power
Mineral fuels
Nonresidential utilities. . .
Electricity
General industrial
Commercial and other.
Gas
9.41
6.07
2.86
2.32
1.03
1.21
.54
107.
102.0
121.0
121.7
114.8
129.1
118.0
108.3 109.7
102.3 103.8
123.9 124.7
124.7 125.6
117.5 118.3
132.5 134.0
110.1
104.1
125.4
126.2
118.8
134.7
109.9 110.5
103.4 103.7
126.0 127.5
127.0 128.4
119.9 121.9
135.2 136.4
110.5 110.2 110.9
103.2 103.2 104.6
128.0 128.0 127.7
128.5 128.2 127.6
122.4 121.3 122.7
136.4 134.1
136.
110.9
103.6
130.2
130.4
121.6
140.5
104.5
131.4
131.9
122.6
142.4
112.6
106.1
130.9
132.4
124.1
142.0
112.0
105.5
129.1
130.1
122.0
139.5
112.6
106.6
7.80
24.51
112.0
112.9
110.5
114.3
121.8
116.1
124.6
115.8
121.8
115.9
128.9
118.4
126.5
118.9
127.9
119.8
126.5
119.0
127.8
118.9
113.7 113.8
127.0 134.2
119.3
120.
111.8 112.1
96.4
99.4
114.8 115.0
130.6 131.8
119.2 121.3
112.6 113.4
98.5 100.4
110.8 113.1 115.1
120.5 119.2 124.1
113.1 114.5 116.9
103.0 107.3 109.9
118.1
116.9 120.
116.2 114.6
134.7 134.5
120.3 119.5
110.7 111.4
114.6 104.5
116.6 117.8 118.6
113.1 115.0 115.8
114.1 116.7 119.7
112.6 114.2 113.9
128.8 130.4 132.5
117.9 119.3 120.5 120.3 120.7 121.5
114.1 116.1 116.9 116.1 116.5 117.8
113.1 115.9 117.5 117.2 116.4 119.2
114.6 116.2 116.6 115.5 116.6 117.1
131.3 133.9 135.9 135.3 135.5 137.3
Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE OH opposite page.
116.2
115.8
122.6
114.6
122.7
117.6
126.5
117.0
1495
INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
[1957-59= 100]
Grouping
1957-59 1961
proaverporage
tion
1961
Sept.
Oct.
Nov.
1962
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
100.00
109.!
112.0
113.5 114.8
115.6
114.3
116.0
117.0
117.7 118.4 118.6 119.3 119.6 119.8
86.45
48.07
38.38
8.23
5.32
109.7
107.0
112.9
102.6
122.8
112.1
109.7
115.2
102.4
125.7
113.5
111.2
116.5
104.4
126.5
115.0
113.0
117.5
105.2
126.7
115.9
114.5
117.7
104.7
127.3
114.4
113.2
115.9
104.0
128.8
116.3
115.4
117.3
104.3
129.0
117.4
116.5
118.6
104.8
128.8
118.1
118.5
117.5
105.5
128.1
118.9
117.7
120.3
104.6
132.4
119.7
118.7
121.0
106.1
133.5
120.2
119.8
120.6
105.5
132.3
120.2
119.8
120.7
106.0
133.0
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
102.2
98.9
96.5
107.5
106.5
105.2
109.3 108.7
110.0 106.7
106.9 103.8
110.5 113.2
108.5 111.3
106.5 109.4
109.4
106.2
103.9
115.9
113.5
109.8
112.0
111.0
110.6
119.2
113.3
110.0
111.5
111.9
112.9
117.6
111.0
107.3
115.1
117.5
117.7
122.0
111.9
108.6
115.3
116.6
118.5
120.6
113.6
110.2
114.1 108.3 106.3
112.4 101.3
96.8
112.6
96.5
89.5
118.6 120.8 118.2
116.3 117.4 118.5
113.7 115.7 116.4
106.3
96.6
87.8
117.9
118.8
115.6
108.2
99.
92.
112.7
119.9
115.2
709.7
101.0
94.0
116.8
119.6
115.6
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
108.8
109.3
112.4
8.43
6.37
10.19
4.68
5.26
1.71
1.28
106.5
115.7
103.6
111.9
95.7
115.8
109.6
117.1
100.5
102.6
97.8
118.0
110.0
119.0
107.0
116.0
98.5
118.0
114.9
114.7
110.1
120.9
112.2
125.1
100.4
119.4
116.6
116.8
111.6
123.6
113.7
127.9
100.6
119.8
115.4
115.6
110.1
122.9
112.5
126.9
99.6
118.9
116.8
117.5
112.4
124.3
113.4
126.2
101.5
118.5
118.2
120.2
115.2
126.8
113.4
126.3
101.4
119.0
121.2
122.9
117.8
129.7
116.8
134.4
100.7
122.3
122.9
124.5
120.0
130.4
119.4
139.1
101.6
122.6
122.9
125.9
121.8
131.3
116.8
132.0
103.0
124.7
124.8
125.4
121.9
130.1
122.1
141.3
104.7
124.9
125.6 725.7
126.5 125.7
124.6 122.7
129.0 129.6
122.2 122.4
138.4 139.0
107.3 107.4
125.8 124.3
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72
2.99
1.73
104.5
106.3
101.3
107.3
109.7
103.1
105.3
108.5
99.9
105.6
107.9
101.6
104.7
106.0
102.4
707.5 106.6
104.4 105.1
96.5 109.2
705.9
108.9
110.3
106.4
770.7
111.9
107.1
770.7
112.5
107.5
709.9
113.7
103.4
772.7
114.9
107.4
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.
3.05
1.54
1.51
114.1
115.3
112.8
777.7
119.6
115.8
119.0
120.6
117.3
727.3 720.
123.2 123.2
119.4 118.3
117.6
118.3
116.9
118.2
120.8
115.5
727.5 726.7
124.0 126.6
119.0 125.5
727.3
129.3
125.2
727.4
129.2
125.5
727.3
127.7
126.9
725.5 726.2
128.3 129.3
123.3 123.0
Textiles, apparel, and leather.
Textile mill products
Apparel products
Leather and products
7.60
2.90
3.59
1.11
108.4
106.9
112.1
100.2
111.3
113.3
113.0
100.6
773.7
113.0
116.5
102.7
114.9
113.7
118.9
104.9
775.
114.
119.8
107.3
772.4
113.4
115.5
100.1
773.6
114.6
116.0
103.0
114.8
116.8
116.5
104.0
774.5 775.2
115.0 116.1
117.6 118.3
105.5 102.9
775.5
117.1
118.4
103.
775.5 775.0
116.6 116.5
119.2 118.2
100.5 100.6
774.7
115.1
Paper and printing
Paper and products
Printing and publishing.
Newspapers
8.17
3.43
4.74
1.53
112.4
113.7
111.5
106.0
114.4
117.4
112.3
106.5
114.2
116.4
112.6
106.7
775.2
118.2
113.
107.6
775.7
119.3
113.0
107.9
775.7
117.3
113.5
108.6
776.2
119.0
114.2
109.4
776.9
120.7
114.1
108.6
775.7
117.5
114.4
107.5
777.0
119.9
114.9
107.9
776.7
119.6
114.7
108.6
775.0
121.1
115.7
110.3
775.7
120.5
116.3
111.8
775.5
121.3
116.5
111.3
Chemicals, petroleum, and rubber.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.97
1.99
118.8
123.3
129.6
108.7
111.9
121.8
126.7
134.2
108.1
116.8
124.5
129.0
138.7
111.7
120.3
725.2
130.0
139.1
111.3
120.8
725.9
130.0
139.0
110.7
125.1
724.7 725.5
128.4 131.1
138.6 140.4
112.2 111.1
119.6 120.5
726.7
131.8
141.0
114.0
119.9
726.6
131.6
142.2
109.6
124.0
730.5 732.6
135.7 137.1
145.8 147.7
112.6 115.1
130.2 132.8
733.2
137.6
149.7
113.4
136.1
732.5
137.9
149.8
112.1
134.1
733.0
138.7
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1.61
.82
110.4
110.3
110.6
107.9
110.8
777.5
111.5
111.8
109.1
110.8
772.0
111.9
111.8
111.4
113.
772.9
112.8
113.1
110.1
114.1
772.0
112.0
112.4
108.7
112.4
777.2
111.4
112.0
108.1
109.1
777.7 773.5 772.7
111.7 113.2 112.3
112.2 113.4 113.6
109.3 112.2 105.2
111.1 116.8 110.3
772.5 772.5 774.2 773.6
112.9 112.9 114.3 113.7
113.9 113.5 115.1 115.2
107.3 109.4 109.7 105.9
112.5 108.2 113.4 112.0
773.7
113.9
115.2
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80
1.16
5.64
4.91
4.25
.66
.73
100.9
90.1
103.1
104.9
103.0
116.8
91.3
700.7
93.2
102.3
104.5
103.1
113.1
87.6
702.5 703.3 703.7
96.9
94.9
96.9
104.1 104.6 104.4
105.9 105.8 105.0
103.8 103.2 102.8
119.6 122.2 118.7
91.5
97.0 100.8
702.9
98.0
103.9
105.0
102.7
119.8
96.5
702.3 702.9
95.2
96.3
103.8 104.2
105.1 104.8
103.2 102.4
117.4 120.4
95.0 100.2
704.0
97.6
105.3
106.2
104.1
119.7
99.2
702.6
92.2
104.7
106.3
104.1
120.5
93.7
703.0
91.8
105.3
107.4
105.6
119.2
91.1
704.7 704.7
93.7
91.8
107.4 106.2
109.5 108.3
107.7 106.7
705.7
93.8
107.5
109.6
108.1
92.3
93.0
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
1.43
.61
.82
110.5
111.9
109.4
770.4
108.5
111.8
775.7 773.9
115.5 122.4
111.3 107.7
709.4
129.4
94.5
113.9
131.7
100.6
772.5 775.7 772.0
120.0 116.6 109.5
106.9 115.1 113.8
772.5 772.0
110.4 104.1
114.5 117.9
770.5
99.9
118.3
4.04
1.28
123.2
121.5
126.0
124.8
127.2
124.4
Total index
Manufacturing, total
Durable
Nondurable
Mining
Utilities
118.8
118.2
119.6
104.
129.
Durable manufactures
14.80 110.4 112.8 113.9
104.
107.9
772.6
115.6
107.4
Nondurable manufactures
112.6
Mining
777.9
125.0
102.2
773.9
128.9
102.7
92.8
Utilities
Electric.
Gas
127.3 128.0 129.8 129.6 129.5 129.3 131.8 135.1 136.2 134.5
124.7 125.4 125.5, 126.9 126.5 124.2 123.6 123.8
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in
Industrial Production—1957-59 Base. Figures tor individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
1496
INDUSTRIAL PRODUCTION: N.S.A.
MARKET GROUPINGS
[1957-59= 100]
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense. . .
Materials
1957-59 1961
proaverporage
tion
1962
1961
Sept.
Oct.
Nov.
Dec.
Jan.
100.00 109.8 113.6 117.1 115.8 114.0 113.1
47.35 111.3 115.2 119.0
32.31 112.7 117.7 122.7
15.04 108.3 110.0 111.1
52.65 108.4 112.2 115.4
117.0
118.9
112.9
114.7
Feb.
Mar.
116.4
118.1
115.2 113.8 116.7 118.6
115.1 113.9 116.9 118.7
115.4 113.6 116.1 118.3
112.9 112.6 116.1 117.6
Apr.
May
June
July
Aug.
Sept,
118.3
118.2
119.9
113.9
117.6
121.5
118.6 775.5 727.5 777.5 119.4
118.5 118.2 121.3 116.5 118.8
118.6 119.1 121.1 119.6 120.6
118.2 118.0 118.7 110.7 116.0
725.9
124.7
122.2
119.5
Consumer goods
Automotive products
Autos
A u t o parts and allied p r o d u c t s . . . .
5.27
1.82
1.39
111.8 100.9 126.8 136.1 137.6 131.1 130.0 131.3 138.6 138.5 735.7 129.8
139.9
120.1
137.1
127.9
139.4
120.2
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
10.00 110.5 114.0 121.9 117.7
4.59 112.2 123.8 126.3 123.6
1.81 109.9 125.2 126.6 122.4
1.33 110.7 122.9 121.
118.1
.47 107.8 131.9 142.3 134.7
1.26 112.8 121.6 123.9 123.1
1.52 114.5 123.8 127.8 125.4
5.41 109.0 105.7 118.2 112.8
111.9
119.6
113.1
115.1
107.4
124.9
122.9
105.4
109.2 119.3 122.9 120.5
112.1 119.9 124.2 122.4
108.2 120.8 127.2 121.3
109.5 121.5 132.5 125.8
104.6 118.8 112.2 108.7
113.8 119.8 121.3 121.9
115.2 118.8 123.0 124.1
106.9 118.9 121.8 118.8
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
19.10 114.0 122.4 122.4 116.6 113.0 113.4 113.5 114.4 114.1 775.7 779.7 118.9 125.0 727.2
124.2 130.2
8.43 110.5 126.2 124.6 115.9 108.0 104.6 103.9 104.7 106.3 107.4 112.0 116.
95.5 100.2 109.3 109.7 116.6 125.0 113.6 117.8
95.7
2.43 109.5 113.2 118.9 105.9
2.97 120.7 123.3 126.8 125.6 123.9 123.6 126.2 126.2 127.7 128.7 133.2 125.3 133.9 132.4
1.47 114.9 119.1 118.3 115.9 115.2 116.2 116.3 117.8 115.7 116.2 115.9 114.8 117.6 120.3
3.67 119.2 120.7 117.3 118.1 126.1 135.7 132.3 128.7 122.8 120.0 124.3 125.7 127.6
108.6 113.4 114.2 112.3 113.0
110.2 112.8 114.8 113.3 109.5 105.
1.20 107.6 105.4 107.
2.46 124.9
1.72 125.3 128.3 120.3 119.9 134.5 152.8 146.6 140.8 130.3 121.6 126.9 134.0 139.1
.74 124.0
777.5
121.0
117.2
120.8
107.1
120.1
126.3
114.8
136.7
120.7
79.4 124.9
43.4 120.0
126.8 131.3
152.4
118.1
129.3
123.5
136.8
121.0
150.0 149.3
123.6 124.2
149.9
117.8
108.6 86.3
116.0 120.2
120.8 707.7 779.7 119.8
125.5 110.7 117.8 130.8
99.6 103.6 127.2
124.3
129.9 107.1 101.7 126.7
108.5
78.4 108.9 128.6
123.5 116.8 126.7 131.4
128.5 119.0 127.3 134.7
116.8 105.0 121.2
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment
77.55 770.7 777.5 772.5 114.1 775.9 114.5 777.5 720.2 727.5 722.0 124.6
119.6
6.85 107.4 109.4 109.7 110.2 114.1 111.9 112.8 114.3 115.7 116.
2.42 127.0 130.9 133.2 135.3 137.5 135.6 138.3 140.4 141.3 142.7 145.2
1.76 103.4 104.0 106.4 111.4 110.2 104.9 111.4 117.3 116.2 116.1 119.5
88.7 104.5 114.0 120.2 114.9 113.7
93.4
80.5
82.8
81.1
.61
85.7
722.0 722.5 124.5
117.8 118.8 120.5
142.7 145.0 147.3
117.6 116.0 119.5
93.1
99.6
94.1
5.47
Materials
112.4 772.0 770.5 709.5 113.4 775.5 775.9 775.5 775.7
116.0 126.8 129.9 128.1 126.9 128.4 128.4 130.6 123.6
110.3 112.9 115.7 115.0 116.7 119.0 120.9 119.7 119.8
94.8 100.2 103.4 109.6 114.7 118.8
113.2 107.3 100.5
112.0 109.4 109.3 113.9 121.2 120.9 116.3 107.1 103.6
705.7 777.5 775.5
117.4 107.5 130.0
115.4 116.1 119.4
113.8 119.4 120.0
95.6 101.9
88.4
Durable goods materials.
Consumer durable
Equipment
Construction
Metal materials n.e.c.. . .
26.73
3.43
7.84
9.17
6.29
709.4
104.
107.9 103.1
105.7 106.7
105.2 113.5
101.2 110.0
Nondurable materials
Business supplies
Containers
General business supplies. .
Nondurable materials n.e.c.. .
25.92
9.11
3.03
6.07
7.40
772.7 775.7 775.5 777.5 775.7 775.7 775.5 720.0 119.4 779.7 727.5 772.7 720.
722.5
110.5 114.9 117.6 115.
109.1 109.5 113.5 116.6 117.2 117.3 118.2 108.7 118.3 121.5
111.3 121.4 120.3 110.8 101.9 107.3 114.4 119.7 116.5 117.1 123.4 112.5 128.0 126.9
110.0 111.7 116.2 117.2 112.7 110.6 113.1 115.0 117.5 117.4 115.6 106.8 113.5 118.9
120.6 123.0 130.1 130.1 128.0 128.8 134.3 135.1 133.9 135.9 136.6 124.9 134.1 134.6
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other.
Gas
9.41
6.07
2.86
2.32
1.03
1.21
.54
107.1
102.0
121.0
121.7
114.8
129.1
118.0
7.80
24.51
112.0
112.9
109.2
100.6
110.3
104.0
109.9
104.8
110.8
105.7
111.5
105.9
111.7
106.8
111.4
106.2
110.2
105.4
109.2
102.5
112.3
104.8
107.0
96.4
112.8
103.7
133.0
119.8
146.5
127.5
120.9
135.3
123.5
119.2
129.2
124.0
118.7
130.5
126.1
121.3
132.4
123.1
119.2
128.6
124.6
122.0
129.0
122.3
120.1
126.2
126.6
121.6
133.1
133.6
123.7
144.7
136.1
120.6
152.2
140.3
125.4
156.1
114.4
118.7
126.5
121.4
128.7
115.8
127.0
111.3
120.1
112.1
124.3
114.8
127.4
116.1
129.3
115.3
128.4
115.1
128.8
119.1
118.8
116.0
102.2
124.3
113.5
104.8
Supplementary groups of
consumer goods
Automotive and home goods...
Apparel and staples
See NOTE on opposite page.
128.6
123.6
1497
INDUSTRIAL PRODUCTION: N.S.A.
INDUSTRY GROUPINGS
[1957-59= 100]
1957-59 1961
proaverporage
tion
Grouping
1961
Sept.
Oct.
Nov.
1962
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
100.00 109.8 113.6 117.1 115.8 114.0 113.1 116.4 118.1 118.3 118.2 119.9 113.9 117.6 121.5
Total index.
86.45
48.07
38.38
8.23
5.32
109.7
107.0
112.9
102.6
122.8
113.7
110.4
117.8
103.2
117.7
114.
122.3
106.0
116.3
115.1
117.9
105.3
114.0
115.1
112.6
104.6
112.7
112.9
112.5
103.1
116.6
116.6
116.6
103.7
118.6
118.6
118.6
103.5
119.1
119.6
118.4
104.9
119.0
118.8
119.1
105.5
120.4
119.2
121.8
107.5
114.0
113.6
114.5
101.0
117.5
112.8
123.5
106.4
722.0
120.5
123.9
106.7
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
102.2
98.9
96.5
107.5
106.5
105.2
109.7
107.5
106.4
111.3
112.6
108.6
111.3
108.
106.9
115.6
114.6
112.9
110.0
107.3
104.9
116.0
113.6
112.9
110.7
108.3
107.8
110.1
113.9
112.2
112.5
115.3
115.2
115.6
108.8
106.2
117.5
123.0
122.8
123.8
110.4
106.9
119.0
123.8
124.4
121.9
112.7
108.2
116.5
117.7
116.0
123.8
115.1
110.7
109.8
103.9
97.5
127.2
117.4
113.4
108.4 97.6
98.7
82.9
91.3
76.8
125.5 104.9
120.9 116.7
116.4 113.9
104.5
92.0
86.6
111.6
120.7
115.8
770.5
98.7
93.5
117.6
125.6
119.1
Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment. . .
Instruments and related products. .
Ordnance and accessories
27.98
14.
8.43
6.37
10.19
4.68
5.26
1.71
1.28
108.8
110.4
106.5
115.7
103.6
111.9
95.7
115.8
108.8
113.5
107.2
121.9
97.9
98.5
96.6
118.
114.3
115.5
107.9
125.6
109.8
122.7
98.0
119.3
117.8
115.5
108.0
125.5
118.6
138.4
101.0
121.6
119.4 116.7
117.7 116.2
112.6 111.9
124.4 122.0
119.8 115.2
140.0 132.1
102.1 100.6
121.4 119.0
119.0 121.4 122.7 123.2 123.4 119.8
119.8 122.9 123.7 123.9 126.7 119.3
115.5 119.6 121.5 121.9 123.6 119.1
125.6 127.2 126.7 126.5 130.8 119.6
116.0 117.9 119.8 120.9 117.0 118.0
131.1 133.4 139.7 141.9 133.6 135.0
102.2 103.6 101.2 101.2 101.6 102.7
118.3 119.4 121.0 121.4 124.1 122.2
113.4
121.1
118.0
125.2
97.
87.0
104.8
125.0
725.9
126.9
120.0
136.2
117.2
129.4
106.1
125.2
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72
2.99
1.73
104.5
106.3
101.3
113.9
114.1
113.6
112.4
113.9
109.9
105.6
109.0
99.7
96.5
100.7
89.1
91.0
94.0
85.9
99.6
97.7
102.9
700.4 705.5
100.6 109.7
100.0 105.8
775.9
116.4
109.6
775.5 772.5 720.7
118.7 117.7 121.8
117.6 103.9 117.2
779.5
120.2
118.3
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures....
3.05
1.54
1.51
114.1 122.4
115.3 123.2
112.8 121.6
125.5
125.4
125.5
125.4
125.2
125.5
122.6
125.7
119.5
775.7
116.2
111.1
777.0
120.6
113.4
720.7
122.5
117.5
727.
123.6
120.0
725.5 126.4
124.3 127.9
122.2 124.9
722.5 729.7
124.8 132.1
120.2 126.0
757.2
133.2
129.2
Textiles, apparel, and leather
Textile mill products
Apparel products.
Leather and products
7.60
2.90
3.59
1.11
108.4
106.9
112.
100.2
106.2
109.9
105.5
99.3
117.3
117.5
121.2
104.2
112.5
113.7
114.7
102.3
707.5
110.1
108.4
99.6
709.0
111.1
109.7
101.6
779.5
116.9
124.6
110.1
722.0
119.1
128.1
109.7
775.0
115.0
124.3
105.5
775.5 777.9
119.6 121.2
119.5 119.6
99.1 104.2
702.4
100.9
107.0
91.9
779.5
117.7
124.1
107.9
110.9
115.1
Paper and printing
Paper and products
Printing and publishing
Newspapers
8.17
3.43
4.74
1.53
112.4 115.8
113.7 118.5
111.5 113.9
106.0 107.2
120.2
125.0
116.8
116.1
118.0
119.0
117.4
118.4
777.7 777.5
108.3 114.4
109.9
114.
107.4 100.0
775.7 775.9
121.5 123.7
112.2 115.5
105.2 110.8
118.4 777.7 777.5 705.7 777.2
122.0 120.0 122.0 107.8 123.5
115.8 116.0 114.3 109.5 112.7
114.1 115.0 108.6
96.0 101.7
720.0
122.4
118.2
112.1
754.2
138.7
147.7
117.4
133.5
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable manufactures
Nondurable manufactures
Chemicals, petroleum, and rubber.,
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.
1.99
118.8
123.3
129.6
108.
111.9
121.9 125.8 125.1
125.9 129.0 129.4
132.6 137.3 139.9
110.3 112.3 109.6
118.3 127.0 123.9
123.2
127.9
139.0
109.0
119.5
124.4
127.7
138.6
110.5
125.7
727.5 128.4
132.2 133.8
143.5 144.8
109.4 110.0
127.5 126.1
129.4
135.8
145.2
106.3
127.8
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
i i . o:
10.25
8.64
1.61
110.4
110.3
110.6
107.9
110.8
122.8 123.4
123.5 123.4
125.4 124.7
111.8 115.4
114.0 123.9
105.7
106.8
108.5
97.0
91.5
705.7
102.7
105.3
89.2
107.9
705.5 705.0
103.1 105.3
104.6 105.0
95.0 106.5
110.5 115.0
707.5 709.5
107.0 108.9
106.6 107.5
109.4 116.5
116.6
110.
705.5
95.4
107.4
109.5
107.0
125.5
92.8
104.6
96.1
106.3
108.6
105.7
126.7
91.2
104.0
94.9
105.9
107.9
105.9
120.5
92.4
,
,
,
114.
114.0
116.5
100.0
115.9
757.0
137.1
146.8
110.9
127.6
725.5
131.2
142.5
117.9
113.0
757.7
137.4
147.
116.6
124.7
755.5
137.9
774.7 775.2
114.5 116.4
111.8 115.7
129.1 120.3
116.9 100.4
722.4
122.5
123.7
116.0
121.2
725.7
126.5
129.7
96.2
60.7
103.6
104.8
103.6
702.5
98.6
103.7
104.9
103.7
103.8
99.2
104.7
106.1
105.2
95.1
'9'5'A
117.1
Mining
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80
1.16
5.64
4.91
4.25
.66
.73
100.9 99.5 102.
704.7 105.5 105.4
90.1
98.6 103.4 100.9
95.9
95.
103.1
99.6 102.6 104.8 107.5 107.6
104.
101.
105.
108.0 108.5
104.
102.5 104.8 105.3
103.0 100.3 102.
116.8 106.3 116.7 126.0 128.5 128.9
92.0
89.6
98.9 103.8 101.3
91.3
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
1.43
.61
110.5 121.0
111.9 125.
109
117.
121.6
126.0
118
110.5
110.9
110.2
100.5
103.0
98.6
91.8
101.6
84.6
96.
106.3
88.7
95.5
105.3
93.5
705.5 725.0
112.9 133.7
105.8 118.6
4.04
1.28
123.2
121.5
124.4
122.0
128.5
137.5
133.2
131.6
125.7
101A
93.1
103.0
104.7
103.1
114.8
91.9
705.5
103.8
103.4
105.1
104.0
111.9
92.0
'95'.2
725.5 123.9
134.8 126.6
120.3 121.8
725.5 120.8
119.5 115.6
126.4 124.6
Utilities
Electric.
Gas
131.0
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in
124.5
130.8 135.3 139.8
Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
1498
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1957-59= 100]
Manufacturing
Industrial production
Constrution
contracts
Major market groupings
Major industry
groupings
Period
Final products
Total
Total
Con
Equipsumer
ment
goods
Mate
rials
Mfg.
Mining
Utilities
Prices 3
2
Nonagricultural
employment—
Total i
Employment
Payrolls
Freight Department
carstore
loadsales
ings
Consumer
Whole
sale
commodity
1948
1949
68.4
64.7
66.6
64.5
69.2
68.8
58.3
52.0
70.2
64.8
68.9
65.1
84.0
74.5
40.8
43.4
41
44
85.4
83.3
102.5
93.6
64.8
60.0
127.6
108.2
83.8
83.0
87.9
83.5
1950
1951
1952
1953
1954
74.9
81.3
84.3
91.3
85.8
72.
78.6
84.3
89.9
85.7
78.6 56.4
78.4
77.
79.5 94.1
85.0 100.5
84.3 88.9
76.9
83.8
84.3
92.6
85.9
75.8
81.9
85.2
92.7
86.3
83.2
91.3
90.5
92.9
90.2
49.5
56.4
61.2
66.8
71.8
61
63
67
70
76
86.0
91.0
92.9
95.6
93.3
99.4
106.1
106.1
111.6
101.8
68.9
80.3
84.5
93.6
85.4
117.1
121.5
115.0
116.6
104.6
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.
108.7
109.8
109.9
111.3
111.0 107.6
112.7 108.3
107.6
108.4
108.9
109.7
101.6
102.6
115.6
122.8
105
108
103.4
102.9
99.7
95.6
106.6
105.2
95.3
91.2
106
109
103.1
104.2
100.7
100.3
1961—Sept.
Oct..
Nov.,
Dec.
112.0
113.5
114.8
115.6
112.6
114.
116.4
116.9
113.4
115.9
117.5
117.9
110.8
112.4
114.1
114.9
110.9
112.9
113.9
114.8
112.1
113.5
115.0
115.9
102.4
104.4
105.2
104.7
125.7
126.5
126.7
127.3
103
114
116
119
103.3
103.5
103.7
103.7
96.1
96.3
97.1
97.3
106.5
108.1
110.3
111.6
90.1
94.4
95.3
95.6
110
109
112
113
104.6
104.6
104.6
104.5
100.0
100.0
100.0
100.4
114.3
116.0
117.0
117.7
118.4
118.6
119.3
119.6
119.8
H19.5
115.7
116.8
118.2
118.5
120.2
120.6
121.7
121.6
121.5
112.7
115.0
116.1
117.0
118.5
120.1
121.8
123.2
123.5
P124.2
113.7
115.5
116.9
117.1
117.0
117.1
117.0
117.7
118.2
114.4
116.3
117.4
118.1
118.8
118.9
119.7
120.2
120.2
^119.9
104.0
104.3
104.8
105.5
104.8
104.6
106.1
105.5
106.0
P1O5.3
128.8
129.0
128.8
128.1
129.8
132.4
133.5
132.3
133.0
^134.0
115
119
131
121
117
120
117
118
113
103.5
104.2
104.4
105.1
105.4
105.6
105.8
105.6
105.7
?105.8
96.8
97.7
98.4
99.6
99.8
99.9
99.7
98.7
98.8
110.8
112.7
113.4
114.8
113.7
113.5
113.1
112.5
115.2
P113.4
93.9
96.8
96.6
96.1
94.0
89.9
89.6
90.2
r
90.0
90.3
110
117
113
'115
111
114
115
^117
104.5
104.8
105.0
105.2
105.2
105.3
105.5
105.5
106.1
100.8
100.7
100.7
100.4
100.2
100.0
100.4
100.5
101.2
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1
2
3
116.
117.
118.
119.
121.
120.
121.
120.
121.
^120.
Employees only, excludes personnel in the armed forces.
Production workers only.
Prices are not seasonally adjusted.
NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Corp. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
Freight carloadings: Based on data from Association of American
Railroads.
CONSTRUCTION CONTRACTS
[In millions of dollars]
1961
Type of ownership and
type of construction
1960
1962
1961
37,135
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
3,004
3,291
3,008
2,712
2,658
2,749
3,986
3,860
4,009
3,900
3,747
3,631
3,273
Total construction
36,318
By type of ownership:
Public
. .
Private
12,587 12,547
23,731 24,588
954 1,021
2,050 2,270
942
2,066
1,091
1,621
922
1,736
877 1,475
1,871 2,511
1,211
2,650
1,227
2,782
1,331
2,569
1,231
2,516
1,039
2,591
By type of construction:
Residential
Nonresidential
Public works and utilities
15,105
12,240
8,973
1,381
987
637
1,306
1,095
607
1,125
883
704
1,190
853
615
1.192
893
664
1,816
1,102
943
1,819
1,275
915
1,656
1,242
1,002
1,623
1,197
926
1,651
1,177
802
16,123
12,115
8,897
1,498
1,005
787
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
1,552
1,325
1,108
1,519
1,019
735
data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.
1499
CONSTRUCTION
V A L U E
O F
N E W
C O N S T R U C T I O N
[In millions of
A C T I V I T Y
dollars]
Public
Private
Period
Total
Total
N o n farm
residential
Business
Industrial
Total
C o m mercial
Public
utility
1953
1954
1955
1956
1957
1958
37,019
39,234
44,164
45,815
47,845
48,950
25,783
27,556
32,440
33,067
33,766
33,493
13,777
15,379
18,705
17,677
17,019
18,047
8.4J5
8,403
9,980
11,608
12,535
11,058
2,229
2,030
2,399
3,084
3,557
2,382
1,791
2,212
3,218
3,631
3,564
3,589
4
4
4
4
5
5
19591
1960
1961
56,555
55,556
57,399
40,344
39,603
40,365
24,962
22,546
22,499
11,044
12,354
12,811
2,106
2,851
2,759
3,930
4,180
4,663
1961—Oct...
Nov..
Dec.
58,905
61,037
58,910
41,767
42,044
41,881
24,026
24,504
24,440
12,693
12,542
12,515
1962—Jan...
Feb..,
Mar..
59,019
56,811
57,861
58,315
60,748
62,678
62,084
62,829
62,760
62,646
41,077
39,909
40,553
41,747
43,472
44,842
44,908
45,244
45,332
44,404
23,187
22,245
22,507
23,484
25,018
26,118
25,987
25,957
26,063
25,515
12,875
12,622
12,897
12,973
13,119
13,354
13,516
13,835
13,796
13,502
2,608
2,554
2,537
2,590
2,592
2,653
2,792
2,886
2,950
2,962
2,936
2,930
2,885
Iv&y!
June.
July..
A u g . .
Sept.*5
Oct.p.
l Beginning with 1959, includes data for Alaska a n d Hawaii.
N O T E . — M o n t h l y d a t a a r e a ts e a s o n a l l y a d j u s t e d a n n u a l r a t e s .
Beginning with 1959, figures are Census Bureau estimates.
D a t a before
N E W
By area
(private
883
982
1,085
,275
,344
,387
5,008
5,323
5,389
4,338
4,703
5,055
16,211
15,953
17,034
1,488
1,386
1,368
5,870
5,464
5,818
,467
,487
,581
7,386
7,616
8,267
4,681
4,608
4,641
5,404
5,380
5,337
5,04»
4,998
4,926
17,138
18,993
17,029
793
1,760
982
6,340
7,099
6,235
,589
,586
,590
8,416
8,548
8,222
4,928
4,756
4,795
4,793
4,752
4,865
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
17,942
16,902
17,308
16,568
17,276
17,836
17,176
17,585
17,428
18,242
791
1,248
1,409
1,442
1,349
1,549
1,170
1,244
7
5
5
5
5
5
5
6
6
,636
8,265
8,574
8.413
8,294
8,292
8,491
8,328
8,375
H O U S I N G
A p r .
M a y
June
July
A u s
Sept
.
Pri>fate
Metropolitan
N o n metropolitan
Public
1,077
889
938
477
407
418
1,517
1,252
1,304
1,234
995
966
56
44
44
227
214
294
128
129
106
87
91
88
72
63
37
41
34
24
122
124
103
82
91
92
74
54
4
4
3
3
2
2
2
2
8
7
5
5
6
5
3
4
2
3
3
2
81
76
115
147
154
136
136
P147
^116
3
3
5
5
5
4
4
4
23
20
31
41
42
36
36
40
Pin
23
22
34
41
44
43
42
50
33
54
54
80
101
107
96
95
104
»1,284
60
56
84
111
112
96
98
99
84
2
1
3
5
H,5l\
83
78
118
152
156
140
139
^149
2
2
2
3
3
3
3
3
2
1
1
1
1
1
1
1
,
,
,
,
6
0
2
5
5
4
8
7
247
134
407
521
566
,399
,447
804
897
976
780
700
827
946
l Beginning with 1959, based o n revised definition of metropolitan
N O T E . — B e g i n n i n g with
farm a n d n o n f a r m series
ownership
94
90
87
82
120
170
215
,554
1,296
.355
73
52
31
42
79
25
66
4 0
12
B y type of
42
34
33
31
33
39
49
1 9 5 9 . . . .
I960
1961
1,2
1,1
1,4
1,5
1,5
1,4
1,4
* l , 5
^1,3
l
933
1,077
1,190
981
840
933
1,079
3
4
3
2
048
013
491
682
494
123
units]
1 068
1,202
1,310
1,094
993
1,142
1,343
,
,
,
,
,715
,775
,805
,807
,802
,771
,754
,781
,
,
,
,
,
,
S T A R T S
300
324
353
338
342
382
432
1,220
1,329
1,118
t 042
1,209
1,379
1
1
1
1
t666
6
6
5
5
6
7
1959 are joint estimates of the Depts. of C o m m e r c e a n d Labor.
D a t a beginning w i t h J u n e 1962 reflect m i n o r revisions i n seasona
factors n o t yet i n c o r p o r a t e d in earlier
figures.
Multifamily
1.104
Mar
,250
,414
,771
,057
,830
,989
,876
,195
,140
2family
1954
1955
1956
1957
1958
1959
1 9 6 2 — J a n
F e b
15
42
49
90
35
70
05
52
73
87
1family
1953
383
434
351
297
0
0
1
2
3
3
4
4
4
3
1
7
5
8
1
8
Total
N o n farm
Total
,
,
,
,
,
,
,
,
,
,
,
,
,
,
5
7
7
7
2
3
Other
3,015
3,680
3,861
4,431
4,954
5,545
,357
,274
,449
,388
,481
,539
,444
,626
,652
,599
3,
3,
3,
3,
4,
4,
Sewer
and
water
Governmentunderwritten
Total
1
1
1
1
5
1
3
3
4
7
Highw a y
1,290
1,003
1,287
1,360
1,287
1,402
only)
Period
1 9 6 1 — S e p t
Oct.
N o v
D e c
7
6
6
9
1
8
Military
11,236
11,678
11,724
12,748
14,079
15,457
[In thousands o f
Annual rate,
4
1
3
8
4
0
Total
1
4
5
2
2
8
5,110
5,273
5,214
5,018
,
,
,
,
,
,
Other
nonresidential
areas.
1959, C e n s u s B u r e a u series includes
both
developed initially b y the B u r e a u o f L a b o r
Total
FHA
VA
36
19
19
24
49
68
36
409
583
670
465
322
439
458
252
276
277
195
193
337
349
157
307
393
271
128
102
109
37
44
52
458
336
328
349
261
244
109
75
83
8
3
0
3
21
23
23
17
7
9
7
6
3
0
7
3
4
1
3
6
6
18
15
21
25
26
24
25
28
20
4
5
6
8
g
7
7
8
6
3
4
P
2
n
Statistics, for w h i c h annual totals are given including overlap for 1959.
D a t a from Federal H o u s i n g Administration a n d Veterans Administration
r e p r e s e n t u n i t s s t a r t e d , b a s e d o n field o f f i c e r e p o r t s o f f i r s t c o m p l i a n c e
inspections.
1500
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[In thousands of persons unless otherwise indicated]
Civilian labor force
Total noninstitutional
population
Period
Total
labor
force
Total
Total
In nonagricultural
industries
In
agriculture
117,388
118,734
120,445
121,950
123,366
125,368
127,852
68,896
70,387
70,746
71,284
71,946
73,126
74,175
65,848
67,530
67,946
68,647
69,394
70,612
71,603
62,944
64,708
65,011
63,966
65,581
66,681
66,796
56,225
58,135
58,789
58,122
59 745
60,958
61,333
6,718
6,572
6,222
5,844
5,836
5,723
5,463
Oct
Nov
Dec
128,571
128,756
128,941
74,345
74,096
73,372
71,759
71,339
70,559
67,824
67,349
66,467
61,860
62,149
62,049
5,964
5,199
4,418
1962—Jan
Feb
Mar
Apr
May
129,118
129,290
129,471
129,587
129,752
129,930
130,183
130,359
130,546
130,730
72,564
73,218
73,582
73,654
74,797
76,857
76,437
76,554
74,914
74,923
69,721
70,332
70,697
70,769
71,922
74,001
73,582
73,695
72,179
72,187
65,058
65,789
66,316
66,824
68,203
69,539
69,564
69,762
68,668
68,893
60,641
61,211
61,533
61,863
62,775
63,249
63,500
63,993
63,103
63,418
4,417
4,578
4,782
4,961
5,428
6,290
6,064
5,770
5,564
5,475
1955
1956
1957
1958
1959
I960 3
1961
1961
July
Sept
Oct
Not in the
Unemployment2
rate
(per cent)
S.A.
2,904
2,822
2,936
4,681
3,813
3,931
4,806
48,492
48,348
49,699
50,666
51,420
52,242
53,677
4.2
4.3
6.8
5.5
5.6
6.7
3,934
3,990
54,226
54,659
55,570
Employed!
1
2
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
3 Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.
Unemployed
4,091
4,663
4,543
4,382
3,946
3,719
4,463
4,018
3,932
3,512
3,294
56,554
56,072
55,889
55,933
54,956
53,072
53,746
53,805
55,631
55,808
4.4
6.7
6.1
6.0
5.8
5.6
5.5
5.5
5.4
5.5
5.3
5.8
5.8
5.5
NOTE.—Information relating to persons 14 years of age and over is
obtained on a sample basis. Monthly data relate to the calendar week
that contains the 12th day; annual data are averages of monthly figures.
Bureau of Labor Statistics estimates.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[In thousands of persons]
Contract
construction
Transportation &
public
utilities
792
822
828
751
731
709
666
2,802
2,999
2,923
2,778
2,955
2,882
2,760
16,361
16,466
16,513
661
665
654
54,434
54,773
54,901
55,260
55,403
55,535
55,617
55,536
55,582
55,626
16,456
16,572
16,682
16,848
16,891
16,923
16,908
16,795
16,797
16,794
55,065
55,129
55,503
53,737
53,823
54,056
54,849
55,209
55,777
55,493
55,709
56,250
56,308
Total
Manufacturing
50,675
52,408
52,904
51,423
53,380
54,347
54,077
16,882
17,243
17,174
15,945
16,667
16,762
16,267
1961—Oct
Nov
Dec
54,385
54,525
54,492
1962 Jan .
Feb
Mar
Apr
May
Period
1955
1956
1957
1958
1959 l
I960
1961
Trade
Finance
Service
Government
4,141
4,244
4,241
3,976
4,010
4,017
3,923
10,535
10,858
10,886
10,750
11,125
11,412
11,368
2,335
2,429
2,477
2,519
2,597
2,684
2,748
6,274
6,536
6,749
6,811
7,105
7,361
7,516
6,914
7,277
7,626
7,893
8,190
8,520
8,828
2,758
2,719
2,699
3,929
3,927
3,911
11,365
11,374
11,366
2,764
2,771
2,770
7,580
7,611
7,642
8,967
8,992
8,937
653
653
654
656
659
652
648
646
642
635
2,594
2,694
2,648
2,734
2,716
2,671
2,738
2,731
2,709
2,697
3,906
3,914
3,927
3,935
3,936
3,934
3,913
3,932
3 924
3,934
11,384
11,447
11,460
11,546
11,596
11,621
11,652
11,627
11 614
11,619
2,772
2,774
2,776
2,778
2,786
2,788
2,792
2,796
2,799
2,810
7,640
7 675
7,681
7,675
7,692
7,749
7,783
7,805
7,820
7,827
9,029
9 044
9,073
9 088
9,127
9,197
9,183
9,204
9 277
9,310
16,607
16,658
16,556
668
667
657
2,981
2,825
2,575
3,953
3,943
3,927
11,450
11,611
12,181
2,758
2,757
2,756
7,618
7,596
7,573
9,030
9,072
9,278
16,370
16,452
16,525
16,636
16,682
16,870
16,782
16,931
17,118
17,040
647
642
640
647
657
2,298
2,282
2,328
2,589
2,749
2,839
2,982
3,031
2,972
2,915
3,863
3,863
3,880
3,904
3,924
3,965
3,948
3,963
3,955
3,958
11,270
11,188
11,223
11,470
11,476
11,582
11,540
11,558
11,629
11,707
2,747
2,749
2,754
2,770
2,780
2,808
2,839
2,841
2,813
2,804
7,510
7,545
7,573
7,690
7 769
7 881
7,884
7,867
7,867
7,866
9,032
9,102
9,133
9,143
9,172
9 171
81870
8,860
9,244
9,376
Mining
SEASONALLY ADJUSTED
July
Aug
Sept.P
Oct p
NOT SEASONALLY ADJUSTED
1961—Oct
Nov.
Dec
1962 Jan
Feb
Mar
Apr
May
July
Aug p.
Sept.v
Oct
...
. .
....
661
648
658
652
642
i Data includes Alaska and Hawaii beginning with 1959.
NOTE.—Bureau of Labor Statistics; data include all full- and partme 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.
1501
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[In thousands of persons]
Seasonally adjusted
Industry group
1961
Total
Without seasonal adjustment
1962
1962
1961
Oct.
Aug.
Sept.*
Oct.*
Oct.
Aug.
Sept.*
Oct.*
12,129
12,432
12,447
12,416
12,379
12,544
12,748
12,666
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
6,676
99
536
308
461
943
831
971
983
1,011
223
310
6,925
103
545
320
468
910
858
1,034
1,045
1,090
231
321
6,960
101
540
315
464
907
867
1,026
1,033
1,163
229
315
6,946
102
537
313
466
898
859
1,032
1,052
1,144
226
317
6,771
98
555
317
470
950
848
955
997
1,021
226
334
6,862
102
576
323
481
906
851
1,015
1,041
1,008
229
331
7,039
101
566
323
481
912
873
1,021
1,060
1,136
231
336
7,043
101
556
322
475
904
876
1,015
1,067
1,155
229
342
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
5,453
1,196
79
796
1,073
All
594
509
132
285
318
5,507
1 1170
70
81
791
,109
481
598
524
127
306
320
5,487
1,170
80
787
1,107
477
599
523
123
304
317
5,470
1,168
79
782
1,104
479
597
520
124
301
316
5,608
1,286
96
806
1,087
477
602
510
132
294
317
5,682
1,304
90
798
1,129
484
596
523
128
303
327
5,709
1,320
100
796
1,127
485
603
525
125
309
320
5,623
1,256
95
792
1,118
485
605
521
124
311
315
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay
for, the pay period ending nearest the 15th of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average hours worked
(per week; S.A.)
Industry group
1961
Oct.
Average weekly earnings
(dollars per week; N.S.A.)
1962
Aug.
Sept.*
Oct.*
Oct.
1961
1962
1961
Aug.
Sept.*
Average hourly earnings
(dollars per hour; N.S.A.)
1962
Oct.*
Oct.
Aug.
Sept.*
Oct.*
Total
40.2
40.2
40.4
40.1
94.54
95.75
97.44
96.72
2.34
2.37
2.40
2.40
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.
40.6
41.3
39.9
40.3
40.8
40.5
40.9
41.4
40.5
40.9
40.9
39.7
40.9
41.4
40.3
40.5
41.2
39.7
41.0
41.9
40.5
41.5
41.0
39.7
41.0
41.1
40.2
40.8
41.3
39.9
41.1
41.7
40.6
42.4
40.6
39.7
40.7
41.0
39.7
40.5
41.3
39.5
41.1
41.5
40.4
42.0
40.4
39.5
102.66
115.92
81.41
80.12
97.88
119.29
102.75
109.03
96.05
117.29
98.64
76.78
103.89
115.34
81.80
80.54
101.57
116.23
105.32
112.32
97.20
119.19
100.04
77.42
105.88
116.31
82.01
81.54
101.50
118.40
106.91
112.74
99.22
124.49
99.72
78.01
105.37
116.31
80.20
81.34
101.99
115.94
106.14
112.19
98.25
126.35
99.88
78.80
2.51
2.80
2.01
1.94
2.37
2.96
2.50
2.64
2.36
2.84
2.40
1.91
2.54
2.82
2.00
1.95
2.43
2.95
2.55
2.70
2.40
2.90
2.44
1.95
2.57
2.83
2.01
1.96
2.44
2.96
2.57
2.71
2.42
2.95
2.45
1.96
2.57
2.83
1.99
1.96
2.44
2.95
2.57
2.71
2.42
2.98
2.46
1.97
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
39.6
41.2
39.4
40.4
35.7
42.7
38.1
41.7
41.8
40.4
37.4
39.4
40.7
37.4
40.3
36.1
42.5
38.3
41.5
41.7
40.5
37.5
39.7
40.9
39.0
40.3
36.4
42.6
38.4
41.5
41.9
41.1
37.9
39.2
40.7
37.7
40.0
35.6
42.3
37.9
41.2
41.6
40.4
37.2
84.77
89.84
69.36
67.08
60.14
101.91
105.71
108.58
125.93
98.49
62.76
86.18
91.46
68.04
68.21
62.16
103.82
108.29
110.12
126.35
101.02
65.53
87.20
93.18
71.34
67.54
61.69
104.49
109.91
110.81
130.90
102.42
64.53
85.89
92.43
68.03
68.45
59.98
103.52
107.82
110.15
126.99
100.53
63.15
2.13
2.17
1.70
1.64
1.68
2.37
2.76
2.61
3.02
2.42
1.71
2.16
2.22
1.80
1.68
1.68
2.42
2.82
2.66
3.03
2.47
1.72
2.18
2.24
1.74
1.68
1.69
2.43
2.84
2.67
3.08
2.48
1.73
2.18
2.26
1.74
1.69
1.68
2.43
2.83
2.68
3.06
2.47
1.73
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
1502
DEPARTMENT STORES
SALES AND STOCKS, BY DISTRICT
[1957-59= 100]
Federal Reserve district
United
States
Period
Minne- Kansas
Dallas
City
apolis
San
Francisco
80
85
93
97
99
104
106
108
80
88
93
94
99
107
108
111
75
84
92
96
99
105
100
102
74
82
91
93
98
109
110
115
106
103
107
106
108
106
109
108
114
108
112
112
101
101
104
106
118
115
118
120
104
103
112
108
112
108
111
113
114
98
108
111
107
113
105
112
108
113
104
103
109
116
108
106
112
111
110
105
114
118
115
116
111
116
113
101
110
106
104
108
107
112
107
113
119
120
123
118
121
123
123
124
122
105
110
129
201
108
109
129
191
107
108
128
185
116
115
125
190
115
111
128
195
r
97
103
120
184
116
112
134
217
HI
HS
92
113
110
101
94
103
118
85
91
105
115
111
104
106
109
114
77
75
93
108
111
103
92
101
116
75
78
90
105
113
97
94
103
114
74
78
87
112
103
106
88
106
118
79
82
97
111
113
105
105
111
79
80
91
103
104
96
102
108
109
90
95
99
116
110
117
112
119
121
90
86
93
102
97
101
113
112
79
90
99
100
96
104
108
109
77
86
98
102
97
101
107
108
84
89
97
100
97
103
108
109
86
93
102
103
98
99
103
104
83
88
98
102
97
101
108
108
82
90
99
100
98
103
109
111
70
76
84
99
98
104
106
104
76
81
92
96
97
107
114
116
106
107
109
109
112
114
113
115
109
111
114
114
109
110
110
109
114
113
113
113
113
114
116
119
108
109
108
110
112
110
110
111
103
105
106
106
116
117
118
118
112
114
113
112
113
113
113
116
116
110
110
112
111
112
112
113
113
113
114
114
114
115
115
117
116
115
118
116
117
118
118
116
119
119
117
117
112
111
114
114
114
115
120
116
119
114
114
116
113
116
121
122
123
122
112
114
115
117
111
117
117
116
115
111
113
113
114
112
113
109
110
111
111
113
114
114
115
114
115
115
111
113
114
111
114
115
114
112
121
122
124
124
127
128
127
126
121
131
135
108
117
126
131
105
112
124
127
100
119
130
133
105
117
126
130
105
115
123
129
98
121
123
126
101
121
130
131
106
114
123
126
104
116
123
127
103
109
118
121
98
122
130
134
108
100
106
115
117
116
109
108
114
123
102
106
114
116
115
106
102
113
121
96
103
112
116
114
106
103
109
120
98
106
114
116
115
111
112
115
125
101
108
119
121
118
112
111
119
126
101
108
116
117
113
107
110
116
126
102
106
116
118
119
117
119
122
129
100
106
116
121
120
111
112
117
123
99
106
111
112
111
104
107
111
117
101
107
114
116
114
109
110
112
96
106
115
115
112
108
109
115
109
115
125
125
125
123
123
126
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
80
88
94
96
99
105
106
109
84
91
96
96
99
104
106
112
76
80
89
95
100
105
108
112
86
93
97
98
99
104
104
107
83
92
96
98
98
104
108
110
81
89
95
97
98
105
104
107
72
81
90
94
99
107
107
109
87
95
99
100
97
104
104
105
83
90
96
97
98
104
103
103
1961—Sept
Oct
Nov
Dec
110
109
112
113
111
116
119
116
110
113
115
116
105
108
111
111
110
109
115
114
108
107
111
112
111
108
111
112
107
105
108
108
1962—Jan
Feb
Mar
Apr
May
June
July
110
110
117
113
115
111
114
115
Pill
113
101
122
113
110
112
115
117
116
112
112
119
119
113
108
113
117
120
110
104
110
111
115
107
109
112
114
112
109
118
112
117
110
114
109
116
109
111
115
109
115
110
112
115
118
110
118
126
108
117
115
118
118
121
1961—Sept
Oct
Nov
Dec
109
113
134
204
112
121
146
224
110
121
146
213
105
113
145
202
109
110
140
210
108
115
134
r
208
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
83
83
96
112
110
105
96
104
86
72
94
115
108
108
87
96
117
90
87
99
113
109
105
86
94
120
80
75
95
112
110
102
84
92
113
84
81
93
114
111
102
95
99
114
80
85
94
99
98
103
109
110
82
88
96
97
99
104
108
112
75
78
89
97
99
104
110
110
82
87
95
99
98
103
105
105
112
112
113
113
113
113
114
116
111
111
113
112
114
115
116
115
117
118
118
118
114
115
117
116
115
115
118
115
114
1961—Sept
Oct
Nov
Dec
118
126
130
104
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
102
108
116
118
117
112
112
117
^125
SALES
1954
1955
1956
1957
1958
1959
I960
1961
SEASONALLY ADJUSTED
Sept
NOT SEASONALLY ADJUSTED
r
r
.
....
...
STOCKS
1954
1955
1956
1957
1958
1959
I960 .
1961
SEASONALLY ADJUSTED
1961—Sept
Oct
Nov
Dec
. .
1962—Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
NOT SEASONALLY ADJUSTED
NOTE.—Based on retail value figures; sales are average per trading day;
stocks are as of end of month or averages of monthly data.
For description of series and for back data beginning with 1947, i
July 1962 BULL., P . 803.
1503
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
Amounts (in millions of dollars)
Outstanding
orders
Period
Ratios to sales
Receipts
3.0
3.0
4.1
4.0
1.0
1.0
449
458
458
464
498
2.9
3.0
3.1
3.0
3.0
4.0
4.1
4.1
4.1
4.1
1.0
1.0
.0
.0
.1
496
508
493
512
4.3
4.3
.0
.0
'653
645
555
391
'585
661
698
595
'590
652
608
431
3.1
3.1
3.3
3.2
2.8
1.5
.2
.2
.1
476
532
498
457
499
679
724
675
710
410
418
582
515
489
410
387
563
614
495
474
548
474
531
590
432
514
649
3.5
4.1
3.3
3.2
3.1
3.2
3.7
3.3
3.5
4.7
4.4
3.7
1.9
4.6
5.6
4.4
4.1
4.1
4.6
5.5
4.7
4.9
New
orders
Stocks
421
388
408
410
401
412
,195
,286
,338
,323
,391
446
470
461
437
510
444
459
461
462
495
494
503
,474
,485
518
530
1961—Sept.
Oct..
Nov.
Dec.
'478
529
630
965
,574
,708
,776
,406
1962—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
408
360
472
502
507
472
406
482
489
,408
,466
,576
,589
,571
1,509
1,490
1,571
1,696
Stocks
1953
1954
1955
1956
1957
1958
1959
406
409
,163
,140
437
454
459
462
488
1960
1961
NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts
reported by a selected group of department stores whose 1961 sales
were about 45 per cent of estimated total department store sales. Sales
are total for month, stocks, and outstanding orders are as of end of month.
Outstanding
orders
Stocks
plus
outs.
orders
Receipts
Sales
1.0
1.2
1.2
1.0
1.0
.9
1.0
1.2
1.3
Receipts and new orders: monthly totals derived from reported figures
on sales, stocks, and outstanding orders.
For further description see Oct. 1952 BULL., pp. 1098-1102. Back
figures may be obtained upon request.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Exports
Period
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan —Sept
..
. . . .
Imports
3
2
1960
1961
1962
1960
1961
1962
1960
1961
1962
1.561
1,579
1,753
1,817
1,814
1,742
1,702
,619
,612
74fi
1,799
1,806
1.644
1,671
1,933
1,707
1,749
1,699
1,637
1,669
1,631
I 890
1,818
827
1,642
1,775
1,845
1,881
1,973
1,970
1,709
1,683
1,761
1,484
1,500
1,636
1 703
1 720
1,642
1,632
1,556
1,559
1 692
1,726
1 752
1.536
1,606
1,888
1,648
1,677
,644
,558
.598
1,557
1 817
1,759
1 777
1,592
1.712
1,783
1,799
1,892
1,894
1,622
1,635
.711
1,174
1.329
1,410
1,294
1,289
1,332
1,183
1,259
1,193
I 184
1,197
175
1 1S0
1,068
1,255
L 063
J.V73
1,224
1,386
,333
,454
,350
,337
,359
15,199
15,340
16,239
14,432
14,712
15,640
1 Exports of domestic and foreign merchandise.
2
Excludes Dept. of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
Excluding
military-aid shipments
Total i
11,463
[,223
1,232
1,285
1,252
1,197
I 364
1,342
315
9Q5
10,725
12,131
3 General imports including imports for immediate consumption plus
entries into bonded warehouses.
NOTE.—Bureau of the Census data.
1504
PRICES
CONSUMER PRICES
[1957-59= 100]
Housing
All
items
Period
Food
Total
Rent
Gas
and
electricity
Solid
and
petroleum
fuels
ApHouse- House- parel
furhold
nish
operaings
tion
Transportation
Medical
care
Personal
care
Read- Other
goods
ing
and
and
recrea- services
tion
1929
J933
1941
1945
59 7
45 1
51.3
62.7
55 6
35 3
44.2
58.4
61.4
67.5
85 4
60 8
64.3
66.1
88.3
86.4
45.2
53.6
56 6
42.7
54.4
73.9
53.3
62.9
56 2
42.8
51.9
71.2
51.2
55.4
50.6
57.5
47.6
63.6
57.3
75.0
58.2
67.3
1953
1954
93.2
93.6
95.6
95.4
92.3
93.4
90.3
93.5
91.4
92.5
90.9
90.6
103.7
101.9
87.9
89.5
97.8
97.3
92.1
90.8
83.9
86.6
88.1
88.5
93.3
92.4
92.8
94.3
1955
1956
1957
1958
1959
93.3
94.7
98.0
100.7
101.5
94.0
94.7
97.8
101.9
100.3
94.1
95.5
98.5
100.2
101.3
94.8
96.5
98.3
100.1
101.6
94.9
95.9
96.9
100.3
102.8
91.9
95.9
100.8
99.0
100.2
100.0
98.9
100.5
99.8
99.8
90.8
93.7
97.3
100.2
102.4
96.7
98.4
99.7
99.8
100.7
89.7
91.3
96.5
99.7
103.8
88.6
91.8
95.5
100.1
104.4
90.0
93.7
97.1
100.4
102.4
92.1
93.4
96.9
100.8
102.4
94.3
95.8
98.5
99.8
101.8
I960
1961
103.1
104.2
101.4
102.6
103.1
103.9
103.1
104.2
107.0
107.9
99.5
101.6
100.1
99.5
104.8
105.9
102.1
102.8
103.8
105.0
108.1
111.3
104.1
104.6
104.9
107.2
103.8
104.6
Sept
Oct
Nov
Dec
104.6
104 6
104.6
104.5
102.6
102.5
101.9
102.0
104.0
104.1
104.2
104.4
104.7
104.8
104.9
105.0
107.8
107 8
107.8
107.8
100.7
101.5
102.1
102.8
99.7
99.5
99.3
99.2
105.9
106.2
106.4
106.4
103.6
103.9
103.7
103.5
106.0
106.7
106.8
106.0
111.9
112.3
112.4
112.5
104.8
104.6
104.8
105.2
107.9
108.3
108.1
108.2
105.0
105.0
105.0
104.9
1962—Jan
Feb
Mar
104.5
104.8
105.0
105 2
105.2
105.3
105.5
105.5
106.1
102.5
103.1
103.2
103 4
103.2
103.5
103.8
103.8
104.8
104.4
104.6
104.6
104.6
104.7
104.8
104.8
104.8
104.9
105.1
105.2
105.3
105.4
105.5
105.6
105.7
105.8
105.9
107.8
107.9
107.9
107.8
107.7
107.7
108.0
108.0
108.0
103.9
104.0
103.6
102.4
100.1
99.4
99.7
100.1
101.3
98.7
99.3
99.5
99.3
99.0
99.1
99.0
98.5
98.7
106.5
106.9
107.1
107.1
107.4
107.4
107.5
107.4
107.6
101.8
102.0
102.7
102.7
102.7
102.8
102.9
102.5
104.6
106.0
106.0
105.9
107.2
107.3
107.3
106.8
107.4
107.8
112.6
113.0
113.6
113.9
114.1
114.4
114.6
114.6
114.7
105.6
105.8
105.9
106.3
106.4
106.1
106.8
106.8
106.8
108.5
109.1
109.2
109.4
109.5
109.2
110.0
110.3
110.0
104.9
105.0
105.1
105.1
105.1
105.2
105.6
105.5
105.6
1961
Apr
May
June
July
Aug
Sept
NOTE.—Bureau of Labor Statistics index for city wage-earner and
clerical-worker families.
WHOLESALE PRICES: SUMMARY
[1957-59= 100]
Other commodities
Period
All
com- Farm Processed
modi- products foods Total
ties
92.7 105.9
92.9 104.4
97.0
97.6
Chem- RubTextiles, Hides, Fuel, icals, ber,
etc.
etc.
etc.
102.8
90.
90.4 100.6
94.1
89.9
95.9
94.6
96.1
97.3
1953
1954
1955
1956
1957
1958
1959
93.2 97.9 94.3 92.4
96.2 96.6 94.3 96.5
99.0 99.2 97.9 99.2
100.4 103.6 102.9 99.5
100.6 97.2 99.2 101.3
1960
1961
100.7
100.3
96.9 99.9 101.3 101.5 105.2 99.6 100.2
96.0 100.6 100.8 99.7 106.2 100.7 99.
1961—Sept
Oct
Nov
Dec
100.0
100.0
100.0
100.4
95.2
95.1
95.6
95.9
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
100.8 97.9 101.8
100.7 98.2 101.7
100.7 98.4 101.4
100.4 96.9 100.0
100.2 96.2 99.5
100.0 95.3 99.8
100.4 96.5 100.8
100.5 '97.6 101.5
101.2 100.6 103.3
r
100.3
100.4
100.
100.9
J
99.4
97.6
83.6
84.3
82.2
83.2
92.9
93.9
86.9
89.8 105.4
93.8 110.5
100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1
100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1
100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6
98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.
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
99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3
96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9
100.7 99.7 108.4 99.6
100.5 100.1 108.9 99.0
100.7 100.2 108.6 99.8
100.9 100.3 108.2 100.6
98.3
98.2
98.1
98.1
96.3
96.2
95.5
94.5
95.6
94.8
94.8
94.6
98.9
99.6
99.2
99.6
101.3
100.9
100.4
100.6
102.0
102.1
102.2
102.3
99.4
99.4
99.5
99.3
101.8
102.1
101.9
101.6
103.
103.
103.
103.
103.0
100.7
105.1
106.3
101.0
100.8
100.8
100.9
100.9
100.7
100.8
100.6
100.8
98.4
98.1
98.0
97.9
97.7
97.6
97.2
97.0
96.9
94.3
93.3
93.8
92.9
93.2
93.0
92.7
92.7
92.7
94.7
95.2
96.2
96.8
97.
97.3
97.5
r
97.4
96.9
99.9
99.9
101.0
101.3
100.8
100.5
100.0
99.7
99.5
100.7
100.6
100.4
100.3
100.2
99.8
99.7
99.8
99.7
102.3
102.3
102.3
102.3
102.3
102.2
r
102.3
102.3
102.3
99.3
99.1
99.0
98.9
99.0
98.9
98.8
98.7
98.6
101.9
102.1
102.2
102.4
102.
101.9
101.6
101.6
101.6
103.8
103.8
104.0
104.0
105.1
104.1
104.0
104.2
104.2
106.7
105.6
105.6
106.0
106.0
105.4
107.6
107.2
109.1
100.3
100.4
100.5
100.5
100.7
100.8
100.9
100.8
100.6
See next page for composition of other commodities.
86.3
87.6
NonLum- Papei
Ma- Furni- meMisTo- cellaber,
Metals chin- ture, tallic bacco
etc.
ery
etc.
neous
minerals
108.2
107.7
107.4
106.9
107.2
108.0
107.5
r
107.0
107.5
101.0
100.4
98.9
100.2
99.7
99.6
100.0
99.5
100.8
1505
PRICES
WHOLESALE PRICES: DETAIL
[1957-59= 100]
Group
Sept.
July
Aug.
Sept.
Woodpulp
94.9
Wastepaper
98.6
Paper
104.4
97.4
Paperboard
101.6
Converted paper and paperboard....
110.7
Building paper and board
99.8
90.8 Metals and Metal Products:
95.0
82.7
102.0
89.7
100.2
100.8
93.6
96.8
102.6
'94.0
101.0
96.3
93.6
95.1
102.6
r
94.0
100.4
'97.1
93.6
96.4
102.6
94.0
100.0
97.1
Tron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products
101.1
101.9
102.0
104.2
104.1
94.7
98.6
98.9
99.0
103.7
103.7
98.1
92.9
98.3
99.1
99.0
103.7
103.7
'97 8
'92.9
98.3
99.0
98.9
103.7
103.7
97.8
92.6
98.2
103.6
103.9
103.9
103.9
107.2
107.6
106.8
109.5
107.6
109.6
109.
107.
109.
109.3
107.7
109.5
102.6
103.0
102.9
103.6
'103.3
r
103.8
103.5
103.6
100.6
99.1
100.7
102.0
98.4
100.9
102.0
98.2
100.9
102.0
98.1
100.9
100.3
100.5
100.5
100.5
102.9
102.1
99.7
95.1
94.1
102.6
104.1
102.4
96.7
93.9
90.8
103.0
104.0
102.5
96.7
93.6
90.8
102.9
104.0
102.5
96.7
93.4
90.7
103.0
96.2
102.9
102.6
103.2
105.0
97.5
102.0
98.0
103.3
102.8
103.6
105.0
89.4
101.7
98.0
103.3
102.8
103.6
105.0
89.4
101.7
98.0
103.2
102.8
103.6
105.0
89.4
101.8
102.0
100.6
116.2
102.0
100.7
116.7
102.0
101.1
117.1
102.0
101.1
117.1
101.3
102.6
98.8
103.8
101.4
101.0
111.0
98.7
104.3
101.0
101.0
110.2
98.7
104.4
101.0
101.1
113.7
98.7
104.4
101.2
Sept.
July
Aug.
Sept.
89.4
97.2
90.2
97.5
104.8
102.3
101.9
94.3
'92.2
99.1
95.8
99.3
99.8
86.2
105.3
92.5
'90.9
98.1
98.5
'98.4
100.8
98.0
105.2
89.9
105.3
95.3
108.0
108.1
99.0
105.7
108.0
101.0
106.1
107.8
106.7
106.0
99.8
99.7
83.9
88.7
97.6
107.3
101.7
106.2
98.7
102.2
82.6
85.8
78.2
85.2
94.5
101.0
'97.1
102.7
82.6
'89.5
'77.9
85.2
92.9
101.1
100.9
98.2
92.6
117.1
101.1
118.9
101.9
99.3
94.7
130.2
101.8
121.1
96.4
102.1
82.4
91.7
76.8 Machinery and Motive Products:
84.6
92.7
Agricultural machinery and equip
102.8
Construction machinery and equip...
Metalworking machinery and equip...
General purpose machinery and
equipment
101.3
Miscellaneous machinery
99.4
Special industry machinery and equip94.0
ment (Jan. 1961= 100)
125.2
Electrical machinery and equip
101.6
Motor vehicles
121.6
Transportation equip., RR. rolling
stock (Jan. 1961= 100)
Pulp, Paper, and Allied Products:
Farm Products:
Fresh and dried produce.
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
1962
1961
1962
1961
Group
,
,
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
r
101.7
99.3
94.3
132.4
101.8
119.0
Hides, Skins, Leather, and Products:
Hides and skins
Leather
Footwear
Other leather products
121.7
109.7
107.8
103.8
104.2
108.4
108.8
105.0
105.1
'106.9
108.8
103.9
97.4
103.6
116.9
102.4
98.0
97.3
95.3
103.6
119.7
102.8
98.2
98.0
95.6
103.6
117.8
102.8
98.2
97.2
97.5
103.7
97.9
97.0
80.9
103.9
102.8
99.0
96.1
103.8
96.0
95.1
73.5
103.9
101.0
99.4
95.9
103.8
95.3
'95.0
73.0
103.9
98.4
99.4
97.7
92.9
99.4
92.4
86.4
99.1
92.3
86.4
99.1
92.0
86.4
99.1
94.7
101.2
95.4
98.0
102.3
'92.4
'97.7
102.7
'92.1
97.3
102.2
92.2
Fuels and Related Products, and Power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Crude petroleum and natural gasoline.
Petroleum products, refined
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible.
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Furniture and Other Household Dura110.8
bles:
106.6
Household furniture
108.8
Commercial furniture
103.9
Floor coverings
Household appliances
Television, radios, and phonographs..
96.7
Other household durable goods
103.6
120.1 Nonmetallic Mineral Products:
102.8
98.2
Flat glass
99.2
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
95.9
Prepared asphalt roofing
103.8
Other nonmetallic minerals
94.5
95.0 Tobacco Products and Bottled Bev72.3
erages:
104.1
98.6
Tobacco products
99.4
Alcoholic beverages
Nonalcoholic beverages
Rubber and Products :
Miscellaneous Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Note.—Bureau of Labor Statistics Index.
Toys, sporting goods, small a r m s . . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment...
Other miscellaneous products
1506
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[In billions of dollars]
1961
Item
1933
1929
1941
1950
1957
1958
1959
1960
in
104.4
Personal consumption expenditures
Durable goods
Nondurable goods
Gross private domestic investment
N e w
construction
.
.
.
.
.
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
.
Net exports of goods and services
Exports
.
Government purchases of goods and services..
Federal
National defense
Other
..
...
....
\
)
46.4
3.5
22.3
20.7
16.2
8.7
3.6
1.4
1.4
.5
I
II
III
1.0
81.9 195.0 285.2 293.2 313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2
9.7 30.4 40.4 37.3 43.6 44.8 43.7 44.0 46.6 46.3 47.2 47.1
43.2 99.8 137.7 141.6 147.1 151.8 155.2 156.2 157.2 159.9 161.3 163.0
29.0 64.9 107.1 114.3 122.8 131.9 139.1 139.9 142.3 144.1 146.3 148.1
18.1
6.6
3.5
3.1
50.0
24.2
14.1
10.1
18.9
6.8
6.0
66.1 56.6
36.1 35.5
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 0
.8 - 2 . 9
72.7
40.2
22.3
17.9
25.9
6.6
6.5
72.4
40.7
21.1
19.7
27.6
4.1
3.7
69.3
41.6
21.0
20.5
25.5
2.1
1.9
72.4
42.6
21.9
20.7
25.8
4.0
3.8
76.6
43.2
22.8
20.4
27.4
6.0
5.9
75.9
41.6
21.2
20.5
27.6
6.7
6.6
77.4
44.5
23.3
21.2
28.9
4.0
3.9
76.3
46.1
24.3
21.8
29.2
1.0
1.0
4.0
27.3
23.3
2.8
26.9
24.1
3.8
28.3
24.5
3.7
28.2
24.5
3.7
29.0
25.3
2.5
28.3
25.8
5.9
1.7
1.8
1.6
-1.6
-1.4
6.9
4.5
4.0
.8
7.0
.2
2.4
6.3
2.3
1.1
6.0
.6
13.1
12.5
4.9
26.2
21.3
1.2
22.7
21.5
-.8
22.9
23.6
2.9
26.4
23.5
8.5
1.3
8.0
2.0
24.8
16.9
/ 13.8
2 . 0 \ 3.2
39.0
19.3
14.3
86.5
49.7
44.4
93.5
52.6
44.8
97.2
53.6
46.2
99.7 107.4 106.9 112.1 115.2 116.0 118.2
61.9 62.1
62.7
53.2
57.0
59.5
56.5
45.7 49.0 48.4 50.8 53.0 53.2 54.0
5.2
5.7
.4
8.3
.5
7.9
.5
8.1
.6
8.7
.6
8.7
6
6.6
19.7
36.8
40.8
43.6
50.4
9.2
.6
46.5
50.4
52.6
1
i
L
i
7.2
Gross national product in constant (1954)
dollars
IV
56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 522.3 538.6 545.0 552.0 555.3
79.0
9.2
37.7
32.1
5.1
1962
1961
4.8
7.8
9.6
.6
53.3
9.5
.6
9.6
.8
54.0
55.5
181.8 126.6 238.1 318.1 408.6 401.3 428.6 440.2 447.9 450.4 463.4 467.4 470.8 471.6
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For explanation of series see U.S. Income
and Output (a supplement to the Survey of Current Business) and the
July 1962 Survey of Current Business.
NATIONAL INCOME
[In billions of dollars]
1961
Item
1929
1933
1941
1950
1957
1958
1959
1960
1962
1961
III
IV
II
III
40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7
National income
87.8
Compensation of employees
51.1
29.5
64.8 154.2 255.5 257.1 278.5 293.7 302.2 304.5 309.9 315.2 321.7 323.8
Wages and salaries
Privatec
Military
Government civilian
50.4
45.5
.3
4.6
.7
29.0
23.9
.3
4.9
.5
.1
.6
.1
.4
62.1 146.4 238.5 239.8 258.5 271.3 278.8 281.0 286.1 289.9 295.9 297.8
51.9 124.1 198.4 196.6 213.1 222.9 221.0 228.8 232.5 235.0 240.1 241.4
9.9
1.9
10.2 10.0 10.8 11.2 11.2
9.9
5.0
9.6
9.8
8.3
17.3 30.5 33.5 35.4 38.5 41.6 42.2 42.8 43.7 44.6 }56.4
7.8 77.0 17.3
20.1 22.4 23.4
2.7
25.2
25.8
23.5
23.8
25.9
4.0
7.8
8.0
2.0
11.4 12.0 12.1 12.2 13.3 13.4
9.7
9
9.4
11.4
10.4
12.0
11.0
11.4
11.6
12.3
3.8
.7
14.8
5.6
17.4
37.5
44.5
46.1
46.5
46.2
47.8
48.1
49.5
49.1
49.5
49.7
8.8
6.0
3.2
2.4
10.9
6.5
23.5
14.0
32.7
11.8
32.5
13.5
35.1
11.4
34.2
12.0
34.8
13.1
35.1
13.1
36.0
13.6
36.2
12.9
36.8
12.8
37.0
12.8
5.4
2.0
3.5
9.0
11.9
12.2
11.9
11.9
12.3
12.3
12.5
12.6
12.8
12.9
10.1 - 2 . 0
14.5
35.7
41.7
37.2
47.2
45.6
45.5
46.0
51.1
50.4
50.7
.2
.5
-.4
2.1
-2.4
17.0
7.6
9.4
4.5
4.9
40.6
17.9
22.8
9.2
13.6
43.2
20.9
22.3
12.6
9.7
37.4
18.6
18.8
12.4
6.4
47.7
23.2
24.5
13.7
10.8
45.4
22.4
23.0
14.4
8.6
45.6
22.3
23.3
15.0
8.3
46.3
22.6
23.7
14.9
8.7
51.4
25.1
26.3
15.5
10.8
50.1
24.4
25.6
15.8
9.8
50.9
24.9
26.1
15.8
10.3
.5 - 2 . 1
-2.5
-5.0
-1.5
-.3
-.5
.2
-.3
-.3
.3
-.2
5.0
4.5
5.5
13.4
14.8
16.4
18.1
20.0
20.3
21.0
21.5
22.0
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
9.6
1.4
8.3
5.8
2.4
6.4
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
22.5
1507
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[In billions of dollars!
1961
Item
1929
1933
1941
1950
1957
1958
1959
1960
ni
Gross national product
104.4
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Plus: Subsidies less current surplus of gov-
1962
1961
IV
I
II
III'
56.0 125.8 284.6 442.8 444.5 482.7 503.4 518.7 522.3 538.6 545.0 552.0 555.3
8.6
7.2
9.0
19.1
37.4
41.0
43.2
45.3
45.7
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
-.7
38.2 39.3 42.6
1.8
1.8
2.1
- . 6 -1.5 -3.0
46.5
2.1
-3.4
48.2
2.1
-3.1
48.3
2.1
-3.1
.4
.5
1.7
2.1
-.1
.2
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance....
10.1 - 2 . 0
.3
.2
38.6
1.0
1.1
46.6
47.0
47.5
47.8
49.7 50.2 51.4
2.1
2.1
2.1
— 1.9 — 1.4 - 4 . 0
51.8
2.1
2.0
1.8
1.8
1.8
40.2 104.7 241.9 366.9 367.4 400.5 415.5 427.8 431.3 444.0 448.9 456.7
14.5
2.8
35.7
6.9
41.7
14.5
37.2
14.8
47.2
17.6
45.6
20.6
45.5
21.6
46.0
21.8
51.1
22.1
50.4
23.6
50.7
23.9 " 2 4 ! 6
2.6
1.3
4.5
5
14.3
4.8
9.2
.8
20.1
6.2
12.6
1.8
24.5
6.2
12.4
1.8
25.4
7.1
13.7
2.1
27.3
7.8
14.4
2.1
31.3
7.3
15.0
2.1
31.6
7.2
14.9
2.1
31.6
7.2
15.5
2.1
31.9
7.3
15.8
2.1
32.0
7.4
15.8
2.1
.9
1.0
5.8
.6
1.5
1.2
2.1
.7
85.8
47.2
2.6
1.5
3.3
20.8
42.6
42.3
46.8
51.4
52.8
53.0
54.6
56.4
57.7
1.3
1.4
c
i!o
2.0
1.3
18.2
2.6
37.3
5.3
36.6
5.7
40.4
6.4
44.0
7.4
45.0
7.8
45.1
7.9
46.7
8 0
48.0
8.4
49.2
8.5
Equals: Disposable personal income
83.1
45.7
93.0 207.7 308.8 317.9 337.1 349.4 363.6 366.3 372.6 375.6 381.8 384.1
Less: Personal consumption expenditures. . .
79.0
46.4
81.9 195.0 285.2 293.2 313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2
4.2
-.6
11.1
Plus: Government transfer payments
Net interest paid by government
Dividends
.
.
Business transfer payments
Equals: Personal income
Less: Personal tax and nontax payments
Federal
State and local
Equals: Personal saving
Disposable personal income in constant (1954)
dollars
32.3
7.5
15.8
2.1
96.3 228.5 351.4 360.3 383.9 400.8 416.4 419.4 427.3 432.0 439.5 442.6
12.6
23.6
24.7
23.6
20.9
25.6
26.3
26.5
25.4
26.9
58.5
25.9
134.9 102.1 175.1 231.0 293.8 296.3 310.7 317.3 327.3 329.7 334.5 336.6 340.9
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
PERSONAL INCOME
[In billions of dollars]
1961
Item
1960
Sept.
Total personal income
. .
1962
1961
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.*'
400 8 416.4 419 7 423 6 427 8 430 5 428 8 431 9 435.2 438 3 439 7 440 7 441 9 443 0 443 0
Wage and salary disbursements
271.3 278.8 281.4 283.6 286.4 288.3 287.4 290.3 292.2 295.3 296.0 296.9 297.8 298.1 297.5
Commodity-producing industries... 110.4 110.8 111.4 113.1 115.0 114.9 113.8 115.2 116.1 118.2 118.2 118.1 118.4 118.1 117.5
Manufacturing only.
87.4 87.5 87.8 89.4 91.1 91.5 90.8 92.0 92.8 94.4 94.5 94.5 94.5 94.1 93.6
71.8 72.9 73.4 73.6 73.5 74.5 74.4 75.0 75.4 75.8 76.1 76.2 76.4 76.6 76.6
Distributive industries
40.7 43.4 43.8 43.9 44.2 44.9 44.9 45.1 45.3 45.6 45.9 46.5 46.7 47.0 47.0
Service industries .
...
48.4 51.8 52.7 53.0 53.7 54.0 54.4 55.0 55.4 55.6 55.8 56.0 56 3 56 5 56 4
Government
Other labor income
..
..
11.4
11.5
11 5
11 6
11 6
11 8
12 0
12.1
12 2
12 3
12 4
12 4
12 4
12 4
47.8
34.8
13.1
48.3
35.2
13.1
49.1
35.6
13.5
49.9
36.1
13.8
49.7
36.2
13.5
49.2
36.1
13.1
49.0
36.2
12.8
49.3
36.4
12.9
49.4
36.6
12.8
49.6
36.8
12.8
49.6
36.8
12 8
49.6
36.9
12 7
49.8
37.0
12 8
49.7
36.9
12 8
11.9
12.3
12.4
12.4
12.5
12.5
12.6
12.6
12.7
12.7
12.8
12.8
12 8
12 9
12.9
14.4
15.0
15.0
15.3
15.4
15 9
15 6
15 8
15.9
15.8
15.8
15 8
15 7
15 7
15 9
25.8
27.4
27.7
27 9
28.1
28 4
28 6
28 8
29 0
29.2
29 4
29 6
29 8
30 0
30 2
29.4
33.4
33.1
33.5
33.8
34.0
33.9
33.8
34.5
34.2
34.2
34.1
34.2
34.5
34.7
9.2
9.7
9.7
9.8
9.9
9.9
10.3
10.4
10.4
10.5
10.5
10.5
10.5
10.5
10.4
11.0
Proprietors' income
Business and professional
Farm
46.2
34.2
12.0
Dividends
Personal interest income . . . .
Less: Personal contributions
social insurance
for
C
384.7 399.1 402.3 405.9 409.5 412.7 411.6 414.8 418.0 421.2 422.6 423.5 424.8 425.9 425.9
Agricultural income
16.1
17.3
17.4
17.7
18.3
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
17.8
17.2
17.1
17.2
17.1
17.1
17.2
17.1
17.1
17.1
O
1A. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1962—NOT SEASONALLY ADJUSTED
[Annual rates in billions of dollars]
Sector
Consumer
and nonprofit
sector
Nonfinancial business sectors
JN oncorporate
Farm
Corporate
Transaction
category
D Gross investment (E+J)
E
Private capital expenditures
(net of sales)
F
Consumer durable goods..
G
Nonfarm resident, constr..
H
Plant and equipment
I
Change in inventories
J
Net financial invest. ( K - L ) . .
6.2
1.3
3.7
9.8
.9
L3
1.2
2.6
-.1
1.2
8.0
.6
3.5
-1.1
-3.1
-1.0
4.3
3.3
5.0
R
S
T
U
V
Saving through life ins...
Saving through pen. funds..
2.6
g
Sector discrepancies (A—D). .
Savings
institutions
Insurance
Rest-ofworld
sector
Finance
n.e.c.
Dis- Natl.
crep- saving
ancy and
inves •
ment
All
sectors
1.3
Z.2
L3
-.6
-.3
-.4
-.3
-.6
30.9 - 1 . 0
22.3
8.6
31.4
22.3
9.1
-.8
33.4
33.6
D
>
6.5
3.1
3.4
h
3.3
4.3
16.8
12.0
4.0
Time and Svgs. Accounts...
At commercial b a n k s . . . .
At savings institutions
Security credit
Trade credit
Proprietors' net invest, in
noncorporate business....
Misc. financial trans
10.3
7.0
3.3
8.9
O
P
Q
w
Commercial
banking
S
.5
9.3
X
Y
Z
a
b
c
d
e
f
U
.3
30.3
K Net acquis. of finan. assets
L Net increase in liab
Gold, off. U.S. foreign exch.
M
& Treas. currency
N
Dem. dep. and currency....
Credit market instr
Federal obligations. ..
State and local obligations.
Corp. and foreign bonds..
Corporate stock
1- to 4-family mortgages..
Other mortgages
Consumer credit
Bank loans n.e.c
Other loans
.5
2.2
-1.7
.3
1.0
-.8
18.3
12
State
and local
Federal
U
A Gross saving
B
Capital consumption.
C
Net saving (A—B)...
Financial sectors
Government sectors
5.8
1.1
3.4
.1
3.3
6.3
13.0
-.5
-.3
.3
8.4
3.8
3.7
3.0
9.0
3.6
4.0
-.3
i.i
1.4
-A
5.0
1.1
1.1
1.2
3.2
3.9
1.3
L3
.2
.3
1.5
3.5
.1
2.6
-.i
2.6
.2
.4
0
A
IA
8.3
1.9
1.6
-.2
"".7
.6
1.0
3.1
3.5
-.4
2.6
0
2.3
.5
-.1
.1
3.0
.7
.3
.2
1.3
-.2
A
"'.2
1.4
A
1.0
1.4
.1
.4
.6
.3
-.8
-2.0
1.6
4.0
4.0
6.4
-.8
.7
-.8
12.0
.....
1.7
31.8
12.0
6.3
13.0
31.8
-.4
-.1
1.3
1.3
-.7
35.5
34.7
.3
4.2
.3
5.0
7.4
4.0
3.4
7.4
4.0
3.4
1.1
2.6
18.7
.4
1.3
2.1
.7
4.1
2.7
2.6
3.1
1.7
1.1
2.6
18.6
.4
1.3
2.1
.7
4.1
2.7
2.6
3.1
1.7
-.7
1.4
-.7
-.1
-.5
.8
-1.7
-.5
.9
.2 M
.1 N
* O
* P
Q
. . R
...
S
.2 T
-.4 U
V
.2 W
.1 X
Y
Z
a
* b
.2 c
-L
•1
-1.0
IB. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1962—SEASONALLY ADJUSTED
[Annual rates in billions of dollars]
Sector
Transaction
category
A
B
C
U
D Gross investment ( E + J ) .
S
Corporate
U
4.1
4.1
80.8
48.1
32.6
Gross saving
Capital consumption.
Net saving ( A - B ) . . .
Noncorporate
Farm
State
and local
Federal
U
S
Commercial
banking
-4.9
1.2
-1.1
-2.1
"1.2
—i'.i
-2.1
-.3
8.8
67.9
47.7
16.8
3.4
4.9
13.7
38.9
A
9.9
.4
"3^5
31.4
4.1
A
J
Net financial invest. ( K - L ) . . .
25.8
-4.9
-8.2
1.1
-2.4
-3.4
K
L
Net acquis. of finan. assets.. . .
Net increase in liab
44.9
.4
4.0
10.6
6.2
20.2
M
N
Gold, off. U.S. foreign exch.
& Treas. currency
Dem. dep. and c u r r e n c y . . . .
5.5
-4.6
6.4
9.7
O
P
Q
Time and Svgs. A c c o u n t s . . .
At commercial b a n k s . . . .
At savings institutions
22.9
10.9
12.1
2.6
2
-.1
13.9
13.9
R
S
Saving through life ins
Saving through pen. funds..
4.4
9.7
T
U
V
W
X
Y
Z
Credit market instr
Federal obligations
State and local obligations.
Corp. and foreign b o n d s . .
Corporate stock
1- to 4-family mortgages..
Other mortgages
Consumer credit
Bank loans n.e.c
Other loans
2.6
2.2
-3^0
3
o
-.4
2.9
1.3
g
Security credit
Trade credit
Proprietors' net invest, in
noncorporate business....
Misc. financial trans
h
Sector discrepancies (A—D). .
1.1
-3.0
-2.4
9^5
12^2
5.Z
1.8
13.5
23.6
-2.1
.1
2.4
14.7
.2
6.0
.1
.7
-2.6
lie
7.0
3.7
.5
14.5
6.5
.4
.3
5.8
.3
2.5
4.1
8.7
8.7
1.1
5.1
3.5
3.3
118.0
4.4
5.6
.5
-.9
—A
12.3
1
6.0
20.7
3.3
6.6
-1.0
"3.0
2.1
2.4
5.1
-.7
.6
l.Q
1.4
4.3
4.8
13.1
1.6
10.
i
g
-.2
-.2
-.2
10.9
2.8
1.0
3^5
3.1
1.0
1.7
2.4
-1.2
2
2.3
2.2
i.i
1.2
1.5
.1
.9
-.1
1.7
i.Z
7.5
-.4
.2
1.0
2.1
1.4
-3.6
2.0
1.0
.1
-.1
2.2 "-2.5
-1.2
"".2
12.
1.3
.2
-.2
.2 -1A
2.4
-2.5
4.2
.1
1.3
1A
-1.5
1.0
1.3
7.8
1.3
9.7
26.2
13.
12.3
26.2
13.9
12.3
4.4
9.7
4.4
9.7
69.2
8.7
5.7
8.8
2.0
15.3
10.2
6.0
5.1
7.2
69.0
8.7
5.7
8.8
2.0
15.3
10.2
6 0
5.1
7.1
-1
2.3
-3.1
-1.
1.
D
4.4
-3.3
112^9
- . 2 -3.6 - 3 .
2.6 - 3 .
iio
127.3
1.1
-2.1
9.8
-5.0
126.2
47.7
23.7
50.3
4.5
1.4
13.8
2.1 130.4
89.1
41.3
126.2
47.7
23.7
50.3
4.5
11.3
2.5
4.2
1.9
.2
1.6
128.3
89.1
39.2
131.4
-1.1
12.3
2.2
Dis- Natl.
crep- saving
ancy
and
investment
All
sectors
-4.9
4.1
19^1
Rest-ofworld
sector
Finance
n.e.c.
1.2
93.7
4
Insurance
1.2
Private capital expenditures
(net of sales)
Consumer durable g o o d s . . .
Nonfarm resident, constr.. .
Plant and equipment
Change in inventories
30.7
Savings
institutions
S
41.5
28.0
13.4
8.8
8.8
Financial sectors
Government sectors
Nonfmancial business sectors
Consumer
and nonprofit
sector
M
N
-.2
-.2
O
P
R
S
-.1
-.7
-2.2
1.0
T
U
V
W
X
Y
Z
-.1
-QA
'"-'5
-2.9
2
3.1
o
.so
1510
FLOW OF FUNDS/SAVING
2. SAVING, INVESTMENT, AND FINANCIAL FLOWS
[Billions of dollars]
1958
1957
Transaction category,
or sector
I.
1956
1957
1958
1959
1960
1961
I
II
III
IV
11
I
Gross national saving
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfin. business
Federal government
State and local govt
Financial sectors
108.7 109.4 102.9 115.6 120.4 116.9 111.2 111.0 112.0 103.5 91.0
66.2 68.6 68.1 73.9 72.4 76.8 68.0 70.3 69.0 67.1 66.3
11.3 12.0 20.7 12.4 12.7 12.7 11.9 12.0 12.1 12.0 11.9
25.0 26.3 25.0 35.6 31.5 35.0 27.3 25.2 27.2 25.3 19.5
7.0
3.7 - 7 . 9 - 4 . 5
4.3 - 5 . 2
4.8
.9 - 4 . 5
4.7
4.3
-3.1 -3.7 -5.0 -4.0 -3.4 -4.5 -3.1 -3.6 -3.3 -4.7 -4.7
2.3
2.6
2.1
2.1
2.9
2.2
2.9
2.5
2.1
2.4
2.7
H
I
Gross national investment
Consumer durable goods
Business inventories
108.1 110.8
38.5 40.4
4.7
1.6
Gross pvt. fixed investment
Consumer and nonprofit
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
Federal government
Short-term securities
Other securities
Foreign borrowers
Loans
Securities
Pvt. domestic nonfin. sectors
Loans
II.
Consumer
M
N
Sank loans nee
Other loans
...
credit
Securities and mortgages
State and local oblig
Corporate securities
/- to 4-family mortgages
Other mortgages
T
U
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
AG
AH
AI
94.3 114.7 117.9 114.8 113.3 112.2 112.9 104.7
37.3 43.6 44.8 43.7 40.4 40.4 40.9 39.7
2.3
2.7
2.5 - 1 . 2
-2.0
6.6
2.1
4.1
62.7
19.0
43.0
.7
64.6
18.1
45.7
.8
58.6
18.1
39.8
.7
66.2
22.1
43.2
8
68.3
21.7
45.8
8
2.2
.6
4.3
-1.3
.4
8.6
—17
.9
7
2.5
29.5
18.2
11.3
32.5
12.8
19.7
42.8
3.3
39.5
52.7
19.2
33.5
36.2
7.8
28.4
67.1
20.1
46.2
8
64.9
18.2
46.0
7
64.7
18.1
45.8
7
4 5
1 8
5 7
2.2 - 2 . 1 - 1 . 3
65.0
18.1
46.1
8
63.7
18.0
44.9
8
4 5
-.8
2 4
-1.2
38.2
-.2
38.5
25.0
2.9
22.1
88.7
64.7
11.9
20.8
-6.6
-4.7
2.6
94.8 102.0
70.0 71.3
12.0
12.0
26.3 33.4
- 9 . 9 -10.7
-5.3 -5.3
1.3
1.8
A
B
C
D
E
F
G
91.7
36.5
-5.5
89.5
36.3
-4.0
93.4 102.6
36.7
39.5
-1.6
3.3
H
I
J
59.6
17.7
41.2
7
1 l
-.7
57.2
17.6
38.8
7
57.4
18.0
38.7
7
*
.8
8
1.5
60.2
19.0
40.4
.7
- 4
-.5
K
L
M
N
O
P
34.6 45.3
11.7 -17.4
22.9 62.7
27.7
-1.7
29.4
63.6
20.6
43.0
A
B
C
Financial flows—summary
L
O
P
Q
R
S
IV
Saving and investment
A
B
C
D
E
F
G
J
K
L
M
N
III
-5.7 -1.3
8.6
5.5 - 1 . 2
7.4
-12.8 - 6 . 4
9.5
1.4
1.0
2.3
.6
.9
.4
.5
r.3
34.2 32.4 31.9
10.4
6.8
3.1
3.5
2.6
.1
5.9
2.3
1.9
1.0
1.9
1.1
23.8 25.6 28.8
3.2
4.6
5.5
6.0
10.7
3.8
Net sources of credit (= A)
Chg. in federal cash balance
Federal lending
Foreign funds
Pvt. insur. and pension reserves. .
Sources n e e
....
29.5
.1
1.1
1.1
7.1
4.2
Pvt. domestic nonfin. sectors
Deposits and U.S. govt. secur..
Deposits
Demand dep and curr . . .
Time and svgs. accounts . .
At commercial banks... .
At savings instit
U.S. govt. securities
15.9
8.0
10.6
1.2
9.4
2.2
7.2
-2.6
Other securities and mtgs
Less security debt
III.
8.8
8.6
3.5
32.5
.2
2.4
7*.O
3.2
8.8
—4
21.6
-4.1
17.5
8.2
22.3
-.8
17.6
5.5
4.7
7.4
8.1
1.4
22.3
25.7
-3.4
10.1
5.2
-4.9
4.4 16.5 - 5 . 8
-1.4
10.2 -17.1 - 4 . 3
-2.8 -6.4
33.4 - 1 . 9
2.4
2.1
2 5
2.3
1.2
1.5
2.1
.6
.4
1.3
.8
1.5
27.4 27.8 26.7
31.2
2.1
1.8
-.8
-.3
1 5 —1 3 —1 0
-1.2
— .4
-1.1
1.7
1.8
.6
2.1
25.3 28.1 27.5
29 A
5.5
6.4
6.5
4.6
9 1
7 9
7 3
9 4
7.9
8.8
7.9
10.5
4.0
5.0
5.2
4.4
19.3
6.3
12.8
2.5
1.0
1.5
41.9
11.9
2 5
7.5
1.9
30.0
4.5
6.2
13.0
6.3
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
42.8
.1
1.7
3.1
7.8
4.9
52.7
.6
3.8
3.6
8.8
5.9
25.0
-3.9
3.8
.6
6.5
3.8
45.3 27.7
12.4 - 2 0 . 1
2.1
3.3
2*.9
8.5
6.2
6.6
4.8
63.6
6.0
3.7
3.0
8.7
6.2
T
U
V
W
X
Y
14.1 18.9
18.7
27.3
3.4
14.1 18.3
10.1
10.1 21.0
23.3 19.9
5 6
2 4
5 4
2 0
12.5 19.0
17.9 14.3
5.5
9.4
5.5
10.2
7.0
8.5
9.0
8.9
- 6 . 8 -10.9 - 9 . 2 — 1.6
36.0
28.5
18.0
6 7
11.3
2.9
8.4
10.6
Z
AA
AB
AC
AD
AE
AF
AG
8.0
8.3
9
36.2
.8
2.4
3.2
8.2
6.8
30.0
14.8
23.3
1.1
10.8 13.6
3 —1 3
10.5 14.9
2.1
5.3
8.4
9.6
12.5 - 5 . 9
7.0
.2
46.3
2i8
2.5
8.7
5.1
44.4
8.6
2.6
-1.3
7.4
3.7
22.3
-9.7
1.5
c
38.2
5.6
1.7
7'.0
6.1
1.2
17.0
27.2
23.3
23.2 12.9 11.1
10.6 13.1
24.1
1 4
3 9 —3 4
20.1 14.0 11.6
7.6
8.8
4.2
6.4
11.4
7.4
2.3 - 1 . 9
— 9
24.7
14.6
10.C
6.2
4
9.9
11.3
4.8
6.5
4.6
6.8
3
5.3
1 3
37.2 30.9
11.0 - 6 . 2
23.1 23.1
3.1
14.0
34.5
2.8
20.7
11.0
43.9
7.7
27.9
8.3
30.6 18.0
4.8 -11.8
16.7 19.6
10.1
9.1
4.3
7.2
8.4
2.3
17.0
9.3
9.0
1 9
5.6
10.6
10.1
4 6
10.0
9.3
10.2
5 0
17.5
12.0
10.7
3 7
12.0 - 2 . 8
6.8
7.9
8.3
8.8
5 6
1 9
8.7
7.2
8.6
2 2
8.0
21.6
2.3
11.0
1.7
2.0
7.3
3.6
3.5
1.8
22.3
2.6
11.5
-.8
5.4
6.9
2.7
4.4
2.:
37.:
43.9
2.1
26.5
5.6
9.4
11.5
3.7
4.9
3.7
2.0
18.0
2.7
5.0
-6.2
3.8
7.3
2.7
4.3
1.7
1.3
.(
Q
1*1
26.7
2.2
15.7
4.3
4.8
6.5
2.7
4.5
3.2
1.2
1.1
13.8
2.9
7.2
-5.6
5.5
7.3
2.0
4.5
1.9
1.2
.6
34.5
2.9
15.3
*
5.8
9.5
3.5
4.7
3.5
1.5
1 4
5
30.6
2.4
18.2
4.3
7.5
6.4
3.2
4.2
2.5
1.2
1.0
30.9
2.1
10.6
1.1
1.1
8.4
3.6
5.2
5.9
1.8
1 0
3 1
*
3.4
4!l
2.1
2*'
-3'.:
-
10.0
—4
9.3
—1 5
34.6
2.2
.8
3.3
7.6
1.8
10.6
1.8
6.1
1.6
8.0
-1.0
38.7
16.2
20.4
2.2
55.0
26.8
26.0
2.2
10.8
-7.0
22.1
-4.3
20.9
6.9
8.7
2 2
38.7
2.5
27.9
5.5
13.5
8.9
2.6
8.6 AH
1.3 AI
Financial institutions
A
B
C
D
Net funds advanced—Total
Federal obligations
Other securities and mtgs
Loans
E
F
G
H
By sector
Banking system
Savings institutions
Insurance and pension funds
Finance n.e.c
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
Net sources of funds—Total
Gross savings
Deposit claims
Demand deposits and curr
Time dep. at comm. banks
Other savings accounts
Svg. through life insurance
Svg. through pension funds
Credit market instruments
Investment co. shares
Corporate bonds
Loans
Security credit
Other sources net
....
5A
7.9
8.9
3.:
l'.i
1 2
i
—. i
-1.2
3.7
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
44.4
22.9
21.4
8.7 - 2 . 2
6.2
6.2 - 1 2 . 6
7.4
5.5 - 5 . 1
11.3 12.3 17.1 - 6 . 0
12.6
3.8
2.4 - 4 . 2 - 5 . 6 - 2 9 . 6
.7
9
.8
2 0
1 4
2 7
.2
1.4
.2
.4
.9
1.9
.7
.7
.7
.4
.4
.8
43.2 36.4 36.2 36.8 34.1 31.3
14.1 11.1
9.1
6.3
9.9
5.8
6 2
4 4
2 9
3 1
1 4
2 9
5.5
.7
5.2
3.0
2.2
4.7
2.4
1.6
3.7
2.2
2.7
1.5
29.1 25.3 30.4 26.9 25.0 25.0
4.7
4.1
3.7
5 1
4.3
4.7
5 4
5 4
9 4
8 3
9 7
7 0
13.2 10.4
8.3
12 1
8.4
9.9
5.8
5.8
2.9
3.3
6.1
3.7
19.8 25.2
10.5 17.8
11.0 20.6
— 1.4
4.9
12.4 15.7
5.5
6.9
6.8
8.7
- . 4 -2.8
7.9
*
46.3
19.4
26.9
26.7 13.1
4.1
16.8 17^
5.7 - 3 . 1
44.2
8.0
23.9
12.2
A
B
C
D
34.7 - 5 . 4
8.5
10.4
7.5
9.9
4 j
4 2
17.9
11.4
9.8
5 1
E
F
G
H
55.0
2.6
37.1
18.7
9.7
8.6
2.7
3.5
10.8
l.J
2".
l!:
44.2
1.3
25.9
13.4
3.4
9.1
4.3
4.4
3.2
1.7
.6
.8
1.1
4.0
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
s'.i
9.0
3.8
4.7
5.:
3'.1 -3*.8
5.6
5.6
l!:
1511
FLOW OF FUNDS/SAVING
2. SAVING, INVESTMENT, AND FINANCIAL FLOWS
[Billions of dollars]
1959
Transaction category,
or sector
I.
1960
III
IV
1961
III
IV
II
1962
III
IV
Saving and investment
A
B
C
D
E
F
G
Gross national saving
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfin. business
Federal government
State and local govt
Financial sectors
110.5 121.2 114.4 116.2 125.1 123.1 118.6 114.9 106.0 116.4 119.3 126.1 126.6 130.5
72.5 76.8 73.3 72.9 72.6 72.7 72.2 71.9 71.3 77.3 77.3 81.4 82.4 80.9
12.2 12.3 12.5 12.7 12.6 12.8 12.6 12.7 12.6 12.7 12.8 13.0 13.0 13.0
37.5 41.4 31.3 32.3 35.5 32.4 29.3 28.8 28.2 34.2 36.2 41.2 40.5 41.5
4.5
4.6
-8.7 -5.8 -2.4
-.9
6.5
1.7 - 5 . 0 - 6 . 6 - 4 . 3 - 4 .
-5.6 -1.2
-5.0 -4.8 -3.1 -3.0 -3.2 -2.5 -3.6 -4.2 -4.3 -3.9 -4.3 -5.7 -4.9 -4.9
1.4
2.7
2.1
3.2
3.4
2.3
3.1
2.8
1.1
1.7
4.0
.9
1.3
1.4
H
I
J
Gross national investment
Consumer durable goods
Business inventories
109.7 120.9 112.0 116.0 124.6 118.6 116.0 112.5 104.3 111.3 118.8 124.6 123.3 127.3 H
42.0 44.4 44.9 43.1 45.1 45.8 44.5 44.0 40.8 43.5 44.0 46.6 46.3 4 7 . 7 fcl
4.4
2.1 - 1 . 1 - 3 . 6
4.0
6.4 11.5
1.
7.1 10.8
6.6
4.5
}
2.1
6.0
K
L
M
N
Gross pvt. fixed investment
Consumer and nonprofit
Nonfin. business
Financial sectors
O
Net financial investment
P
Discrepancy (A —H)
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
Net funds raised— nonfin. sectors...
Loans and short-term securities
Long-term By
securities
sector and mtgs
Federal government
Short-term securities
Other securities
Foreign borrowers
,
Loans
Securities
Pvt. domestic nonfin. sectors.
Loans
Consumer credit
Bank loans n.e.c
Other loans
Securities and mortgages..
State and local oblig
,
Corporate securities
,
1- to 4-family mortgages.
Other mortgages
T
U
V
W
X
Y
Net sources of credit (= A)
Chg. in federal cash balance
Federal lending
Foreign funds
Pvt. insur. and pension reserves.
Sources n.e.c
II.
Z
AA
AB
AC
AD
AE
AF
AG
AH
AI
Pvt. domestic nonfin. sectors
Deposits & U.S. govt. securities.
Deposits
Demand dep. and curr.. . .
Time and svgs. accounts...
At commercial banks....
At savings instit
U.S. govt. securities
Other securities and mtgs
Less security debt
J
K
L
M
N
O
P
s
s
T
U
V
W
67.5
21.6
45.0
63.7
20.3
42 5
65.5
19.5
45.2
68.5
19.3
48.4
70.8
21.2
48.8
68.5
21.7
45.9
74.1
20.2
53.0
.8
K
L
M
N
.3
.4
4.6
1.2
2.6
2.2
2.3
3.4
1.7
.2
5.0
2.3
.6
1.1
1.5
2.0
3.2
1.1
3.1
O
P
39.7
4.7
35.0
38.8
5.2
33.6
32.0
19.3
12.7
34.3
2.0
32.3
29.5
22.9
6.7
45.2
18.8
26.4
55.3
4.0
51.3
55.2
31.8
23.3
594
32.0
27.8
61.6
19.1
42.4
A
B
C
9.6
2.3 - 3 . 6
-2.7 -2.4
.4
9.3 15.3
15.2
4.6
10.0 12.9
10.5 -12.4 - 9 . 3
12.2 -10.8 22.0 16.6 - 4 . 6
11.4 21.4
7 17.3 - 5 . 0
15.0
4
.
4
7
.
4
8.5
-16.0
9.0
8.2
-22.2
8
.
3
7
.
1
20.9
6.9
\\.9
1.1
1.7
1.7
1.
.3
1.6
3.1
2.8
-.1
3.
4.8
3.6
.9
.6
1.1
.3
.9
1.1
2.4
2.6
1
.
0
2.4
3.7
3.1
2
.1
.5
.6
.7
.7
.6
1.1
.6
39.7 49.7 46.3 37.3 41.8 37.1 33.0 33.6 26.3 36.0 36.9 45.7 40.6
6.2
11.0 17.3 17.5 11.0 16.2 13.1
8.7
1.2
2.5
7.8
6.9
12.8
7.6
6.0
3.4
5.9
6.2
5.9
5.1
2.4
-.2
.4
.6
4.7 3.4
j
8.0
2.9
3.5
6.9
6.3
4.1
2.7
.3
.2
1.4
7.2 2.0
1.9
4.2
1.6
4.2
1.8
4.0
2.9
3.6
1.1
2.4
1.9
4.9
.9
28.7 32.4 28.8 26.3 25.6 24.0 26.8 24.9 25.1 33.5 30.0 32.9 32.8
5.7
5.9
3.4
4.0
3.3
3.0
4.9 3.7
4.3
3.9
5.6
7.7
6.7
6.0
4.2
4.9
5.3
5.9
4.5
6.2 5.9
5.0
6.0
4.5
12.3
4.7
14.2
13.4 11.8
11.1 10.1
10.5 10.0 10.2 11.8 12.4 14.2 12.4
13.3
6.5
5.3
5.2 5.4
6.1
5.4
7.0
5.6
5.5
6.0
5.5
8.
7.3
8.7
5.1
3.7
1.6
.4
1.2
D
E
F
G
H
¥
f
K
-2.0
67.7
23.6
43.3
66.2
22.6
42.8
68.4
21.4
46.2
.8
-2.5 -1.7
.2
2.4
-.5
.2
50.5
5.7
44.8
39.9
21.7
18.2
50.5
-3.7
4.2
2.5
8.6
10.0
28.9
24.9
14.3
3.6
10.7
2.3
8.4
10.6
4.8
.7
63.6
36.0
27.6
63.6
-.4
5.5
6.3
9.6
3.2
56.9
13.6
43.3
56.9
6.4
3.7
4.0
7.9
6.0
45.2
2.7
-.5
-.8
7.5
1.5
55.3
5.5
5.1
3.8
9.2
12.7
39.4 28.8 23.0 20.0
13.8
12.2
13.2 20.9
29.1 22.3 16.9
6.8
7.0
7.8
9.2 15.4
13.4
8.5
6.8
8.6 20.3 20.9 24.3
4.6
1.3 - 1 . 1 - 2 . 6 - 4 . 6 - 4 . 0
2.2
1.1
12.1
9.6
9.4
12.6 18.2 19.8 23'.2
9.
3.3
1.1
1.9
3.1
1.0
8.
12.1
9.1
8.8
8.6
7.6
9.5
8.1
10.0
10.8 11.2
15.7 13.7 10.1
2.4 - 1 .
-12.5 - 1 1 . 7 - 8 . 9
34.8
26.8
25.8
3.7
22.2
10.9
11.3
19.1
19.0
19.3
2.2
17.1
6.5
10.6
-.3
10.4
.2
.6
.6
6.5
-.1
39.7
-.8
1.1
1.6
8.6
9.2
Net sources of funds—Total...
Gross saving
Deposit claims
Demand deposits and curr..
Time dep. at comm. banks.
Other savings accounts
Svg. through life insurance. . .
Svg. through pension funds...
Credit market instruments
Investment co. shares
Corporate bonds
Loans
Security credit
Other sources, net.
11.7
6.5
-.5
5.3
-3
3.7
-.3
5.6
.1
11.0
3.0
30.6 34.9 23.5 19.2
-6.7 -7.4 -9.1 -7.7
21.9 23.5 21.8 16.
15.4 18.8 10.7 10.7
32.9
1.1
19.2
12.6
43.4
9.4
23.5
10.4
42.5
8.4
24.0
10.1
32.3
8.2
21.9
2.2
-3.3
9.4
10.1
2.9
9.4
8.3
9.
6.
16.4
9.0
11.2
6.8
17.3
10.7
10.3
4.3
34.9 23.5 19.2
2.7
2.3
14.4
5.4
5.8 - 2 . 7 - 5 . 9
.6
-.2
*
7.6
8.1
8.6
3.1
3.9
2.9
6.0
4.7
4.9
4.7
5.1
6.9
1.9
1.8
1.9
1.4
1.4
1.2
1.4
2.0
3.7
3
.5
.6
32.9
3.2
14.3
1.2
4.2
8.9
3.1
4.4
3.5
1.6
1.1
.7
1.2
43.4
3.4
23.5
4.1
9.4
10.0
3.5
5.5
2.0
1.4
1.4
-.8
3.1
3.2
2.3
6.1
1
34.7
-1.5
25.1
11.1
8.5
10.9
9.9
5.4
5.4
11.8
11.0
2.4
34.7 30.6
2.1
1.4
11.3 11.4
.5
.8
2.0
1.8
8.4
9.1
3.9
4.6
4.8
5.0
6.2
6.0
1.8
.6
3.7
3.5
.6 - 1 . 2
5.8
3.4
7.6
11.1
9.8
6.4-
2.4
.9
8.8
9.6
4.1
1.9
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
38.8
4.2
4.0
1.5
7.4
7.8
32.0 34.3 29.5
1.4 - 1 . 4 - 5 . 4
1.7
2.6
1.8
3.8
5.9
2.8
9.0
7.5
7.7
3.9
6.4
1.7
39.9
.3
1.8
1.5
9.1
4.2
55.2
-2.4
4.8
4.1
10.2
4.6
51.3
12.8
6.0 L
3.0 M
4.0 N
38.1 O
5.7 P
6.9
15.3
10.2
59.4 61.6
2.2
7.0 u
3.3 4.1 V
2.0 w
3.6
9.1 X
8.6
2.8 - 2 . 4 V
38.8
33.9
31.5 29 A
26.8 25.3
8.8 - 9 . 7
18.0 35.0
5.7 22.9
12.4 12.
3.8
4.7
41.8
34.4
29.8
3.9
25.9
13.8
12.1
4.6
X
AA
AB
AC
AD
AE
AF
AG
3.9
1.4
9.5
-.3
3.5 AH
- 3 . 9 AI
40.4
9.3
26.0
5.1
54.4 48.7
15.5 - 1 . 9
31.3 32.3
7.7 18.4
434
10.0
25.9
7.5
47.3
1.9
38.8
6.6
A
B
C
D
11.6
11.4
10.1
15.8
10.9
9.2
4.5
24.5
11.7
11.0
7.2
17.9
14.1
12.6
4.1
19.2
13.8
10.0
.4
19.5
13.1
10.8
3.9
F
G
H
I
42.5 32.3
3.1
4.0
21.3 20.9
.7 - 2 . 0
9.7 11.7
10.9 11.2
3.4
3.7
4.2
4.0
3.4
.1
1.3
1.6
1.9
.9
.3 - 2 , 4
1.2 - 1 . 3
40.4
2.8*
29.9
6.5
11.9
11.5
3.3
4.2
2.6
1.5
1.3
2
54.4
1.7
28.0
9.6
7.
10.6
4.0
5.2
6.0
2.0
.2
3.
1.0
48.7 43.4
1.3
.9
27.5 30.4
8.3 - 4 . 4
6.3 22.6
12.9 12.2
3.9
4.6
6.3
4.0
6.2
4.9
2.7
3.3
.9
2.6
1.3
1.7 - 1 . 7
47.3
1.4
35.9
9.7
13.9
12.3
4.3
4.8
7.4
1.5
1.2
4.B
«
-4.6
8.5
Financial institutions
Net funds advanced—Total..
Federal obligations
Other securities and mtgs..
Loans
By sector
Banking system
Savings institutions
Insurance and pension funds.
Finance n.e.c
F
G
H
I
68.1
22.0
45.2
67.5
21.9
44.7
Financial flows—summary
III.
A
B
C
D
69.2
21.6
46.8
63.2
20.2
42.2
5.9
5.1
2.3
-.1
-5.6
W
1512
FLOW OF FUNDS/SAVING
3. PRINCIPAL FINANCIAL TRANSACTIONS
[Billions of dollars]
Transaction category,
or sector
1957
1956
1957
1958
1959
1960
1958
1961
III
I.
Net incr. in banking system liability.
U. S. Govt. deposits
Other
Net increase in assets, by sector...
Federal Govt
Other domestic sectors
Consumer and nonprofit
Nonfinancial business
State and local govts
Financial sectors
Rest of the world
Discrepancy—Fed. cash
Other
A
B
C
D
E
F
Net increases-Total
At commercial banks—Total
Corporate business
State and local govts
Foreign depositors
Consumer and nonprofit
G
H
At savings institutions
Memo—Consumer and nonprofit
organ. —Total
5.8
1.7
.1
5.6
6.3
1.7
1.7
6.
2.5
2.7
1.6
1.1
.6
-1.
1.0
9.3
2.0
12.3
5.4
16.8
7.9
.9
9.5
1.1
.6
1.5
-2.
4.3
5.6
-5.6
-3.9
-1.
6.8 - 5 . 1
6.6 - 4 . 8
* -.1
— .7
-2.0
2.0 - . 1
-1.3
-.1
-1.0
-1
.9
-1.4
11.4
4.8
12.8
5.5
5.5
2.2
3.3
5.8
2.3
3.7
1.3
1.2
18.7
12.4
6.3
17.7
11.6
6.0
1.1
2.4
-14.6
-20.1
5.5
-12.3
-19.6
7.7
3.5
4.1
13.4
6.0
7.4
13.9
6.0
7.1
4.2
3.1
-.1
1.5
-.2
-.1
-.2
.4
-.4
-.5
-1.7
.7
-.1
-.5
-.1
2.2
7.3
6.9
.9
5.3
8.9
Q
5.
9.4
12.0
-.9
5.5
-6.4
15.2
5.8
.8
14.1
5.1
-.4
-.6
-.3
6.3
12.5
3.4
-.4
-.6
.3
3.9
20.9
9.4
13.9
7.5
3.
.6
6.6
7.4
4.2
8.4
9.5
11.5
6.4
7.3
6.5
7.3
8.9
8.6
9.0
9.1
G
14.0
11.3
12.8
18.0
13.8
11.6
10.4
12.3
14.8
13.6
15.4
12.3
H
6.7 -12.5
-2.7
7.2
6.6
-5.
11.3 12.3 17.1 - 6 . 0
2.4 - 4 . 2 - 5 . 6 -29.6 12.6
-4.3
-1.4
-2.8
3.8 16.3 - 6 . 2
10.2 -17
-4.3
-6.4
33.4 - 1 . 9
19.1
6.3
12.8
A
B
C
11.2
3.8
.2
.9
5.3
22.4
13.5
2.2
2.1
3.4
5.9
18.3
9.7
2.2
2.1
.3
5.1
Federal obligations
-5.4
7.4
-12.8
8.2
-1.2
9.5
9.3
5.5
3.8
D
E
Net acquisitions, by sector
Pvt. domestic nonfin. sectors
Consumers and nonprofit. . .
Svg. bds. & postal svg. dep..
Securities
Corp. nonfin. business
State and local govts
Financial sectors
,
Banking system
Monetary authorities
,
Commercial banks
Savings institutions
Insurance and pension funds.
Finance n.e.c
Rest of the world
8.3
-6.0 -1.1
-2.6
- . 4 -2.8
.7 - . 9 - 2 . 2
— .3 -2.2
-.7
1.
-1.4
1.0
-.2
-4.4
1.0
.5 - . 4
-4.
11.0
o
10.1
-3.0
-'.5
2.2
.2
-.7
-3.2
7.9
.2
A
.4
.3
-1.5
.3
-.9
.2
.2
.2
.1
9.3
12.5
6.3
-2.0
8.3
4.4
IV.
A
B
C
D
E
4.1
1.4
1.0
4.3 - 6 . 2
8.6 - 9 . 7
-4.3
3.5
6.6 - 5 . 4
8
-9.4
-1.0
2.5
-2.9
2.0
1.5
-.6
— .2
Total net issues
Short-term direct
Other
I
J
K
L
M
N
O
P
Q
R
5.6
.1
5.5
4.8
1.0
-2.2
A
B
C
G
IV
Time and savings accounts
III.
!
III
Demand deposits and currency
A
B
C
D
E
F
G
H
I
J
K
JL
M
II.
IV
1.8
-6.2
-7.1
.3
-7.4
.6
.2
.1
3.0
-2.6
-5.
-3.1
— .4
-2.7
-3.0
.3
2.8
2.7
.7
2.0
A
- A
1.0
.4
7.3
7.2
-.9
2.3
-.2
.7 -2.9
-.9
4.0
.4
-.9
.8
.2
4.8
7.7
4.5
7.4
1.5 -2.3
6.8
5.9
.8
.5
-1.0
.5
.2
.3
-13.4
-1.9
-2.3
-2.2
-.2
-1.0
1.4
-11.8
-11.0
-1.2
-9.
.2
14.4
4.1
9.7
.2
.4
14.4
5.9
1.2
.1
.3
6.5
-.3
15.0
4.3
9.4
.6
.7
14.5
4.7
8.3
1.
.4
14.5 14.4
6.2
5.6
1.4
1.4
.1
.2
.6
2.4
6.6
6.3
- . 8 -2.0
- . 7 -1.7
-.3
.8
1.2
1.2
.2
17.8 15.4 13.4
6.8
1.3
3.4
1.5
1.5
1.6
.4
.3
.5
5.0
2.0
1.8
6.
6.5
7.2
-.5
-1.5
l!
.2
-1.6
- . 6 -1.0
.1
.6
1.3
1.2
2*.
1.2
12.8.
3.7
1.6
.6
.9
6.3
-.3
'.8
1.2
.5
15.0
2.9
1.2
.1
.8
6.5
2.6
3.0
-.5
.8
1.3
.3
7.6
4.6
3.6
-2.2
5.8
.3
.7
4.
4.7
.3
4.4
.5
-1.0
-.1
-1.2
-6.0
3.7
-6.8 -10.9
-6.2 - 6 . 0
-1.7
-.9
-4.4 -5.1
.2 - 4 . 2
-.8
-.7
-.5
16.2
-.3
17.1
.1
2.7
c
14.4
-'.2 - 1 . 0
16.3
-9.2
-3.0
-.8
-2.1
-4.5
-1.8
26.8
25.3
5.8
19.5
-.3
.3
-.5
1.9
-1.3
<y
\l
1.3
-1.5
14.4
5.5
7.9
.6
.4
17.8
6.5
9.4
.7
1.3
-6.2
-1.6
-4.9
-.5
-4.5
2.8
.5
-7.0
-6.3
-2.4
-3.9
.9
.7
-2.4
2.4
19.2
10.6
5.2
-.7
6.0
5.1
.2
8.0
4.2
2.6
1.6
1.5
1.3
1.1
.6
15.4 13.4
6.4
4.6
7.3
9.1
.2 - 1 . 1
12.8
4.5
6.2
.6
1.5
Other securities
Total net issues, by sector..
State and local govts
Nonfinancial corporations..
Finance companies
Rest of the world
F Net purchases
G Consumers & nonprofit org..
H State and local govts
Corp. nonfin. business
I
Commercial banks
J
K Insurance and pension funds.
L Finance n.e.c
Security brokers & dealers.
M
Investment cos.—net
N
O
Purchases
P
Net issues
Q Rest of the world
V.
10.6
3.2
6.0
1.0
.4
14.6
4.6
8.8
.6
.5
14.9
5.5
8.0
.1
1.3
10.6
5.0
1.0
14.6
5.1
14.9
3.8
1.5
.5
2.4
6.5
1.3
-1.1
-.7
-.3
.8
1.1
.3
.1
1.0
6.5
-.2
.2
-.3
.9
1.2
.2
c
-A
11.8
4.7
5.4
1.0
.7
11.8
3.0
1.3
.7
.2
7.0
-.5
11
3.7
5.4
1.4
.7
11.2
2.3
1.5
.3
.4
7.0
-.5
\.2
1.8
.4
-.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
13.7
5.1
7.0
A
1.5
-.2
.5
.7
.1
Mortgages
A
B
C
Total net borrowing.
1- to 4-family
Other
14.6
10.7
3.8
12.1
8.6
3.5
15.3
10.1
5.2
19.0
13.2
5.8
16.2
10.4
5.8
18.2
12.1
6.1
13.2
9.9
3.3
11.3
8.4
2.9
12.0
8.3
3.7
11.9
7.9
4.0
12.3
7.9
4.4
13.8
8.8
5.0
15.7
10.5
5.2
19.3
13.0
6.3
D
E
F
•G
H
I
J
Net acquisitions
Consumer & nonprofit org..
Federal Government
Commercial banks
Savings institutions
Insurance sector
Mortgage companies
14.6
1.6
.8
1.7
6.7
3.7
-.1
12.1
1.9
1.4
.6
5.7
2.4
-.3
15.3
2.2
.3
2.1
7.8
2.0
.5
19.0
1.7
2.2
2.6
9.5
2.4
.2
16.2
2.3
1.2
.7
8.8
2.8
18.2
1.3
.6
1.6
11.0
2.7
.6
13.2
2.5
1.7
.4
6.0
2.9
-.6
11.3
1.7
1.5
.1
5.6
2.4
-.3
12.0
1.8
1.4
1.0
5.4
2.2
-.2
11.9
12.3
1.4
.5
.9
6.4
2.1
.5
13.8
2.3
-.7
2.0
7.3
1.8
.6
15.7
2.3
.3
2.5
8.3
1.8
.2
19.3
2.7
1.3
3.1
9.2
2.2
.4
A
B
C
D
E
F
G
Total net borrowing
Nonfinancial business
Corporate
Nonfarm noncorporate. .
Farm
Rest of the world
Financial sectors
5.8
5.9
5.3
.6
*
.4
-.6
1.2
2.3
1.4
2.1
.4
2.0
.5
-.2
.6
.3
.5
.4
-.4 -1.1
7.4
5.3
3.8
.9
.7
.2
1.6
2.8
2.8
2.6
*
.2
.1
-.3
3.1
2.0
1.6
5.9
5.0
3.9
.6
.5
.4
.3
5.3
4.5
2.6
1.7
.2
A
.3
.6
.5
.9
-.7
A
.3
-.3
-2.8
-1.5
.5
-2.3
.3
.3
-1.9
-2.5 -1.7
-1.7
-.6
-.7
-.4
-.7
-1.5
.6
.5
.8
.8
-2.0 -2.3
1.5
7.5
6.7
1.8
4.1
.8
VI.
5.9
1.9
Bank loans n.e.c.
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
1.7
1.3
.9
*
.4
.6
i
.5
F
G
H
I
K
L
M
N
O
P
Q
1513
FLOW OF FUNDS/SAVING
3.
PRINCIPAL FINANCIAL TRANSACTIONS
[Billions of dollars]
1959
Transaction category,
or sector
1960
III
I.
III
IV
1962
III
IV
Demand deposits and currency
A Net incr. in banking system liability
B
U. S. Govt. deposits
C
Other
D Net increase in assets, by sector. . .
E
Federal Govt
F
Other domestic sectors
G
Consumer and nonprofit
H
Nonflnancial business
I
State and local govts
J
Financial sectors
K
Rest of the world
L Discrepancy—Fed. cash
M
Other
II.
.8
-3.7
4.6
-.3
-3.1
2.2
3.7
-1.5
-.5
.4
.6
-.6
1.8
.5
-.4
.9
-.2
10.4
2.0
-.4
10.9
5.8
6.4
-.6
3.6
5.6
-2.3
-.7
-4.4
2.7
.2
.4
.9
1.4
-2.7
.3
-3.1
-2.0
1.2
-2.5
-.3
-2.4
-.1
.3
8.5
8.2
.6
4.1
1.2
.7 - 2 . 0
4.2
1.4 - 1 . 4 - 5 . 4
2.8
-3.0
2.1
3.4
3.9
1.9
.8 - 1 . 9
1.7 - 1 . 5 - 5 . 7
4.5
2.2
-2.1
1.5
2.9
1.7
.8
2.2
5.0
-2.4 - 1 6 -1.6 -2.8
T
-2.0
1.4
.7
1.4
.6
.2
\A
c
-.5
.8
.9
*
!3 - . 3
.1
.3
-.3
-.6
-.4
-.5
.6 - . 2
-5.9
-.8
-5.1
-5.6
-1.1
-4.0
-3.6
-1.1
.7
n
-!8
.1
6.5
2.7
3.8
4.5
1.0
4.4
1.6
1.9
1
-.9
1.7
9.6
8.3 - 4 . 4
5.5 - 2 . 4
2.2
4.1 10.7 - 6 . 6
11.3
5.2 - 1 . 2
8.9 - 3 . 0
2.0
1.9
7.1 - 5 . 2
1.5 - 2 . 5
3.1
.6
6.1 - 5 . 9
-1.7
2.7 - 3 . 6
1.5
.9
1.2
.4
1.0
1.9
-3.4
.5
.2
1.8
2.5 - 3 . 3
9.7
7.0
2.7
7.8
6.4
2.3
5.5
-4.6
1.7
-.2
-.9
.6
1.3
Time and savings accounts
Net increases-Total
At commercial banks—Total.
Corporate business
State and local govts
Foreign depositors
Consumer and nonprofit. . .
At savings institutions
Memo—Consumer and nonprofit
organ. — Total
III.
A
B
C
IV
1961
-.4
e
-.5
-'.2 - 1 . 4
4.2
3.
8.4
9.1
-1.1
2.4
8.6
11.6
13.0
11.0
13.1
4.2
-.9
2.3
7.9
-.2
-.4
.2
-1.2
1.2
7.6
9.9
20.6
9.7
2.0
2.
.3
5.0
22.9
11.7
5.6
.9
2.3
19.4
9.4
1.6
2.1
1.2
4.4
5.*5
8.8
4.8
7.2
8.1
8.9
10.0
10.9
11.2
11.5
10.6
12.9
9.3
11.7
14.4
15.8
16.7
-3
23.4
11.9
1.2
.8
.7
18.4 19.2
7.8
6.3
.8 - 2 . 4
.9
.9
1.3
.6
34.8
22.6
4.8
2.1
-.4
16.0
26.2
13.9
2.6
.3
.2
10.9
12.2
12.3
G
28.1
22.9
H
-.2
9.5 16.2
3.2 14.5
- . 8 -3.8 -2.7
11.4 21.4
-9.3
12.2 - 1 0 . 8 22.0 16.6 - 4 . 6
8.2
-22.2
20.9 - 8 . 3 - 6 . 8
-7.1
8.5 - 1 6 . 0
2
3.0 - 3 . 4
12.9 10.0
- . 8 -3.8 -2.6
9.5 16.2
3.2 14.5
2.4 - 1 . 8 - 1 2 . 5 -11.7 - 8 ^ 9
15.7 13.7 10.1
.9 - . 3
4.7
3.8
.8 - 2 . 2 - 3 . 3 - 7 .
5.6
9.3
6.5
5.1
-8.0 -4.1
6.2 - 1 . 4
-2.3
-1.4
.8
-2.2
-2.0
-.7
-.2
.5
.3
.5
7.2
-.1
4.4
2.3 - 7 . 5 -3.1
8.7
7.7 11.6
-8.4
-8.2
-4.6
5.0 - 1 . 3
7.6
.3 - 1 . 7 -1A
5.0 - 1 . 2
-3.3 -1.6
4.1 - 5 . 1
-.9
2.9
.3
1.6
1.3
3.1
1.9
2.1 - 1 .
-.6
.6
1.0
-.5
2.3
-6.7 -7.4 -9.1 -7.7
1.1
9.4
8.4
8.2
9.3 15.5 - 1 . 9
10.0
-8.4 -8.9 -8.1 -8.1
1.9
8.6
8.3
7.1
10.7 13.9 - 2 . 2
8.1
7.5
.6
-.6
2.9
7.7 -1.9
7.2
-.7
2.2
.2
2.0
5.7
-7.5
-9.0 - 7 0 . 0 -6.3
-1.0
7.4
9.0
4.9
70.5 12.4
-4.2
2.4
.
1
o -1.1
1.0
.5 - . 3
.3
1.2
-.2
1.2
1.4
2
-.2
.9
-.'8
-.9
.7 - 1 . 2
.6
.5
c
.3
-.2
.9
2.0
o
.6
1
.
5
.1
*
1.
-.1
3.9
3.8
.7
i!o
.4
2.0
.5 - . 7
-.7
8.7
5.1
3.5
A
B
C
8.7
4.6
2.2
.2
2.0
.5
1.9
1.9
3.3
.6
2.7
-.9
-.1
- A
2.2
D
E
F
G
H
I
J
K
L
M
N
O
P
20.1
15.4
19.6
Federal obligations
Total net issues
Short-term direct.
Other
Net acquisitions, by sector
Pvt. domestic nonfin. sectors....
Consumers and nonprofit....
Svg. bds. & postal svg
Securities
Corp. nonfin. business
State and local govts
Financial sectors
Banking system
Monetary authorities
Commercial banks
Savings institutions
Insurance and pensions funds.
Finance n.e.c
Rest of the world
IV.
11.2
7
11.2
10.6
3.7
-7.5
5.7
6.3
.6
-1.5
-2.9
7.5
-4.4
1.2
.4
i
2!2
3.0 - 3 . 4
12.9 10.0
17.3 - 5 . 0
10.5 - 1 2 . 4
-4.4
9.0
15.0 - 7 . 4
Other securities
10.0
3.4
4.9
1.1
13.2
4.9
6.2
1.4
12.0
3.7
5.9
1.9
.6
10.5
4.3
5.0
.9
.2
9.6 10.0
2.3
4.7
2.0
1.2
.3
.5
-1.1 -1.3
6.1
6.0
-3.3
.6
-2.5
1.4
-.7
-.6
1.1
1.0
1.8
1.6
.7
.4
13.2
1.9
1.5
.2
1.5
7.9
.4
.9
-.3
1.1
1.4
.1
12.0
.4
1.5
.1
2.2
7.8
.2
.2
-.5
.8
1.3
10.5
.3
1.5
.2
2.8
6.0
-1.5
15.7
10.1
5.6
15.7
10.5
5.2
15.7
1.6
1.4
.7
8.4
3.
15.7
1.9
1.4
.6
8.9
2.3
.1
9.6
3.0
4.5
1.4
.7
12.1
5.9
4.2
1.2
.7
11.2
3.3
5.9
1.4
.6
13.0 12.1
3.1
5.5
1.1
1.4
.7
.7
.3
.6
7.2
7.2
7.1
.8 - 3 . 0
.1
1.1
1.3 - 2 . 5
-.5
- . 5 -1.0
1.3
1.0
1.1
1.
1.6
1.9
.6
.4
11.2
3.1
1.1
.6
Total net borrowing
1- to 4-family
Other
19.4
13.3
6.1
20.7
14.2
6.5
18.7
13.4
5.3
17.1
11.8
5.4
18.1
11.1
7.0
Net acquisitions
Consumer & nonprofit org..
Federal Government
Commercial banks
Savings institutions
Insurance sector
Mortgage companies
19.4
1.5
2.2
3.3
9.7
2.0
.4
20.7
2.2
2.7
3.4
10.0
2.1
18.7
1.
2.3
1.9
9.7
2.5
.2
17.1
1.5
1.7
1.9
8.5
2.8
.3
18.1
3.8
1.
1.0
8.4
3.4
.1
5.8
2.9
.2
2.4
.3
*
2.3
8.8
6.6
4.6
1.4
.7
.2
1.4
10.5
4.5
7.8
3.9
5.6
4.7
1.4 - 1 . 7
.8
.9
.3
.4
2.3
6.8
6.2
4.0
1.9
.3
*
.4
A
B
C
D
E
Total net issues, by sector....
State and local govts
Nonflnancial corporations...
Finance companies
Rest of the world
10.8
4.0
5.3
.6
F
G
H
I
J
K
L
M
N
O
P
Q
Net purchases
Consumers & nonprofit org..
State and local govts
Corp. nonfinan. business
Commercial banks
Insurance and pension funds.
Finance n.e.c
Security brokers & dealers.
Investment cos.—Net
,
Purchases
Net issues
Rest of the world
10.8
.1
1.5
.7
A
B
C
V.
13.0
5.7
6.0
.8
.5
i
6^6
.1
.7
-.6
1.3
1.9
.7
18.4
3.9
12.3
1.3
.9
12.5
5.6
6.0
.2
.7
13.4
6.7
4.7
.9
1.1
15.1
5.7
6.9
1.2
1.2
-A
1.2
1.6
.4
18.4 12.5 13.4
7.0 - 2 . 8
1.6
1.6
1.5
1.8
.4
.5
.7
1.3
3.7
3.1
7.2
0
8.7
0 -.8
-.1
1.9
-.2
- . 8 -1.1
-.1
1.2
1.5
1.6
2.0
1.5
2.7
.1
.5
.3
12.7
7.7
4.5
*
.5
12.7
2.8
1.3
.6
4.7
5.9
-3.9
-2.4
-1.4
1.9
3.3
.4
15.4
10.0
5.4
15.7
10.2
5.5
17.3
11.8
5.5
18.4
12.4
6.0
21.5
14.2
7.3
20.6
12.4
8.2
25.6
15.3
10.2
15.4
1.8
1.1
.3
9.5
2.6
-.3
15.7
2.3
*
.9
9.5
2.7
17.3
1.0
-.2
1.8
10.9
2.7
.5
18.4
1.2
1.0
1.8
11.2
2.0
21.5
.6
1.7
1.9
12.4
3.3
1.2
20.6
3.3
1.0
2.2
12.0
2.0
-.3
25.6
2.5
2.4 - 1 . 4
-.3
2.2
.3 - . 2
1.7
1.9
.1
.3 - 1 . 9
-.3
.5
*
.3
.5
- . 6 -2.1 -1.0
5.1
1.5
9.0
6.4
4.5
1.7
.2
1.3
.5
3.9
1.6
1.0
.4
.2
1.9
5.1
2.9
*
2.7
.2
.1
1.9
o
15.1
9 j
T!9
.6
5.6
7.6
1.8
.8
1.2
2.7
1.5
Mortgages
5!l
13.6
2.6
1.3
VI. Bank loans n.e.c.
Total net borrowing
Nonflnancial business
Corporate
Nonfarm noncorporate...
Farm
Rest of the world
Financial sectors
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
3.3 - 1 . 4
3.0
-.4
3.2
1.2
- . 5 -1.7
.3
-.1
.3 - K 3
3^3
1514
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS
[Billions of dollars]
1957
Category
1956
1957
1958
1960
1959
1958
1961
I
II
III
IV
III
II
I
IV
(A) Consumer and nonprofit organization sector
314.6 331.6 339.4 362.7 379.8 394.8 326.0 331.6 335.4 333.5 331.7 335.7 343.2 346.9
294.5 308.4 311.7 333.4 348.2 359.1 304.7 308.5 312.0 308.3 306.0 306.8 315.1 318.9
Income receipts
20.1 23.3 27.7 29.3 31.6 35.7 21.3 23.1 23.4 25.3 25.7 28.9 28.1 28.0
Transfer receipts
Income taxes & other deductions... 42.7 45.9 45.5 50.5 56.2 57.7 45.4 45.8 46.4 46.1 44.7 44.8 46.0 46.4
36.8 39.1 38.5 42.5 46.8 47.8 38.7 39.0 39.5 39.3 37.9 37.9 38.9 39.2
Taxes less tax refunds
5.9
6.8
7.0
8.1
9.4
9.9
6.7
6.8
7.1
6.9
6.9
6.9
6.9
7.1
Pension and OASI deductions. . .
Cur. receipts after deduct. (A—D).. 271.9 285.7 293.9 312.2 323.7 337.1 280.6 285.8 289.0 287.4 286.9 290.9 297.2 300.5
A
B
C
D
E
F
G
H Cur. expend, for goods and serv.... 211.7 223.3 233.2 246.6 259.3 269.2 218.8 221.7 226.0 226.8 228.6 232.0 235.0 237.4
3.0
2.8
3.0
3.2
3.3
3.2
I Net life insurance premiums
3.0
2.9
3.0
2.7
3.0
2.7
3.0
2.9
57.1 59.4 57.8 62.2 61.1 65.0 58.9 61.2 60.0 57.6 55.4 56.1 59.2 60.4
J
Current surplus ( G - H - I )
9.2
10.3 11.7 11.3 11.9
9.2
K Insurance and retirement credits
9.1
9.1
9.1
8.6
10.9 10.8
9.5
10.9
36.9 40.0 41.6 43.5 45.5 46.9 39.0 39.7 40.4 41.0 41.3 41.5 41.6 41.9
L Capital consumption
29.4 28.6 26.5 30.4 26.9 29.9 29.0 30.5 28.6 26.1 25.0 23.2 28.4 29.4
M Net saving ( J + K — L)
66.2 68.6 68.1 73.9 72.4 76.8 68.0 70.3 69.0 67.1 66.3 64.7 70.0 71.3
N Gross saving (L-(-M)
H
I
J
K
L
M
N
O
Gross investment (P4-T)
69.7
73.8
74.7
79.1
76.5
82.3
73.3
71.0
77.5
73.5
75.1
68.4
75.9
79.7
O
P
Q
R
S
Capital expend, (net of sales) ..
Residential construction
Consumer durable goods
Plant and equipment (nonprofit)..
57.6
16.9
38.5
2.1
58.5
15.6
40.4
2.5
55.4
15.3
37.3
2.7
65.7
19.2
43.6
2.9
66.5
18.4
44.8
3.2
63.8
16.7
43.7
3.4
58.6
16.0
40.4
2.2
58.4
15.7
40.4
2.3
59.1
15.5
40.9
2.7
57.7
15.3
39.7
2.7
54.2
15.3
36.5
2 4
54.0
15.1
36.3
2 5
54.8
15.0
36.7
3.0
58.5
16.0
39.5
3.0
P
Q
R
S
T
U
V
W
X
Y
Net Jinan, investment
(JJ—AJ).
Net acquis. offinan. assets
Demand deposits and currency.
Savings accounts
At commercial banks
At savings institutions
12.1
27.3
.9
2.2
7.2
15.4
27.2
9
12.0
5.2
6.8
19.3
31.3
2 5
14.0
5.3
8.7
13.4
33.8
1 0
11.3
3.0
8.4
10.0
26.2
.3
12.8
3.2
9.6
18.4
14.7
34.2
28.0
1.4 - 2 . 9
18.0 13.8
7.4
6.6
11.4
6.4
12.6
25.7
2.0
11.6
4.2
7.4
18.4
30.5
2.0
10.4
3.9
6.5
15.7
24.6
— .7
12.3
5.3
7.0
20.8
30.5
1 3
14.8
5.9
8.9
14.4
25.6
1 1
13.6
5.1
8.5
21.1
31.6
3.5
15.4
6.3
9.0
21.1
37.7
4.2
12.3
3.9
8.4
T
U
V
W
X
Y
AA
AB
Saving through life insurance. .
Saving through pension funds..
3.8
5.7
2.8
6.4
3.4
7.1
3.7
7.9
3.8
8.2
3.3
6.0
2.8
6.3
2.8
6.1
2.2
7.1
2.7
8.0
2.7
5.9
3.9
7.3
AC
Cr. and equity mkt. instr
7.3
11.0
6 3
2.2
2 3
1 5
9
2
9.5
1 i
2 9
1 4
1 9
1 0
1 4
11.6
3 6
2 5
2 5
1 3
4 9
1 7
1.2
2 1
3.8
2 92
3 0
State and. local obligations
Corporate and foreign bonds.
Corporate stock
..
Mortgages
..
Net invest in noncorp bus
6.1
9
2 2
1 3
1 7
2.6
AE
AF
AG
AH
AI
3.6
7.7
1«
3 1
1 2
2 6
1.9
4
2.2
1
1.7
2 3
1 3
1.7
1.8
2*7
2.3
15.2
14.7
14.8
11.0
3 5
11.8
11.3
11.7
8.7
2 6
12.0
11.3
10.1
9.6
*
— .\
1.1
B
C
D
E
F
G
AJ
AK
AL
AM
AN
AO
AQ
Net increase in liabilities...
Consumer
Credit instruments
1- to 4-family mortgages .
Consumer credit
Other loans
9.4
1.6
i
Nonprofit organizations
AR Discrepancy (N —O)
A
9
—1 4
#
20.3
19.8
19.7
13.1
6 2
16.2
15.8
16.0
10.8
4 4
—1 6
15.8
15.2
13.9
11.9
1 4
13.2
12.8
13.6
10.1
3 1
6
*
-.1
-3.4
-5.2
-6.6
-5.2
-4.1
1.6
2.5
*
1 3
(j
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
C
-5.4
13.1
12.7
12.0
8.7
2 9
12.0
11.6
11.7
8.4
2 9
2.1
6 0
2 0
3 5
1 3
1.7
1.4
2 0
1 0
g
2.3
11.2
8.9
9.7
10.8
8.3
9.0
8.6
9.6
7.1
9.2
7.7
7.9
1 5 —1 3 —1 0
9
10.5
9.7
10.5
9.9
2
~,
-3
-5.3
1 1
1 7
1 3
2 5
62
2
-.7
-8.5
1 3
-6.3
1 9
2 2
-8.8
-3.7
Q
5 j
4.3 AA
7.0 AB
11.5 AC
5 2 AD
1 6 AE
1.0 AF
1.0 AG
2.7 AH
— 1 7 AI
16.5 AJ
15.6 AK
14.3 AL
11.5AM
2 5 AN
.3 AO
1 3 AP
6 AQ
- 8 . 4 AR
1515
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS
[Billions of dollars]
1959
1960
1961
1962
Category
I
II
III
I
IV
III
II
IV
I
II
III
IV
I
II
(A.) Consumer and nonprofit organization sector
B
C
D
E
F
G
354.2 363.7 364.7 368.3 374.9 380.9
326.2 334.9 334.8 337.5 343.7 349.3
Income r e c e i p t s . . .
28.0
Transfer receipts
31.7
28.7
29.9
30.8
31.2
48.9
56.7
Income taxes & other deductions...
50.3
50.7
56.1
52.2
41.0
47.3
Taxes less tax refunds
42.2
42.6
46.8
44.0
7.9
9.4
Pension and OASI deductions . . .
8.1
8.2
9.3
8.2
Curr. receipts after deduct. (A—D).. 305.3 313.4 313.9 316.1 318.8 324.3
H
I
J
K
L
M
N
Cur. expend, for goods and serv
Net life insurance premiums
Current surplus ( G - H - I )
Insurance and retirement credits....
Capital consumption
Net saving (J-fK —L)
Gross saving (L-f-M)
O
Gross investment (P-f T)
73.1
83.8
76.8
82.9
75.6
77.7
78.1
74.7
77.5
80.9
85.7
97.2
93.7
O
P
Q
R
S
Capital expend, (net of sales) . .
Residential construction
Consumer durable goods
Plant and equipment (nonprofit)..
62.2
17.6
42.0
2.6
66.3
19.2
44.4
2.7
68.5
20.5
44.9
3.1
65.7
19 5
43.1
3.1
66.5
18.5
45.1
2.9
67.4
18.6
45.8
3.0
66.5
18.6
44.5
3.5
65.6
18.1
44.0
3.5
61.1
17 2
40.8
3.1
63.1
16.4
43.5
3.1
63.2
15.6
44.0
3.7
67.8
17 6
46.6
3.6
68.0
18.5
46.3
3.3
67.9
16 8
47.7
3.4
P
Q
R
S
T
U
V
W
X
Y
Netfinan. investment (U-AJ). .
Net acquis. offinan. assets
Demand deposits and currency.
Savings accounts
At commercial banks
At savings institutions
10.8
31.6
3.7
11.6
3.1
8.4
17.4
37.9
1.3
13.0
4.2
8.8
8.3
29.7
17.2
35.9
-.3
9.9
2.3
7.6
9.1
26.0
-3.6
9.3
1.2
8.1
10.3
27.4
.8
11.7
2.3
9.5
11.5
28.5
1.7
14.4
4.4
10.0
9.1
23.0
2.2
15.8
5.0
10.8
16.4
29.2
5.0
16.7
5.5
11.2
21.9
37.6
1.6
20.1
8.8
11.3
17.6
30.9
1.5
15.4
4.8
10.6
17.9
39.3
-2.5
19 6
7.2
12.4
29.2
45.9
3.1
28.1
16.0
12.2
25.8
T
44.9
U
5.5 V
22.9 W
10.9 X
12.1 Y
AA
AB
Savings through life insurance..
Savings through pension funds.
3.9
7.5
4.7
7.5
3.1
8.0
3.2
4.1
7.7
3.2
8.2
3.6
8.0
3.4
7.1
3.8
7.0
3.4
8.7
4.1
7.7
4.0
9.3
4.7
7.3
4.4 AA
9.7 AB
AC
AD
AE
AF
AG
AH
AI
5.3
Cr. and equity mkt. instr
14.2
10.5
5.6
3.7
Federal obligations
6.5
2.9
.3
State and local obligations...
2.1
4
-1 3
Corporate and foreign bonds
1 0
1.1
2.4
-.2
Corporate stock
Mortgages
1 5
2.2
1.8
- 2 5 -2.3
-.8
Net invest in noncor bus
. .
9.3
13.9
.8
9.3
.9
1.7
7
2 3
1.4
.8
1.5
3.8
1 -1.0
1.7
-2.2
2.2
2
1.6
1.1
.5
-3.3
1.5
— 2
.6
1.9
*
17.2
17.0
17.1
10.3
6.0
.8
_- 1
.4
17.0
16.3
15.2
11.0
3.4
8
1 1
.4
AJ Net increase in liabilities
AK
Consumer
AL
Credit market instruments
AM
1- to 4-family mortgages...
AN
Consumer credit
AO
Other loans
....
AP
Security credit
AR Discrepancy ( N - O )
382.5
349.6
32.9
55.6
46.2
9.4
326.8
383.9 392.2
349.5 356.3
36.5
34.4
57.3
55.7
47.5
46.1
9.8
9.6
328.2 335.6
397.2 405.2 411.2 417.8
361.5 369.0 373.3 380.5
37.9
35.7
36.2
37.3
61.4
58.0
59.7
66.0
50.8
48.1
49.6
55.4
10.5
9.9
10.1
10.7
339.2 345.4 349.8 351.7
A
B
C
D
E
F
G
240.6 245.4 248.4 252.2 255.0 259.9 260.7 261.7 264.7 266.9 270.9 274.2 276.1 281.7 H
3.4
3.3
3.2
3.1
3.4
3.4
3 3
3.3
3 3
3 2
3 4
I
2 6
3.3
2 7
61.4
62.2
61.3
64.7
60.6
60.6
60.8
65.4
70.3
65.6
61.7
60.8
68.1
66.6
J
11.1
11.2
11.5
12.1
12.3
12.0
11.5
11.9
12.0
11.7
10.2
10.5
13.4
14.1 K
42.4
43.9
45.4
43.1
44.6
45.0
46.7
47.8
47.1
45.7
46.0
46.3
47.5
48.1
L
30.1
29.5
27.3
33.6
27.6
30.6
34.5
30.2
28.3
26.5
26.0
25.0
33.9
32.6 M
73.3
72.7
76.8
72.6
82.3
72.9
72.2
71.9
71.3
81.4
80.8 N
77.3
72.5
77.3
20.8
20.0
19.0
12.6
5.9
.4
1 0
-.6
H
11.0
2.4
8.6
20.5
20.0
20.3
13.7
6.2
21.4
21.1
21.4
13.4
7.6
_ 2,
3
3
-7.0
o O
18.7
18.0
18.2
12.4
5.1
.7
.4
16.9
16.8
18.3
11.6
5.9
.8
—1 4
.2
- 3 . 4 -10.0
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
381.0
350.4
30.6
56.2
46.7
9.5
324.8
-2.9
-4.9
-5.8
85.0
-5.7 -5.4
3.9
-7.8 -8.0 -4.1
.1 — 1.6
.4
1
1 3
4 1
-1.0
2 5
1 8
1.8
2.3
1.0
4
— 2
13.9
13.2
13.3
10.4
2.4
c
— 1
.4
12.8
12.5
10.9
10.4
-2.7
-6.2
!8
1 5
8.3
3.6
6.2
5.1
-.5
2.7
—2 1
-.2
-1 3
1.2
.6
4
—1 4
15.6
15.1
12.9
11.8
A
.1
2.2
.4
13.3
12.9
12.6
11.6
.6
.3
2
1 j
-3.6
'A
21.5
20.4
19.1
14.0
4.7
.4
1.2
.9
-4.2
4.7
2.6 AC
-1.4
2.2 AD
- . 8 - 3 . 0 AE
2 1
3 8 AF
1.5 - 2 . 9 AG
3.3
2.5 AH
— 1 9 - 1 9 AI
19.1
18.7
21.3
14.7
6.0
.6
— .7 - 2 . 6
.5
.6
16.7
16.1
16.8
12.9
3.4
AJ
AK
AL
AM
AN
AO
AP
AQ
-14.9 - 1 2 . 9 AR
1516
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
[Billions of dollars]
1957
Category
1956
1957
1958
1959
1960
1958
1961
III
IV
III
IV
(B) Farm business sector
8.5
8.5
8.7
8.7
10.6
10.6
8.6
8.6
9.3
9.3
10.4
10.4
8.2
8.2
8.4j
8.4
9.2
9.2
9.0
9.0
11.3
11.3
10.5
10.5
10.5
10.5
10.1
10.1
3.7
3.7
3.9
3.9
4.0
4.0
4.2
4.2
4.2
4.2
4.1
4.1
3.8
3.8
3.9
3.9
3.9
3.9
3.9
3.9
4.0
4.0
4.0
4.0
4.0
4.0
3.9
3.9
Gross investment ( G + J )
Capital expenditures
Construction and equipment
Change in inventories
3.7
3.4
3.8
-.4
3.9
4.7
4.0
4.0
5.4
4.4
.9
4.2
4.7
4.7
.1
4.2
4.6
4.2
.3
4.1
4.8
4.6
.2
3.8
4.3
4.0
.3
3.9
4.6
3.9i
3.9
4.9
3.9
3.9
5.1
4.0
1.1
4.0
5.3
4.3
1.0
4.0
5.5
4.5
1.0
4.0
5.4
4.5
.9
3.9
5.3
4.6
.7
J Net Financial investment
(K—L)
K
Net acquis. of Jinan, assets
L
Net increase in liabilities
M
Credit market instruments
N
Mortgages
O
Bank loans n.e.c
P
Other loans
Q
Trade debt
R
Proprietors' net investment.. . .
.3
2
-.5
.9
-.8
- .1
.8
1.1
.6
.3
.2
.1
-.4
-1.4
.3
1.7
1.5
.7
.6
.2
.1
.1
-.6
- .4
.2
1.8
.9
.7
.2
.1
-1.7
-.7
-.7
.7
1.7
1.1
.3
.2
.2
— .5
-.7
•4\
-.9
-1.2
-.1
1.1
-1.3
.3
1.7
1.0
.3
.6
-1.5
.3
1.
1.4
.8
.5
.2
.2
-1.4
.3
1.7
1.4
.9
.4
.2
.2
-1.3
.3
1.6
2.2
1.0
.8
.3
-.1
-.4
A
B
C
D
E
Net income
Proprietors' income withdrawals....
Net saving ( A - B )
Capital consumption
Current surp. = gross saving ( C + D ) .
F
G
H
I
.1
-1.3
-.4
-.2
.9
.2
A
.1
-1.1
.7
.5
.2
.2
1.2
.6
2
*T
.
2
-.4
.*9
1.0
.5;
• 4|
1.3
.6
'.3\
• l|
— is
F
G
H
I
(C) Noncorporate nonfinancial business sector
A
B
C
D
E
Net income
Proprietors' income withdrawals....
Net saving (A — B)
Capital consumption
Current surp.= gross savings ( C + D )
37.7
37.7
38.5
38.5
38.1
38.1
40.5
40.5
39.8
39.8
40.5
40.5
38.3
38.3
38.6
38.6
38.9
38.9
38.3
38.3
37.4
37.4
37.8
37.8
38.2
38.2
39.0
39.0
7.5
7.5
8.1
8.1
8.0
8.0
8.3
8.3
8.5
8.5
8.7
8.7
8.1
8.1
8.1
8.1
8.1
8.1
8.0
8.0
8.0
8.0
7.9
7.9
7.9
7.9
8.1
F
G
H
I
Gross investment ( G + J ) .
Capital
expenditures.
Plant and equipment...
Change in inventories..
7.5
10.0
9.8
.2
8.1
9.6
9.4
.2
8.0
8.7
9.0
-.2
8.3
11.1
10.7
.4
8.5
11.8
10.9
.9
8.7
11.5
11.4
.1
8.1
9.3
9.5
-.2
8.1
9.7
9.3
.4
8.1
10.0
9.3
.1
8.0
9.3
9.4
.1
8.0
7.4
8.7
-1.4
7.9
8.3
8.5
-.1
7.9
8.8
9.0
-.3
8.1
10.4
9.7
.8
F
G
H
I
-2.5
.7
.3
.3
3.2
1.8
.8
.6
.4
.2
1.2
-1.5
1.1
.8
-.7
1.0
.9
-.1
1.7
2.2
1.6
.5
.1
-3.4
-2.9
-2.9
.4
A
.1
3.3
2.1
1.6
.1
.4
.1
1.1
-1.2
.9
.8
-.1
2.1
1.9
.8
.6
.4
.7
-.4
-1.9*
-1.3\
- .4\
.9
.9
—8
l.l
.9
-2.4
1.1
.9
.1
5.5
7.1
2.4
4.1
.7
-2.3
-1.4
J
K
L
M
N
O
P
Q
R
S
T
J Net financial investment
(K—N)
K
Net acquis. offinan. assets
L
Demand deposits and currency.
M
Consumer credit
N
Net increase in liabilities
O
Credit market instruments
P
Mortgages
Q
Bank loans n.e.c
R
Other loans
S
Trade debt, net (debt less asset).
T
Proprietors' net investment....
2.6
1.2
.9
2
!5
.5
.9
-3.2
-2.8
A
*
-.3
.1
3.2
2.3
1.3
-18
1
2.4
3.2
1.5
.9
.8
11
!3
1.0
-.1
l.l
1.7
.3
-.31
• 6i
.1
2.4
-.8
1.0|
1.2
-2.3
l.'ol
.2
1.2
.4!
2.0
1.3!
.6
.6"
.9
-.5
j
i.3
*
.6
-.7
.5
1.1
-.7
-.4
.8
1.3
1.6
s
(D) Corporate nonfinancial business sector
A
B
C
D
E
F
Profits
Profits tax payments (net)
Net dividend payments
Net saving ( A - B - C )
Capital consumption
Current surp.= gross saving ( D + E ) .
37.0
21.7
9.4
5.9
19.
25.0
36.
21.2
9.5
5.3
21.0
26.3
31.4
18.9
9.4
3.1
21.9
25.0
40.8
18.1
10.4
12.3
23.3
35.6
38.5
21.0
11.0
6.6
25.0
31.5
38.6
19.0
11.2
8.4
26.6
35.0
38.3
21.5
9.8
7.0
20.3
27.3
36.6
22.6
9.7
4.4
20.8
25.2
36.7
21.0
9.7
6.0
21.2
27.2
32.6
19.7
9.1
3.8
21.4
25.3
26.8
19.2
9.6
-2.0
21.5
19.5
28.6
20.0
9.5
-.9
21.7
20.8
32.1
18.3
9.5
4.3
22.0
26.3
38.0
17.9
8.9
11.1
22.3
33.4
A
B
C
D
E
F
G
H
I
J
K
L
Gross investment ( H + M ) .
Capital expenditures
Fixed investment
Plant and equipment..
Other
Change in inventories...
21.3
34.3
29.4
29.0
.4
4.9
25.1
33.0
32.4
31.7
.7
.6
20.0
23.7
26.4
25.0
1.4
-2.6
30.9
34.0
27.9
26.3
1.6
6.1
26.6
33.6
30.7
29.4
1.3
2.8
28.8
32.0
30.2
28.1
2.2
26.2
34.7
32.5
32.
.4
2.2
22.3
34.2
32.6
32.1
.5
1.6
27.0
33.7
32.9
25.0
29.3
31.6
30.5
1.1
-2.2
12.4
23.0
28.2
27.1
1.1
-5.1
16.8
21.0
25.9
24.9
1.0
-4.9
23.0
22.9
25.2
23.7
1.5
-2.3
27.8
28.0
26.2
24.4
1.8
1.8
G
H
I
J
K
L
-3.7
-7.8
M Net financial investment
(N—V) -13.0
10.8
4.3
N
Net acquis. offinan. assets
4.5
2.2
-4.2
O
Liquid assets
1.5
.2
P
Demand dep. and curr
9
Time deposits
-.2
-4.4
Federal obligations
.2
.5
.4
Consumer credit
.3
Other loans (finance p a p e r ) . . . .
6.0
1.4
Trade credit
T
1.5
2.5
Other financial assets
2.2
U
14.5
12.3
17.3
Net increase in liabilities
V
11.8
13.1
13.2
Credit and equity market instr...
W
5.8
6.4
3.7
Corporate bonds
X
2.3
2.4
2.3
Y
Corporate stock
3.2
1.8
1.8
Mortgages
Z
.4
2.0
5.3
AA
Bank loans, n.e.c
.1
.1
AB
Other loans
2.7
-.9
3.9
AC
Trade debt
-5.1
12.9
3.0
-1.0
-.4
4.4
.8
.4
6.0
1.9
-6.9
3.0
-3.4
-1.2
-3.3
11.6
-8.
-11.9
9.5
2.9
1.2 - 2 . 3
-1.3
-6.7
3.9
1.6
1.3
-3.0
.3
.5
3.2
2.2
.1
7.6
2.0
-4.2
.1
7.8
18.3
— 1 1 5.4
1.2
2.9
2.2
4
-4.5
2!8
.5
.8
-.1
— 1
6.5
io!i
1.5
1.7
18.3
6.6
1.9
-.4
5.1
1.1
-.1
8.6
1.6
15.9
13.0
3.1
2.3
3.4
3.8
.5
2.9
10.0
12.5
3.6
1.8
3.
2.6
1.
-2.
5.0
16.
4.7
20.7
4.9
19.4
s
AD Discrepancy (F —G)
AE Memo: Profits tax accruals
3.
19.6
18.9
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
1.3
.9
1.3
.4
32.11
-4.3 -10.6
1.8 -1.0
-.6
-2.0
*
2.2
.2 - 4 . 2
.1
-.3
.9
.4
- . 2 -1.0
1.4
1.4
M
N
O
P
5.4
2.6
-1.0
.6
-.4
1.0
3.
.3
.3
.3
-.5
2.2
14.9
12.7
4.3
2.7
3.5
1.6
.6
2.1
77.9
15.4
6.7
3.0
1.5
3.9
.2
2.5
14.8
13.9
6.0
3.4
1.3
2.6
.6
.7
10.6
12.0
6.6
1.7
2.0
.9
.8
-1.4
6.1
11.3
6.2
1.7
2.3
.5
.5
-5.4
9.6
12.1
8.3
1.1
2.7
-.7
.7
-2.6
12.0
9.5
4.2
3.1
2.7
-.4
_ \
2A
18.1
12.6
6.1
3.0
3.2
.9
-.6
5.6
18.5
12.7
4.4
1.9
4.3
1.8
.4
5.6
6.
19.4
1.1
20.3
2.8
19.2
.2
19.1
.3
16.9
7.1
14.1
4.0
14.6
3.3
16.5
5.5 AD
19.6 AE
Q
R
S
T
U
V
W
X
Y
Z
AA
AB
AC
1517
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
[Billions of dollars]
1959
Category
I
II
1960
III
I
IV
II
1961
III
I
IV
1962
II
III
IV
I
II
10.9
10.9
10.3
10.3
10.1
10.1
(B) Farm business sector
A
B
C
Net income
Proprietors' income withdrawals. . .
Net saving (A—B)
E
Current surp.= gross saving ( C + D ) .
F
G
H
I
Gross investment (G+J)
Capital expenditures
Construction and equipment
Change in inventories . .
J
Net financial investment
K.
L
Net acquis of finan assets
Net increase in liabilities
M
N
O
P
Q
R
(K — L)
. ...
Credit market instruments
Mortgages
Bank loans n.e.c
Other loans
Trade debt
Proprietors' net investment....
9.5
9.5
8.9
8.9
7.8
7.8
8.0
8.0
7.9
7.9
9.7
9.7
9.5
9.5
10.0
10.0
10.1
10.1
10.0
10.0
10.4
10.4
4.0
4.7
4.5
.2
4.1
4.9
4.8
4.2
4.7
4.7
*
4.3
4.7
4.6
4.3
4.5
4.3
4.2
4.4
4.1
2
3
4.1
4.5
4.1
4.0
4.8
A.A
4.0
4.7
A.A
4.1
5.2
A 9
4.1
4.9
4.6
-.5
— .4
-.4
— .4
-.3
— 2
-.2
— .2
-.4
—2
-.7
— 2
.2
.5
2.0
.9
.8
.3
1.7
.8
.9
*
1.7
13
.3
1
1.3
.8
.3
2
.9
9
.3
.3
.1
1.0
7
.1
2
-2.0
-1.9
-1.3
-.7
— .4
.3
1.5
.9
.3
3
-.7
— .4
.4
2.1
.7
4
-.2
.2
-1.0
-1.9
.2
-1.9
.1
.1
.1
4
.1
-.9
4
*
1
_*3
3
3
- . 7 -1.1
—1
1 i
.6
1.6
1.5
g
11
*
.5
3
3
.4
2
n
2
4.2
4.5
A 3
-.3
4.2
4.4
A 3
1
4.1 F
4.9 G
4 8 H
1
I
-.8
-.2
— ' j
7
3
2
A
B
C
8
2.0
1.6
1.6
2.2
1 l
13
10
1 6
.5
.2
.2
.2
3
1
4
4
3
3
2
— 2
o -1.5 -1.5 -1.6 - 1 . 2
J
K
L
M
N
O
P
Q
R
(C) Noncorporate nonfinancial business sector
A
B
C
D
E
Net income
Proprietors' income withdrawals. . .
Net saving (A—B)
Capital consumption
Current surp.= gross savings (C+D)
39.7
39.7
40.9
40.9
40.9
40.9
40.6
40.6
40.1
40.1
40.1
40.1
39.6
39.6
39.3
39.3
39.2
39.2
40.2
40.2
40.8
40.8
41.8
41.8
42.1
42.1
8.1
8.1
8.2
8.2
8.3
8.3
8.3
8.3
8.4
8.4
8.5
8.5
8.5
8.5
8.6
8.6
8.5
8.5
8.6
8.6
8.6
8.6
8.8
8.8
8.8
8.8
F
G
H
I
Gross investment ( G + J ) . .
Capital expenditures
Plant and equipment
Change in inventories . .
8.1
11.8
10.9
.9
8.3
8.2
9.2
13.4
11.4 10.5
2.0 - 1 . 2
8.3
9.9
10.1
-.2
8.4
13.8
11.2
2.6
8.5
12.2
11.2
1.0
8.5
10.7
10.6
*
8.6
10.3
10.4
-.1
8.5
8.9
9.6
-.7
8.6
11.6
10.7
.9
8.6
12.5
12.5
8.8
13.1
12.8
.3
8.8
11.6
10.8
.8
-5.4
-2.2
-1.7
-5.2
-3.7
- . 9 -1.6
J Net financial investment
(K — N) -3.7
-3.0
-3.9
-4.3
-2.8
-.5
.1
-.2
* — .2
.2
_ 2 -.5
-.5
1C
Net acquis. of finan. assets
.41
.5
.91
.4
.1
-.8
-.3
-.3
2 -.3
— .8 - . 8
—8
L
Demand deposits and currency
*
.1
.1
.3
.2
.1
.2
-.4
.4
.2
.6
.2
M
Consumer credit
1.1
3.8
1.7
4.6
.4
5.6
.2
3.4
3.4
1.9
4.4
5.2
3.2
N
Net increase in liabilities
-.2
1.3
2.8
3.2
4.7
-.5
4.7
5.0
.3
1.2
4.2
3.5
3.0
O
Credit market instruments
1.3
1.2
1.3
1.5
1.5
1.9
1.1
1.8
1.8
1.3
1.8
2.0
P
Mortgages
1.0
1.4 - 1 . 7
.3 - 1 . 9
1.9
-1.7
2.4
-.3
.9
Q
Bank loans n.e.c
1.7
.4
1.4
.4
1.3
6
1.3
!5
.4
.8
17
R
Other loans
.
. . .
1.8
.5
j
3 -2 4
.7 - 1 . 2
.2
— 5
* -.2
1 0
.5
S
Trade debt net (debt less asset) — 1 4
.1
.1
-.4
2.0
2.3
1.2
-.6
1.0
.9
1.2
T
Proprietors' net investment
1.9
.
3
.2
42 7 A
42.7 B
C
8.8 D
8.8 E
8.8
13.7
13.3
.4
F
G
H
I
-4.9
J
K
L
M
N
O
P
Q
R
S
T
4
.3
5.3
7.0
2 9
2.7
1 4
-.8
-.8
(D) Corporate nonfj nancial busines s sector
39.0
20.2
10.6
A
B
C
D
E
F
Profits
Profits tax payments (net)
Net dividend payments
Net saving (A—B — C ) . . . .
Capital consumption
Current surp. = gross saving ( D + E ) .
40.1
15.3
10.0
14.9
22.5
37.5
44.4
15.9
10.3
18.2
23.2
41.4
39.5
20.9
10.8
G
H
I
J
K
L
Gross investment (H+]VI)
Capital expenditures
Fixed investment
Plant and equipment
Other
Change in inventories
35.0
32.1
26.8
24.8
2.1
53
39.7
38.0
28.5
26.4
2.1
9 5
23.3
30.5
28.1
27.0
M Net financial investment
(TV —F)
N
Net acquis. of finan. assets
O
Liquid assets
P
Demand dep. and c u r r . . . . . .
Time deposits
Q
Federal obligations.
R
Consumer credit
S
Other loans (finance paper)
T
Trade credit
U
Other financial assets
2.9
19.1
5.6
-.3
—4
6.3
1.6
1.6 -7.2
3.5
19.2
1.3
7.9
.7 - 3 . 3
— 4 -.4
5.0
7.6
.9
.7
.5
.8
6.8 - 1 . 1
2.0
1.7
V
W
16.2
77.5
70.7
19.3
16.6
9.5
3.0
2.3
3.8
15.7
3.3
2.7
4.0
13.5
3.4
2.5
2.7
4.7
.2
5.9
13.8
2.6
2.0
3.7
4.0
1.5
2.6
6.7
19.6
.8
21.6
X
Y
Z
AA
AB
AC
Net increase in liabilities
Credit and equity market
instruments
Corporate bonds
Corporate stock
Mortgages
Bank loans n e e
Other loans.
Trade debt
AD Discrepancy (F — G)
AE Memo* Profits tax accruals
8.5
2.0
7.4
4.3
3.6
25.0
32.4
25.0
29.3
25.2
28.8
34.8
38.6
30.6
29.1
1.6
25.0
34.5
31.4
30.1
1.3
23.7
32.2
30.5
29.3
1.2
8.0
3.0
1.7
-9.7
-3.9
9.6
12.7
-2.8
-.7
-1.2
-.6
-.4
-.4
-1.2
.3
.3
.2
.5
2.0
9.8
7.6
2.0
1.8
-9.5
1.0
-3.6
-1.9
7.8
8.2
24.1
32.3
25.6
35.3
28.1
27.1
1.0
2.4
6.6
1.7
2.4
20.2
1.7
22.7
8.0
20.2
4.6
39.0
20.9
10.8
23.5
31.3
13.3
2.6
1.6
3.0
5.6
.5
-2.7
2
41.5
19.7
10.8
11.0
24.5
35.5
7.2
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
37.4
22.0
11.2
36.0
21.2
11.2
32.7
19.2
11.0
38.1
19.0
11.3
39.3
18.8
11.1
2.6
7.9
9.3
25.7
28.2
26.3
34.2
26.9
36.2
44 2
19.2
11.3
13.8
27.5
41.2
23.0 22.5
28.9 25.3
30.3 28.5
29.2 27.7
1.1
.8
— 1.4 - 3 . 2
30.1
30.4
29.6
27.7
1.9
29.1
35.1
31 3
28.0
32
38
33.3
37.2
31.6
28.8
2.8
56
-8.5
-5.8
-2.8
-2.8
1.3
8.7
-6.9 -2.4
1.2
-1.1 -1.1 -2.8
1.6
2.0
5.6
-1.7 -7.4 -3.3 -1.6
.4 - 2 . 7
.6 - . 1
.1
.2
.2 - . 2
1.9
1.9
1.3
6.6
1.7
2.5
2.6
2.4
9
43 2
19.0
11.5
12.8
27.8
40.5
43 5 A
20.1 B
9 9 C
13 4 D
28.0 E
41.5 F
38.4
36.5
30 8
29.6
1 3
57
30.7 G
38 9 H
34 8 I
31.4
J
3 5 K
4 1 L
-.3
-6.0
1.8 -8.2
M
-3.9
16.5
5.5
15.7 12.4
4.0 N
5.2 - 3 7
2.7
1.8 — 1 5 O
-.2
.6
6.0 - 5 . 9 - 4 . 6
P
1.2
.8 - 2 . 4
4.8
2.6
4.1 - 5 . 1
2.9
.5 Q
1.0
.6
1.6 R
1.3
\.2
*
.1
.6
.7 S
8.1
10.2
6.2
2.2 T
2.0
1.5
2.\
.2 U
1.3
7.7
11.6
16.8
77.5
19.5
70.5
13.3
10.8 12.3
3.4
3.5
4.9
2.8
1.5
1.0
2.8
3.1
2.8
3.2
1.2
1.9
2.0
.6
1.7
-3.0 -5.3 -5.2
9.3
2.2
2.8
3.0
1.7
-.4
2.1
15.6
7.2
5.1
2.9
.1
.3
1.1
12.1
3.2
2.8
3.8
*
22
-.5
13.7
4.6
10.4 14.5 W
3.8
6.5 X
.7
.4 Y
4.5
6.1 Z
1.0
* AA
1 6 AB
.4
* - 2 . 5 AC
5.8
16.1
4.1
18.9
7.1
19.9
7.9
22.7
70.5
7.4
19.9
5.7
5.6
18.1
5.7
17.7
4^3
4.5
2
5.8
2.1
21.7
12.2
V
10.8 AD
22.4 AE
1518
FLOW OF FUNDS/SAVING
4.
SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[Billions of dollars]
1957
Category
1956
1957
1958
1959
1960
1958
1961
I
II
III
IV
III
IV
(E) Federal Government sector
Tax receipts (net of refunds)
Individual income
Corporate profits
Other
Social insurance programs
Premiums received
Benefits paid
Life insurance and retirement
programs
Premiums received
Benefits paid
68.6
33.6
22.8
12.3
71.0
35.6
22.4
13.0
67.9
34.9
20.4
12.6
72.2
38.5
20.0
13.7
79.8
41.8
23.2
14.9
78.7
42.5
21.0
15.1
70.7
35.2
22.5
13.1
72.2
35.5
23.6
13.1
71.6
35.9
22.6
13.0
69.5
35.7
21.1
12.7
67.4
34.3
20.7
12.4
68.5
34.4
21.5
12.5
67.7
35.4
19.9
12.4
68.2
35.7
19.6
12.9
8.4
7.1
9.8
9.2
9.8
12.7
12.3
12.9
14.9
14.1
15.6
16.9
9.8
7.9
9.9
9.3
9.9
9.2
9.8
10.3
9.7
11.1
9.7
12.9
9.9
13.6
10.0
13.0
1.7
1.8
1 8
2.0
1.8
2.2
1.9
2.4
1.9
2.6
2.0
2.9
1.9
1.9
1.8
2.0
1.8
2.0
1.8
2.0
1.8
2.1
1 7
2.3
1 9
2.2
2.2
G
H
10.2
5.1
11.6
5 6
13.9
4.9
14.8
6.1
14.5
7.0
16.9
6.2
11.9
5.1
11.9
5 3
11.7
5.4
10.8
6 7
13.0
5 0
13.9
4 6
13.8
4 8
14.7
5.2
I
J
46.6
2.7
43.8
50.0
3.0
47.0
52.8
3.4
49.4
53.5
3.7
49.8
53.1
3.7
49.4
57.4
3.8
53.6
50.1
2.9
47.2
50.4
2.9
47.5
50.1
3.1
46.9
49.3
3.1
46.2
50.8
3.0
47.8
52.1
3.2
48.9
53.9
3.4
50.5
54.6
4.0
50.6
K
L
M
O
P
Net grants and donations p a i d . . . .
Net interest paid
Other net purchases of goods and
services
Construction expenditures
Other
Current surplus (A, E, and G, less
F and H through K)
Credits imputed to consumers
Gross and net savings (N —O). . . .
8.0
1.1
7.0
4.3
.6
3.7
-6.9
1.0
-7.9
-3.5
1.0
-4.5
5.4
1.0
4.3
-4.2
1.0
-5.2
5.3
.6
4.7
4.9
.6
4.3
4.9
*
4.8
1.8
.9
.9
-3.2
1.3
-4.5
-5.9
.7
-6.6
-8.9 -9.6
1.0
1.0
- 9 . 9 -10.7
N
O
P
Q
R
S
T
U
V
W
Netfinan. investment (R — X).
Net acquis. offinan. assets
Demand deposits & currency..
Credit market instruments
Mortgages
Other loans
Other financial assets
5.9
1.6
-.2
1.1
.8
.3
.6
3.6
3.2
.2
2.4
1.4
.9
.6
-8.2
1.5
.1
1.7
.3
1.4
-.3
-5.1
6.1
.7
3.8
2.2
1.6
1.6
3.8
3.9
.9
2.4
1.2
1.1
.6
-5.8
3.3
.3
2.8
.6
2.2
.2
4.9
11.8
8.3
2.6
1.7
.8
.9
5.8
-5.9
-9.4
1.5
1.5
*
2.0
4.1
9.2
6.6
1.7
1.4
.3
.9
-.4
-2.5
-4.8
3.8
1.1
2.6
-1.5
-1.7
2.6
2.3
.8
.5
.3
-5.2 -13.3 -12.5
11.7 -17.2
9.2
11.6 -19.6
6.0
.2
2.1
3.7
.3
1.3
-.7
2.4
1.0
1.8
-.6
.3
-.2
Q
R
S
T
U
V
W
- .4
-2.1
A
B
C
D
E
F
G
H
I
J
K
L
M
N
X
AB
AC
AD
AE
AF
AG
AH
Net increase in liabilities
Consumer saving through life
ins. & retir. funds
Federal obligations
Short-term direct
Other securities
Svgs. bonds—consumer
Other loans
Other liabilities
AI Discrepancy (P —Q)
9.7
11.2
.1
9.1
7.0 -11.7
5.2
1.1
-5.4
7.4
-12.5
-.3
-.3
.3
.6
-.9
5.5
-4.1
-2.2
-.4
.3
1.0
8.2
-1.2
10.2
-.7
.3
.1
1.0
9.3
5.5
5.8
-2.0
-.6
1.6
1.0
-2.7
-5.1
2.9
-.4
.5
1.2
1.0
7.2
11.3
-4.9
.7
.3
.7
.6
.6
6 . 7 -12.5
12.3
17.1
- 2 . 8 -27.4
-2.9 -2.2
-.5
-.2
.2
.3
*
6.6
-6.0
14.8
-2.2
1.1
.1
.3
.6
.5
.6
-4.3
-.1
-1.5
-1.1
.9
-4.3
-1.4
-1.1
-1.7
-.6
1.9
.8
1.3
A
c
4.2
16.9
-3.9
1.3
.7
1.0
3.8
16.3 - 6 . 2
10.2 -17.1 - 4 . 3
-5.6
34.2 - 1 . 4
c
-.9
-.8
.'4
.6
.2
-1.4
2
.9
-2.8
-1.4
3.4
21.7
X
1.0 AB
19.1 AC
6.3 AD
13.6 AE
- . 7 AF
.1 AG
1.4 AH
1.9 AI
(F) State and local government sector
A
B
C
D
27.0
.4
.5
29.1
1.0
.5
30.6
2.0
.6
33.2
3.1
.7
37.0
2.5
.7
39.0
2.9
.7
28.4
1.1
.5
29.0
.7
.5
29.4
1.0
.5
29.7
1.0
.6
30.1
1.5
.6
30.4
1.9
.6
30.8
2.1
.6
31.3
2.5
.6
28.6
11.0
-1.7
19.3
-1.7
1.4
-3.1
31.7
12.2
-1.8
21.3
-2.1
1.6
-3.7
35.4
13.3
-1.9
23.9
-3.3
1.7
-5.0
37.7
14.0
-2.1
25.8
-2.1
1.9
-4.0
40.1
13.8
-2.2
28.5
-1.3
2.1
-3.4
43.4
14.9
-2.4
31.0
-2.2
2.3
-4.5
30.8
12.2
-1.8
20.4
-1.8
1.3
-3.1
31.3
12.1
-1.8
21.0
-2.1
1.5
-3.6
31.6
11.9
-1.9
21.6
-1.7
1.7
-3.3
33.0
12.6
-1.9
22.3
-2.8
1.8
-4.7
33.8
12.7
-1.9
23.0
-2.9
1.8
-4.7
34.7
12.9
-1.9
23.7
-3.0
1.7
-4.7
36.0
13.5
-1.9
24.3
-3.7
1.6
-5.3
36.9
14.0
-1.9
24.7
-3.7
1.6
-5.3
-5.1
2.5
.3
.7
1.5
-.4
.5
1.4
-3.5
3.5
.5
-.5
3.4
1.8
.4
1.2
-2.5
3.8
.2
1.3
2.2
.3
.3
1.7
-4.2
3.6
.6
.9
2.2
.2
.2
1.8
-2.8
3.1
.6
.2
2.3
.8
.5
1.0
-2.7
3.4
.5
*
2.9
1.4
.5
1.0
-3.2
3.5
1
.9
2.5
.7
.5
1.3
-6.7
1.0
-.2
.2
1.0
-.8
.5
1.3
-5.8
2.9
-.3
2.1
1.2
-.7
.5
1.4
-4.5
4.0
1.8
2.1
.2
-1.8
.5
1.4
-5.2
1.5
-.3
-.6
2.4
.5
.5
1.4
-5.1
1.4
-.1
-.6
2.1
.2
.5
E
F
G
H
I
J
Tax receipts
Net insurance and grants receipts..
Net interest paid
Other net purchases of goods and
services
Construction and land
Other by Govt. enterprises
Other by general government
Current surplus (A+B - C - D)
Credits imputed to consumers
Gross and net saving (H —I)
K
L
M
N
O
P
Q
R
Net finan. investment (L — S)..
Net acquis. offinan. assets
Demand deposits & currency..
Time deposits
Credit market instr
Federal obligations
State and local oblig
Other
-2.3
2.4
.2
2.3
1.0
.5
.7
-3.8
2.8
.3
.3
2.2
.5
.5
1.1
S
T
U
V
W
Net increase in liabilities
State and local obligations
Short-term
Other
Consumer saving through retirement funds
Other liabilities
4.8
3.2
-.1
3.3
6.6
4.6
.4
4.2
7.6
5.5
.4
5.1
7.0
4.7
.3
4.4
6.2
3.7
*
3.7
7.8
5.1
.4
4.7
5.8
4.1
.6
3.5
6.1
4.3
.2
4.2
6.7
4.7
.4
4.2
7.7
5.5
.5
5.0
8.7
6.5
.7
5.8
8.6
6.4
1.1
5.3
6.7
4.6
6.5
4.5
4.6
4.5
1.4
.2
1.6
.4
1.7
.4
1.9
.3
2.1
.4
2.3
.4
1.3
.5
1.5
.3
1.7
.4
1.8
.4
1.8
.4
1.7
.5
1.6
.4
1.6 W
.4 X
.2
.1
-.9
-.3
2.0
1.1
-.2
X
Y
Discrepancy (J—K)
-.7
-.5
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
-.3
-.9
-.1
-.1
1.4
-.2
Y
1519
FLOW OF FUNDS/SAVING
4.
SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
[Billions of dollars]
1959
1960
III
Category
IV
1961
III
IV
1962
III
IV
(E) Federal Government sector
Tax receipts (net of refunds)
Individual income
Corporate profits
Other
Social insurance programs
Premiums received
Benefits paid
Life insurance and retirement
programs
Premiums received
Benefits paid
67.6
37.2
17.1
13.4
11.9
12.5
69.5
38.3
17.8
13.4
12.4
12.6
75.4
38.6
22.9
13.9
12.4
12.8
76.2
39.9
22.2
14.1
12.4
13.7
79.6
42.0
22.8
14.9
80.3
42.3
22.8
15.2
80.3
41.7
23.9
14.6
79.1
41.1
23.1
14.9
75.9
40.8
20.8
14.3
78.4
42.2
20.9
15.4
78.8
42.7
21.0
15.1
81.5
44.3
21.5
15.8
81.4
44.8
21.0
15.6
88.2
49.0
22.1
17.1
14.7
13.3
14.9
13.7
15.0
14.1
14.8
15.2
15.1
15.7
15.5
17.2
15.7
17.0
16.0
17.5
18.1
17.1
18.0
17.1
1.9
2.3
1.9
2.4
1.9
2.5
1.8
2.5
1.9
2.6
1.9
2.6
1.9
2.6
1.9
2.6
2.0
3.3
2.0
2.6
2.0
3.2
2.0
2.7
2.0
2.8
2.0
G
H
15.2
14.4
15.0
14.7
13.5
14.7
14.5
15.4
16.4
17.2
16.6
17.4
17.8
5.4
5.7
6.4
6.9
7.2
7.1
7.3
6.4
6.5
5.8
6.5
6.1
6.3
18.5
6.1
I
J
53.7
53.6
54.1
53.6
55.2
40
4.2
3.5
O
P
Net grants and donations paid
Net interest paid
Other net purchases of goods and
services
Construction expenditures
Other
Current surplus (A, E, and G, less
F and H through K)
Credits imputed to consumers
Gross and net savings (N — O). . . .
1.1
.8
1.2
Q
R
S
T
U
V
W
Netfinan. investment (JR —A).
Net acquis. of finan. assets
Demand deposits & currency..
Credit market instruments....
Mortgages
Other loans
Other financial assets
A
B
C
D
E
F
G
H
I
J
K
L
M
N
X
AB
AC
AD
AE
AF
AG
AH
Net increase in liabilities
Consumer saving through life
ins. & retir. funds
Federal obligations
Short-term direct
Other securities
Svgs. bonds—consumer
Other loans
Other liabilities
AI Discrepancy (P —Q)
49.7 49.5 50.6
-7.6 -5.1 -1.2
52.7
52.3
52.8
53.6
49.0
49.2
49.8
49.6
51.0
4.2
57.4
3 9
53.5
57.2
49.5
53.7
3.5
59.9
3 6
56.3
62.1
3 7
58.4
62.0
4.0
58.0
K
L
M
-.1
.9
7.5
1.0
6.3
1.8
4.5
5.1
.4
4.6
2.6
.9
1.7
-4.1
-4.4
-4.1
-4.2
-4.8
1.3
2.5
-1.2
N
O
P
6.5
9.2
4.5
4.0
1.4
2.6
.8
4.7
3.8
1.7
1.7
1.4
.3
.4
1.2
1.8
1.1
10.6
6.4
4.1
-.1
4.3
.1
Q
R
S
T
U
V
W
9.5
X
AB
AC
AD
AE
AF
AG
AH
AI
3.2
3.3
6.5
-8.7 -5.8 -2.4 - . 9
2.7
10.7 -7.3
- . 9 -1.4
1.3
2.7
.8
10.7 9.9
5.6
1.2 - 1 . 1
-3.1 - . 8
4.2
2.2
2.1
.2
5.5
2.7
2.9
6.0
3.7
2.3
1.4
.6
1.8
1.7
.1
-.3
11.9
18.0
10.8
4.1
1.1
1.1
*
.7
-1.9
3.6
2.7
3.8
4.0
-1.5
2.6
1.1
1.5
.7
.5
-.9
.9
2.3
.2
.7
.9
-5.0
-6.6
-4.3
-4.9
-5.6
-7.0 -11.4
.4
-3.8
1.0
-5.7
14.5
1.6
1.8
*
1.8
.2
-.5
-.2
-.3
*
8.9
5.1
1.0
4.1
.5
3.3
11.8
12.9
-6.4
2.1
-13.3
-3.0
4.8
1.7
3.1
.2
5.8
2.0
3.3
1.0
2.3
.5
8.5
19.1
1.0
1.8
-.8
'.9
-.2
.6
.8
.9
1.1
1.3
.2
2.1
.7
2.0
-.2
.2
-2.6
1.5
3.1
.7
3.0
2.5
8.7
5.1
3.5
.2
*
-1.8
.5
3.7
-2.0
*
.4
2.1
4.8
-6.0
1.5
7.7
-2.4
39.8
41.0
.9
.2
A
2.3
.7
.9
.9
-.2
3.2
9.5
16.2
14.5
-3.4
-3.7 -2.7
n!i 12.9 10.0
-.7
17.3 -5.0 10.5 - 1 2 . 4 - 9 . 3 12.2 - 1 0 . 8 22.0 16.6 - 4 . 6 11.4 21.4
9.2 -15.8
7.6 - 2 2 . 5 - 7 . 6
20.1 - 9 . 5 - 6 . 8
13.4 - 2 . 2 17.0 -5.1 10.4
1.2
.3
-.2
.5
.8
-.1
.5
-1.5 -2.2 -2.0 -2.3n - 1 . 4 - . 7
1.1
.8
1.2
-1.2
.9
-.1
4.4
-.5
*
2.0
1.5
-1.5
.9
3.0
-.9
(F) State and local government sector
A
B
C
D
E
F
G
H
I
J
Tax receipts
Net insurance and grants receipts..
Net interest paid
Other net purchases of goods and
services
Construction and land
Other by govt. enterprises
Other by general government. ..
Current surplus ( A + B - C - D ) . . .
Credits imputed to consumers
Gross and net saving (H —I)
K
L
M
N
O
P
Q
R
Net finan. investment (L — S)..
Net acquis. of finan. assets
Demand deposits & currency..
Time deposits
Credit market instr
Federal obligations
State and local oblig
Other
S
T
U
V
W
Net increase in liabilities
State and local obligations....
Short-term
Other
Consumer saving through
retirement funds
Other liabilities
X
Y
Discrepancy (J—K)
32.1
32.8
33.5
34.4
3.0
.7
2.7
.7
3.9
.7
3.0
.7
37.1
2.9
.7
37.3
2.8
.7
37.7
38.3
2.3
.7
3.0
.7
38.7
2.8
.7
39.2
2.9
.7
2.9
.7
3.2
.7
37.8 37.8 37.8 37.6 38.5 39.6 40.9 41.3 42.7 42.5 43.3 45.2 45.9
14.7 14.3 13.9 13.2 13.2 13.6 14.1 14.2 14.9 14.2 14.6 15.7 15.3
- 2 . 0 - 2 . 0 - 2 . 1 - 2 . 2 - 2 . 2 - 2 . 2 - 2 . 3 - 2 . 3 -2.3 -2.4 -2.4 -2.4 -2.5
25.1 25.5 26.0 26.5 27.5 28.2 29.0 29.4 30.1 30.6 31.0 32.0 33.1
- . 9 -1.1
- . 3 -1.5 -2.1 -2.1 -1.7 -1.9 -3.2 -2.4
-3.4 -3.0 -1.1
1.7
1.8
2.0
2.1
2.1
2.1
2.1
2.1
2.2
2.3
2.4
2.5
2.5
-5.0
-4.8
-3.1
-3.0
-3.2
-2.5
-3.6
-4.2
-4.3
-3.9
-4.3
-5.7
-4.9
-4.5
-5.0
-1.8
-2.5
-1.6
-2.7
-3.7
-1.8
-4.1
-1.0
-7.5
-4.2
-8.2
3!3
1.6
.5
1.2
6.3
2.7
-.9
4.6
3.1
.3
1.2
3.3
-.1
*
3.4
1.9
.3
1.2
3.9
.7
.2
2.9
1.3
.3
1.3
6.0
4.0
.2
3.9
8.0
5.7
.5
5.2
8.1
5.9
1.1
4.8
5.5
3.3
-.4
5.5
3.0
1.7
.3
1.8
.5
2.0
.2
-.5
.2
-1.3
1.4
-.5
-.5
2.4
.6
.5
1.3
2.9
.1
c
3.4
3.7
1.4
2.1
.1
.9
1.5
-.3
.2
1.6
6.8
3.9
-.8
4.7
8.3
5.6
.9
4.7
9.4
6.7
.9
5.8
10.7
1.1
.8
6.9
8.6
5.7
.3
5.4
2.3
.6
2.4
.3
2.5
.3
2.5
.6
2.5 W
.4 X
_ 2 -3.0
3.3
-1.4
3.3
.9
4.6
2.1
.3
2.2
-1.8
.2
1.7
3.7
.1
2.9
6.2
3.4
-.4
3.8
7.4
4.9
-.1
5.0
5.9
3.7
.5
3.2
6.9
4.3
.7
3.6
2.1
.4
2.1
.3
2.1
.7
2.1
.4
2.1
.1
2.2
.4
-.5
-1.6
.3
.1
-2.3
-2.0
41.2 A
3.5 B
.7 C
46.4
14.9
-2.5
34.0
-2.4
2.5
-4.9
-2.4
6.2
1.7
.3
4.2
1.9
5.2
2.7
.9
1.6
-.5
.2
1.9
4.0
.7
2.1
1.3
-.6
.2
1.6
NOTE#—Quarterly data are seasonally adjusted totals at annual rates..
36.0
2.1
.7
2.8
'.9
2.6
.6
.3
1.7
5.8
1.9
.8
3.1
1.0
.2
1.8
H
.7
-1.7
2.5
-3.6
2.1
4.0
2.3
.2
1.5
-2.5
Y
1520
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
[Billions of dollars]
1957
Category
1956
1957
1958
1959
1960
1958
1961
III
IV
III
IV
(G) Commercial banking and monetary authorities sector
A
B
C
Net operating surplus
Profits tax & net div. pymts
Current surp. = gross saving (A—B)
3.0
1.8
1 ?
3.5
2.1
2.4
1.4
1 1
2.6
1.4
3.0
1.5
2.9
1.2
1.8
1.5
2.0
1.5
2.5
1.1
3.7
2.4
1 3
3.7
2.4
1 2
D
E
Gross investment ( E + F )
Capital expenditures
1 1
3
1.1
.4
1.4
.4
2.5
.4
2.5
.4
2.2
.4
2.2
.4
1.6
.4
-.3
.4
8
.4
—1
F
G
H
I
J
K
L
M
N
Net financial invest. (G - IF)...
Net acquis. offinan. assets
,
Gold
Credit market instruments
Federal obligations
Monetary authorities
Commercial banks
Short-term direct
Other
1.0
5.0
.3
5.5
-3.0
.7
5.4
.8
4.3
-.5
1.0
2.0
2.1
8.4
1.7
1.8
1.2
17.0
13.6
-.7
8.8
.1
7.9
4.7
3
4.4
O
P
Q
R
S
T
U
State and local obligations..,
Corp. and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c
Other loans
Security loans
j
9
2.5
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
Net increase in liabilities
Dem. dep. net & currency
Due to U.S. govt
Due to rest of world
Due to others
Demand deposits, net
Currency
Time deposits
Due to consumers
Due to others
Other liabilities
AG Discrepancy (C—D)...
?
-3.2
4.8
-8.0
- A
1 7
1.4
5.8
-.1
-.8
4.6
14.7
-2.3 -1.1
5.4
16.6
10.1 - 7 . 1
.5
— 7
2 2
.2
7.9 -7.4
1.9
.9 - 3 . 1
7.0 - 4 . 4
-1.7
.1
.6
1.2
2.3
- . 2i
4.7
-.8
.2
.2
11
-1.1
*
2.0
5.4
2.2
5.2
2
.2
!3
*
4.1
1.7
1
'.2
1.4
-.1
.3
2 1
.2
1.2
.5
.4
13.7
5.8
.1
*
5.6
5.2
.4
7.9
5.3
2.6
*
-.3
-1.7
9.7
2.7
7
2.0
3.5
-1.5
.4
-.2
2.6
2.9
7.4
-.5
.2
.6
-.2
7
1.8
2.8
1.5
.3
-.7
2.7
*
1.6
.5
3.1
1.1
1.1
.4
-1.1
-1.0
-1.0
-1.9
.1
.2
4
2.0
5.9
-.5
-.7
.8
.1
1
.9
5.3
-.1
1.1
77.5 -2.7
4.3
8.6
o
-3.*5
-3.9
.4
7.5
7.4
.2
-.1
-6.2
-9.7
1.5
2.0
7.2
.8
3.8
4.2
-.4
A
1
-.7
.4
A
-.5
1.7
.5 18.7 30.7
A - 1 . 5 -4.3
.6 19.1 30.9
-.3
17.1 25.3
7e
2 7
58
74.4 19.5
-1.6
12.3 -3.9
12.7 - 3 . 9
4.5 -11.0
7 5 — ? 5 —7 2
5.9
6.8 - 9 . 5
7.1
5.7 - 3 . 0
6.6
7.4
-1.2
.2 —15.5
5.6
.1
.4
5.1
4.4
.7
9.4
6.6
2.8
.3
.4
-.2
.6
1.1
3.0
1.3
7.4
.8
*
-.8
-.7
-.7
5.8
3.2
2.5
.5
.1
-1.5
16.4
15.3
2.6
1.1
.6
1.4
.4
3.5
2.4
1 l
21
1.1
2.1
.6
2 2
2 0
1 0
.2
8
.5
23.4
49
-.4
2^0
-.3
-2.8
-2.5
-1.7
1.2
.6
-.3
.8
9.5
4.3
5.6
.2
-1.5
-1.4
.1
*
9
-1.4
2.0
1.8
.7
19.3
-5.6
-3.9
5.5
2.2
-.2
3.5
2.5
1.0
-.2
-1.5
-.2
.5
3.9
3.4
2.4
1 0
3.4
2.4
1.0
A
B
C
2 9
.8
.4
D
E
.4
.4
16.6
-1.4
-.1
16.5
4.2
-6.3
2.6
—2 4
-3.9
1.6
- 3 . 5 -1.2
-.4
2.9
2.5
-7.2
-1.9
2 1
-.4
2.5
.3
1.5
.1
-5.3
28.9 -9.7
18.7 - 1 4 . 6
12.4 - 2 0 . 1
-.4
5.9
6i2
1.1
-.2
3.1
1.1
7.5
-.4
1.4
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
16.2
13.4
6.0
.7 X
6.7 Y
6.6 AZA
.1 A B
3.4 A C
3.9 A D
-.5 A E
-.6 A F
w
-.1
4.8
3.9
.9
.3
-7.5
5.5
5.3
.2
.2
13.5
5.9
7.6
.2
6.1
.1
9.7
5.1
4.7
.5
1.5
.6
1.4
-1.0
-1.9
8.3
6.8
1.6
*
.4
9.0
7.8
1.2
7.6
6.1
1.5
9.0
8.2
.8
8.5
8.2
.3
C
1.1
.3
1.8
.3
4.1
.3
4.7
.3
D
E
4.4
27.7
2.5
10.0
5.3
1.4
3.2
5.2
F
G
5.5
.4
5.1
6.3
-1.3
-.2
.3 A G
(H) Nonbank financial sector
A
B
C
Current surplus
Credits imputed to consumers
Gross savings (A—B)
7.8
6.7
1.1
8.3
7.1
1.2
8.5
7.6
1.0
9.5
8.8
.7
9.5
8.1
1.4
9.5
8.5
1.0
8.1
7.2
.9
8.2
7.0
1.2
8.4
7.4
1.1
D
E
F
G
Gross investment ( E + F )
Capital expend, (insur. sector),
Net financial invest. (G — Z)
Net acquis. offinan. assets
By subsector:
Mutual savings banks
S. & L. assns. & cr. unions.
Life insurance companies
Other insurance companies.
Noninsured pension funds..
Finance n.e.c
By type:
Demand dep. and currency.
Cr. and equity mkt. instr.. .
Federal obligations
State and local oblig
Corp. and foreign bonds.
Corporate stock
1- to 4-family mortgages.
Other mortgages
Consumer credit
Other loans
Security credit
Other financial assets
1.1
.3
1.6
.4
2.9
.3
1.6
.4
3.0
.4
3.0
.4
2.8
.4
3.6
.4
-.1
.4
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
.8
1.2
2.6
1.2
2.6
2.6
2.4
3.2
-.5
-.3
.8
1.5
3.8
17.4
18.5
21.4
25.4
25.6
28.4
18.8
21.6
17.9
15.7
19.5
21.4
17.1
2.0
5.6
5.2
.7
2.3
1.6
1.8
5.6
4.9
1.0
2.8
2.4
2.6
7.5
5.2
1.2
2.9
2.0
1.5
8.8
5.2
1.9
3.2
4.9
1.6
8.3
5.4
1.6
3.4
5.3
2.2
5.8
1.6
3.5
4.4
1.7
6.1
4.9
1.3
2.9
2.0
2.0
5.3
4.7
1.1
2.9
5.8
1.7
5.3
5.3
.8
2.7
2.1
1.9
5.7
4.8
.7
2.6
*
2.8
5.1
5.2
.9
3.2
2.4
2.6
6.3
4.7
1.1
1.9
4.7
2.6
8.4
5.4
1.5
3.3
.2
.3
.7
!
.5
1.2
-.2
.6
.9
1.5
.8
.4
16.8
-1 1
18.2
-.3
19.1
25i3
24.6
25.4
18.9
15.7
16.5
-1.0
18.9
15.8
1.5
1.2
5.2
2.8
7.7
2.1
-.7
.7
5.0
1.8
8.2
2.2
-.8
-.5
.4
.5
.'8
3.6
1.4
8.4
1.8
1.4
.4
I
'.2
.9
5.2
2.1
6.3
1.5
1.1
1.4
-.2
.2
.9
1.1
4.8
2.3
8.0
2.2
-.5
.2
1.0
.6
.9
1.6
3.5
3.1
9.7
2.4
2.3
1.7
*
.1
1.5
3.6
3.1
8.8
2.8
2.2
2.5
*
.6
10.8
.4
1.4
3.7
4.1
.3
3.0
.5
1.0
1.1
.7
.3
5.1
2.3
6.8
1.4
1.2
1.4
-.3
.3
11.3
20.2
-.7
1.3
18.3
17.1
18.8
24.2
23.0
25.7
*
.6
1.1
1.4
8.1
3.5
4.7
3.4
1.4
1.5
-.3
.9
-.2
.5
1.5
2.1
9.4
3.7
4.9
3.6
.8
2.0
*
.1
.9
1.1
1.4
5.0
3.2
4.2
2.3
.2
1.2
.3
.3
.4
-.6
.8
1.9
5.4
2.7
4.3
1.6
.6
1.3
.3
-.5
i!i
1.2
7.2
3.6
5.2
5.8
1.0
1.8
1.6
.5
.8
*
1.2
18.4
1.7
5.2
2.7
4.4
1.9
.6
1.2
-.4
.5
2.3
6.6
3.3
4.4
.4
1
16.3
1.8
5.4
3.6
3.5
1.5
1.0
1.1
-.6
.2
-.2
-.6
1.2
AN Discrep. & unident. assets (C—D).
*
-.4
-2.0
-1.6
-2.0
-1.9
-2.4
r.6
-.i
-.9
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
.1
-.6
.9
4.6
2.2
6.0
1.5
1.3
2.2
-.1
.1
16.3
-i.i
18.0
6.4
3.3
6.3
1.4
1.2
1.2
.6
.2
Net increase in liabilities
Dep. in mutual savings banks.
Savings shares
Saving through life insurance.
Saving through pension funds.
Credit market instr
Corporate bonds
Corporate stock
Bank loans n.e.c
Open-market paper
FHLB loans to S. & L. assns.
Security credit
Miscellaneous
Z
AA
AB
AC
AD
AE
AF
AG
AI
AJ
AK
AL
AM
-.1
i
\'.3
1.1
-.2
.9
4.7
.8
6.0
1.8
.8
.9
-1.1
.3
1.5
5.3
1.6
6.7
2.3
i
\'.3
.2
15.5 18.8
2.5
1.6
1.8
6.4
5.0
5.5
2.6
2.7
2.0
5.1
4.5
4.5
-.3
2.6
1.2
.7
1.1
.6
1.2
1.2
1.2
1 Q
-.3
-2.0
.4
.7
l!4
*
* -.7
1.3
.9 - 1 . 0
1.4
1.1
1.5
1.2
1.5
.1
-1.1
-.5
1.4
.4
19.8
2.5
6.1
2.7
3.5
-.2
.2
2.1
-2.3
-.3
.2
3.7
1.5
-.3
-4.2
13.3
2.3
6.7
3.8
4.7
-.8
H
1
J
K
L
M
N
25.3 O
3.9 P
.8 Q
4.0 R
3.1 S
9.6 T
2.4 U
.1 V
1.5 W
.9 X
1.4 Y
22.9 Z
2.0 A A
7.0 A B
4.3 AC
A
4.4 AD
3.1 AE
.6 AF
1.7 A G
.5 AI
-.2 AJ
.4 A K
1.1 AL
l.OAM
-3.3
-4.4 A N
-1.1
1.2
-.8
-.3
.2
-3.8
1521
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
[Billions of dollars]
1959
I
II
1960
III
II
I
IV
1961
III
IV
I
II
1962
III
IV
I
II
(G) Commercial banking and monetary authorities sector
A
B
C
Net operating surplus
Profits tax & net div. pymts
Current surp.~ gross saving (A—B).
3.6
3.9
4.2
4.4
4.6
4.5
2.5
1.4
2.6
1.5
2.8
1.6
4.3
4.1
2.7
1.8
2.6
1.9
4.0
3.9
.7
4.6
2.8
1.8
4.5
2.4
1.2
2.6
1.7
2.8
1.3
3.9
3.0
1.0
3.2
.7
4.0
3.0
1 0
D
E
Gross investment (E-f-F)
Capital expenditures
4.7
.4
.8
.4
1.8
.4
2.6
.4
2.9
.4
2.7
.4
.3
.4
4.3
.4
.9 - 1 . 5
.4
.4
7.1
.4
2.2
.4
.4
F
G
H
I
J
K
L
M
N
Net Jinan, invest. (G — W)
Net acquis. offinan. assets
Gold
Credit market instruments
Federal obligations
Monetary authorities
Commercial banks
Short-term direct
Other
4.3
.3
1.4
2.2
2.5
2.2
P
Q
R
S
T
U
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
AG
2.7
7.1
8.0
-.1
- A -3.0
6.4
6.8
7.7
-2.9 -8.4 -8.9
.6
1.1
1.5
-9.0 -10.0
-4.4
1.0 - 6 . 3
-10.3
5.9 - 1 0 . 0 - 3 . 7
State and local obligations.. .
Corp. and foreign b o n d s . . . .
Mortsases
Consumer credit
Bank loans n e e
Other loans
Security loans
.1
-.2
3.3
2.7
5 8
-1.1
.8
Net increase in liabilities
Dem. Dep. net & currency. . . .
Due to U S Govt
Due to rest of world
Due to others
Demand deposits, net
Currencv
Time deposits
Due to consumers
Due to others
Other liabilities
3.7
.8
-3.7
.6
4.0
5.5
.5
AH Discrenancv (C
A
.5
- A.1
.9
.3
.6
1.8
2.0
3.1
\l
-8.1
-1.9
-6.3
3.4
-9.6
.3
.4
-.1
1.9
3.3
10.5
-.3
.8
2.7
4.5
-.1
.2
5.7
5.8
6.4
-1.4
-2.7
.3
.4
2
r.9
2.4
.6
2.3
-2.3 -2.5
* -.1
-1.7
.7
6
-.3
1.2
-1 0 —2 2
2.8
.9
2.8
—14
1.7
-2.3
10.0
-2.0
-5.4
1.2
3.7
.1
-.1
1.8
1.8
- . 5 -1.2
5 1
—
3
_ 2 -1.0
-) T,
2.9
*
.8
.9
2.8
2.6
7
1.3
.3
1.0
2.3
1.9
9.4
4.4
5.0
9.7
5.0
4.7
2.5
1.4
1.1
11.7
5.5
6.2
8.8
3.0
1.3
.6
-4.6 -2.5
-2.6
-3.1
.1
-1.5
- .2
4.2
-1.4
.6
.5 -1.9
6.7
1.8
10.5
17.1
24.2
16.3
— 1.4
1.3 - 1 . 1 - 1 . 8
13.9 12.9 22.3 16.6
7.1
10.7 13.9 - 2 . 2
2.2
.2
1.5
2.0
4.9
10.5
12.4 -4.2
13.5 20.4
6.0 -11.6
-8.6 -9.9
6,4
7.4
19.1
6.5
2.7
-.9
4.7
3.6
I l
11.9
-.5
-.5
-2.3
-3.3
1.0
3.8
-.2
9.0
13.9
14.0
-2.6 -3.7
2 -A
8.7
16.5
13.2
.6
1.9
8.3
8.6
-8.1
2.9
1.2
-.6
-1.0
7.4
9.0
-7.5
15.0 10.2
-4.6 -6.7
5.7 - 7 . 6 - 1 . 2
-2.9
Q
-.8
2.3
1.6
-.3
-.1
-'.A
-.1
1.0
.7
.6
.3
1.6
2.6
1.7
6.8
2^4
3.3 - 1 . 4
.4
2.1
1.4
2.0
-3.9
.8
.8
3.2
-5.6
10.0
6.7
14.1
-5.9
1.2
4.1
.7
-.8
4.2
1.4 - 1 . 4
-3.1
-.7
-.9
-1.4
.5
4.2
-1.1
.9
—3 5
D^
.6
*
3.4
2.9
8.8o
.7
— 9
17.5
9.6
"A
3.7
3.2
5
7.8
4.8
A
4 2
3.0
1.2
A
B
C
-3.0
4
D
E
— .8 — 3 4 F
18.3
20.2 G
-.8
.8 H
20.4
20.7
I
8.1
3.3
J
5.7
.6 K
2.4
2.7
L
12.0
.6 M
-9.6
2.1 N
3.2
4.7
6.6
-.1
-1.0
1.9
2.2
5.1
.9
1.1
2.4
9 0
3 9
5 1
.4
3.8
-.8
1 3 -1 2 — 12
14.5 19.1
8.3 - 4 . 4
-2 4
2 2
1.0
1.9
9.6 - 8 . 6
9.5 -10.3
I
1 7
6 3 22 6
7.2
16.0
-.9
6.6
.9
*
23.6
9.7
7 0
— 9
3.7
1.6
2 0
13 9
10 9
3.0
*
P
Q
R
S
T
U
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
AG
-.3
.3
.7
1 0
A
1 6 -2 4
8
2 8
6 1
1 5
I 4
4 2 AH
(H) Nonbank financial sector
A
B
C
Current surplus
Credits imputed to consumers
Gross saving (A —B)
9.2
8.3
.9
9.5
9.5
*
9.2
8.0
1.2
10.0
9.4
.6
9.2
8.9
D
E
Gross investment fE-l-F^
Capital expend, (insur.
2.6
.4
1.4
.4
2.2
.4
.3
.4
.4
F
G
Net Jinan, invest. (G — Z)
Net acquis. offinan. assets
By subsector:
2.2
26.9
1.0
25.1
1.8
27.3
1 9
8.9
5.1
1.9
3.2
5.9
1.8
9.6
5.8
1.9
3.3
2.7
1.5
9.1
4.5
2.5
2.8
6.9
-.1
22.4
.9
7.5
5.2
1.2
3.5
4.2
.4
25.7
1 4
-.4
25.2
1.7
.2
27.6
1.5
.3
22.6
-.9
1.5
2.2
I
J
K
L
M
sector).
S. & L. assns. & cr. unions...
Life insurance companies
Other insurance companies..
Noninsured pension funds...
Finance n e e
By type:
Demand dep and currency..
Cr. and equity mkt. instr.. . .
Federal obligations
State and local oblig
Corp. and foreign bonds.
Corporate stock
1 - to 4-family mortgages..
Other mortgages
Consumer credit
Other loans
Security credit
.
N
O
P
Q
R
S
T
U
V
W
X
Z
AA
Net increase in liabilities
Dep in mutual savings bks.. .
AC
AD
AE
AF
AG
Saving through life insurance.
Saving through pension funds.
Credit market instr
Corporate bonds
Corporate stock
1.7
4.4
3 6
9.7
2.4
1.2
1.2
.4
24.8
6 7
3.9
4.8
6.0
.6
1.8
? 3
j
AK
FHLB loans to S & L assns.
1.3
3.3
3.5
10.0
2.4
3.4
4.0
3.3
9.4
2.2
2.5
1.3
1.0
24.1
1.7
7.4
4.6
5.0
5.9
.8
1.6
25.6
1.2
7.4
2.9
4.9
6.7
22.6
A
7.2
3.1
6.0
4.5
1.4
1.9
1.4
2.3
.1
.6
.8
—12
.8
1.8
AN Discrep. & unident. assets ( C - D ) .
1.0
2.4
1.9
9.6
2.6
2.2
3.3
*
.3
-1.4
— .9
1
1.4
1
1
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
9.0
7.5
1.5
10.5
8.9
1.6
9.3
7.2
2.1
8.9
7.5
1.4
8.8
7.4
1.5
9.9
9.1
.8
10.4
10.2
.2
8.9
8.6
.3
9.3
9.1
.2
A
B
C
2.0
.4
3.8
.4
3.7
.4
5.4
.4
1.5
.4
1.4
.4
1 6
.4
2 3
.4
-.6
.4
D
E
1.9
22.4
1.6
24.8
3.4
28.5
3.3
26.8
5.0
23.3
1.1
27.0
1.1
8.1
5.4
1.7
3.2
3.1
1.1
7.4
5.0
1.6
2.8
6.8
2.1
8.0
5.7
1.3
4.4
7.0
2.1
9.8
5.6
1.6
3.3
4.3
2.9
9.7
6.1
1.9
3.0
-.2
1.6
10.5
5.6
1.5
2.8
5.0
3.0
31.1
2.2
10.6
5.7
2 2
12.5
6.0
2.0
4.3
5.0
-1.0
28.3
3 3
2 4
10.6 11.1
6.0
6.3
1.6
1.6
3.3
2.9
3.6
1.0
F
G
H
1
J
K
L
M
*
23.3
.4
1.4
23.5
-.8
.6
26.3
.8
.2
25.2
1.4
19.7
1.1
1.1
22.2
-1.4
.9
29.1
2
1.0
4.4
4 9
13.1
3.8
2.0
-.3
1.7
.3
- 2 N
1.2
25.0 31.4 O
1 9 — 15
P
1.8
1.1 Q
.8
4.3 R
2 7
5 0 S
10.1 13.2 T
3.6
4.4 U
1.5
1 8 V
2.6
3.0 W
-.8 -3.6 X
*
.7 Y
30.7
1.9
11.0
3.9
6.3
5.7
.9
2.7
5
.4
1.3
1.7
23.5
2.7
9.5
4.6
4.0
4.6
A
2.3
.9
1.7
1.6
1.8
8.8
3.1
3.7
3.0
-.9
3.4
3.1
8.6
2.9
2.5
2.1
20.6
.7
7.4
3.9
4.7
5.0
1.4
1.8
4
23.2
1.1
7.7
3.1
4.4
3.4
1.1
1.6
•
1.9
t
— 3*5
1.2
2.3
24
-2.C
1.9
1.4
1.8
1.1
4.3
3.9
8.8
2.5
2.0
2.1
.7
.9
4.9
3.4
9.0
2.8
.8
2.8
.1
1.4
25.0
1.9
8.1
3.5
5.5
2.0
1.4
1.4
— 1.3
.'
23.1
1.8
9.1
3.4
4.2
3.3
1.9
1.3
-.6
.6
.1
1.2
1.0
.1
18.4
25.5
2.1
2.6
9.1
8.9
3.7
3.3
4.0
4.2
2.6
*
1.3
.9
1.5
1.6
-1.0
-2.
*
*
— .A
.8
2.2
.8
1.7
-2.2
-1.6
-4.0
31
1.9
2.5
9.6
2.6
.1
.2
1.0
1.3
3.6
3.9
11.4
2.9
-.2
1.0
2.3
1.3
-.1
4^0
7.6
1.5
30.5
1.5
1.8
4.9
5.2
11.3
2.7
2.9
-.7
2
28.1
2.0
8.6
4.0
5.2
6.C
.2
2.0
3.3
i!c
1.2
32.1
1.4
-1.4
1.9
25.3
3.3
*
1.7
-.4
-1.7
2
-2.0
29.2
2.8
9.5
4.3
4.8
7.4
1.2
1.5
1.9
1.0
1.7
-.9
1.3
7L
AA
AB
AC
AD
AE
AF
AG
AI
AJ
AK
AL
AM
.8 AN
1522
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
[Billions of dollars]
1958
1957
Category
1956
1957
1958
1959
1960
1961
I
II
III
I
IV
II
III
IV
2 2
23.2
21.0
1.9
-.3
1 I
23.0
21.9
1 8
.7
A
B
C
D
E
-.8
3.2
1.9
-.4
-.3
2.4
2
A
3.6
1.4
.7
.3
.6
*
.6
F
G
H
I
J
K
L
M
(I) Rest-of-world sector
A
B
C
D
E
3.4
Net purch. of goods and serv. (B — C)
23.3
Purch. of goods and services
Sales of goods and services
19.9
2.0
Net unilateral receipts
-1.4
Current surplus (D—A)
5 4
26.4
21.0
1.9
-3.4
1.9
23.0
21.2
2.0
.1
2
23.2
23.5
2.1
2.3
F
G
H
[
J
K
L
M
-4.3
Net financial investment (G — iV) -2.2
1.4
- .2
Net acquis. offinan. assets
3
-.8
Gold
.2
'.2
U.S. dem. dep. and currency...
*
-A
Time deposits
.8
.1
Federal obligations
Other credit market instr
5
4
-.1
.3
Misc. financial assets
-.4
3.4
2.3
*
.9
*
-.1
.3
1.7
5.8
1.1
.1
-.9
3.0
.4
2.2
-.7
4.2
1.7
N
O
Q
R
S
Net increase in liabilities
Official U S foreign exchange
Securities . . . .
Miscellaneous
Discrepancy (E — F)
.
Memo: Unilateral transfers in kind.
3 4
4 6
26.7
27.6
23.3
23.1
2.1
2.2
-1.3 -2.4
3.6
4.1
3.8
4.1
4.9
4
.6
2.6
5
.9
2.8
1.3
1.1
1.5
.7
.2
3.3
8
2.7
9
3.0
5
2.8
7
2.6
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
.3
.4
.8
1.0
-1.8
3.1
.9
A
.6
.3
.4
.6
6 6
5.6
27.3
26.7
20.7
21.1
1.7
1.8
-4.9 -3.8
5.6
26.9
21.3
2.0
-3.6
-5.7
-1.0
-1.4
-.8
*
.2
.7
.3
-4.5
-1.3
-A
.2
-4.5
.8
-1.3
1.5
-.4
.2
.5
.2
A
-1.2
.7
— 1.0
3.7
2.3
24.8
21.2
2.2
-1.4
22.8
20.5
2.2
-2.4
-1.1
2.8
.9
1.5
-.4
2 -.2
\l
3.4
1.3 - 1 . 5
.2
2
1 8
23.0
21.1
2.0
.2
*
4.1
4.3
.1
.3
-1.3
—4
-.5
1.1
3.4
3.9
4.0
4.0
3.2
N
.4
.4
.4
2.1
1.3
1.2
1 5
2.4
.6
.8
1.5
.9
1.4
1.9
1.8
1 5
1.0
.7
O
P
Q
3
2.7
R
S
3.1
.3
-A
4.7
5.5
.7
1.4
2.9
4.9
1
.8
1.9
2.1
.4
.9
3.3
.7
.2
4.4
— 6
2.2
— 6
2.1
8
3.0
8
3.0
9
1 0
1 0
2
5
2.9
2.8
2.8
2.8
2.7
1523
FLOW OF FUNDS/SAVING
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
[Billions of dollars]
1959
Category
I
II
III
I
IV
II
1962
1961
1960
III
IV
I
II
III
IV
4.7
26.9
22.2
2.1
-2.6
3.3
27.2
23.9
2.3
-1.1
4.4
28.7
24.3
2.4
-2.0
I
II
(I) Rest-of-world sector
A
B
C
D
E
Net purch. of goods and serv. (B — C) - . 1
22.2
Purch. of goods and services
22.2
Sales of goods and services
1.9
Net unilateral receipts
2.0
Current surplus (D—A)
F Net financial i n v e s t m e n t (G—N)
G
Net acquis. offinan. assets
H
Gold
I
U.S. dem. dep. and currency...
J
Time deposits
K
Federal Obligations
L
Other credit market instr
M
Misc financial assets
N
O
P
Q
Net increase in liabilities
Official U S foreign exchange .
Securities
Loans
Miscellaneous
R
S
Discrepancy (E — F)
Memo: Unilateral transfers in kind.
-1.1
22.4
23.6
2.0
3.2
-.1
24.1
24.2
2.2
2.2
2.0
1.7
2.5
4.2
5.7
77.2
A
.7
3 0
.6
.4
_ 2 — 14 -1 1
2.2
3 9
3.8
-.5
.4
.7
1 1
1 7
4 9
2.3
8
8.7
.4
24.2
23.8
2.3
1.9
1.9
25.7
23.8
2.3
4
.5
-.3
3.4
2.5
2
.3
-.7
-.5
— 9 —1 2
2.0
1.8
.8
1.3
1 1
1 8
2.0
3.7
3.5
5.4
7.2
7
.9
2.1
6
1.1
1.8
6
6
2.4
4.1
.7 - 1 . 5
2 3
2 4
1.4
.6
7.6
2.3
6
2
1.8
*
2 7
.6
2 6
.6
2.6
1.4
2 5
5.9
27.8
21.9
2.0
-3.9
4.3
28.6
24.3
2.5
-1.8
4.4
29.5
25.1
2.3
-2.1
A
B
C
D
E
.8 - 1 . 2 - 2 . 2 - 3 . 4
5.0
2.3
4.4
4.1
4
3.7
1.5
2 6
-.5
.8
.9
1 l
1 2
3 -.3
-.1
-.7
.7
.5
.3
.2
.6
.8
5
2 9
.
9
.3
3.4
c
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
3.4
5.5
2.8
26.9 26.8 27.5
24.0 23.5 22.0
2.0
2.2
2.0
— 7 — 1.3 - 3 . 5
3*.7
- . 1 — 1.3
2 1
2 2
- . 2 -2.3 -1.1 -2.0 -1.1
F
3.6
1.7
2.3
6.2
3.3 G
1.2
.6
-.7
2.0
.5 H
1.9
.4
-.9
I
-.9
1.0
-.4
1 3
.6
2 J
.7
.8
.4
-.7
1.0
2.2 K
*
.4
.1
.8
.1 L
2.4 - 1 . 4
2.0
1.4 M
5.5
1.8
4.4 N
5.8
7.4
.6
.1
.5
1.3
-.5
.2
9
7
2
.5
1 2 O
1.1
3.7
3.1
.4
P
2.4
2.6 - 1 . 0
1.4
2.3
1.2
2.0
1.6 Q
2.8
- . 5 -2.4
2 0
2 1
1.2
2.1
-.9
2.1
.1 - 1 . 0
1 9
2 0
S
Financial Statistics
* International *
Reported gold reserves of central banks and governments
1526
Gold production
1527
Net gold purchases and gold stock of the United States
1528
Estimated foreign gold reserves and dollar holdings
1529
International capital transactions of the United States
1530
U. S. balance of payments
1539
Money rates in foreign countries
1539
Foreign exchange rates
1541
Guide to tabular presentation
1450
Index to statistical tables
1547
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).
1525
1526
GOLD RESERVES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
total
world 1
End of
period
1955
1956
1957
1958
1959
I960
1961
Sent
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
37,620
38,105
38,810
39,490
40,185
40,525
1,808
1,692
1,180
1,332
2,407
2,439
21,753
22,058
22,857
20,582
19,507
17,804
14,060
14,355
14,775
17,575
18,270
20,280
372
224
126
60
144
107
126
162
71
71
103
194
56
154
147
292
104
41 070
2 046
2,055
2,059
2,077
17 457
17,331
17,021
16,947
21 565
191
190
190
190
2 079
2,096
2,098
2,099
2,106
2,110
2,136
2,155
2,175
16 847
16,795
16,643 22,545
16,519
16,458
16,527 ^22,640
16,182
16,139
16,081
190
165
164
114
114
102
78
Denmark
Dominican
Republic
Ecuador
El Salvador
31
31
31
31
31
31
12
11
11
11
10
10
23
22
22
22
20
20
28
28
31
31
30
30
35
35
35
35
38
41
31
31
31
31
3
3
20
19
19
19
17
17
17
18
31
31
31
31
3
3
3
3
19
19
19
19
19
19
19
19
19
Oct
Nov
Dec
1962 Jan
Feb
Mar
Apr
May
June
July
41,150
..
.
41,285
-•
vA1,275
AU2
Sept
End of
period
Cuba
1955
1956
1957
1958
1959
I960
136
136
136
80
50
1961 Sect
Oct
Nov
Dec
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ireland,
Rep. of
Iraq
1961 Sect .
Oct
Nov
Dec . . . .
1962 Jan. .
Feb
Mar
Apr
May
June
July
Aug
Sept
.
For notes see end of table.
Lebanon
323
324
324
325
1,134
1,103
1,100
1,078
44
46
40
40
327
960
43
298
302
302
303
1 165
l',203
1,234
1,248
164
164
167
170
174
111
180
182
184
303
304
344
363
363
363
419
419
419
France
Colombia
Congo,
Rep.
of the
116
122
81
83
45
288
289
285
285
927
932
941
946
48
48
49
48
85
86
87
88
1 277
1,291
1,297
1,315
1,318
1,335
1,335
1,342
1,341
285
285
285
285
286
286
286
286
950
962
964
963
913
669
674
683
689
48
47
46
46
45
45
44
44
43
89
89
91
91
92
93
Germany,
Fed.
Rep. of
Greece
Guatemala
920
1,290
1,641
1,494
2,542
2,639
2,637
2,971
11
10
13
17
26
76
27
27
27
27
24
24
247
247
247
247
247
247
81
45
39
37
33
58
138
138
138
141
140
130
45
45
45
47
2,124
2,125
2,122
2,121
3,644
3,648
3,648
3,664
77
77
82
87
24
24
24
24
247
247
247
247
43
43
43
43
130
130
130
130
18
18
18
18
47
46
61
62
24
24
24
24
247
247
247
247
130
130
129
129
62
62
62
62
61
3,664
3,664
3,666
3,666
3 667
3,667
3 667
3,667
3,668
87
87
91
86
18
18
18
18
2,120
2,144
2,171
2,207
2,235
2,270
2 417
2,450
2,481
89
96
92
86
24
24
24
247
247
247
247
247
129
129
129
129
129
Mexico
152
155
159
162
Chile
885
Finland
942
924
581
750
NetherNew
lands Zealand
1,086
1,749
2,203
142
167
180
143
142
137
1.050
,132
1,451
84
84
84
84
2,226
2,226
2,226
2,225
140
140
140
140
116
116
115
112
98
98
98
98
98
2,228
2,228
2,229
2,234
2,240
2,242
2,244
2,244
2,241
140
140
140
140
140
151
172
172
111
110
109
109
107
106
106
172
Canada
287
74
77
91
91
102
119
18
Brazil
293
352
338
452
18
18
18
Belgium
86
57
62
72
71
78
18
18
18
18
18
18
98
Austria
928
925
915
1,270
1,134
1,170
OOOOOOOO
8
14
20
34
84
98
Italy
Australia
3000000000
1955
1956
1957
1958
1959
I960
3
3
3
3
3
31
31
31
31
31
. ..
End of
period
1
22,125
Argentina
Norway
Pakistan
Peru
India
Indonesia
Philippines
Portugal
42
Iran
South
Africa
45
50
45
43
30
30
48
49
49
49
50
52
35
35
28
19
28
42
16
22
6
10
9
15
428
448
461
493
548
552
212
224
217
211
238
178
1,581
1,581
1,581
1,581
30
30
30
30
53
53
53
53
47
47
47
47
22
25
26
27
437
438
439
443
205
218
256
298
1,581
,581
1,581
1,581
1,581
1,581
1,581
1,581
I 581
30
30
30
30
30
30
30
30
53
53
53
53
53
53
53
53
47
47
47
47
47
47
47
47
27
28
444
444
446
446
447
454
455
467
30
53
47
343
361
379
386
407
432
446
468
488
865
844
744
33
33
33
33
34
35
469
1527
GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
End of
period
Spain
Sweden
Switzerland
Thailand
Syria
Turkey
U.A.R.
(Egypt)
United
Kingdom 2
Venezuela
Uruguay
Bank
for
Intl.
Settle-3
ments
Yugoslavia
EPUEF4
1955
1956
1957
1958
1959
1960
132
132
101
57
68
178
276
266
219
204
191
170
1,597
1,664
1,706
1,925
1,934
2,185
19
19
24
24
19
19
112
112
112
112
104
104
144
144
144
144
133
134
174
188
188
174
174
174
2,120
2,133
2,273
3,069
2,736
3,231
216
186
180
180
180
180
403
603
719
719
652
398
121
59
24
-42
-134
-19
244
268
254
126
40
55
1961—Sept
Oct
Nov
Dec
277
291
301
316
180
180
180
180
2,472
2,525
2,505
2,560
19
104
104
104
104
139
139
139
139
174
174
174
174
3,553
3,531
3,556
3,318
180
180
180
180
398
398
398
398
164
164
183
115
50
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
331
341
351
376
400
409
429
429
428
181
181
181
181
181
182
182
181
181
2,505
2,481
2,444
2,424
2,409
2,409
2,459
2,459
2,453
104
104
104
104
104
104
140
140
140
140
140
140
140
140
140
174
174
174
174
174
174
174
174
174
3,410
3,424
3,452
3,472
3,525
3,433
2,915
2,848
2,792
180
180
180
180
180
180
180
398
398
398
398
398
398
398
398
398
176
176
171
162
165
203
209
210
200
1
Includes reported gold holdings of central banks and govts. and
international organizations, unpublished holdings of various central banks
and govts., estimated holdings of the U.K. Exchange Equalization
Account, and estimated official holdings of countries from which no
reports are received; excludes U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves .since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.
56
61
46
2
Beginning with Dec. 1958, Exchange Equalization Account gold
and convertible currency reserves, as reported by the U.K. Treasury;
before
that time, reserves of gold and U.S. and Canadian dollars.
3
Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets
minus
gold deposit liabilities.
4
Europeans Payments Union through Dec. 1958 and European Fund
thereafter.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold" Section 14,
Supplement to Banking and Monetary Statistics.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
1955
1956
1957
1958
1959
I960
1961
. . . .
1961—Aug
Sept
Oct
Nov .
Dec
1962—Jan . .
Feb
Mar
Apr
May
July
Aug
World
production 1
940.0
975.0
1,015.0
1,050.0
1 125.0
1,175.0
1,220.0
Congo, United
Rep.
of the States
Canada
Mexico
Nicaragua 2
Brazil
65.7
65.3
63.0
61.6
57.2
58.8
54.8
159.1
153.4
155.2
158.8
156.9
161.1
155.5
12.5
12.1
12.7
13.0
12.9
13.4
12.3
12.1
11.6
11.0
10.5
9.4
8.1
7.6
3.9
4.3
6.9
4.2
7.2
7.3
7.0
7.7
1.0
3.9
3.8
4.1
4.4
.2
.6
.6
.9
.5
.7
.9
1.1
.9
.6
South
Africa
Rhodesia
Ghana
510.7
556.2
596.2
618.0
702.2
748.4
803.1
18.4
18.8
18.8
19.4
19.8
19.6
20.1
24.1
22 3
27.7
29.8
32.0
31.3
34.0
68.8
68.5
68.9
69.2
67.8
1.6
1 6
1.6
1.6
4.1
3.4
70.6
67.4
72.9
72.3
74 0
75.2
76 3
76 6
1.6
1.6
1.7
1.6
1 5
1.6
1 6
3.5
3.2
3.5
3.0
3 4
3.1
4 0
13.0
13 1
13.1
12.3
12.2
11.1
8.1
1.6
1 Estimated; excludes U.S.S.R., other Eastern European countries,
China
Mainland, and North Korea.
2
Gold exports.
NOTE.—Estimated world production based on reports of the U. S.
Other
North and South America
Africa
Period
3.8
4.5
3.9
4.6
12.6
11.4
12.8
12.4
12 3
11.8
11 9
12.0
.8
Colom- Ausbia
tralia
All
other 1
India
13.3
15.3
11.4
13.0
13.9
15.2
14.0
36.7
36.1
37.9
38.6
38.1
38.0
37.5
1.1
4
4
3.4
.5
.3
.4
.5
.4
.4
.4
l.l
l.l
3.2
3.5
.5
.5
.4
.4
.4
.3
.4
1.3
1.4
?
3.1
3.3
2.9
2.9
3.1
2.6
3.0
4
.4
.4
?
1.2
.9
7.4
7.3
6.3
6.0
5.8
5.7
5.7
66.2
63.0
62.2
69.8
64.8
64.2
65.7
.5
.5
Bureau of Mines. Country data based on reports from individual countries
and of the Bureau of Mines except Brazil, data for which are from
American Bureau of Metal Statistics. For the United States, annual figures
are from the Bureau of the Mint and monthly figures are from American
Bureau of Metal Statistics.
1528
U. S. GOLD
NET GOLD PURCHASES OR SALES BY T H E UNITED STATES, BY COUNTRY
[In millions of dollars at $35 per fine troy ounce]
1962
1961
1954
Area and country
1955
1956
1957
1959
1958
1960
1961
HI
II
Western Europe:
-6
-226
Germany, Fed. Rep. of.
Italy
Netherlands
—55
Spain
-68
-10
-378
Total
3
25
—5
31
— 16
—50
—20
-6
Bank for Intl Settlements
Other
3
-34
-8
100
4
18
-78
80
Canada
8
-84
-329
-349
-2ol
-20
32
-215
-900
-178
-21
68 - 2 , 3 2 6
15
5
115
75
-83
-39
-266
-1
-141
-173
-34
-30
-10
-249
20
-350
-32
-38
-114
-324
-550
-36
-96
-827 -1,718
IV
-144
-63
-23
100
-25
—25
-156
-125 ' " - 2 0
-306
225
-23
-53
-3
-754
202
-58
-45
-55
-81
-40
-326
II
I
-39
-28
-45
-17
-35
-98
-47
62
-181
-59
35
-150
«
-14
-11
-15
-246
-466
-290
-339
190
Latin American republics:
Other
80
-30
12
62
Total
14
-200
56
6
14
-28
81
Asia:
-30
-19
5
-9
19
-100
-109
5
-9
-15
-97 1-101
60
-4
-1
-1
-4
24
59
18
-30
-4
-157
-28
-27
-34
-20
-24
-16
-10
__ |
-5
*
18
-34
-186
-113
-101
-27
-34
-20
-24
-16
1
14
-3
-5
-38
-6
-1
*
-4
-1
3
-327
-68
80
172 - 2 , 2 9 4
-998 -1,969
-970
179
-288
-494
-291
-102
-327
-68
179
-138
-494
-291
-102
Intl Monetary Fund
2 200
....
2
69
25
*
All other
.
-90
-5
Total
Grand total
-50
-20
-30
65
-16
-10
Other
Total foreign countries
67
280
3 _44
600
772 - 2 , 2 9 4
1
Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2 Proceeds from this sale invested by the I M F in U. S. Govt. securities;
upon termination of the investment the I M F can reacquire the same
2 300
150
-1,041 -1,669
-820
150
amount of gold from the United States.
3 Payment to the I M F of $344 million as increase in U. S. gold subscription less sale by the I M F of $300 million (see also note 2).
U. S. GOLD STOCK AND HOLDINGS O F CONVERTIBLE FOREIGN CURRENCIES
BY U. S. MONETARY AUTHORITIES
[In millions of dollars]
End of period
Year
Total
Gold stock
Total i
Treasury
1950
1951
1952
1953
1954
22,820
22,873
23,252
22,091
21,793
22,820
22,873
23,252
22,091
21,793
22,706
22,695
23,187
22,030
21,713
1955
1956
1957
1958
1959
21,753
22,058
22,857
20,582
19,507
21,753
22,058
22,857
20,582
19,507
21,690
21,949
22,781
20,534
19,456
1960
1961
17,804
17,063
17,804
16,947
17,767
16,889
Changes in—
Foreign
currency
holdings
Total
Total
gold
- 1 , 7 4 3 1961—Oct...
53
Nov...
Dec...
379
-1,161
- 2 9 8 1962—Jan...
Feb...
-40
Mar...
-40
305
305
Apr...
799
799
May..
-2,275
-2,275
June..
- 1 , 0 7 5 3-1,075
July...
Aug...
-1,703
-1,703
Sept...
-741
-857
Oct.p. .
1
Includes gold in Exchange Stabilization Fund.
2 For holdings of F. P Banks only see pp. 1458 and 1460.
3 Includes payment of $344 trillion as increase in U. S. gold subscription to the International Monetary Fund.
Month
Total
Changes in—
Gold stock
Total i
-1,743
53
379
-1,161
-298
116
End of period
Foreign
currency2
holdings
Treasury
Total
Total
gold
17,443
17,148
17,063
17,331
17,021
16,947
17,300
16,975
16,889
112
127
116
-76
-295
-85
-126
-310
-74
16,963
16,948
16,873
16,762
16,718
17,081
16,678
16,562
16,531
16,364
16,847
16,795
16,643
16,519
16,458
16,527
16,182
16,139
16,081
16,026
16,815
16,790
16,608
16,495
16,434
16,435
16,147
16,098
16,067
15,978
116
153
230
243
260
554
496
423
450
338
-100
-15
-75
-111
-44
363
-403
-116
-31
-167
-100
-52
-152
-124
-61
69
-345
-43
-58
-55
NOTE.—See Table 8 on page 1537 for gold held under earmark at
F. R. Banks for foreign and international accounts. Cold under earmark is not included in the gold stock of the United States.
See also NOTE to table on gold reserves.
1529
GOLD RESERVES AND DOLLAR HOLDINGS
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
[In millions of dollars]
June 30, 1961
Dec. 31, 1960
U.S. Govt.
Gold& bonds & notes 1 Gold& U.S.
shortshort- Govt.
term
term
bonds
New dollars & notes
dollars
Old
series series
Area and country
Western Europe:
Austria
Belgium
Denmark
Finland
Germany Fed. Rep of
Italy
Netherlands
Norway
Portugal .
. . .
Spain
Sweden
Switzerland
Turkey
United3 Kingdom 2
Other
. .
...
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia .
Cuba
. .
.
536
1,312
85
87
2,160
6,447
139
3,080
1,779
112
636
327
13
143
1
3
397
77
2,863
152
4,467
529
57
*
412
39
Other4
Total
Asia:
India
Indonesia . .
Iran
Japan
Philippines
Thailand
Other
.
Total
All other:
Australia
South Africa
U A R (Egypt)
Others
Total
Total foreign countries 6
International
Grand total 6
Sterling area
1
3
2
31
*
5
3
*
*
4
148
1
1
82
94
•
420
44
480
1,307
81
112
2,862
6,588
136
3,059
1,735
134
546
352
3
132
1
1
574
51
2,850
150
4,109
609
87
*
435
47
Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S.
short- Govt. short- Govt. short- Govt. short- Govt.
term bonds
term
term bonds
bonds
term bonds
dollars & notes dollars & notes dollars & notes dollars & notes
526
1,476
79
134
3,014
6,394
120
3,377
1,804
135
523
405
566
3,177
158
4,719
788
3
1
30
2
5
3
*
*
3
128
1
1
558
1.574
83
138
3 110
6,505
154
3,459
1,797
135
542
469
71
586
86
*
483
47
3,435
165
4,526
678
3
8
30
2
4
3
*
•
3
126
93
83
*
435
48
594
1,616
80
138
3 360
6,200
189
3,416
1,822
142
532
516
584
3,262
160
4,941
727
•
8
29
2
3
3
*
*
2
93
1
1
92
83
*
388
46
640
1,593
83
133
3 664
6,289
206
3,429
1,888
131
584
568
*
2
29
2
3
3
**
2
85
1
607
123
3,360
163
4,862
667
440
46
83
•
819
838 25,684
801 27,395
864 27,914
840 28,279
751 28,867
820
416
446
3,565
463
3,576
465
3,704
459
3,454
423
3,566
227
419
481
180
236
78
*
2
*
*
39
1
2
*
1
1
454
551
178
222
46
1
*
407
492
160
228
40
1
1
*
1
**
2
2
7
1
450
78
5
1
529
79
5
1
82
1
1
*
I
•*
310
511
176
252
38
70
1
**
425
513
153
235
44
83
1
2
*
1
**
*
1
475
474
171
202
59
6
1
1
1
1
77
615
82
623
87
131
237
815
278
114
231
796
370
*
1
3
9
*
1
1
3,630
59
301
236
152
2,166
218
290
40
*
*
991
43
4,354
87
235
1
1
57
123
229
846
297
15
3,469
69
3,624
89
41
1
6
1
*
45
333
120
167
1,953
174
344
1,130
6
1
45
288
142
178
2,262
184
331
1,033
92
4,418
57
*
238
*
2
•
3
2
*
2
*
*
41
118
230
826
303
3
2
*
1
*
196
600
*
27
*
35
190
618
*
37
1,238
28
35
1,238
37
37,654
1,409
207
6,394
884
44,048
2,293
5,558
512
192
1,426 38,374
900
6,451
2,326 44,825
536
5,179
The first column continues the series based on a 1955 survey and
reported securities transactions; the second is based on a survey as of
Nov. 30, 1960, and reported securities transactions in Dec. Data are not
available
to reconcile the 2 series or to revise figures for earlier dates.
2
Gold reserves are estimated.
3 In addition to other Western European countries includes unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold
assets; see note 1 to table on gold reserves).
4
Includes other Latin American republics and the Inter-American
Development Bank.
3
1
31
2
4
3
**
June 30, 1962*
Mar. 31 , 1962
3,324
534
123
Peru
Uruguay
7
6
28
1
16
16
*«
Dec. 31, 1961
25,108
68
Mexico
Sept. 30, 1961
*
3,646
168
6
1
*
45
321
137
165
2,048
193
410
1,215
*
41
296
125
155
2,099
207
431
1,207
6
1
*
3
1
*
41
56
4,489
52
4,520
52
6
1
•
45
325
119
161
1,894
212
368
1,168
4,221
57
4,247
238
*
260
251
189
579
1,257
5,480
2,438 45,553
518
156
200
204
5,863
3
*
330
38
189
635
38
1,414
1,513 40,873
1,127
5,881
2,640 46,754
567
5,841
*
1
3,622
3,594
2
*
6
1
188
192
4>
*
76
137
259
762
415
137
255
796
328
1,427 40,073
1,011
70
606
87
3
*
*
*
39
39
268
415
190
632
1,505
1,598 41,349
1,240
6,503
2,838 47,852
520
6,357
*
3
*
*
281
*
471
193
639
1,584
*
*
39
39
1,468 42,183
1,306
*
42
42
6,676
1,009
2,555 48,859
2,315
6,326
525
1,087
474
5 Includes unspecified countries in Africa, Oceania, and Eastern
Europe, and all Western European dependencies located outside Europe
and6 Asia.
Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and official and private short-term dollar holdings
(principally deposits and U. S. Treasury bills and certificates). U. S.
Govt. bonds and notes are official and private holdings of U. S. Govt.
securities with an original maturity of more than 1 year.
See also NOTE to table on gold reserves.
1530
INT'L CAPITAL TRANSACTIONS OF THE U. S.
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
[Amounts outstanding; in millions of dollars]
Foreign
End of period
Grand
total
International *
Total
Official2
Europe
Other
Germany,
Fed.
Rep. of
United
Kingdom
Latin
Canada America
Other
Total
All
Other
Asia
1957
1958
1959
1960
15,158
16,159
19,389
21,329
1,517
1,544
33,158
3,955
13,641
14,615
16,231
17,374
7,917
8,665
9,154
10,327
5,724
5,950
7,076
7,047
1,557
1,755
1,987
3,476
1,275
873
990
1,667
4,310
5,081
5,496
3,903
7,142
7,708
8,473
9,046
1,623
2,019
2,198
2,439
2,575
2,403
2,408
2,422
1,946
2,205
2,780
3,115
355
279
373
352
1961—Sept
Oct
Nov
Dec
21,940
22,235
22,417
22,551
3,434
3,715
3,836
3,804
18,506
18,520
18,581
18,747
10,924
10,692
10,594
10,974
7,581
7,827
7,987
7,774
2,750
2,544
2,531
2,841
2,619
2,676
2.505
2; 226
4,845
4,894
4,969
5,248
10,214
10,113
10,004
10,317
2,649
2,907
3,029
2,758
2,372
2,312
2,343
2,393
2,896
2,807
2,819
2,892
375
382
385
387
1962—Jan
Feb
Mar
Apr
May
June
22,495
22,792
23.207
23,388
23,555
r
24,112
3,815
4,126
4,405
4,503
4,594
'4,568
18,680
18,666
18,802
18,885
18,962
19,544
10,263
10,105
10,503
10,292
10,510
11,296
8,417
8,561
8,299
8,593
8,452
'8,248
2,299
2,401
2,534
2,518
2,509
2,622
2,501
2,566
2,491
2,468
2,398
2,262
5,283
5,216
5,355
5,377
5,562
5,709
10,082
10,183
10,381
10,363
10,469
10,593
2,909
2,761
2,490
2,503
2,514
2,897
2,348
2,354
2,453
2,563
2,458
'2,533
2,926
2,990
3,086
3,064
3,085
3,101
415
378
392
392
437
421
24,221
23,794
24,335
24,709
4,568
4,850
5,009
4,932
19,652
18,944
19,326
19,776
11,296
10,871
11,218
11,751
8,356
8,073
8,108
8,025
2,622
2,543
2,592
2,799
2,264
1,853
1,847
1,802
5,709
5,220
5,288
5,455
10,595
9,616
9,727
2,897
3,120
3,416
3,480
2,534
2,559
2,497
2,498
3,206
3,200
3,227
3,280
421
449
458
462
June 4
July
Aug.P
Sept.?
10,056
la. Other Europe
End of period
Total
Austria
Belgium
Denmark
Finland
France Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
Other 5
1957
1958
1959
1960
4 310
5,081
5,496
3,903
349
411
130
115
112
169
64
69
354
532
154
126
93
130
142
163
24
36
260
303
967
852
18
20
360
694
138
142
137
54
71
46
655
519
186
63
1 079
[,121
1,370
877
203
339
331
243
485
328
95
82
138
84
86
149
213
227
969
678
31
18
590
393
1961—Sept
Oct .
Nov
Dec
4 845
4,894
4 969
5,248
228
228
241
255
311
311
330
326
48
56
49
52
89
92
89
91
890
888
957
989
43
43
50
67
1,151
1,191
I 203
1,234
223
227
231
216
105
110
99
105
86
88
90
99
128
133
134
153
386
391
379
406
705
689
712
875
19
21
28
26
433
427
376
354
1962 Jan
Feb
Mar
Apr
May
June
July p
Aug. p
Sept.
5,283
5,216
5,355
5,377
5,562
5 709
5,220
5,288
5,455
256
262
250
229
238
277
291
316
325
357
328
319
293
293
258
204
184
170
52
55
49
49
60
52
44
52
47
90
90
77
74
70
71
68
70
74
1,083
1,097
1,189
1,261
1,445
1,394
1,046
1,080
1,162
76
85
98
104
103
110
100
98
101
1,248
1,100
1,187
1,185
147
1,187
1,095
1,244
1,292
218
263
241
247
259
307
339
258
276
93
103
112
141
123
101
103
117
112
93
91
86
98
108
130
132
137
141
159
152
165
160
153
159
176
144
160
392
394
403
391
415
425
425
463
458
773
816
818
806
830
951
913
832
832
34
37
20
19
16
23
17
17
22
359
345
342
321
302
263
266
279
283
lb. Latin America
End of period
BoTotal Argentina
livia
Brazil Chile
Colombia
Cuba
Dominican
Rep.
El
Sal- Guate- Mexico
vador mala
Neth.,
Antilles
and
Surinam
Panama,
Republic of
Peru
Uruguay
Venezuela Other
1957
1958
1959
1960
2,575
2,403
2,408
2,422
137
150
337
315
26
22
24
23
132
138
151
194
75
100
185
135
153
169
217
158
235
286
164
77
54
40
37
37
27
26
28
24
65
42
37
44
386
418
442
397
73
79
88
72
136
146
129
123
60
77
82
72
55
82
62
51
835
494
277
398
124
133
148
302
1961—Sept
Oct
Nov
Dec
2,372
2,312
2,343
2,393
263
246
240
235
23
23
25
26
263
254
260
228
130
96
96
105
137
137
130
147
45
46
45
43
29
27
23
23
26
28
23
22
46
43
43
46
413
403
439
494
87
88
87
89
79
84
85
87
76
73
77
84
49
50
53
57
448
406
416
417
259
307
300
292
2,348
2,354
2,453
2,563
2,458
r
2,534
2,559
2,497
2,498
228
217
243
221
209
208
231
210
23
23
24
24
24
25
23
21
22
252
241
207
254
235
'225
201
197
213
99
95
114
109
108
'131
113
104
104
119
139
137
140
142
159
149
143
145
41
40
39
38
37
37
37
36
36
26
28
34
42
43
48
43
42
40
24
29
28
29
34
35
36
33
31
48
54
58
57
55
52
42
37
34
473
474
506
516
490
'518
489
484
461
86
88
92
97
90
87
96
93
94
79
83
82
90
91
87
87
87
85
79
80
90
92
90
90
96
104
107
68
80
75
75
72
79
73
87
92
395
379
398
445
377
'364
436
390
379
308
306
327
332
362
'389
406
429
425
1962—Jan
Feb
Mar
Apr
May....
June....
July
Aug.P. . .
StP
For notes see following page.
230
1531
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 All Other
All other
Asia
End of period
Total
Hong
Kong
India
Korea,
Indo- Iran Israel Japan Re- PhilTaiippub- pines
wan
nesia
lic
of
ConThai- Other Total Australia
land
*§•
South U.A.R. Other
Africa (Egypt)
the
3,115
70
62
60
57
82
77
114
54
151
108
139
178
55
43
47
22
52
56
87
75
586
935
1,285
1,887
117
145
148
152
175
176
172
203
86
99
94
84
157
133
141
186
417
371
494
217
355
279
373
352
85
79
110
88
39
30
31
32
38
30
49
29
40
16
20
22
153
175
162
181
2 896
2,807
2,819
2 892
55
59
59
55
86
88
90
78
77
92
82
76
37
34
31
31
62
65
62
63
1,649
1,535
1,532
1,590
194
195
198
199
152
134
150
185
90
92
90
92
240
240
248
264
255
273
276
258
375
382
385
387
86
90
91
98
43
39
38
34
46
46
44
32
15
15
12
15
185
19?
199
?09
May
June
2,926
2,990
3,086
3,064
3,085
3,101
59
57
57
58
61
56
75
74
74
70
54
49
86
100
94
88
80
82
34
35
36
23
18
26
63
87
71
78
76
76
1,599
1,628
1,744
1,703
1,746
1,795
188
187
183
181
174
164
202
171
165
173
184
179
98
103
92
90
85
85
276
293
306
314
323
327
246
255
262
287
283
261
415
378
392
392
437
421
127
95
101
96
97
104
31
28
27
27
40
37
32
36
36
43
42
39
21
14
16
17
25
19
213
?,10
232
222
June 4
July v
Aus p . . .
Sept
3 206
3,200
3 227
3,280
56
60
60
57
49
39
39
46
82
79
83
33
26
32
37
28
76
76
89
81
1,900
1,903
1,937
2,040
164
160
155
153
179
169
169
159
85
86
82
79
327
327
327
326
261
267
250
279
421
449
458
462
104
122
126
131
37
37
41
35
39
36
45
47
19
22
13
12
222
232
?3?
236
1958
1959
1960
1961
34.4
36.0 35.8
2.3
2.5
18.0 63.1
2.8
2.5
9.4
10.3
20.9 21.0
37.9 38.0
1.4
1.2
1.8
1.2
5.6 23.5
15.2 14.8
60.2 111.6
3.5
2.5
5.0
4.7
48.8 68.3
6.9
34.8
1.4
13.8
1.8
9.6
5.0
36.2
6.3
1.2
10.6
14.2
18.4
1.9
4.2
14.6
n.a.
34.6
.9
n.a.
1.6
27.1
n.a.
n.a.
4.4
n.a.
10.1
n.a.
24.9
3.2
2.6
7.9
.5
27.8
1.0
.7
13.0
6.4
1.0
43.5
2.9
1.4
6.9
.2
1.3
5.2
.3
.4
9.3
.9
.9
16.8
5.6
.9
64.3
2.2
1.4
35.1
3.9
3.5
1.9
2.8
.5
11.1
.8
1.1
21.9
5.4
.7
93.0
1.6
n.a.
4.0
n.a.
1.7
n.a.
1.2
1957
1958
1959
1960
1 946
2,205
2,780
1961—Sept
Oct
Nov
Dec
1962—Jan
Feb
Mar
?04
?m
Id. Supplementary Data 7 (end of year)
Area or country
1958
1959
1960
1961
.3
.2
.6
.9
3.5
10.0
16.1
5.9
4.9
1.2
.3
.7
1.3
2.7
5.4
7.2
5.3
4.0
1.2
.7
.9
1.0
3.1
3.2
16.1
3.4
7.2
1.4
2.2
9.5
1.5
2.6
6.2
.5
.5
1.0
1.0
5.1
2.7
12.6
4.1
6.1
1.1
1.3
12.1
10.0
Other Latin 9America:
Bahamas
Bermuda
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
The West Indies federation 9
6.8
24.5
17.4
.5
7.7
6.3
11.3
3.4
31.6
14.3
18.9
21.7
77.5
10^5
12.8
12.5
6.7
32.6
47.2
21.7
19.8
27.3
.4
10.7
15.0
11.9
4.6
11.3
Other Asia:
Aden
Afghanistan.
Bahrain
Burma
Cambodia...
1.7
4.5
.9
5.9
24.9
2.2
11.0
.9
4.3
19.7
2.3
9.8
.5
.9
10.9
Other Europe:
Bulgaria
Cyprus
Czechoslovakia 8
Hungary
Iceland
Ireland, Republic of.
Luxembourg
Monaco
Poland 8 8
Rumania
Soviet Zone of Germany
U. S. S. R. «
Yugoslavia 8
1.5
1.3
4.8
11.6
Other Asia (Cont.):
Ceylon
China Mainland !
Goa
Iraq
Jordan
Kuwait
Laos
Lebanon
Malaya
Nepal.
Pakistan
Ryukyu Islands.
Saudi Arabia...,
Singapore
Syria
Viet-Nam
33.5 All other:
13.3
Algeria
23.6
and Eritrea
.5 Ethiopia
French Somaliland
9.9
Ghana
14.8
Liberia
17.3
Libya
4.9
10
Madeira Islands
14.O
n.a.
3.6
.6
n.a.
15.3
1
International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, International
Development Association, and other international organizations.
2
Foreign central banks and foreign central governments and their
agencies (including official purchasing missions, trade and shipping
missions,
diplomatic and consular establishments, etc.).
3
Includes $1,031 million representing increase in U. S. dollar subscription to the IMF paid in June 1959.
4
These figures reflect the inclusion of data for banks initially included
as of June 30.
5 Includes Bank for International Settlements.
6 Beginning with 1960 includes Inter-American Development Bank.
Area or country
Morocco (incl. Tangier)
Mozambique
New Caledonia
New Zealand
Rhodesia and Nyasaland, Federation of.
Somali Republic
Sudan
Tunisia
44.1
.6
18.7
2.0
.4
20.3
17.6
.6
57.8
2.0
1.3
6.8
.3
.8
1.6
8.4
7
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 8the "other" categories in Tables l a - l c .
Based on reports by banks in all F. R. districts.
9 Before 1960, data for the Bahamas included with The West Indies
federation.
1
o Excludes Jamaica.
NOTE.—For back figures and description of the data in this and the
following tables on international capital transactions of the United States,
see "International Finance" Section 15, Supplement to Banking and Monetary Statistics.
1532
INT'L CAPITAL TRANSACTIONS OF THE U. S.
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
certificates1
Other 2
Total
Deposits
U.S.
Treasury
bills and
certificates
Other 2
Total amounts outstanding
1957
1958
1959
1960
15,158
16,159
19,389
21,329
12,847
13,669
16,913
18,986
5,875
6,772
6,341
7,568
5,840
5,823
9,245
10,018
,132
,075
,328
,401
2,252
2,430
2,398
2,230
1,766
1,951
1,833
1,849
278
306
295
148
209
174
270
233
59
59
77
113
J 961—Sept...
Oct.. .
Nov...
Dec.. .
21,940
22,235
22,417
22,551
19,613
19,783
19,942
20,039
8,691
8,899
8,843
8,652
9.543
9; 485
9,654
9,891
,379
,398
,445
,496
2,226
2,293
2,333
2,362
1,891
1,918
1,930
1,974
117
151
147
149
219
224
256
238
100
159
142
150
1962—Jan.. .
Feb...
Mar...
Apr...
May..
June..
22,495
22,792
23,207
23,388
23,555
'24,112
19,962
20,201
20,562
20,728
20,890
'21,261
9,148
9,134
8,768
9,118
8,823
>"8,671
9,372
9,635
10,352
10,146
10,574
11,138
,441
,432
,442
,465
,493
,453
2,372
2,440
2,461
2,479
2,498
2674
1,966
1,971
2,002
2,034
2,045
r
2,207
151
166
156
140
100
107
255
302
303
305
353
360
161
152
184
181
167
177
June 3
July. .
Aug. P.
Sept. P.
24,221
23.794
24,335
24,709
21,368
21,061
21,555
21,893
8,739
8,410
8,340
8,227
11,138
11,190
11,809
12,252
,491
,461
,406
.414
2,676
2,553
2,534
2,561
2,209
2,088
2,060
2,088
107
112
109
100
360
353
365
373
177
180
246
254
Area and country detail, July 31, 1962
Europe:
Austria
Belgium
Denmark
Finland
France
291
204
44
68
1,046
289
170
36
67
988
252
93
31
46
233
33
50
4
19
710
5
27
1
2
46
2
34
54
2
30
7
1
46
2,543
100
1,095
339
103
2,504
85
993
301
71
290
70
210
86
43
1.851
15
636
203
10
364
*
147
11
18
36
16
27
38
31
30
16
24
31
30
132
176
425
913
17
97
150
407
801
16
92
124
100
281
16
24
296
335
5
1
12
186
35
26
18
100
2
35
24
17
65
2
1.853
12
254
1,404
11
240
1,101
10
74
233
69
"96'
76
9,616
8,631
3,150
4,509
971
395
1
10
833
3,120
2,855
1,531
1,289
34
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic....
El Salvador
Guatemala
Mexico
Neth. Antilles and Sun
nam
231
23
201
113
149
37
124
6
63
36
68
2
113
5
53
36
63
2
43
36
42
489
27
20
23
296
24
7
15
240
9
1
12
96
43
26
Panama, Rep. o f . . . . . . .
Peru
Uruguay
Venezuela
Other
87
96
73
436
406
11
31
30
205
282
10
31
27
205
147
2,559
1,268
1,005
Germany, Fed. Rep. of. .
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
,
United Kingdom
Yugoslavia
Other
Total....
Canada
Total
For notes see end of table.
75
1
2
1
16
20
140
1
10
30
225
54
510
58
265
152
250
181
39
31
15
107
17
136
77
81
35
102
17
133
76
78
35
16
16
19
194
16
16
18
190
3
12
53
36
14
65
70
77
65
43
231
120
67
64
39
228
104
108
155
1,285
1,221
10
1
5
4
2
4
7
44
4
4
3
3
15
49
1533
INT'L CAPITAL TRANSACTIONS OF THE U. S.
2. SH ORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued
[In millions of dollars]
Payable in dollars
To banks and official institutions
Area and
country
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U.S.
Treasury
bills and
certificates
Other 2
Total
Deposits
U.S.
Treasury
bills and
certificates
Other 2
Area and country detail, July 31, 1962—Cont.
Asia:
Hons Kons
India
..
Iran
Korea Reo of
Philiooines
.
.•
Thailand
Other
Total
60
39
79
32
76
29
33
76
26
70
23
23
61
26
38
1,903
160
169
86
327
267
1,885
159
146
79
324
223
1,180
156
128
72
88
174
3,200
3,050
122
37
36
22
232
3
*
27
28
6
3
6
5
*
229
29
170
4
17
7
6
20
18
1
24
7
3
43
17
1
24
7
3
42
*
2
*
1,969
813
268
149
142
*
6
1
118
35
33
21
201
39
35
32
14
148
72
7
2
6
39
*
2
14
3
2
2
1
28
3
2
2
1
27
*
449
409
267
119
23
36
34
18,944
16,211
7,923
6,838
1,451
2,553
4,850
4,850
487
5 4,352
11
23,794
21,061
8,410
6 11,190
1,461
2,553
5
6
5
6
535
•
*
1
*
1
*
*
All other:
U A R CEevoO
Other
Total
Total foreign countries.
International
Grand total
*
1
31
6
3
6
6
4
10
*
1
2
3
*
2
4
2,088
112
*
353
180
2,088
112
353
180
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
1957
1958
1959
1960
.
France
Germany,
Fed.
Rep. of
2,199
2,542
2,623
3,614
114
102
57
32
140
77
54
82
Total
386
435
586
1,052
50
69
56
69
652
634
658
767
491
618
577
537
1.347
1,412
1,450
1,504
1,581
1,597
1,620
1,807
84
86
79
85
678
683
690
r
667
686
r
693
483
496
540
517
453
431
1,425
1,456
1,496
I 520
1,565
,529
1.892
1,964
2,051
2,046
2,029
2,009
92
89
94
101
103
117
693
703
702
726
436
451
430
443
1,532
,526
1,506
I 504
2,058
2^026
2,015
1,954
117
124
127
140
56
36
30
34
34
42
38
60
98
124
121
245
211
315
234
264
654
696
534
717
34
37
40
42
146
140
147
165
34
34
34
35
67
72
67
105
185
169
189
181
186
182
181
239
1962
Jan
Feb
Mar
Apr
May
June
4,570
4,688
'"4,871
r
4,852
4,836
4,778
40
44
'52
'47
55
55
157
155
144
161
139
129
36
39
37
41
37
36
68
71
76
68
68
68
163
160
159
142
158
151
214
215
222
207
229
254
4,835
4,829
4,779
4,767
55
51
41
43
129
137
138
135
36
43
40
41
68
67
69
68
151
161
157
163
254
244
257
277
956
1,099
1,175
1,356
Total
4,156
4,347
4,384
4,700
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to and acceptances made for foreigners; drafts drawn against
154
243
272
421
Other
Sept
Oct
Nov
Dec
i These figures reflect the inclusion of data for banks initially included
as of June 30.
Asia
United
Kingdom
1961
June i
July
Augv
Sept p
Latin
America
Canada
Switzerland
Italy
r
All
other
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes convertible currencies
held by U. S. monetary authorities.
See also NOTE to Table 1.
1534
INT'L CAPITAL TRANSACTIONS OF THE U. S.
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
1962—Jan
Feb
Mar
Apr
May
186
4
2
3
182
181
4
10
10
12
11
19
20
11
10
Greece
4
6
23
22
7
17
2
2
2
4
45
13
2
41
46
17
23
3
3
6
5
20
11
18
13
23
19
18
18
19
19
15
23
24
24
4
15
9
8
7
9
11
11
13
12
26
27
28
28
28
4
5
5
5
5
5
6
5
7
6
7
29
56
38
33
6
4
5
17
Norway
5
6
7
214
4
Netherlands
6
7
239
229
254
244
257
277
July
Aug &
Sept v
11
14
18
13
3
215
222
207
....
25
65
56
65
6
7
Finland
6
5
23
4
4
Portugal
54
27
5
60
26
2
61
66
58
22
20
21
3
5
5
23
24
26
27
28
5
7
8
9
11
62
59
57
55
60
Spain
Sweden
Turkey
Yugoslavia
8
30
10
24
19
28
15
15
76
72
47
49
1
3
11
t<>
1961—Sept
Oct
Nov
Dec
Denmark
0000
211
315
234
264
..
Belgium
oo ON
1957
1958
1959
I960
Austria
VC
Total
End of period
6
5
11
18
14
17
15
13
8
8
9
35
16
17
7
7
18
18
17
7
11
13
7
4
5
13
37
27
31
41
19
20
16
17
16
16
12
12
18
22
31
23
9
9
6
6
6
6
Other
10
9
18
19
18
16
17
17
19
21
23
21
23
23
22
22
26
3b. Latin America
End of period
BoTotal Argenlivia
tina
1957
1958....
1959
1960 .
1,099 40
1,175 60
1,356 121
3
3
4
1961—Sept
Oct
Nov
Dec
1,347
1,412
1,450
1,504
179
5
5
5
192
1962—Jan
Feb
Mar
Apr
May
June
1,425
1,456
1,496
1,520
1,565
1,529
205
203
179
184
188
1,532
1 526
1,506
1,504
189
177
164
183
8
4
3
28
160
171
Brazil Chile
100
33
148
117
225
52
59
73
Cuba
Dominican
Rep.
El
Sal- Guate- Mexico
vador mala
8
166
115
26
15
19
29
16
8
51
68
80
10
15
22
12
10
14
103
113
Neth.,
Antilles
and
Surinam
Panama,
Republic of
15
14
16
17
385
385
14
19
20
395
6
14
13
423
13
32
5
6
129
130
126
125
18
19
12
11
14
160
156
18
18
10
12
14
15
19
19
411
396
9
137
161
120
120
134
160
5
173
139
163
17
14
ON
200
154
143
17
15
10
3NON
200
199
191
196
154
164
157
158
143
147
138
137
17
18
17
17
15
15
15
14
11
12
11
10
427
9
408
7
43
41
41
52
59
41
COTj
12
12
19
19
9
409
393
397
369
7
7
10
11
41
37
36
36
17
14
16
39
45
53
55
134
124
72
74
125
129
73
74
71
61
62
122
141
71
68
32
19
19
99
125
5
68
71
69
73
30
30
6
90
87
119
127
204
51
53
57
66
6
8
117
116
18
18
170
31
36
44
180
233
16
142
247
234
18
23
18
23
230
186
17
52
47
57
2
6
4
8
231
432
433
6
9
9
Uru- Vene- Other
guay zuela
Peru
293
291
343
CO
June i
July p
Aug.v
Sept
956
Colombia
31
42
70
71
74
60
80
61
61
127
117
117
69
68
71
81
68
108
71
81
83
86
86
68
63
80
89
108
111
107
101
71
80
74
75
3c. Asia and All Other
Asia
End of period
Total
Hong India
Kong
Iran Israel
Allother
Japan
Phil- Taiippines wan
Thai- Other Total
land
Australia
Congo,
Rep.
of the
South
Africa
U.A.R. Other
(Egypt)
1957
1958
1959
I960
386
435
586
1,052
7
6
10
9
6
4
6
9
22
27
29
33
24
23
14
24
146
179
324
R06
53
67
24
19
6
6
9
7
14
13
15
24
110
111
155
121
50
69
56
69
13
13
18
28
5
4
3
3
12
21
12
11
1
3
2
3
19
29
21
24
1961—Sept
Oct
Nov
Dec
1,581
1,597
1,620
1,807
10
9
9
9
8
8
8
8
35
33
33
31
31
34
34
36
1,288
,281
,292
1,445
38
58
86
114
10
11
10
10
32
28
31
34
129
134
115
119
84
86
79
85
27
28
27
29
3
4
6
6
19
16
11
10
13
12
12
13
22
26
24
27
1962—Jan
Feb
Apr
May
June
1,892
1,964
2,051
2,046
2,029
2,009
10
9
10
12
11
11
10
10
11
13
12
14
30
28
28
30
32
24
36
37
41
39
43
39
1,515
1,605
1,698
1,688
1,678
,680
133
118
114
108
107
91
11
11
9
9
6
7
34
33
33
33
30
30
114
113
108
114
110
113
92
89
94
101
103
117
31
31
32
33
33
35
6
3
3
4
4
4
11
11
11
11
11
11
14
13
16
21
22
24
31
31
32
32
33
44
June !
July
Aug.*3
Sept?
2,058
2,026
2,015
1,954
11
11
11
13
14
14
14
18
24
24
25
23
39
38
37
36
1,728
1,731
,736
,683
91
76
69
69
7
6
6
8
30
30
33
30
114
96
84
74
117
124
127
140
35
34
40
46
4
2
4
4
11
12
12
12
24
26
23
25
44
49
48
53
For notes see preceding page.
1535
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 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 1
Payable in foreign currencies
Loans to—
Total
Total
Banks and
official
institutions
Others
Collections
outstanding
Other
Total
Deposits
with
foreigners
Other
Total amounts outstanding
1957
1958
1959
I960
1,174
1,362
1,545
1,698
2,199
2,542
2,623
3,614
2 052
2,344
2,406
3,135
627
840
1961 Sept
Oct
Nov
1,864
1,847
1,880
2,020
4,156
4,347
4,384
4,700
3,708
3,799
3,835
4,115
776
780
828
1 014
4,570
4,688
4,852
4,836
4,778
4,113
4,246
4,399
4,393
4,326
4,299
J 003
,088
,214
,236
,304
1,314
4,835
4,829
4,779
4,767
4,354
4 339
4,325
4,271
1,324
,290
,258
1,260
Dec
1962 Jan
Feb
Mar
Apr
June
June ^
July
Aus P
Sept.*
2,046
2,081
'2,139
2,086
2,080
2,175
r
2,175
2,195
2,188
2,173
r
4,871
r
848
815
303
428
460
482
564
600
625
618
423
421
699
656
147
198
132
181
516
605
582
1,233
217
480
697
683
682
694
1,671
1,736
1,700
1,789
448
548
549
586
617
708
623
715
732
726
711
698
1,785
1,819
1,809
1,752
1,742
1,749
'473
r
459
510
479
r
307
r
703
701
698
690
1,784
1,789
1,763
1,730
644
679
570
539
543
559
606
592
15
16
203
242
266
337
329
385
15
238
182
211
220
200
287
274
293
313
171
154
166
184
217
165
481
490
453
496
316
311
294
312
165
179
159
184
*
3
2
*
21
*
3
7
1
5
*
*
*
1
458
443
288
Area and country detail, July 31, 1962
Europe:
Belgium
Finland
France
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
Total
Canada
Latin America:
Arsentina
56
8
9
4
7
19
11
28
7
15
9
27
3
3
*
2
2
1
*
2
8
3
2
1
2
4
22
23
51
44
12
7
13
12
*
3
2
*
7
77
7
24
43
184
137
5
43
57
26
111
5
40
50
26
36
*
6
5
4
18
5
18
14
2
22
26
7
2
19
3
7
1
23
7
8
12
7
12
35
*
10
29
1
*
2
2
3
44
16
15
4
2
10
*
26
2
67
27
161
6
36
27
55
6
1
5
1
8
24
22
4
1
22
21
1
5
548
703
512
138
297
451
253
5
15
7
2
7
14
*
8
6
*
*
7
15
106
91
1
1
*
117
120
138
191
163
28
14
98
9
132
198
53
144
177
6
175
6
38
23
*
44
4
70
1
199
164
147
18
154
164
146
18
40
26
29
51
24
35
1
19
25
28
16
44
89
54
*
Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands Antilles and
*
8
201
15
12
15
12
14
390
5
*
14
393
1
2
8
7
7
24
12
2
68
For notes see end of table.
2
31
*
11
257
21
62
1
Total
•
2
4
Brazil
Chile
Colombia
Cuba
Peru
Uruguay
Venezuela
Other
•
*
7
1
175
19
37
37
14
211
75
83
63
111
80
83
63
109
80
13
6
8
13
14
946
1,526
1,473
367
1
77
8
5
2
5
7
32
5
106
4
3
3
*
2
45
45
*
*
*
3
1
2
12
8
11
3
5
40
45
16
18
*
*
*
21
18
26
6
59
31
2
*
1
*
*
*
*
1
*
284
321
501
53
49
4
1536
INTL. CAPITAL TRANSACTIONS OF THE U. S.
4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued
[In millions of dollars]
Short-term
Payable in dollars
Longterm—
total*
Area and
country
Payable in foreign currencies
Loans to—
Total
Total
Banks and
official
institutions
Collections
outstanding
Others
Other
Total
Deposits
with
foreigners
Other
Area and country detail, July 31, 1962—Cont.
Asia:
Hong Kong
India
Indonesia
Iran
Israel
3
20
It
14
50
11
29
24
38
*
24
38
*
61
1,731
7
76
6
Taiwan .
Thailand
Other
..
3
10
Total
All other:
Australia
Conco ReD of the
South Africa
U A R (EeyDt)
Other
Total
Total foreign countries
1
1
6
2
*
3
4
1,690
7
76
6
605
30
88
30
88
60
3
238
2,026
43
50
Korea RCD of
11
13
ate
3
7
3
*
19
4
3
27
19
136
6
2
2
930
7
1
8
57
4
4
22
17
5
1,984
749
36
207
993
3
15
10
34
30
2
40
29
2
50
2
12
26
49
2
10
26
48
1
1
12
7
165
124
117
2,195
4,829
4,339
*
1
3
*
41
1
7
*
41
*
*
*
42
*
*
42
5
2
3
2
2
*
*
21
2
9
1
19
13
2
*
1
22
25
45
25
7
4
1,290
559
701
1,789
490
311
*
; • •
i
3
179
2
These figures reflect the inclusion of data for banks initially included
as of June 30.
i Mainly loans with an original maturity of more than 1 year.
5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
[In millions of dollars]
U. S. corporate securities1
U.S. Govt. bonds & notes
Period
Purchases
Net purchases
or sales
Sales
Total
1958
1959
I960
1961
. . .
1,224
1,217
1,730
1,744
1,188
528
1,603
1,231
689
127
512
36
1961—Sept
Oct.
Nov
Dec
22
26
-4
120
259
86
56
181
32
65
79
1962—Jan
Feb
Mar
Apr
May.
June
July v
Aue
Sept p
30
144
142
104
122
108
146
135
327
58
269
272
140
299
136
119
347
334
-28
54
Foreign
countries
-237
527
-98
172
-5
64
19
1
-36
-19
-62
-49
-24
-176
-113
-28
26
211
-8
-25
31
-32
-44
-125
-129
Net pur- Purchases or chases
sales
Purchases
Sales
1,759
2,593
2,419
3,384
1,798
2,158
2,167
3,161
-39
889
435
252
223
946
883
802
Sales
Foreign stocks
Net pur- Purchases or chases
sales
-336
-238
—83
-370
41
53
55
59
59
79
94
140
-17
-26
—40
-81
58
51
58
57
79
70
48
45
44
80
87
90
67
79
108
37
41
39
—22
-36
— 32
-10
1
225
228
-3
232
290
273
14
20
14
52
62
77
105
107
-26
-42
-43
257
238
268
233
286
245
168
163
125
220
208
37
30
34
93
106
95
79
91
160
145
114
301
136
89
65
100
2
-53
-50
* Includes small amounts of State and local govt. securities.
22
26
-64
-32
7
-15
64
r
sales
804
804
592
966
216
260
309
200
156
140
chases or
467
217
234
211
Net purSales
1,915 - 1 , 0 2 6
-512
1,458
-562
1,445
1,262
-460
245
310
286
NOTE.—Statistics include transactions of international organizations.
Foreign bonds
125
56
64
50
44
Sec also NOTE to Table 1.
r
r
-35
—176
-80
-24
— 15
-57
566
509
596
— 38
11
4
4
1537
INTL. CAPITAL TRANSACTIONS OF THE U. S.
6. NET PURCHASES OR SALES BY FOREIGNERS OF U. S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
[In millions of doll ars]
Country or area
Type of security
Period
Total
1958
1959
I960
1961
1961
Sept
Oct
Nov
Dec
1962 Jan
Feb
Mar
Apr
May
June
July
Aug.*
Sept *
1
. . .
. .
1
Netherlands
Switzerland
United
Kingdom
2
40
38
21
-8
31
1
20
19
254
171
166
-1
15
-48
-17
1
1
2
2
4
1
2
1
5
1
2
24
25
21
1
-1
5
5
2
-2
-1
1
1
-2
2
-2
1
4
2
2
2
*
46
34
16
18
21
-6
6
13
*
2
-10
-20
-25
10
-2
-1
15
13
-29
-28
-10
Belgium
Stocks
Bonds
— 39
435
252
223
—56
363
202
323
17
73
50
-99
-3
5
5
4
1
14
20
14
16
28
25
15
-15
-15
-5
-1
1
37
30
34
22
26
-64
-32
7
-15
54
36
20
21
28
-65
-18
7
-9
-17
-6
14
1
2
1
-13
*
-6
France
*
*
i
i
Latin
America
All
other >
Total
Europe
Canada
1
35
66
38
10
379
234
232
-86
-30
-45
-112
23
40
36
44
14
46
28
58
3
2
3
5
12
19
18
3
-17
-7
-8
*
5
2
4
1
1
8
7
-3
55
37
16
34
43
-36
-23
1
-10
-19
-9
17
-6
1
-14
-13
1
-4
-1
2
1
2
->
4
-1
-1
2
-10
-4
3
3
-8
o
-2
1
-9
4
8t
NOTE.—Statistics include small amounts of State and local govt.
securities.
Includes transactions of international organizations.
7. NET PURCHASES OR SALES BY FOREIGNERS
OF LONG-TERM FOREIGN SECURITIES, BY AREA
8. DEPOSITS, U. S. GOVT. SECURITIES, AND GOLD HELD AT
F. R. BANKS FOR FOREIGNERS
[In millions of dollars]
[In millions of dollars]
Period
1958
1959
1960
1961
£
Other
Europe
. . . .
1961—Sept....
Oct... .
Nov...
Dec...
1962—Jan....
Feb...
Mar...
May."!
June..
July...
Aug.*..
Sept.*.
Total
Inter- foreign
national coun- Europe
tries
Canada
Latin
Amer- Asia
ica
— 805
-593
—498
-832
-72
-50
-117
-262
-543
-443
-196
-318
5
11
107
-58
-24
4
-47
-5
-83
1
-116
-7
* '-20
6
-96
-54
-28
-24
'-21
-11 '-165
-117
•
-10
-4
-14
4
-61
9
-3
-17
-26
-85
6
-7
-15
-28
3
1
9
1
-9
-22
-57
-23
'-22
-66
9
-14
8
22
2
8
2
-91
-31
8
4
-14
-1
4
*
1
-3
-18
•
*
2
—558
-157
— 147
Assets in custody
All
other
-45 -150
-97
-15
—41 - 3 6
-73
-121
End of period
Deposits
U. S. Govt.
securities1
Earmarked
gold
1957
1958
1959
1960
356
272
345
217
3,729
3,695
4,477
5,726
6,023
8,538
9,861
11,843
-7
-26
-15
-9
-22
1
-18
6
1961—Oct..
Nov.
Dec.
249
198
279
5,988
5,793
6,006
11,568
11,840
11,905
r_9
-23
33
1
1
-23
3
-26
\
*
1962—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
229
204
221
230
223
334
248
168
229
182
5,403
5,432
5,762
5,551
5,754
6,228
6,026
6,407
6,767
7,137
11,969
12,006
12,148
12,230
12,308
12,368
12,678
12,689
12,687
12,706
-11
-5
-3
-26
-5
—1
-5
-57
1
U. S. Treasury bills, certificates of indebtedness, notes, and bonds;
includes securities payable in foreign currencies.
NOTE.—Excludes deposits and U. S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and
international accounts (for back figures, see "Gold" Section 14, Supplement to Banking and Monetary Statistics).
1538
INT'L CAPITAL TRANSACTIONS OF THE U. S.
9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
[End of period; in millions of dollars]
Liabilities to foreigners
3d revised ser.
4th revised ser. 1
3d revised ser. * 4th revised ser.
1962
Area and country
1961
1962
1961
III
III
1961
IV
Europe:
Austria
Belgium
Denmark
Finland
France
34
31
44
10
Portugal
Spain
Sweden
Switzerland
Turkey
5
6
39
4
109
110
6
39
4
110
2
Other
1961
IK
HI
1
32
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
United Kingdom
Yugoslavia
Claims on foreigners
41
1
8
6
39
4
7
15
4
111
3
1
120
"I
2\
388
370
371
366
350
49
45
45
49
45
IV
5
35
5
2
40
4
17
6
2
36
3
26
6
2
46
4
22
7
2
37
68
3
36
22
7
74
2
34
23
7
101
3
51
35
10
118
4
60
43
12
4
10
19
19
5
6
9
18
15
5
6
9
19
16
5
1
19
18
6
7
12
21
28
5
7
14
22
24
4
225
2
4
187
188
2
5
198
2
6
194
2
165
2
5
509
454!
460
~516
560
552
558
653!
655
607
687
679
30
2
74
18
13
6
2
3
5
44
2
31
3
91
16
14
7
36
3
60
21
13
5
34
3
59
21
14
6
3
3
5
47
2
3
3
5
42
2
4
3
5
41
3
7
12
4
36
27
6
18
4
57
44
9
14
4
46
28
10
12
4
40
31
286
35OJ
295
291
Total
47!
Canada....
Latin America:
Argentina....
Bolivia
Brazil....
Chile
Colombia
Cuba
Dominican Republic
El Salvador
Guatemala
Mexico
Neth. Antilles and Surinam
1
251
5i
3!
2
17!
Panama, Rep. of
Peru
Uruguay
Venezuela
Other
I
106
Total
109
105
126
Asia:
Hong Kong
India
Indonesia
Iran
Israel
Total
2
4
2
5
1
3
11
3
7
8
3
13
3
7
8|
57
*
4
*
5
16
56
1
7
63
1
7
2
3|
18
98
118
127
12
*
12
1
16
19
2
11
7
16
21
2
10
11
19
42
43
56
62
677
618
62
Japan
Korea, Rep. of
Philippines
Taiwan
Thailand
Other
114
122
122
114
115
All other:
Australia
Congo, Rep. of the
South Africa
U.A.R. (Egypt)
Other
Total...
29
30
672
676
441
109
9
3
18
356
295
3
24
2
6
10
1
155
100
2
5
3
3
22
96
3
9
4
3
31
176
192
23
2
9
15
17
63
64
64
66
1,664
,638
1,783
1,780
International....
Grand total
684
1
Includes data for a number of firms reporting for the first time on
June 30, 1961 (3rd revised series), and on Sept. 30, 1961 (4th revised
series).
NOTE.—Reported by exporters, importers, and industrial and com-
680
1,52?
1,646
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.
1539
U. S. BALANCE OF PAYMENTS
U. S. BALANCE OF PAYMENTS
[In millions of dollars]
1959
Item
HI
1
Exports of goods and services, total ..
Merchandise
Services2
Imports of goods and services, total..
Merchandise
Services
Military expenditures
Balance on goods and services1
Unilateral transfers (net)
Private remittances and pensions..
Government nonmilitary grants...
U.S. long- and short-term capital (net)
Private, total
,
Direct investment
,
Portfolio and short-term investment
Government
,
Foreign capital and gold (net)
Increase in foreign short-term assets and Government securities.
Increase in other foreign assets...
Gold sales by United States 4
Errors and omissions
1961
1960
IV
III
5,950
4,058
1,892
290
Q
74
146
1
Excludes military transfers under grants.
2 Includes military transactions.
3 Excludes additional U.S. subscription to International Monetary
Fund of $1,375 million, of which $344 million was transferred in gold
and $1,031 million in non-interest-bearing U.S. Govt. securities.
-100
III
IV
6,448 6,280 6,882 6,581
4,343 4,615 5,008 4,691
2,105 1,665 1,874 1,890
5,964 6,228 5,944 5,740 6,045 6,018
3,879 3,847 3,974 3,830 3,858 3,551
1,296
1,595 1,216 1,139 1,429 1,670
789
786
754
758
797
771
-116
540
-278
504
837
563
-581
-547 -675 -582 -620 -624
-187
-214 -206 -201 -202 -207
-394
-333 -469 -381 -418 -417
3-1,032 -607 -595 -883 -1,131 -1,088
-738
-387 -838 -653 -741 -943
-442
-224 -419 -303 -331 -327
-296
-163 -419 -350 -410 -616
3-294
-220
243 -230 -390 -145
3 1,439 1,440
620
851 1,014 1,239
3 847 1,109
586
740
548
425
195
180
54
164
215
123
3 397
94
167
50
637
72
5,848
4,074
1,774
-90
1962
IV
6,820 6,952 6,656 7,638
5,012 4,922 4,673 5,308
l f " 2,030 1,983 2,330
5,385 5,276 5,595 6,078 5,974
3,484 3,400 3,458 3,682 3,974
1,179 1,106 1,381 1,697 1,278
722
756
722
770
699
578 1,664
1,885 1,544 1,357
7,270
5,145
2,125
-232
-448
-1,885
-1,545
-733
-812
-340
1,156
254
-19
921
-476
-694
-216
-478
-706
-218
-488
-1,372
-989
-441
-548
-383
-540
-955
-324
-631
415
506
38
122
346
16
185
314
201
-330
-296
6,995
5,015
1,980
7,791
5,505
2,286
5,882 6,271
3,946 4,078
1,184 1,450
752
743
1,113 1,520
-748 -720
-228 -220
-520 -500
-1,268 -1,101
-866 -686
-196 -449
-670 -237
-402 -415
402
752
547
402
62
160
190 -207
151 -101
-565
-633 -696
-213 -231
-420 -465
-1,104 -1,863
-637 -1,372
-341 -369
-296 -1,003
-467 -491
916 1,460
881
626
123
20
456
270
243
4
Beginning with the first quarter of 1961, net of change in convertible
currencies held by Exchange Stabilization Fund.
NOTE.—Dept. of Commerce estimates.
OPEN MARKET RATES
[Per cent per annum]
Month
France
United Kingdom
Canada
Treasury Day-to- Bankers'
accept- Treasury
bills,
day
bills,
3 months1 money 2 3 ances,
months 3 months
Day-today
money
Bankers'
allowance Day-today
on
deposits money 3
Germany
Treasury
bills,
60-90
days-*
Netherlands
Day-to- Treasury
bills,
day
money * 3 months
Day-today
money
Switzcrland
Private
discount
rate
1959—Dec
I960—Dec.
5.02
3.53
4.30
3.16
3.72
4.64
3.61
4.44
2.85
3.88
2.00
3.12
4.07
3.70
3.75
3.75
3.56
4.31
2.52
1.51
[.50
1.13
2.00
2.00
1961—Sept
Oct
Nov
Dec
2.42
2.53
2.42
2.82
2.17
2.20
2.24
2.37
6.84
6.31
5.67
5.61
6.60
5.94
5.41
5.35
5.71
5.42
4.89
4.83
5.00
4.56
4.02
4.00
3.57
3.60
3.52
3.58
2.25
2.00
2.00
2.00
2.94
2.44
2.81
3.06
1.00
1.68
1.74
1.32
.95
1.50
1.33
1.11
2.00
2.00
2.00
2.00
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
3.08
3.11
3.10
3.08
3.36
4.48
5.47
5.15
5.03
2.69
2.63
2.81
3.12
3.00
3.55
4.89
5.03
4.99
5.65
5.65
5.13
4.50
4.14
3.98
4.09
4.02
3.93
5.35
5.41
4.86
4.26
3.94
3.80
3.90
3.79
3.69
4.78
4.72
4.32
3.70
3.24
3.30
3.33
3.32
3.36
4.00
4.00
3.46
2.93
2.50
2.50
2.50
2.50
2.50
3.51
3.56
3.65
3.93
3.98
3.59
3.66
3.46
1.88
1.88
2.00
2.13
2.13
2.25
2.38
2.50
2.50
2.00
2.06
3.13
2.75
2.56
3.31
2.94
2.50
3.06
1.31
1.02
(.81
2.13
2.46
2.32
2.21
1.53
[.57
[.35
.80
1.59
1.75
1.75
[.69
1.78
1.03
.10
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1
a
Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
* Rate in effect at end of month.
* 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.
1540
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
[Per cent per annum]
Changes during tho last 12 months
Rate as of
Oct. 31, 1961
Country
Per
cent
Argentina
Austria
Belgium
Brazil
Month
effective
6.0
5.0
4.75
10.0
3.0
Dec.
Mar.
Aug.
Apr.
Nov.
1957
1960
1961
1958
1957
2.75
4.0
15.88
5.0
3.0
Oct.
Aug.
July
Aug.
Apr.
1961
1960
1961
1959
1939
Egypt
El Salvador
6.0
6.5
5.0
3.0
6.0
Jan.
May
Nov.
Nov.
June
1960
1961
1956
1952
1961
Finland
France
Germany
Greece
Honduras 3
6.75
3.5
3.0
6.0
2.0
Mar.
Oct.
May
Nov.
Jan.
1959
1960
1961
1960
1953
Iceland
India*
Indonesia
9.0
4.0
3.0
6.0
6.75
Dec.
May
Apr.
Nov.
Sept.
1960
1957
1946
1960
1961
6.0
3.5
7.3
4.5
3.5
Feb.
June
Sept.
June
Nov.
1955
1958
1961
1942
1959
7.0
6.0
3.5
4.0
9.5
Mar.
Apr.
Feb.
Jan.
Nov.
1961
1954
1955
1959
1959
South Africa
Spain
3.0
2.0
5.0
4.0
5.0
May
Jan.
May
June
Jan.
1961
1944
1961
1961
1960
Switzerland
Thailand
Turkey
United Kingdom
Venezuela
2.0
7.0
7.5
6.5
4.5
Feb.
Feb.
May
Oct.
Dec.
1959
1945
1961
1961
1960
Canada 1
Ceylon
Chile2...
Colombia
Costa Rica
Cuba
Ireland
Israel
Italy
Mexico
Netherlands
New Zealand.
Nicaragua
Pakistan
Peru
Philippine Republic 5
Nov.
Dec.
4.5
Jan.
Feb.
4.25
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
6 0
5.0
3.75
10.0
4.0
3 75
4 0
4 0
2.75
3.24
3.35
3.42
3.37
3.32
3.77
5.5
16.0
5.0
14.62
15.27
8 0
7.0
3.5
3.0
6.0
3.0
7.0
3.0
5.94
5.56
5.44
4.70
5.0
4.0
14.62
5.0
3.0
6.0
6.5
5.0
5.0
6.0
5.0
4.31
4.09
4.0
9.0
4.0
3.0
6.0
3.94
3.94
6.94
4 0
6.0
3.5
6.94
4.5
4.0
7.0
6.0
3.5
4.0
9.5
6.0
4.5
4 0
4.5
6.6
1 On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average
rate but will not be more than the bank rate.
2
Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not occur.
3 Rate shown is for advances only.
4 Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
5 Beginning with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U. S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of 6development loans was reduced from 6 to 3 per cent.
On Mar. 8, 1962 the discount rate had been reduced to 5.5 per cent.
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
Rate
as of
Oct. 31,
1962
1962
1961
6
5.0
4.5
4 0
6.0
2.0
4.0
4.0
4.0
2.0
7.0
7.5
4.5
4.5
the largest proportion of its credit operations. Other rates for some of
these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction:
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—3.5 per cent for agricultural and industrial development
paper of up to 150 days, 3 per cent for economic development paper
of up to 5 years, and 2 per cent for specific small business, cooperative
and employee paper;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5. per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for 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.
FOREIGN EXCHANGE RATES
1541
FOREIGN EXCHANGE RATES
[In cents per unit of foreign currency]
Argentina
(peso)
Period
Official
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
222.1>6
222.57
223.88
223.81
223.71
223.28
3.8580
3.8539
3.8536
3.8619
3.8461
3.8481
2.0030
1.9906
2.0044
2.0012
2.0053
2.0052
101.600
104.291
103.025
104.267
103.122
98.760
20.946
20.913
21.049
21.055
21.048
21.023
14.482
14.482
14.482
14.508
14.505
14.481
.43540
.39946
.31181
.31149
.31118
.31098
.2376
.2374
.2038
120.389
20.384
Free
5.556
5.556
5.556
1956.
1957.
1958.
1959.
1960.
1961.
Australia
(pound)
2.835
2.506
2.207
1.2730
.2026
.2076
1961—Oct..
Nov..
Dec.
.2056
.2057
.2080
224.33
224.30
223.88
3.8660
3.8648
3.8671
2.0085
2.0085
2.0086
97.039
96.532
95.885
21.094
21.089
21.058
14.521
14.520
14.541
.31085
.31085
.31084
20.337
20.364
20.399
1962—Jan..
Feb..
Mar..
Apr..
May.
June.
July. ,
Aug..
Sept..
Oct..
.2056
.2054
.2081
.0444
.9600
.8601
5 .7851
223.98
224.27
224.32
224.22
224.07
223.77
223.63
223.41
223.18
223.21
3.8647
3.8643
3.8659
3.8690
3.9698
3.8700
3.8700
3.8700
3.8700
3.8701
2.0086
2.0086
2.0086
2.0080
2.0089
2.0098
2.0103
2.0105
2.0093
2.0094
95.678
95.335
95.277
95.232
4
92.394
91.911
92.654
92.777
92.848
92.914
21.051
21.039
21.058
21.059
21.057
21.039
21.036
21.021
21.008
21.009
14.527
14.522
14.534
14.510
14.496
14.511
14.483
14.458
14.443
14.442
.31085
.31072
.31074
.31070
.31070
.31066
.31063
.31063
.31058
.31057
20.403
20.402
20.405
20.405
20.405
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)
23.786
23.798
23.848
23.926
23.976
6
24.903
20.934
20.910
21.048
21.031
20.968
20.980
279.57
279.32
280.98
280.88
280.76
280.22
.16003
.16003
.16006
.16099
.16104
.16099
.27791
.27791
.27791
.27781
.27785
.27690
32.582
32.527
32.767
32.857
32.817
32.659
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.113
26.170
26.418
26.492
26.513
7 27.555
276.80
276.56
278.19
278.10
277.98
277.45
1961—Oct
Nov
Dec
25.016
24.987
25.004
21.089
21.076
21.038
281.54
281.49
280.96
.16108
.16108
.16111
.27623
.27624
.27624
32.752
32.742
32.734
8.0056
8.0056
8.0056
27.731
27.766
27.776
278.75
278.71
278.18
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
25.028
25.011
25.012
25.006
25.009
25.039
25.084
25.020
24.996
24.963
21.045
21.078
21.093
21.075
21.066
21.030
21.019
21.008
20.971
20.963
281.10
281.46
281.53
281.40
281.21
280.83
280.66
280.38
280.09
280.13
.16108
.16100
.16100
.16107
.16108
.16109
.16110
.16110
.16110
.16106
.27624
.27627
.27640
.27623
.27625
.27628
.27628
.27631
.27852
.27902
32.777
32.810
32.800
32.766
32.759
32.691
32.713
32.746
32.738
32.745
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27.730
27.631
27.687
27.772
27.821
27.806
27.821
27.742
27.755
27.748
278.31
278.67
278.74
278.61
278.43
278.05
277.88
277.61
277.32
277.36
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
49.676
49.693
49.695
49.721
49.770
3.4900
3.4900
3.4900
3.4967
3.4937
3.4909
19.333
19.331
19.328
19.324
19.349
19.353
23.334
23.330
23.328
23.142
23.152
23.151
279.57
279.32
280.98
280.88
280.76
280.22
Period
1956
1957
1958
1959
1960
1961
Period
South Africa
(pound)
(rand)
1956
1957
1958
1959
1960
1961
14.008
14.008
14.008
14.028
14.018
14.000
139.57
2.3810
2.0579
1.6635
1.6643
1961—Oct
Nov
Dec
14.051
14.048
14.039
3.5013
3.4990
3.5020
140.24
140.22
139.96
1.6644
1.6644
1.6649
19.351
19.347
19.346
23.133
23.133
23.169
281.54
281.49
280.96
1962—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
14.027
14.037
3.5000
3.4995
3.5014
3.5032
3.5050
3.5011
3.5000
3.4996
3.5018
3.4899
140.02
140.20
140.24
140.17
140.08
139.89
139.80
139.67
139.52
139.54
1.6650
1.6650
1.6651
1.6651
1.6651
1.6651
1.6651
1.6651
1.6659
1.6661
19.348
19.388
19.408
19.424
19.428
19.436
19.428
19.432
19.410
19.409
23.158
23.111
23.042
23.011
23.098
23.172
23.162
23.136
23.129
23.139
281.10
281.46
281.53
281.40
281.21
280.83
280.66
280.38
280.09
280.13
1
2
14.037
14.033
14.022
14.013
14.005
13.994
13.982
13.983
A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
Based on quotations through Mar. 19, 1962.
^
Based
on quotations beginning with Apr. 4, 1962.
4
Effective May 2, 1962, the par value of the Canadian dollar was set at
92.5 U. S. cents.
5 Based on quotations through July 10, 1962.
6
Effective Mar. 5, 1961, the par value of the deutsche mark was changed
from 4.20 to 4.00 marks per U. S. dollar.
278.52
278.28
279.93
279.83
279.71
279.48
7
Effective Mar. 7, 1961, the par value of the guilder was changed from
3.80 to 3.62 guilders per U. S. dollar.
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, JR.
GEORGE W. MITCHELL
RALPH A. YOUNG, Adviser to the Board
CHARLES MOLONY, Assistant to the Board
ROBERT L. CARDON, Legislative
CLARKE L. FAUVER, Assistant to the Board
Counsel
DIVISION OF EXAMINATIONS
OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
FREDERIC SOLOMON,
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
Director
ROBERT C. MASTERS, Associate
Director
GLENN M. GOODMAN, Assistant
LEGAL DIVISION
Director
HENRY BENNER, Assistant
Director
HOWARD H. HACKLEY, General Counsel
JAMES C. SMITH, Assistant
Director
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
BRENTON C. LEAVITT, Assistant
THOMAS J. O'CONNELL, Assistant
ANDREW N. THOMPSON, Assistant
General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
Director
Director
LLOYD M. SCHAEFFER, Chief Federal
Examiner
Reserve
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF PERSONNEL ADMINISTRATION
G U Y E. NOYES, Director
ALBERT R. KOCH, Associate
EDWIN J. JOHNSON, Director
Director
DANIEL H. BRILL, Adviser
FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
KENNETH B. WILLIAMS, Adviser
LEWIS N. DEMBITZ, Associate
H. FRANKLIN SPRECHER, JR., Assistant
Adviser
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER,
DIVISION OF INTERNATIONAL FINANCE
Director
HARRY E. KERN, Assistant
RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser
Director
A. B. HERSEY, Adviser
ROBERT L. SAMMONS,
OFFICE OF THE CONTROLLER
Adviser
SAMUEL I. KATZ, Associate
RALPH C. WOOD, Associate
Adviser
Adviser
J. J. CONNELL,
Controller
SAMPSON H. BASS, Assistant
Controller
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant
M. B. DANIELS, Assistant
JOHN N. KILEY, JR., Assistant
Director
Director
Director
OFFICE OF DEFENSE PLANNING
Director
INNIS D. HARRIS,
1542
Coordinator
FEDERAL RESERVE BANKS AND BRANCHES
1543
Federal Open Market Committee
WM. M C C . MARTIN, JR.,
C. CANBY BALDERSTON
MALCOLM BRYAN
FREDERICK L. DEMING
Chairman
ALFRED HAYES,
GEORGE H. ELLIS
W. D. FULTON
G. H. KING, JR.
A. L. MILLS, JR.
Vice Chairman
GEORGE W. MITCHELL
J. L. ROBERTSON
CHAS. N. SHEPARDSON
RALPH A. YOUNG, Secretary
MERRITT SHERMAN, Assistant Secretary
J. HERBERT FURTH, Associate Economist
KENNETH A. KENYON, Assistant Secretary
GEORGE GARVY, Associate Economist
HOWARD H. HACKLEY, General Counsel
W. BRADDOCK HICKMAN, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
ROBERT C. HOLLAND, Associate Economist
GUY E. NOYES, Economist
ALBERT R. KOCH, Associate Economist
HARRY BRANDT, Associate Economist
FRANKLIN L. PARSONS, Associate Economist
DANIEL H. BRILL, Associate Economist
PARKER B. WILLIS, Associate Economist
ROBERT W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
Federal Advisory Council
OSTROM ENDERS, BOSTON
KENNETH V . ZWIENER, CHICAGO
GEORGE A. MURPHY, NEW YORK, President
SIDNEY MAESTRE, ST. LOUIS
HOWARD C. PETERSEN, PHILADELPHIA
JOHN A. MOORHEAD, MINNEAPOLIS
REUBEN B. HAYS, CLEVELAND, Vice President
M. L. BREIDENTHAL, KANSAS CITY
ROBERT B. HOBBS, RICHMOND
I. F. BETTS, DALLAS
J. FlNLEY McRAE, ATLANTA
ELLIOTT MCALLISTER, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant Secretary
Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK O F —
CHAIRMAN AND
FEDERAL RESERVE AGENT
DEPUTY CHAIRMAN
BOSTON
NILS Y. WESSELL
ERWIN D. CANHAM
NEW YORK
PHILIP D. REED
JAMES DECAMP WISE
PHILADELPHIA
WALTER E. HOADLEY
DAVID C. BEVAN
CLEVELAND
JOSEPH B. HALL
JOSEPH H. THOMPSON
RICHMOND
ALONZO G. DECKER, JR.
EDWIN HYDE
ATLANTA
JACK TARVER
HENRY G. CHALKLEY, JR.
CHICAGO
ROBERT P. BRIGGS
JAMES H. HILTON
ST. LOUIS
PIERRE B. MCBRIDE
J. H. LONGWELL
MINNEAPOLIS
ATHERTON BEAN
JUDSON BEMIS
KANSAS CITY
HOMER A. SCOTT
OLIVER S. WILLHAM
DALLAS
ROBERT O. ANDERSON
LAMAR FLEMING, JR.
SAN FRANCISCO
F. B. WHITMAN
JOHN D. FREDERICKS
1544
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are
listed in lower section of this page)
Boston
George H. Ellis
E. O. Latham
D. Harry Angney
Ansgar R. Berge
Benjamin F. Groot
O. A. Schlaikjer
Charles E. Turner
G. Gordon Watts
New York
Alfred Hayes
William F. Treiber
Harold A. Bilby
Charles A. Coombs
Howard D. Crosse
Marcus A. Harris
Alan R. Holmes
Herbert H. Kimball
Robert G. Rouse
Walter H. Rozell, Jr.
H. L. Sanford
Robert W. Stone
Todd G. Tiebout
Philadelphia
Karl R. Bopp
Robert N. Hilkert
Hugh Barrie
John R. Bunting
Joseph R. Campbell
Norman G. Dash
David P. Eastburn
Murdoch K. Goodwin
Harry W. Roeder
James V. Vergari
Richard G. Wilgus
Cleveland
W. D. Fulton
Donald S. Thompson
Roger R. Clouse
E. A. Fink
W. Braddock Hickman John E. Orin
Paul C. Stetzelberger
Martin Morrison
Richmond
Edward A. Wayne
Aubrey N. Heflin
Robert P. Black
J. G. Dickerson, Jr.
Upton S. Martin
John L. Nosker
Joseph M. Nowlan
Benjamin U. Ratchford
R. E. Sanders, Jr.
Atlanta
Malcolm Bryan
Harold T. Patterson
J. E. Denmark
J. E. McCorvey
L. B. Raisty
Brown R. Rawlings
Charles T. Taylor
Chicago
C. J. Scanlon
Hugh J. Helmer
Ernest T. Baughman
A. M. Gustavson
Paul C. Hodge
L. H. Jones
C. T. Laibly
Richard A. Moffatt
H. J. Newman
Leland M. Ross
Harry S. Schultz
St. Louis
Harry A. Shuford
Darryl R. Francis
Marvin L. Bennett
Homer Jones
Dale M. Lewis
Howard H. Weigel
Joseph C. Wotawa
Orville O. Wyrick
Minneapolis
Frederick L. Deming
A. W. Mills
Kyle K. Fossum
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
F. L. Parsons
M. H. Strothman, Jr.
Kansas City
George H. Clay
Henry O. Koppang
John T. Boysen
C. A. Cravens
J. R. Euans
F. H. Larson
L. F. Mills
Clarence W. Tow
J. T. White
Dallas
Watrous H. Irons
Philip E. Coldwell
Howard Carrithers
James L. Cauthen
Ralph T. Green
Thomas A. Hardin
G. R. Murff
James A. Parker
Thomas W. Plant
W. M. Pritchett
Thomas R. Sullivan
J. L. Barbonchielli
Paul W. Cavan
E. H. Galvin
A. B. Merritt
John A. O'Kane
D. M. Davenport l
San Francisco.. . Eliot J. Swan
H. E. Hemmings
• Assigned to Los Angeles Branch.
Vice Presidents in Charge of Branches of Federal Reserre Banks
Federal Reserve
Bank of
Branch
Vice Presidents
New York
Cleveland
Buffalo
Cincinnati
Pittsburgh
I. B. Smith
F. O. Kiel
Clyde Harrell
Richmond
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
D. F. Hagner
E. F. MacDonald
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Atlanta
Chicago
St. Louis
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Kansas City
Helena
Denver
Oklahoma City
Omaha
C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus
Dallas
El Paso
Houston
San Antonio
Roy E. Bohne
J. L. Cook
Carl H. Moore
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
C. H. Watkins
J. A. Randall
A. L. Price
E. R. Barglebaugh
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, £>. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 783-86 of the June 1962 BULLETIN. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1961. 238 pp.
INDUSTRIAL PRODUCTION—1959 REVISION.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
THE FEDERAL FUNDS MARKET—A
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(3) In quantities of 10 or more copies sent to
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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.
FEDERAL RESERVE BULLETIN.
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.
ALL-BANK STATISTICS, 1896-1955. Pt. I, U. S.
Summary. Pt. II, Summaries by States and
other areas. 1959. 1,229 pp. $4.00.
THE FEDERAL RESERVE ACT, as amended through
October 1, 1961, with an Appendix containing
provisions of certain other statutes affecting
the Reserve System. 386 pp. $1.25.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
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HISTORICAL CHART BOOK.
Issued annually in
September. Annual subscription to monthly
chart book includes one issue of the Historical.
Prices: (1) $.60 each in the United States and
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each. (3) In quantities of 10 or more for single
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INDUSTRIAL PRODUCTION CHART BOOK. 1961. 210
pp.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
1955. 390 pp. $2.75.
FLOW OF FUNDS/SAVING ACCOUNTS,
1946-60.
Supp. 5. 1961.
BANKING AND MONETARY STATISTICS. 1943.
pp.
979
$1.50.
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. 14. Gold. 24 pp. $.35. Sec. 15. International
Finance. 1962. 92 pp. $.65.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
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.
1960.
229 pp. $.50.
1545
RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp.
PUBLISHED INTERPRETATIONS
January 1, 1961. $2.50.
of the Board, as of
1546
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
REPRINTS
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
Feb. 1953. 16 pp.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. Mar. 1953.
16 pp.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pp.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54.
Oct.
1955. 40 pp.
SURVEYS OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES. Business Loans of Mem-
ber Banks. Apr. 1956. 14 pp. Credit Lines
and Minimum Balance Requirements. June
1956. 7 pp. Member Bank Lending to Small
Business, 1955-57. Apr. 1958. 19 pp. Member Bank Term Lending to Business, 1955-57.
Apr. 1959. 16 pp. Security Pledged on Business Loans at Member Banks. Sept. 1959. 16
pp.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958.
15 pp.
•PART I, ALL-BANK STATISTICS, 1896-1955. Re-
print of the U. S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.
A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. Aug. 1959. 49 pp.
REVISED SERIES FOR SEASONALLY ADJUSTED
MONEY SUPPLY. Feb. 1960. 4 pp.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.
Combined reprint. Sept. 1960. 31 pp.
IMPLEMENTATION OF THE 1959 ACT ON RESERVE
REQUIREMENTS. Dec. 1960. 6 pp.
SMALL BUSINESS FINANCING: CORPORATE MANUFACTURERS. Jan. 1961. 15 pp.
STATISTICS ON THE GOVERNMENT SECURITIES
MARKET. Apr. 1961. 8 pp.
OWNERSHIP OF DEMAND DEPOSITS. Apr. 1961.
3 pp.
CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER
TIME DEPOSITS. May 1961. 2 pp. (Also,
similar reprint from July 1960 BULL.)
CAPITAL MARKETS IN 1961. Sept. 1961. 7 pp.
SURVEY OF FINANCE COMPANIES, MID-1960. Oct.
1961. 21 pp. (Also, similar reprint from Apr.
1957 BULL.)
LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.
1961. 15 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS.
Dec.
1961. 3 pp.
THE MEANS OF ECONOMIC PROGRESS.
Feb.
1962.
Feb.
1962.
9 pp.
MONETARY EXPANSION DURING 1961.
7 pp.
INTEREST RATES ON TIME DEPOSITS,
Mid-January
1962. Feb. 1962. 5 pp.
CAPITAL FLOWS AND INTERNATIONAL PAYMENTS.
Mar. 1962. 8 pp.
MONETARY FUND RESOURCES AND THE INTERNATIONAL PAYMENTS SYSTEM. Mar. 1962. 4 pp.
BANKING AND MONETARY STATISTICS, 1961.
Se-
lected series of banking and monetary statistics
for 1961 only. Feb., Mar., and May 1962.
14 pp.
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. Nov. 1962. 6 pp. (Also, similar reprints from BULLS, for Dec. 1960, Mar., May,
Aug., and Nov. 1961, Mar., May, and Aug.
1962.)
GROWTH IN INSTITUTIONAL SAVINGS.
May
1962.
SURVEY OF COMMON TRUST FUNDS, 1961.
May
9 pp.
1962. 7 pp. (Also, similar reprint from May
1961 BULL.)
MONETARY POLICY, BANK CREDIT, AND MONEY.
July 1962. 8 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.
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.
REVISION OF WEEKLY DEPARTMENT STORE SALES
Index. Aug. 1962. 3 pp.
THE BALANCE SHEET OF AGRICULTURE,
AUG. 1962. 10 pp.
1962.
INTEREST RATES IN THE CURRENT CYCLE.
Sept.
1962. 9 pp.
INTEREST RATES AND MONETARY POLICY.
Sept.
1962. 28 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1962. 16 pp.
U. S. BALANCE OF PAYMENTS IN 1962. Oct. 1962.
8 pp.
INDUSTRIAL
PRODUCTION—1957-59
BASE.
Oct.
1962. 10 pp.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.
1962. 15 pp.
AUTOMATION AT COMMERCIAL BANKS. NOV. 1962.
13 pp.
Index to Statistical Tables
Acceptances, bankers', 1474, 1476
Agricultural loans of commercial banks, 1468, 1470
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 1463
Corporate, current, 1486
Domestic banks, by classes, 1464, 1468,
1470, 1476
Federal Reserve Banks, 1458
Automobiles:
Consumer instalment credit, 1490, 1491, 1492
Production index, 1494, 1495
Bankers' balances, 1469, 1471
(See also foreign liabilities and claims)
Banks and the monetary system, consolidated
statement, 1463
Bonds (See also U. S. Govt. securities):
New issues, 1483, 1484, 1486
Prices and yields, 1474, 1475
Brokers and dealers in securities, bank
loans to, 1468, 1470
Business expenditures on new plant and
equipment, 1486
Business indexes, 1498
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1464, 1469, 1472
Federal Reserve Banks, 1458
Carloadings, 1498
Central banks, foreign, 1526, 1540
Coins, circulation of, 1461
Commercial banks:
Assets and liabilities, 1464, 1467, 1468
Consumer loans held, by type, 1491
Number, by classes, 1464
Real estate mortgages held, by type, 1487
Commercial and industrial loans:
Commercial banks, 1468
Weekly reporting member banks, 1470, 1473
Commercial paper, 1474, 1476
Condition statements (See Assets and liabilities)
Construction, 1498, 1499
Consumer credit:
Instalment credit, 1490, 1491, 1492, 1493
Major parts, 1490, 1492
Noninstalment credit, by holder, 1491
Consumer price indexes, 1498, 1504
Consumption expenditures, 1506, 1507
Corporate sales, profits, taxes, and dividends,
1485. 1486
Corporate security issues, 1484, 1486
Corporate security prices and yields, 1474, 1475
Cost of living (See Consumer price indexes)
Currency in circulation, 1452, 1461, 1462
Customer credit, stock market, 1475
Earnings and hours, manufacturing
industries, 1498, 1501
Employment, 1498, 1500, 1501
Farm mortgage loans, 1487, 1488
Federal finance:
Cash transactions, 1478
Receipts and expenditures, 1479
Treasurer's balance, 1478
Federal home loan banks, loans, etc., 1489
Federal Housing Administration, loans, etc., 1487,
1488, 1489
Federal National Mortgage Association,
loans, etc., 1489
Federal Reserve Banks:
Condition statement, 1458
U. S. Govt. securities held by, 1452, 1458,
1460, 1480, 1481
Federal Reserve credit, 1452, 1458, 1460
Federal Reserve notes, 1458, 1461
Finance company paper, 1474, 1476
Financial institutions, loans to, 1468, 1470
Float, 1452
Flow of funds, saving and financial flows, 1508
Foreign central banks, 1526, 1540
Foreign currencies, convertible, holdings by U. S.
monetary authorities, 1458, 1460, 1528
Foreign deposits in U. S. banks, 1452, 1458,
1463, 1469, 1472, 1537
Foreign exchange rates, 1541
Foreign liabilities and claims:
Banks, 1530, 1532, 1535, 1537
Nonfinancial concerns. 1538
Foreign trade, 1503
Gold:
Earmarked, 1528
Net purchases by U. S., 1528
Production, 1527
Reserves of central banks and
governments, 1526
Reserves of foreign countries and international
institutions, 1529
Stock, 1452, 1463, 1528
Gold certificates, 1458, 1461
Govt. debt (See U. S. Govt. securities)
Gross national product, 1506, 1507
Debits to deposit accounts, 1460
Demand deposits:
Adjusted, banks and the monetary system, 1463
Adjusted, commercial banks, 1460, 1462, 1469
Banks, by classes, 1457, 1464, 1472
Turnover of, 1460
Type of holder, at commercial banks, 1469
Department stores:
Merchandising data, 1503
Sales and stocks, 1498, 1502
Deposits (See also specific types of deposits):
Adjusted, and currency, 1463
Deposits—Continued
Banks, by classes, 1457, 1464, 1469, 1472, 1476
Federal Reserve Banks, 1458, 1537
Postal savings, 1457, 1463
Discount rates, 1456, 1540
Discounts and advances by Federal Reserve
Banks, 1452, 1458, 1460
Dividends, corporate, 1485, 1486
Dollar assets, foreign, 1529, 1537
1547
Hours and earnings, manufacturing
industries, 1498, 1501
Housing starts, 1499
Industrial production index, 1494, 1498
Instalment loans, 1490, 1491, 1492, 1493
Insurance companies, 1477, 1480, 1481, 1488
Insured commercial banks, 1466, 1468
Interbank deposits, 1460, 1464, 1469
Interest rates:
Bond yields, 1474
Business loans by banks, 1473
Federal Reserve Bank discount rates, 1456
Foreign countries, 1539, 1540
1548
FEDERAL RESERVE BULLETIN • NOVEMBER 1962
Interest rates—Continued
Open market, 1474, 1539
Stock yields, 1474
Time deposits, maximum rates, 1457
International capital transactions of the U. S., 1530
International institutions, 1526, 1528, 1529
Inventories, 1506
Investment (See also specific types of investments):
Banks, by classes, 1464, 1468, 1471, 1476
Commercial banks, 1467
Federal Reserve Banks, 1458, 1460
Life insurance companies, 1477
Savings and loan associations, 1477
Labor force, 1500
Loans (See also specific types of loans):
Banks, by classes, 1464, 1468, 1470, 1476
Commercial banks, 1467
Federal Reserve Banks, 1452, 1458, 1460
Insurance companies, 1477, 1488
Sayings and loan associations, 1477, 1488
Loans insured or guaranteed, 1487, 1488, 1489
Manufactures, production index, 1494, 1498
Margin requirements, 1457
Member banks:
Assets and liabilities, by classes, 1464, 1468
Borrowings at Federal Reserve Banks,
1454, 1458, 1472
Deposits, by classes, 1457
Number, by classes, 1465
Reserve requirements, by classes, 1457
Reserves and related items, 1452
Weekly reporting series, 1470
Mining, production index, 1494, 1498
Money rates (See Interest rates)
Money supply and related data, 1462
Mortgages (See Real estate loans)
Mutual savings banks, 1463, 1464, 1466, 1476,
1480, 1481, 1487
National banks, 1466
National income, 1506, 1507
National security expenditures, 1479, 1506
Nonmember banks, 1458, 1466, 1468, 1469
Payrolls, manufacturing, index, 1498
Personal income, 1507
Postal Savings System, 1457, 1463
Prices:
Consumer, 1498, 1504
Security, 1475
Wholesale commodity, 1498, 1504
Production, 1494, 1498
Profits, corporate, 1485, 1486
Real estate loans:
Banks, by classes, 1468, 1470, 1476, 1487
Type of mortgage holder, 1487, 1488, 1489
Type of property mortgaged, 1487, 1488, 1489
Reserve requirements, member banks, 1457
Reserves:
Commercial banks, 1469
Federal Reserve Banks, 1458
Foreign central banks and governments, 1526
Foreign countries and international
institutions, 1529
Reserves—Continued
Member banks, 1452, 1454, 1457, 1469, 1471
Residential mortgage loans, 1487, 1488, 1489
Sales finance companies, consumer loans of,
1490, 1491, 1493
Saving:
Flow-of-funds series, 1508
National income series, 1507
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1476, 1477
Savings and loan associations, 1477, 1481, 1488
Securities, international transactions, 1536, 1537
Security issues, 1483, 1484, 1486
Silver coin and silver certificates, 1461
State member banks, 1466
State and municipal securities:
New issues, 1483, 1484
Prices and yields, 1474, 1475
States and political subdivisions:
Deposits of, 1469, 1472
Holdings of U. S. Govt. securities, 1480
Ownership of obligations of, 1468, 1476, 1477
Stock market credit, 1475
Stocks:
New issues, 1484
Prices and yields, 1474, 1475
Tax receipts, Federal, 1479
Time deposits, 1457, 1462, 1463, 1464, 1469, 1472
Treasurer's account balance, 1478
Treasury cash, 1452, 1461, 1463
Treasury currency, 1452, 1461, 1463
Treasury deposits, 1452, 1458, 1478
Unemployment, 1500
U. S. balance of payments, 1539
U. S. Govt. balances:
Commercial bank holdings, by classes,
1469, 1472
Consolidated monetary statement, 1463
Treasury deposits at Federal Reserve
Banks, 1452, 1458, 1478
U. S. Govt. securities:
Bank holdings, 1463, 1464, 1468, 1471, 1476,
1480, 1481
Dealer transactions, positions and
financing, 1482
Federal Reserve Bank holdings, 1452, 1458
1460, 1480, 1481
Foreign and international holdings, 1458, 1529
International transactions, 1536
New issues, gross proceeds, 1484
Outstanding, by type of security,
1480, 1481, 1483
Ownership of, 1480, 1481
Prices and yields, 1474, 1475
United States notes, outstanding and in
circulation, 1461
Utilities, production index, 1494, 1498
Vault cash, 1452, 1457, 1469
Veterans Administration, loans, etc.,
1487, 1488, 1489
Weekly reporting member banks, 1470
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
(o THE FEDERAL RESERVE SYSTEM
Legend
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
@FedFRASER